DBX ETF Trust (Form: N-CSR, Received: 08/02/2019 15:09:15)

Date: August 2, 2019

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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)

345 Park Avenue

New York, New York 10154

(Address of principal executive offices) (Zip code)

Freddi Klassen

DBX ETF Trust

345 Park Avenue

New York, New York 10154

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 250-4352

Date of fiscal year end: May 31

Date of reporting period: May 31, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

The Report to Shareholders is attached herewith.

May 31, 2019

Annual Report

DBX ETF Trust

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		6
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8
Xtrackers MSCI Europe Hedged Equity ETF		10
Xtrackers MSCI Eurozone Hedged Equity ETF		12
Xtrackers MSCI Germany Hedged Equity ETF		14
Xtrackers MSCI Japan Hedged Equity ETF		16
Xtrackers MSCI South Korea Hedged Equity ETF		18
Fees and Expenses		20
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		21
Xtrackers MSCI Emerging Markets Hedged Equity ETF		47
Xtrackers MSCI Europe Hedged Equity ETF		66
Xtrackers MSCI Eurozone Hedged Equity ETF		75
Xtrackers MSCI Germany Hedged Equity ETF		84
Xtrackers MSCI Japan Hedged Equity ETF		87
Xtrackers MSCI South Korea Hedged Equity ETF		93
Statements of Assets and Liabilities		96
Statements of Operations		98
Statements of Changes in Net Assets		100
Financial Highlights		104
Notes to Financial Statements		108
Report of Independent Registered Public Accounting Firm		121
Trustees and Officers		123
Board Considerations in Approval of Investment Advisory Contract		126
Additional Information		128
Privacy Policy Notice		129

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for 7 of our currency-hedged equity ETFs for the period ended May 31, 2019.

Global growth slowed as a result of normalizing trends in larger developed economies’ monetary policy and ensuing trade tensions, specifically, the escalation in U.S.-China sanctions. In addition, macroeconomic stress in Argentina and Turkey and auto-sector downturn in Germany impacted growth. Despite slower growth reported by most major economies, a strong U.S. GDP anchored global expansion. Base level factors weighing on global expansion included political unrest in the euro area, debt fears in China and a slowdown in Japan’s industrial output. However, favorable job markets and net exports in the U.S. pulled the economy back to the same level as that in the beginning of the period. A slide in oil price affected trade, holding back the U.S. Dollar’s strength against global currencies.

Inflation in the U.S. was lower, yet hovered around target rates driven by corporate earnings and increased household income. GDP growth was similar to inflation, as it advanced at a moderate pace. Unemployment rates fell to favorable levels, partly benefiting from the retiring labor force. The longest shutdown in the history of the U.S. government did not have a material impact on production or markets. The Federal Reserve Board (FRB) adopted a wait-and-see approach and paused any shift in interest rates, and maintained this stance in its recent most update. U.S. equity markets witnessed a bull run, as tax cuts boosted private consumption, ultimately resulting in higher corporate profits.

The euro area’s GDP tumbled through the year, due to macroeconomic stress, declining industrial output, and disruptions in prominent sectors like the auto industry. As a result, the European Central Bank (ECB) retained its accommodative, zero-interest-rate provision. Continued supply of liquidity from the ECB by means of reinvestment of maturing bonds comforted investors. Unemployment rates were at their lowest since the pre-financial crisis period, and as a result, consumer spending was on the rise as well. The euro area’s trade surplus faced volatility but recovered to levels as of the start of the review cycle. The U.K.’s economy sailed through a dark pool of economic prospects around the uncertainty over Brexit ⁱ implementation. Slower Chinese growth was the outcome of the severe trade war with the U.S., while its debt trap estimate continued to magnify. In the meantime, continued monetary stimulus had not resulted in a sustainable growth phase in Japan; however, real growth for Q1 2019 surpassed investor expectations, as imports slipped significantly higher than exports. In addition, both Asian countries, China and Japan continually represent the same risks to growth — rising debt and ballooning investments. Equities in emerging markets are at lucrative valuations and shall provide investors opportunities in a diversified investment portfolio.

With no signal of inflationary pressures, central banks have the liberty and impulse to provide accommodation so that future growth is at comfortable levels. Almost all central banks have taken an accommodative stance at the end of the review period. Additionally, the FRB will cautiously weigh its decisions considering political uncertainty and trade war impacts in its efforts to prolong the expansionary phase. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2019, DBAW returned -1.30%, compared to the DBAW Index return of -1.02%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Consumer Discretionary and Financials. The Communication Services and Consumer Staples sectors were the positive contributors to performance. From a geographical perspective, Switzerland, Brazil and India were the major positive contributors, while Japan, China and South Korea contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. For the 12-month period ended May 31, 2019, DBEM returned -6.18%, compared to the DBEM Index return of -5.21%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Consumer Discretionary and Health Care. The Communication, Energy and Financials sectors contributed positively to performance. From a geographical perspective, Brazil, India and Russia were the major positive contributors, while China, South Korea and South Africa contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. For the 12-month period ended May 31, 2019, DBEU returned 1.88%, compared to the DBEU Index return of 2.23%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Consumer Discretionary and Materials. The Consumer Staples, Health Care and Utilities sectors contributed positively to performance. Most countries contributed negatively with Germany, United Kingdom and France being the most significant detractors. However, Switzerland and Jersey, Channel Islands were the only positive contributors. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the European Monetary Union, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2019, DBEZ returned -1.34%, compared to the DBEZ Index return of -1.34%.

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Materials and Consumer Discretionary. The Utilities and Consumer Staples sectors were the positive contributors to performance. From a geographical perspective, all the countries contributed negatively with Germany, France and Italy detracting the most. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI German US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. For the 12-month period ended May 31, 2019, DBGR returned -5.48%, compared to the DBGR Index return of -5.31%.

Financials, Real Estate and Utilities were the major positive contributors, while, Health Care and Materials sectors detracted most from the performance. From a geographical perspective, Netherlands and United States were the major positive contributors, while Germany, Luxembourg and Cyprus contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to track the performance of the Japanese equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the 12-month period ended May 31, 2019, DBJP returned -8.59%, compared to the DBJP Index return of -8.12%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contributions coming from Consumer Discretionary, Financials and Industrials. The Communication Services sector was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

The Xtrackers MSCI South Korea Hedged Equity ETF (DBKO) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the DBKO Index). The DBKO Index is designed to provide exposure to South Korean equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the South Korean won. For the 12-month period ended May 31, 2019, DBKO returned -13.31%, compared to the DBKO Index return of -12.38%.

All sectors contributed negatively to performance during the period with, Information Technology, Industrials and Health Care sectors detracting the most from performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the South Korean won. The currency hedging strategy contributed positively to performance.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-19 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-1.30%	-1.07%	-1.02%	-6.26%
Five Year	4.91%	4.65%	5.46%	1.31%
Since Inception ¹	5.05%	4.98%	5.52%	1.99%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-1.30%	-1.07%	-1.02%	-6.26%
Five Year	27.09%	25.54%	30.45%	6.74%
Since Inception ¹	30.19%	29.75%	33.32%	11.15%

¹ Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 1/23/14.

Sector Diversification* as of 5/31/19


Financials			22.0%
Industrials			11.9%
Consumer Discretionary			11.0%
Consumer Staples			10.1%
Information Technology			8.4%
Health Care			8.2%
Materials			7.5%
Energy			7.3%
Communication Services			7.0%
Utilities			3.3%
Real Estate			3.3%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (10.3% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		1.5%
Royal Dutch Shell PLC (Netherlands)		1.3%
Tencent Holdings Ltd. (China)		1.2%
Alibaba Group Holding Ltd. (China)		1.1%
Samsung Electronics Co. Ltd. (South Korea)		1.0%
Novartis AG (Switzerland)		0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		0.9%
Roche Holding AG (Switzerland)		0.9%
HSBC Holdings PLC (United Kingdom)		0.8%
BP PLC (United Kingdom)		0.7%

Country Diversification* as of 5/31/19


Japan			16.1%
United Kingdom			10.2%
France			7.3%
China			7.2%
Canada			6.8%
Switzerland			6.5%
Germany			5.7%
Australia			4.8%
Hong Kong			3.6%
Netherlands			3.2%
South Korea			3.2%
Taiwan			2.9%
India			2.5%
Spain			2.0%
Brazil			2.0%
Other			16.0%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-6.18%	-5.99%	-5.21%	-8.70%
Five Year	2.34%	2.22%	3.87%	1.79%
Since Inception ¹	0.71%	0.64%	2.71%	0.67%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-6.18%	-5.99%	-5.21%	-8.70%
Five Year	12.24%	11.59%	20.89%	9.25%
Since Inception ¹	5.78%	5.26%	23.79%	5.46%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/9/11.

Sector Diversification* as of 5/31/19


Financials			25.5%
Information Technology			13.7%
Consumer Discretionary			13.1%
Communication Services			11.6%
Energy			8.1%
Materials			7.6%
Consumer Staples			6.7%
Industrials			5.4%
Real Estate			3.0%
Health Care			2.7%
Utilities			2.6%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (23.2% of Net Assets)



Description	% of Net Assets
Tencent Holdings Ltd. (China)		4.5%
Alibaba Group Holding Ltd. (China)		4.0%
Samsung Electronics Co. Ltd. (South Korea)		3.7%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3.5%
Naspers Ltd. (South Africa)		1.9%
China Construction Bank Corp. (China)		1.4%
Ping An Insurance Group Co. of China Ltd. (China)		1.2%
Reliance Industries Ltd. (India)		1.0%
China Mobile Ltd. (Hong Kong)		1.0%
Housing Development Finance Corp. Ltd. (India)		1.0%

Country Diversification* as of 5/31/19


China			27.2%
South Korea			12.0%
Taiwan			11.0%
India			9.6%
Brazil			7.6%
South Africa			5.8%
Russia			4.0%
Hong Kong			3.9%
Thailand			2.9%
Mexico			2.6%
Malaysia			2.2%
Indonesia			2.1%
Other			9.1%

Total			100.0%

* As a percent of total investments excluding exchange-traded fund, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 47.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The X-trackers MSCI Europe Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the US dollar and selected non-US currencies. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	1.88%	1.65%	2.23%	-5.17%
Five Year	5.51%	5.40%	5.86%	-0.06%
Since Inception ¹	6.97%	6.95%	7.32%	2.27%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	1.88%	1.65%	2.23%	-5.17%
Five Year	30.73%	30.08%	32.93%	-0.30%
Since Inception ¹	46.48%	46.36%	49.28%	13.56%

¹ Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 10/1/13.

Sector Diversification* as of 5/31/19


Financials			18.3%
Consumer Staples			14.9%
Industrials			13.2%
Health Care			12.9%
Consumer Discretionary			9.3%
Energy			8.0%
Materials			7.3%
Information Technology			5.8%
Communication Services			4.8%
Utilities			4.1%
Real Estate			1.4%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (19.8% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		3.6%
Royal Dutch Shell PLC (Netherlands)		3.0%
Novartis AG (Switzerland)		2.2%
Roche Holding AG (Switzerland)		2.2%
HSBC Holdings PLC (United Kingdom)		1.9%
BP PLC (United Kingdom)		1.6%
TOTAL SA (France)		1.5%
SAP SE (Germany)		1.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.2%
Diageo PLC (United Kingdom)		1.2%

Country Diversification* as of 5/31/19


United Kingdom			23.9%
France			17.4%
Switzerland			15.3%
Germany			13.7%
Netherlands			7.7%
Spain			4.8%
Sweden			3.8%
Italy			3.2%
Denmark			2.7%
Other			7.5%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 66.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU Index
One Year	-1.34%	-2.01%	-1.34%	-8.68%
Since Inception ¹	6.97%	6.91%	7.11%	2.93%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU Index
One Year	-1.34%	-2.01%	-1.34%	-8.68%
Since Inception ¹	35.17%	34.85%	36.03%	13.80%

¹ Total returns are calculated based on the commencement of operations, 12/10/14 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 12/10/14.

Sector Diversification* as of 5/31/19


Financials			16.8%
Industrials			15.7%
Consumer Discretionary			12.6%
Consumer Staples			10.4%
Information Technology			9.7%
Health Care			7.4%
Materials			6.9%
Utilities			6.1%
Communication Services			5.8%
Energy			5.4%
Real Estate			3.2%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (19.6% of Net Assets)



Description	% of Net Assets
TOTAL SA (France)		2.6%
SAP SE (Germany)		2.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.2%
Allianz SE (Germany)		2.0%
Sanofi (France)		1.9%
Unilever NV (United Kingdom)		1.8%
Siemens AG (Germany)		1.8%
ASML Holding NV (Netherlands)		1.7%
Airbus SE (France)		1.6%
Banco Santander SA (Spain)		1.5%

Country Diversification* as of 5/31/19


France			32.3%
Germany			26.8%
Netherlands			9.6%
Spain			9.6%
Italy			7.2%
Belgium			3.7%
Finland			3.4%
United Kingdom			2.7%
Other			4.7%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 75.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	-5.48%	-5.87%	-5.31%	-12.45%
Five Year	3.92%	3.76%	4.25%	-1.24%
Since Inception ¹	4.43%	4.38%	4.79%	1.24%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	-5.48%	-5.87%	-5.31%	-12.45%
Five Year	21.19%	20.39%	23.12%	-6.03%
Since Inception ¹	41.39%	40.79%	45.31%	10.31%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

Prior to 5/31/13, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/9/11.

Ten Largest Equity Holdings
as of 5/31/19 (55.0% of Net Assets)



Description	% of Net Assets
SAP SE		10.4%
Allianz SE		8.1%
Siemens AG		7.4%
BASF SE		5.2%
Deutsche Telekom AG		4.8%
Bayer AG		4.7%
adidas AG		4.4%
Daimler AG		4.0%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.1%
Volkswagen AG		2.9%

Sector Diversification* as of 5/31/19


Consumer Discretionary			17.5%
Financials			16.2%
Information Technology			13.9%
Industrials			13.7%
Health Care			11.3%
Materials			9.4%
Communication Services			6.1%
Real Estate			4.3%
Utilities			4.2%
Consumer Staples			3.4%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 84.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	-8.59%	-8.95%	-8.12%	-9.97%
Five Year	6.05%	5.71%	6.73%	4.77%
Since Inception ¹	9.00%	8.86%	9.72%	5.55%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	-8.59%	-8.95%	-8.12%	-9.97%
Five Year	34.12%	32.02%	38.53%	26.24%
Since Inception ¹	99.00%	96.97%	109.69%	53.87%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.46%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/9/11.

Ten Largest Equity Holdings
as of 5/31/19 (18.5% of Net Assets)



Description	% of Net Assets
Toyota Motor Corp.		4.1%
SoftBank Group Corp.		2.4%
Sony Corp.		1.9%
Mitsubishi UFJ Financial Group, Inc.		1.7%
Keyence Corp.		1.6%
Takeda Pharmaceutical Co. Ltd.		1.5%
Sumitomo Mitsui Financial Group, Inc.		1.4%
KDDI Corp.		1.4%
Nintendo Co. Ltd.		1.3%
Honda Motor Co. Ltd.		1.2%

Sector Diversification* as of 5/31/19


Industrials			21.3%
Consumer Discretionary			18.2%
Information Technology			10.9%
Financials			10.9%
Health Care			9.0%
Communication Services			9.0%
Consumer Staples			8.4%
Materials			5.3%
Real Estate			4.3%
Utilities			1.8%
Energy			0.9%

Total			100.0%

* As a percent of total investments excluding cash equivalents and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 87.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

The Xtrackers MSCI South Korea Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the South Korean equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI Korea 25/50 US Dollar Hedged Index	MSCI Korea 25/50 Index
One Year	-13.31%	-13.81%	-12.38%	-22.04%
Five Year	1.39%	1.15%	2.58%	-0.81%
Since Inception ¹	1.36%	1.19%	2.69%	0.50%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Korea 25/50 US Dollar Hedged Index	MSCI Korea 25/50 Index
One Year	-13.31%	-13.81%	-12.38%	-22.04%
Five Year	7.14%	5.88%	13.59%	-3.98%
Since Inception ¹	7.52%	6.55%	15.27%	2.69%

¹ Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.58%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 1/23/14.

Ten Largest Equity Holdings
as of 5/31/19 (45.9% of Net Assets)



Description	% of Net Assets
Samsung Electronics Co. Ltd.		22.6%
SK Hynix, Inc.		4.8%
Hyundai Motor Co.		2.8%
Shinhan Financial Group Co. Ltd.		2.6%
POSCO		2.5%
KB Financial Group, Inc.		2.3%
Celltrion, Inc.		2.1%
NAVER Corp.		2.1%
LG Chem Ltd.		2.1%
Hyundai Mobis Co. Ltd.		2.0%

Sector Diversification* as of 5/31/19


Information Technology			32.4%
Financials			13.5%
Consumer Discretionary			13.1%
Industrials			10.7%
Materials			7.9%
Consumer Staples			6.7%
Communication Services			6.4%
Health Care			5.7%
Energy			2.4%
Utilities			1.2%

Total			100.0%

* As a percent of total investments excluding exchange-traded fund and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 93.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,035.90		0.41	%	$	2.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89		0.41	%	$	2.07
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	1,018.30		0.66	%	$	3.32
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.64		0.66	%	$	3.33
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,064.40		0.46	%	$	2.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.64		0.46	%	$	2.32
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,059.20		0.47	%	$	2.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.59		0.47	%	$	2.37
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,039.30		0.45	%	$	2.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	933.80		0.46	%	$	2.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.64		0.46	%	$	2.32
Xtrackers MSCI South Korea Hedged Equity ETF
Actual	$	1,000.00	$	992.70		0.58	%	$	2.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.04		0.58	%	$	2.92

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 96.3%

Argentina — 0.1%
Banco Macro SA, ADR		238	$	11,871
Globant SA*		172		15,969
Grupo Financiero Galicia SA, ADR		536		13,727
Pampa Energia SA, ADR*		371		9,379
Telecom Argentina SA, ADR		657		9,743
YPF SA, ADR		928		13,762

				74,451

Australia — 4.7%
AGL Energy Ltd.		2,975		42,410
Alumina Ltd.		12,919		21,419
AMP Ltd.		15,025		22,618
APA Group (a)		5,460		38,406
Aristocrat Leisure Ltd.		2,583		52,178
ASX Ltd.		957		50,288
Aurizon Holdings Ltd.		10,233		36,771
AusNet Services		8,484		10,476
Australia & New Zealand Banking Group Ltd.		13,690		264,769
Bank of Queensland Ltd. (b)		2,207		14,177
Bendigo & Adelaide Bank Ltd.		1,943		15,136
BHP Group Ltd.		14,349		375,858
BHP Group PLC		10,219		230,560
BlueScope Steel Ltd.		2,738		20,019
Boral Ltd.		5,217		19,651
Brambles Ltd.		7,702		64,702
Caltex Australia Ltd.		1,424		26,069
Challenger Ltd.		2,819		15,781
CIMIC Group Ltd.		457		14,317
Coca-Cola Amatil Ltd.		2,831		18,716
Cochlear Ltd.		286		39,705
Coles Group Ltd.*		5,587		48,252
Commonwealth Bank of Australia		8,589		467,776
Computershare Ltd.		2,151		24,889
Crown Resorts Ltd.		1,926		16,741
CSL Ltd.		2,199		313,463
Dexus REIT		4,785		42,753
Domino’s Pizza Enterprises Ltd.		350		9,496
Flight Centre Travel Group Ltd.		308		9,313
Fortescue Metals Group Ltd.		6,722		37,537
Goodman Group REIT		8,051		74,838
GPT Group REIT		8,876		35,466
Harvey Norman Holdings Ltd. (b)		2,924		8,438
Incitec Pivot Ltd.		8,492		19,322
Insurance Australia Group Ltd.		11,545		61,267
Lendlease Group (a)		2,803		27,708
Macquarie Group Ltd.		1,559		130,112
Medibank Pvt Ltd.		12,528		28,766
Mirvac Group REIT		18,275		38,412
MMG Ltd.*		4,619		1,408
National Australia Bank Ltd.		13,506		248,187
Newcrest Mining Ltd.		3,679		69,443
Oil Search Ltd.		6,857		33,535
Orica Ltd.		1,775		25,439
Origin Energy Ltd.		8,660		43,133
QBE Insurance Group Ltd.		6,692		54,175


	Number of Shares		Value
Australia (Continued)
Ramsay Health Care Ltd.		715	$	34,635
REA Group Ltd. (b)		254		15,678
Santos Ltd.		8,611		40,261
Scentre Group REIT		26,412		69,623
SEEK Ltd.		1,563		22,661
Sonic Healthcare Ltd.		1,955		35,464
South32 Ltd.		23,746		54,689
Stockland REIT		11,470		35,248
Suncorp Group Ltd.		5,680		51,341
Sydney Airport (a)		5,247		26,971
Tabcorp Holdings Ltd.		9,890		30,942
Telstra Corp. Ltd.		19,585		49,589
TPG Telecom Ltd.		1,742		7,601
Transurban Group (a)		12,653		122,269
Treasury Wine Estates Ltd.		3,625		37,846
Vicinity Centres REIT		15,311		27,403
Washington H Soul Pattinson & Co. Ltd.		520		8,051
Wesfarmers Ltd.		5,634		144,802
Westpac Banking Corp.		16,309		310,443
Woodside Petroleum Ltd.		4,583		112,608
Woolworths Group Ltd.		6,456		140,491
WorleyParsons Ltd.		2,135		19,520

				4,662,031

Austria — 0.1%
ANDRITZ AG		387		13,921
Erste Group Bank AG*		1,430		50,722
OMV AG		714		33,573
Raiffeisen Bank International AG		717		16,677
Verbund AG		329		16,466
voestalpine AG		440		11,487

				142,846

Belgium — 0.6%
Ageas		775		37,818
Anheuser-Busch InBev SA/NV		3,687		299,077
Colruyt SA		278		20,659
Groupe Bruxelles Lambert SA		391		36,456
KBC Group NV		1,247		81,998
Proximus SADP		735		21,308
Solvay SA		355		33,345
Telenet Group Holding NV		295		15,898
UCB SA		631		48,273
Umicore SA		899		26,816

				621,648

Brazil — 1.2%
Ambev SA		23,997		107,327
Atacadao SA		1,728		10,195
B2W Cia Digital*		836		6,690
B3 SA — Brasil Bolsa Balcao		10,041		93,579
Banco Bradesco SA		5,740		47,761
Banco BTG Pactual SA		1,039		12,373
Banco do Brasil SA		4,600		60,783
Banco Santander Brasil SA		2,502		29,139
BB Seguridade Participacoes SA		3,675		27,947
BR Malls Participacoes SA		3,900		12,732
BRF SA*		2,116		14,937


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Brazil (Continued)
CCR SA		5,921	$	20,175
Centrais Eletricas Brasileiras SA		773		6,779
Cia de Saneamento Basico do Estado de Sao Paulo		1,860		20,956
Cia Siderurgica Nacional SA		2,953		12,447
Cielo SA		5,536		9,453
Cosan SA		605		7,268
Embraer SA		2,293		11,074
Energisa SA		1,284		14,728
Engie Brasil Energia SA		1,304		15,393
Equatorial Energia SA		1,024		22,482
Hypera SA		1,860		14,325
IRB Brasil Resseguros SA		471		12,229
JBS SA		5,477		30,512
Klabin SA		2,672		10,589
Kroton Educacional SA		6,692		17,634
Localiza Rent a Car SA		2,452		23,770
Lojas Renner SA		3,908		43,861
M Dias Branco SA		532		5,245
Magazine Luiza SA		328		16,383
Multiplan Empreendimentos Imobiliarios SA		1,318		8,343
Natura Cosmeticos SA		1,049		16,035
Notre Dame Intermedica Participacoes SA		1,607		16,791
Petrobras Distribuidora SA		1,537		10,008
Petroleo Brasileiro SA		14,094		101,396
Porto Seguro SA		327		4,417
Raia Drogasil SA		1,266		22,397
Rumo SA*		6,310		31,132
Sul America SA		561		4,991
Suzano SA		2,344		19,163
TIM Participacoes SA		3,349		9,388
Ultrapar Participacoes SA		3,444		18,151
Vale SA		15,372		191,957
WEG SA		3,417		16,589

				1,209,524

Canada — 6.6%
Agnico Eagle Mines Ltd.		1,132		49,372
Alimentation Couche-Tard, Inc., Class B		2,075		127,346
AltaGas Ltd. (b)		1,493		21,551
Atco Ltd., Class I		362		12,451
Aurora Cannabis, Inc.*(b)		2,950		22,415
Bank of Montreal		3,148		228,530
Bank of Nova Scotia		5,961		302,372
Barrick Gold Corp.		8,713		108,365
BCE, Inc.		699		31,475
BlackBerry Ltd.*		3,206		25,167
Bombardier, Inc., Class B*		12,392		18,612
Brookfield Asset Management, Inc., Class A		4,077		187,018
CAE, Inc.		1,343		34,251
Cameco Corp.		1,632		16,470
Canadian Imperial Bank of Commerce		2,095		158,861
Canadian National Railway Co.		3,513		311,429
Canadian Natural Resources Ltd.		5,809		156,915
Canadian Pacific Railway Ltd.		681		149,270


	Number of Shares		Value
Canada (Continued)
Canadian Tire Corp. Ltd., Class A		345	$	34,510
Canadian Utilities Ltd., Class A		633		17,844
Canopy Growth Corp.*		942		37,970
CCL Industries, Inc., Class B		726		33,072
Cenovus Energy, Inc.		4,740		38,857
CGI, Inc.*		1,219		88,855
CI Financial Corp.		1,290		19,365
Constellation Software, Inc.		93		80,529
Cronos Group, Inc.*		1,217		17,198
Dollarama, Inc.		1,503		47,472
Emera, Inc. (b)		247		9,510
Empire Co. Ltd., Class A		611		14,086
Enbridge, Inc.		9,705		357,296
Encana Corp.		7,173		37,839
Fairfax Financial Holdings Ltd.		151		69,266
First Capital Realty, Inc.		1,296		19,935
First Quantum Minerals Ltd.		3,180		23,151
Fortis, Inc.		2,081		78,599
Franco-Nevada Corp.		906		69,954
George Weston Ltd.		359		26,819
Gildan Activewear, Inc.		1,083		39,078
Great-West Lifeco, Inc. (b)		1,440		32,601
H&R Real Estate Investment Trust REIT		676		11,403
Husky Energy, Inc.		1,650		15,492
Hydro One Ltd., 144A		1,732		29,345
iA Financial Corp., Inc.		512		19,213
IGM Financial, Inc.		528		14,329
Imperial Oil Ltd.		1,332		35,606
Intact Financial Corp.		672		57,778
Inter Pipeline Ltd. (b)		1,709		26,047
Keyera Corp.		1,042		25,102
Kinross Gold Corp.*		6,638		21,708
Kirkland Lake Gold Ltd.		928		32,098
Loblaw Cos. Ltd.		933		47,879
Lundin Mining Corp.		3,188		14,246
Magna International, Inc.		1,523		65,231
Manulife Financial Corp.		9,532		159,948
Methanex Corp.		459		19,106
Metro, Inc.		1,105		40,330
National Bank of Canada		1,705		76,584
Nutrien Ltd.		2,963		144,511
Onex Corp.		372		21,217
Open Text Corp.		1,191		47,355
Pembina Pipeline Corp.		2,487		88,727
Power Corp. of Canada		1,510		31,829
Power Financial Corp.		1,127		24,881
PrairieSky Royalty Ltd.		869		11,470
Quebecor, Inc., Class B		807		19,047
Restaurant Brands International, Inc.		1,150		75,691
RioCan Real Estate Investment Trust REIT		726		14,009
Rogers Communications, Inc., Class B		1,845		97,069
Royal Bank of Canada		6,893		518,046
Saputo, Inc.		1,027		34,178
Shaw Communications, Inc., Class B		2,375		48,235
Shopify, Inc., Class A*		473		130,128
SmartCentres Real Estate Investment Trust REIT		636		15,368


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Canada (Continued)
SNC-Lavalin Group, Inc.		801	$	14,276
Stars Group, Inc.*		856		14,180
Sun Life Financial, Inc.		2,944		114,266
Suncor Energy, Inc.		7,858		242,147
TC Energy Corp.		4,576		223,078
Teck Resources Ltd., Class B		2,455		49,896
TELUS Corp.		950		35,087
Thomson Reuters Corp.		980		62,283
Toronto-Dominion Bank		8,837		483,171
Tourmaline Oil Corp. (b)		973		12,382
Vermilion Energy, Inc. (b)		474		9,939
West Fraser Timber Co. Ltd.		224		8,732
Wheaton Precious Metals Corp.		2,284		50,510
WSP Global, Inc.		459		24,210

				6,533,039

Chile — 0.2%
Aguas Andinas SA, Class A		6,881		3,797
Antofagasta PLC		2,006		19,852
Banco de Chile		120,398		17,284
Banco de Credito e Inversiones SA		179		11,479
Banco Santander Chile		312,455		22,001
Cencosud SA		8,433		15,332
Cia Cervecerias Unidas SA		666		9,011
Colbun SA		30,600		5,757
Empresa Nacional de Telecomunicaciones SA*		868		8,281
Empresas CMPC SA		8,312		22,082
Empresas COPEC SA		2,150		22,242
Enel Americas SA		138,140		22,000
Enel Chile SA		123,794		11,337
Itau CorpBanca		1,267,566		9,867
Latam Airlines Group SA		1,466		12,851
SACI Falabella		2,985		18,006

				231,179

China — 7.0%
3SBio, Inc., 144A (b)		4,816		7,851
51job, Inc., ADR*		112		7,879
58.com, Inc., ADR*		516		29,427
AAC Technologies Holdings, Inc.		3,620		19,255
Agile Group Holdings Ltd.		7,957		10,079
Agricultural Bank of China Ltd., Class A*		19,900		10,609
Agricultural Bank of China Ltd., Class H*		131,537		56,376
Air China Ltd., Class H*		10,875		10,085
Alibaba Group Holding Ltd., ADR*(b)		6,867		1,024,968
Aluminum Corp. of China Ltd., Class H*		20,450		7,356
Anhui Conch Cement Co. Ltd., Class A		1,200		6,875
Anhui Conch Cement Co. Ltd., Class H		5,837		34,101
ANTA Sports Products Ltd.		5,136		31,447
Anxin Trust Co. Ltd., Class A*		1,500		1,119
Autohome, Inc., ADR*(b)		308		26,457
AviChina Industry & Technology Co. Ltd., Class H		13,135		7,456
BAIC Motor Corp. Ltd., Class H, 144A		10,311		6,379
Baidu, Inc., ADR*		1,321		145,310
Bank of Beijing Co. Ltd., Class A		11,100		9,326


	Number of Shares		Value
China (Continued)
Bank of China Ltd., Class A		16,800	$	9,443
Bank of China Ltd., Class H		374,470		155,242
Bank of Communications Co. Ltd., Class A		13,200		11,397
Bank of Communications Co. Ltd., Class H		35,578		27,865
Bank of Jiangsu Co. Ltd., Class A		10,000		10,517
Bank of Ningbo Co. Ltd., Class A		2,300		7,730
Bank of Shanghai Co. Ltd., Class A		4,300		7,014
Baozun, Inc., ADR*(b)		175		6,865
BeiGene Ltd., ADR*(b)		158		18,633
Beijing Capital International Airport Co. Ltd., Class H		7,123		6,024
BYD Co. Ltd., Class H (b)		3,102		18,162
BYD Electronic International Co. Ltd.		3,177		4,182
CGN Power Co. Ltd., Class H, 144A		51,498		14,189
China Cinda Asset Management Co. Ltd., Class H		59,929		13,913
China CITIC Bank Corp. Ltd., Class H		46,587		26,444
China Communications Construction Co. Ltd., Class H		24,316		21,619
China Communications Services Corp. Ltd., Class H		15,597		11,679
China Conch Venture Holdings Ltd.		7,770		25,224
China Construction Bank Corp., Class H		454,708		359,611
China Eastern Airlines Corp. Ltd., Class H		6,242		3,432
China Everbright Bank Co. Ltd., Class A		14,000		7,788
China Everbright Bank Co. Ltd., Class H		14,787		6,677
China Evergrande Group (b)		8,711		23,168
China Galaxy Securities Co. Ltd., Class H		27,715		14,884
China Huarong Asset Management Co. Ltd., Class H, 144A*		68,252		11,579
China International Capital Corp. Ltd., Class H, 144A		5,058		9,187
China Life Insurance Co. Ltd., Class A		700		2,649
China Life Insurance Co. Ltd., Class H		38,103		88,458
China Literature Ltd., 144A*(b)		2,240		8,629
China Longyuan Power Group Corp. Ltd., Class H		22,041		13,917
China Medical System Holdings Ltd.		6,743		5,935
China Merchants Bank Co. Ltd., Class A		3,700		18,337
China Merchants Bank Co. Ltd., Class H		18,811		90,581
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A*		2,200		6,922
China Minsheng Banking Corp. Ltd., Class A		13,500		11,949
China Minsheng Banking Corp. Ltd., Class H		33,356		24,253
China Molybdenum Co. Ltd., Class H (b)		16,711		5,244
China National Building Material Co. Ltd., Class H		26,363		20,278
China National Nuclear Power Co. Ltd., Class A		12,600		10,076
China Oilfield Services Ltd., Class H		12,051		10,776
China Pacific Insurance Group Co. Ltd., Class A		1,600		7,978
China Pacific Insurance Group Co. Ltd., Class H		12,650		46,795


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
China Petroleum & Chemical Corp., Class A		9,200	$	7,237
China Petroleum & Chemical Corp., Class H		122,653		81,669
China Railway Construction Corp. Ltd., Class H		10,726		12,546
China Railway Group Ltd., Class H		20,256		15,141
China Resources Pharmaceutical Group Ltd., 144A*		8,748		11,427
China Shenhua Energy Co. Ltd., Class H		17,751		36,455
China Shipbuilding Industry Co. Ltd., Class A		8,500		6,317
China Southern Airlines Co. Ltd., Class H		8,335		5,358
China State Construction Engineering Corp. Ltd., Class A		9,600		7,802
China Telecom Corp. Ltd., Class H*		71,007		35,687
China Tower Corp. Ltd., Class H, 144A		208,683		46,850
China United Network Communications Ltd., Class A		9,100		7,817
China Vanke Co. Ltd., Class A		2,100		8,123
China Vanke Co. Ltd., Class H		6,217		22,007
China Yangtze Power Co. Ltd., Class A		3,500		8,979
Chongqing Rural Commercial Bank Co. Ltd., Class H		16,569		8,475
CIFI Holdings Group Co. Ltd.		11,828		7,076
CITIC Securities Co. Ltd., Class A		3,100		9,040
CITIC Securities Co. Ltd., Class H		7,298		13,294
CNOOC Ltd.		84,869		138,353
Country Garden Holdings Co. Ltd. (b)		35,842		48,463
Country Garden Services Holdings Co. Ltd.		4,808		9,862
CRRC Corp. Ltd., Class H		24,010		20,581
CSPC Pharmaceutical Group Ltd.		23,942		38,603
Ctrip.com International Ltd., ADR*		2,007		69,362
Dali Foods Group Co. Ltd., 144A		17,259		12,351
Dongfeng Motor Group Co. Ltd., Class H		13,883		11,440
ENN Energy Holdings Ltd.*		4,240		38,130
Focus Media Information Technology Co. Ltd., Class A		3,200		2,577
Foshan Haitian Flavouring & Food Co. Ltd., Class A		500		7,258
Fosun International Ltd.		15,117		19,514
Future Land Development Holdings Ltd.		10,549		11,505
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,294		6,847
GDS Holdings Ltd., ADR*		329		10,689
Geely Automobile Holdings Ltd.		24,220		39,730
Genscript Biotech Corp.*		7,225		15,612
GF Securities Co. Ltd., Class H		11,962		13,641
GOME Retail Holdings Ltd.*(b)		109,510		10,756
Great Wall Motor Co. Ltd., Class H		21,547		15,666
Greentown Service Group Co. Ltd.*		4,808		3,784
Guangzhou Automobile Group Co. Ltd., Class H		14,124		13,620
Guangzhou R&F Properties Co. Ltd., Class H		7,029		13,306


