UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 454-4500

Date of fiscal year end: May 31

Date of reporting period: May 31, 2024

EXPLANATORY NOTE:

The Registrant is filing this amendment to its Form N-CSR (the “Amendment”) for the period ended May 31, 2024, originally filed with the Securities and Exchange Commission on August 2, 2024 (Accession Number 0001193125-24-192690) (the “Original Filing”). This Amendment is filed solely for the purpose of updating the Report of Independent Registered Public Accounting Firm section of the Annual Financial Statements and Other Information report for the following Series of the Registrant: Xtrackers California Municipal Bond ETF Series ID S83046, Xtrackers Municipal Infrastructure Revenue Bond ETF Series ID S40498, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Series ID S50032, and Xtrackers MSCI EAFE High Dividend Yield Equity ETF Series ID S50033; included in Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. Except as set forth above (and the dates included on the signature page and the certifications required by Rule 30a-2(a) and Rule 30a-2(b)), the Amendment does not amend, update or change any other information or disclosures contained in the Original Filing. Items 1 through 6 and Items 8 through 19 of this Amendment to the Registrant’s Form N-CSR are incorporated by reference to the Original Filings.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Xtrackers California Municipal Bond ETF (CA)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

Table of Contents

	Page
Schedule of Investments
Xtrackers California Municipal Bond ETF		2
Xtrackers Municipal Infrastructure Revenue Bond ETF		8
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		17
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		25
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		37
Report of Independent Registered Public Accounting Firm		47
Board Considerations in Approval of Investment Advisory Contracts		49
Tax Information		53

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

DBX ETF Trust  |  1

Schedule of Investments

Xtrackers California Municipal Bond ETF

May 31, 2024

	Principal   Amount $		Value $
MUNICIPAL BONDS — 97.0%
California — 97.0%
Allan Hancock Joint Community College District Series 2006-C, 0.00% - 5.60%, (a)8/1/47		160,000		111,949
Anaheim Public Financing Authority
Series C, Zero Coupon, 9/1/30		50,000		40,099
Series C, Zero Coupon, 9/1/32		150,000		111,420
Series C, Zero Coupon, 9/1/33		160,000		114,140
Bay Area Toll Authority Series S-7, 4.00%, 4/1/34		100,000		100,513
Bay Area Toll Authority, Highway Revenue Tolls,
Series S-7, 3.25%, 4/1/36		25,000		22,482
Series S-6, 5.00%, 10/1/54		25,000		25,114
Series F-1, 5.00%, 4/1/56		70,000		73,528
California Community Choice Financing Authority
Series B-1, 4.00%, 2/1/52		250,000		248,042
Series A, 5.00%, 7/1/53		300,000		313,637
Series E-1, 5.00%, 2/1/54		100,000		105,373
Series D, 5.50%, 5/1/54		250,000		265,019
Series G-1, 5.25%, 11/1/54		100,000		106,230
California Educational Facilities Authority
Series V-3, 5.00%, 6/1/33		25,000		28,981
Series U-1, 5.25%, 4/1/40		235,000		285,046
Series U-7, 5.00%, 6/1/46		120,000		139,629
Series 2016, 5.00%, 10/1/49		75,000		77,365
California Health Facilities Financing Authority
Series A, 5.00%, 11/15/30		50,000		50,988
Series A, 5.00%, 11/15/32		75,000		79,089
Series A, 5.00%, 11/15/33		55,000		57,855
Series A, 4.00%, 4/1/38		100,000		99,032
Series B, 3.25%, 8/15/39		145,000		131,228
Series B, 4.00%, 8/15/39		100,000		98,550
Series A, 5.00%, 10/1/39		25,000		25,677
Series C, 5.00%, 6/1/41		75,000		80,210
Series A, 5.00%, 11/15/41		75,000		76,835
Series A-2, 4.00%, 11/1/44		25,000		24,353
Series A, 5.00%, 11/15/46		100,000		102,446
Series A, 4.00%, 8/15/48		100,000		99,622
Series A, 4.00%, 11/15/48		70,000		67,129
Series A, 5.00%, 11/15/48		60,000		61,165
Series A, 4.00%, 6/1/50		50,000		47,292
Series A, 4.00%, 8/15/50		100,000		96,317

	Principal   Amount $		Value $
California Infrastructure & Economic Development Bank
Series A, 5.00%, 7/1/29		80,000		84,686
Series A, 5.00%, 7/1/33		125,000		133,064
Series A, 4.00%, 11/1/45		50,000		47,627
Series A, 4.00%, 7/1/50		180,000		173,834
California Public Finance Authority Series A, 4.00%, 8/1/47		50,000		49,188
California School Facilities Financing Authority Series A, Zero Coupon, 8/1/49		300,000		81,798
California State Public Works Board
Series F, 5.00%, 5/1/25		100,000		101,391
Series A, 5.00%, 8/1/34		30,000		33,223
Series B, 4.00%, 5/1/46		250,000		246,513
Series A, 4.00%, 11/1/46		225,000		221,818
California State University
Series A, 5.00%, 11/1/27		25,000		25,764
Series A, 5.00%, 11/1/29		40,000		42,010
Series A, 5.00%, 11/1/30		50,000		51,428
Series A, 5.00%, 11/1/32		105,000		107,931
Series A, 5.00%, 11/1/32		60,000		62,938
Series A, 5.00%, 11/1/34		30,000		31,469
Series A, 5.00%, 11/1/43		165,000		167,630
California Statewide Communities Development Authority
Series 2004-L, 5.00%, 4/1/38		155,000		165,768
Series A, 4.00%, 7/1/48		25,000		24,540
Series A, 3.00%, 4/1/50		50,000		36,820
Series A, 4.00%, 8/15/51		50,000		45,897
Centinela Valley Union High School District Series B, 4.00%, 8/1/50		30,000		28,258
Cerritos Community College District Series A, 4.00%, 8/1/44		50,000		49,549
Chino Valley Unified School District Series 2020-B, 5.00%, 8/1/55		100,000		104,894
City & County of San Francisco CA Series 2015-A, 4.00%, 4/1/45		75,000		75,021
City of Irvine CA
4.00%, 9/1/58		75,000		71,304
City of Los Angeles CA Wastewater System Revenue
Series C, 5.00%, 6/1/24		100,000		100,000
Series C, 5.00%, 6/1/28		100,000		107,024

See Notes to Financial Statements.

2  |   DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
City of Los Angeles Department of Airports
Series D, 4.00%, 5/15/48		100,000		96,219
Series A, 5.00%, 5/15/49		300,000		312,236
City of Los Angeles Department of Airports, Private Airport & Marina Revenue,
Series A, 5.00%, 5/15/36		30,000		32,864
Series A, 5.00%, 5/15/37		30,000		32,751
City of San Francisco CA Public Utilities Commission Water Revenue
Series C, 5.00%, 11/1/25		210,000		213,292
Series C, 5.00%, 11/1/31		20,000		22,531
Coast Community College District 5.00%, 8/1/31		65,000		66,159
Coronado Community Development Agency Successor Agency Series A, 5.00%, 9/1/33		80,000		81,202
County of Sacramento CA Airport System Revenue Series A, 5.00%, 7/1/41		60,000		61,238
Desert Community College District Series A-1, 4.00%, 8/1/51		100,000		97,076
East Bay Municipal Utility District Water System Revenue
Series B, 5.00%, 6/1/28		25,000		26,340
Series B, 5.00%, 6/1/30		50,000		52,654
Series B, 5.00%, 6/1/31		50,000		52,644
Folsom Cordova Unified School District Series D, 4.00%, 10/1/44		100,000		98,393
Fremont Unified School District/ Alameda County CA Series A, 4.00%, 8/1/46		50,000		50,014
Golden State Tobacco Securitization Corp.
Series A, 5.00%, 6/1/40		50,000		50,840
Series A, 5.00%, 6/1/45		85,000		86,429
Hartnell Community College District Series 2002-D, 7.00%, 8/1/34		100,000		111,900
Hayward Area Recreation & Park District Series A, 4.00%, 8/1/46		30,000		29,679
Hayward Unified School District
4.00%, 8/1/42		50,000		49,439
4.00%, 8/1/43		300,000		292,644
Los Angeles Community College District Series A, 5.00%, 8/1/29		25,000		25,055

	Principal   Amount $		Value $
Series A, 5.00%, 8/1/31		25,000		25,055
Series 2008-K, 4.00%, 8/1/34		90,000		90,136
Los Angeles County Facilities, Inc. Series A, 4.00%, 12/1/48		130,000		127,335
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue
Series A, 5.00%, 6/1/31		50,000		56,248
Series A, 5.00%, 6/1/33		30,000		33,721
Series A, 5.00%, 6/1/34		30,000		33,144
Series B, 5.00%, 7/1/34		25,000		26,586
Series B, 5.00%, 7/1/35		50,000		53,065
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue Series A, 5.00%, 6/1/33		110,000		114,749
Los Angeles County Public Works Financing Authority Series D, 4.00%, 12/1/40		60,000		59,932
Los Angeles Department of Water & Power
Series B, 5.00%, 7/1/24		35,000		35,036
Series B, 5.00%, 7/1/26		150,000		155,054
Series D, 5.00%, 7/1/26		100,000		103,369
Series A, 5.00%, 7/1/29		45,000		49,091
Series B, 5.00%, 7/1/33		150,000		161,809
Series A, 5.00%, 7/1/34		110,000		114,382
Series B, 5.00%, 7/1/51		20,000		21,400
Series B, 5.25%, 7/1/53		25,000		27,544
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/44		20,000		21,151
Los Angeles Department of Water & Power Water System Revenue
Series B, 5.00%, 7/1/47		30,000		32,459
Series A, 5.00%, 7/1/49		200,000		218,157
Series D, 5.00%, 7/1/52		50,000		53,931
Los Angeles Department of Water & Power, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/45		75,000		80,209
Series B, 5.00%, 7/1/51		45,000		47,955
Los Angeles Unified School District
Series A, 5.00%, 7/1/24		85,000		85,070
Series C, 5.00%, 7/1/25		30,000		30,049
Series A, 5.00%, 7/1/27		60,000		63,108
Series B, 2.00%, 7/1/29		95,000		84,610
Series B-1, 5.00%, 7/1/29		25,000		26,495

See Notes to Financial Statements.

DBX ETF Trust  | 3

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Series A, 5.00%, 7/1/30		55,000		59,499
Series B, 5.00%, 7/1/30		100,000		103,060
Series C, 5.00%, 7/1/30		50,000		55,061
Series C, 3.00%, 7/1/35		20,000		17,942
Series B-1, 5.00%, 7/1/36		35,000		36,838
Series QRR, 5.00%, 7/1/37		50,000		57,095
Series B-1, 5.25%, 7/1/42		25,000		26,343
Series M-1, 5.25%, 7/1/42		15,000		15,806
Marin Healthcare District Series 2021, 4.00%, 8/1/45		165,000		158,988
Metropolitan Water District of Southern California
Series A, 2.50%, 7/1/25		30,000		29,498
Series A, 5.00%, 7/1/27		40,000		42,205
Series A, 5.00%, 7/1/27		75,000		79,134
Series C, 5.00%, 10/1/27		40,000		42,388
Series A, 5.00%, 7/1/34		95,000		102,931
Series A, 5.00%, 10/1/49		30,000		31,786
Series A, 5.00%, 10/1/51		20,000		21,357
Mount San Antonio Community College District Series A, 0.00% - 6.25%, (a)8/1/43		100,000		95,572
M-S-R Energy Authority Series C, 6.50%, 11/1/39		60,000		74,175
Municipal Improvement Corp. of Los Angeles
Series B, 5.00%, 11/1/27		25,000		25,932
Series B, 5.00%, 11/1/29		30,000		31,068
Napa Valley Unified School District Series C, 4.00%, 8/1/44		70,000		68,895
Ontario International Airport Authority Series A, 4.00%, 5/15/51		190,000		182,352
Orange County Transportation Authority Series 2021, 5.00%, 10/15/24		90,000		90,467
Palomar Community College District
Series 2006-C, 5.00%, 8/1/44		70,000		71,289
Series 2006-D, 4.00%, 8/1/46		15,000		14,757
Perris Union High School District Series A, 4.00%, 9/1/48		50,000		49,712
Rancho Santiago Community College District Series 2002-C, Zero Coupon, 9/1/30		60,000		47,883
Regents of The University of California Medical Center Pooled Revenue
Series L, 5.00%, 5/15/35		25,000		25,843
Series L, 5.00%, 5/15/41		75,000		76,905

	Principal   Amount $		Value $
Series L, 3.00%, 5/15/42		255,000		209,527
Series P, 5.00%, 5/15/47		175,000		188,127
Series P, 4.00%, 5/15/53		25,000		23,751
River Islands Public Financing Authority Series A-1, 5.25%, 9/1/52		50,000		53,668
Riverside County Transportation Commission Sales Tax Revenue Series B, 5.00%, 6/1/35		120,000		126,137
Sacramento City Financing Authority Series E, 5.25%, 12/1/30		100,000		110,389
Sacramento City Unified School District Series G, 4.00%, 8/1/49		30,000		28,812
Sacramento County Sanitation Districts Financing Authority
Series 2021, 3.00%, 12/1/34		25,000		22,778
Series A, 5.00%, 12/1/45		55,000		59,342
Sacramento Municipal Utility District Series G, 5.00%, 8/15/39		50,000		53,845
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		50,000		53,127
Sacramento Transportation Authority Sales Tax Revenue Series A, 5.00%, 10/1/33		60,000		69,696
San Bernardino Community College District Series A, 4.00%, 8/1/49		45,000		46,072
San Diego Community College District 5.00%, 8/1/31		100,000		103,851
San Diego County Regional Airport Authority
Series A, 5.00%, 7/1/44		35,000		36,844
Series A, 5.00%, 7/1/46		75,000		79,964
San Diego County Regional Transportation Commission Series A, 5.00%, 4/1/35		15,000		17,319
San Diego County Water Authority Series S-1, 5.00%, 5/1/28		100,000		106,646
San Diego Public Facilities Financing Authority
Series A, 5.00%, 5/15/27		50,000		51,688
Series A, 5.00%, 5/15/28		20,000		20,626
Series B, 5.00%, 8/1/28		35,000		36,184
San Diego Unified School District
Series F-2, 5.00%, 7/1/24		100,000		100,088
Series 2012-I, 4.00%, 7/1/47		100,000		97,655

See Notes to Financial Statements.