	Number of Shares		Value
China (Continued)
Guotai Junan Securities Co. Ltd., Class H, 144A		7,228	$	12,336
Haitian International Holdings Ltd.		4,920		9,728
Haitong Securities Co. Ltd., Class H		15,568		15,966
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		700		2,519
Hengan International Group Co. Ltd.		3,470		25,451
Hua Hong Semiconductor Ltd., 144A (b)		2,953		6,208
Huaneng Power International, Inc., Class H*		29,196		18,397
Huaneng Renewables Corp. Ltd., Class H		18,697		5,056
Huatai Securities Co. Ltd., Class A		2,100		5,668
Huatai Securities Co. Ltd., Class H, 144A		7,057		11,180
Huaxia Bank Co. Ltd., Class A		9,400		10,213
Huazhu Group Ltd., ADR (b)		634		19,400
Industrial & Commercial Bank of China Ltd., Class A		14,000		11,378
Industrial & Commercial Bank of China Ltd., Class H		307,197		219,439
Industrial Bank Co. Ltd., Class A		5,000		12,726
Industrial Securities Co. Ltd., Class A		1,500		1,343
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		8,312
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,500		6,521
iQIYI, Inc., ADR*(b)		788		14,365
JD.com, Inc., ADR*(b)		3,750		96,600
Jiangsu Expressway Co. Ltd., Class H		9,726		13,548
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,000		9,005
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		200		3,313
Jiangxi Copper Co. Ltd., Class H		5,628		7,028
Kingdee International Software Group Co. Ltd.		13,211		14,712
Kingsoft Corp. Ltd.*		4,776		13,159
Kweichow Moutai Co. Ltd., Class A		200		25,786
KWG Group Holdings Ltd.		5,818		5,841
Legend Holdings Corp., Class H, 144A		3,532		8,524
Lenovo Group Ltd.		35,135		24,426
Li Ning Co. Ltd.*		8,847		14,648
Logan Property Holdings Co. Ltd.		9,750		14,402
Longfor Group Holdings Ltd.		6,553		24,032
Luye Pharma Group Ltd., 144A		11,644		8,763
Meitu, Inc., 144A*(b)		5,966		2,017
Meituan Dianping, Class B*(b)		4,759		36,757
Metallurgical Corp. of China Ltd., Class A		21,100		9,170
Midea Group Co. Ltd., Class A		500		3,593
Momo, Inc., ADR (b)		829		22,856
NetEase, Inc., ADR		339		84,279
New China Life Insurance Co. Ltd., Class H		4,923		22,858
New Oriental Education & Technology Group, Inc., ADR*		751		64,323
NIO, Inc., ADR*		3,140		9,577
Noah Holdings Ltd., ADR*		190		7,267
Orient Securities Co. Ltd., Class A		1,600		2,376


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
People’s Insurance Co. Group of China Ltd., Class H*		56,586	$	22,231
PetroChina Co. Ltd., Class A		7,700		7,976
PetroChina Co. Ltd., Class H		95,491		53,351
PICC Property & Casualty Co. Ltd., Class H		37,763		40,800
Pinduoduo, Inc., ADR*(b)		877		17,031
Ping An Bank Co. Ltd., Class A		3,800		6,705
Ping An Insurance Group Co. of China Ltd., Class A		1,800		20,600
Ping An Insurance Group Co. of China Ltd., Class H		26,365		291,242
Poly Developments and Holdings Group Co. Ltd., Class A		3,400		5,989
Postal Savings Bank of China Co. Ltd., Class H, 144A		36,685		21,947
Power Construction Corp. of China Ltd., Class A		14,500		10,335
SAIC Motor Corp. Ltd., Class A		2,000		6,939
Semiconductor Manufacturing International Corp.*(b)		12,721		15,302
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,093		7,910
Shanghai Electric Group Co. Ltd., Class H		14,557		5,143
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,305		9,717
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		4,572
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,098		10,067
Shanghai Pudong Development Bank Co. Ltd., Class A		3,000		4,837
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		8,137
Shenzhou International Group Holdings Ltd.		3,696		43,586
Sihuan Pharmaceutical Holdings Group Ltd.		18,501		4,153
SINA Corp.*		378		15,218
Sino-Ocean Group Holding Ltd.		13,001		5,191
Sinopec Engineering Group Co. Ltd., Class H		7,834		6,375
Sinopec Shanghai Petrochemical Co. Ltd., Class H		16,218		7,075
Sinopharm Group Co. Ltd., Class H (b)		6,046		22,712
Sinotruk Hong Kong Ltd.		3,686		6,987
SOHO China Ltd.		10,116		3,161
Sunac China Holdings Ltd.		12,840		55,359
Sunny Optical Technology Group Co. Ltd.		3,989		34,015
TAL Education Group, ADR*(b)		1,654		56,914
Tencent Holdings Ltd.		27,657		1,150,089
Tianma Microelectronics Co. Ltd., Class A		1,000		1,963
Tingyi Cayman Islands Holding Corp.		11,317		18,391
TravelSky Technology Ltd., Class H		4,761		9,863
Tsingtao Brewery Co. Ltd., Class H		1,028		6,248
Uni-President China Holdings Ltd.		11,236		11,939
Vipshop Holdings Ltd., ADR*		2,092		15,774
Want Want China Holdings Ltd.		29,747		21,211


	Number of Shares		Value
China (Continued)
Weibo Corp., ADR*		244	$	10,131
Weichai Power Co. Ltd., Class H		13,085		19,896
Wens Foodstuffs Group Co. Ltd., Class A		1,200		6,849
Wuliangye Yibin Co. Ltd., Class A		600		8,801
Wuxi Biologics Cayman, Inc., 144A*		2,812		26,579
Xiaomi Corp., Class B, 144A*		21,601		26,397
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		5,788		6,091
Xinyi Solar Holdings Ltd.		15,219		8,348
Yangzijiang Shipbuilding Holdings Ltd.		10,700		10,671
Yanzhou Coal Mining Co. Ltd., Class H*		11,122		10,456
Yihai International Holding Ltd.*		2,266		11,201
Yum China Holdings, Inc.		1,815		72,618
YY, Inc., ADR*		235		16,086
Zhejiang Expressway Co. Ltd., Class H		6,370		6,655
Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,224		17,355
Zijin Mining Group Co. Ltd., Class H		29,355		10,372
ZTE Corp., Class H*		3,812		9,171
ZTO Express Cayman, Inc., ADR (b)		1,849		33,356

				6,923,704

Colombia — 0.1%
Bancolombia SA		1,042		11,537
Ecopetrol SA		23,874		19,541
Grupo Argos SA		1,348		6,912
Grupo de Inversiones Suramericana SA		1,145		11,274
Interconexion Electrica SA ESP		1,750		8,392

				57,656

Czech Republic — 0.0%
CEZ AS		1,048		24,400
Komercni banka AS		359		13,550
Moneta Money Bank AS, 144A		1,848		6,032

				43,982

Denmark — 1.1%
A.P. Moller—Maersk A/S, Class A		16		16,336
A.P. Moller—Maersk A/S, Class B		31		33,297
Carlsberg A/S, Class B		525		69,160
Chr Hansen Holding A/S		521		54,386
Coloplast A/S, Class B		588		62,682
Danske Bank A/S		3,472		57,133
Demant A/S*		533		17,853
DSV A/S		900		80,431
Genmab A/S*		269		46,177
H Lundbeck A/S		327		13,129
ISS A/S		766		21,560
Novo Nordisk A/S, Class B		8,406		395,735
Novozymes A/S, Class B		1,066		50,169
Orsted A/S, 144A		875		69,741
Pandora A/S		477		17,718
Tryg A/S		526		16,477
Vestas Wind Systems A/S		969		79,437

				1,101,421


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Egypt — 0.0%
Commercial International Bank Egypt SAE		6,350	$	27,194
Eastern Co. SAE		4,376		4,060
ElSewedy Electric Co.		4,141		3,441

				34,695

Finland — 0.8%
Elisa OYJ		689		30,727
Fortum OYJ		2,176		46,504
Kone OYJ, Class B		1,657		90,354
Metso OYJ		528		17,076
Neste OYJ		1,959		66,224
Nokia OYJ		26,954		134,901
Nokian Renkaat OYJ		592		16,924
Nordea Bank Abp		14,697		103,786
Orion OYJ, Class B		562		18,383
Sampo OYJ, Class A		2,086		90,326
Stora Enso OYJ, Class R		2,629		27,790
UPM-Kymmene OYJ		2,737		68,553
Wartsila OYJ Abp		2,146		31,370

				742,918

France — 7.1%
Accor SA (b)		901		33,257
Aeroports de Paris		131		22,420
Air Liquide SA		2,132		265,568
Airbus SE		2,857		366,600
Alstom SA		750		34,252
Amundi SA, 144A		306		19,861
Arkema SA		339		28,449
Atos SE		532		40,545
AXA SA		9,381		231,399
BioMerieux (b)		184		15,036
BNP Paribas SA (b)		5,283		241,242
Bollore SA		3,253		14,689
Bouygues SA		1,235		43,226
Bureau Veritas SA		1,191		28,088
Capgemini SE (b)		763		85,324
Carrefour SA		2,696		50,720
Casino Guichard Perrachon SA (b)		395		15,034
Cie de Saint-Gobain		2,406		87,128
Cie Generale des Etablissements Michelin SCA		844		97,070
CNP Assurances		886		18,994
Covivio REIT		249		26,120
Credit Agricole SA (b)		5,367		61,337
Danone SA		3,070		244,878
Dassault Aviation SA		13		16,222
Dassault Systemes SE		661		98,102
Edenred		1,020		46,606
Eiffage SA		360		34,418
Electricite de France SA		2,883		40,453
Engie SA (b)		8,795		122,326
EssilorLuxottica SA		1,403		161,674
Eurazeo SE		267		18,687
Eutelsat Communications SA		884		15,579
Faurecia SA		361		13,337
Gecina SA REIT		249		35,606
Getlink SE		2,446		37,737


	Number of Shares		Value
France (Continued)
Hermes International		146	$	97,015
ICADE REIT		160		13,594
Iliad SA		119		13,753
Imerys SA		215		9,329
Ingenico Group SA*		291		23,270
Ipsen SA		182		21,735
JCDecaux SA		443		12,373
Kering SA		365		189,997
Klepierre SA REIT		993		33,801
Legrand SA		1,266		85,057
L’Oreal SA		1,220		327,649
LVMH Moet Hennessy Louis Vuitton SE		1,349		510,285
Natixis SA (b)		4,514		20,721
Orange SA (b)		9,850		154,496
Pernod Ricard SA		1,006		177,345
Peugeot SA		2,821		62,935
Publicis Groupe SA		972		53,099
Remy Cointreau SA		96		13,191
Renault SA		928		55,900
Safran SA		1,614		212,224
Sanofi		5,389		434,910
Sartorius Stedim Biotech		134		18,578
Schneider Electric SE		2,660		210,392
SCOR SE		731		30,077
SEB SA		141		23,045
Societe BIC SA*(b)		136		10,620
Societe Generale SA (b)		3,787		95,021
Sodexo SA		393		45,221
Suez (b)		1,708		22,850
Teleperformance		260		49,959
Thales SA		502		55,274
TOTAL SA		11,396		593,779
Ubisoft Entertainment SA*		468		38,355
Unibail-Rodamco-Westfield REIT		523		79,081
Unibail-Rodamco-Westfield CDI		2,774		20,860
Valeo SA (b)		1,163		30,766
Veolia Environnement SA		2,551		59,021
Vinci SA (b)		2,397		236,880
Vivendi SA		4,433		119,500
Wendel SA		130		16,556
Worldline SA, 144A*		400		24,086

				7,014,584

Germany — 5.2%
1&1 Drillisch AG		234		7,152
adidas AG		880		251,869
Allianz SE		2,063		458,311
Axel Springer SE		216		13,404
BASF SE		4,443		293,146
Bayer AG		4,587		270,670
Bayerische Motoren Werke AG		1,686		116,816
Beiersdorf AG		467		53,762
Brenntag AG		737		34,235
Carl Zeiss Meditec AG		197		18,542
Commerzbank AG		5,189		36,532
Continental AG		531		72,253
Covestro AG, 144A		845		37,033


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Germany (Continued)
Daimler AG		4,489	$	232,867
Delivery Hero SE, 144A*		537		23,127
Deutsche Bank AG (c)		9,455		64,295
Deutsche Boerse AG		933		128,985
Deutsche Lufthansa AG		1,043		19,867
Deutsche Post AG		4,779		140,840
Deutsche Telekom AG		16,415		277,089
Deutsche Wohnen SE		1,792		84,582
E.ON SE		10,660		111,336
Evonik Industries AG		962		25,277
Fraport AG Frankfurt Airport Services Worldwide		221		17,406
Fresenius Medical Care AG & Co. KGaA		1,042		75,991
Fresenius SE & Co. KGaA		1,974		100,141
GEA Group AG		835		22,836
Hannover Rueck SE		275		41,229
HeidelbergCement AG		650		48,333
Henkel AG & Co. KGaA		587		50,888
HOCHTIEF AG		90		10,718
HUGO BOSS AG		306		17,810
Infineon Technologies AG		5,393		96,903
Innogy SE, 144A		685		31,054
KION Group AG		372		20,297
Knorr-Bremse AG*		228		25,102
LANXESS AG		449		22,507
Merck KGaA		619		59,789
METRO AG		884		13,935
MTU Aero Engines AG		238		51,475
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		738		178,166
Puma SE		50		29,074
RWE AG		2,462		61,500
SAP SE		4,769		588,287
Siemens AG		3,730		422,700
Siemens Healthineers AG, 144A		638		24,839
Symrise AG		585		54,806
Telefonica Deutschland Holding AG		3,110		8,724
thyssenkrupp AG (b)		2,031		25,718
TUI AG		2,080		19,196
Uniper SE		923		25,892
United Internet AG		583		20,874
Volkswagen AG		155		24,606
Vonovia SE		2,480		130,105
Wirecard AG		568		88,900
Zalando SE, 144A*		503		19,971

				5,201,762

Greece — 0.1%
Alpha Bank AE*		7,127		13,456
Eurobank Ergasias SA*		12,640		12,356
FF Group*(d)		197		1,056
Hellenic Telecommunications Organization SA		1,306		17,873
JUMBO SA		642		11,404
Motor Oil Hellas Corinth Refineries SA		235		5,986
OPAP SA		752		7,876
Titan Cement Co. SA		224		4,554

				74,561


	Number of Shares		Value
Hong Kong — 3.5%
AIA Group Ltd.		57,873	$	543,698
Alibaba Health Information Technology Ltd.*		14,938		14,158
Alibaba Pictures Group Ltd.*		100,955		20,991
ASM Pacific Technology Ltd.		1,169		11,340
Bank of East Asia Ltd.		5,929		18,454
Beijing Enterprises Holdings Ltd.		3,220		16,183
Beijing Enterprises Water Group Ltd.*		32,433		17,252
BOC Hong Kong Holdings Ltd.		17,995		69,092
Brilliance China Automotive Holdings Ltd.		15,169		15,441
China Ding Yi Feng Holdings Ltd. (b)(d)		7,780		22,905
China Everbright International Ltd.		18,662		17,663
China First Capital Group Ltd.*		28,159		8,621
China Gas Holdings Ltd.		9,100		29,252
China Jinmao Holdings Group Ltd.		31,925		18,447
China Mengniu Dairy Co. Ltd.*		13,746		50,235
China Merchants Port Holdings Co. Ltd.		6,487		11,353
China Mobile Ltd.		29,524		257,785
China Overseas Land & Investment Ltd.		17,664		61,287
China Resources Beer Holdings Co. Ltd.		8,241		36,056
China Resources Cement Holdings Ltd.		11,672		10,124
China Resources Gas Group Ltd.		4,884		23,393
China Resources Land Ltd.		13,858		56,390
China Resources Power Holdings Co. Ltd.		8,490		12,367
China State Construction International Holdings Ltd.		13,742		14,076
China Taiping Insurance Holdings Co. Ltd.		9,224		23,708
China Unicom Hong Kong Ltd.		27,042		28,527
CITIC Ltd.		29,488		40,022
CK Asset Holdings Ltd.		11,775		85,163
CK Hutchison Holdings Ltd.		13,047		123,238
CK Infrastructure Holdings Ltd.		3,415		26,376
CLP Holdings Ltd.		7,819		88,418
COSCO SHIPPING Ports Ltd.		8,554		8,314
Dairy Farm International Holdings Ltd.		1,700		13,005
Far East Horizon Ltd.		12,824		13,659
Fullshare Holdings Ltd.*(b)		32,375		3,015
Galaxy Entertainment Group Ltd.		11,368		68,734
Guangdong Investment Ltd.		15,071		29,644
Haier Electronics Group Co. Ltd.*		5,353		13,643
Hang Lung Properties Ltd.		9,627		20,262
Hang Seng Bank Ltd.		3,397		85,146
Henderson Land Development Co. Ltd.		7,110		36,731
HK Electric Investments & HK Electric Investments Ltd. (a)		12,644		12,370
HKT Trust & HKT Ltd. (a)		18,549		29,245
Hong Kong & China Gas Co. Ltd.		47,722		105,433
Hong Kong Exchanges & Clearing Ltd.		5,812		184,897
Hongkong Land Holdings Ltd.		4,700		30,644
Hutchison China MediTech Ltd., ADR*(b)		260		7,179
Hysan Development Co. Ltd.		2,774		14,437
Jardine Matheson Holdings Ltd.		1,021		65,528
Jardine Strategic Holdings Ltd.		1,146		42,792
Kerry Properties Ltd.		4,014		15,233
Kingboard Holdings Ltd.		3,729		9,799
Kunlun Energy Co. Ltd.*		16,221		14,939
Lee & Man Paper Manufacturing Ltd.		6,135		3,991


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Hong Kong (Continued)
Link REIT		10,580	$	126,589
Melco Resorts & Entertainment Ltd., ADR		1,168		22,542
MTR Corp. Ltd.		7,016		42,913
New World Development Co. Ltd.		28,609		42,186
Nine Dragons Paper Holdings Ltd.*		12,519		9,981
NWS Holdings Ltd.		10,616		20,935
PCCW Ltd.		33,182		18,878
Power Assets Holdings Ltd.		6,553		45,305
Shanghai Industrial Holdings Ltd.		2,537		5,288
Shangri-La Asia Ltd.		6,117		7,803
Shenzhen International Holdings Ltd.		3,792		6,665
Shimao Property Holdings Ltd.		6,607		18,920
Sino Biopharmaceutical Ltd.		39,534		39,889
Sino Land Co. Ltd.		16,209		25,928
SJM Holdings Ltd.		12,719		14,083
Sun Art Retail Group Ltd.		11,832		10,323
Sun Hung Kai Properties Ltd.		7,331		116,050
Swire Pacific Ltd., Class A		2,782		32,932
Swire Properties Ltd.		6,234		25,685
Techtronic Industries Co. Ltd.		7,144		45,564
Vitasoy International Holdings Ltd.		3,291		17,652
WH Group Ltd., 144A		40,343		36,331
Wharf Holdings Ltd.		6,294		16,097
Wharf Real Estate Investment Co. Ltd.		5,851		39,967
Wheelock & Co. Ltd.		3,725		24,660
Yue Yuen Industrial Holdings Ltd.		3,360		9,408

				3,423,229

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC*		1,487		16,745
OTP Bank Nyrt		1,170		48,864
Richter Gedeon Nyrt		680		12,225

				77,834

India — 2.5%
Adani Ports & Special Economic Zone Ltd.		2,455		14,668
Ambuja Cements Ltd.		2,048		6,777
Ashok Leyland Ltd.		5,515		7,031
Asian Paints Ltd.		1,695		34,228
Aurobindo Pharma Ltd.		1,595		15,389
Avenue Supermarts Ltd., 144A*		518		9,834
Axis Bank Ltd.*		9,394		108,954
Bajaj Auto Ltd.		521		21,874
Bajaj Finance Ltd.		732		36,417
Bajaj Finserv Ltd.		186		21,853
Bharat Petroleum Corp. Ltd.		2,344		13,768
Bharti Airtel Ltd.		8,162		40,850
Bharti Infratel Ltd.		2,785		10,750
Bosch Ltd.		40		10,172
Britannia Industries Ltd.		312		13,081
Cipla Ltd.		1,780		14,274
Coal India Ltd.		6,331		23,029
Container Corp. Of India Ltd.		1,017		7,735
Dabur India Ltd.		2,705		15,368
Divi’s Laboratories Ltd.		378		8,637
Dr. Reddy’s Laboratories Ltd., ADR (b)		540		20,579


	Number of Shares		Value
India (Continued)
Eicher Motors Ltd.		65	$	18,605
GAIL India Ltd.		3,887		20,135
Glenmark Pharmaceuticals Ltd.		879		6,878
Godrej Consumer Products Ltd.		2,049		20,229
Grasim Industries Ltd.		1,418		18,029
Havells India Ltd.		1,193		12,804
HCL Technologies Ltd.		2,863		44,883
Hero MotoCorp Ltd.		259		9,961
Hindalco Industries Ltd.		5,786		16,356
Hindustan Petroleum Corp. Ltd.		2,920		13,586
Hindustan Unilever Ltd.		3,214		82,481
Housing Development Finance Corp. Ltd.		7,965		249,455
ICICI Bank Ltd.		12,032		73,151
ICICI Lombard General Insurance Co. Ltd., 144A		659		11,125
Indiabulls Housing Finance Ltd.		1,355		15,293
Indian Oil Corp. Ltd.		8,950		21,261
Infosys Ltd., ADR (b)		1,688		17,673
Infosys Ltd.		15,654		165,713
InterGlobe Aviation Ltd., 144A		239		5,749
ITC Ltd.		17,204		68,763
JSW Steel Ltd.		4,127		16,090
Larsen & Toubro Ltd.		2,338		52,253
LIC Housing Finance Ltd.		1,791		14,355
Lupin Ltd.		1,453		15,544
Mahindra & Mahindra Financial Services Ltd.		1,409		8,525
Mahindra & Mahindra Ltd.		3,735		34,678
Marico Ltd.		2,701		14,416
Maruti Suzuki India Ltd.		444		43,768
Motherson Sumi Systems Ltd.		4,103		6,791
Nestle India Ltd.		124		20,458
NTPC Ltd.		11,858		22,673
Oil & Natural Gas Corp. Ltd.		12,131		29,931
Page Industries Ltd.		15		4,252
Petronet LNG Ltd.		3,652		12,946
Pidilite Industries Ltd.		846		15,655
Piramal Enterprises Ltd.		209		6,666
Power Grid Corp. of India Ltd.		9,465		25,709
Reliance Industries Ltd.		13,658		260,681
Shree Cement Ltd.		41		12,719
Shriram Transport Finance Co. Ltd.		716		11,962
State Bank of India*		9,126		46,160
Sun Pharmaceutical Industries Ltd.		3,997		23,506
Tata Consultancy Services Ltd.		4,484		141,328
Tata Motors Ltd.*		7,221		17,884
Tata Steel Ltd.		1,695		11,876
Tech Mahindra Ltd.		2,303		25,126
Titan Co. Ltd.		1,500		26,598
UltraTech Cement Ltd.		553		37,771
United Spirits Ltd.*		1,067		8,483
UPL Ltd.		1,737		24,898
Vedanta Ltd.		9,028		20,798
Vodafone Idea Ltd.*		32,524		6,510
Wipro Ltd.		5,787		23,782
Yes Bank Ltd.		5,840		12,385
Zee Entertainment Enterprises Ltd.		1,706		8,750

				2,413,325


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Indonesia — 0.6%
PT Adaro Energy Tbk		47,224	$	4,285
PT Astra International Tbk		91,574		47,800
PT Bank Central Asia Tbk		46,679		95,173
PT Bank Mandiri Persero Tbk		90,367		48,595
PT Bank Negara Indonesia Persero Tbk		33,270		19,581
PT Bank Rakyat Indonesia Persero Tbk		271,612		78,025
PT Bank Tabungan Negara Persero Tbk		19,578		3,388
PT Barito Pacific Tbk		22,852		5,284
PT Bumi Serpong Damai Tbk*		52,437		4,960
PT Charoen Pokphand Indonesia Tbk		37,001		12,703
PT Gudang Garam Tbk		3,861		21,770
PT Hanjaya Mandala Sampoerna Tbk		34,394		8,145
PT Indah Kiat Pulp & Paper Corp. Tbk		15,846		8,604
PT Indocement Tunggal Prakarsa Tbk		9,248		13,737
PT Indofood CBP Sukses Makmur Tbk		12,161		8,350
PT Indofood Sukses Makmur Tbk		16,417		7,592
PT Jasa Marga Persero Tbk		20,622		8,236
PT Kalbe Farma Tbk		102,044		10,045
PT Pabrik Kertas Tjiwi Kimia Tbk		10,716		7,658
PT Pakuwon Jati Tbk		103,608		5,118
PT Perusahaan Gas Negara Tbk		41,896		6,047
PT Semen Indonesia Persero Tbk*		18,487		14,961
PT Surya Citra Media Tbk		28,297		3,271
PT Telekomunikasi Indonesia Persero Tbk*		235,963		64,477
PT Unilever Indonesia Tbk		5,921		18,461
PT United Tractors Tbk		9,001		15,987

				542,253

Ireland — 0.5%
AerCap Holdings NV*		649		29,088
AIB Group PLC		3,349		13,776
Bank of Ireland Group PLC		5,737		30,776
CRH PLC		3,771		117,916
DCC PLC		490		41,196
Flutter Entertainment PLC		380		27,042
James Hardie Industries PLC CDI		2,226		28,320
Kerry Group PLC, Class A		767		88,685
Kingspan Group PLC		740		38,574
Smurfit Kappa Group PLC		985		27,290

				442,663

Isle of Man — 0.0%
GVC Holdings PLC		3,002		22,749

Israel — 0.4%
Azrieli Group Ltd.		195		11,646
Bank Hapoalim BM		5,162		37,479
Bank Leumi Le-Israel BM		7,290		49,209
Check Point Software Technologies Ltd.*		561		61,867
CyberArk Software Ltd.*		173		22,845
Elbit Systems Ltd.		109		15,635
Israel Chemicals Ltd.		3,070		15,523
Israel Discount Bank Ltd., Class A		6,560		25,226
Mizrahi Tefahot Bank Ltd.*		974		21,462
Nice Ltd.*		335		46,464
Teva Pharmaceutical Industries Ltd., ADR*		4,938		42,714


	Number of Shares		Value
Israel (Continued)
Wix.com Ltd.*		210	$	28,841

				378,911

Italy — 1.3%
Assicurazioni Generali SpA		5,651		99,209
Atlantia SpA		2,300		57,710
Davide Campari-Milano SpA		2,678		26,163
Enel SpA		39,354		244,883
Eni SpA		12,310		186,755
Ferrari NV		601		85,672
FinecoBank Banca Fineco SpA		2,317		24,010
Intesa Sanpaolo SpA		70,566		144,564
Leonardo SpA		2,001		22,225
Mediobanca Banca di Credito Finanziario SpA		3,323		30,708
Moncler SpA		783		28,866
Pirelli & C SpA, 144A		1,760		10,039
Poste Italiane SpA, 144A		2,897		28,157
Prysmian SpA*		1,180		19,681
Recordati SpA		498		20,585
Snam SpA		10,362		52,138
Telecom Italia SpA*		40,099		19,702
Telecom Italia SpA-RSP		34,417		16,091
Terna Rete Elettrica Nazionale SpA		8,166		49,865
UniCredit SpA		9,510		108,239

				1,275,262

Japan — 15.7%
ABC-Mart, Inc.		200		12,513
Acom Co. Ltd.		1,700		5,710
Advantest Corp.		1,000		23,541
Aeon Co. Ltd.		3,200		55,442
AEON Financial Service Co. Ltd.		400		6,412
Aeon Mall Co. Ltd.		500		7,359
AGC, Inc.		800		25,802
Air Water, Inc.		1,000		14,931
Aisin Seiki Co. Ltd.		800		26,614
Ajinomoto Co., Inc.		1,900		32,384
Alfresa Holdings Corp.		1,100		27,763
Alps Alpine Co. Ltd.		1,200		19,933
Amada Holdings Co. Ltd.		1,100		11,369
ANA Holdings, Inc.		600		20,132
Aozora Bank Ltd.		400		9,741
Asahi Group Holdings Ltd.		1,700		74,940
Asahi Intecc Co. Ltd.		500		25,654
Asahi Kasei Corp.		5,900		60,925
Astellas Pharma, Inc.		9,000		121,464
Bandai Namco Holdings, Inc.		1,100		54,206
Bank of Kyoto Ltd.		200		7,844
Benesse Holdings, Inc.		200		4,666
Bridgestone Corp.		2,800		104,879
Brother Industries Ltd.		919		15,799
Calbee, Inc.		300		8,527
Canon, Inc.		4,700		132,935
Casio Computer Co. Ltd.		700		7,823
Central Japan Railway Co.		700		146,279
Chiba Bank Ltd.		3,800		18,270


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Chubu Electric Power Co., Inc.		3,300	$	45,116
Chugai Pharmaceutical Co. Ltd.		1,000		66,811
Chugoku Electric Power Co., Inc.		1,200		15,049
Coca-Cola Bottlers Japan Holdings, Inc. (b)		600		13,665
Concordia Financial Group Ltd.		6,300		24,185
Credit Saison Co. Ltd.		500		5,398
CyberAgent, Inc.		600		23,144
Dai Nippon Printing Co. Ltd.		1,000		21,732
Daicel Corp.		1,000		8,536
Daifuku Co. Ltd.		600		30,287
Dai-ichi Life Holdings, Inc.		5,500		79,887
Daiichi Sankyo Co. Ltd.		2,804		135,976
Daikin Industries Ltd.		1,200		146,505
Daito Trust Construction Co. Ltd.		400		52,176
Daiwa House Industry Co. Ltd.		2,571		77,131
Daiwa House REIT Investment Corp. REIT		11		26,047
Daiwa Securities Group, Inc.		7,800		34,147
Denso Corp.		1,900		73,675
Dentsu, Inc.		900		29,484
Disco Corp.		100		13,999
East Japan Railway Co.		1,500		142,712
Eisai Co. Ltd.		1,300		76,574
Electric Power Development Co. Ltd.		400		8,789
FamilyMart UNY Holdings Co. Ltd.		1,200		28,969
FANUC Corp.		900		153,440
Fast Retailing Co. Ltd.		300		173,774
Fuji Electric Co. Ltd.		600		20,099
FUJIFILM Holdings Corp.		1,700		81,560
Fujitsu Ltd.		1,000		67,872
Fukuoka Financial Group, Inc.		800		13,739
GMO Payment Gateway, Inc.		200		13,473
Hakuhodo DY Holdings, Inc.		1,200		18,914
Hamamatsu Photonics KK		900		32,391
Hankyu Hanshin Holdings, Inc.		1,100		39,690
Hikari Tsushin, Inc.		100		20,320
Hino Motors Ltd.		1,000		7,945
Hirose Electric Co. Ltd.		105		11,530
Hisamitsu Pharmaceutical Co., Inc.		300		12,070
Hitachi Chemical Co. Ltd.		400		10,727
Hitachi Construction Machinery Co. Ltd.		700		16,349
Hitachi High-Technologies Corp.		200		8,536
Hitachi Ltd.		4,841		164,665
Hitachi Metals Ltd.		700		6,989
Honda Motor Co. Ltd.		8,100		198,155
Hoshizaki Corp.		200		15,171
Hoya Corp.		1,800		125,542
Hulic Co. Ltd.		1,300		10,341
Idemitsu Kosan Co. Ltd.		1,032		29,284
IHI Corp.		600		13,416
Iida Group Holdings Co. Ltd.		500		7,945
Inpex Corp.		5,300		42,981
Isetan Mitsukoshi Holdings Ltd.		1,400		11,602
Isuzu Motors Ltd.		2,700		29,899
ITOCHU Corp.		6,600		121,750
Itochu Techno-Solutions Corp.		400		9,952
J. Front Retailing Co. Ltd.		1,000		10,474
Japan Airlines Co. Ltd.		600		18,897


	Number of Shares		Value
Japan (Continued)
Japan Airport Terminal Co. Ltd.		200	$	7,604
Japan Exchange Group, Inc.		2,300		35,742
Japan Post Bank Co. Ltd.		1,800		18,471
Japan Post Holdings Co. Ltd.		7,899		87,617
Japan Prime Realty Investment Corp. REIT		3		12,845
Japan Real Estate Investment Corp. REIT		7		41,665
Japan Retail Fund Investment Corp. REIT		13		26,224
Japan Tobacco, Inc.		5,900		135,706
JFE Holdings, Inc.		2,600		36,181
JGC Corp.		1,000		13,381
JSR Corp.		600		8,554
JTEKT Corp.		1,300		13,820
JXTG Holdings, Inc.		16,050		76,795
Kajima Corp.		2,200		30,229
Kakaku.com, Inc.		400		8,128
Kamigumi Co. Ltd.		500		11,830
Kaneka Corp.		200		6,921
Kansai Electric Power Co., Inc.		3,300		38,538
Kansai Paint Co. Ltd.		800		15,186
Kao Corp.		2,300		179,984
Kawasaki Heavy Industries Ltd.		600		13,471
KDDI Corp.		8,800		226,446
Keihan Holdings Co. Ltd.		600		25,940
Keikyu Corp.		1,100		18,667
Keio Corp.		500		33,406
Keisei Electric Railway Co. Ltd.		500		18,733
Keyence Corp.		400		227,047
Kikkoman Corp.		700		29,101
Kintetsu Group Holdings Co. Ltd.		1,000		47,986
Kirin Holdings Co. Ltd.		3,700		80,409
Kobayashi Pharmaceutical Co. Ltd.		300		22,369
Kobe Steel Ltd.		1,800		11,179
Koito Manufacturing Co. Ltd.		600		27,906
Komatsu Ltd.		4,400		98,118
Konami Holdings Corp.		400		18,899
Konica Minolta, Inc.		2,100		18,565
Kose Corp.		200		31,689
Kubota Corp.		4,700		72,019
Kuraray Co. Ltd.		1,500		17,247
Kurita Water Industries Ltd.		400		9,630
Kyocera Corp.		1,584		96,825
Kyowa Hakko Kirin Co. Ltd.		1,000		18,918
Kyushu Electric Power Co., Inc.		1,700		16,802
Kyushu Railway Co.		700		20,929
Lawson, Inc.		300		14,036
LINE Corp.*(b)		200		5,851
Lion Corp.		1,032		20,037
LIXIL Group Corp.		1,600		20,553
M3, Inc.		2,142		40,561
Makita Corp.		1,300		45,707
Marubeni Corp.		8,000		50,452
Marui Group Co. Ltd.		900		18,803
Maruichi Steel Tube Ltd.		200		5,251
Mazda Motor Corp.		2,600		25,469
McDonald’s Holdings Co. Japan Ltd.		300		13,676
Mebuki Financial Group, Inc.		3,644		9,180


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Medipal Holdings Corp.		865	$	18,766
MEIJI Holdings Co. Ltd.		500		35,113
Mercari, Inc.*		400		11,812
MINEBEA MITSUMI, Inc.		2,200		32,402
MISUMI Group, Inc.		1,500		35,450
Mitsubishi Chemical Holdings Corp.		7,300		47,917
Mitsubishi Corp.		6,500		169,930
Mitsubishi Electric Corp.		9,100		114,249
Mitsubishi Estate Co. Ltd.		5,800		106,885
Mitsubishi Gas Chemical Co., Inc.		600		7,502
Mitsubishi Heavy Industries Ltd.		1,500		65,930
Mitsubishi Materials Corp.		300		7,843
Mitsubishi Motors Corp.		4,100		19,372
Mitsubishi Tanabe Pharma Corp.		1,100		13,024
Mitsubishi UFJ Financial Group, Inc.		59,400		274,677
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,500		7,502
Mitsui & Co. Ltd.		8,400		130,033
Mitsui Chemicals, Inc.		800		17,622
Mitsui Fudosan Co. Ltd.		4,100		99,563
Mitsui OSK Lines Ltd.		600		12,823
Mizuho Financial Group, Inc.		111,200		157,721
MonotaRO Co. Ltd.		600		12,851
MS&AD Insurance Group Holdings, Inc.		2,200		69,960
Murata Manufacturing Co. Ltd.		2,800		121,571
Nabtesco Corp.		700		17,732
Nagoya Railroad Co. Ltd.		800		22,133
NEC Corp.		1,300		48,286
Nexon Co. Ltd.*		2,360		35,215
NGK Insulators Ltd.		1,000		13,602
NGK Spark Plug Co. Ltd.		800		14,108
NH Foods Ltd.		500		20,256
Nidec Corp.		1,100		137,950
Nikon Corp.		1,100		15,084
Nintendo Co. Ltd.		589		210,347
Nippon Building Fund, Inc. REIT		6		41,083
Nippon Electric Glass Co. Ltd.		400		9,649
Nippon Express Co. Ltd.		300		16,029
Nippon Paint Holdings Co. Ltd.		700		27,776
Nippon Prologis REIT, Inc. REIT		7		15,251
Nippon Steel Corp.		4,010		66,849
Nippon Telegraph & Telephone Corp.		3,000		134,711
Nippon Yusen KK		800		12,129
Nissan Chemical Corp.		600		25,525
Nissan Motor Co. Ltd.		11,100		75,246
Nisshin Seifun Group, Inc.		1,350		31,444
Nissin Foods Holdings Co. Ltd.		240		14,573
Nitori Holdings Co. Ltd.		401		47,828
Nitto Denko Corp.		900		39,450
Nomura Holdings, Inc.		18,300		57,805
Nomura Real Estate Holdings, Inc.		600		12,369
Nomura Real Estate Master Fund, Inc. REIT		15		23,310
Nomura Research Institute Ltd.		552		27,049
NSK Ltd.		1,800		14,501
NTT Data Corp.		3,100		37,189
NTT DOCOMO, Inc.		6,342		146,048
Obayashi Corp.		3,700		34,076


	Number of Shares		Value
Japan (Continued)
Obic Co. Ltd.		300	$	36,349
Odakyu Electric Railway Co. Ltd.		1,500		37,097
Oji Holdings Corp.		4,522		23,535
Olympus Corp.		5,700		67,591
Omron Corp.		900		42,855
Ono Pharmaceutical Co. Ltd.		1,800		31,892
Oracle Corp. (b)		200		14,008
Oriental Land Co. Ltd.		1,000		122,272
ORIX Corp.		6,400		90,657
Osaka Gas Co. Ltd.		1,600		28,452
Otsuka Corp.		508		19,759
Otsuka Holdings Co. Ltd.		1,783		59,990
Pan Pacific International Holdings Corp.		500		31,006
Panasonic Corp.		11,000		87,785
Park24 Co. Ltd.		400		7,530
PeptiDream, Inc.*		500		24,962
Persol Holdings Co. Ltd.		1,000		21,335
Pigeon Corp.		600		22,895
Pola Orbis Holdings, Inc.		400		11,092
Rakuten, Inc.		4,000		41,895
Recruit Holdings Co. Ltd.		5,800		185,617
Renesas Electronics Corp.*		4,000		18,272
Resona Holdings, Inc.		10,000		42,440
Ricoh Co. Ltd.		3,900		37,933
Rinnai Corp.		100		6,570
Rohm Co. Ltd.		400		24,879
Ryohin Keikaku Co. Ltd.		115		20,874
Sankyo Co. Ltd.		200		7,659
Santen Pharmaceutical Co. Ltd.		1,400		20,193
SBI Holdings, Inc.		1,317		30,517
Secom Co. Ltd.		1,000		85,720
Sega Sammy Holdings, Inc.		700		8,320
Seibu Holdings, Inc.		1,300		21,810
Seiko Epson Corp.		1,500		22,147
Sekisui Chemical Co. Ltd.		1,400		20,632
Sekisui House Ltd.		3,200		51,426
Seven & i Holdings Co. Ltd.		3,587		121,349
Seven Bank Ltd.		3,300		8,466
SG Holdings Co. Ltd.		500		13,570
Sharp Corp.		1,600		14,588
Shimadzu Corp.		1,000		25,110
Shimamura Co. Ltd.		100		7,659
Shimano, Inc.		400		61,422
Shimizu Corp.		2,900		23,684
Shin-Etsu Chemical Co. Ltd.		1,700		141,927
Shinsei Bank Ltd.		500		7,119
Shionogi & Co. Ltd.		1,400		76,741
Shiseido Co. Ltd.		1,860		134,447
Shizuoka Bank Ltd.		1,800		14,285
Showa Denko KK		800		22,051
SMC Corp.		300		99,026
Softbank Corp.		7,700		100,189
SoftBank Group Corp.		4,000		378,351
Sohgo Security Services Co. Ltd.		400		19,379
Sompo Holdings, Inc.		1,700		64,508
Sony Corp.		6,200		300,774
Sony Financial Holdings, Inc.		900		19,999


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Stanley Electric Co. Ltd.		800	$	18,353
Subaru Corp.		2,900		67,492
SUMCO Corp.		1,300		14,432
Sumitomo Chemical Co. Ltd.		7,200		31,228
Sumitomo Corp.		5,400		78,161
Sumitomo Dainippon Pharma Co. Ltd.		1,000		20,569
Sumitomo Electric Industries Ltd.		4,200		50,831
Sumitomo Heavy Industries Ltd.		400		12,716
Sumitomo Metal Mining Co. Ltd.		1,200		31,693
Sumitomo Mitsui Financial Group, Inc.		6,300		219,932
Sumitomo Mitsui Trust Holdings, Inc.		1,610		59,206
Sumitomo Realty & Development Co. Ltd.		1,539		56,907
Sumitomo Rubber Industries Ltd.		400		4,444
Sundrug Co. Ltd.		400		10,048
Suntory Beverage & Food Ltd.		700		29,165
Suzuken Co. Ltd.		400		24,694
Suzuki Motor Corp.		1,800		85,677
Sysmex Corp.		800		55,583
T&D Holdings, Inc.		3,000		31,435
Taiheiyo Cement Corp.		400		11,849
Taisei Corp.		900		32,930
Taisho Pharmaceutical Holdings Co. Ltd.		200		16,408
Taiyo Nippon Sanso Corp.		500		9,394
Takeda Pharmaceutical Co. Ltd.		7,307		247,399
TDK Corp.		700		47,801
Teijin Ltd.		600		9,817
Terumo Corp.		3,000		85,489
THK Co. Ltd.		700		14,386
Tobu Railway Co. Ltd.		800		23,329
Toho Co. Ltd.		500		21,501
Toho Gas Co. Ltd.		400		15,614
Tohoku Electric Power Co., Inc.		2,100		21,472
Tokio Marine Holdings, Inc.		3,100		154,507
Tokyo Century Corp.		200		8,121
Tokyo Electric Power Co. Holdings, Inc.*		8,300		42,739
Tokyo Electron Ltd.		800		109,187
Tokyo Gas Co. Ltd.		1,700		42,318
Tokyu Corp.		2,300		40,878
Tokyu Fudosan Holdings Corp.		3,000		16,777
Toppan Printing Co. Ltd.		1,500		21,954
Toray Industries, Inc.		6,100		42,044
Toshiba Corp.		2,710		86,278
Tosoh Corp.		1,500		19,074
TOTO Ltd.		640		23,890
Toyo Seikan Group Holdings Ltd.		900		17,076
Toyo Suisan Kaisha Ltd.		400		15,651
Toyoda Gosei Co. Ltd.		100		1,752
Toyota Industries Corp.		700		36,109
Toyota Motor Corp.		11,184		658,872
Toyota Tsusho Corp.		1,300		37,609
Trend Micro, Inc.		600		26,992
Tsuruha Holdings, Inc.		200		16,075
Unicharm Corp.		1,800		54,134
United Urban Investment Corp. REIT		12		19,822
USS Co. Ltd.		1,100		20,941
Welcia Holdings Co. Ltd.		200		7,032
West Japan Railway Co.		900		70,595


	Number of Shares		Value
Japan (Continued)
Yahoo Japan Corp.		12,600	$	36,394
Yakult Honsha Co. Ltd.		700		39,921
Yamada Denki Co. Ltd.		2,976		13,951
Yamaha Corp.		700		31,555
Yamaha Motor Co. Ltd.		1,300		22,349
Yamato Holdings Co. Ltd.		1,400		28,435
Yamazaki Baking Co. Ltd.		1,000		15,051
Yaskawa Electric Corp.		1,200		34,882
Yokogawa Electric Corp.		961		18,738
Yokohama Rubber Co. Ltd.		500		8,370
ZOZO, Inc.		1,033		17,807

				15,496,207

Luxembourg — 0.2%
ArcelorMittal		3,426		50,751
Aroundtown SA		3,740		31,762
Eurofins Scientific SE (b)		52		23,655
Millicom International Cellular SA SDR		351		19,703
Reinet Investments SCA		644		10,213
RTL Group SA		187		8,958
SES SA		2,016		30,449
Tenaris SA		2,226		26,236

				201,727

Macau — 0.1%
MGM China Holdings Ltd.		5,171		7,981
Sands China Ltd.		11,322		51,270
Wynn Macau Ltd.		8,449		18,041

				77,292

Malaysia — 0.6%
AirAsia Group Bhd		6,700		4,621
Alliance Bank Malaysia Bhd		9,500		8,728
AMMB Holdings Bhd		6,287		6,646
Axiata Group Bhd		13,109		14,672
British American Tobacco Malaysia Bhd		700		5,011
CIMB Group Holdings Bhd		22,726		28,580
Dialog Group Bhd		17,600		13,944
DiGi.Com Bhd		8,844		10,489
Fraser & Neave Holdings Bhd		800		6,529
Gamuda Bhd		13,255		11,039
Genting Bhd		11,700		17,841
Genting Malaysia Bhd		14,618		10,953
Genting Plantations Bhd		1,000		2,472
HAP Seng Consolidated Bhd		2,069		4,888
Hartalega Holdings Bhd		7,400		9,183
Hong Leong Bank Bhd		1,582		7,173
Hong Leong Financial Group Bhd		1,753		7,940
IHH Healthcare Bhd		14,591		19,151
IJM Corp. Bhd		13,600		7,205
IOI Corp. Bhd		13,200		13,576
Kuala Lumpur Kepong Bhd		4,100		24,264
Malayan Banking Bhd		20,348		43,799
Malaysia Airports Holdings Bhd		500		876
Maxis Bhd		15,300		20,227
MISC Bhd		6,700		11,112
Nestle Malaysia Bhd		300		10,524
Petronas Chemicals Group Bhd		10,857		21,556


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Malaysia (Continued)
Petronas Dagangan Bhd		1,500	$	9,221
Petronas Gas Bhd		2,841		11,973
PPB Group Bhd		2,440		10,935
Press Metal Aluminium Holdings Bhd		5,200		5,559
Public Bank Bhd		14,500		81,661
Sime Darby Bhd		13,911		7,702
Sime Darby Plantation Bhd		14,911		16,582
Sime Darby Property Bhd		13,911		3,519
SP Setia Bhd Group		3,785		1,978
Telekom Malaysia Bhd		4,400		3,790
Tenaga Nasional Bhd		16,000		48,491
Top Glove Corp. Bhd		5,500		6,628
Westports Holdings Bhd		12,000		11,111
YTL Corp. Bhd		15,372		4,182

				566,331

Mexico — 0.7%
Alfa SAB de CV, Class A		14,521		13,255
Alsea SAB de CV*		2,211		4,320
America Movil SAB de CV, Series L		158,319		111,396
Arca Continental SAB de CV		1,860		9,941
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		8,724		12,775
Cemex SAB de CV, Series CPO*		68,987		28,125
Coca-Cola Femsa SAB de CV		2,372		14,792
El Puerto de Liverpool SAB de CV, Class C1		911		5,100
Fibra Uno Administracion SA de CV REIT		12,883		16,532
Fomento Economico Mexicano SAB de CV		9,296		86,420
Fresnillo PLC		1,214		11,787
Gruma SAB de CV, Class B		1,007		9,604
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,807		17,683
Grupo Aeroportuario del Sureste SAB de CV, Class B		973		15,362
Grupo Bimbo SAB de CV, Series A		7,409		14,951
Grupo Carso SAB de CV, Series A1		2,147		7,902
Grupo Financiero Banorte SAB de CV, Class O		12,857		69,924
Grupo Financiero Inbursa SAB de CV, Class O		10,284		13,643
Grupo Mexico SAB de CV, Series B		18,486		46,133
Grupo Televisa SAB, Series CPO		11,278		21,004
Industrias Penoles SAB de CV		658		7,363
Infraestructura Energetica Nova SAB de CV		2,569		10,460
Kimberly-Clark de Mexico SAB de CV, Class A*		6,367		11,484
Megacable Holdings SAB de CV, Series CPO		2,012		8,306
Mexichem SAB de CV		4,964		10,387
Promotora y Operadora de Infraestructura SAB de CV		1,173		11,420
Wal-Mart de Mexico SAB de CV		25,346		71,530

				661,599


	Number of Shares		Value
Netherlands — 3.1%
ABN AMRO Group NV, 144A		1,925	$	40,731
Adyen NV, 144A*		58		46,704
Aegon NV		9,101		41,645
Akzo Nobel NV		1,051		88,670
ASML Holding NV		2,021		382,241
EXOR NV		506		31,780
Heineken Holding NV		589		58,299
Heineken NV		1,191		125,097
ING Groep NV		19,258		208,580
Koninklijke Ahold Delhaize NV		5,893		132,557
Koninklijke DSM NV		898		101,123
Koninklijke KPN NV		16,343		49,990
Koninklijke Philips NV		4,491		177,858
Koninklijke Vopak NV		359		14,719
NN Group NV		1,407		53,474
NXP Semiconductors NV		1,460		128,714
QIAGEN NV*		974		37,170
Randstad NV		598		30,864
Royal Dutch Shell PLC, Class A		21,671		674,256
Royal Dutch Shell PLC, Class B		17,962		561,696
Wolters Kluwer NV		1,436		100,329

				3,086,497

New Zealand — 0.2%
a2 Milk Co. Ltd.*		3,223		33,314
Auckland International Airport Ltd.		4,596		26,354
Fisher & Paykel Healthcare Corp. Ltd.		2,638		26,577
Fletcher Building Ltd.		3,907		13,419
Meridian Energy Ltd.		6,201		17,200
Ryman Healthcare Ltd.		2,877		21,795
Spark New Zealand Ltd.		8,624		21,524

				160,183

Norway — 0.4%
Aker BP ASA		512		13,830
DNB ASA		4,576		77,594
Equinor ASA		4,881		93,529
Gjensidige Forsikring ASA		938		18,269
Mowi ASA (b)		2,172		50,380
Norsk Hydro ASA		6,616		23,148
Orkla ASA		4,034		34,921
Schibsted ASA, Class B		525		13,257
Telenor ASA		3,533		72,665
Yara International ASA		871		37,411

				435,004

Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		959		14,548
Credicorp Ltd.		327		73,183
Southern Copper Corp. (b)		372		12,547

				100,278

Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		9,127		9,781
Aboitiz Power Corp.		18,700		13,085
Alliance Global Group, Inc.		14,500		4,337
Ayala Corp.		1,540		27,132
Ayala Land, Inc.		36,900		35,017


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Philippines (Continued)
Bank of the Philippine Islands		2,211	$	3,425
BDO Unibank, Inc.		10,330		27,330
DMCI Holdings, Inc.		14,400		2,921
Globe Telecom, Inc.		160		6,656
GT Capital Holdings, Inc.		272		4,500
International Container Terminal Services, Inc.		4,190		10,925
JG Summit Holdings, Inc.		10,590		12,709
Jollibee Foods Corp.		1,900		10,491
Manila Electric Co.		930		6,864
Megaworld Corp.		49,400		5,588
Metro Pacific Investments Corp.		88,600		7,644
Metropolitan Bank & Trust Co.		7,700		10,592
PLDT, Inc.		680		17,599
Robinsons Land Corp.*		8,867		4,420
Security Bank Corp.		520		1,745
SM Investments Corp.		1,245		22,484
SM Prime Holdings, Inc.		51,700		39,448
Universal Robina Corp.		4,860		15,560

				300,253

Poland — 0.3%
Alior Bank SA*		667		9,189
Bank Polska Kasa Opieki SA		979		27,140
CD Projekt SA		312		16,916
Cyfrowy Polsat SA*		942		6,415
Dino Polska SA, 144A*		294		9,543
Grupa Lotos SA		446		10,219
KGHM Polska Miedz SA*		614		15,219
LPP SA		3		5,741
mBank SA*		131		13,761
Orange Polska SA*		3,174		4,265
PGE Polska Grupa Energetyczna SA*		4,128		9,941
Polski Koncern Naftowy ORLEN SA		1,418		35,806
Polskie Gornictwo Naftowe i Gazownictwo SA		12,592		18,398
Powszechna Kasa Oszczednosci Bank Polski SA		4,285		43,938
Powszechny Zaklad Ubezpieczen SA		2,925		31,618
Santander Bank Polska SA		173		16,484

				274,593

Portugal — 0.1%
EDP — Energias de Portugal SA		11,309		41,174
Galp Energia SGPS SA		2,426		36,534
Jeronimo Martins SGPS SA		1,102		16,774

				94,482

Qatar — 0.3%
Barwa Real Estate Co.		895		8,824
Commercial Bank QSC		897		11,443
Industries Qatar QSC		975		30,525
Masraf Al Rayan QSC		1,860		18,491
Mesaieed Petrochemical Holding Co.		2,091		15,063
Qatar Electricity & Water Co. QSC		618		28,004
Qatar Fuel QSC		175		9,900
Qatar Insurance Co. SAQ		692		6,652
Qatar Islamic Bank SAQ		560		25,699


	Number of Shares		Value
Qatar (Continued)
Qatar National Bank QPSC		2,190	$	113,071

				267,672

Romania — 0.0%
NEPI Rockcastle PLC		1,932		16,322

Russia — 1.0%
Alrosa PJSC		12,690		17,103
Evraz PLC		2,311		17,180
Gazprom PJSC		51,292		168,683
Inter RAO UES PJSC		71,179		4,368
LUKOIL PJSC		1,989		160,215
Magnit PJSC, GDR		1,642		22,963
Magnitogorsk Iron & Steel Works PJSC		10,333		7,055
MMC Norilsk Nickel PJSC		312		65,437
Mobile TeleSystems PJSC, ADR		2,392		18,705
Moscow Exchange MICEX-RTS PJSC		6,740		8,733
Novatek PJSC, GDR		445		91,225
Novolipetsk Steel PJSC		5,737		15,115
PhosAgro PJSC, GDR		523		6,731
Polymetal International PLC		1,051		11,256
Polyus PJSC		215		16,996
Rosneft Oil Co. PJSC		6,585		43,594
Sberbank of Russia PJSC		52,064		185,661
Severstal PJSC		1,033		16,369
Surgutneftegas PJSC		35,179		13,414
Tatneft PJSC		7,285		83,369
VTB Bank PJSC		14,087,984		7,906
X5 Retail Group NV, GDR		530		15,578

				997,656

Saudi Arabia — 0.4%
Al Rajhi Bank		3,101		56,888
Alinma Bank		2,274		14,613
Almarai Co. JSC		788		10,716
Bank AlBilad*		1,067		6,760
Banque Saudi Fransi		1,474		15,741
Jarir Marketing Co.		225		10,019
National Commercial Bank		3,008		43,712
Riyad Bank		3,024		21,368
Samba Financial Group		2,507		23,396
Saudi Arabian Fertilizer Co.		492		10,416
Saudi Arabian Mining Co.*		1,131		14,400
Saudi Basic Industries Corp.		2,082		62,066
Saudi British Bank		878		9,037
Saudi Electricity Co.		2,882		12,372
Saudi Telecom Co.		1,084		29,077
Savola Group*		735		6,546
Yanbu National Petrochemical Co.		672		11,396

				358,523

Singapore — 0.8%
Ascendas Real Estate Investment Trust REIT		12,200		25,933
BOC Aviation Ltd., 144A		771		6,427
CapitaLand Commercial Trust REIT		13,307		18,696
CapitaLand Ltd.		11,057		25,918
CapitaLand Mall Trust REIT		13,109		22,998


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Singapore (Continued)
City Developments Ltd.		1,800	$	10,771
ComfortDelGro Corp. Ltd.		11,100		19,878
DBS Group Holdings Ltd.		8,700		153,835
Genting Singapore Ltd.		34,700		21,976
Golden Agri-Resources Ltd.		33,093		6,384
Jardine Cycle & Carriage Ltd.		400		9,833
Keppel Corp. Ltd.		7,000		30,727
Oversea-Chinese Banking Corp. Ltd.		15,142		116,511
SATS Ltd.		3,200		11,810
Sembcorp Industries Ltd.		3,900		6,842
Singapore Airlines Ltd.		3,600		23,874
Singapore Exchange Ltd.		3,293		17,691
Singapore Press Holdings Ltd.		11,500		19,589
Singapore Technologies Engineering Ltd.		7,630		21,718
Singapore Telecommunications Ltd.		38,600		89,918
Suntec Real Estate Investment Trust REIT		8,728		11,564
United Overseas Bank Ltd.		6,022		103,019
UOL Group Ltd.		1,900		9,350
Venture Corp. Ltd.		1,500		16,499
Wilmar International Ltd.		7,600		18,202

				819,963

South Africa — 1.5%
Absa Group Ltd.		4,124		47,847
Anglo American Platinum Ltd.		289		14,539
AngloGold Ashanti Ltd.		1,992		26,623
Aspen Pharmacare Holdings Ltd.		2,324		15,626
Bid Corp. Ltd.		1,458		30,461
Bidvest Group Ltd.		1,587		22,564
Capitec Bank Holdings Ltd.		233		21,102
Clicks Group Ltd.		1,118		14,635
Discovery Ltd.		1,309		12,467
Exxaro Resources Ltd.		1,334		15,558
FirstRand Ltd.		16,891		77,577
Fortress REIT Ltd., Class A REIT		3,249		4,450
Foschini Group Ltd.		1,092		13,202
Gold Fields Ltd.		4,672		20,989
Growthpoint Properties Ltd. REIT		13,450		22,336
Investec Ltd.		794		4,671
Investec PLC		4,245		24,746
Kumba Iron Ore Ltd.		125		3,793
Liberty Holdings Ltd.		392		2,930
Life Healthcare Group Holdings Ltd.		7,262		11,542
MMI Holdings Ltd.		4,510		5,805
Mr Price Group Ltd.		1,054		14,266
MTN Group Ltd.		7,886		55,568
MultiChoice Group Ltd.*		2,122		17,757
Naspers Ltd., Class N		2,129		478,763
Nedbank Group Ltd.		1,937		34,848
Netcare Ltd.		4,893		6,248
Old Mutual Ltd.		25,843		37,329
Pick n Pay Stores Ltd. (b)		3,318		16,166
PSG Group Ltd.		613		10,228
Rand Merchant Investment Holdings Ltd.		2,401		5,426
Redefine Properties Ltd. REIT (b)		25,170		15,673
Remgro Ltd.		2,503		31,817
RMB Holdings Ltd.		4,548		25,718


	Number of Shares		Value
South Africa (Continued)
Sanlam Ltd.		10,348	$	54,105
Sappi Ltd.		3,243		12,267
Sasol Ltd.		2,782		70,015
Shoprite Holdings Ltd.		2,484		29,331
SPAR Group Ltd. (b)		744		9,781
Standard Bank Group Ltd.		5,826		79,493
Telkom SA SOC Ltd. (b)		799		5,031
Tiger Brands Ltd.		896		13,532
Truworths International Ltd.		1,895		9,321
Vodacom Group Ltd.		2,756		22,478
Woolworths Holdings Ltd.		4,604		14,460

				1,483,084

South Korea — 3.0%
Amorepacific Corp.		175		26,304
AMOREPACIFIC Group		153		8,325
BGF retail Co. Ltd.		34		5,325
BNK Financial Group, Inc.		1,253		7,260
Celltrion Healthcare Co. Ltd.*		330		15,767
Celltrion Pharm, Inc.*		73		3,132
Celltrion, Inc.*		443		70,678
Cheil Worldwide, Inc.		320		7,094
CJ CheilJedang Corp.		28		6,595
CJ Corp.		92		7,841
CJ ENM Co. Ltd.		75		12,066
CJ Logistics Corp.*		30		4,018
Daelim Industrial Co. Ltd.		137		11,907
Daewoo Engineering & Construction Co. Ltd.*		556		2,243
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		202		5,055
DB Insurance Co. Ltd.		302		15,596
Doosan Bobcat, Inc.		341		9,650
E-MART, Inc.		89		10,762
Fila Korea Ltd.		235		15,392
GS Engineering & Construction Corp.		342		11,530
GS Holdings Corp.		314		13,210
GS Retail Co. Ltd.		176		5,025
Hana Financial Group, Inc.		1,391		42,399
Hankook Tire & Technology Co. Ltd.		370		10,874
Hanmi Pharm. Co. Ltd.		18		6,174
Hanmi Science Co. Ltd.		62		3,587
Hanon Systems		837		8,153
Hanwha Chemical Corp.		647		11,219
Hanwha Corp.		204		4,377
Hanwha Life Insurance Co. Ltd.		1,227		3,307
HDC Hyundai Development Co-Engineering & Construction, Class E		113		4,066
Helixmith Co. Ltd.*		57		9,324
HLB, Inc.*		134		7,899
Hotel Shilla Co. Ltd.		152		12,074
Hyundai Department Store Co. Ltd.		69		4,902
Hyundai Engineering & Construction Co. Ltd.		346		14,934
Hyundai Glovis Co. Ltd.		90		12,281
Hyundai Heavy Industries Co. Ltd.*		196		19,338
Hyundai Heavy Industries Holdings Co. Ltd.		46		12,206


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
South Korea (Continued)
Hyundai Marine & Fire Insurance Co. Ltd.		450	$	11,619
Hyundai Mobis Co. Ltd.		312		56,851
Hyundai Motor Co.		695		78,493
Hyundai Steel Co.		430		14,732
Industrial Bank of Korea		1,123		13,060
Kakao Corp.		236		24,672
Kangwon Land, Inc.		553		14,418
KB Financial Group, Inc.		1,904		70,027
KCC Corp.		18		3,900
Kia Motors Corp.		1,266		41,831
Korea Aerospace Industries Ltd.		362		10,077
Korea Electric Power Corp.*		1,204		26,286
Korea Gas Corp.		117		4,057
Korea Investment Holdings Co. Ltd.		206		12,524
Korea Zinc Co. Ltd.		32		11,742
Korean Air Lines Co. Ltd.		382		10,120
KT&G Corp.		565		47,918
Kumho Petrochemical Co. Ltd.		145		11,664
LG Chem Ltd.		221		61,796
LG Corp.		471		28,990
LG Display Co. Ltd.*		1,066		15,307
LG Electronics, Inc.		477		31,482
LG Household & Health Care Ltd.		49		52,584
LG Innotek Co. Ltd.		88		6,998
LG Uplus Corp.		968		11,339
Lotte Chemical Corp.		94		20,364
Lotte Corp.		188		6,662
Lotte Shopping Co. Ltd.		54		7,255
Medy-Tox, Inc.		18		6,774
Mirae Asset Daewoo Co. Ltd.		3,033		18,999
NAVER Corp.		677		63,385
NCSoft Corp.		85		34,046
Netmarble Corp., 144A*		77		7,403
NH Investment & Securities Co. Ltd.		628		7,119
OCI Co. Ltd.		87		6,597
Orange Life Insurance Ltd., 144A		143		4,359
Orion Corp.		120		8,666
Ottogi Corp.		8		4,776
Pan Ocean Co. Ltd.*		973		3,542
Pearl Abyss Corp.*		18		2,988
POSCO		378		75,384
POSCO Chemical Co. Ltd.		133		6,075
Posco International Corp.		351		5,069
S-1 Corp.		77		6,207
Samsung Biologics Co. Ltd., 144A*		85		21,412
Samsung C&T Corp.		373		28,909
Samsung Card Co. Ltd.		213		6,582
Samsung Electro-Mechanics Co. Ltd.		296		23,662
Samsung Electronics Co. Ltd.		22,938		818,595
Samsung Engineering Co. Ltd.*		680		9,536
Samsung Fire & Marine Insurance Co. Ltd.		149		33,906
Samsung Heavy Industries Co. Ltd.*		2,475		16,314
Samsung Life Insurance Co. Ltd.		335		22,729
Samsung SDI Co. Ltd.		278		51,006
Samsung SDS Co. Ltd.		164		28,506
Samsung Securities Co. Ltd.		383		11,369


	Number of Shares		Value
South Korea (Continued)
Shinhan Financial Group Co. Ltd.		2,080	$	77,635
Shinsegae Inc.		19		4,754
SillaJen, Inc.*		379		17,504
SK Holdings Co. Ltd.		153		29,742
SK Hynix, Inc.		2,626		143,990
SK Innovation Co. Ltd.		307		42,535
SK Telecom Co. Ltd.		77		16,197
S-Oil Corp.		231		16,197
Woongjin Coway Co. Ltd.		343		23,070
Woori Financial Group, Inc.		2,333		27,230
Yuhan Corp.		38		7,897

				2,909,323

Spain — 2.0%
ACS Actividades de Construccion y Servicios SA		1,262		52,023
Aena SME SA, 144A		312		57,476
Amadeus IT Group SA		2,157		164,727
Banco Bilbao Vizcaya Argentaria SA		32,264		175,444
Banco de Sabadell SA		30,378		33,706
Banco Santander SA		78,693		347,430
Bankia SA		4,763		12,047
Bankinter SA		3,205		23,194
CaixaBank SA		16,894		52,052
Cellnex Telecom SA, 144A*		1,011		35,521
Enagas SA		1,063		29,095
Endesa SA		1,511		37,660
Ferrovial SA*		32		765
Ferrovial SA		2,250		53,766
Grifols SA		1,472		37,790
Iberdrola SA		28,826		267,737
Industria de Diseno Textil SA		5,347		143,661
Mapfre SA		3,292		9,665
Naturgy Energy Group SA		1,517		43,266
Red Electrica Corp. SA		1,969		41,860
Repsol SA		6,449		104,178
Siemens Gamesa Renewable Energy SA		1,142		17,797
Telefonica SA		22,249		178,414

				1,919,274

Sweden — 1.5%
Alfa Laval AB		1,262		25,935
Assa Abloy AB, Class B		4,693		91,620
Atlas Copco AB, Class A		3,156		85,135
Atlas Copco AB, Class B		1,922		46,660
Boliden AB		1,392		31,739
Boliden AB*		1,392		622
Electrolux AB, Series B		1,214		26,401
Epiroc AB, Class A		3,063		28,562
Epiroc AB, Class B		2,244		20,343
Essity AB, Class B		3,019		88,631
Hennes & Mauritz AB, Class B (b)		3,907		58,483
Hexagon AB, Class B		1,291		60,056
Husqvarna AB, Class B (b)		1,995		16,681
ICA Gruppen AB (b)		359		14,316
Industrivarden AB, Class C		805		16,267
Investor AB, Class B		2,127		91,996
Kinnevik AB, Class B		1,099		28,036


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Sweden (Continued)
L E Lundbergforetagen AB, Class B		374	$	12,301
Lundin Petroleum AB		901		24,580
Sandvik AB		5,605		86,588
Securitas AB, Class B		1,486		24,632
Skandinaviska Enskilda Banken AB, Class A		7,936		70,489
Skanska AB, Class B		1,638		26,850
SKF AB, Class B		1,762		27,397
Svenska Handelsbanken AB, Class A		6,945		68,466
Swedbank AB, Class A		4,272		61,200
Swedish Match AB		899		40,674
Tele2 AB, Class B		2,416		33,389
Telefonaktiebolaget LM Ericsson, Class B		14,303		137,928
Telia Co. AB		12,323		51,623
Volvo AB, Class B		7,055		98,726

				1,496,326

Switzerland — 6.3%
ABB Ltd.		8,707		159,791
Adecco Group AG		789		42,537
Alcon, Inc.*		2,082		121,083
Baloise Holding AG		224		37,272
Barry Callebaut AG		11		21,610
Chocoladefabriken Lindt & Spruengli AG		1		74,906
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		6		39,311
Cie Financiere Richemont SA		2,562		188,686
Clariant AG*		1,066		19,425
Coca-Cola HBC AG*		1,059		38,184
Credit Suisse Group AG*		12,368		140,696
Dufry AG*		161		13,189
EMS-Chemie Holding AG		39		23,371
Geberit AG		168		74,147
Givaudan SA		44		116,498
Glencore PLC*		54,781		176,363
Julius Baer Group Ltd.*		1,086		43,028
Kuehne + Nagel International AG		273		36,305
LafargeHolcim Ltd.*		2,365		113,544
Lonza Group AG*		367		113,041
Nestle SA		14,883		1,479,753
Novartis AG		10,550		907,221
Pargesa Holding SA		219		16,219
Partners Group Holding AG		84		58,978
Roche Holding AG		3,377		887,379
Schindler Holding AG		89		18,293
Schindler Holding AG Participation Certificates		203		42,820
SGS SA		25		63,296
Sika AG		628		93,392
Sonova Holding AG		288		64,173
STMicroelectronics NV		3,448		52,752
Straumann Holding AG		48		39,522
Swatch Group AG — Bearer		156		39,216
Swatch Group AG — Registered		212		10,240
Swiss Life Holding AG		161		73,276
Swiss Prime Site AG*		444		36,185
Swiss Re AG		1,487		141,089


	Number of Shares		Value
Switzerland (Continued)
Swisscom AG		132	$	63,228
Temenos AG*		308		53,648
UBS Group AG*		18,652		215,162
Vifor Pharma AG		207		28,613
Zurich Insurance Group AG		714		231,618