4  |   DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Series C, 0.00% - 6.63%, (a)7/1/48		85,000		76,675
Series L, 4.00%, 7/1/49		30,000		29,632
Series 2018 G-3, 4.00%, 7/1/53		200,000		193,110
San Francisco Bay Area Rapid Transit District
Series 2004 F-1, 3.00%, 8/1/38		75,000		63,945
Series C-1, 4.00%, 8/1/45		35,000		34,329
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series E, 5.00%, 5/1/48		25,000		25,911
San Francisco City & County Airport Comm-San Francisco International Airport Series D, 5.00%, 5/1/36		40,000		43,320
San Francisco City & County Public Utilities Commission Wastewater Revenue
Series A, 5.00%, 10/1/27		50,000		52,904
Series A, 5.00%, 10/1/46		85,000		91,766
San Francisco Municipal Transportation Agency Series 2017, 4.00%, 3/1/46		130,000		127,570
San Joaquin Hills Transportation Corridor Agency
Zero Coupon, 1/1/25		75,000		73,463
Zero Coupon, 1/1/28		55,000		48,834
Series A, 5.00%, 1/15/33		40,000		43,964
San Jose Redevelopment Agency Successor Agency Series A, 5.00%, 8/1/35		45,000		47,016
San Marcos Unified School District Series B, Zero Coupon, 8/1/47		300,000		106,166
San Mateo County Community College District Series A, 5.00%, 9/1/45		65,000		66,325
San Mateo Foster City Public Financing Authority Series B, 5.00%, 8/1/25		100,000		101,841
San Mateo Union High School District Series 2010, 0.00% - 6.70%, (a)9/1/41		130,000		131,522
Santa Clara Unified School District Series 2017, 3.50%, 7/1/42		130,000		117,515
Santa Clara Valley Transportation Authority Series A, 5.00%, 4/1/26		50,000		51,622

	Principal   Amount $		Value $
Santa Clara Valley Water District Series 2023C-1, 4.00%, 6/1/26		50,000		50,740
Southern California Public Power Authority Series 2023-A1, 5.00%, 7/1/48		20,000		21,811
State of California
Series B, 5.00%, 8/1/24		105,000		105,156
5.00%, 9/1/24		60,000		60,143
5.00%, 9/1/24		30,000		30,072
5.00%, 10/1/24		65,000		65,219
Series B, 5.00%, 10/1/24		25,000		25,084
5.00%, 12/1/24		250,000		251,700
Series B, 5.00%, 8/1/25		125,000		127,257
5.00%, 10/1/25		100,000		102,075
5.00%, 12/1/25		50,000		51,176
5.00%, 8/1/26		100,000		101,671
5.00%, 8/1/26		110,000		113,679
Series B, 5.00%, 8/1/26		110,000		113,679
4.00%, 9/1/26		50,000		50,670
5.00%, 10/1/26		50,000		51,813
5.00%, 12/1/26		110,000		114,307
5.00%, 8/1/27		100,000		103,083
5.00%, 10/1/27		30,000		31,601
5.00%, 11/1/27		50,000		52,739
5.00%, 11/1/27		50,000		52,739
5.00%, 11/1/27		115,000		121,299
5.00%, 8/1/28		90,000		94,068
5.00%, 9/1/28		110,000		113,644
Series B, 5.00%, 10/1/28		100,000		107,040
5.00%, 12/1/28		45,000		48,303
Series C, 5.00%, 8/1/29		200,000		206,179
5.00%, 11/1/29		25,000		26,250
5.00%, 8/1/30		55,000		57,538
5.00%, 11/1/30		35,000		38,691
5.00%, 11/1/30		30,000		31,491
5.00%, 4/1/31		40,000		44,476
5.00%, 4/1/32		50,000		56,318
5.25%, 8/1/32		100,000		113,018
2.50%, 9/1/32		125,000		110,922
5.00%, 9/1/32		30,000		33,530
5.00%, 11/1/32		30,000		33,164
Series B, 5.00%, 11/1/32		30,000		33,164
Series C, 3.375%, 9/1/33		50,000		47,643
5.00%, 3/1/34		55,000		60,090
5.00%, 12/1/34		50,000		55,168
3.00%, 9/1/35		200,000		182,008
3.00%, 10/1/35		95,000		87,655
4.00%, 10/1/35		50,000		51,761
5.00%, 10/1/35		100,000		102,527

See Notes to Financial Statements.

DBX ETF Trust  |   5

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
4.00%, 11/1/35		130,000		134,306
5.00%, 12/1/35		70,000		76,979
4.00%, 3/1/36		80,000		82,389
3.00%, 9/1/36		50,000		44,925
4.00%, 9/1/36		100,000		98,660
3.00%, 10/1/36		25,000		22,806
5.00%, 10/1/36		50,000		56,600
Series B, 5.00%, 11/1/36		30,000		32,902
4.00%, 3/1/37		50,000		51,323
5.00%, 4/1/37		40,000		42,783
5.00%, 9/1/41		100,000		108,844
4.00%, 4/1/42		200,000		201,623
Series C, 5.00%, 11/1/42		100,000		109,712
3.00%, 12/1/43		25,000		20,131
5.00%, 10/1/45		350,000		383,087
5.25%, 10/1/45		25,000		27,929
4.00%, 11/1/45		85,000		82,700
4.00%, 3/1/46		30,000		29,926
3.00%, 11/1/50		100,000		76,678
State of California Department of Water Resources
Series BB, 5.00%, 12/1/26		130,000		135,869
Series AX, 5.00%, 12/1/27		45,000		47,828
Series BB, 5.00%, 12/1/33		25,000		27,945
Sweetwater Union High School District 4.00%, 8/1/42		100,000		97,624
University of California
Series BN, 5.00%, 5/15/25		45,000		45,717
Series I, 5.00%, 5/15/26		25,000		25,356
Series AY, 5.00%, 5/15/28		70,000		73,483
Series BQ, 5.00%, 5/15/29		25,000		27,190
Series AY, 5.00%, 5/15/30		25,000		26,107
Series BQ, 5.00%, 5/15/31		30,000		33,487
Series BQ, 5.00%, 5/15/33		25,000		28,605
Series BQ, 5.00%, 5/15/35		40,000		45,717

	Principal   Amount $		Value $
Series M, 5.00%, 5/15/35		75,000		78,181
Series AY, 5.00%, 5/15/36		50,000		52,098
Series BE, 5.00%, 5/15/36		170,000		186,747
Series K, 4.00%, 5/15/46		50,000		49,242
Series Q, 5.00%, 5/15/46		15,000		16,065
Series M, 4.00%, 5/15/47		100,000		98,146
Series AZ, 5.00%, 5/15/48		100,000		104,248
Series Q, 3.00%, 5/15/51		50,000		38,341
Ventura County Community College District 3.125%, 8/1/31		100,000		95,332
Ventura Unified School District Series A, 4.00%, 8/1/52		50,000		48,351
William S Hart Union High School District Series C, 3.50%, 8/1/38		75,000		71,821
Yosemite Community College District
5.00%, 8/1/30		35,000		35,664
5.00%, 8/1/32		65,000		66,234
(Cost $22,085,750)				21,540,600
TOTAL MUNICIPAL BONDS
(Cost $22,085,750)				21,540,600
	Number of Shares
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”(b), 5.26% (Cost $419,583)		419,583		419,583
TOTAL INVESTMENTS — 98.9%
(Cost $22,505,333)				21,960,183
Other assets and liabilities, net —1.1%				242,667
NET ASSETS — 100.0%				22,202,850

A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2024 is as follows:

Value ($) at 12/14/2023 (Commencement of Operations)	Purchases Cost ($)	Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2024		Value ($) at 5/31/2024
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 5.26% (b)
—	8,327,741		(7,908,158)		—		—		8,952		—		419,583		419,583

See Notes to Financial Statements.

6  |   DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2024

(a) Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

(b) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	21,540,600	$	—	$	21,540,600
Short-Term Investments (a)		419,583		—		—		419,583
TOTAL	$	419,583	$	21,540,600	$	—	$	21,960,183

(a) See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

DBX ETF Trust  |   7

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2024

	Principal   Amount $		Value $
MUNICIPAL BONDS — 98.2%
Arizona — 3.7%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43		500,000		526,153
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		755,077
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue,
Series A, 5.00%, 1/1/47		500,000		523,121
Series A, 3.00%, 1/1/49		65,000		48,550
Series B, 5.25%, 1/1/53		2,650,000		2,890,598
(Cost $4,909,433)				4,743,499
California — 15.0%
Bay Area Toll Authority, Highway Revenue Tolls,
Sub-Series S-8, 3.00%, 4/1/54		535,000		385,947
Series F-1, 5.00%, 4/1/54		500,000		543,418
Series F-2, 2.60%, 4/1/56		160,000		100,003
City of Los Angeles Department of Airports, Private Airport & Marina Revenue,
Series A, 5.00%, 5/15/37		45,000		49,164
Series A, 5.00%, 5/15/38		300,000		326,431
5.00%, 5/15/39		40,000		43,358
5.00%, 5/15/40		55,000		59,414
Series D, AMT, 5.00%, 5/15/43		125,000		128,575
Series A, AMT, 4.00%, 5/15/44		400,000		378,796
Series F, AMT, 5.00%, 5/15/44		200,000		205,354
Series B, 5.00%, 5/15/45		260,000		279,540
Series C, AMT, 5.00%, 5/15/45		50,000		51,870
Series A, AMT, 5.00%, 5/15/46		600,000		621,882
Series B, 5.00%, 5/15/48		250,000		266,929
Series E, 5.00%, 5/15/48		20,000		20,982
Series F, AMT, 3.00%, 5/15/49		330,000		243,297
Series F, AMT, 4.00%, 5/15/49		200,000		183,530
Series D, AMT, 5.00%, 5/15/49		100,000		101,287
Series C, AMT, 4.00%, 5/15/50		500,000		459,784
Series A, AMT, 5.00%, 5/15/51		135,000		138,599
City of Riverside CA Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/49		150,000		164,368

	Principal   Amount $		Value $
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		25,472
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue,
Series D, 3.00%, 11/1/50		340,000		259,395
Series C, 4.00%, 11/1/50		600,000		583,989
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/40		260,000		282,142
Series D, 5.00%, 7/1/44		125,000		132,267
Series A, 5.00%, 7/1/45		60,000		63,073
Series C, 5.00%, 7/1/49		635,000		665,814
Los Angeles Department of Water & Power Water System Revenue, Water Revenue,
Series A, 5.00%, 7/1/41		270,000		291,550
Series A, 5.00%, 7/1/50		210,000		223,438
Los Angeles Department of Water & Power, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/45		45,000		48,155
Series B, 5.00%, 7/1/48		500,000		534,956
Series A, 5.00%, 7/1/51		1,000,000		1,070,763
Series B, 5.00%, 7/1/51		280,000		298,582
Metropolitan Water District of Southern California, Water Revenue,
Series C, 5.00%, 7/1/39		25,000		27,476
Series C, 5.00%, 7/1/40		100,000		109,434
Series A, 5.00%, 10/1/45		225,000		239,961
Riverside County Transportation Commission, Highway Revenue Tolls,
Series B-1, 4.00%, 6/1/46		10,000		9,501
Series B-1, 3.00%, 6/1/49		600,000		453,435
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		42,528
San Diego County Regional Airport Authority, Private Airport & Marina Revenue,
Series A, 5.00%, 7/1/49		200,000		208,676
Series B, AMT, 4.00%, 7/1/51		250,000		228,425
Series A, 5.00%, 7/1/51		500,000		527,769
Series B, AMT, 5.00%, 7/1/51		500,000		511,406
Series A, 5.00%, 7/1/56		1,300,000		1,364,636

See Notes to Financial Statements.