				6,209,060

Taiwan — 2.8%
Acer, Inc.*		17,300		10,425
Advantech Co. Ltd.		1,525		12,784
Airtac International Group		1,110		11,447
ASE Technology Holding Co. Ltd.*		15,527		29,372
Asia Cement Corp.		10,572		15,082
Asustek Computer, Inc.		3,170		21,760
AU Optronics Corp.		46,038		13,544
Catcher Technology Co. Ltd.		3,107		18,870
Cathay Financial Holding Co. Ltd.		35,929		46,371
Chailease Holding Co. Ltd.		4,918		18,124
Chang Hwa Commercial Bank Ltd.		19,828		12,513
Cheng Shin Rubber Industry Co. Ltd.		9,594		12,170
Chicony Electronics Co. Ltd.		2,237		5,300
China Development Financial Holding Corp.		86,713		25,510
China Life Insurance Co. Ltd.		7,422		5,729
China Steel Corp.		58,650		45,083
Chunghwa Telecom Co. Ltd.		20,001		71,178
Compal Electronics, Inc.		22,036		13,697
CTBC Financial Holding Co. Ltd.		89,804		59,514
Delta Electronics, Inc.		9,548		43,040
E.Sun Financial Holding Co. Ltd.		50,326		43,620
Eclat Textile Co. Ltd.		1,246		16,180
Eva Airways Corp.		10,019		4,770
Far Eastern New Century Corp.		15,056		15,622
Far EasTone Telecommunications Co. Ltd.		9,250		22,969
Feng TAY Enterprise Co. Ltd.		1,944		14,697
First Financial Holding Co. Ltd.		51,358		36,716
Formosa Chemicals & Fibre Corp.		16,897		57,459
Formosa Petrochemical Corp.		6,988		25,642
Formosa Plastics Corp.		19,519		68,228
Foxconn Technology Co. Ltd.		4,226		8,221
Fubon Financial Holding Co. Ltd.		27,637		37,811
Giant Manufacturing Co. Ltd.		1,876		13,323
Globalwafers Co. Ltd.		1,575		15,196
Hiwin Technologies Corp.		922		6,956
Hon Hai Precision Industry Co. Ltd.		59,523		139,146
Hotai Motor Co. Ltd.		1,460		23,369
Hua Nan Financial Holdings Co. Ltd.		43,866		29,070
Innolux Corp.		46,230		10,953
Inventec Corp.		13,870		10,442
Largan Precision Co. Ltd.		521		62,133
Lite-On Technology Corp.		9,228		13,165
MediaTek, Inc.		6,587		64,802
Mega Financial Holding Co. Ltd.		53,838		52,795
Micro-Star International Co. Ltd.		1,704		4,452
Nan Ya Plastics Corp.		23,301		57,861
Nanya Technology Corp.		6,135		11,955
Nien Made Enterprise Co. Ltd.		661		4,820


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Taiwan (Continued)
Novatek Microelectronics Corp.		2,585	$	13,697
Pegatron Corp.		10,138		16,516
Phison Electronics Corp.		756		6,840
Pou Chen Corp.		11,351		12,873
Powertech Technology, Inc.		1,605		3,772
President Chain Store Corp.		2,564		24,413
Quanta Computer, Inc.		12,507		23,303
Realtek Semiconductor Corp.		1,613		10,205
Ruentex Development Co. Ltd.		2,518		3,258
Shanghai Commercial & Savings Bank Ltd.		17,543		32,242
Shin Kong Financial Holding Co. Ltd.		37,374		10,380
SinoPac Financial Holdings Co. Ltd.		52,678		20,413
Standard Foods Corp.		2,737		5,247
Synnex Technology International Corp.		7,783		9,417
TaiMed Biologics, Inc.*		589		2,590
Taishin Financial Holding Co. Ltd.		45,707		20,386
Taiwan Business Bank		18,691		7,657
Taiwan Cement Corp.		22,760		30,887
Taiwan Cooperative Financial Holding Co. Ltd.		51,393		33,408
Taiwan High Speed Rail Corp.		9,687		13,330
Taiwan Mobile Co. Ltd.		9,294		34,692
Taiwan Semiconductor Manufacturing Co. Ltd.		119,452		889,868
Tatung Co. Ltd.*		8,754		6,023
Uni-President Enterprises Corp.		23,439		60,280
United Microelectronics Corp.		69,578		28,392
Vanguard International Semiconductor Corp.		4,827		9,207
Walsin Technology Corp.		2,110		10,613
Win Semiconductors Corp.		2,249		12,414
Winbond Electronics Corp.		12,821		5,779
Wistron Corp.		8,893		6,329
WPG Holdings Ltd.		10,759		13,443
Yageo Corp.		1,914		15,802
Yuanta Financial Holding Co. Ltd.		46,485		26,101
Zhen Ding Technology Holding Ltd.		2,151		6,301

				2,789,964

Thailand — 0.7%
Advanced Info Service PCL, NVDR		5,700		34,761
Airports of Thailand PCL, NVDR		24,700		49,755
Bangkok Bank PCL, NVDR		1,800		11,176
Bangkok Dusit Medical Services PCL, NVDR		47,200		38,031
Bangkok Expressway & Metro PCL, NVDR		51,600		18,424
Berli Jucker PCL, NVDR		5,800		8,201
BTS Group Holdings PCL, NVDR		37,100		13,364
Central Pattana PCL, NVDR		12,700		28,592
Charoen Pokphand Foods PCL, NVDR		11,900		10,435
CP ALL PCL, NVDR		29,400		74,086
Electricity Generating PCL, NVDR		1,600		15,015
Energy Absolute PCL, NVDR		7,900		13,417
Home Product Center PCL, NVDR		24,000		12,816
Indorama Ventures PCL, NVDR		14,300		20,785
Intouch Holdings PCL, NVDR		11,700		21,350


	Number of Shares		Value
Thailand (Continued)
IRPC PCL, NVDR		108,002	$	16,176
Kasikornbank PCL, NVDR		9,700		57,163
Krung Thai Bank PCL, NVDR		20,800		12,553
Land & Houses PCL, NVDR		42,500		14,235
Minor International PCL, NVDR		14,000		17,142
PTT Exploration & Production PCL, NVDR		6,900		27,362
PTT Global Chemical PCL, NVDR		14,400		27,642
PTT PCL, NVDR		55,600		81,255
Robinson PCL, NVDR		700		1,206
Siam Cement PCL		700		9,998
Siam Cement PCL, NVDR		2,800		39,991
Siam Commercial Bank PCL, NVDR		5,900		24,143
Thai Oil PCL, NVDR		8,500		15,914
True Corp. PCL, NVDR		20,700		3,218

				718,206

Turkey — 0.1%
Akbank T.A.S.*		13,374		13,729
Anadolu Efes Biracilik Ve Malt Sanayii AS		659		2,178
Arcelik AS*		1,369		4,094
Aselsan Elektronik Sanayi Ve Ticaret AS		954		2,994
BIM Birlesik Magazalar AS		990		13,544
Eregli Demir ve Celik Fabrikalari TAS		6,773		8,429
Ford Otomotiv Sanayi AS		232		2,192
Haci Omer Sabanci Holding AS		5,903		7,853
KOC Holding AS		4,017		11,192
TAV Havalimanlari Holding AS		1,486		6,489
Tupras Turkiye Petrol Rafinerileri AS		817		18,372
Turk Hava Yollari AO*		2,513		5,388
Turkcell Iletisim Hizmetleri AS		4,654		9,299
Turkiye Garanti Bankasi AS*		11,093		15,100
Turkiye Is Bankasi AS, Class C*		8,169		7,180
Turkiye Sise ve Cam Fabrikalari AS		8,113		7,242

				135,275

United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		13,268		32,438
Aldar Properties PJSC		32,065		15,888
DP World PLC		840		14,372
Dubai Islamic Bank PJSC		2,155		2,957
Emaar Malls PJSC		13,754		7,265
Emaar Properties PJSC		14,089		17,146
Emirates Telecommunications Group Co. PJSC		8,325		36,945
First Abu Dhabi Bank PJSC		13,181		53,327
NMC Health PLC		456		12,989

				193,327

United Kingdom — 10.0%
3i Group PLC		4,584		60,909
Admiral Group PLC		749		19,526
Amcor PLC, Class CDI		5,317		60,785
Anglo American PLC		5,097		122,112
Ashtead Group PLC		2,525		59,535
Associated British Foods PLC		1,692		52,793
AstraZeneca PLC		6,172		455,148
Auto Trader Group PLC, 144A		4,410		33,419
Aviva PLC		17,826		91,183


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
United Kingdom (Continued)
BAE Systems PLC		15,453	$	88,383
Barclays PLC		82,799		156,328
Barratt Developments PLC		4,919		34,701
Berkeley Group Holdings PLC		606		26,784
BP PLC		98,714		674,043
British American Tobacco PLC		11,297		394,191
British Land Co. PLC REIT		4,565		30,819
BT Group PLC		40,808		99,964
Bunzl PLC		1,642		43,905
Burberry Group PLC		2,009		43,051
Centrica PLC		27,301		32,279
CNH Industrial NV		5,303		46,198
Coca-Cola European Partners PLC		1,096		60,718
Compass Group PLC		7,663		173,463
Croda International PLC		583		37,369
Diageo PLC		11,909		500,687
Direct Line Insurance Group PLC		7,127		28,518
easyJet PLC		958		10,552
Experian PLC		4,503		135,890
Ferguson PLC		1,055		68,343
Fiat Chrysler Automobiles NV		5,229		66,816
G4S PLC		7,784		20,597
GlaxoSmithKline PLC		24,179		466,780
Halma PLC		1,967		45,160
Hargreaves Lansdown PLC		1,365		39,105
HSBC Holdings PLC		97,035		791,389
Imperial Brands PLC		4,565		110,521
Informa PLC		5,861		57,544
InterContinental Hotels Group PLC		854		55,117
Intertek Group PLC		737		49,346
ITV PLC		17,830		24,176
J Sainsbury PLC		8,365		21,162
John Wood Group PLC		3,076		15,213
Johnson Matthey PLC		877		34,305
Kingfisher PLC		11,019		29,798
Land Securities Group PLC REIT		3,369		35,292
Legal & General Group PLC		27,781		90,124
Lloyds Banking Group PLC		342,179		247,708
London Stock Exchange Group PLC		1,461		97,599
Marks & Spencer Group PLC		7,444		21,194
Meggitt PLC		3,916		24,289
Melrose Industries PLC		23,068		47,814
Merlin Entertainments PLC, 144A		2,903		13,913
Micro Focus International PLC		1,799		43,596
Mondi Ltd.		605		12,442
Mondi PLC		1,656		34,335
National Grid PLC (b)		16,439		164,768
Next PLC		687		50,045
Ocado Group PLC*		2,154		32,529
Pearson PLC		3,911		38,913
Persimmon PLC		1,479		36,780
Prudential PLC		12,745		254,181
Reckitt Benckiser Group PLC		3,430		275,274
RELX PLC		9,298		216,587
Rentokil Initial PLC		8,778		41,616
Rio Tinto Ltd.		1,844		128,302
Rio Tinto PLC		5,504		315,670


	Number of Shares		Value
United Kingdom (Continued)
Rolls-Royce Holdings PLC*		7,940	$	86,328
Rolls-Royce Holdings PLC — Entitlement*		563,740		713
Royal Bank of Scotland Group PLC		21,828		58,973
RSA Insurance Group PLC		4,649		32,479
Sage Group PLC		5,134		48,485
Schroders PLC		567		20,924
Segro PLC REIT		5,965		52,608
Severn Trent PLC		1,242		31,247
Smith & Nephew PLC		4,177		87,872
Smiths Group PLC		2,007		36,551
Spirax-Sarco Engineering PLC		343		36,252
SSE PLC		5,501		75,006
St James’s Place PLC		2,634		34,849
Standard Chartered PLC		14,293		124,141
Standard Life Aberdeen PLC		11,999		40,549
Taylor Wimpey PLC		15,641		32,677
Tesco PLC		47,372		135,592
Unilever NV		7,162		432,058
Unilever PLC		5,329		325,879
United Utilities Group PLC		3,253		32,794
Vodafone Group PLC		129,267		211,506
Weir Group PLC		1,180		21,930
Whitbread PLC		883		51,686
Wm Morrison Supermarkets PLC		9,836		24,479
WPP PLC		5,716		68,016

				9,795,190

United States (e) — 0.1%
Bausch Health Cos., Inc.*		1,521		31,577
Carnival PLC		897		44,341
Nexteer Automotive Group Ltd.		3,981		4,875

				80,793

TOTAL COMMON STOCKS (Cost $95,887,493)				94,890,631

PREFERRED STOCKS — 1.3%

Brazil — 0.7%
Banco Bradesco SA		20,209		190,556
Braskem SA, Class A*		896		9,768
Centrais Eletricas Brasileiras SA, Class B		1,629		14,808
Cia Brasileira de Distribuicao		602		13,380
Cia Energetica de Minas Gerais		5,128		19,289
Gerdau SA		4,941		17,465
Itau Unibanco Holding SA		23,447		209,138
Itausa — Investimentos Itau SA		20,842		65,809
Lojas Americanas SA		2,823		11,612
Petroleo Brasileiro SA		20,222		131,671
Telefonica Brasil SA		1,890		23,144

				706,640

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B		457		13,785

Colombia — 0.1%
Bancolombia SA		2,635		30,812
Grupo Aval Acciones y Valores SA		18,630		6,480
Grupo de Inversiones Suramericana SA		15		134

				37,426


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Germany — 0.3%
Bayerische Motoren Werke AG		177	$	10,480
FUCHS PETROLUB SE		370		14,442
Henkel AG & Co. KGaA		809		73,911
Porsche Automobil Holding SE*		753		46,923
Sartorius AG		159		30,197
Volkswagen AG		905		141,038

				316,991

Russia — 0.0%
Surgutneftegas PJSC		34,136		21,119
Transneft PJSC		3		7,400

				28,519

South Korea — 0.2%
Amorepacific Corp.		58		4,851
CJ Corp.*(d)		13		82
Hyundai Motor Co.		118		7,768
Hyundai Motor Co. — 2nd Preferred		171		12,306
LG Chem Ltd.		27		4,398
Samsung Electronics Co. Ltd.		4,138		120,919

				150,324

TOTAL PREFERRED STOCKS (Cost $1,009,050)				1,253,685


	Number of Shares		Value
RIGHTS — 0.0%

China — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (d)		271	$	0

United Kingdom — 0.0%
Marks & Spencer Group PLC*, expires 6/12/19		1,488		734

TOTAL RIGHTS (Cost $0)				734

SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (f)(g) (Cost $1,641,117)		1,641,117		1,641,117

CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 2.35% (f) (Cost $856,243)		856,243		856,243


TOTAL INVESTMENTS — 100.2% (Cost $99,393,903)			$	98,642,410
Other assets and liabilities, net — (0.2%)				(183,729	)

NET ASSETS — 100.0%			$	98,458,681

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 0.0%
Germany — 0.0%
Deutsche Bank AG (c)
		123,481		52,141		(68,297	)		(79,497	)		36,467		1,441		—		9,455		64,295


SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (f)(g)
		3,240,329		—		(1,599,212	)(h)		—			—		25,722		—		1,641,117		1,641,117


CASH EQUIVALENTS — 0.9%
DWS ESG Liquidity Fund “Capital Shares”, 2.56%, (f)
		—		3,541,613		(3,541,613	)		—			—		35,401		—		—		—


DWS ESG Liquidity Fund “Institutional Shares”, 2.56%, (f)
		—		3,504,188		(3,504,188	)		—			—		6,212		—		—		—


DWS Government Money Market Series “Institutional Shares”, 2.35% (f)
		—		21,185,309		(20,329,066	)		—			—		25,424		—		856,243		856,243

		3,363,810		28,283,251		(29,042,376	)		(79,497	)		36,467		94,200		—		2,506,815		2,561,655


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019

*	Non-income producing security.

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

(b)	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, 2019 amounted to $2,053,091, which is 2.1% of net assets.

(c)	Affiliated issuer. This security is owned in proportion with its representation in the index.

(d)	Investment was valued using significant unobservable inputs.

(e)	Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

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

(g)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $670,099.

(h)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

SDR:

Swedish Depositary Receipt

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
MINI S&P/TSX 60 Futures		CAD		4	$	142,951	$	142,202		6/20/2019	$	42
MSCI EAFE Futures		USD		19		1,771,035		1,727,005		6/21/2019		(44,030	)
MSCI Emerging Markets Index Futures		USD		10		519,300		500,100		6/21/2019		(19,200	)
SGX NIFTY 50 Futures		USD		3		71,658		71,550		6/27/2019		(108	)

Total net unrealized depreciation											$	(63,296	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	AUD	177,000	USD	124,677	$	1,873	$	—
JP Morgan & Chase Co.	6/5/2019	AUD	5,066,000	USD	3,568,516		53,686		—
RBC Capital Markets	6/5/2019	AUD	1,718,300	USD	1,210,408		18,238		—
Goldman Sachs & Co.	6/5/2019	BRL	5,539,600	USD	1,398,500		—		(12,586	)
JP Morgan & Chase Co.	6/5/2019	BRL	1,846,900	USD	466,684		—		(3,772	)
Goldman Sachs & Co.	6/5/2019	CAD	5,692,100	USD	4,234,689		22,754		—
JP Morgan & Chase Co.	6/5/2019	CAD	1,465,000	USD	1,089,994		5,950		—
JP Morgan & Chase Co.	6/5/2019	CAD	172,000	USD	127,969		696		—
RBC Capital Markets	6/5/2019	CAD	2,020,300	USD	1,502,959		8,015		—
Goldman Sachs & Co.	6/5/2019	CHF	4,470,900	USD	4,401,194		—		(66,354	)
JP Morgan & Chase Co.	6/5/2019	CHF	549,600	USD	541,079		—		(8,109	)
JP Morgan & Chase Co.	6/5/2019	CHF	193,000	USD	190,006		—		(2,849	)
RBC Capital Markets	6/5/2019	CHF	1,010,100	USD	994,136		—		(15,206	)
Goldman Sachs & Co.	6/5/2019	CLP	159,063,400	USD	234,048		9,886		—
JP Morgan & Chase Co.	6/5/2019	CLP	13,480,400	USD	19,833		835		—
JP Morgan & Chase Co.	6/5/2019	CNH	2,276,000	USD	328,939		705		—


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	CNH	329,000	USD	48,804	$	1,357	$	—
JP Morgan & Chase Co.	6/5/2019	CNH	410,400	USD	60,880		1,694		—
Goldman Sachs & Co.	6/5/2019	CZK	1,161,500	USD	50,799		575		—
Goldman Sachs & Co.	6/5/2019	EUR	3,676,800	USD	4,132,179		22,817		—
JP Morgan & Chase Co.	6/5/2019	EUR	11,674,000	USD	13,120,058		72,656		—
RBC Capital Markets	6/5/2019	EUR	3,559,600	USD	3,999,478		21,104		—
RBC Capital Markets	6/5/2019	EUR	1,081,000	USD	1,214,892		6,716		—
Goldman Sachs & Co.	6/5/2019	GBP	1,247,800	USD	1,629,627		51,667		—
JP Morgan & Chase Co.	6/5/2019	GBP	6,473,200	USD	8,453,993		268,027		—
RBC Capital Markets	6/5/2019	GBP	1,168,000	USD	1,524,970		47,925		—
RBC Capital Markets	6/5/2019	GBP	303,000	USD	395,706		12,535		—
Goldman Sachs & Co.	6/5/2019	HKD	23,714,900	USD	3,024,069		—		(1,087	)
JP Morgan & Chase Co.	6/5/2019	HKD	2,584,000	USD	329,519		—		(105	)
JP Morgan & Chase Co.	6/5/2019	HKD	46,342,700	USD	5,909,794		—		(1,843	)
Goldman Sachs & Co.	6/5/2019	HUF	5,831,900	USD	20,230		176		—
JP Morgan & Chase Co.	6/5/2019	HUF	16,042,500	USD	55,646		481		—
Goldman Sachs & Co.	6/5/2019	ILS	708,300	USD	197,133		1,680		—
Goldman Sachs & Co.	6/5/2019	JPY	224,243,700	USD	2,017,850		—		(52,358	)
JP Morgan & Chase Co.	6/5/2019	JPY	296,646,800	USD	2,669,336		—		(69,295	)
RBC Capital Markets	6/5/2019	JPY	45,659,000	USD	410,859		—		(10,663	)
RBC Capital Markets	6/5/2019	JPY	227,739,500	USD	2,049,322		—		(53,160	)
The Bank of New York Mellon	6/5/2019	JPY	1,050,482,300	USD	9,452,904		—		(245,105	)
Goldman Sachs & Co.	6/5/2019	KRW	1,170,468,200	USD	1,006,248		23,219		—
JP Morgan & Chase Co.	6/5/2019	KRW	69,356,000	USD	59,487		1,237		—
JP Morgan & Chase Co.	6/5/2019	KRW	2,863,684,000	USD	2,454,895		49,801		—
Goldman Sachs & Co.	6/5/2019	MXN	2,305,000	USD	120,523		3,020		—
JP Morgan & Chase Co.	6/5/2019	MXN	968,700	USD	50,651		1,269		—
The Bank of New York Mellon	6/5/2019	MXN	9,408,000	USD	491,898		12,302		—
Goldman Sachs & Co.	6/5/2019	NOK	1,882,200	USD	217,945		2,836		—
JP Morgan & Chase Co.	6/5/2019	NOK	276,700	USD	32,041		418		—
The Bank of New York Mellon	6/5/2019	NOK	2,007,700	USD	232,469		3,018		—
Goldman Sachs & Co.	6/5/2019	NZD	256,100	USD	170,894		3,334		—
JP Morgan & Chase Co.	6/5/2019	NZD	13,300	USD	8,875		173		—
Goldman Sachs & Co.	6/5/2019	PLN	29,500	USD	7,713		15		—
JP Morgan & Chase Co.	6/5/2019	PLN	54,900	USD	14,357		31		—
The Bank of Nova Scotia	6/5/2019	PLN	1,270,000	USD	332,033		627		—
Goldman Sachs & Co.	6/5/2019	RUB	50,361,400	USD	776,403		6,995		—
JP Morgan & Chase Co.	6/5/2019	RUB	4,926,000	USD	75,920		662		—
JP Morgan & Chase Co.	6/5/2019	RUB	10,926,000	USD	168,443		1,518		—
JP Morgan & Chase Co.	6/5/2019	SEK	3,301,200	USD	348,174		43		—
JP Morgan & Chase Co.	6/5/2019	SEK	1,400,000	USD	147,653		14		—
The Bank of Nova Scotia	6/5/2019	SEK	14,088,900	USD	1,485,419		—		(339	)
Goldman Sachs & Co.	6/5/2019	THB	1,765,000	USD	55,173		—		(604	)
Goldman Sachs & Co.	6/5/2019	THB	17,851,900	USD	558,134		—		(6,022	)
Goldman Sachs & Co.	6/5/2019	TWD	80,622,700	USD	2,609,571		58,515		—
JP Morgan & Chase Co.	6/5/2019	TWD	9,815,600	USD	317,328		6,744		—
JP Morgan & Chase Co.	6/5/2019	TWD	5,367,000	USD	173,622		3,800		—
JP Morgan & Chase Co.	6/5/2019	USD	3,632,712	AUD	5,243,000		4,922		—
RBC Capital Markets	6/5/2019	USD	1,190,562	AUD	1,718,300		1,608		—
Goldman Sachs & Co.	6/5/2019	USD	1,414,860	BRL	5,539,600		—		(3,774	)
JP Morgan & Chase Co.	6/5/2019	USD	470,632	BRL	1,846,900		—		(176	)
Goldman Sachs & Co.	6/5/2019	USD	4,210,653	CAD	5,692,100		1,282		—
JP Morgan & Chase Co.	6/5/2019	USD	1,210,946	CAD	1,637,000		371		—
RBC Capital Markets	6/5/2019	USD	1,494,415	CAD	2,020,300		529		—
Goldman Sachs & Co.	6/5/2019	USD	4,445,332	CHF	4,470,900		22,215		—
JP Morgan & Chase Co.	6/5/2019	USD	738,350	CHF	742,600		3,693		—
RBC Capital Markets	6/5/2019	USD	1,004,225	CHF	1,010,100		5,117		—
Goldman Sachs & Co.	6/5/2019	USD	225,001	CLP	159,063,400		—		(839	)


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	USD	19,075	CLP	13,480,400	$	—	$	(78	)
JP Morgan & Chase Co.	6/5/2019	USD	434,939	CNH	3,015,400		—		(72	)
Goldman Sachs & Co.	6/5/2019	USD	50,106	CZK	1,161,500		118		—
Goldman Sachs & Co.	6/5/2019	USD	4,097,591	EUR	3,676,800		11,771		—
JP Morgan & Chase Co.	6/5/2019	USD	13,009,984	EUR	11,674,000		37,418		—
RBC Capital Markets	6/5/2019	USD	5,171,253	EUR	4,640,600		15,297		—
Goldman Sachs & Co.	6/5/2019	USD	1,572,809	GBP	1,247,800		5,151		—
JP Morgan & Chase Co.	6/5/2019	USD	8,159,223	GBP	6,473,200		26,743		—
RBC Capital Markets	6/5/2019	USD	1,854,048	GBP	1,471,000		6,168		—
Goldman Sachs & Co.	6/5/2019	USD	3,024,702	HKD	23,714,900		454		—
JP Morgan & Chase Co.	6/5/2019	USD	6,240,330	HKD	48,926,700		931		—
Goldman Sachs & Co.	6/5/2019	USD	20,005	HUF	5,831,900		48		—
JP Morgan & Chase Co.	6/5/2019	USD	55,028	HUF	16,042,500		136		—
Goldman Sachs & Co.	6/5/2019	USD	195,233	ILS	708,300		221		—
Goldman Sachs & Co.	6/5/2019	USD	2,065,500	JPY	224,243,700		4,709		—
JP Morgan & Chase Co.	6/5/2019	USD	2,732,392	JPY	296,646,800		6,239		—
RBC Capital Markets	6/5/2019	USD	2,518,061	JPY	273,398,500		5,942		—
The Bank of New York Mellon	6/5/2019	USD	9,675,979	JPY	1,050,482,300		22,030		—
Goldman Sachs & Co.	6/5/2019	USD	982,761	KRW	1,170,468,200		269		—
JP Morgan & Chase Co.	6/5/2019	USD	2,464,180	KRW	2,933,040,000		—		(837	)
Goldman Sachs & Co.	6/5/2019	USD	117,512	MXN	2,305,000		—		(9	)
JP Morgan & Chase Co.	6/5/2019	USD	49,386	MXN	968,700		—		(4	)
The Bank of New York Mellon	6/5/2019	USD	479,643	MXN	9,408,000		—		(47	)
Goldman Sachs & Co.	6/5/2019	USD	215,027	NOK	1,882,200		82		—
JP Morgan & Chase Co.	6/5/2019	USD	31,611	NOK	276,700		12		—
The Bank of New York Mellon	6/5/2019	USD	229,363	NOK	2,007,700		88		—
Goldman Sachs & Co.	6/5/2019	USD	166,939	NZD	256,100		622		—
JP Morgan & Chase Co.	6/5/2019	USD	8,670	NZD	13,300		32		—
Goldman Sachs & Co.	6/5/2019	USD	7,680	PLN	29,500		18		—
JP Morgan & Chase Co.	6/5/2019	USD	14,291	PLN	54,900		35		—
The Bank of Nova Scotia	6/5/2019	USD	330,606	PLN	1,270,000		800		—
Goldman Sachs & Co.	6/5/2019	USD	772,857	RUB	50,361,400		—		(3,449	)
JP Morgan & Chase Co.	6/5/2019	USD	243,265	RUB	15,852,000		—		(1,082	)
JP Morgan & Chase Co.	6/5/2019	USD	494,006	SEK	4,701,200		1,764		—
The Bank of Nova Scotia	6/5/2019	USD	1,480,512	SEK	14,088,900		5,246		—
Goldman Sachs & Co.	6/5/2019	USD	621,083	THB	19,616,900		—		(1,150	)
Goldman Sachs & Co.	6/5/2019	USD	2,551,351	TWD	80,622,700		—		(295	)
JP Morgan & Chase Co.	6/5/2019	USD	480,462	TWD	15,182,600		—		(56	)
Goldman Sachs & Co.	6/5/2019	USD	1,283,326	ZAR	18,684,400		—		(1,424	)
JP Morgan & Chase Co.	6/5/2019	USD	402,559	ZAR	5,861,000		—		(447	)
Goldman Sachs & Co.	6/5/2019	ZAR	18,684,400	USD	1,298,181		16,279		—
JP Morgan & Chase Co.	6/5/2019	ZAR	3,954,000	USD	274,726		3,449		—
JP Morgan & Chase Co.	6/5/2019	ZAR	1,907,000	USD	132,496		1,660		—
Goldman Sachs & Co.	6/6/2019	COP	332,003,700	USD	102,434		4,188		—
JP Morgan & Chase Co.	6/6/2019	COP	23,380,500	USD	7,216		297		—
Goldman Sachs & Co.	6/6/2019	DKK	6,783,300	USD	1,021,512		6,188		—
JP Morgan & Chase Co.	6/6/2019	DKK	1,351,000	USD	203,432		1,215		—
Goldman Sachs & Co.	6/6/2019	INR	4,242,700	USD	60,498		—		(340	)
JP Morgan & Chase Co.	6/6/2019	INR	224,500	USD	3,206		—		(13	)
JP Morgan & Chase Co.	6/6/2019	INR	164,937,000	USD	2,352,680		—		(12,428	)
Goldman Sachs & Co.	6/6/2019	PHP	13,280,600	USD	254,466		—		(23	)
JP Morgan & Chase Co.	6/6/2019	PHP	561,200	USD	10,747		—		(7	)
Goldman Sachs & Co.	6/6/2019	SGD	212,300	USD	156,036		1,477		—
JP Morgan & Chase Co.	6/6/2019	SGD	1,005,900	USD	739,351		7,034		—
JP Morgan & Chase Co.	6/6/2019	SGD	101,000	USD	74,238		708		—
Goldman Sachs & Co.	6/6/2019	USD	98,484	COP	332,003,700		—		(238	)
JP Morgan & Chase Co.	6/6/2019	USD	6,944	COP	23,380,500		—		(25	)
Goldman Sachs & Co.	6/6/2019	USD	1,012,445	DKK	6,783,300		2,878		—


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/6/2019	USD	201,639	DKK	1,351,000	$	578	$	—
Goldman Sachs & Co.	6/6/2019	USD	60,784	INR	4,242,700		54		—
JP Morgan & Chase Co.	6/6/2019	USD	2,366,617	INR	165,161,500		1,710		—
Goldman Sachs & Co.	6/6/2019	USD	254,320	PHP	13,280,600		169		—
JP Morgan & Chase Co.	6/6/2019	USD	10,757	PHP	561,200		—		(3	)
Goldman Sachs & Co.	6/6/2019	USD	154,251	SGD	212,300		308		—
JP Morgan & Chase Co.	6/6/2019	USD	804,243	SGD	1,106,900		1,604		—
JP Morgan & Chase Co.	6/10/2019	TRY	911,400	USD	148,984		—		(6,547	)
JP Morgan & Chase Co.	6/10/2019	USD	155,549	TRY	911,400		—		(18	)
Goldman Sachs & Co.	6/12/2019	AED	520,700	USD	141,749		—		(13	)
Goldman Sachs & Co.	6/12/2019	AED	149,000	USD	40,556		—		(9	)
Goldman Sachs & Co.	6/12/2019	EGP	632,000	USD	36,332		—		(1,321	)
Goldman Sachs & Co.	6/12/2019	IDR	1,679,087,700	USD	117,132		—		(325	)
JP Morgan & Chase Co.	6/12/2019	IDR	6,459,100,900	USD	449,955		—		(1,879	)
Goldman Sachs & Co.	6/12/2019	MYR	2,370,900	USD	571,908		6,236		—
Goldman Sachs & Co.	6/12/2019	QAR	858,700	USD	234,707		—		(1,144	)
Goldman Sachs & Co.	6/12/2019	USD	182,331	AED	669,700		—		(4	)
Goldman Sachs & Co.	6/12/2019	USD	37,619	EGP	632,000		34		—
Goldman Sachs & Co.	6/12/2019	USD	117,419	IDR	1,679,087,700		39		—
JP Morgan & Chase Co.	6/12/2019	USD	452,033	IDR	6,459,100,900		—		(200	)
Goldman Sachs & Co.	6/12/2019	USD	565,847	MYR	2,370,900		—		(175	)
Goldman Sachs & Co.	6/12/2019	USD	234,874	QAR	858,700		977		—
Goldman Sachs & Co.	7/3/2019	AED	669,700	USD	182,316		—		(4	)
JP Morgan & Chase Co.	7/3/2019	AUD	5,243,000	USD	3,635,716		—		(5,132	)
RBC Capital Markets	7/3/2019	AUD	1,718,300	USD	1,191,553		—		(1,670	)
Goldman Sachs & Co.	7/3/2019	BRL	5,539,600	USD	1,411,579		4,108		—
JP Morgan & Chase Co.	7/3/2019	BRL	1,846,900	USD	469,483		233		—
JP Morgan & Chase Co.	7/3/2019	BRL	329,000	USD	83,817		227		—
Goldman Sachs & Co.	7/3/2019	CAD	5,692,100	USD	4,213,811		—		(1,227	)
JP Morgan & Chase Co.	7/3/2019	CAD	1,637,000	USD	1,211,852		—		(357	)
RBC Capital Markets	7/3/2019	CAD	2,020,300	USD	1,495,544		—		(502	)
Goldman Sachs & Co.	7/3/2019	CHF	4,470,900	USD	4,457,370		—		(22,610	)
JP Morgan & Chase Co.	7/3/2019	CHF	742,600	USD	740,339		—		(3,769	)
RBC Capital Markets	7/3/2019	CHF	1,010,100	USD	1,006,928		—		(5,223	)
Goldman Sachs & Co.	7/3/2019	CLP	159,063,400	USD	224,836		773		—
JP Morgan & Chase Co.	7/3/2019	CLP	13,480,400	USD	19,063		74		—
JP Morgan & Chase Co.	7/3/2019	CNH	3,015,400	USD	434,762		1		—
Goldman Sachs & Co.	7/3/2019	CZK	1,161,500	USD	50,135		—		(124	)
Goldman Sachs & Co.	7/3/2019	DKK	6,783,300	USD	1,014,970		—		(2,928	)
JP Morgan & Chase Co.	7/3/2019	DKK	1,351,000	USD	202,131		—		(600	)
Goldman Sachs & Co.	7/3/2019	EUR	3,676,800	USD	4,107,261		—		(12,160	)
JP Morgan & Chase Co.	7/3/2019	EUR	11,674,000	USD	13,040,815		—		(38,528	)
RBC Capital Markets	7/3/2019	EUR	4,640,600	USD	5,183,550		—		(15,696	)
Goldman Sachs & Co.	7/3/2019	GBP	1,247,800	USD	1,575,123		—		(5,187	)
JP Morgan & Chase Co.	7/3/2019	GBP	6,473,200	USD	8,171,082		—		(27,078	)
RBC Capital Markets	7/3/2019	GBP	1,471,000	USD	1,856,749		—		(6,239	)
Goldman Sachs & Co.	7/3/2019	HKD	23,714,900	USD	3,025,419		—		(486	)
JP Morgan & Chase Co.	7/3/2019	HKD	48,926,700	USD	6,241,101		—		(1,707	)
Goldman Sachs & Co.	7/3/2019	HUF	5,831,900	USD	20,048		—		(47	)
JP Morgan & Chase Co.	7/3/2019	HUF	16,042,500	USD	55,132		—		(146	)
Goldman Sachs & Co.	7/3/2019	IDR	1,679,087,700	USD	116,725		—		(408	)
JP Morgan & Chase Co.	7/3/2019	IDR	6,459,100,900	USD	449,829		—		(757	)
Goldman Sachs & Co.	7/3/2019	ILS	708,300	USD	195,587		—		(237	)
Goldman Sachs & Co.	7/3/2019	INR	4,242,700	USD	60,575		—		(81	)
JP Morgan & Chase Co.	7/3/2019	INR	165,161,500	USD	2,358,035		—		(3,205	)
Goldman Sachs & Co.	7/3/2019	JPY	224,243,700	USD	2,070,168		—		(4,885	)
JP Morgan & Chase Co.	7/3/2019	JPY	296,646,800	USD	2,738,585		—		(6,455	)
RBC Capital Markets	7/3/2019	JPY	273,398,500	USD	2,523,803		—		(6,108	)