8  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 5/1/39		50,000		51,815
Series A, AMT, 5.00%, 5/1/44		810,000		828,645
Series D, 5.00%, 5/1/48		75,000		75,662
Series E, 5.00%, 5/1/48		25,000		25,925
Series D, AMT, 5.25%, 5/1/48		870,000		893,166
Series A, AMT, 4.00%, 5/1/49		990,000		894,268
Series A, AMT, 4.00%, 5/1/49		10,000		10,014
Series A, AMT, 5.00%, 5/1/49		400,000		407,198
Series E, AMT, 5.00%, 5/1/50		370,000		376,424
San Francisco Municipal Transportation Agency, Transit Revenue,
Series C, 4.00%, 3/1/51		40,000		38,512
Series C, 5.00%, 3/1/51		500,000		520,394
Southern California Public Power Authority, Intergovernmental, 5.00%, 7/1/53		1,400,000		1,530,440
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		470,000		483,940
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/35		45,000		50,318
(Cost $21,324,128)				19,142,092
Colorado — 2.8%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		217,059
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue,
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		327,564
Series A, AMT, 4.00%, 12/1/43		650,000		611,258
Series A, AMT, 5.00%, 12/1/43		325,000		331,136
Series A, AMT, 5.00%, 12/1/48		700,000		707,042
Sub-Series B, 5.00%, 12/1/48		40,000		40,987
Series D, 5.00%, 11/15/53		600,000		617,305
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		658,230

	Principal   Amount $		Value $
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		94,164
(Cost $3,932,157)				3,604,745
Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue,
5.00%, 5/1/37		100,000		108,132
5.00%, 5/1/38		100,000		107,664
5.00%, 5/1/40		120,000		128,178
(Cost $381,421)				343,974
Delaware — 0.3%
Delaware River & Bay Authority, Highway Revenue Tolls, 4.00%, 1/1/44
(Cost $324,010)		330,000		324,569
District of Columbia — 3.9%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		257,670
District of Columbia, Income Tax Revenue,
Series C, 4.00%, 5/1/45		500,000		489,679
Series C, 5.00%, 5/1/45		170,000		179,620
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 10/1/46		850,000		877,559
Series A, AMT, 5.00%, 10/1/48		175,000		177,374
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls,
Series B, 4.00%, 10/1/44		1,000,000		946,335
Series B, 5.00%, 10/1/47		500,000		512,523
Series B, 4.00%, 10/1/49		300,000		274,243
Series B, 3.00%, 10/1/50		600,000		436,379
Series B, 4.00%, 10/1/53		900,000		812,943
(Cost $5,667,672)				4,964,325
Florida — 11.0%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		231,288
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		43,773

See Notes to Financial Statements.

DBX ETF Trust  |   9

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue, Series B, 5.50%, 9/1/48		400,000		444,370
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue,
Series A, 5.00%, 10/1/44		380,000		395,308
Series A, 5.00%, 10/1/47		215,000		222,813
City of Tampa Fl Water & Wastewater System Revenue, Water Revenue, Series A, 5.25%, 10/1/57		300,000		323,882
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,050,764
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/44		100,000		93,357
Series A, AMT, 4.00%, 10/1/49		150,000		135,040
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		49,833
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		469,822
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/44		400,000		367,917
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,023,303
Series A, AMT, 5.00%, 10/1/49		380,000		385,550
County of Miami-Dade FL Transit System, Sales Tax Revenue,
Series A, 4.00%, 7/1/49		500,000		464,968
Series A, 4.00%, 7/1/50		90,000		83,375
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51		100,000		91,808
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue,
Series B, 4.00%, 10/1/44		475,000		460,927
4.00%, 10/1/46		255,000		243,543
4.00%, 10/1/48		400,000		379,805
4.00%, 10/1/48		40,000		37,693
Series B, 4.00%, 10/1/49		500,000		471,047
4.00%, 10/1/51		275,000		257,302

	Principal   Amount $		Value $
County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		1,200,000		1,258,579
County of Osceola Fl Transportation Revenue, Highway Revenue Tolls, Series A-1, 4.00%, 10/1/54		400,000		346,187
Greater Orlando Aviation Authority, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 10/1/44		165,000		169,632
Series A, AMT, 4.00%, 10/1/49		500,000		455,672
Series A, AMT, 4.00%, 10/1/52		300,000		272,266
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		607,978
Series A, AMT, 3.25%, 10/1/54		250,000		185,857
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		201,581
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		452,307
JEA Water & Sewer System Revenue, Water Revenue, Series A, 5.25%, 10/1/49		1,250,000		1,372,045
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		40,959
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		200,000		157,120
Tampa Bay Water, Water Revenue, 5.00%, 10/1/52		400,000		426,655
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		400,000		374,801
(Cost $15,379,563)				14,049,127
Georgia — 2.7%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		182,089
Development Authority of Burke County, Electric, Power & Light Revenue,
Series C, 4.125%, 11/1/45		25,000		22,172
Series D, 4.125%, 11/1/45		355,000		314,836

See Notes to Financial Statements.

10  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		727,549
Georgia Ports Authority, Private Airport & Marina Revenue,
4.00%, 7/1/52		320,000		304,131
5.25%, 7/1/52		200,000		215,875
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,181
Municipal Electric Authority of Georgia, Nuclear Revenue,
Series A, 5.00%, 1/1/62		500,000		511,682
Series A, 4.50%, 7/1/63		400,000		380,889
Series A, 5.50%, 7/1/63		750,000		781,180
(Cost $3,597,819)				3,470,584
Hawaii — 0.4%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51 (Cost $534,570)		500,000		515,122
Illinois — 4.8%
Chicago O’hare International Airport, Private Airport & Marina Revenue,
Series A, 4.50%, 1/1/48		570,000		553,939
Series A, 5.00%, 1/1/48		200,000		203,189
Series A, AMT, 5.00%, 1/1/55		500,000		508,474
Chicago O’Hare International Airport, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 1/1/43		115,000		108,350
Series B, 4.00%, 1/1/53		130,000		120,904
Series A, AMT, 4.375%, 1/1/53		25,000		23,268
Series B, 5.00%, 1/1/53		500,000		512,630
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue,
Series A, 5.00%, 12/1/52		160,000		164,837
Series A, 5.00%, 12/1/57		1,200,000		1,228,562
City of Chicago Il Wastewater Transmission Revenue, Sewer Revenue, Series A, 5.25%, 1/1/48		85,000		90,909
City of Chicago IL Waterworks Revenue, Water Revenue, Series A, 5.50%, 11/1/62		200,000		215,902
Illinois State Toll Highway Authority, Highway Revenue Tolls,
Series A, 5.00%, 1/1/41		30,000		32,658
Series A, 4.00%, 1/1/44		700,000		671,571

	Principal   Amount $		Value $
Series A, 5.00%, 1/1/44		800,000		833,023
Series A, 5.00%, 1/1/45		775,000		818,930
(Cost $6,427,004)				6,087,146
Louisiana — 1.0%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		237,788
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		110,793
Louisiana Stadium & Exposition District, Hotel Occupancy Tax,
Series A, 5.00%, 7/1/48		450,000		474,143
Series A, 5.25%, 7/1/53		420,000		449,591
(Cost $1,337,463)				1,272,315
Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47 (Cost $44,449)		40,000		41,294
Maryland — 0.5%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $737,661)		650,000		607,966
Massachusetts — 1.5%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		206,878
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue,
Series B-1, 5.00%, 7/1/50		35,000		36,011
Series A-1, 4.00%, 7/1/51		205,000		194,964
Massachusetts Port Authority, Private Airport & Marina Revenue,
Series C, AMT, 5.00%, 7/1/44		400,000		412,052
Series E, AMT, 5.00%, 7/1/46		500,000		518,824
Series E, AMT, 5.00%, 7/1/51		505,000		519,591
(Cost $2,095,122)				1,888,320
Michigan — 1.2%
Lansing Board of Water & Light, Electric, Power & Light Revenue,
Series A, 5.00%, 7/1/44		600,000		629,105
Series A, 5.00%, 7/1/48		90,000		93,463

See Notes to Financial Statements.

DBX ETF Trust  |   11

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		800,000		781,211
(Cost $1,648,756)				1,503,779
Nevada — 1.4%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		130,642
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		492,471
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		51,867
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax,
Series B, 5.00%, 7/1/43		840,000		869,205
Series B, 4.00%, 7/1/49		290,000		265,677
(Cost $1,887,227)				1,809,862
New Jersey — 1.5%
New Jersey Turnpike Authority, Highway Revenue Tolls,
Series G, 4.00%, 1/1/43		550,000		535,740
Series A, 4.00%, 1/1/48		45,000		43,276
Series A, 5.00%, 1/1/48		740,000		766,248
Series B, 5.25%, 1/1/52		405,000		438,791
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47		100,000		100,618
(Cost $1,919,824)				1,884,673
New York — 23.3%
Battery Park City Authority, Miscellaneous Revenue, Series A, 5.00%, 11/1/53		225,000		241,871
Long Island Power Authority, Electric, Power & Light Revenue, Series E, 5.00%, 9/1/48		350,000		377,004
Metropolitan Transportation Authority, Transit Revenue,
Series C-1, 4.00%, 11/15/38		90,000		88,175
Series D, 4.00%, 11/15/42		430,000		406,617
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		103,386
Series E, 4.00%, 11/15/45		1,000,000		948,523
Series C-1, 4.75%, 11/15/45		500,000		508,887
Sub-Series A, 5.00%, 11/15/45		75,000		77,120
Series D, 4.00%, 11/15/46		790,000		725,607
Series D-2, 4.00%, 11/15/48		630,000		584,084

	Principal   Amount $		Value $
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		620,108
Series D-3, 4.00%, 11/15/49		140,000		129,374
Series A-1, 4.00%, 11/15/50		35,000		32,746
Series D-3, 4.00%, 11/15/50		250,000		230,327
Series C-1, 5.00%, 11/15/50		700,000		721,305
Series A-1, 4.00%, 11/15/52		550,000		502,355
Series B, 5.00%, 11/15/52		115,000		117,617
Series C-1, 5.25%, 11/15/55		500,000		515,386
New York City Municipal Water Finance Authority, Water Revenue,
Series FF, 5.00%, 6/15/39		35,000		36,653
Series EE-2, 4.00%, 6/15/40		30,000		29,904
Series AA, 5.00%, 6/15/40		95,000		101,054
Sub-Series EE-2, 5.00%, 6/15/40		535,000		566,289
4.00%, 6/15/42		400,000		398,577
Series AA-2, 4.00%, 6/15/42		100,000		99,258
Series BB2, 4.00%, 6/15/42		40,000		39,703
Series CC-2, 4.00%, 6/15/42		25,000		24,721
Series BB-1, 5.00%, 6/15/44		140,000		149,647
Series BB-1, 4.00%, 6/15/45		255,000		248,538
Series GG-1, 5.00%, 6/15/48		210,000		220,023
Series BB-1, 4.00%, 6/15/49		200,000		191,856
Series CC-1, 4.00%, 6/15/49		200,000		191,856
Series FF-1, 4.00%, 6/15/49		15,000		14,389
Series BB-1, 5.00%, 6/15/49		270,000		281,027
Series DD-1, 5.00%, 6/15/49		400,000		413,610
Series DD-1, 5.25%, 6/15/49		70,000		73,079
Series BB-1, 4.00%, 6/15/50		285,000		271,222
Series GG-1, 4.00%, 6/15/50		305,000		292,097
Sub-Series DD-1, 4.00%, 6/15/50		600,000		574,618
Series AA-1, 5.00%, 6/15/50		140,000		146,828
Series AA-1, 3.00%, 6/15/51		300,000		221,474
Series CC-1, 5.00%, 6/15/51		250,000		262,103
Series CC-1, 5.00%, 6/15/52		400,000		420,841
Series AA-1, 5.25%, 6/15/52		280,000		302,652
Sub-Series AA-1, 5.25%, 6/15/53		200,000		217,435
Series BB, Sub-Series BB-1, 5.25%, 6/15/54		400,000		434,326
Series CC, Sub-Series CC-1, 5.25%, 6/15/54		700,000		762,618
New York Power Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 11/15/45		35,000		33,814
Series A, 4.00%, 11/15/47		115,000		110,252
Series A, 4.00%, 11/15/50		75,000		71,258
Series A, 4.00%, 11/15/55		1,050,000		983,806

See Notes to Financial Statements.

12  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Series A, 3.25%, 11/15/60		1,150,000		811,174
Series A, 4.00%, 11/15/60		980,000		905,684
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		530,956
New York Transportation Development Corp., Private Airport & Marina Revenue,
5.00%, 6/30/49		450,000		462,236
6.00%, 6/30/54		500,000		548,464
5.125%, 6/30/60		2,100,000		2,167,061
5.375%, 6/30/60		1,500,000		1,555,659
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		14,266
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue,
Series A, 4.00%, 5/15/48		360,000		338,437
Series A, 4.00%, 5/15/57		1,000,000		948,976
Series A, 4.25%, 5/15/58		600,000		579,013
Series A, 4.50%, 5/15/63		450,000		436,276
Seies A-3, 5.25%, 5/15/64		150,000		160,106
Series A-2, 5.25%, 5/15/64		1,050,000		1,124,187
Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, Series D-2, 5.50%, 5/15/52		650,000		713,648
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes,
Series C-1A, 4.00%, 5/15/46		600,000		577,581
Series C-3, 3.00%, 5/15/51		600,000		448,188
Series A-1, 5.00%, 5/15/51		2,000,000		2,104,468
Series C-1A, 5.00%, 5/15/51		225,000		237,477
(Cost $32,141,887)				29,779,877
North Carolina — 0.2%
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51 (Cost $241,524)		300,000		221,119
Ohio — 0.5%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		95,852
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,691

	Principal   Amount $		Value $
Series A, 5.00%, 2/15/46		275,000		289,976
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		240,872
(Cost $716,094)				636,391
Oklahoma — 0.3%
Oklahoma Turnpike Authority Highway Revenue Tolls, 5.50%, 1/1/53 (Cost $331,024)		300,000		327,505
Oregon — 0.7%
Port of Portland Or Airport Revenue, Private Airport & Marina Revenue, Series 28, AMT, 5.00%, 7/1/52		100,000		102,698
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue,
Series 25B, AMT, 5.00%, 7/1/44		315,000		321,898
Series 28, AMT, 4.00%, 7/1/47		500,000		459,922
(Cost $917,898)				884,518
Pennsylvania — 5.9%
Allegheny County Airport Authority, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 1/1/46		700,000		653,338
Series A, AMT, 5.00%, 1/1/51		500,000		511,854
Series A, AMT, 4.00%, 1/1/56		500,000		440,402
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		225,715
City of Philadelphia PA Water & Wastewater, Water Revenue,
Series A, 5.00%, 10/1/43		25,000		25,931
Series A, 5.00%, 11/1/45		515,000		545,617
Series A, 5.00%, 10/1/48		35,000		36,173
Series A, 5.00%, 11/1/50		500,000		525,322
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees,
Series B, 5.00%, 12/1/43		115,000		118,915
Series A, 5.25%, 12/1/44		565,000		590,800
Series A, 5.00%, 12/1/48		480,000		494,347
Pennsylvania Turnpike Commission, Highway Revenue Tolls,
Series A, 5.00%, 12/1/44		230,000		240,247
Series A, 4.00%, 12/1/46		20,000		18,988
Series B, 4.00%, 12/1/46		390,000		370,262
Series C, 5.00%, 12/1/46		45,000		47,724

See Notes to Financial Statements.

DBX ETF Trust  |   13

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Series A, 5.00%, 12/1/47		55,000		58,217
Sub-Series A, 4.00%, 12/1/49		285,000		272,144
Series A, 5.00%, 12/1/49		15,000		15,589
Series A, 4.00%, 12/1/50		255,000		233,676
Series B, 5.00%, 12/1/50		1,705,000		1,789,349
Series A, 4.00%, 12/1/51		65,000		60,712
Series B, 4.00%, 12/1/51		300,000		274,172
Series B, 5.00%, 12/1/51		15,000		15,798
(Cost $8,381,462)				7,565,292
South Carolina — 0.9%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		177,714
South Carolina Public Service Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 12/1/42		475,000		458,369
Series A, 4.00%, 12/1/52		600,000		534,659
(Cost $1,258,260)				1,170,742
Tennessee — 2.3%
City of Clarksville Tn Water Sewer & Gas Revenue, Water Revenue, Series A, 4.00%, 2/1/51		380,000		359,237
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		261,338
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue,
Series B, AMT, 5.25%, 7/1/47		400,000		422,466
Series B, AMT, 5.00%, 7/1/49		125,000		127,782
Series B, AMT, 4.00%, 7/1/54		550,000		482,654
Series A, 5.00%, 7/1/54		805,000		831,758
Series B, AMT, 5.00%, 7/1/54		500,000		509,668
(Cost $3,268,524)				2,994,903
Texas — 7.0%
Central Texas Regional Mobility Authority, Highway Revenue Tolls,
Series E, 5.00%, 1/1/45		100,000		103,783
Series B, 5.00%, 1/1/46		300,000		312,519
Series B, 4.00%, 1/1/51		50,000		46,307
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue,
Series B, 5.00%, 11/15/44		125,000		131,037
Series B, 5.00%, 11/15/49		125,000		129,995

	Principal   Amount $		Value $
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		318,418
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		104,927
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		500,000		486,854
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		529,325
City of Houston TX Combined Utility System, Water Revenue,
Series C, 4.00%, 11/15/43		165,000		159,254
Series D, 5.00%, 11/15/43		30,000		31,231
Series C, 3.00%, 11/15/47		145,000		108,599
Series C, 4.00%, 11/15/49		55,000		50,878
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		367,542
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 2/1/46		260,000		273,344
Harris County Toll Road Authority, Highway Revenue Tolls,
Series A, 4.00%, 8/15/48		555,000		520,506
4.00%, 8/15/50		670,000		632,148
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		77,392
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		261,728
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		200,000		177,356
North Texas Tollway Authority, Highway Revenue Tolls,
Series A, 5.00%, 1/1/38		65,000		68,862
Series A, 5.00%, 1/1/48		500,000		512,632
4.25%, 1/1/49		30,000		28,879
Series B, 3.00%, 1/1/51		250,000		177,684

See Notes to Financial Statements.

14  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

	Principal   Amount $		Value $
Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue, 5.00%, 10/1/53		650,000		688,513
San Antonio Water System, Water Revenue,
Series A, 5.00%, 5/15/46		325,000		344,477
Series A, 4.00%, 5/15/51		335,000		311,783
Texas Water Development Board, Water Revenue,
4.00%, 10/15/45		320,000		307,528
4.00%, 4/15/51		525,000		484,975
Series A, 5.00%, 10/15/58		1,100,000		1,159,610
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		56,483
(Cost $10,025,678)				8,964,569
Utah — 1.6%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 7/1/48		750,000		754,399
Series A, AMT, 5.25%, 7/1/48		225,000		229,545
Intermountain Power Agency, Electric, Power & Light Revenue,
Series A, 5.00%, 7/1/42		1,000,000		1,076,197
(Cost $2,116,904)				2,060,141
Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, Appropriations,
Series A, 4.00%, 7/1/45		275,000		271,794
Series A, 5.00%, 7/1/50		40,000		41,827
Series A, 4.00%, 7/1/55		700,000		666,400
Series A, 5.00%, 7/1/60		500,000		520,412
(Cost $1,739,457)				1,500,433

AMT:   Alternative Minimum Tax

	Principal   Amount $		Value $
Washington — 1.9%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 4.00%, 11/1/46		700,000		670,754
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		477,256
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		317,860
Port of Seattle WA, Private Airport & Marina Revenue,
AMT, 5.00%, 4/1/44		500,000		509,331
Series B, AMT, 5.00%, 8/1/47		500,000		515,482
(Cost $2,723,298)				2,490,683
West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47 (Cost $307,028)		250,000		262,550
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $263,635)		245,000		249,431
TOTAL MUNICIPAL BONDS
(Cost $136,580,952)				125,361,546
TOTAL INVESTMENTS — 98.2%
(Cost $136,580,952)				125,361,546
Other assets and liabilities, net — 1.8%				2,256,721
NET ASSETS — 100.0%				127,618,267

See Notes to Financial Statements.

DBX ETF Trust  |   15

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2024

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	125,361,546	$	—	$	125,361,546
TOTAL	$	—	$	125,361,546	$	—	$	125,361,546

(a) See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

16 |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

May 31, 2024

	Number   of Shares		Value $
COMMON STOCKS — 96.1%
Australia — 6.6%
BHP Group Ltd.		12,538		371,142
Coles Group Ltd.		3,289		35,916
Fortescue Ltd.		4,171		68,627
Medibank Pvt Ltd.		7,029		17,390
Origin Energy Ltd.		4,267		28,917
Rio Tinto Ltd.		917		78,646
Santos Ltd.		8,052		40,859
Sonic Healthcare Ltd.		1,116		18,058
Telstra Group Ltd.		9,613		22,184
Woodside Energy Group Ltd.		4,701		86,601
(Cost $811,007)				768,340
Austria — 0.3%
OMV AG		353		17,720
Verbund AG		171		14,071
(Cost $32,734)				31,791
Belgium — 0.3%
Ageas SA/NV		390		19,348
Umicore SA		517		10,176
(Cost $29,766)				29,524
Brazil — 1.6%
Ambev SA		11,649		25,621
B3 SA — Brasil Bolsa Balcao		13,946		28,391
BB Seguridade Participacoes SA		1,601		9,839
Caixa Seguridade Participacoes S/A		1,501		4,247
CPFL Energia SA		475		3,082
Hypera SA		931		4,809
Lojas Renner SA		2,355		5,879
TIM SA		2,258		6,814
Vale SA		8,384		100,815
(Cost $223,524)				189,497
Canada — 4.3%
BCE, Inc.		183		6,259
Brookfield Asset Management Ltd., Class A		900		35,322
Canadian Tire Corp. Ltd., Class A		118		11,776
Great-West Lifeco, Inc.		687		20,603
IGM Financial, Inc.		179		4,781
Magna International, Inc.		675		30,533
Manulife Financial Corp.		4,455		115,693
Power Corp. of Canada		1,399		40,611
Quebecor, Inc., Class B		411		8,668
Sun Life Financial, Inc.		1,439		72,111
Suncor Energy, Inc.		3,187		129,991
TELUS Corp.		1,217		20,007
(Cost $419,147)				496,355

	Number   of Shares		Value $
Chile — 0.0%
Enel Chile SA (Cost $4,431)		69,910		4,003
China — 6.4%
Autohome, Inc., ADR		163		4,629
China Coal Energy Co. Ltd., Class H		5,027		6,329
China Communications Services Corp. Ltd., Class H		6,134		2,956
China Construction Bank Corp., Class A		1,500		1,453
China Construction Bank Corp., Class H		237,418		168,124
China Feihe Ltd., 144A		10,000		4,947
China Hongqiao Group Ltd.		7,043		11,613
China Merchants Bank Co. Ltd., Class A		3,200		15,093
China Merchants Bank Co. Ltd., Class H		9,495		42,236
China Pacific Insurance Group Co. Ltd., Class A		1,200		4,752
China Pacific Insurance Group Co. Ltd.(a), Class H		6,385		16,649
China Petroleum & Chemical Corp., Class A		5,000		4,437
China Petroleum & Chemical Corp., Class H		60,019		38,052
China Railway Group Ltd., Class H		11,350		6,093
China Shenhua Energy Co. Ltd., Class A		856		4,986
China Shenhua Energy Co. Ltd., Class H		8,538		41,417
China State Construction
Engineering Corp. Ltd., Class A		4,800		3,718
China Tower Corp. Ltd., Class H, 144A		113,030		13,292
Citic Pacific Special Steel Group Co. Ltd., Class A		900		1,869
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		4,139
COSCO SHIPPING Holdings Co. Ltd., Class H		6,976		11,646
CRRC Corp. Ltd., Class H		10,902		6,522
CSPC Pharmaceutical Group Ltd.		20,563		17,426
Daqin Railway Co. Ltd., Class A		2,300		2,237
ENN Energy Holdings Ltd.		1,887		17,294
Focus Media Information Technology Co. Ltd., Class A		2,500		2,181
Guanghui Energy Co. Ltd., Class A		1,300		1,433
Haidilao International Holding Ltd., 144A		4,119		9,140

See Notes to Financial Statements.