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of New York Mellon		7/3/2019		JPY	1,050,482,300		USD	9,697,846	$	—	$	(22,859	)
Goldman Sachs & Co.		7/3/2019		KRW	1,170,468,200		USD	983,339		—		(732	)
JP Morgan & Chase Co.		7/3/2019		KRW	2,933,040,000		USD	2,466,398		444		—
Goldman Sachs & Co.		7/3/2019		MXN	2,305,000		USD	116,943		30		—
JP Morgan & Chase Co.		7/3/2019		MXN	968,700		USD	49,139		6		—
The Bank of New York Mellon		7/3/2019		MXN	9,408,000		USD	477,227		39		—
Goldman Sachs & Co.		7/3/2019		MYR	2,370,900		USD	564,904		—		(580	)
Goldman Sachs & Co.		7/3/2019		NOK	1,882,200		USD	215,254		—		(85	)
JP Morgan & Chase Co.		7/3/2019		NOK	276,700		USD	31,645		—		(12	)
The Bank of New York Mellon		7/3/2019		NOK	2,007,700		USD	229,609		—		(88	)
Goldman Sachs & Co.		7/3/2019		NZD	256,100		USD	167,062		—		(606	)
JP Morgan & Chase Co.		7/3/2019		NZD	13,300		USD	8,675		—		(32	)
Goldman Sachs & Co.		7/3/2019		PHP	13,280,600		USD	253,640		—		(319	)
JP Morgan & Chase Co.		7/3/2019		PHP	561,200		USD	10,734		3		—
Goldman Sachs & Co.		7/3/2019		PLN	29,500		USD	7,687		—		(17	)
JP Morgan & Chase Co.		7/3/2019		PLN	54,900		USD	14,301		—		(36	)
The Bank of Nova Scotia		7/3/2019		PLN	1,270,000		USD	330,796		—		(874	)
Goldman Sachs & Co.		7/3/2019		QAR	858,700		USD	234,868		—		(1,023	)
Goldman Sachs & Co.		7/3/2019		RUB	50,361,400		USD	769,597		3,399		—
JP Morgan & Chase Co.		7/3/2019		RUB	15,852,000		USD	242,249		1,077		—
JP Morgan & Chase Co.		7/3/2019		SEK	4,701,200		USD	495,065		—		(1,802	)
The Bank of Nova Scotia		7/3/2019		SEK	14,088,900		USD	1,483,600		—		(5,446	)
Goldman Sachs & Co.		7/3/2019		SGD	212,300		USD	154,297		—		(320	)
JP Morgan & Chase Co.		7/3/2019		SGD	1,106,900		USD	804,459		—		(1,687	)
Goldman Sachs & Co.		7/3/2019		THB	3,584,000		USD	113,298		—		(41	)
Goldman Sachs & Co.		7/3/2019		THB	19,616,900		USD	621,181		820		—
JP Morgan & Chase Co.		7/3/2019		TRY	911,400		USD	153,379		—		(16	)
Goldman Sachs & Co.		7/3/2019		TWD	80,622,700		USD	2,546,516		—		(8,612	)
JP Morgan & Chase Co.		7/3/2019		TWD	15,182,600		USD	480,204		—		(970	)
Goldman Sachs & Co.		7/3/2019		USD	302,048		CAD	408,000		79		—
Goldman Sachs & Co.		7/3/2019		USD	1,033,367		EUR	925,000		2,986		—
JP Morgan & Chase Co.		7/3/2019		USD	256,255		GBP	203,000		840		—
JP Morgan & Chase Co.		7/3/2019		USD	892,758		HKD	6,997,000		25		—
The Bank of New York Mellon		7/3/2019		USD	733,056		JPY	79,399,000		1,668		—
JP Morgan & Chase Co.		7/3/2019		USD	331,708		KRW	394,417,000		—		(102	)
The Bank of Nova Scotia		7/3/2019		USD	61,234		PLN	235,000		138		—
The Bank of Nova Scotia		7/3/2019		USD	163,872		SEK	1,556,000		581		—
JP Morgan & Chase Co.		7/3/2019		USD	67,600		SGD	93,000		131		—
Goldman Sachs & Co.		7/3/2019		USD	228,343		TWD	7,212,000		222		—
Goldman Sachs & Co.		7/3/2019		USD	104,255		ZAR	1,523,000		—		(136	)
Goldman Sachs & Co.		7/3/2019		ZAR	18,684,400		USD	1,278,860		1,514		—
JP Morgan & Chase Co.		7/3/2019		ZAR	5,861,000		USD	401,143		459		—
Goldman Sachs & Co.		7/5/2019		COP	332,003,700		USD	98,316		244		—
JP Morgan & Chase Co.		7/5/2019		COP	23,380,500		USD	6,930		23		—
Goldman Sachs & Co.		7/8/2019		EGP	632,000		USD	37,374		—		(40	)

Total unrealized appreciation (depreciation)									$	1,080,946	$	(807,899	)

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


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2019

Currency Abbreviations

AED

Arab Emirates Dirham

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CHF

Swiss Franc

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

DKK

Danish Krone

EGP

Egyptian Pound

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

ILS

Israeli Shekel

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

SEK

Swedish Krona

SGD

Singapore Dollar

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand

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, 2019 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 (i)	$	94,866,670		$	—		$	23,961	$	94,890,631
Preferred Stocks (i)		1,253,603			—			82		1,253,685
Rights (i)		734			—			0		734
Short-Term Investments (i)		2,497,360			—			—		2,497,360
Derivatives (j)
Forward Foreign Currency Contracts		—			1,080,946			—		1,080,946
Futures Contracts		42			—			—		42

TOTAL	$	98,618,409		$	1,080,946		$	24,043	$	99,723,398



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (j)
Forward Foreign Currency Contracts	$	—		$	(807,899	)	$	—	$	(807,899	)
Futures Contracts		(63,338	)		—			—		(63,338	)

TOTAL	$	(63,338	)	$	(807,899	)	$	—	$	(871,237	)

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

(j)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2019, the amount of transfers from Level 3 to Level 1 was $2,974. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 94.9%

Argentina — 0.3%
Banco Macro SA, ADR		983	$	49,032
BBVA Banco Frances SA, ADR		1,764		15,805
Globant SA*		728		67,588
Grupo Financiero Galicia SA, ADR		2,236		57,264
Pampa Energia SA, ADR*		1,399		35,367
Telecom Argentina SA, ADR		1,736		25,745
Transportadora de Gas del Sur SA, ADR		1,392		18,221
YPF SA, ADR		3,629		53,818

				322,840

Australia — 0.0%
MMG Ltd.*		50,223		15,311

Brazil — 4.7%
Ambev SA		97,560		436,341
Atacadao SA		7,235		42,684
B2W Cia Digital*		3,918		31,352
B3 SA — Brasil Bolsa Balcao		43,291		403,459
Banco Bradesco SA		25,647		213,401
Banco BTG Pactual SA		3,627		43,194
Banco do Brasil SA		18,661		246,581
Banco Santander Brasil SA		9,451		110,070
BB Seguridade Participacoes SA		13,741		104,495
BR Malls Participacoes SA		18,333		59,849
BRF SA*		12,247		86,454
CCR SA		23,154		78,892
Centrais Eletricas Brasileiras SA		4,911		43,066
Cia de Saneamento Basico do Estado de Sao Paulo		6,626		74,653
Cia Siderurgica Nacional SA		13,535		57,052
Cielo SA		30,316		51,764
Cosan SA		3,694		44,378
Embraer SA		14,077		67,982
Energisa SA		3,317		38,048
Engie Brasil Energia SA		4,621		54,548
Equatorial Energia SA		4,016		88,171
Hypera SA		7,100		54,680
IRB Brasil Resseguros S/A		3,045		79,059
JBS SA		22,926		127,719
Klabin SA		13,627		54,002
Kroton Educacional SA		33,828		89,140
Localiza Rent a Car SA		12,535		121,518
Lojas Renner SA		16,134		181,078
M Dias Branco SA		2,319		22,865
Magazine Luiza SA		1,604		80,119
Multiplan Empreendimentos Imobiliarios SA		5,731		36,279
Natura Cosmeticos SA		3,912		59,797
Notre Dame Intermedica Participacoes SA		5,863		61,261
Petrobras Distribuidora SA		7,124		46,387
Petroleo Brasileiro SA		64,139		461,434
Porto Seguro SA		2,560		34,577
Raia Drogasil SA		4,926		87,148
Rumo SA*		25,338		125,013
Sul America SA		5,706		50,764
Suzano SA		11,516		94,148


	Number of Shares		Value
Brazil (Continued)
TIM Participacoes SA		19,242	$	53,941
Ultrapar Participacoes SA		15,068		79,411
Vale SA		67,222		839,429
WEG SA		17,282		83,901

				5,300,104

Chile — 0.8%
Aguas Andinas SA, Class A		59,367		32,757
Banco de Chile		581,588		83,492
Banco de Credito e Inversiones SA		960		61,561
Banco Santander Chile		1,396,116		98,304
Cencosud SA		32,497		59,083
Cia Cervecerias Unidas SA		3,332		45,080
Colbun SA		179,172		33,711
Empresa Nacional de Telecomunicaciones SA*		3,418		32,608
Empresas CMPC SA		26,276		69,807
Empresas COPEC SA		8,169		84,509
Enel Americas SA		616,420		98,171
Enel Chile SA		601,026		55,043
Itau CorpBanca		3,490,273		27,168
Latam Airlines Group SA		5,609		49,170
SACI Falabella		15,883		95,808

				926,272

China — 26.8%
3SBio, Inc., 144A		27,545		44,904
51job, Inc., ADR*(a)		545		38,341
58.com, Inc., ADR*		1,963		111,950
AAC Technologies Holdings, Inc.		16,099		85,634
AECC Aviation Power Co. Ltd., Class A		600		2,030
Agile Group Holdings Ltd.		33,345		42,237
Agricultural Bank of China Ltd., Class A*		44,400		23,670
Agricultural Bank of China Ltd., Class H*		641,631		275,000
Aier Eye Hospital Group Co. Ltd., Class A*		2,100		11,648
Air China Ltd., Class A		1,000		1,226
Air China Ltd., Class H*		42,215		39,148
Aisino Corp., Class A		500		1,662
Alibaba Group Holding Ltd., ADR*		30,146		4,499,592
Aluminum Corp. of China Ltd., Class H*		59,198		21,294
Angang Steel Co. Ltd., Class A		16,300		12,019
Angang Steel Co. Ltd., Class H		1,740		783
Anhui Conch Cement Co. Ltd., Class A		3,000		17,188
Anhui Conch Cement Co. Ltd., Class H		26,501		154,823
ANTA Sports Products Ltd.		22,754		139,318
Anxin Trust Co. Ltd., Class A*		1,400		1,044
Autohome, Inc., ADR*(a)		1,261		108,320
AVIC Aircraft Co. Ltd., Class A		5,400		12,282
Avic Capital Co. Ltd., Class A		2,300		1,809
AVIC Shenyang Aircraft Co. Ltd., Class A*		2,600		10,949
AviChina Industry & Technology Co. Ltd., Class H		64,827		36,798
BAIC Motor Corp. Ltd., Class H, 144A		36,421		22,532
Baidu, Inc., ADR*		5,890		647,900
Bank of Beijing Co. Ltd., Class A		16,900		14,200


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
Bank of China Ltd., Class A		37,100	$	20,853
Bank of China Ltd., Class H		1,672,862		693,509
Bank of Communications Co. Ltd., Class A		25,500		22,016
Bank of Communications Co. Ltd., Class H		177,116		138,719
Bank of Guiyang Co. Ltd., Class A		600		1,118
Bank of Hangzhou Co. Ltd., Class A		1,260		1,499
Bank of Jiangsu Co. Ltd., Class A		2,879		3,028
Bank of Nanjing Co. Ltd., Class A		2,100		2,528
Bank of Ningbo Co. Ltd., Class A		4,800		16,132
Bank of Shanghai Co. Ltd., Class A		2,800		4,567
Baoshan Iron & Steel Co. Ltd., Class A		15,000		13,690
Baozun, Inc., ADR*(a)		726		28,481
BBMG Corp., Class A		23,600		12,479
BBMG Corp., Class H		47,083		14,234
Beijing Capital Co. Ltd., Class A		1,102		546
Beijing Capital International Airport Co. Ltd., Class H		34,742		29,382
Beijing Dabeinong Technology Group Co. Ltd., Class A		13,600		12,254
Beijing Shiji Information Technology Co. Ltd., Class A		200		966
Beijing Tongrentang Co. Ltd., Class A		300		1,270
BOE Technology Group Co. Ltd., Class A		35,400		17,641
BYD Co. Ltd., Class A		500		3,495
BYD Co. Ltd., Class H (a)		15,702		91,934
BYD Electronic International Co. Ltd.		14,040		18,482
Caitong Securities Co. Ltd., Class A		7,500		11,169
CGN Power Co. Ltd., Class H, 144A		202,217		55,716
Changjiang Securities Co. Ltd., Class A		1,400		1,450
China Aoyuan Group Ltd.		25,000		27,010
China Cinda Asset Management Co. Ltd., Class H		203,887		47,334
China CITIC Bank Corp. Ltd., Class A		1,400		1,172
China CITIC Bank Corp. Ltd., Class H		177,947		101,009
China Coal Energy Co. Ltd., Class H		40,172		16,398
China Communications Construction Co. Ltd., Class A		700		1,107
China Communications Construction Co. Ltd., Class H		98,125		87,241
China Communications Services Corp. Ltd., Class H		57,151		42,793
China Conch Venture Holdings Ltd.		35,381		114,859
China Construction Bank Corp., Class A		2,400		2,427
China Construction Bank Corp., Class H		2,049,071		1,620,532
China Eastern Airlines Corp. Ltd., Class A		2,000		1,735
China Eastern Airlines Corp. Ltd., Class H		27,620		15,185
China Everbright Bank Co. Ltd., Class A		36,300		20,193
China Everbright Bank Co. Ltd., Class H		55,315		24,978
China Evergrande Group (a)		38,901		103,461
China Film Co. Ltd., Class A		500		1,096
China Fortune Land Development Co. Ltd., Class A		700		3,005
China Galaxy Securities Co. Ltd., Class H		77,445		41,590


	Number of Shares		Value
China (Continued)
China Gezhouba Group Co. Ltd., Class A		1,200	$	1,076
China Grand Automotive Services Group Co. Ltd., Class A		1,400		888
China Hongqiao Group Ltd.		44,958		32,516
China Huarong Asset Management Co. Ltd., Class H, 144A*		211,064		35,808
China International Capital Corp. Ltd., Class H, 144A		27,839		50,568
China International Marine Containers Group Co. Ltd., Class A		300		540
China International Travel Service Corp. Ltd., Class A		1,600		17,938
China Life Insurance Co. Ltd., Class A		700		2,649
China Life Insurance Co. Ltd., Class H		159,046		369,235
China Literature Ltd., 144A*(a)		3,640		14,022
China Longyuan Power Group Corp. Ltd., Class H		55,349		34,948
China Medical System Holdings Ltd.		28,746		25,301
China Merchants Bank Co. Ltd., Class A		12,163		60,278
China Merchants Bank Co. Ltd., Class H		83,176		400,520
China Merchants Securities Co. Ltd., Class A		1,400		3,135
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A*		5,300		16,676
China Minsheng Banking Corp. Ltd., Class A		26,100		23,102
China Minsheng Banking Corp. Ltd., Class H		145,565		105,838
China Molybdenum Co. Ltd., Class A		1,800		1,051
China Molybdenum Co. Ltd., Class H (a)		79,114		24,825
China National Building Material Co. Ltd., Class H		68,536		52,716
China National Chemical Engineering Co. Ltd., Class A		14,200		12,486
China National Nuclear Power Co. Ltd., Class A		3,300		2,639
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		7,500		14,266
China Oilfield Services Ltd., Class H		32,697		29,237
China Oriental Group Co. Ltd.		24,097		13,986
China Pacific Insurance Group Co. Ltd., Class A		4,000		19,945
China Pacific Insurance Group Co. Ltd., Class H		53,971		199,649
China Petroleum & Chemical Corp., Class A		18,100		14,238
China Petroleum & Chemical Corp., Class H		536,095		356,961
China Railway Construction Corp. Ltd., Class A		2,900		3,949
China Railway Construction Corp. Ltd., Class H		45,585		53,321
China Railway Group Ltd., Class H		77,432		57,880
China Railway Signal & Communication Corp. Ltd., Class H, 144A		31,381		20,655
China Reinsurance Group Corp., Class H		128,713		23,478


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
China Resources Pharmaceutical Group Ltd., 144A*		36,353	$	47,484
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		798
China Shenhua Energy Co. Ltd., Class A		4,200		11,189
China Shenhua Energy Co. Ltd., Class H		74,903		153,827
China Shipbuilding Industry Co. Ltd., Class A		15,100		11,222
China Shipbuilding Industry Group Power Co. Ltd., Class A		400		1,292
China South Publishing & Media Group Co. Ltd., Class A		6,700		12,608
China Southern Airlines Co. Ltd., Class A		1,800		1,875
China Southern Airlines Co. Ltd., Class H		42,002		27,003
China Spacesat Co. Ltd., Class A		300		1,020
China State Construction Engineering Corp. Ltd., Class A		26,940		21,894
China Telecom Corp. Ltd., Class H*		286,285		143,881
China Tower Corp. Ltd., Class H, 144A		861,036		193,305
China United Network Communications Ltd., Class A		25,796		22,160
China Vanke Co. Ltd., Class A		5,500		21,273
China Vanke Co. Ltd., Class H		32,313		114,380
China Yangtze Power Co. Ltd., Class A		9,400		24,116
China Zhongwang Holdings Ltd.		32,140		15,333
Chinese Universe Publishing and Media Group Co. Ltd., Class A*		300		585
Chongqing Changan Automobile Co. Ltd., Class A		1,000		1,014
Chongqing Rural Commercial Bank Co. Ltd., Class H		37,170		19,013
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,800		10,511
CIFI Holdings Group Co. Ltd.		51,562		30,847
CITIC Guoan Information Industry Co. Ltd., Class A		1,000		578
CITIC Securities Co. Ltd., Class A		2,500		7,290
CITIC Securities Co. Ltd., Class H		47,147		85,880
CNOOC Ltd.		384,425		626,688
COSCO SHIPPING Development Co. Ltd., Class A*		2,000		826
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		22,583		11,811
COSCO SHIPPING Holdings Co. Ltd., Class A*		1,900		1,316
COSCO SHIPPING Holdings Co. Ltd., Class H*(a)		53,363		19,672
Country Garden Holdings Co. Ltd. (a)		156,583		211,719
Country Garden Services Holdings Co. Ltd.		28,753		58,976
CRRC Corp. Ltd., Class A		13,300		15,240
CRRC Corp. Ltd., Class H		95,985		82,278
CSPC Pharmaceutical Group Ltd.		97,744		157,596
Ctrip.com International Ltd., ADR*		8,684		300,119
Dali Foods Group Co. Ltd., 144A		41,740		29,869
Daqin Railway Co. Ltd., Class A		13,100		15,865


	Number of Shares		Value
China (Continued)
Datang International Power Generation Co. Ltd., Class H		56,503	$	14,127
DHC Software Co. Ltd., Class A		800		829
Dong-E-E-Jiao Co. Ltd., Class A		200		1,183
Dongfang Electric Corp. Ltd., Class A*		7,500		11,191
Dongfeng Motor Group Co. Ltd., Class H		62,716		51,680
Dongxing Securities Co. Ltd., Class A		600		1,014
ENN Energy Holdings Ltd.*		17,958		161,494
Everbright Securities Co. Ltd., Class A		8,100		13,083
Fangda Carbon New Material Co. Ltd., Class A*		400		1,036
Financial Street Holdings Co. Ltd., Class A		800		849
First Capital Securities Co. Ltd., Class A		900		811
Focus Media Information Technology Co. Ltd., Class A		3,120		2,513
Foshan Haitian Flavouring & Food Co. Ltd., Class A		600		8,709
Fosun International Ltd.		54,620		70,508
Founder Securities Co. Ltd., Class A		2,100		2,181
Future Land Development Holdings Ltd.		40,172		43,813
Fuyao Glass Industry Group Co. Ltd., Class A		500		1,581
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		11,683		34,872
Ganfeng Lithium Co. Ltd., Class A*		200		709
GDS Holdings Ltd., ADR*		1,253		40,710
Geely Automobile Holdings Ltd.		108,051		177,247
Gemdale Corp., Class A		7,800		13,096
Genscript Biotech Corp.*		22,312		48,213
GF Securities Co. Ltd., Class A		1,500		2,818
GF Securities Co. Ltd., Class H		22,385		25,527
Giant Network Group Co. Ltd., Class A		300		799
GoerTek, Inc., Class A*		800		917
GOME Retail Holdings Ltd.*(a)		234,583		23,041
Great Wall Motor Co. Ltd., Class H (a)		71,650		52,095
Gree Electric Appliances, Inc. of Zhuhai, Class A		800		6,062
Greenland Holdings Group Co. Ltd., Class A		13,173		12,805
Greentown Service Group Co. Ltd.*		8,347		6,569
Guangshen Railway Co. Ltd., Class A		25,600		11,682
Guangzhou Automobile Group Co. Ltd., Class A		560		879
Guangzhou Automobile Group Co. Ltd., Class H		59,987		57,848
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,300		12,891
Guangzhou Haige Communications Group, Inc. Co., Class A		600		835
Guangzhou R&F Properties Co. Ltd., Class H		18,465		34,954
Guosen Securities Co. Ltd., Class A		1,000		1,728
Guotai Junan Securities Co. Ltd., Class A		1,900		4,423
Guotai Junan Securities Co. Ltd., Class H, 144A		18,362		31,339
Guoyuan Securities Co. Ltd., Class A		9,600		12,794


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
Haitian International Holdings Ltd.		8,741	$	17,282
Haitong Securities Co. Ltd., Class A		8,300		14,549
Haitong Securities Co. Ltd., Class H		59,682		61,208
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		4,300		15,473
Hangzhou Robam Appliances Co. Ltd., Class A		200		735
Henan Shuanghui Investment & Development Co. Ltd., Class A		608		2,208
Hengan International Group Co. Ltd.		15,862		116,341
Hengli Petrochemical Co. Ltd., Class A		4,700		11,663
HengTen Networks Group Ltd.*		477,184		11,809
Hengtong Optic-electric Co. Ltd., Class A		420		964
Hengyi Petrochemical Co. Ltd., Class A*		5,900		11,538
Hesteel Co. Ltd., Class A		2,700		1,169
HLA Corp. Ltd., Class A		600		756
Hua Hong Semiconductor Ltd., 144A (a)		10,220		21,484
Huaan Securities Co. Ltd., Class A		900		803
Huadian Power International Corp. Ltd., Class A		2,000		1,136
Huadian Power International Corp. Ltd., Class H		28,863		11,966
Huadong Medicine Co. Ltd., Class A		2,500		10,597
Huaneng Power International, Inc., Class A*		1,200		1,130
Huaneng Power International, Inc., Class H*		97,811		61,634
Huaneng Renewables Corp. Ltd., Class H		64,153		17,348
Huatai Securities Co. Ltd., Class A		1,400		3,778
Huatai Securities Co. Ltd., Class H, 144A		37,761		59,824
Huaxia Bank Co. Ltd., Class A		3,200		3,477
Huayu Automotive Systems Co. Ltd., Class A		4,700		13,672
Huazhu Group Ltd., ADR (a)		2,822		86,353
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,000		920
Hubei Energy Group Co. Ltd., Class A		1,100		650
Hundsun Technologies, Inc., Class A		260		2,348
Iflytek Co. Ltd., Class A*		3,050		12,849
Industrial & Commercial Bank of China Ltd., Class A		31,800		25,844
Industrial & Commercial Bank of China Ltd., Class H		1,388,955		992,168
Industrial Bank Co. Ltd., Class A		12,100		30,798
Industrial Securities Co. Ltd., Class A		1,700		1,522
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		12,697
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,100		10,876
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		4,100		17,824
Inner Mongolia Yitai Coal Co. Ltd., Class B		21,400		23,433
iQIYI, Inc., ADR*(a)		2,703		49,276
JD.com, Inc., ADR*(a)		15,484		398,868
Jiangsu Expressway Co. Ltd., Class H		28,234		39,328


	Number of Shares		Value
China (Continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,360	$	30,256
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,100		18,223
Jiangxi Copper Co. Ltd., Class A		500		1,077
Jiangxi Copper Co. Ltd., Class H		18,851		23,541
Jinduicheng Molybdenum Co. Ltd., Class A		700		674
Jinke Properties Group Co. Ltd., Class A		13,500		12,712
Jointown Pharmaceutical Group Co. Ltd., Class A		500		945
Kaisa Group Holdings Ltd.*(a)		73,200		30,439
Kangmei Pharmaceutical Co. Ltd., Class A		1,200		728
Kingdee International Software Group Co. Ltd.		42,701		47,551
Kingsoft Corp. Ltd.*		18,134		49,964
Kweichow Moutai Co. Ltd., Class A		800		103,144
KWG Group Holdings Ltd.		26,680		26,784
Legend Holdings Corp., Class H, 144A		6,921		16,703
Lenovo Group Ltd.		156,179		108,575
Lepu Medical Technology Beijing Co. Ltd., Class A		3,200		10,653
Li Ning Co. Ltd.*		41,000		67,884
Liaoning Cheng Da Co. Ltd., Class A		400		736
Logan Property Holdings Co. Ltd.		28,863		42,634
Longfor Group Holdings Ltd.		37,470		137,414
LONGi Green Energy Technology Co. Ltd., Class A*		3,850		13,291
Luxshare Precision Industry Co. Ltd., Class A		4,912		15,270
Luye Pharma Group Ltd., 144A		23,860		17,957
Luzhou Laojiao Co. Ltd., Class A		400		4,093
Maanshan Iron & Steel Co. Ltd., Class A		1,500		739
Maanshan Iron & Steel Co. Ltd., Class H (a)		37,073		15,795
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		840		1,626
Meitu, Inc., 144A*(a)		61,196		20,686
Meituan Dianping, Class B*(a)		21,100		162,969
Metallurgical Corp. of China Ltd., Class A		3,400		1,478
Metallurgical Corp. of China Ltd., Class H		43,952		11,717
Midea Group Co. Ltd., Class A		2,250		16,167
Momo, Inc., ADR (a)		3,026		83,427
Muyuan Foodstuff Co. Ltd., Class A		360		3,304
NetEase, Inc., ADR		1,495		371,672
New China Life Insurance Co. Ltd., Class A		2,100		15,698
New China Life Insurance Co. Ltd., Class H		16,671		77,405
New Hope Liuhe Co. Ltd., Class A		5,800		17,308
New Oriental Education & Technology Group, Inc., ADR*		2,985		255,665
Ninestar Corp., Class A		200		703
NIO, Inc., ADR*		13,804		42,102
Noah Holdings Ltd., ADR*		621		23,753
Oceanwide Holdings Co. Ltd., Class A		11,900		11,085


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
Offshore Oil Engineering Co. Ltd., Class A		15,000	$	12,603
OFILM Group Co. Ltd., Class A		700		827
Orient Securities Co. Ltd., Class A		1,500		2,227
People’s Insurance Co. Group of China Ltd., Class H*		161,394		63,408
Perfect World Co. Ltd., Class A*		200		741
PetroChina Co. Ltd., Class A		14,632		15,156
PetroChina Co. Ltd., Class H		440,320		246,009
PICC Property & Casualty Co. Ltd., Class H		148,877		160,850
Pinduoduo, Inc., ADR*(a)		4,119		79,991
Ping An Bank Co. Ltd., Class A		10,500		18,527
Ping An Insurance Group Co. of China Ltd., Class A		6,300		72,099
Ping An Insurance Group Co. of China Ltd., Class H		118,415		1,308,077
Poly Developments and Holdings Group Co. Ltd., Class A		9,100		16,030
Postal Savings Bank of China Co. Ltd., Class H, 144A		151,760		90,790
Power Construction Corp. of China Ltd., Class A		2,501		1,783
Qingdao Haier Co. Ltd., Class A		1,500		3,455
RiseSun Real Estate Development Co. Ltd., Class A		9,300		12,678
Rongsheng Petro Chemical Co. Ltd., Class A		650		1,081
SAIC Motor Corp. Ltd., Class A		7,100		24,633
Sanan Optoelectronics Co. Ltd., Class A		1,000		1,553
Sany Heavy Industry Co. Ltd., Class A		1,900		3,322
SDIC Power Holdings Co. Ltd., Class A		1,700		1,938
Seazen Holdings Co. Ltd., Class A		2,200		11,792
Semiconductor Manufacturing International Corp.*(a)		73,927		88,925
SF Holding Co. Ltd., Class A		2,600		11,254
Shaanxi Coal Industry Co. Ltd., Class A		1,700		2,150
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		260		965
Shandong Gold Mining Co. Ltd., Class A*		3,100		13,962
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		43,540		37,878
Shanghai 2345 Network Holding Group Co. Ltd., Class A		1,170		861
Shanghai Electric Group Co. Ltd., Class A		2,000		1,541
Shanghai Electric Group Co. Ltd., Class H		65,297		23,072
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		500		1,792
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		13,741		40,402
Shanghai International Airport Co. Ltd., Class A		200		2,003
Shanghai International Port Group Co. Ltd., Class A		12,400		13,598


	Number of Shares		Value
China (Continued)
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		25,459	$	29,609
Shanghai Oriental Pearl Group Co. Ltd., Class A		910		1,339
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		500		1,333
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		15,925		31,446
Shanghai Pudong Development Bank Co. Ltd., Class A		16,300		26,281
Shanghai Tunnel Engineering Co. Ltd., Class A		800		742
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		700		782
Shanxi Securities Co. Ltd., Class A		10,500		12,169
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		200		1,638
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		800		714
Shenergy Co. Ltd., Class A		1,100		943
Shenwan Hongyuan Group Co. Ltd., Class A		4,400		3,009
Shenzhen Energy Group Co. Ltd., Class A		13,300		11,464
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,100		2,075
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		646
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		900		631
Shenzhou International Group Holdings Ltd.		15,742		185,642
Shui On Land Ltd.		71,251		16,178
Sichuan Chuantou Energy Co. Ltd., Class A		1,100		1,436
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,748
Sihuan Pharmaceutical Holdings Group Ltd.		87,669		19,682
SINA Corp.*		1,370		55,156
Sinolink Securities Co. Ltd., Class A		800		1,059
Sino-Ocean Group Holding Ltd.		69,502		27,749
Sinopec Engineering Group Co. Ltd., Class H		26,360		21,452
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200		911
Sinopec Shanghai Petrochemical Co. Ltd., Class H		54,803		23,908
Sinopharm Group Co. Ltd., Class H (a)		25,966		97,544
Sinotrans Ltd., Class H		40,172		14,758
Sinotruk Hong Kong Ltd.		14,440		27,371
SOHO China Ltd.		13,083		4,089
SooChow Securities Co. Ltd., Class A*		800		1,142
Spring Airlines Co. Ltd., Class A		200		1,266
Sunac China Holdings Ltd.		52,842		227,827
Suning.com Co. Ltd., Class A		9,300		14,604


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
China (Continued)
Sunny Optical Technology Group Co. Ltd.		14,724	$	125,556
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		700		979
TAL Education Group, ADR*		7,439		255,976
Tasly Pharmaceutical Group Co. Ltd., Class A		420		1,117
TBEA Co. Ltd., Class A		11,600		12,065
Tencent Holdings Ltd.		121,185		5,039,359
Tencent Music Entertainment Group, ADR*(a)		1,972		26,109
Tianma Microelectronics Co. Ltd., Class A		6,200		12,170
Tingyi Cayman Islands Holding Corp.		45,352		73,701
Tong Ren Tang Technologies Co. Ltd., Class H		10,663		13,656
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		400		865
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		908
Tongwei Co. Ltd., Class A		1,000		2,231
TravelSky Technology Ltd., Class H		21,554		44,650
Tsingtao Brewery Co. Ltd., Class A		200		1,408
Tsingtao Brewery Co. Ltd., Class H		8,320		50,570
Tunghsu Optoelectronic Technology Co. Ltd., Class A		17,600		12,748
Tus-Sound Environmental Resources Co. Ltd., Class A*		300		426
Uni-President China Holdings Ltd.		27,000		28,689
Unisplendour Corp. Ltd., Class A		196		804
Vipshop Holdings Ltd., ADR*		9,312		70,212
Want Want China Holdings Ltd.		115,728		82,520
Wanxiang Qianchao Co. Ltd., Class A		700		603
Weibo Corp., ADR*		1,140		47,333
Weichai Power Co. Ltd., Class A		1,500		2,542
Weichai Power Co. Ltd., Class H		43,392		65,977
Weifu High-Technology Group Co. Ltd., Class A		200		570
Wens Foodstuffs Group Co. Ltd., Class A		2,700		15,411
Western Securities Co. Ltd., Class A		900		1,278
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		6,300		11,472
Wuliangye Yibin Co. Ltd., Class A		2,400		35,202
WuXi AppTec Co. Ltd., Class H, 144A*		2,200		24,092
Wuxi Biologics Cayman, Inc., 144A*		12,163		114,966
XCMG Construction Machinery Co. Ltd., Class A*		19,400		12,028
Xiamen C & D, Inc., Class A		700		889
Xiaomi Corp., Class B, 144A*		65,600		80,164
Xinhu Zhongbao Co. Ltd., Class A		2,200		962
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		9,333		15,454
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		3,579		3,766
Xinyi Solar Holdings Ltd.		65,301		35,818
Yanzhou Coal Mining Co. Ltd., Class H*		42,865		40,298


	Number of Shares		Value
China (Continued)
Yihai International Holding Ltd.*		9,048	$	44,723
Yonghui Superstores Co. Ltd., Class A*		2,400		3,407
Youngor Group Co. Ltd., Class A		900		1,235
Yum China Holdings, Inc.		7,634		305,436
Yunnan Baiyao Group Co. Ltd., Class A		300		3,376
Yuzhou Properties Co. Ltd.		36,580		16,658
YY, Inc., ADR*		1,110		75,979
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		3,115
Zhaojin Mining Industry Co. Ltd., Class H		17,889		16,430
Zhejiang China Commodities City Group Co. Ltd., Class A		1,400		811
Zhejiang Chint Electrics Co. Ltd., Class A		500		1,712
Zhejiang Dahua Technology Co. Ltd., Class A		700		1,270
Zhejiang Expressway Co. Ltd., Class H		32,965		34,439
Zhejiang Huayou Cobalt Co. Ltd., Class A		3,040		12,639
Zhejiang Longsheng Group Co. Ltd., Class A		800		1,920
Zhejiang Zheneng Electric Power Co. Ltd., Class A		2,300		1,553
Zhengzhou Yutong Bus Co. Ltd., Class A		503		912
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a)		7,400		21,144
Zhongjin Gold Corp. Ltd., Class A		900		1,056
Zhongsheng Group Holdings Ltd.		12,240		30,820
Zhuzhou CRRC Times Electric Co. Ltd., Class H		12,656		68,127
Zijin Mining Group Co. Ltd., Class A		28,300		13,324
Zijin Mining Group Co. Ltd., Class H		132,629		46,863
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		16,576		12,895
ZTE Corp., Class A*		3,200		13,332
ZTE Corp., Class H*		13,673		32,894
ZTO Express Cayman, Inc., ADR (a)		6,906		124,584