DBX ETF Trust  |   17

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		100		318
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,092
HLA Group Corp. Ltd., Class A		1,400		1,863
Huaibei Mining Holdings Co. Ltd., Class A		600		1,628
Hunan Valin Steel Co. Ltd., Class A		1,600		1,162
Industrial & Commercial Bank of China Ltd., Class A		9,500		7,098
Industrial & Commercial Bank of China Ltd., Class H		160,497		90,677
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		753
Jiangsu Expressway Co. Ltd., Class H		2,966		3,082
Jiangsu Yanghe Distillery Co. Ltd., Class A		200		2,568
Jiangxi Copper Co. Ltd., Class H		2,526		5,450
LB Group Co. Ltd., Class A		500		1,440
Lenovo Group Ltd.		19,902		28,543
Livzon Pharmaceutical Group, Inc., Class A		107		570
Longfor Group Holdings Ltd., 144A		5,148		8,094
Midea Group Co. Ltd., Class A		500		4,455
New China Life Insurance Co. Ltd., Class A		300		1,344
New China Life Insurance Co. Ltd., Class H		2,455		5,015
People’s Insurance Co. Group of
China Ltd., Class H		21,190		7,367
PICC Property & Casualty Co. Ltd., Class H		16,751		21,754
Postal Savings Bank of China Co. Ltd., Class A		4,926		3,409
Postal Savings Bank of China Co. Ltd., Class H, 144A		18,784		10,589
Qifu Technology, Inc., ADR		279		5,390
Shaanxi Coal Industry Co. Ltd., Class A		1,300		4,656
Shanghai Baosight Software Co. Ltd., Class B		1,400		3,044
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,806		2,678
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		1,062
Shanxi Lu’an Environmental
Energy Development Co. Ltd., Class A		600		1,872
Sichuan Road & Bridge Group Co. Ltd., Class A		1,500		1,622
Sinopharm Group Co. Ltd.,
Class H		3,378		9,154
TBEA Co. Ltd., Class A		1,000		2,053

	Number   of Shares		Value $
Tongwei Co. Ltd.(a), Class A		700		2,216
Western Mining Co. Ltd., Class A		700		1,790
Xinjiang Daqo New Energy Co. Ltd.(a), Class A		275		1,013
Xinyi Solar Holdings Ltd.		12,110		7,956
Yankuang Energy Group Co. Ltd., Class A		600		2,080
Yankuang Energy Group Co. Ltd., Class H		5,228		13,044
Youngor Fashion Co. Ltd., Class A		1,100		1,203
Yunnan Yuntianhua Co. Ltd., Class A		700		1,997
Zangge Mining Co. Ltd., Class A		300		1,077
Zoomlion Heavy Industry
Science and Technology Co. Ltd., Class A		1,800		1,989
(Cost $774,805)				739,830
Czech Republic — 0.1%
Komercni Banka AS		190		6,495
Moneta Money Bank AS, 144A		533		2,333
(Cost $7,533)				8,828
Denmark — 0.4%
A.P. Moller — Maersk A/S, Class A		7		12,266
A.P. Moller — Maersk A/S, Class B		12		21,771
Tryg A/S		813		16,708
(Cost $70,383)				50,745
Egypt — 0.0%
Eastern Co. SAE
(Cost $2,753)		2,931		1,711
Finland — 1.1%
Elisa OYJ		369		17,105
Kesko OYJ, Class B		641		11,635
Kone OYJ, Class B		837		42,516
Orion OYJ, Class B		279		11,352
UPM-Kymmene OYJ		1,319		50,331
(Cost $137,517)				132,939
France — 10.8%
Amundi SA(a), 144A		155		11,888
AXA SA		4,487		160,990
Bouygues SA		457		17,860
Cie Generale des Etablissements Michelin SCA		1,678		67,674
Danone SA		1,591		102,111
Kering SA		184		63,361
La Francaise des Jeux SAEM, 144A		274		9,804
Sanofi SA		2,813		274,109
TotalEnergies SE		5,313		386,500

See Notes to Financial Statements.

18  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
Vinci SA		1,237		153,694
(Cost $1,120,989)				1,247,991
Germany — 5.3%
Allianz SE		969		282,237
Bayerische Motoren Werke AG		795		80,419
Deutsche Post AG		2,452		102,909
Mercedes-Benz Group AG		1,984		143,015
(Cost $526,030)				608,580
Greece — 0.2%
Hellenic Telecommunications Organization SA		484		7,062
JUMBO SA		311		8,913
Motor Oil Hellas Corinth
Refineries SA		177		5,007
OPAP SA		450		7,157
(Cost $25,583)				28,139
Hong Kong — 2.2%
Beijing Enterprises Holdings Ltd.		1,330		4,675
Bosideng International Holdings Ltd.		8,989		5,193
China Gas Holdings Ltd.		7,380		6,971
China Resources Gas Group Ltd.		2,361		8,194
China Resources Land Ltd.		7,905		28,696
China State Construction International Holdings Ltd.		5,170		6,846
China Taiping Insurance
Holdings Co. Ltd.		3,936		4,251
Chow Tai Fook Jewellery Group Ltd.		5,025		6,449
CK Asset Holdings Ltd.		4,724		18,628
CK Infrastructure Holdings Ltd.		1,651		9,518
CLP Holdings Ltd.		4,032		31,876
Henderson Land Development Co. Ltd.		3,403		10,570
HKT Trust & HKT Ltd.(b)		9,898		11,501
Power Assets Holdings Ltd.		3,333		18,447
Sino Land Co. Ltd.		9,824		10,423
SITC International Holdings Co. Ltd.		3,500		8,948
Sun Hung Kai Properties Ltd.		3,563		34,294
Swire Properties Ltd.		3,065		5,618
Want Want China Holdings Ltd.		12,284		7,395
WH Group Ltd., 144A		21,474		14,603
(Cost $302,084)				253,096
Hungary — 0.1%
Richter Gedeon Nyrt
(Cost $9,034)		360		9,118
India — 1.3%
Coal India Ltd.		3,739		22,003
HCL Technologies Ltd.		2,349		37,262

	Number   of Shares		Value $
Oil & Natural Gas Corp. Ltd.		7,701		24,389
Petronet LNG Ltd.		1,953		6,957
Power Grid Corp. of India Ltd.		11,532		42,828
Vedanta Ltd.		2,745		14,798
(Cost $94,811)				148,237
Indonesia — 1.2%
Aneka Tambang Tbk		20,266		1,827
PT Adaro Energy Indonesia Tbk		36,118		6,157
PT Astra International Tbk		52,469		13,852
PT Bank Mandiri Persero Tbk		91,931		33,378
PT Bank Negara Indonesia Persero Tbk		36,354		9,844
PT Bank Rakyat Indonesia Persero Tbk		168,214		44,926
PT Indofood Sukses Makmur Tbk		11,419		4,128
PT Telkom Indonesia Persero Tbk		118,240		21,101
PT United Tractors Tbk		4,171		5,666
(Cost $139,249)				140,879
Ireland — 0.3%
Smurfit Kappa Group PLC
(Cost $24,660)		643		31,203
Israel — 0.8%
Bank Hapoalim BM		3,111		28,432
Bank Leumi Le-Israel BM		3,747		30,921
ICL Group Ltd.		1,751		8,147
Israel Discount Bank Ltd., Class A		3,192		16,293
Mizrahi Tefahot Bank Ltd.		396		14,359
(Cost $106,557)				98,152
Italy — 1.2%
Assicurazioni Generali SpA		2,529		64,793
FinecoBank Banca Fineco SpA		1,513		24,383
Snam SpA		4,991		23,564
Terna - Rete Elettrica Nazionale		3,475		29,131
(Cost $122,197)				141,871
Japan — 3.5%
AGC, Inc.		500		17,458
Daiwa House Industry Co. Ltd.		1,400		37,195
Isuzu Motors Ltd.		1,500		20,017
Japan Tobacco, Inc.		3,000		84,992
Mitsui Chemicals, Inc.		400		12,093
Mitsui OSK Lines Ltd.		800		26,391
Nomura Real Estate Holdings, Inc.		300		7,711
Obayashi Corp.		1,700		19,792
Sekisui House Ltd.		1,475		33,152
SoftBank Corp.		7,000		84,078
Sompo Holdings, Inc.		2,231		47,205

See Notes to Financial Statements.

DBX ETF Trust  |   19

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
Yamaha Motor Co. Ltd.		2,100		20,479
(Cost $341,908)				410,563
Kazakhstan — 0.0%
Polymetal International PLC*(c)
(Cost $33,157)		1,987		0
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $9,444)		4,965		7,247
Malaysia — 0.8%
Malayan Banking Bhd		13,511		28,503
MISC Bhd		3,500		6,202
Petronas Dagangan Bhd		800		3,365
Petronas Gas Bhd		1,600		6,207
Public Bank Bhd		35,800		31,183
RHB Bank Bhd		4,011		4,678
Sime Darby Bhd		7,500		4,430
Telekom Malaysia Bhd		2,800		3,694
(Cost $78,204)				88,262
Mexico — 0.3%
Arca Continental SAB de CV		1,245		12,634
Banco del Bajio SA, 144A		1,919		6,598
Grupo Aeroportuario del Centro Norte SAB de CV		725		7,363
Kimberly-Clark de Mexico SAB de CV, Class A		3,800		7,931
(Cost $25,948)				34,526
Netherlands — 2.6%
ASR Nederland NV		382		18,413
Koninklijke Ahold Delhaize NV		2,330		72,190
Koninklijke KPN NV		9,728		36,371
NEPI Rockcastle NV		1,365		9,412
NN Group NV		678		31,495
Randstad NV		292		15,343
Stellantis NV		5,478		120,128
(Cost $259,080)				303,352
New Zealand — 0.1%
Spark New Zealand Ltd.
(Cost $14,432)		4,796		12,302
Norway — 0.6%
Aker BP ASA		761		19,486
Gjensidige Forsikring ASA		532		9,306
Mowi ASA		1,144		20,458
Orkla ASA		1,810		14,401
(Cost $76,147)				63,651
Philippines — 0.2%
International Container Terminal Services, Inc.		2,440		14,243

	Number   of Shares		Value $
Manila Electric Co.		760		4,769
Metropolitan Bank & Trust Co.		4,810		5,100
(Cost $17,841)				24,112
Poland — 0.5%
Bank Polska Kasa Opieki SA		457		18,573
ORLEN SA		1,447		23,364
Powszechny Zaklad Ubezpieczen SA		1,437		18,250
(Cost $58,074)				60,187
Qatar — 0.5%
Dukhan Bank		5,044		4,908
Industries Qatar QSC		3,942		12,505
Mesaieed Petrochemical Holding Co.		15,076		7,122
Qatar Electricity & Water Co. QSC		791		3,243
Qatar Fuel QSC		1,620		5,984
Qatar Islamic Bank SAQ		4,251		20,082
(Cost $66,611)				53,844
Russia — 0.0%
Alrosa PJSC*(c)		14,479		0
GMK Norilskiy Nickel PAO*(c)		36,100		0
Inter RAO UES PJSC*(c)		188,952		0
LUKOIL PJSC*(c)		2,350		0
Mobile TeleSystems PJSC*(c), ADR		2,615		0
Novolipetsk Steel PJSC*(c)		8,593		0
PhosAgro PJSC*(c)		258		0
PhosAgro PJSC*(c), GDR		2		0
PhosAgro PJSC, GDR*(c)		4		0
Polyus PJSC*(c)		192		0
Severstal PAO*(c)		1,174		0
Tatneft PJSC*(c)		7,791		0
(Cost $520,076)				0
Saudi Arabia — 1.6%
Arab National Bank		2,166		11,377
Jarir Marketing Co.		1,500		5,087
Nahdi Medical Co.		95		3,318
Riyad Bank		3,839		24,974
SABIC Agri-Nutrients Co.		567		16,024
Saudi Arabian Oil Co., 144A		6,574		50,830
Saudi Awwal Bank		2,455		25,069
Saudi Telecom Co.		4,892		46,954
(Cost $206,389)				183,633
Singapore — 2.8%
DBS Group Holdings Ltd.		4,870		129,667
Genting Singapore Ltd.		14,800		9,964
Oversea-Chinese Banking Corp.
Ltd.		8,508		91,330

See Notes to Financial Statements.

20  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
Singapore Exchange Ltd.		2,041		14,435
Singapore Technologies
Engineering Ltd.		4,000		12,370
United Overseas Bank Ltd.		3,100		70,614
(Cost $268,356)				328,380
South Africa – 1.1%
Exxaro Resources Ltd.		615		5,927
FirstRand Ltd.		12,416		42,865
Kumba Iron Ore Ltd.		162		4,218
Nedbank Group Ltd.		1,179		14,308
Sanlam Ltd.		4,275		16,085
Standard Bank Group Ltd.		3,300		31,406
Woolworths Holdings Ltd.		2,377		6,874
(Cost $133,450)				121,683
South Korea – 1.2%
DB Insurance Co. Ltd.		116		8,671
Kia Corp.		645		54,831
KT Corp.		74		1,956
KT&G Corp.		251		15,137
LG Corp.		231		13,564
LG Uplus Corp.		580		4,043
Samsung Fire & Marine Insurance Co. Ltd.		79		19,885
Samsung Life Insurance Co. Ltd.		189		11,508
SK Telecom Co. Ltd.		127		4,678
(Cost $109,607)				134,273
Spain – 0.6%
Redeia Corp. SA		969		17,399
Repsol SA		3,020		49,244
(Cost $68,785)				66,643
Sweden – 1.6%
Boliden AB		669		23,332
Skanska AB, Class B		801		14,109
SKF AB, Class B		825		17,987
Tele2 AB, Class B		1,413		13,784
Volvo AB, Class A		500		13,540
Volvo AB, Class B		3,919		105,081
(Cost $153,614)				187,833
Switzerland – 15.1%
Adecco Group AG		400		15,137
Baloise Holding AG		111		19,182
Glencore PLC		25,656		157,038
Helvetia Holding AG		87		11,678
Holcim AG		1,288		112,474
Kuehne + Nagel International AG		120		33,986
Novartis AG		4,873		503,262
Partners Group Holding AG		56		74,861
Roche Holding AG		1,737		444,768

	Number   of Shares		Value $
Roche Holding AG		79		22,137
SGS SA		370		34,451
Swiss Re AG		747		94,974
Swisscom AG		64		35,343
Zurich Insurance Group AG		362		190,079
(Cost $1,470,452)				1,749,370
Taiwan – 5.1%
Acer, Inc.		7,095		11,586
ASE Technology Holding Co. Ltd.		7,900		38,288
Chunghwa Telecom Co. Ltd.		9,000		35,562
Compal Electronics, Inc.		10,834		12,391
Hon Hai Precision Industry Co. Ltd.		30,821		163,648
Lite-On Technology Corp.		5,062		16,798
MediaTek, Inc.		3,755		143,157
Micro-Star International Co. Ltd.		2,016		11,918
Nien Made Enterprise Co. Ltd.		541		5,862
Novatek Microelectronics Corp.		1,424		26,067
Realtek Semiconductor Corp.		1,197		20,065
Shanghai Commercial & Savings Bank Ltd.		9,786		13,911
Synnex Technology International Corp.		2,543		6,626
Unimicron Technology Corp.		3,559		20,051
United Microelectronics Corp.		27,093		46,000
Vanguard International Semiconductor Corp.		2,532		8,402
WPG Holdings Ltd.		3,911		10,407
(Cost $425,833)				590,739
Thailand – 0.5%
Advanced Info Service PCL, NVDR		3,000		16,553
Home Product Center PCL, NVDR		17,300		4,373
Intouch Holdings PCL, NVDR		2,000		3,656
Kasikornbank PCL, NVDR		1,600		5,697
PTT Exploration & Production PCL		600		2,512
PTT Exploration & Production PCL, NVDR		3,000		12,558
SCB X PCL, NVDR		2,300		6,627
TMBThanachart Bank PCL, NVDR		65,000		2,986
(Cost $54,444)				54,962
Turkey – 0.3%
Akbank TAS		7,571		15,608
Ford Otomotiv Sanayi AS		180		6,108
Tofas Turk Otomobil Fabrikasi AS		328		3,144
Yapi ve Kredi Bankasi AS		7,973		8,001
(Cost $18,104)				32,861

See Notes to Financial Statements.

DBX ETF Trust  |   21

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
United Arab Emirates – 1.0%
Abu Dhabi Islamic Bank PJSC		3,824		11,681
Abu Dhabi National Oil Co. for Distribution PJSC		6,587		5,810
Dubai Islamic Bank PJSC		6,977		10,485
Emaar Properties PJSC		16,284		33,960
Emirates NBD Bank PJSC		4,918		20,821
Emirates Telecommunications Group Co. PJSC		8,538		37,424
(Cost $103,187)				120,181
United Kingdom – 11.3%
Admiral Group PLC		626		21,631
Anglo American PLC		3,142		100,550
Barratt Developments PLC		2,262		14,492
British American Tobacco PLC		4,959		152,478
Hargreaves Lansdown PLC		923		12,404
Imperial Brands PLC		2,023		49,994
Kingfisher PLC		4,520		15,199
Mondi PLC		1,085		21,564
National Grid PLC		9,104		102,281
Reckitt Benckiser Group PLC		1,745		98,912
Rio Tinto PLC		2,788		194,381
Schroders PLC		2,153		10,740
SSE PLC		2,719		60,755
Taylor Wimpey PLC		8,657		16,219
Tesco PLC		17,378		68,811
Unilever PLC		6,190		337,233
WPP PLC		2,652		27,579
(Cost $1,367,221)				1,305,223
United States – 0.2%
Southern Copper Corp.
(Cost $11,935)		206		24,438
TOTAL COMMON STOCKS
(Cost $10,877,093)				11,119,094
PREFERRED STOCKS – 0.7%
Brazil – 0.2%
Cia Energetica de Minas Gerais		4,622		8,749
Companhia Paranaense de Energia, Class B		2,809		4,853
Gerdau SA		3,689		12,710
(Cost $25,346)				26,312
Chile – 0.2%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $16,432)		351		16,429
Germany – 0.3%
Bayerische Motoren Werke AG		137		13,148

	Number   of Shares		Value $
Porsche Automobil Holding SE		377		20,676
(Cost $34,182)				33,824
TOTAL PREFERRED STOCKS
(Cost $75,960)				76,565
RIGHTS – 0.0%
United Kingdom – 0.0%
National Grid PLC*, expires
6/24/24
(Cost $0)		2,828		7,059
EXCHANGE-TRADED FUNDS – 1.6%
WisdomTree Emerging Markets High Dividend Fund		850		37,000
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(d)		6,000		154,080
(Cost $182,781)				191,080
TOTAL INVESTMENTS – 98.4%
(Cost $11,135,834)				11,393,798
Other assets and liabilities, net – 1.6%				180,884
NET ASSETS – 100.0%				11,574,682

See Notes to Financial Statements.

22  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2024 is as follows:

Value ($) at 5/31/2023	Purchases Cost ($)		Sales Proceeds ($)	Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2024		Value ($) at 5/31/2024
EXCHANGE-TRADED FUNDS — 1.3%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d)
50,737		269,316	(175,484)		3,246		6,265		2,798		—		6,000		154,080
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.24% (e)(f)
595,473		—	(595,473) (g)		—		—		717		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.26% (e)
1,070		745,245	(746,315)		—		—		815		—		—		—
647,280		1,014,561	(1,517,272)		3,246		6,265		4,330		—		6,000		154,080

* Non-income producing security.

(a) Company declared its annual dividend during the 12-month period ended May, 31 2024, the scheduled payment date was subsequent to May, 31 2024.

(b) Investment was valued using significant unobservable inputs.

(c) Stapled Security - A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(d) Affiliated fund advised by DBX Advisors LLC.

(e) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(f) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2024.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders Company

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At May 31, 2024, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)
EURO STOXX 50 Futures		EUR		1		53,144		54,106		6/21/2024		962
Micro EURO STOXX 50 Futures		EUR		6		32,577		32,464		6/21/2024		(113	)
MINI TOPIX Index Futures		JPY		3		51,781		52,919		6/13/2024		1,138
MSCI Emerging Markets Index Future		USD		1		52,694		52,825		6/21/2024		131
Total net unrealized appreciation												2,118

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements.

DBX ETF Trust  |   23

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2024

Currency Abbreviations
EUR	Euro
JPY	Japanese Yen
USD	U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	11,119,094		$	—	$	0	$	11,119,094
Preferred Stocks (a)		76,565			—		—		76,565
Rights		7,059			—		—		7,059
Exchange-Traded Funds		191,080			—		—		191,080
Derivatives (b)
Futures Contracts		2,231			—		—		2,231
TOTAL	$	11,396,029		$	—	$	0	$	11,396,029
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(113	)	$	—	$	—	$	(113	)
TOTAL	$	(113	)	$	—	$	—	$	(113	)

(a) See Schedule of Investments for additional detailed categorizations.

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

See Notes to Financial Statements.

24  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2024

	Number   of Shares		Value $
COMMON STOCKS – 97.3%
Australia – 9.9%
BHP Group Ltd.		2,527,147		74,807,044
Coles Group Ltd.		719,738		7,859,628
Fortescue Ltd.		909,977		14,972,162
Medibank Pvt Ltd.		1,479,848		3,661,124
Pilbara Minerals Ltd.		1,536,434		3,872,643
Rio Tinto Ltd.		199,475		17,107,947
Santos Ltd.		1,745,219		8,855,822
Telstra Group Ltd.		2,173,056		5,014,813
Woodside Energy Group Ltd.		1,020,310		18,796,038
(Cost $152,085,990)				154,947,221
Austria – 0.4%
OMV AG		79,138		3,972,583
Verbund AG		36,589		3,010,855
(Cost $6,923,761)				6,983,438
Belgium – 0.4%
Ageas SA/NV		85,857		4,259,534
Umicore SA		112,541		2,215,025
(Cost $6,145,956)				6,474,559
Denmark – 0.7%
A.P. Moller – Maersk A/S, Class A		1,630		2,856,361
A.P. Moller – Maersk A/S, Class B		2,406		4,365,027
Tryg A/S		187,624		3,855,867
(Cost $13,427,268)				11,077,255
Finland – 1.8%
Elisa OYJ		76,431		3,542,970
Kesko OYJ, Class B		146,769		2,664,040
Kone OYJ, Class B		182,642		9,277,347
Orion OYJ, Class B		57,983		2,359,231
UPM-Kymmene OYJ		286,807		10,944,230
(Cost $27,240,025)				28,787,818
France – 16.1%
Amundi SA(a)(b), 144A		32,991		2,530,334
AXA SA		975,925		35,015,314
Bouygues SA		101,812		3,978,978
Cie Generale des Etablissements Michelin SCA(a)		364,981		14,719,708
Danone SA		345,997		22,206,334
La Francaise des Jeux SAEM, 144A		56,448		2,019,788
Sanofi SA		611,685		59,604,739
TotalEnergies SE		1,076,282		78,295,321
Vinci SA		269,290		33,458,475
(Cost $217,961,984)				251,828,991
Germany – 6.5%
Allianz SE		210,494		61,309,886

	Number   of Shares		Value $
Bayerische Motoren Werke AG		171,356		17,333,734
Deutsche Post AG		532,652		22,355,044
(Cost $81,748,527)				100,998,664
Hong Kong – 2.4%
CK Asset Holdings Ltd.		1,042,169		4,109,610
CK Infrastructure Holdings Ltd.		338,481		1,951,273
CLP Holdings Ltd.		882,444		6,976,444
Henderson Land Development Co. Ltd.		780,464		2,424,188
HKT Trust & HKT Ltd.(c)		2,036,505		2,366,228
Power Assets Holdings Ltd.		744,355		4,119,792
Sino Land Co. Ltd.		2,091,595		2,219,029
SITC International Holdings Co. Ltd.		720,908		1,842,965
Sun Hung Kai Properties Ltd.		778,577		7,493,829
Swire Properties Ltd.		628,693		1,152,378
WH Group Ltd., 144A		4,481,383		3,047,410
(Cost $42,001,126)				37,703,146
Ireland – 0.4%
Smurfit Kappa Group PLC
(Cost $5,160,934)		140,301		6,808,296
Israel – 1.0%
Bank Hapoalim BM		682,666		6,238,917
Bank Leumi Le-Israel BM		818,316		6,752,762
Mizrahi Tefahot Bank Ltd.		83,241		3,018,362
(Cost $16,137,509)				16,010,041
Italy – 2.0%
Assicurazioni Generali SpA		548,082		14,041,958
FinecoBank Banca Fineco SpA		328,320		5,291,121
Snam SpA		1,083,600		5,115,976
Terna - Rete Elettrica Nazionale		756,054		6,338,007
(Cost $25,603,506)				30,787,062
Japan – 5.6%
AGC, Inc.		105,200		3,673,247
Daiwa House Industry Co. Ltd.		301,171		8,001,457
Isuzu Motors Ltd.		313,300		4,180,789
Japan Tobacco, Inc.		644,800		18,267,521
Mitsui Chemicals, Inc.		91,700		2,772,387
Mitsui OSK Lines Ltd.		185,000		6,102,899
Obayashi Corp.		348,900		4,061,933
Sekisui House Ltd.		320,624		7,206,363
SoftBank Corp.		1,533,500		18,419,175
Sompo Holdings, Inc.		479,000		10,135,066
Yamaha Motor Co. Ltd.		479,900		4,680,052
(Cost $70,762,781)				87,500,889
Netherlands – 4.1%
ASR Nederland NV		85,168		4,105,155
Koninklijke Ahold Delhaize NV		507,321		15,718,349

See Notes to Financial Statements.