				30,084,071

Colombia — 0.3%
Bancolombia SA		4,616		51,106
Cementos Argos SA		10,469		22,593
Ecopetrol SA		108,872		89,114
Grupo Argos SA		5,114		26,221
Grupo de Inversiones Suramericana SA		5,310		52,282
Interconexion Electrica SA ESP		8,802		42,212

				283,528

Czech Republic — 0.2%
CEZ AS		3,715		86,493
Komercni banka AS		1,560		58,881
Moneta Money Bank AS, 144A		9,543		31,150

				176,524

Egypt — 0.1%
Commercial International Bank Egypt SAE		29,386		125,847
Eastern Co. SAE		18,530		17,191


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Egypt (Continued)
ElSewedy Electric Co.		17,540	$	14,575

				157,613

Greece — 0.3%
Alpha Bank AE*		24,343		45,960
Eurobank Ergasias SA*		56,428		55,159
FF Group*(b)		1,458		7,818
Hellenic Telecommunications Organization SA		4,823		66,004
JUMBO SA		2,368		42,062
Motor Oil Hellas Corinth Refineries SA		1,414		36,016
National Bank of Greece SA*		12,037		31,843
OPAP SA		5,155		53,990
Titan Cement Co. SA		467		9,495

				348,347

Hong Kong — 3.9%
Alibaba Health Information Technology Ltd.*		75,665		71,712
Alibaba Pictures Group Ltd.*		291,687		60,648
Beijing Enterprises Holdings Ltd.		9,529		47,891
Beijing Enterprises Water Group Ltd.*		120,755		64,232
Brilliance China Automotive Holdings Ltd.		64,257		65,408
China Agri-Industries Holdings Ltd.		36,421		11,011
China Ding Yi Feng Holdings Ltd. (a)(b)		22,249		65,502
China Education Group Holdings Ltd.		13,000		20,032
China Everbright International Ltd.		75,675		71,625
China Everbright Ltd.		20,200		32,312
China First Capital Group Ltd.*		67,791		20,754
China Gas Holdings Ltd.		37,466		120,433
China Jinmao Holdings Group Ltd.		111,472		64,413
China Mengniu Dairy Co. Ltd.*		60,236		220,135
China Merchants Port Holdings Co. Ltd.		28,768		50,347
China Mobile Ltd.		130,044		1,135,462
China Overseas Land & Investment Ltd.		81,900		284,159
China Power International Development Ltd.		75,341		19,509
China Resources Beer Holdings Co. Ltd.		31,174		136,394
China Resources Cement Holdings Ltd.		60,783		52,723
China Resources Gas Group Ltd.		20,546		98,412
China Resources Land Ltd.		58,990		240,037
China Resources Power Holdings Co. Ltd.		39,517		57,565
China State Construction International Holdings Ltd.		46,690		47,824
China Taiping Insurance Holdings Co. Ltd.		30,513		78,428
China Traditional Chinese Medicine Holdings Co. Ltd.		47,709		25,195
China Unicom Hong Kong Ltd.		134,526		141,912
CITIC Ltd.		123,126		167,109
COSCO SHIPPING Ports Ltd.		26,068		25,338
Far East Horizon Ltd.		45,673		48,647
Fullshare Holdings Ltd.*(a)		158,208		14,732
Guangdong Investment Ltd.		65,157		128,161
Haier Electronics Group Co. Ltd.*		27,202		69,327


	Number of Shares		Value
Hong Kong (Continued)
Hutchison China MediTech Ltd., ADR*(a)		1,226	$	33,850
Kingboard Holdings Ltd.		14,497		38,094
Kingboard Laminates Holdings Ltd.		22,583		19,272
Kunlun Energy Co. Ltd.*		64,185		59,112
Lee & Man Paper Manufacturing Ltd.		32,906		21,407
Nine Dragons Paper Holdings Ltd.*		45,831		36,538
Shanghai Industrial Holdings Ltd.		11,291		23,534
Shenzhen International Holdings Ltd.		18,200		31,991
Shenzhen Investment Ltd.		56,503		20,829
Shimao Property Holdings Ltd.		20,492		58,683
Sino Biopharmaceutical Ltd.		145,458		146,765
SSY Group Ltd.		31,381		24,938
Sun Art Retail Group Ltd.		55,150		48,118
Towngas China Co. Ltd.*		19,443		14,657
Yuexiu Property Co. Ltd.		134,352		30,505

				4,365,682

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC*		8,622		97,091
OTP Bank Nyrt		4,645		193,995
Richter Gedeon Nyrt		3,223		57,942

				349,028

India — 9.4%
Adani Ports & Special Economic Zone Ltd.		13,192		78,821
Ambuja Cements Ltd.		13,524		44,749
Ashok Leyland Ltd.		25,844		32,949
Asian Paints Ltd.		5,959		120,332
Aurobindo Pharma Ltd.		4,832		46,620
Avenue Supermarts Ltd., 144A*		2,466		46,817
Axis Bank Ltd.*		13,644		158,247
Axis Bank Ltd., GDR*		5,400		313,200
Bajaj Auto Ltd.		1,656		69,525
Bajaj Finance Ltd.		3,725		185,317
Bajaj Finserv Ltd.		844		99,161
Bharat Forge Ltd.		4,744		31,813
Bharat Petroleum Corp. Ltd.		13,846		81,328
Bharti Airtel Ltd.		46,066		230,557
Bharti Infratel Ltd.		6,782		26,178
Bosch Ltd.		142		36,111
Britannia Industries Ltd.		1,038		43,520
Cipla Ltd.		7,846		62,917
Coal India Ltd.		25,096		91,286
Container Corp. Of India Ltd.		4,085		31,069
Dabur India Ltd.		11,991		68,127
Divi’s Laboratories Ltd.		1,620		37,014
Dr. Reddy’s Laboratories Ltd., ADR (a)		2,665		101,563
Eicher Motors Ltd.		305		87,300
GAIL India Ltd.		15,568		80,642
Glenmark Pharmaceuticals Ltd.		3,124		24,446
Godrej Consumer Products Ltd.		6,972		68,833
Grasim Industries Ltd.		6,320		80,357
Havells India Ltd.		4,665		50,066
HCL Technologies Ltd.		11,083		173,748
Hero MotoCorp Ltd.		1,137		43,728
Hindalco Industries Ltd.		25,523		72,147


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
India (Continued)
Hindustan Petroleum Corp. Ltd.		11,121	$	51,742
Hindustan Unilever Ltd.		13,474		345,786
Housing Development Finance Corp. Ltd.		34,684		1,086,263
ICICI Bank Ltd., ADR		8,587		103,044
ICICI Bank Ltd.		35,398		215,208
ICICI Lombard General Insurance Co. Ltd., 144A		2,696		45,513
Indiabulls Housing Finance Ltd.		5,801		65,471
Indian Oil Corp. Ltd.		35,957		85,415
Infosys Ltd., ADR (a)		44,702		468,030
Infosys Ltd.		30,730		325,307
InterGlobe Aviation Ltd., 144A		1,791		43,079
ITC Ltd.		74,357		297,199
JSW Steel Ltd.		19,199		74,850
Larsen & Toubro Ltd.		10,411		232,679
LIC Housing Finance Ltd.		6,755		54,144
Lupin Ltd.		5,011		53,607
Mahindra & Mahindra Financial Services Ltd.		6,317		38,220
Mahindra & Mahindra Ltd.		16,303		151,366
Marico Ltd.		10,259		54,753
Maruti Suzuki India Ltd.		2,273		224,062
Motherson Sumi Systems Ltd.		21,490		35,569
Nestle India Ltd.		459		75,729
NTPC Ltd.		51,904		99,241
Oil & Natural Gas Corp. Ltd.		54,664		134,873
Page Industries Ltd.		135		38,272
Petronet LNG Ltd.		13,118		46,502
Pidilite Industries Ltd.		2,854		52,814
Piramal Enterprises Ltd.		1,493		47,622
Power Grid Corp. of India Ltd.		38,271		103,954
REC Ltd.		15,675		32,512
Reliance Industries Ltd., GDR, 144A		30,039		1,158,004
Shree Cement Ltd.		183		56,768
Shriram Transport Finance Co. Ltd.		3,320		55,466
State Bank of India*		36,884		186,560
Sun Pharmaceutical Industries Ltd.		18,215		107,121
Tata Consultancy Services Ltd.		19,206		605,341
Tata Motors Ltd., ADR*		6,503		81,353
Tata Power Co. Ltd.		25,164		24,842
Tata Steel Ltd.		8,415		58,961
Tech Mahindra Ltd.		10,589		115,529
Titan Co. Ltd.		6,421		113,856
UltraTech Cement Ltd.		1,993		136,127
United Spirits Ltd.*		5,204		41,372
UPL Ltd.		8,051		115,403
Vedanta Ltd.		38,952		89,735
Vodafone Idea Ltd.*		118,273		23,675
Wipro Ltd.		10,525		43,253
Wipro Ltd., ADR		13,733		60,700
Yes Bank Ltd.		33,944		71,988
Zee Entertainment Enterprises Ltd.		11,592		59,456

				10,606,824

Indonesia — 2.1%
PT Adaro Energy Tbk		338,877		30,748


	Number of Shares		Value
Indonesia (Continued)
PT Astra International Tbk		409,674	$	213,843
PT Bank Central Asia Tbk		213,963		436,246
PT Bank Mandiri Persero Tbk		396,235		213,074
PT Bank Negara Indonesia Persero Tbk		151,599		89,223
PT Bank Rakyat Indonesia Persero Tbk		1,183,725		340,044
PT Bank Tabungan Negara Persero Tbk		47,894		8,288
PT Barito Pacific Tbk		109,000		25,202
PT Bukit Asam Tbk		5,942		1,274
PT Bumi Serpong Damai Tbk*		177,993		16,836
PT Charoen Pokphand Indonesia Tbk		170,609		58,573
PT Gudang Garam Tbk		9,640		54,355
PT Hanjaya Mandala Sampoerna Tbk		215,143		50,950
PT Indah Kiat Pulp & Paper Corp. Tbk		57,760		31,364
PT Indocement Tunggal Prakarsa Tbk		39,078		58,045
PT Indofood CBP Sukses Makmur Tbk		53,927		37,028
PT Indofood Sukses Makmur Tbk		101,503		46,938
PT Jasa Marga Persero Tbk		20,032		8,000
PT Kalbe Farma Tbk		487,690		48,009
PT Pabrik Kertas Tjiwi Kimia Tbk		33,369		23,847
PT Pakuwon Jati Tbk		501,047		24,750
PT Perusahaan Gas Negara Tbk		252,045		36,378
PT Semen Indonesia Persero Tbk*		61,134		49,473
PT Surya Citra Media Tbk		141,134		16,316
PT Telekomunikasi Indonesia Persero Tbk*		1,032,151		282,038
PT Unilever Indonesia Tbk		32,109		100,112
PT United Tractors Tbk		38,784		68,886

				2,369,840

Luxembourg — 0.1%
Reinet Investments SCA		2,973		47,148

Malaysia — 2.2%
AirAsia Group Bhd		35,170		24,255
Alliance Bank Malaysia Bhd		25,551		23,475
AMMB Holdings Bhd		35,946		38,000
Axiata Group Bhd		55,156		61,730
British American Tobacco Malaysia Bhd		3,242		23,210
CIMB Group Holdings Bhd		106,820		134,337
Dialog Group Bhd		78,936		62,538
DiGi.Com Bhd		71,160		84,397
Fraser & Neave Holdings Bhd		3,500		28,565
Gamuda Bhd		37,500		31,231
Genting Bhd		42,767		65,214
Genting Malaysia Bhd		50,934		38,166
Genting Plantations Bhd		3,400		8,406
HAP Seng Consolidated Bhd		14,051		33,195
Hartalega Holdings Bhd		30,102		37,354
Hong Leong Bank Bhd		13,041		59,129
Hong Leong Financial Group Bhd		3,100		14,041
IHH Healthcare Bhd		46,635		61,208
IJM Corp. Bhd		63,364		33,568
IOI Corp. Bhd		43,294		44,529
Kuala Lumpur Kepong Bhd		8,187		48,452
Malayan Banking Bhd		84,637		182,180
Malaysia Airports Holdings Bhd		18,000		31,528
Maxis Bhd		51,896		68,608
MISC Bhd		30,800		51,082


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Malaysia (Continued)
Nestle Malaysia Bhd		1,300	$	45,603
Petronas Chemicals Group Bhd		50,424		100,114
Petronas Dagangan Bhd		5,404		33,220
Petronas Gas Bhd		14,135		59,569
PPB Group Bhd		14,062		63,020
Press Metal Aluminium Holdings Bhd		35,900		38,380
Public Bank Bhd		65,522		369,006
QL Resources Bhd		13,600		22,199
RHB Bank Bhd		16,153		22,473
RHB Bank Bhd*(b)		19,600		0
Sime Darby Bhd		53,423		29,577
Sime Darby Plantation Bhd		52,623		58,519
Sime Darby Property Bhd		58,423		14,778
SP Setia Bhd Group		24,040		12,564
Telekom Malaysia Bhd		8,545		7,361
Tenaga Nasional Bhd		64,405		195,190
Top Glove Corp. Bhd		25,200		30,369
Westports Holdings Bhd		25,307		23,432
YTL Corp. Bhd		58,598		15,941

				2,429,713

Mexico — 2.6%
Alfa SAB de CV, Class A		58,718		53,599
Alsea SAB de CV*		12,827		25,060
America Movil SAB de CV, Series L		709,873		499,478
Arca Continental SAB de CV		10,180		54,409
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		35,140		51,458
Cemex SAB de CV, Series CPO*		324,274		132,200
Coca-Cola Femsa SAB de CV		12,003		74,852
El Puerto de Liverpool SAB de CV, Class C1		4,441		24,862
Fibra Uno Administracion SA de CV REIT		65,943		84,621
Fomento Economico Mexicano SAB de CV		40,197		373,692
Gruma SAB de CV, Class B		5,003		47,713
Grupo Aeroportuario del Pacifico SAB de CV, Class B		7,139		69,861
Grupo Aeroportuario del Sureste SAB de CV, Class B		4,797		75,736
Grupo Bimbo SAB de CV, Series A		32,969		66,531
Grupo Carso SAB de CV, Series A1		10,453		38,471
Grupo Financiero Banorte SAB de CV, Class O		54,571		296,790
Grupo Financiero Inbursa SAB de CV, Class O		48,702		64,609
Grupo Mexico SAB de CV, Series B		72,260		180,330
Grupo Televisa SAB, Series CPO		53,990		100,549
Industrias Penoles SAB de CV		2,720		30,437
Infraestructura Energetica Nova SAB de CV		12,407		50,517
Kimberly-Clark de Mexico SAB de CV, Class A*(a)		35,231		63,546
Megacable Holdings SAB de CV, Series CPO		6,676		27,561
Mexichem SAB de CV		24,280		50,805


	Number of Shares		Value
Mexico (Continued)
Promotora y Operadora de Infraestructura SAB de CV		4,597	$	44,756
Wal-Mart de Mexico SAB de CV		108,875		307,258

				2,889,701

Peru — 0.4%
Cia de Minas Buenaventura SAA, ADR		3,985		60,452
Credicorp Ltd.		1,466		328,091
Southern Copper Corp. (a)		1,959		66,077

				454,620

Philippines — 1.1%
Aboitiz Equity Ventures, Inc.		32,700		35,044
Aboitiz Power Corp.		17,846		12,488
Alliance Global Group, Inc.		99,876		29,870
Ayala Corp.		5,236		92,250
Ayala Land, Inc.		155,904		147,950
Bank of the Philippine Islands		20,624		31,947
BDO Unibank, Inc.		42,685		112,930
DMCI Holdings, Inc.		92,724		18,807
Globe Telecom, Inc.		674		28,040
GT Capital Holdings, Inc.		1,421		23,510
International Container Terminal Services, Inc.		19,762		51,526
JG Summit Holdings, Inc.		66,202		79,451
Jollibee Foods Corp.		10,073		55,617
Manila Electric Co.		5,270		38,898
Megaworld Corp.		233,600		26,423
Metro Pacific Investments Corp.		343,127		29,602
Metropolitan Bank & Trust Co.		35,484		48,810
PLDT, Inc.		1,976		51,142
Robinsons Land Corp.*		46,239		23,048
Security Bank Corp.		5,095		17,094
SM Investments Corp.		5,193		93,783
SM Prime Holdings, Inc.		215,591		164,501
Universal Robina Corp.		20,459		65,502

				1,278,233

Poland — 1.1%
Alior Bank SA*		2,065		28,448
Bank Millennium SA*		14,027		35,025
Bank Polska Kasa Opieki SA		3,370		93,423
CCC SA		643		26,289
CD Projekt SA		1,446		78,399
Cyfrowy Polsat SA*		5,425		36,943
Dino Polska SA, 144A*		744		24,148
Grupa Lotos SA		2,143		49,103
Jastrzebska Spolka Weglowa SA*		1,225		16,045
KGHM Polska Miedz SA*		2,870		71,138
LPP SA		29		55,500
mBank SA*		338		35,505
Orange Polska SA*		15,997		21,495
PGE Polska Grupa Energetyczna SA*		14,490		34,895
Polski Koncern Naftowy ORLEN SA		6,628		167,364
Polskie Gornictwo Naftowe i Gazownictwo SA		33,258		48,594
Powszechna Kasa Oszczednosci Bank Polski SA		19,179		196,659


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Poland (Continued)
Powszechny Zaklad Ubezpieczen SA		12,271	$	132,645
Santander Bank Polska SA		747		71,178

				1,222,796

Qatar — 1.0%
Barwa Real Estate Co.		3,410		33,620
Commercial Bank QSC		4,610		58,808
Industries Qatar QSC		4,082		127,799
Masraf Al Rayan QSC		8,349		83,003
Mesaieed Petrochemical Holding Co.		9,064		65,293
Ooredoo QPSC		1,912		33,832
Qatar Electricity & Water Co. QSC		894		40,511
Qatar Fuel QSC		885		50,068
Qatar Insurance Co. SAQ		3,612		34,719
Qatar Islamic Bank SAQ		2,361		108,348
Qatar National Bank QPSC		9,734		502,572

				1,138,573

Romania — 0.1%
NEPI Rockcastle PLC		7,679		64,874

Russia — 3.8%
Alrosa PJSC		59,583		80,302
Gazprom PJSC, ADR		15,376		101,020
Gazprom PJSC		200,524		659,459
Inter RAO UES PJSC		724,130		44,440
LUKOIL PJSC, ADR		4,683		377,262
LUKOIL PJSC		3,994		321,718
Magnit PJSC, GDR		7,840		109,642
Magnitogorsk Iron & Steel Works PJSC		46,490		31,740
MMC Norilsk Nickel PJSC		1,327		278,319
Mobile TeleSystems PJSC, ADR		10,127		79,193
Moscow Exchange MICEX-RTS PJSC		25,750		33,366
Novatek PJSC, GDR		1,908		391,140
Novolipetsk Steel PJSC		23,206		61,139
PhosAgro PJSC, GDR		2,668		34,337
Polymetal International PLC		4,641		49,705
Polyus PJSC		617		48,775
Rosneft Oil Co. PJSC, GDR		24,682		164,481
Sberbank of Russia PJSC		228,745		815,709
Severstal PJSC, GDR		3,266		51,505
Severstal PJSC		880		13,944
Surgutneftegas PJSC, ADR		15,040		56,641
Tatneft PJSC		31,920		365,288
VTB Bank PJSC, GDR		12,299		14,193
VTB Bank PJSC		44,460,632		24,951
X5 Retail Group NV, GDR		2,629		77,275

				4,285,544

Saudi Arabia — 1.4%
Al Rajhi Bank		12,943		237,439
Alinma Bank		7,973		51,235
Almarai Co. JSC		2,673		36,349
Bank AlBilad*		4,162		26,368
Bank Al-Jazira		4,622		17,969
Banque Saudi Fransi		5,879		62,782
Bupa Arabia for Cooperative Insurance Co.		470		11,028


	Number of Shares		Value
Saudi Arabia (Continued)
Co. for Cooperative Insurance (The)*		669	$	12,362
Dar Al Arkan Real Estate Development Co.*		5,887		15,854
Emaar Economic City*		4,555		10,992
Etihad Etisalat Co.*		3,997		23,426
Jarir Marketing Co.		651		28,988
National Commercial Bank		12,763		185,472
National Industrialization Co.*		3,723		16,141
Rabigh Refining & Petrochemical Co.*		2,323		11,756
Riyad Bank		12,813		90,537
Samba Financial Group		10,409		97,142
Saudi Airlines Catering Co.		510		11,341
Saudi Arabian Fertilizer Co.		1,716		36,330
Saudi Arabian Mining Co.*		4,293		54,659
Saudi Basic Industries Corp.		7,895		235,354
Saudi British Bank (The)		2,569		26,441
Saudi Cement Co.		778		13,131
Saudi Electricity Co.		9,364		40,199
Saudi Industrial Investment Group		2,116		13,541
Saudi Kayan Petrochemical Co.*		7,714		24,107
Saudi Telecom Co.		4,216		113,091
Savola Group (The)*		2,857		25,444
Yanbu National Petrochemical Co.		2,293		38,886

				1,568,364

Singapore — 0.0%
BOC Aviation Ltd., 144A		4,280		35,678

South Africa — 5.7%
Absa Group Ltd.		15,255		176,991
Anglo American Platinum Ltd.		1,028		51,715
AngloGold Ashanti Ltd.		8,423		112,575
Aspen Pharmacare Holdings Ltd.		8,146		54,772
Bid Corp. Ltd.		6,909		144,344
Bidvest Group Ltd.		6,267		89,103
Capitec Bank Holdings Ltd.		966		87,487
Clicks Group Ltd.		5,682		74,376
Discovery Ltd.		8,240		78,478
Exxaro Resources Ltd.		4,900		57,147
FirstRand Ltd.		71,061		326,370
Fortress REIT Ltd., Class A REIT		24,390		33,405
Foschini Group Ltd.		4,473		54,077
Gold Fields Ltd.		15,919		71,517
Growthpoint Properties Ltd. REIT		64,239		106,681
Investec Ltd.		6,248		36,756
Kumba Iron Ore Ltd.		1,356		41,150
Liberty Holdings Ltd.		3,077		22,998
Life Healthcare Group Holdings Ltd.		30,480		48,442
MMI Holdings Ltd.		21,845		28,119
Mr Price Group Ltd.		5,363		72,587
MTN Group Ltd. (a)		35,410		249,514
MultiChoice Group Ltd.*		9,532		79,763
Naspers Ltd., Class N		9,311		2,093,827
Nedbank Group Ltd.		8,088		145,510
Netcare Ltd.		23,664		30,217
Old Mutual Ltd.		105,592		152,521
Pick n Pay Stores Ltd. (a)		8,450		41,170
PSG Group Ltd.		3,357		56,014


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
South Africa (Continued)
Rand Merchant Investment Holdings Ltd.		15,663	$	35,399
Redefine Properties Ltd. REIT (a)		131,200		81,695
Remgro Ltd.		11,419		145,153
RMB Holdings Ltd.		16,303		92,191
Sanlam Ltd.		38,407		200,812
Sappi Ltd.		12,866		48,668
Sasol Ltd.		11,869		298,708
Shoprite Holdings Ltd.		9,631		113,724
SPAR Group Ltd. (a)		3,670		48,246
Standard Bank Group Ltd.		27,760		378,773
Telkom SA SOC Ltd. (a)		6,435		40,519
Tiger Brands Ltd.		3,811		57,556
Truworths International Ltd.		10,178		50,065
Vodacom Group Ltd.		12,454		101,573
Woolworths Holdings Ltd.		22,991		72,211

				6,382,919

South Korea — 11.3%
Amorepacific Corp.		698		104,914
AMOREPACIFIC Group		573		31,178
BGF retail Co. Ltd.		190		29,755
BNK Financial Group, Inc.		6,008		34,810
Celltrion Healthcare Co. Ltd.*		1,127		53,847
Celltrion Pharm, Inc.*		351		15,061
Celltrion, Inc.*		1,857		296,272
Cheil Worldwide, Inc.		1,630		36,134
CJ CheilJedang Corp.		164		38,628
CJ Corp.		326		27,785
CJ ENM Co. Ltd.		171		27,512
CJ Logistics Corp.*		255		34,153
Daelim Industrial Co. Ltd.		639		55,535
Daewoo Engineering & Construction Co. Ltd.*		3,304		13,331
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		847		21,195
DB Insurance Co. Ltd.		1,132		58,458
Doosan Bobcat, Inc.		829		23,459
E-MART, Inc.		428		51,752
Fila Korea Ltd.		982		64,318
GS Engineering & Construction Corp.		1,122		37,827
GS Holdings Corp.		1,143		48,085
GS Retail Co. Ltd.		682		19,471
Hana Financial Group, Inc.		6,441		196,329
Hankook Tire & Technology Co. Ltd.		1,681		49,404
Hanmi Pharm. Co. Ltd.		135		46,307
Hanmi Science Co. Ltd.		317		18,340
Hanon Systems		4,220		41,105
Hanwha Chemical Corp.		2,466		42,760
Hanwha Corp.		1,082		23,214
Hanwha Life Insurance Co. Ltd.		5,897		15,895
HDC Hyundai Development Co-Engineering & Construction, Class E		368		13,241
Helixmith Co. Ltd.*		275		44,983
HLB, Inc.*		632		37,254
Hotel Shilla Co. Ltd.		639		50,759
Hyundai Department Store Co. Ltd.		334		23,727


	Number of Shares		Value
South Korea (Continued)
Hyundai Engineering & Construction Co. Ltd.		1,810	$	78,121
Hyundai Glovis Co. Ltd.		352		48,031
Hyundai Heavy Industries Co. Ltd.*		752		74,196
Hyundai Heavy Industries Holdings Co. Ltd.		206		54,661
Hyundai Marine & Fire Insurance Co. Ltd.		1,011		26,105
Hyundai Mobis Co. Ltd.		1,426		259,839
Hyundai Motor Co.		3,117		352,033
Hyundai Steel Co.		1,831		62,730
Industrial Bank of Korea		5,708		66,383
Kakao Corp.		1,064		111,234
Kangwon Land, Inc.		2,412		62,887
KB Financial Group, Inc.		8,467		311,407
KCC Corp.		132		28,597
Kia Motors Corp.		5,608		185,301
Korea Aerospace Industries Ltd.		1,532		42,645
Korea Electric Power Corp.*		5,265		114,947
Korea Gas Corp.		411		14,253
Korea Investment Holdings Co. Ltd.		876		53,256
Korea Zinc Co. Ltd.		184		67,519
Korean Air Lines Co. Ltd.		1,050		27,817
KT&G Corp.		2,490		211,176
Kumho Petrochemical Co. Ltd.		427		34,349
LG Chem Ltd.		978		273,469
LG Corp.		1,970		121,254
LG Display Co. Ltd.*		4,894		70,272
LG Electronics, Inc.		2,327		153,583
LG Household & Health Care Ltd.		202		216,774
LG Innotek Co. Ltd.		340		27,037
LG Uplus Corp.		2,545		29,812
Lotte Chemical Corp.		339		73,442
Lotte Corp.		345		12,225
Lotte Shopping Co. Ltd.		233		31,304
Medy-Tox, Inc.		97		36,506
Meritz Securities Co. Ltd.		5,968		23,553
Mirae Asset Daewoo Co. Ltd.		9,160		57,380
NAVER Corp.		2,976		278,633
NCSoft Corp.		330		132,177
Neoplux Co. Ltd.*		25		86
Netmarble Corp., 144A*		537		51,630
NH Investment & Securities Co. Ltd.		3,196		36,230
OCI Co. Ltd.		389		29,496
Orange Life Insurance Ltd., 144A		667		20,331
Orion Corp.		579		41,812
Ottogi Corp.		37		22,090
Pan Ocean Co. Ltd.*		5,310		19,329
Pearl Abyss Corp.*		131		21,747
POSCO		1,674		333,844
POSCO Chemical Co. Ltd.		547		24,987
Posco International Corp.		1,048		15,136
S-1 Corp.		380		30,632
Samsung Biologics Co. Ltd., 144A*		341		85,901
Samsung C&T Corp.		1,768		137,028
Samsung Card Co. Ltd.		697		21,538
Samsung Electro-Mechanics Co. Ltd.		1,159		92,650


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
South Korea (Continued)
Samsung Electronics Co. Ltd.		101,154	$	3,609,913
Samsung Engineering Co. Ltd.*		3,105		43,541
Samsung Fire & Marine Insurance Co. Ltd.		639		145,410
Samsung Heavy Industries Co. Ltd.*		9,185		60,544
Samsung Life Insurance Co. Ltd.		1,497		101,568
Samsung SDI Co. Ltd.		1,146		210,262
Samsung SDS Co. Ltd.		738		128,278
Samsung Securities Co. Ltd.		1,627		48,295
Shinhan Financial Group Co. Ltd.		9,520		355,331
Shinsegae Inc.		177		44,291
SillaJen, Inc.*		1,151		53,157
SK Holdings Co. Ltd.		740		143,849
SK Hynix, Inc.		11,577		634,796
SK Innovation Co. Ltd.		1,167		161,689
SK Telecom Co. Ltd.		438		92,131
S-Oil Corp.		937		65,698
Woongjin Coway Co. Ltd.		1,064		71,565
Woori Financial Group, Inc.		10,094		117,816
Yuhan Corp.		201		41,773

				12,666,080

Taiwan — 10.8%
Acer, Inc.*		66,463		40,051
Advantech Co. Ltd.		7,906		66,274
Airtac International Group		2,557		26,369
ASE Technology Holding Co. Ltd.*		68,899		130,333
Asia Cement Corp.		47,620		67,937
Asustek Computer, Inc.		15,454		106,082
AU Optronics Corp.		196,652		57,853
Catcher Technology Co. Ltd.		13,784		83,718
Cathay Financial Holding Co. Ltd.		160,532		207,187
Chailease Holding Co. Ltd.		23,512		86,648
Chang Hwa Commercial Bank Ltd.		111,133		70,134
Cheng Shin Rubber Industry Co. Ltd.		35,151		44,589
Chicony Electronics Co. Ltd.		13,713		32,490
China Airlines Ltd.		28,482		8,775
China Development Financial Holding Corp.		272,295		80,106
China Life Insurance Co. Ltd.		44,226		34,136
China Steel Corp.		247,392		190,166
Chunghwa Telecom Co. Ltd.		83,547		297,320
Compal Electronics, Inc.		95,433		59,320
CTBC Financial Holding Co. Ltd.		370,238		245,361
Delta Electronics, Inc.		41,339		186,344
E.Sun Financial Holding Co. Ltd.		213,593		185,131
Eclat Textile Co. Ltd.		4,028		52,305
Eva Airways Corp.		52,457		24,974
Evergreen Marine Corp. Taiwan Ltd.		54,165		20,732
Far Eastern New Century Corp.		72,920		75,659
Far EasTone Telecommunications Co. Ltd.		36,252		90,021
Feng TAY Enterprise Co. Ltd.		7,572		57,247
First Financial Holding Co. Ltd.		210,104		150,205
Formosa Chemicals & Fibre Corp.		73,515		249,992
Formosa Petrochemical Corp.		27,198		99,801
Formosa Plastics Corp.		93,786		327,825


	Number of Shares		Value
Taiwan (Continued)
Formosa Taffeta Co. Ltd.		18,915	$	23,275
Foxconn Technology Co. Ltd.		14,870		28,929
Fubon Financial Holding Co. Ltd.		141,753		193,937
Giant Manufacturing Co. Ltd.		6,806		48,334
Globalwafers Co. Ltd.		4,396		42,413
Highwealth Construction Corp.		18,545		28,628
Hiwin Technologies Corp.		4,064		30,661
Hon Hai Precision Industry Co. Ltd.		264,559		618,455
Hotai Motor Co. Ltd.		6,192		99,111
Hua Nan Financial Holdings Co. Ltd.		170,355		112,896
Innolux Corp.		157,368		37,285
Inventec Corp.		44,076		33,183
Largan Precision Co. Ltd.		2,124		253,301
Lite-On Technology Corp.		48,019		68,506
MediaTek, Inc.		32,384		318,590
Mega Financial Holding Co. Ltd.		224,142		219,799
Micro-Star International Co. Ltd.		15,344		40,092
Nan Ya Plastics Corp.		108,214		268,716
Nanya Technology Corp.		27,757		54,087
Nien Made Enterprise Co. Ltd.		3,325		24,244
Novatek Microelectronics Corp.		13,124		69,538
Pegatron Corp.		38,386		62,535
Phison Electronics Corp.		3,333		30,154
Pou Chen Corp.		50,181		56,908
Powertech Technology, Inc.		15,931		37,443
President Chain Store Corp.		11,584		110,298
Quanta Computer, Inc.		52,110		97,091
Realtek Semiconductor Corp.		8,969		56,743
Ruentex Development Co. Ltd.		13,761		17,804
Ruentex Industries Ltd.		3,455		7,563
Shanghai Commercial & Savings Bank Ltd. (The)		66,000		121,300
Shin Kong Financial Holding Co. Ltd.		233,454		64,839
SinoPac Financial Holdings Co. Ltd.		243,102		94,203
Standard Foods Corp.		8,043		15,418
Synnex Technology International Corp.		32,196		38,956
TaiMed Biologics, Inc.*		4,327		19,026
Taishin Financial Holding Co. Ltd.		197,668		88,165
Taiwan Business Bank		78,907		32,324
Taiwan Cement Corp.		97,387		132,160
Taiwan Cooperative Financial Holding Co. Ltd.		185,476		120,570
Taiwan High Speed Rail Corp.		38,339		52,756
Taiwan Mobile Co. Ltd.		36,483		136,180
Taiwan Semiconductor Manufacturing Co. Ltd.		522,111		3,889,510
Tatung Co. Ltd.*		41,870		28,807
Uni-President Enterprises Corp.		101,975		262,256
United Microelectronics Corp.		248,162		101,267
Vanguard International Semiconductor Corp.		18,536		35,357
Walsin Technology Corp.		6,794		34,171
Win Semiconductors Corp.		7,512		41,466
Winbond Electronics Corp.		63,775		28,748
Wistron Corp.		60,594		43,127
WPG Holdings Ltd.		35,650		44,545
Yageo Corp.		5,540		45,740


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Taiwan (Continued)
Yuanta Financial Holding Co. Ltd.		211,552	$	118,784
Zhen Ding Technology Holding Ltd.		10,570		30,962