DBX ETF Trust  |   25

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
Koninklijke KPN NV		2,121,142		7,930,544
NN Group NV		145,490		6,758,425
Randstad NV		58,314		3,063,997
Stellantis NV		1,190,589		26,108,586
(Cost $52,401,119)				63,685,056
New Zealand — 0.2%
Spark New Zealand Ltd.
(Cost $2,866,913)		974,811		2,500,507
Norway — 0.6%
Aker BP ASA		169,812		4,348,163
Gjensidige Forsikring ASA		107,473		1,879,988
Orkla ASA		376,689		2,996,926
(Cost $10,381,684)				9,225,077
Singapore — 4.7%
DBS Group Holdings Ltd.		1,070,630		28,506,306
Genting Singapore Ltd.		3,249,300		2,187,514
Oversea-Chinese Banking Corp. Ltd.		1,819,607		19,532,809
Singapore Exchange Ltd.		460,650		3,257,982
Singapore Technologies Engineering Ltd.		839,000		2,594,526
United Overseas Bank Ltd.		679,500		15,478,142
Wilmar International Ltd.		1,032,300		2,359,848
(Cost $62,235,406)				73,917,127
Spain — 1.2%
Endesa SA		170,680		3,390,813
Redeia Corp. SA		218,060		3,915,450
Repsol SA		654,172		10,666,747
(Cost $18,183,759)				17,973,010
Sweden — 2.2%
Boliden AB		146,976		5,125,965
Tele2 AB(a), Class B		288,317		2,812,661
Volvo AB, Class A		107,611		2,914,047
Volvo AB, Class B		853,565		22,886,826
(Cost $26,809,885)				33,739,499
Switzerland — 20.7%
Adecco Group AG		90,505		3,424,974
Baloise Holding AG		24,611		4,253,012
Glencore PLC		5,572,740		34,110,259
Helvetia Holding AG		19,945		2,677,315
Holcim AG		280,076		24,457,560
Kuehne + Nagel International AG		25,955		7,350,776
Novartis AG		751,520		77,613,610
Partners Group Holding AG		12,195		16,302,356
Roche Holding AG		301,024		77,078,694
SGS SA		80,550		7,500,083
Swiss Re AG		162,080		20,606,968
Swisscom AG		13,918		7,686,025

	Number   of Shares		Value $
Zurich Insurance Group AG		78,645		41,294,836
(Cost $275,856,884)				324,356,468
United Kingdom — 16.4%
Admiral Group PLC		139,907		4,834,441
Barratt Developments PLC		523,680		3,355,085
British American Tobacco PLC		1,079,008		33,177,124
Hargreaves Lansdown PLC		199,059		2,675,081
Imperial Brands PLC		441,058		10,899,791
Kingfisher PLC		1,006,126		3,383,122
National Grid PLC		1,968,018		22,110,141
Reckitt Benckiser Group PLC		379,662		21,520,345
Rio Tinto PLC		605,740		42,232,485
Schroders PLC		433,444		2,162,193
SSE PLC		587,570		13,129,061
Taylor Wimpey PLC		1,901,634		3,562,740
Tesco PLC		3,782,430		14,977,117
Unilever PLC		1,346,253		73,344,222
WPP PLC		579,565		6,027,189
(Cost $244,438,959)				257,390,137
TOTAL COMMON STOCKS
(Cost $1,358,373,976)				1,522,694,261
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		31,662		3,038,510
Porsche Automobil Holding SE		82,283		4,512,774
(Cost $7,523,393)				7,551,284
RIGHTS — 0.1%
United Kingdom — 0.1%
National Grid PLC*, expires
6/24/24
(Cost $0)		613,803		1,532,120
SECURITIES LENDING
COLLATERAL — 1.9%
DWS Government & Agency
Securities Portfolio “DWS
Government Cash Institutional
Shares”(d)(e), 5.24%
(Cost $29,576,000)		29,576,000		29,576,000

See Notes to Financial Statements.

26  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2024

	Number   of Shares		Value $
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”(d), 5.26% (Cost $20,936,447)		20,936,447		20,936,447
TOTAL INVESTMENTS — 101.1%
(Cost $1,416,409,816)				1,582,290,112
Other assets and liabilities, net — (1.1%)				(16,486,108	)
NET ASSETS — 100.0%				1,565,804,004

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2024 is as follows:

Value ($) at 5/31/2023	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2024		Value ($) at 5/31/2024
SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.24% (d)(e)
92,172,040		—		(62,596,040	) (f)		—		—		292,620		—		29,576,000		29,576,000
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.26% (d)
1,988,411		154,878,143		(135,930,107	)		—		—		94,639		—		20,936,447		20,936,447
94,160,451		154,878,143		(198,526,147	)		—		—		387,259		—		50,512,447		50,512,447

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2024 amounted to $27,601,015, which is 1.8% of net assets.

(b) Company declared its annual dividend during the 12-month period ended May, 31 2024, the scheduled payment date was subsequent to May, 31 2024.

(c) Stapled Security - A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(d) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2024.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At May 31, 2024, open futures contracts purchased were as follows:

Contract Description

Currency

Number of Contracts

Notional Amount ($)

Contract Value ($)

Expiration Date

Unrealized Appreciation ($)

FTSE 100 Index Futures

GBP

78

8,048,746

8,228,799

6/21/2024

180,053

MSCI EAFE Futures

USD

222

25,953,735

26,309,220

6/21/2024

355,485

Total unrealized appreciation

535,538

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements.

DBX ETF Trust  |   27

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2024

Currency Abbreviations
GBP	Pound Sterling
USD	U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,522,694,261	$	—	$	—	$	1,522,694,261
Preferred Stocks		7,551,284		—		—		7,551,284
Rights		1,532,120		—		—		1,532,120
Short-Term Investments (a)		50,512,447		—		—		50,512,447
Derivatives (b)
Futures Contracts		535,538		—		—		535,538
TOTAL	$	1,582,825,650	$	—	$	—	$	1,582,825,650

(a) See Schedule of Investments for additional detailed categorizations.

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

See Notes to Financial Statements.

28  |   DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2024

	Xtrackers California Municipal Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	21,540,600		$	125,361,546		$	11,239,718		$	1,531,777,665
Investment in affiliated securities at value		—			—			154,080			—
Investment in DWS Government Money Market Series		419,583			—			—			20,936,447
Investment in DWS Government & Agency Securities Portfolio*		—			—			—			29,576,000
Cash		—			627,148			—			—
Foreign currency at value		—			—			108,191			2,938,883
Deposit with broker for futures contracts		—			—			10,191			1,349,558
Receivables:
Investment securities sold		—			—			1,523,599			280,418,509
Capital shares		—			1,978			—			—
Variation margin on futures contracts		—			—			129			188,084
Dividends		—			—			28,534			4,565,869
Interest		243,951			1,643,589			20			13,847
Affiliated securities lending income		—			—			50			57,585
Foreign tax reclaim		—			—			53,529			5,167,777
Total assets	$	22,204,134		$	127,634,261		$	13,118,041		$	1,876,990,224
Liabilities
Due to custodian	$	—		$	—		$	1,091		$	—
Payable upon return of securities loaned		—			—			—			29,576,000
Payables:
Investment securities purchased		—			—			1,532,086			204,862,010
Capital shares		—			—			—			76,630,211
Investment advisory fees		1,284			15,994			1,929			117,999
Deferred foreign tax		—			—			8,253			—
Total liabilities		1,284			15,994			1,543,359			311,186,220
Net Assets, at value	$	22,202,850		$	127,618,267		$	11,574,682		$	1,565,804,004
Net Assets Consist of
Paid-in capital	$	22,674,560		$	143,745,579		$	15,775,096		$	1,513,883,341
Distributable earnings (loss)		(471,710	)		(16,127,312	)		(4,200,414	)		51,920,663
Net Assets, at value	$	22,202,850		$	127,618,267		$	11,574,682		$	1,565,804,004
Number of Common Shares outstanding		900,001			5,100,001			450,001			61,300,001
Net Asset Value	$	24.67		$	25.02		$	25.72		$	25.54
Investment in non-affiliated securities at cost	$	22,085,750		$	136,580,952		$	10,988,548		$	1,365,897,369
Investment in affiliated securities at cost	$	–		$	–		$	147,286		$	–
Value of securities loaned	$	—		$	—		$	—		$	27,601,015
Investment in DWS Government Money Market Series at cost	$	419,583		$	—		$	—		$	20,936,447
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	—		$	29,576,000
Foreign currency at cost	$	—		$	—		$	108,794		$	2,885,611

* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust  |   29

Statements of Operations

For the Year Ended May 31, 2024

	Xtrackers California Municipal Bond ETF(1)			Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated interest income	$	277,723		$	3,592,428		$	—		$	—
Unaffiliated dividend income*		—			—			522,047			65,515,501
Income distributions from affiliated funds		8,952			—			3,613			94,639
Affiliated securities lending income		—			—			717			292,620
Total investment income		286,675			3,592,428			526,377			65,902,760
Expenses
Investment advisory fees		13,877			174,135			21,418			2,776,379
Other expenses		—			58			58			1,150
Total expenses		13,877			174,193			21,476			2,777,529
Less fees waived (see note 3):
Waiver		(6,247	)		—			(103	)		(1,047,626	)
Net expenses		7,630			174,193			21,373			1,729,903
Net investment income (loss)		279,045			3,418,235			505,004			64,172,857
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(612	)		(950,491	)		146,389			(14,871,727	)
Investments in affiliates		—			—			3,246			—
In-kind redemptions		—			—			—			35,196,777
Futures contracts		—			—			16,902			418,931
Foreign currency transactions		—			—			(6,438	)		(295,199	)
Net realized gain (loss)		(612	)		(950,491	)		160,099			20,448,782
Net change in unrealized appreciation (depreciation) on:
Investments***		(545,150	)		922,519			1,285,015			166,256,772
Investments in affiliates		—			—			6,265			—
Futures contracts		—			—			(3,360	)		1,087,270
Foreign currency translations		—			—			1,645			420,770
Net change in unrealized appreciation (depreciation)		(545,150	)		922,519			1,289,565			167,764,812
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(545,762	)		(27,972	)		1,449,664			188,213,594
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(266,717)		$	3,390,263		$	1,954,668		$	252,386,451
*   Unaffiliated foreign tax withheld	$	—		$	—		$	63,287		$	6,309,772
**  Including foreign taxes	$	—		$	—		$	6,242		$	—
***   Net of change in deferred foreign taxes	$	—		$	—		$	(3,894	)	$	—

(1) For the period December 14, 2023 (commencement of operations) through May 31, 2024.

See Notes to Financial Statements.

30  |   DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers California  Municipal Bond  ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Period December 14, 2023(1) to May 31, 2024			Year Ended May 31, 2024			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	279,045		$	3,418,235		$	3,544,209
Net realized gain (loss)		(612	)		(950,491	)		(6,754,022	)
Net change in net unrealized appreciation (depreciation)		(545,150	)		922,519			665,530
Net increase (decrease) in net assets resulting from operations		(266,717	)		3,390,263			(2,544,283	)
Distributions to Shareholders		(204,993	)		(3,363,269	)		(3,631,610	)
Fund Shares Transactions
Proceeds from shares sold		22,674,535			15,280,869			8,803,399
Value of shares redeemed		—			—			(52,057,833	)
Net increase (decrease) in net assets resulting from fund share transactions		22,674,535			15,280,869			(43,254,434	)
Total net increase (decrease) in Net Assets		22,202,825			15,307,863			(49,430,327	)
Net Assets
Beginning of period		25			112,310,404			161,740,731
End of period	$	22,202,850		$	127,618,267		$	112,310,404
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			4,500,001			6,250,001
Shares sold		900,000			600,000			350,000
Shares redeemed		—			—			(2,100,000	)
Shares outstanding, end of period		900,001			5,100,001			4,500,001

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust  |   31

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All World ex US  High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Year Ended May 31, 2024			Year Ended May 31, 2023			Year Ended May 31, 2024			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	505,004		$	524,523		$	64,172,857		$	57,160,160
Net realized gain (loss)		160,099			(329,402	)		20,448,782			(9,842,940	)
Net change in net unrealized appreciation (depreciation)		1,289,565			(535,997	)		167,764,812			(18,885,528	)
Net increase (decrease) in net assets resulting from operations		1,954,668			(340,876	)		252,386,451			28,431,692
Distributions to Shareholders		(572,208	)		(648,129	)		(69,088,520	)		(44,880,584	)
Fund Shares Transactions
Proceeds from shares sold		—			—			257,617,875			529,031,423
Value of shares redeemed		—			(1,083,943	)		(123,648,832	)		(219,450,948	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(1,083,943	)		133,969,043			309,580,475
Total net increase (decrease) in Net Assets		1,382,460			(2,072,948	)		317,266,974			293,131,583
Net Assets
Beginning of year		10,192,222			12,265,170			1,248,537,030			955,405,447
End of year	$	11,574,682		$	10,192,222		$	1,565,804,004		$	1,248,537,030
Changes in Shares Outstanding
Shares outstanding, beginning of year		450,001			500,001			55,600,001			40,700,001
Shares sold		—			—			10,700,000			24,950,000
Shares redeemed		—			(50,000	)		(5,000,000	)		(10,050,000	)
Shares outstanding, end of year		450,001			450,001			61,300,001			55,600,001

See Notes to Financial Statements.

32 |   DBX ETF Trust

Financial Highlights

Xtrackers California Municipal Bond ETF

	Period Ended  5/31/2024(a)
Selected Per Share Data
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.35
Net realized and unrealized gain (loss)		(0.45	)
Total from investment operations		(0.10	)
Less distributions from:
Net investment income		(0.23	)
Total from distributions		(0.23	)
Net Asset Value, end of period	$	24.67
Total Return (%)(c)		(0.40	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		22
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.08	*
Ratio of net investment income (loss) (%)		3.02	*
Portfolio turnover rate (%)(d)		2	**

(a) For the period December 14, 2023 (commencement of operations) through May 31, 2024.

(b) Based on average shares outstanding during the period.

(c) Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust  |   33

Financial Highlights (Continued)

Xtrackers Municipal Infrastructure Revenue Bond ETF

	Years Ended May 31,
	2024			2023			2022			2021			2020
Selected Per Share Data
Net Asset Value, beginning of year	$	24.96		$	25.88		$	29.35		$	27.75		$	27.70
Income (loss) from investment operations:
Net investment income (loss)(a)		0.73			0.69			0.63			0.70			0.76
Net realized and unrealized gain (loss)		0.05	(b)		(0.91	)		(3.48	)		1.63			(0.00	)(c)
Total from investment operations		0.78			(0.22	)		(2.85	)		2.33			0.76
Less distributions from:
Net investment income		(0.72	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)
Total from distributions		(0.72	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)
Net Asset Value, end of year	$	25.02		$	24.96		$	25.88		$	29.35		$	27.75
Total Return (%)		3.25			(0.79	)		(9.87	)		8.50			2.77
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		128			112			162			138			97
Ratio of expenses (%)		0.15			0.15			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		2.94			2.79			2.24			2.42			2.72
Portfolio turnover rate (%)(d)		9			12			27			10			12

(a) Based on average shares outstanding during the period.

(b) Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

(c) Less than 0.005.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

34  |   DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

	Years Ended May 31,
	2024			2023			2022			2021			2020
Selected Per Share Data
Net Asset Value, beginning of year	$	22.65		$	24.53		$	26.62		$	20.87		$	23.69
Income (loss) from investment operations:
Net investment income (loss)(a)		1.12			1.14			1.22			1.16			0.94
Net realized and unrealized gain (loss)		3.22			(1.66	)		(2.13	)		5.75			(2.78	)
Total from investment operations		4.34			(0.52	)		(0.91	)		6.91			(1.84	)
Less distributions from:
Net investment income		(1.27	)		(1.36	)		(1.18	)		(1.16	)		(0.98	)
Total from distributions		(1.27	)		(1.36	)		(1.18	)		(1.16	)		(0.98	)
Net Asset Value, end of year	$	25.72		$	22.65		$	24.53		$	26.62		$	20.87
Total Return (%)(b)		19.88			(1.68	)		(3.46	)		34.16			(8.19	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		12			10			12			23			20
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		4.72			5.18			4.80			4.92			3.94
Portfolio turnover rate (%)(c)		27			29			38			57			40

(a) Based on average shares outstanding during the period.

(b) Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

DBX ETF Trust  |   35

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Years Ended May 31,
	2024			2023			2022			2021			2020
Selected Per Share Data
Net Asset Value, beginning of year	$	22.46		$	23.47		$	25.00		$	19.89		$	22.00
Income (loss) from investment operations:
Net investment income (loss)(a)		1.09			1.15			1.17			1.21			0.85
Net realized and unrealized gain (loss)		3.20			(1.14	)		(1.60	)		4.94			(2.00	)
Total from investment operations		4.29			0.01			(0.43	)		6.15			(1.15	)
Less distributions from:
Net investment income		(1.21	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)
Total from distributions		(1.21	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)
Net Asset Value, end of year	$	25.54		$	22.46		$	23.47		$	25.00		$	19.89
Total Return (%)(b)		19.79			0.46			(1.72	)		31.74			(5.58	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,566			1,249			955			739			409
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.12			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		4.62			5.32			4.92			5.38			3.86
Portfolio turnover rate (%)(c)		26			29			30			57			57

(a) Based on average shares outstanding during the period.

(b) Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements.

36  |   DBX ETF Trust

Notes to Financial Statements

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2024, the Trust consists of forty investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers California Municipal Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI All World ex US High Dividend Yield Equity

ETF Xtrackers MSCI EAFE High Dividend Yield Equity ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Xtrackers California Municipal Bond ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, (“NAV”) only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers California Municipal Bond ETF	ICE AMT-Free Broad Liquid California Municipal Index
Xtrackers Municipal Infrastructure Revenue Bond ETF	Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	MSCI ACWI ex USA High Dividend Yield Index
Xtrackers MSCI EAFE High Dividend Yield Equity ETF	MSCI EAFE High Dividend Yield Index

The ICE AMT-Free Broad Liquid California Municipal Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions. The ICE AMT-Free Broad Liquid California Municipal Index is rebalanced monthly on the last business day of each month.

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average

DBX ETF Trust  |   37

dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

Xtrackers California Municipal Bond ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks. Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. In addition, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change their diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation. The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

38  |   DBX ETF Trust

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of

Investments.

Cash. Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income. Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers California Municipal Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent

DBX ETF Trust  |   39

these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2024), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2024, the Funds did not incur any interest or penalties.

As of May 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:

	Unditributed Ordinary Income*			Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers California Municipal Bond ETF	$	74,187		$	(612	)	$	(545,285	)	$	(471,710	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		322,946			(5,230,852	)		(11,219,406	)		(16,127,312	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		239,627			(4,495,521	)		55,480			(4,200,414	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		31,760,036			(110,542,436	)		130,703,063			51,920,663

The tax character of dividends and distributions declared for the years ended May 31, 2024 and May 31, 2023 were as follows:

	Year Ended May 31, 2024
		Ordinary Income*			Tax-Exempt
Xtrackers California Municipal Bond ETF		$	8,714		$	196,279
Xtrackers Municipal Infrastructure Revenue Bond ETF			—			3,363,269
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			572,208			—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF			69,088,520			—
	Period Ended May 31, 2023
		Ordinary Income*			Tax-Exempt
Xtrackers Municipal Infrastructure Revenue Bond ETF			903			3,630,707
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			648,129			—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF			44,880,584			—

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At May 31, 2024, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term			Long-Term			Total Amount
Xtrackers California Municipal Bond ETF	$	612		$	—		$	612
Xtrackers Municipal Infrastructure Revenue Bond ETF		2,273,188			2,957,664			5,230,852
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		992,898			3,502,623			4,495,521
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		24,676,116			85,866,320			110,542,436

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2024, the Funds had no post-October capital losses.

40  |   DBX ETF Trust

For the fiscal year ended May 31, 2024, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind   .

	Distributable earnings (loss)		Paid-In Capital
Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	(32,371,818)	$	32,371,818

As of May 31, 2024, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost			Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation			Aggregate Gross Unrealized (Depreciation)
Xtrackers California Municipal Bond ETF	$	22,505,333		$	(545,285	)	$	752		$	(546,037	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		136,580,952			(11,219,406	)		124,742			(11,344,148	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		11,330,105			64,831			1,255,708			(1,190,877	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,451,561,486			130,728,626			166,288,076			(35,559,450	)

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which 1621977876.00 may be reclaimable) 119028766.00 on income, 167669278.00 capital gains (48640512.00) on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. The Funds, except the Xtrackers California Municipal Bond ETF and the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE High Dividend Yield Equity ETF. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2024, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment

DBX ETF Trust  |   41

Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	29,576,000	$	—	$	—	$	—	$	29,576,000
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	29,576,000

As of May 31, 2024, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF had no securities on loan.

Derivatives

Futures Contracts. Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2024, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of May 31, 2024 is included in a table following the Funds’ Schedule of Investments.

42  |   DBX ETF Trust

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Equity contracts		Unrealized appreciation on futures contracts*	$	2,231	Unrealized depreciation on futures contracts*	$	113
		Total	$	2,231	Total	$	113
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Equity contracts		Unrealized appreciation on futures contracts*	$	535,538	Unrealized depreciation on futures contracts*	$	—
		Total	$	535,538	Total	$	—

* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund’s Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	16,902
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		418,931

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(3,360	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,087,270

For the year ended May 31, 2024 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	124,318
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		13,571,223

Affiliated Cash Management Vehicles. The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

DBX ETF Trust  |   43

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Advisory  Fee
Xtrackers California Municipal Bond ETF		0.15	%
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

Effective January 1, 2024 the Advisor for the Xtrackers California Municipal Bond ETF has contractually agreed through 0.01 September 30, 2025 to waive a portion of its fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.07% of the fund’s average daily net assets. This agreement may only be terminated by the fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended May 31, 2024, the Advisor waived $6,012 of expenses to the Fund.

Effective October 1, 2023 the Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF has contractually agreed through September 30, 2024 to waive a portion of its fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.09% of the fund’s average daily net assets. This agreement may only be terminated by the fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended May 31, 2024, the Advisor waived $1,045,366 of expenses to the Fund.

The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended May 31, 2024, the Advisor waived $83 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2024, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers California Municipal Bond ETF	$	235
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		20
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		2,260

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 2515.00 agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses distribution fees or expenses (if any), litigation expenses and extraordinary expenses.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended May 31, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

	Securities Lending Agent Fees
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	14

44  |   DBX ETF Trust

4. Investment Portfolio Transactions

For the year ended May 31, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases			Sales
Xtrackers California Municipal Bond ETF	$	21,488,583		$	333,720
Xtrackers Municipal Infrastructure Revenue Bond ETF		23,010,957			10,359,406
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		2,874,051			2,978,614
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		432,078,568			357,602,640
For the year ended May 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
	Purchases			Sales
Xtrackers Municipal Infrastructure Revenue Bond ETF	$	3,730,498		$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		170,842,891			122,753,814

5. Fund Share Transactions

As of May 31, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2024, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers California Municipal Bond ETF		97%

7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

8. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be

DBX ETF Trust  |   45

expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2024.

10. Fund Liquidation

The Board of Trustees of DBX ETF Trust voted to close and liquidate Xtrackers MSCI All World ex US High Dividend Yield Equity ETF on or about August 1, 2024. The Fund’s final day of trading on NYSE ARCA, Inc. was July 22, 2024. Proceeds of the liquidation are scheduled to be sent to shareholders on or about August 1, 2024.

46  |   DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers California Municipal Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers California Municipal Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at May 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Municipal Infrastructure Revenue Bond ETF	For the year ended May 31, 2024	For each of the two years in the period ended May 31, 2024	For each of the five years in the period ended May 31, 2024
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Xtrackers California Municipal Bond ETF	For period from December 14, 2023 (commencement of operations) through May 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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Report of Independent Registered Public Accounting Firm (Continued)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 24, 2024

48  |   DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers Municipal Infrastructure Revenue Bond ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14-15, 2024 (the “February Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers Municipal Infrastructure Revenue Bond ETF (each a “Fund,” and collectively, the “Funds”). In addition, after discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 8, 2024 (the “May Meeting”), the Trustees unanimously approved the continuance of the Investment Advisory Agreements for each Fund for a new annual period ending on May 31, 2025. The Independent Trustees were advised throughout the review and Meetings by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the February Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the February Meeting and May Meeting including confirmation at the May Meeting from the Advisor that there had been no material changes to the information presented to the Board in connection with the approval of the Investment Advisory Agreement at the February Meeting.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services

DBX ETF Trust  |   49

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect

50  |   DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

Xtrackers California Municipal Bond ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 14, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers California Municipal Bond ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the “Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Adviser will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

DBX ETF Trust  |   51

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Fund).

Advisor’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale.

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

52  |   DBX ETF Trust

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2024.

	Qualified Dividend Income*
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	80%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF	86%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

	Gross Foreign Income		Foreign Taxes Paid
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	585,392	$	63,262
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		71,828,862		4,803,694

DBX ETF Trust  |   53

Item 19. Exhibits.

(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	DBX ETF Trust
By (Signature and Title)	/s/ Arne Noack
	Arne Noack
	Principal Executive Officer

Date May 1, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Arne Noack
	Arne Noack
	Principal Executive Officer

Date May 1, 2025

By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Principal Financial Officer

Date May 1, 2025