				12,166,241

Thailand — 2.8%
Advanced Info Service PCL, NVDR		25,374		154,742
Airports of Thailand PCL, NVDR		94,700		190,762
Bangkok Bank PCL, NVDR		10,446		64,860
Bangkok Dusit Medical Services PCL, NVDR		196,900		158,652
Bangkok Expressway & Metro PCL, NVDR		141,900		50,667
Banpu PCL, NVDR		83,300		39,219
Berli Jucker PCL, NVDR		31,500		44,541
BTS Group Holdings PCL, NVDR		134,700		48,521
Bumrungrad Hospital PCL, NVDR		9,100		48,163
Central Pattana PCL, NVDR		45,500		102,437
Charoen Pokphand Foods PCL, NVDR		80,043		70,185
CP ALL PCL, NVDR		123,000		309,953
Electricity Generating PCL, NVDR		5,700		53,492
Energy Absolute PCL, NVDR		35,300		59,953
Gulf Energy Development PCL, NVDR		11,000		35,801
Home Product Center PCL, NVDR		119,300		63,707
Indorama Ventures PCL, NVDR		34,097		49,560
Intouch Holdings PCL, NVDR		41,300		75,364
IRPC PCL, NVDR		231,460		34,667
Kasikornbank PCL, NVDR		43,079		253,866
Krung Thai Bank PCL, NVDR		82,606		49,855
Land & Houses PCL, NVDR		133,300		44,647
Minor International PCL, NVDR		49,500		60,609
Muangthai Capital PCL, NVDR		11,900		20,211
PTT Exploration & Production PCL, NVDR		30,213		119,811
PTT Global Chemical PCL, NVDR		49,600		95,211
PTT PCL		84,000		122,759
PTT PCL, NVDR		159,680		233,358
Ratch Group PCL, NVDR		13,900		27,012
Robinson PCL, NVDR		12,600		21,698
Siam Cement PCL		8,258		117,944
Siam Cement PCL, NVDR		8,100		115,687
Siam Commercial Bank PCL, NVDR		20,298		83,058
Thai Oil PCL, NVDR		29,357		54,962
Thai Union Group PCL, NVDR		66,600		38,090
TMB Bank PCL, NVDR		303,700		18,137
Total Access Communication PCL, NVDR		14,200		21,986
True Corp. PCL, NVDR		230,200		35,788

				3,189,935

Turkey — 0.5%
Akbank T.A.S.*		60,533		62,138
Anadolu Efes Biracilik Ve Malt Sanayii AS		4,782		15,802
Arcelik AS*		5,461		16,330
Aselsan Elektronik Sanayi Ve Ticaret AS		6,494		20,378
BIM Birlesik Magazalar AS		4,901		67,052
Eregli Demir ve Celik Fabrikalari TAS		27,300		33,975
Ford Otomotiv Sanayi AS		1,623		15,337


	Number of Shares		Value
Turkey (Continued)
Haci Omer Sabanci Holding AS		12,033	$	16,008
KOC Holding AS		17,583		48,987
TAV Havalimanlari Holding AS		1,948		8,507
Tupras Turkiye Petrol Rafinerileri AS		3,022		67,957
Turk Hava Yollari AO*		12,768		27,375
Turkcell Iletisim Hizmetleri AS		24,531		49,016
Turkiye Garanti Bankasi AS*		41,377		56,325
Turkiye Is Bankasi AS, Class C*		36,730		32,282
Turkiye Sise ve Cam Fabrikalari AS		18,192		16,238

				553,707

United Arab Emirates — 0.7%
Abu Dhabi Commercial Bank PJSC		60,486		147,880
Aldar Properties PJSC		71,407		35,383
DP World PLC		3,567		61,031
Dubai Islamic Bank PJSC		37,058		50,850
Emaar Development PJSC		18,289		19,519
Emaar Malls PJSC		48,681		25,712
Emaar Properties PJSC		80,009		97,370
Emirates Telecommunications Group Co. PJSC		37,308		165,565
First Abu Dhabi Bank PJSC		56,241		227,537

				830,847

United Kingdom — 0.1%
Mondi Ltd.		2,734		56,224

United States (c) — 0.0%
Nexteer Automotive Group Ltd.		19,082		23,367

TOTAL COMMON STOCKS (Cost $95,498,364)				106,590,548

PREFERRED STOCKS — 3.7%

Brazil — 2.8%
Banco Bradesco SA		85,470		805,920
Braskem SA, Class A*		3,912		42,650
Centrais Eletricas Brasileiras SA, Class B		5,124		46,579
Cia Brasileira de Distribuicao		3,587		79,721
Cia Energetica de Minas Gerais		19,854		74,681
Gerdau SA		21,344		75,444
Itau Unibanco Holding SA		102,592		915,078
Itausa — Investimentos Itau SA		96,341		304,200
Lojas Americanas SA		16,526		67,975
Petroleo Brasileiro SA		87,566		570,168
Telefonica Brasil SA		9,245		113,208

				3,095,624

Chile — 0.1%
Embotelladora Andina SA, Class B		5,911		19,659
Sociedad Quimica y Minera de Chile SA, Class B		2,629		79,300

				98,959

Colombia — 0.1%
Bancolombia SA		10,279		120,194
Grupo Aval Acciones y Valores SA		86,612		30,127
Grupo de Inversiones Suramericana SA		2,589		23,223

				173,544


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Russia — 0.1%
Surgutneftegas PJSC		147,536	$	91,276
Transneft PJSC		10		24,669

				115,945

South Korea — 0.6%
Amorepacific Corp.		227		18,985
CJ Corp.*(b)		53		334
Hyundai Motor Co.		534		35,154
Hyundai Motor Co. — 2nd Preferred		831		59,801
LG Chem Ltd.		156		25,413
LG Household & Health Care Ltd.		38		23,261
Samsung Electronics Co. Ltd.		17,594		514,125

				677,073

TOTAL PREFERRED STOCKS (Cost $2,707,725)				4,161,145

RIGHTS — 0.0%

China — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (b) (Cost $0)		532		0

WARRANTS — 0.0%

Thailand — 0.0%
BTS Group Holdings PCL, NVDR*, expires 11/29/19		18,144		488


	Number of Shares		Value
Thailand (Continued)
Minor International PCL*, expires 9/30/21 (b)		2,475	$	299

				787

TOTAL WARRANTS (Cost $0)				787

EXCHANGE-TRADED FUNDS — 0.0%
Global X MSCI Pakistan ETF (Cost $64,435)		6,500		49,270

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (d)(e) (Cost $751,459)		751,459		751,459

CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d) (Cost $879,859)		879,859		879,859


TOTAL INVESTMENTS — 100.1% (Cost $99,901,842)			$	112,433,068
Other assets and liabilities, net — (0.1%)				(95,660	)

NET ASSETS — 100.0%			$	112,337,408

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e)
		993,218		—		(241,759	)(f)		—		—		20,685		—		751,459		751,459


CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d)
		—		19,707,326		(18,827,467	)		—		—		32,362		—		879,859		879,859

		993,218		19,707,326		(19,069,226	)		—		—		53,047		—		1,631,318		1,631,318

*	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, 2019 amounted to $2,434,082, which is 2.2% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(c)	Securities are listed in country of domicile and trade on exchanges within the MSCI EM US Dollar Hedged Index .

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,904,824.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC

Joint Stock Company


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
MSCI Emerging Markets Index Futures	USD	30	$	1,538,425	$1,500,300		6/21/2019	$	(38,125	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/5/2019	BRL	2,425,300	USD	612,279	$	—	$	(5,510	)
Goldman Sachs & Co.	6/5/2019	BRL	752,000	USD	189,818		—		(1,737	)
JP Morgan & Chase Co.	6/5/2019	BRL	2,566,800	USD	648,591		—		(5,242	)
The Bank of Nova Scotia	6/5/2019	BRL	27,738,100	USD	7,002,272		—		(63,372	)
Goldman Sachs & Co.	6/5/2019	CLP	757,841,100	USD	1,115,095		47,100		—
RBC Capital Markets	6/5/2019	CLP	56,356,800	USD	82,892		3,471		—
Goldman Sachs & Co.	6/5/2019	CNH	436,000	USD	64,666		1,788		—
Goldman Sachs & Co.	6/5/2019	CNH	6,335,200	USD	940,401		26,767		—
Goldman Sachs & Co.	6/5/2019	CZK	2,596,100	USD	113,541		1,284		—
JP Morgan & Chase Co.	6/5/2019	CZK	2,685,000	USD	117,437		1,336		—
JP Morgan & Chase Co.	6/5/2019	EUR	246,000	USD	276,472		1,531		—
JP Morgan & Chase Co.	6/5/2019	HKD	34,234,500	USD	4,365,711		—		(1,361	)
RBC Capital Markets	6/5/2019	HKD	108,909,300	USD	13,887,950		—		(4,902	)
The Bank of New York Mellon	6/5/2019	HKD	10,079,000	USD	1,285,321		—		(391	)
The Bank of New York Mellon	6/5/2019	HKD	74,010,500	USD	9,437,912		—		(3,126	)
JP Morgan & Chase Co.	6/5/2019	HUF	65,802,500	USD	228,245		1,973		—
RBC Capital Markets	6/5/2019	HUF	44,286,400	USD	153,610		1,324		—
Goldman Sachs & Co.	6/5/2019	KRW	13,853,767,600	USD	11,910,048		274,823		—
JP Morgan & Chase Co.	6/5/2019	KRW	711,059,000	USD	609,875		12,685		—
JP Morgan & Chase Co.	6/5/2019	KRW	1,704,885,400	USD	1,461,514		29,649		—
RBC Capital Markets	6/5/2019	KRW	2,010,718,000	USD	1,721,505		32,784		—
JP Morgan & Chase Co.	6/5/2019	MXN	3,631,400	USD	189,875		4,756		—
RBC Capital Markets	6/5/2019	MXN	1,876,000	USD	98,091		2,457		—
RBC Capital Markets	6/5/2019	MXN	15,259,500	USD	797,888		19,997		—
The Bank of New York Mellon	6/5/2019	MXN	43,384,800	USD	2,268,380		56,731		—
JP Morgan & Chase Co.	6/5/2019	PLN	1,054,200	USD	275,692		598		—
The Bank of Nova Scotia	6/5/2019	PLN	4,209,100	USD	1,100,441		2,078		—
Goldman Sachs & Co.	6/5/2019	RUB	40,795,000	USD	628,922		5,666		—
Goldman Sachs & Co.	6/5/2019	RUB	9,910,000	USD	152,780		1,378		—
JP Morgan & Chase Co.	6/5/2019	RUB	252,915,200	USD	3,899,110		35,139		—
Goldman Sachs & Co.	6/5/2019	THB	73,948,600	USD	2,311,977		—		(24,945	)
The Bank of Nova Scotia	6/5/2019	THB	16,275,000	USD	509,074		—		(5,248	)
Goldman Sachs & Co.	6/5/2019	TWD	50,927,100	USD	1,648,393		36,962		—
JP Morgan & Chase Co.	6/5/2019	TWD	24,940,000	USD	806,806		17,657		—
JP Morgan & Chase Co.	6/5/2019	TWD	122,494,400	USD	3,960,119		84,162		—
RBC Capital Markets	6/5/2019	TWD	18,096,200	USD	584,786		12,188		—
The Bank of Nova Scotia	6/5/2019	TWD	215,547,200	USD	6,974,283		153,958		—
Goldman Sachs & Co.	6/5/2019	USD	811,509	BRL	3,177,300		—		(2,164	)
JP Morgan & Chase Co.	6/5/2019	USD	654,078	BRL	2,566,800		—		(245	)
The Bank of Nova Scotia	6/5/2019	USD	7,086,169	BRL	27,738,100		—		(20,525	)
Goldman Sachs & Co.	6/5/2019	USD	1,071,994	CLP	757,841,100		—		(3,999	)
RBC Capital Markets	6/5/2019	USD	79,710	CLP	56,356,800		—		(288	)
Goldman Sachs & Co.	6/5/2019	USD	976,655	CNH	6,771,200		—		(143	)
Goldman Sachs & Co.	6/5/2019	USD	111,992	CZK	2,596,100		265		—
JP Morgan & Chase Co.	6/5/2019	USD	115,827	CZK	2,685,000		274		—


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	USD	274,152	EUR	246,000	$	788	$	—
JP Morgan & Chase Co.	6/5/2019	USD	4,366,421	HKD	34,234,500		652		—
RBC Capital Markets	6/5/2019	USD	13,890,518	HKD	108,909,300		2,333		—
The Bank of New York Mellon	6/5/2019	USD	247,975	HKD	1,944,000		8		—
The Bank of New York Mellon	6/5/2019	USD	10,477,275	HKD	82,145,500		1,493		—
JP Morgan & Chase Co.	6/5/2019	USD	225,713	HUF	65,802,500		559		—
RBC Capital Markets	6/5/2019	USD	151,910	HUF	44,286,400		375		—
Goldman Sachs & Co.	6/5/2019	USD	131,041	KRW	152,772,000		—		(2,734	)
Goldman Sachs & Co.	6/5/2019	USD	11,503,775	KRW	13,700,995,600		3,143		—
JP Morgan & Chase Co.	6/5/2019	USD	2,029,745	KRW	2,415,944,400		—		(690	)
RBC Capital Markets	6/5/2019	USD	1,688,260	KRW	2,010,718,000		461		—
JP Morgan & Chase Co.	6/5/2019	USD	185,134	MXN	3,631,400		—		(15	)
RBC Capital Markets	6/5/2019	USD	873,601	MXN	17,135,500		—		(76	)
The Bank of New York Mellon	6/5/2019	USD	2,211,863	MXN	43,384,800		—		(215	)
JP Morgan & Chase Co.	6/5/2019	USD	274,427	PLN	1,054,200		666		—
The Bank of Nova Scotia	6/5/2019	USD	1,095,712	PLN	4,209,100		2,652		—
Goldman Sachs & Co.	6/5/2019	USD	778,130	RUB	50,705,000		—		(3,473	)
JP Morgan & Chase Co.	6/5/2019	USD	3,881,232	RUB	252,915,200		—		(17,261	)
Goldman Sachs & Co.	6/5/2019	USD	2,341,257	THB	73,948,600		—		(4,334	)
The Bank of Nova Scotia	6/5/2019	USD	514,288	THB	16,275,000		34		—
Goldman Sachs & Co.	6/5/2019	USD	1,611,617	TWD	50,927,100		—		(186	)
JP Morgan & Chase Co.	6/5/2019	USD	4,665,646	TWD	147,434,400		—		(539	)
RBC Capital Markets	6/5/2019	USD	572,846	TWD	18,096,200		—		(247	)
The Bank of Nova Scotia	6/5/2019	USD	6,818,525	TWD	215,547,200		1,801		—
JP Morgan & Chase Co.	6/5/2019	USD	5,823,268	ZAR	84,783,000		—		(6,460	)
RBC Capital Markets	6/5/2019	USD	1,607,203	ZAR	23,399,700		—		(1,792	)
JP Morgan & Chase Co.	6/5/2019	ZAR	84,783,000	USD	5,890,764		73,956		—
RBC Capital Markets	6/5/2019	ZAR	8,947,000	USD	621,613		7,776		—
RBC Capital Markets	6/5/2019	ZAR	14,452,700	USD	1,004,149		12,576		—
Goldman Sachs & Co.	6/6/2019	COP	1,606,739,700	USD	495,731		20,267		—
Goldman Sachs & Co.	6/6/2019	INR	139,013,200	USD	1,982,222		—		(11,153	)
JP Morgan & Chase Co.	6/6/2019	INR	603,700,800	USD	8,620,603		—		(36,142	)
JP Morgan & Chase Co.	6/6/2019	INR	21,163,000	USD	302,039		—		(1,427	)
Goldman Sachs & Co.	6/6/2019	PHP	32,280,500	USD	618,519		—		(56	)
JP Morgan & Chase Co.	6/6/2019	PHP	5,291,800	USD	101,342		—		(62	)
RBC Capital Markets	6/6/2019	PHP	29,959,400	USD	573,166		—		(931	)
Goldman Sachs & Co.	6/6/2019	USD	476,615	COP	1,606,739,700		—		(1,151	)
Goldman Sachs & Co.	6/6/2019	USD	1,991,593	INR	139,013,200		1,781		—
JP Morgan & Chase Co.	6/6/2019	USD	8,953,743	INR	624,863,800		6,468		—
Goldman Sachs & Co.	6/6/2019	USD	618,164	PHP	32,280,500		412		—
JP Morgan & Chase Co.	6/6/2019	USD	101,434	PHP	5,291,800		—		(30	)
RBC Capital Markets	6/6/2019	USD	574,485	PHP	29,959,400		—		(388	)
Goldman Sachs & Co.	6/10/2019	TRY	213,900	USD	35,002		—		(1,500	)
JP Morgan & Chase Co.	6/10/2019	TRY	2,545,400	USD	416,090		—		(18,284	)
RBC Capital Markets	6/10/2019	TRY	884,100	USD	144,513		—		(6,359	)
Goldman Sachs & Co.	6/10/2019	USD	36,654	TRY	213,900		—		(152	)
JP Morgan & Chase Co.	6/10/2019	USD	434,423	TRY	2,545,400		—		(49	)
RBC Capital Markets	6/10/2019	USD	150,906	TRY	884,100		—		(34	)
Goldman Sachs & Co.	6/12/2019	AED	2,571,700	USD	700,087		—		(63	)
The Bank of Nova Scotia	6/12/2019	AED	292,500	USD	79,623		—		(10	)
Goldman Sachs & Co.	6/12/2019	EGP	2,922,600	USD	168,014		—		(6,109	)
Goldman Sachs & Co.	6/12/2019	IDR	21,836,840,200	USD	1,523,323		—		(4,229	)
JP Morgan & Chase Co.	6/12/2019	IDR	13,809,457,700	USD	961,996		—		(4,017	)
RBC Capital Markets	6/12/2019	IDR	1,516,118,300	USD	105,727		—		(331	)
Goldman Sachs & Co.	6/12/2019	MYR	6,158,200	USD	1,485,479		16,197		—
RBC Capital Markets	6/12/2019	MYR	4,769,500	USD	1,151,497		13,544		—
Goldman Sachs & Co.	6/12/2019	QAR	4,060,200	USD	1,109,769		—		(5,410	)
Goldman Sachs & Co.	6/12/2019	USD	700,163	AED	2,571,700		—		(14	)


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	6/12/2019	USD	79,633	AED	292,500	$	1	$	—
Goldman Sachs & Co.	6/12/2019	USD	173,964	EGP	2,922,600		158		—
Goldman Sachs & Co.	6/12/2019	USD	1,527,052	IDR	21,836,840,200		501		—
JP Morgan & Chase Co.	6/12/2019	USD	966,440	IDR	13,809,457,700		—		(427	)
RBC Capital Markets	6/12/2019	USD	105,948	IDR	1,516,118,300		109		—
Goldman Sachs & Co.	6/12/2019	USD	1,469,737	MYR	6,158,200		—		(456	)
RBC Capital Markets	6/12/2019	USD	1,139,393	MYR	4,769,500		—		(1,441	)
Goldman Sachs & Co.	6/12/2019	USD	1,110,558	QAR	4,060,200		4,621		—
Goldman Sachs & Co.	7/3/2019	AED	2,571,700	USD	700,106		—		(17	)
The Bank of Nova Scotia	7/3/2019	AED	292,500	USD	79,628		—		(3	)
Goldman Sachs & Co.	7/3/2019	BRL	3,177,300	USD	809,627		2,356		—
Goldman Sachs & Co.	7/3/2019	BRL	710,000	USD	180,698		305		—
JP Morgan & Chase Co.	7/3/2019	BRL	2,566,800	USD	652,482		324		—
The Bank of Nova Scotia	7/3/2019	BRL	27,738,100	USD	7,066,312		18,767		—
Goldman Sachs & Co.	7/3/2019	CLP	757,841,100	USD	1,071,206		3,682		—
RBC Capital Markets	7/3/2019	CLP	56,356,800	USD	79,668		282		—
Goldman Sachs & Co.	7/3/2019	CNH	6,291,000	USD	907,012		—		(25	)
Goldman Sachs & Co.	7/3/2019	CNH	6,771,200	USD	976,430		158		—
Goldman Sachs & Co.	7/3/2019	CZK	2,596,100	USD	112,058		—		(277	)
JP Morgan & Chase Co.	7/3/2019	CZK	2,685,000	USD	115,904		—		(277	)
JP Morgan & Chase Co.	7/3/2019	EUR	246,000	USD	274,802		—		(812	)
JP Morgan & Chase Co.	7/3/2019	HKD	34,234,500	USD	4,366,961		—		(1,195	)
RBC Capital Markets	7/3/2019	HKD	108,909,300	USD	13,892,999		—		(3,297	)
The Bank of New York Mellon	7/3/2019	HKD	82,145,500	USD	10,479,213		—		(2,153	)
JP Morgan & Chase Co.	7/3/2019	HUF	65,802,500	USD	226,137		—		(599	)
RBC Capital Markets	7/3/2019	HUF	44,286,400	USD	152,202		—		(396	)
Goldman Sachs & Co.	7/3/2019	IDR	21,836,840,200	USD	1,518,029		—		(5,309	)
JP Morgan & Chase Co.	7/3/2019	IDR	13,809,457,700	USD	961,728		—		(1,619	)
RBC Capital Markets	7/3/2019	IDR	1,516,118,300	USD	105,432		—		(332	)
Goldman Sachs & Co.	7/3/2019	INR	139,013,200	USD	1,984,769		—		(2,641	)
JP Morgan & Chase Co.	7/3/2019	INR	624,863,800	USD	8,921,273		—		(12,125	)
Goldman Sachs & Co.	7/3/2019	KRW	13,700,995,600	USD	11,510,540		—		(8,572	)
JP Morgan & Chase Co.	7/3/2019	KRW	2,415,944,400	USD	2,031,571		366		—
RBC Capital Markets	7/3/2019	KRW	2,010,718,000	USD	1,689,651		—		(861	)
JP Morgan & Chase Co.	7/3/2019	MXN	3,631,400	USD	184,211		21		—
RBC Capital Markets	7/3/2019	MXN	17,135,500	USD	869,370		232		—
The Bank of New York Mellon	7/3/2019	MXN	43,384,800	USD	2,200,721		179		—
Goldman Sachs & Co.	7/3/2019	MYR	6,158,200	USD	1,467,286		—		(1,507	)
RBC Capital Markets	7/3/2019	MYR	4,769,500	USD	1,137,762		189		—
Goldman Sachs & Co.	7/3/2019	PHP	32,280,500	USD	616,511		—		(774	)
JP Morgan & Chase Co.	7/3/2019	PHP	5,291,800	USD	101,216		24		—
RBC Capital Markets	7/3/2019	PHP	29,959,400	USD	572,837		—		(62	)
JP Morgan & Chase Co.	7/3/2019	PLN	1,054,200	USD	274,616		—		(696	)
The Bank of Nova Scotia	7/3/2019	PLN	4,209,100	USD	1,096,342		—		(2,895	)
Goldman Sachs & Co.	7/3/2019	QAR	4,060,200	USD	1,110,528		—		(4,838	)
Goldman Sachs & Co.	7/3/2019	RUB	50,705,000	USD	774,847		3,422		—
JP Morgan & Chase Co.	7/3/2019	RUB	252,915,200	USD	3,865,034		17,187		—
Goldman Sachs & Co.	7/3/2019	THB	13,862,000	USD	438,209		—		(160	)
Goldman Sachs & Co.	7/3/2019	THB	73,948,600	USD	2,341,628		3,091		—
The Bank of Nova Scotia	7/3/2019	THB	16,275,000	USD	514,299		—		(378	)
Goldman Sachs & Co.	7/3/2019	TRY	213,900	USD	36,036		35		—
JP Morgan & Chase Co.	7/3/2019	TRY	2,545,400	USD	428,364		—		(46	)
RBC Capital Markets	7/3/2019	TRY	884,100	USD	148,784		—		(17	)
Goldman Sachs & Co.	7/3/2019	TWD	50,927,100	USD	1,608,563		—		(5,440	)
JP Morgan & Chase Co.	7/3/2019	TWD	147,434,400	USD	4,663,137		—		(9,416	)
RBC Capital Markets	7/3/2019	TWD	18,096,200	USD	572,538		—		(975	)
The Bank of Nova Scotia	7/3/2019	TWD	215,547,200	USD	6,813,567		—		(17,645	)
RBC Capital Markets	7/3/2019	USD	101,302	CLP	71,716,000		—		(280	)


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		7/3/2019		USD	3,312,600		HKD	25,965,000	$	408	$	—
JP Morgan & Chase Co.		7/3/2019		USD	208,781		IDR	2,999,981,000		497		—
JP Morgan & Chase Co.		7/3/2019		USD	1,504,277		KRW	1,788,660,000		—		(461	)
RBC Capital Markets		7/3/2019		USD	246,061		MXN	4,850,000		—		(61	)
Goldman Sachs & Co.		7/3/2019		USD	91,774		MYR	384,000		—		(186	)
The Bank of Nova Scotia		7/3/2019		USD	120,122		PLN	461,000		271		—
Goldman Sachs & Co.		7/3/2019		USD	124,092		RUB	8,119,000		—		(570	)
JP Morgan & Chase Co.		7/3/2019		USD	1,323,101		TWD	41,810,000		1,959		—
RBC Capital Markets		7/3/2019		USD	715,029		ZAR	10,446,000		—		(895	)
JP Morgan & Chase Co.		7/3/2019		ZAR	84,783,000		USD	5,802,778		6,645		—
RBC Capital Markets		7/3/2019		ZAR	23,399,700		USD	1,601,593		1,889		—
Goldman Sachs & Co.		7/5/2019		COP	1,606,739,700		USD	475,804		1,183		—
Goldman Sachs & Co.		7/8/2019		EGP	2,922,600		USD	172,833		—		(184	)

Total unrealized appreciation (depreciation)									$	1,107,585	$	(369,441	)

Currency Abbreviations

AED

Arab Emirates Dirham

BRL

Brazilian Real

CLP

Chilean Peso

CNH

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

EGP

Egyptian Pound

EUR

Euro

HKD

Hong Kong Dollar

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KRW

South Korean Won

MXN

Mexican Peso

MYR

Malaysian Ringgit

PHP

Philippine Peso

PLN

Polish Zloty

QAR

Qatari Rial

RUB

Russian Ruble

THB

Thai Baht

TRY

Turkish Lira

TWD

New Taiwan Dollar

USD

U.S. Dollar

ZAR

South African Rand


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	106,517,228		$	—		$	73,320	$	106,590,548
Preferred Stocks (g)		4,160,811			—			334		4,161,145
Rights		—			—			0		0
Warrants		488			—			299		787
Exchange-Traded Funds		49,270			—			—		49,270
Short-Term Investments		1,631,318			—			—		1,631,318
Derivatives (h)
Forward Foreign Currency Contracts		—			1,107,585			—		1,107,585

TOTAL	$	112,359,115		$	1,107,585		$	73,953	$	113,540,653



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—		$	(369,441	)	$	—	$	(369,441	)
Futures Contracts		(38,125	)		—			—		(38,125	)

TOTAL	$	(38,125	)	$	(369,441	)	$	—	$	(407,566	)

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

(h)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2019, the amount of transfers from Level 3 to Level 1 was $70,470. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 97.2%

Australia — 0.6%
BHP Group PLC		212,177	$	4,787,113

Austria — 0.4%
ANDRITZ AG		7,068		254,253
Erste Group Bank AG*		30,663		1,087,607
OMV AG		14,547		684,016
Raiffeisen Bank International AG		15,366		357,401
Verbund AG		6,364		318,509
voestalpine AG		11,504		300,346

				3,002,132

Belgium — 1.5%
Ageas		17,708		864,104
Anheuser-Busch InBev SA/NV		76,644		6,217,109
Colruyt SA		5,581		414,742
Groupe Bruxelles Lambert SA		7,875		734,248
KBC Group NV		24,858		1,634,558
Proximus SADP		14,765		428,040
Solvay SA		7,328		688,323
Telenet Group Holding NV		4,920		265,147
UCB SA		12,481		954,832
Umicore SA		19,697		587,524

				12,788,627

Chile — 0.0%
Antofagasta PLC		38,283		378,871

Denmark — 2.7%
A.P. Moller — Maersk A/S, Class A		375		382,871
A.P. Moller — Maersk A/S, Class B		647		694,939
Carlsberg A/S, Class B		10,564		1,391,634
Chr Hansen Holding A/S		10,421		1,087,824
Coloplast A/S, Class B		11,748		1,252,356
Danske Bank A/S		66,359		1,091,970
Demant A/S*		11,213		375,573
DSV A/S		17,653		1,577,618
Genmab A/S*		6,068		1,041,637
H Lundbeck A/S		7,322		293,988
ISS A/S		16,174		455,239
Novo Nordisk A/S, Class B		170,074		8,006,685
Novozymes A/S, Class B		21,623		1,017,637
Orsted A/S, 144A		19,151		1,526,419
Pandora A/S		10,296		382,440
Tryg A/S		11,423		357,828
Vestas Wind Systems A/S		19,316		1,583,492

				22,520,150

Finland — 1.8%
Elisa OYJ		14,340		639,519
Fortum OYJ		43,132		921,782
Kone OYJ, Class B		33,469		1,825,011
Metso OYJ		10,651		344,471
Neste OYJ		42,855		1,448,720
Nokia OYJ (a)		564,189		2,823,687
Nokian Renkaat OYJ		12,273		350,861
Nordea Bank Abp		308,378		2,177,669
Orion OYJ, Class B		10,322		337,636
Sampo OYJ, Class A		45,440		1,967,596


	Number of Shares		Value
Finland (Continued)
Stora Enso OYJ, Class R		57,452	$	607,298
UPM-Kymmene OYJ		54,931		1,375,837
Wartsila OYJ Abp		43,096		629,977

				15,450,064

France — 17.1%
Accor SA		17,998		664,321
Aeroports de Paris		2,927		500,951
Air Liquide SA		43,300		5,393,574
Airbus SE		58,518		7,508,828
Alstom SA		15,323		699,791
Amundi SA, 144A		5,973		387,688
Arkema SA		6,591		553,122
Atos SE		9,543		727,295
AXA SA		195,523		4,822,928
BioMerieux (a)		4,033		329,577
BNP Paribas SA (a)		113,318		5,174,526
Bollore SA (a)		86,727		391,620
Bouygues SA		22,021		770,746
Bureau Veritas SA		28,383		669,361
Capgemini SE (a)		16,118		1,802,433
Carrefour SA (a)		60,849		1,144,747
Casino Guichard Perrachon SA (a)		5,578		212,307
Cie de Saint-Gobain		50,240		1,819,322
Cie Generale des Etablissements Michelin		16,877		1,941,044
CNP Assurances		17,272		370,281
Covivio REIT		4,509		472,998
Credit Agricole SA (a)		116,839		1,335,295
Danone SA (a)		62,084		4,952,127
Dassault Aviation SA		241		300,735
Dassault Systemes SE		13,242		1,965,301
Edenred		23,830		1,088,833
Eiffage SA		7,739		739,897
Electricite de France SA		62,839		881,724
Engie SA (a)		184,334		2,563,827
EssilorLuxottica SA		28,310		3,262,293
Eurazeo SE		4,611		322,723
Eutelsat Communications SA		17,877		315,049
Faurecia SA		7,501		277,120
Gecina SA REIT		4,524		646,914
Getlink SE		44,965		693,717
Hermes International		3,122		2,074,520
ICADE REIT		3,193		271,276
Iliad SA		2,721		314,465
Imerys SA		3,194		138,589
Ingenico Group SA*		6,119		489,312
Ipsen SA		3,839		458,469
JCDecaux SA		6,696		187,012
Kering		7,578		3,944,644
Klepierre SA REIT		19,809		674,293
Legrand SA		26,350		1,770,345
L’Oreal SA		25,367		6,812,672
LVMH Moet Hennessy Louis Vuitton SE		27,935		10,566,947
Natixis SA (a)		95,532		438,530
Orange SA		199,885		3,135,171
Pernod Ricard SA		21,398		3,772,194


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
France (Continued)
Peugeot SA		58,082	$	1,295,787
Publicis Groupe SA		21,120		1,153,763
Remy Cointreau SA (a)		2,232		306,700
Renault SA		18,993		1,144,082
Safran SA		32,950		4,332,572
Sanofi		112,648		9,091,072
Sartorius Stedim Biotech		2,855		395,815
Schneider Electric SE		55,548		4,393,550
SCOR SE		16,110		662,844
SEB SA		2,381		389,150
Societe BIC SA*(a)		2,602		203,188
Societe Generale SA (a)		75,795		1,901,797
Sodexo SA		8,626		992,569
Suez (a)		33,758		451,613
Teleperformance		5,711		1,097,374
Thales SA		10,845		1,194,109
TOTAL SA		239,024		12,454,146
Ubisoft Entertainment SA*		8,232		674,650
Unibail-Rodamco-Westfield REIT		14,017		2,119,470
Valeo SA (a)		23,735		627,892
Veolia Environnement SA (a)		53,072		1,227,890
Vinci SA (a)		51,468		5,086,255
Vivendi SA		92,235		2,486,377
Wendel SA		2,598		330,870
Worldline SA, 144A*		8,112		488,462

				145,253,451

Germany — 12.7%
1&1 Drillisch AG		5,410		165,359
adidas AG		18,121		5,186,509
Allianz SE		42,782		9,504,350
Axel Springer SE		4,792		297,382
BASF SE		92,617		6,110,800
Bayer AG		93,599		5,523,107
Bayerische Motoren Werke AG		33,781		2,340,551
Beiersdorf AG		10,242		1,179,089
Brenntag AG		14,997		696,631
Carl Zeiss Meditec AG		3,978		374,411
Commerzbank AG		102,965		724,906
Continental AG		11,215		1,526,021
Covestro AG, 144A		17,165		752,274
Daimler AG		91,870		4,765,770
Delivery Hero SE, 144A*		11,108		478,381
Deutsche Bank AG (b)		193,910		1,318,613
Deutsche Boerse AG		18,780		2,596,299
Deutsche Lufthansa AG		22,754		433,407
Deutsche Post AG		99,871		2,943,256
Deutsche Telekom AG		336,144		5,674,188
Deutsche Wohnen SE		35,256		1,664,078
E.ON SE		222,530		2,324,168
Evonik Industries AG		18,418		483,942
Fraport AG Frankfurt Airport Services Worldwide		3,862		304,169
Fresenius Medical Care AG & Co. KGaA		21,279		1,551,834
Fresenius SE & Co. KGaA		41,999		2,130,612
GEA Group AG		15,491		423,648
Hannover Rueck SE		5,853		877,496


	Number of Shares		Value
Germany (Continued)
HeidelbergCement AG		14,695	$	1,092,690
Henkel AG & Co. KGaA		10,258		889,280
HOCHTIEF AG		2,691		320,468
HUGO BOSS AG		5,985		348,350
Infineon Technologies AG		114,301		2,053,799
Innogy SE		11,482		476,530
Innogy SE, 144A		1,709		77,476
KION Group AG		6,745		368,020
Knorr-Bremse AG*		4,774		525,597
LANXESS AG		8,186		410,338
Merck KGaA		13,050		1,260,491
METRO AG		18,476		291,239
MTU Aero Engines AG		5,274		1,140,668
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		15,193		3,667,855
Puma SE		813		472,743
RWE AG		55,267		1,380,548
SAP SE		98,746		12,180,949
Siemens AG		76,852		8,709,201
Siemens Healthineers AG, 144A		14,458		562,892
Symrise AG		12,711		1,190,826
Telefonica Deutschland Holding AG		88,453		248,126
thyssenkrupp AG		39,960		506,012
TUI AG		42,595		393,112
Uniper SE		20,747		581,991
United Internet AG		12,152		435,101
Volkswagen AG		3,214		510,216
Vonovia SE		49,535		2,598,688
Wirecard AG		11,814		1,849,051
Zalando SE, 144A*		12,376		491,373

				107,384,881

Ireland — 1.0%
AerCap Holdings NV*		12,852		576,027
AIB Group PLC		80,932		332,903
Bank of Ireland Group PLC		91,951		493,279
CRH PLC		81,409		2,545,594
DCC PLC		10,018		842,243
Flutter Entertainment PLC		7,802		555,213
Kerry Group PLC, Class A		16,298		1,884,467
Kingspan Group PLC		15,145		789,456
Smurfit Kappa Group PLC		21,874		606,029

				8,625,211

Isle of Man — 0.1%
GVC Holdings PLC		57,464		435,459

Italy — 3.1%
Assicurazioni Generali SpA		108,208		1,899,712
Atlantia SpA		50,096		1,256,975
Davide Campari-Milano SpA		60,113		587,276
Enel SpA		821,712		5,113,152
Eni SpA		257,527		3,906,937
Ferrari NV		12,070		1,720,568
FinecoBank Banca Fineco SpA		51,112		529,660
Intesa Sanpaolo SpA		1,505,917		3,085,083
Leonardo SpA		39,175		435,108
Mediobanca SpA		60,288		557,128


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Italy (Continued)
Moncler SpA		17,780	$	655,480
Pirelli & C SpA, 144A		36,410		207,690
Poste Italiane SpA, 144A		52,640		511,622
Prysmian SpA*		24,243		404,353
Recordati SpA		10,796		446,250
Snam SpA		205,564		1,034,331
Telecom Italia SpA*		900,868		442,619
Telecom Italia SpA-RSP		595,304		278,322
Terna Rete Elettrica Nazionale SpA		138,952		848,493
UniCredit SpA		202,761		2,307,742

				26,228,501

Luxembourg — 0.5%
ArcelorMittal		68,192		1,010,162
Aroundtown SA		78,019		662,586
Eurofins Scientific SE (a)		1,240		564,083
Millicom International Cellular SA SDR		6,722		377,326
RTL Group SA		4,655		222,992
SES SA		35,584		537,459
Tenaris SA		46,642		549,722

				3,924,330

Mexico — 0.0%
Fresnillo PLC		22,223		215,774

Netherlands — 7.5%
ABN AMRO Group NV, 144A		41,771		883,830
Adyen NV, 144A*		1,026		826,183
Aegon NV		177,698		813,123
Akzo Nobel NV		22,486		1,897,091
ASML Holding NV		42,815		8,097,795
EXOR NV		10,912		685,345
Heineken Holding NV		11,388		1,127,185
Heineken NV		25,604		2,689,317
ING Groep NV		393,028		4,256,819
Koninklijke Ahold Delhaize NV		119,082		2,678,623
Koninklijke DSM NV		18,439		2,076,404
Koninklijke KPN NV		364,308		1,114,336
Koninklijke Philips NV		93,310		3,695,373
Koninklijke Vopak NV		6,946		284,783
NN Group NV		29,800		1,132,568
NXP Semiconductors NV		29,764		2,623,994
QIAGEN NV*		22,408		855,135
Randstad NV		11,766		607,274
Royal Dutch Shell PLC, Class A		443,914		13,811,631
Royal Dutch Shell PLC, Class B		375,858		11,753,581
Wolters Kluwer NV		28,212		1,971,086

				63,881,476

Norway — 1.1%
Aker BP ASA (a)		10,245		276,737
DNB ASA		95,064		1,611,972
Equinor ASA		98,921		1,895,524
Gjensidige Forsikring ASA		19,757		384,792
Mowi ASA (a)		44,678		1,036,328
Norsk Hydro ASA		132,822		464,711
Orkla ASA		76,852		665,277
Schibsted ASA, Class B		10,078		254,492


	Number of Shares		Value
Norway (Continued)
Telenor ASA		75,324	$	1,549,221
Yara International ASA		17,522		752,599

				8,891,653

Portugal — 0.2%
EDP — Energias de Portugal SA		264,481		962,926
Galp Energia SGPS SA		49,513		745,629
Jeronimo Martins SGPS SA		23,921		364,108

				2,072,663

Russia — 0.0%
Evraz PLC		49,888		370,858

South Africa — 0.0%
Investec PLC		67,194		391,706

Spain — 4.7%
ACS Actividades de Construccion y Servicios SA		24,870		1,025,218
Aena SME SA, 144A		6,660		1,226,899
Amadeus IT Group SA		44,269		3,380,770
Banco Bilbao Vizcaya Argentaria SA		674,220		3,666,245
Banco de Sabadell SA		555,712		616,595
Banco Santander SA		1,633,721		7,212,880
Bankia SA		121,868		308,234
Bankinter SA		65,450		473,657
CaixaBank SA		350,372		1,079,537
Cellnex Telecom SA, 144A*		19,182		673,951
Enagas SA		22,395		612,958
Endesa SA		31,376		782,008
Ferrovial SA		48,090		1,149,157
Ferrovial SA*		618		14,768
Grifols SA		31,162		799,999
Iberdrola SA		591,797		5,496,632
Industria de Diseno Textil SA		110,074		2,957,425
Mapfre SA		101,587		298,248
Naturgy Energy Group SA		29,655		845,790
Red Electrica Corp. SA		42,750		908,843
Repsol SA		142,820		2,307,125
Siemens Gamesa Renewable Energy SA		23,629		368,242
Telefonica SA		471,935		3,784,422

				39,989,603

Sweden — 3.7%
Alfa Laval AB		31,069		638,483
Assa Abloy AB, Class B		101,718		1,985,809
Atlas Copco AB, Class A		68,553		1,849,249
Atlas Copco AB, Class B		38,542		935,679
Boliden AB*		24,005		10,736
Boliden AB		26,309		599,873
Electrolux AB, Series B		22,324		485,478
Epiroc AB, Class A		65,083		606,894
Epiroc AB, Class B		38,518		349,189
Essity AB, Class B		59,893		1,758,328
Hennes & Mauritz AB, Class B (a)		81,015		1,212,697
Hexagon AB, Class B		26,783		1,245,924
Husqvarna AB, Class B (a)		41,236		344,793
ICA Gruppen AB (a)		8,935		356,311
Industrivarden AB, Class C		16,507		333,571


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Sweden (Continued)
Investor AB, Class B		47,330	$	2,047,088
Kinnevik AB, Class B		24,751		631,403
L E Lundbergforetagen AB, Class B		7,515		247,162
Lundin Petroleum AB		18,496		504,592
Sandvik AB		116,012		1,792,203
Securitas AB, Class B (a)		29,893		495,517
Skandinaviska Enskilda Banken AB, Class A		160,728		1,427,617
Skanska AB, Class B		33,086		542,342
SKF AB, Class B		36,795		572,110
Svenska Handelsbanken AB, Class A		150,814		1,486,773
Swedbank AB, Class A		89,443		1,281,340
Swedish Match AB		17,405		787,467
Tele2 AB, Class B		49,313		681,495
Telefonaktiebolaget LM Ericsson, Class B		307,377		2,964,122
Telia Co. AB		274,852		1,151,398
Volvo AB, Class B		151,365		2,118,159

				31,443,802

Switzerland — 15.0%
ABB Ltd.		185,741		3,408,730
Adecco Group AG		15,634		842,870
Alcon, Inc.*		43,739		2,543,742
Baloise Holding AG		4,820		802,010
Barry Callebaut AG		218		428,271
Chocoladefabriken Lindt & Spruengli AG		10		749,064
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		103		674,836
Cie Financiere Richemont SA		52,610		3,874,618
Clariant AG*		19,154		349,028
Coca-Cola HBC AG*		19,813		714,388
Credit Suisse Group AG*		258,662		2,942,482
Dufry AG*		4,252		348,314
EMS-Chemie Holding AG		805		482,397
Geberit AG		3,654		1,612,687
Givaudan SA		946		2,504,715
Glencore PLC*		1,118,252		3,600,127
Julius Baer Group Ltd.*		22,108		875,929
Kuehne + Nagel International AG		5,331		708,936
LafargeHolcim Ltd.*		49,109		2,357,722
Lonza Group AG*		7,492		2,307,648
Nestle SA		307,304		30,553,921
Novartis AG		217,385		18,693,482
Pargesa Holding SA		3,821		282,973
Partners Group Holding AG		1,845		1,295,416
Roche Holding AG		70,447		18,511,466
Schindler Holding AG		2,218		455,895
Schindler Holding AG Participation Certificates		4,023		848,597
SGS SA		551		1,395,041
Sika AG		12,976		1,929,714
Sonova Holding AG		5,479		1,220,839
STMicroelectronics NV		67,443		1,031,841
Straumann Holding AG		1,015		835,721
Swatch Group AG — Bearer		3,010		756,671
Swatch Group AG — Registered		5,522		266,711


	Number of Shares		Value
Switzerland (Continued)
Swiss Life Holding AG		3,386	$	1,541,074
Swiss Prime Site AG*		7,504		611,562
Swiss Re AG		30,793		2,921,683
Swisscom AG		2,514		1,204,209
Temenos AG*		6,318		1,100,484
UBS Group AG*		388,039		4,476,255
Vifor Pharma AG (a)		4,607		636,813
Zurich Insurance Group AG		15,261		4,950,585

				127,649,467

United Arab Emirates (d) — 0.0%
NMC Health PLC		10,551		300,531

United Kingdom — 23.4%
3i Group PLC		98,690		1,311,325
Admiral Group PLC		18,995		495,179
Anglo American PLC (a)		106,182		2,543,868
Ashtead Group PLC		47,868		1,128,648
Associated British Foods PLC		35,897		1,120,051
AstraZeneca PLC		127,067		9,370,424
Auto Trader Group PLC, 144A		93,869		711,334
Aviva PLC		395,255		2,021,798
BAE Systems PLC		319,247		1,825,929
Barclays PLC		1,728,336		3,263,163
Barratt Developments PLC		100,169		706,646
Berkeley Group Holdings PLC		12,252		541,518
BP PLC		2,032,983		13,881,693
British American Tobacco PLC		230,185		8,031,943
British Land Co. PLC REIT		93,215		629,306
BT Group PLC		849,036		2,079,815
Bunzl PLC		34,437		920,810
Burberry Group PLC		42,021		900,473
Centrica PLC		562,620		665,203
CNH Industrial NV		100,275		873,554
Coca-Cola European Partners PLC		23,420		1,297,468
Compass Group PLC		159,689		3,614,796
Croda International PLC		12,697		813,848
Diageo PLC		242,741		10,205,507
Direct Line Insurance Group PLC		135,917		543,854
easyJet PLC		16,319		179,740
Experian PLC		92,384		2,787,942
Ferguson PLC		22,908		1,483,989
Fiat Chrysler Automobiles NV		109,217		1,395,578
G4S PLC		157,574		416,954
GlaxoSmithKline PLC		497,736		9,608,876
Halma PLC		37,494		860,820
Hargreaves Lansdown PLC		29,137		834,717
HSBC Holdings PLC		2,012,200		16,410,911
Imperial Brands PLC		96,248		2,330,210
Informa PLC		127,603		1,252,832
InterContinental Hotels Group PLC		16,995		1,096,861
Intertek Group PLC		16,665		1,115,804
ITV PLC		357,800		485,146
J Sainsbury PLC		174,026		440,246
John Wood Group PLC		70,022		346,312
Johnson Matthey PLC		19,119		747,859
Kingfisher PLC		208,400		563,564
Land Securities Group PLC REIT		71,969		753,919


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
United Kingdom (Continued)
Legal & General Group PLC		604,803	$	1,962,027
Lloyds Banking Group PLC		7,178,234		5,196,410
London Stock Exchange Group PLC		31,690		2,116,994
Marks & Spencer Group PLC		197,599		562,584
Meggitt PLC		76,725		475,882
Melrose Industries PLC		492,858		1,021,569
Merlin Entertainments PLC, 144A		78,873		378,022
Micro Focus International PLC		33,727		817,314
Mondi PLC		36,270		752,014
National Grid PLC (a)		343,559		3,443,495
Next PLC		13,585		989,618
Ocado Group PLC*		44,898		678,028
Pearson PLC		77,177		767,887
Persimmon PLC		32,243		801,815
Prudential PLC		260,819		5,201,674
Reckitt Benckiser Group PLC		71,022		5,699,862
RELX PLC		197,373		4,597,585
Rentokil Initial PLC		182,645		865,912
Rio Tinto PLC		114,489		6,566,277
Rolls-Royce Holdings PLC*		169,704		1,845,122
Rolls-Royce Holdings PLC — Entitlement*		11,180,370		14,135
Royal Bank of Scotland Group PLC		476,397		1,287,087
RSA Insurance Group PLC		99,778		697,076
Sage Group PLC		107,227		1,012,650
Schroders PLC		13,063		482,072
Segro PLC REIT		107,109		944,641
Severn Trent PLC		23,423		589,291
Smith & Nephew PLC		88,094		1,853,251
Smiths Group PLC		39,108		712,219
Spirax-Sarco Engineering PLC		7,279		769,330
SSE PLC		102,022		1,391,068
St James’s Place PLC		52,286		691,766
Standard Chartered PLC		283,387		2,461,337
Standard Life Aberdeen PLC		250,380		846,122
Taylor Wimpey PLC		323,798		676,472
Tesco PLC		984,198		2,817,042
Unilever NV		146,992		8,867,503
Unilever PLC		110,838		6,777,964
United Utilities Group PLC		65,235		657,645
Vodafone Group PLC		2,683,735		4,391,122
Weir Group PLC		25,633		476,378
Whitbread PLC		17,837		1,044,088
Wm Morrison Supermarkets PLC		233,886		582,069
WPP PLC		126,725		1,507,921

				198,900,773


United States (d) — 0.1%
Carnival PLC		16,330		807,230

TOTAL COMMON STOCKS (Cost $903,781,529)				825,694,326

PREFERRED STOCKS — 0.8%

Germany — 0.8%
Bayerische Motoren Werke AG		5,486		324,822
FUCHS PETROLUB SE		7,531		293,961
Henkel AG & Co. KGaA		18,247		1,667,065


	Number of Shares		Value
Germany (Continued)
Porsche Automobil Holding SE*		15,126	$	942,576
Sartorius AG		3,500		664,708
Volkswagen AG		18,778		2,926,425

				6,819,557

TOTAL PREFERRED STOCKS (Cost $8,762,453)				6,819,557

RIGHTS — 0.0%

United Kingdom — 0.0%
Marks & Spencer Group PLC*, expires 6/12/19 (Cost $0)		31,219		15,393

SECURITIES LENDING COLLATERAL — 3.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (e)(f) (Cost $26,160,853)		26,160,853		26,160,853

CASH EQUIVALENTS — 2.9%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (e)		9,320,708		9,320,708
DWS Government Money Market Series “Institutional Shares”, 2.35% (d)		15,462,354		15,462,354

TOTAL CASH EQUIVALENTS (Cost $24,783,062)				24,783,062


TOTAL INVESTMENTS — 104.0% (Cost $963,487,897)			$	883,473,191
Other assets and liabilities, net — (4.0%)				(34,049,728	)

NET ASSETS — 100.0%			$	849,423,463


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (b)
		3,384,675		364,459		(1,773,975	)		(2,510,546	)		1,854,000		21,319		—		193,910		1,318,613


SECURITIES LENDING COLLATERAL — 3.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (e)(f)
		66,534,337		—		(40,373,484	)(g)		—			—		457,725		—		26,160,853		26,160,853


CASH EQUIVALENTS — 2.9%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (e)
		—		10,120,708		(800,000	)		—			—		115,809		—		9,320,708		9,320,708


DWS ESG Liquidity Fund “Institutional Shares”, 2.56% (e)
		—		9,999,000		(9,999,000	)		—			—		14,922		—		—		—


DWS Government Money Market Series “Institutional Shares”, 2.35% (e)
		—		261,198,328		(245,735,974	)		—			—		201,699		—		15,462,354		15,462,354

		69,919,012		281,682,495		(298,682,433	)		(2,510,546	)		1,854,000		811,474		—		51,137,825		52,262,528

*	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, 2019 amounted to $28,542,990, which is 3.4% of net assets.

(b)	Affiliated issuer. This security is owned in proportion with its representation in the index.

(c)	Investment was valued using significant unobservable inputs.

(d)	Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $6,071,933.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

SDR:

Swedish Depositary Receipt

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures		EUR		14	$	1,710,168	$	1,690,016		6/21/2019	$	(15,403	)
CAC40 10 EURO Futures		EUR		66		3,886,141		3,823,020		6/21/2019		(52,381	)
DAX Index Futures		EUR		9		2,950,281		2,947,449		6/21/2019		23,765
FTSE/MIB Index Futures		EUR		6		687,051		663,457		6/21/2019		(17,841	)
FTSE 100 Index Futures		GBP		55		5,119,426		4,972,376		6/21/2019		(8,173	)
IBEX 35 Index Futures		EUR		10		1,015,969		1,002,715		6/21/2019		(9,900	)
OMXS30 Index Futures		SEK		51		840,616		811,659		6/20/2019		(37,778	)
SWISS MKT IX Futures		CHF		35		3,228,399		3,326,442		6/21/2019		77,918

Total net unrealized depreciation											$	(39,793	)


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	CHF	48,027,822	USD	47,283,206	$	—	$	(708,602	)
RBC Capital Markets	6/5/2019	CHF	64,559,917	USD	63,539,598		—		(971,908	)
RBC Capital Markets	6/5/2019	CHF	11,729,000	USD	11,546,928		—		(173,277	)
JP Morgan & Chase Co.	6/5/2019	EUR	85,756,623	USD	96,379,296		533,726		—
RBC Capital Markets	6/5/2019	EUR	22,000,000	USD	24,604,074		15,856		—
RBC Capital Markets	6/5/2019	EUR	29,850,000	USD	33,547,191		185,450		—
RBC Capital Markets	6/5/2019	EUR	137,018,497	USD	153,950,558		812,346		—
The Bank of New York Mellon	6/5/2019	EUR	17,385,855	USD	19,540,049		108,813		—
The Bank of Nova Scotia	6/5/2019	EUR	109,460,621	USD	122,987,765		649,510		—
Goldman Sachs & Co.	6/5/2019	GBP	4,750,800	USD	6,204,545		196,715		—
JP Morgan & Chase Co.	6/5/2019	GBP	58,408,550	USD	76,281,508		2,418,445		—
RBC Capital Markets	6/5/2019	GBP	10,000,000	USD	12,677,840		31,907		—
RBC Capital Markets	6/5/2019	GBP	8,900,000	USD	11,623,062		368,181		—
RBC Capital Markets	6/5/2019	GBP	70,932,220	USD	92,610,880		2,910,468		—
The Bank of Nova Scotia	6/5/2019	GBP	31,648,854	USD	41,321,377		1,298,447		—
JP Morgan & Chase Co.	6/5/2019	NOK	35,679,991	USD	4,131,570		53,855		—
RBC Capital Markets	6/5/2019	NOK	29,274,400	USD	3,389,378		43,731		—
RBC Capital Markets	6/5/2019	NOK	3,422,000	USD	396,238		5,152		—
The Bank of Nova Scotia	6/5/2019	NOK	12,622,100	USD	1,461,297		18,771		—
JP Morgan & Chase Co.	6/5/2019	SEK	115,652,836	USD	12,197,779		1,501		—
RBC Capital Markets	6/5/2019	SEK	127,439,200	USD	13,437,284		—		(1,935	)
RBC Capital Markets	6/5/2019	SEK	32,001,000	USD	3,375,063		367		—
The Bank of Nova Scotia	6/5/2019	SEK	70,973,350	USD	7,482,852		—		(1,709	)
JP Morgan & Chase Co.	6/5/2019	USD	47,752,956	CHF	48,027,822		238,852		—
RBC Capital Markets	6/5/2019	USD	70,246,873	CHF	70,657,817		357,961		—
RBC Capital Markets	6/5/2019	USD	5,537,979	CHF	5,631,100		88,899		—
JP Morgan & Chase Co.	6/5/2019	USD	95,570,697	EUR	85,756,623		274,873		—
RBC Capital Markets	6/5/2019	USD	191,311,493	EUR	171,679,897		565,903		—
RBC Capital Markets	6/5/2019	USD	19,272,271	EUR	17,188,600		—		(61,496	)
The Bank of New York Mellon	6/5/2019	USD	19,375,527	EUR	17,385,855		55,709		—
The Bank of Nova Scotia	6/5/2019	USD	121,977,443	EUR	109,460,621		360,812		—
Goldman Sachs & Co.	6/5/2019	USD	5,988,219	GBP	4,750,800		19,611		—
JP Morgan & Chase Co.	6/5/2019	USD	73,621,758	GBP	58,408,550		241,305		—
RBC Capital Markets	6/5/2019	USD	103,254,136	GBP	81,921,720		343,525		—
RBC Capital Markets	6/5/2019	USD	10,354,536	GBP	7,910,500		—		(350,971	)
The Bank of Nova Scotia	6/5/2019	USD	39,890,216	GBP	31,648,854		132,714		—
JP Morgan & Chase Co.	6/5/2019	USD	4,076,130	NOK	35,679,991		1,585		—
RBC Capital Markets	6/5/2019	USD	419,560	NOK	3,668,900		—		(257	)
RBC Capital Markets	6/5/2019	USD	3,316,160	NOK	29,027,500		1,269		—
The Bank of Nova Scotia	6/5/2019	USD	1,441,970	NOK	12,622,100		556		—
JP Morgan & Chase Co.	6/5/2019	USD	12,152,887	SEK	115,652,836		43,391		—
RBC Capital Markets	6/5/2019	USD	15,105,777	SEK	143,764,700		55,063		—
RBC Capital Markets	6/5/2019	USD	1,636,095	SEK	15,675,500		16,979		—
The Bank of Nova Scotia	6/5/2019	USD	7,458,136	SEK	70,973,350		26,425		—
JP Morgan & Chase Co.	6/6/2019	DKK	50,518,042	USD	7,606,961		45,425		—
RBC Capital Markets	6/6/2019	DKK	57,625,100	USD	8,674,494		49,175		—
RBC Capital Markets	6/6/2019	DKK	3,800,000	USD	572,233		3,450		—
The Bank of Nova Scotia	6/6/2019	DKK	45,460,700	USD	6,842,730		38,176		—
JP Morgan & Chase Co.	6/6/2019	USD	7,539,907	DKK	50,518,042		21,629		—
RBC Capital Markets	6/6/2019	USD	1,071,056	DKK	7,129,800		—		(3,868	)
RBC Capital Markets	6/6/2019	USD	8,102,265	DKK	54,295,300		24,651		—
The Bank of Nova Scotia	6/6/2019	USD	6,783,913	DKK	45,460,700		20,640		—
JP Morgan & Chase Co.	7/3/2019	CHF	48,027,822	USD	47,881,592		—		(243,768	)
RBC Capital Markets	7/3/2019	CHF	3,092,000	USD	3,082,681		—		(15,598	)
RBC Capital Markets	7/3/2019	CHF	3,336,400	USD	3,341,432		—		(1,744	)
RBC Capital Markets	7/3/2019	CHF	70,657,817	USD	70,435,944		—		(365,369	)


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.		7/3/2019		DKK	50,518,042		USD	7,558,286	$	—	$	(22,427	)
RBC Capital Markets		7/3/2019		DKK	4,117,100		USD	617,480		—		(330	)
RBC Capital Markets		7/3/2019		DKK	54,295,300		USD	8,121,899		—		(25,628	)
The Bank of Nova Scotia		7/3/2019		DKK	45,460,700		USD	6,800,251		—		(21,559	)
JP Morgan & Chase Co.		7/3/2019		EUR	85,756,623		USD	95,797,180		—		(283,023	)
RBC Capital Markets		7/3/2019		EUR	171,679,897		USD	191,766,445		—		(580,673	)
RBC Capital Markets		7/3/2019		EUR	10,101,900		USD	11,312,714		—		(5,276	)
The Bank of New York Mellon		7/3/2019		EUR	17,385,855		USD	19,421,739		—		(57,066	)
The Bank of Nova Scotia		7/3/2019		EUR	109,460,621		USD	122,265,324		—		(372,418	)
Goldman Sachs & Co.		7/3/2019		GBP	4,750,800		USD	5,997,030		—		(19,750	)
JP Morgan & Chase Co.		7/3/2019		GBP	58,408,550		USD	73,728,762		—		(244,330	)
RBC Capital Markets		7/3/2019		GBP	81,921,720		USD	103,404,544		—		(347,440	)
RBC Capital Markets		7/3/2019		GBP	4,841,900		USD	6,130,417		—		(1,739	)
The Bank of Nova Scotia		7/3/2019		GBP	31,648,854		USD	39,947,500		—		(135,049	)
JP Morgan & Chase Co.		7/3/2019		NOK	35,679,991		USD	4,080,569		—		(1,514	)
RBC Capital Markets		7/3/2019		NOK	29,027,500		USD	3,319,732		—		(1,252	)
RBC Capital Markets		7/3/2019		NOK	2,118,600		USD	242,343		—		(42	)
The Bank of Nova Scotia		7/3/2019		NOK	12,622,100		USD	1,443,435		—		(636	)
JP Morgan & Chase Co.		7/3/2019		SEK	115,652,836		USD	12,178,938		—		(44,331	)
RBC Capital Markets		7/3/2019		SEK	143,764,700		USD	15,137,747		—		(56,645	)
RBC Capital Markets		7/3/2019		SEK	8,854,100		USD	935,513		—		(271	)
The Bank of Nova Scotia		7/3/2019		SEK	70,973,350		USD	7,473,691		—		(27,433	)
RBC Capital Markets		7/3/2019		USD	17,384,808		EUR	15,562,000		50,581		—
RBC Capital Markets		7/3/2019		USD	760,041		SEK	7,217,000		2,719		—

Total unrealized appreciation (depreciation)									$	12,735,119	$	(5,149,334	)

Currency Abbreviations

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

NOK

Norwegian Krone

SEK

Swedish Krona

USD

U.S. Dollar


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (h)	$	825,694,326		$	—		$	—	$	825,694,326
Preferred Stocks		6,819,557			—			—		6,819,557
Rights		15,393			—			—		15,393
Short-Term Investments		50,943,915			—			—		50,943,915
Derivatives (i)
Forward Foreign Currency Contracts		—			12,735,119			—		12,735,119
Futures Contracts		101,683			—			—		101,683

TOTAL	$	883,574,874		$	12,735,119		$	—	$	896,309,993



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(5,149,334	)	$	—	$	(5,149,334	)
Futures Contracts		(141,476	)		—			—		(141,476	)

TOTAL	$	(141,476	)	$	(5,149,334	)	$	—	$	(5,290,810	)

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

(i)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 96.2%

Austria — 1.1%
Agrana Beteiligungs AG		114	$	2,427
ANDRITZ AG		503		18,094
AT&S Austria Technologie & Systemtechnik AG		157		2,692
BAWAG Group AG, 144A*		224		9,499
CA Immobilien Anlagen AG		413		15,341
DO & CO AG		39		3,298
Erste Group Bank AG*		1,937		68,705
EVN AG		240		3,469
FACC AG		137		1,941
IMMOFINANZ AG*		584		14,856
Kapsch TrafficCom AG		33		1,324
Lenzing AG		75		8,165
Oesterreichische Post AG		249		8,345
OMV AG		943		44,341
Palfinger AG		100		2,899
Porr AG		51		1,197
Raiffeisen Bank International AG		973		22,631
S IMMO AG*		308		7,037
S&T AG		281		6,219
Schoeller-Bleckmann Oilfield Equipment AG		90		7,108
Semperit AG Holding*		65		915
Telekom Austria AG*		1,026		7,806
UNIQA Insurance Group AG		636		5,673
Verbund AG		454		22,722
Vienna Insurance Group AG Wiener Versicherung Gruppe		242		5,921
voestalpine AG		786		20,521
Wienerberger AG		778		16,792
Zumtobel Group AG*		180		1,196

				331,134

Belgium — 3.6%
Ackermans & van Haaren NV*		160		24,506
Aedifica SA REIT		194		17,858
Ageas		1,177		57,435
AGFA-Gevaert NV*		1,132		4,596
Akka Technologies		72		4,665
Anheuser-Busch InBev SA/NV		4,979		403,880
Barco NV		66		12,859
Befimmo SA REIT		114		6,393
Bekaert SA		219		5,373
Biocartis NV, 144A*		317		3,846
bpost SA		577		5,671
Cie d’Entreprises CFE		53		4,837
Cofinimmo SA REIT		124		15,654
Colruyt SA		385		28,611
D’ieteren SA/NV		158		6,840
Econocom Group SA/NV		785		2,787
Elia System Operator SA/NV		180		12,528
Euronav NV		1,056		8,948
Exmar NV*		212		1,326
Fagron		262		5,005
Galapagos NV*		282		32,197
Gimv NV		157		9,419


	Number of Shares		Value
Belgium (Continued)
Groupe Bruxelles Lambert SA		514	$	47,924
Intervest Offices & Warehouses NV REIT (a)		249		6,885
Ion Beam Applications*		138		2,234
KBC Ancora		241		11,556
KBC Group NV		1,606		105,604
Kinepolis Group NV		93		5,132
Melexis NV (a)		123		8,622
Mithra Pharmaceuticals SA*		84		2,299
Montea C.V.A REIT		67		5,831
Ontex Group NV		492		8,382
Orange Belgium SA		205		3,902
Proximus SADP		987		28,613
Recticel SA		179		1,536
Retail Estates NV REIT		33		2,905
Sioen Industries NV		47		1,326
Sofina SA		95		18,382
Solvay SA		487		45,744
Telenet Group Holding NV		341		18,377
Tessenderlo Group SA*		143		4,649
UCB SA		828		63,344
Umicore SA		1,313		39,164
Van de Velde NV		36		1,007
Warehouses De Pauw CVA REIT		103		16,017
X-Fab Silicon Foundries SE, 144A*		318		1,711

				1,126,380

Finland — 3.4%
Aktia Bank OYJ		278		2,606
Cargotec OYJ, Class B		301		9,900
Caverion OYJ		812		5,443
Citycon OYJ		471		4,775
Cramo OYJ		246		4,930
DNA OYJ		365		8,539
Elisa OYJ		917		40,895
Finnair OYJ		313		2,236
Fortum OYJ		2,928		62,575
F-Secure OYJ*		535		1,419
Huhtamaki OYJ		650		24,747
Kemira OYJ		630		8,650
Kesko OYJ, Class B		426		22,382
Kone OYJ, Class B		2,217		120,889
Konecranes OYJ		453		15,567
Lehto Group OYJ (a)		127		318
Metsa Board OYJ		1,037		4,717
Metso OYJ		709		22,930
Neste OYJ		2,761		93,336
Nokia OYJ		36,764		183,999
Nokian Renkaat OYJ		844		24,128
Oriola OYJ, Class B		706		1,554
Orion OYJ, Class B		663		21,687
Outokumpu OYJ (a)		1,812		5,328
Outotec OYJ*		806		2,950
Ponsse OYJ		73		2,394
Ramirent OYJ		427		2,473
Rovio Entertainment OYJ, 144A		317		2,576
Sampo OYJ, Class A		2,894		125,313


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Finland (Continued)
Sanoma OYJ		433	$	3,911
Stora Enso OYJ, Class R		3,918		41,415
Tieto OYJ		329		9,262
Tikkurila OYJ		180		2,900
Tokmanni Group Corp.		365		3,017
UPM-Kymmene OYJ		3,441		86,186
Uponor OYJ		325		3,210
Valmet OYJ		837		19,318
Wartsila OYJ Abp		2,838		41,486
YIT OYJ (a)		1,244		6,893

				1,046,854

France — 31.5%
ABC arbitrage		143		1,010
Accor SA (a)		1,193		44,035
Aeroports de Paris		198		33,887
Air France-KLM*		1,318		11,391
Air Liquide SA		2,807		349,648
Airbus SE		3,803		487,988
AKWEL		52		882
Albioma SA		132		3,156
ALD SA, 144A (a)		728		11,077
Alstom SA		1,014		46,309
Alten SA		204		20,705
Altran Technologies SA*		1,482		17,483
Amundi SA, 144A		398		25,833
Arkema SA		451		37,848
Assystem		31		1,110
Atos SE		622		47,404
Aubay		35		1,177
AXA SA		12,721		313,786
Beneteau SA		180		2,027
BioMerieux (a)		274		22,391
BNP Paribas SA (a)		7,322		334,350
Boiron SA		39		1,677
Bollore SA		5,813		26,249
Bonduelle SCA		72		2,236
Bouygues SA		1,474		51,590
Bureau Veritas SA		1,904		44,902
Capgemini SE (a)		1,039		116,189
Carrefour SA		3,887		73,126
Casino Guichard Perrachon SA (a)		370		14,083
Cellectis SA*		156		2,482
CGG SA*		3,812		5,672
Chargeurs SA		108		2,078
Cie de Saint-Gobain		3,285		118,958
Cie des Alpes		30		873
Cie Generale des Etablissements Michelin		1,115		128,238
Cie Plastic Omnium SA		337		7,756
CNP Assurances		1,131		24,247
Coface SA		575		5,611
Covivio REIT		296		31,051
Credit Agricole SA (a)		7,375		84,285
Danone SA		4,028		321,293
Dassault Aviation SA		16		19,966
Dassault Systemes SE		859		127,488
DBV Technologies SA*		179		3,357


	Number of Shares		Value
France (Continued)
Derichebourg SA		449	$	1,539
Devoteam SA		33		3,583
Edenred		1,528		69,817
Eiffage SA		518		49,524
Electricite de France SA		3,878		54,414
Elior Group SA, 144A (a)		666		7,820
Elis SA		1,200		20,109
Engie SA (a)		11,860		164,956
Eramet		51		2,884
EssilorLuxottica SA		1,822		209,958
Etablissements Maurel et Prom*		303		982
Eurazeo SE		282		19,737
Europcar Mobility Group, 144A (a)		533		3,635
Eutelsat Communications SA		1,127		19,861
Faurecia SA		469		17,327
FFP		31		3,103
FIGEAC-AERO*		51		670
Fnac Darty SA*		98		7,467
Gaztransport Et Technigaz SA		137		12,474
Gecina SA REIT		286		40,897
Genfit*		180		4,368
Getlink SE		2,936		45,296
GL Events		72		1,745
Groupe Crit		9		620
Groupe Guillin		35		741
Guerbet*		35		1,955
Haulotte Group SA		99		781
Hermes International		209		138,877
ICADE REIT		224		19,031
ID Logistics Group*		9		1,568
Iliad SA		179		20,687
Imerys SA		261		11,325
Ingenico Group SA*		384		30,707
Innate Pharma SA*(a)		243		1,630
Interparfums SA		95		4,373
Ipsen SA		237		28,303
IPSOS		201		5,535
Jacquet Metal Service		89		1,593
JCDecaux SA		533		14,886
Kaufman & Broad SA		83		2,967
Kering		493		256,626
Klepierre SA REIT		1,336		45,477
Korian SA		345		13,729
Lagardere SCA		437		10,643
Latecoere SACA*		483		1,532
Legrand SA		1,746		117,306
LISI		93		2,743
LNA Sante SA		30		1,475
L’Oreal SA		1,646		442,057
LVMH Moet Hennessy Louis Vuitton SE		1,815		686,558
Maisons du Monde SA, 144A		244		4,920
Manitou BF SA		54		1,526
Mercialys SA REIT		303		3,747
Mersen SA		60		1,987
Metropole Television SA		159		2,856
Natixis SA (a)		6,166		28,304
Neopost SA		222		4,863


See Notes to Financial Statements.		76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
France (Continued)
Nexans SA		167	$	4,782
Nexity SA		260		11,467
Oeneo SA		202		2,293
Orange SA (a)		12,946		203,056
Orpea		296		33,696
Pernod Ricard SA		1,378		242,924
Peugeot SA		3,901		87,030
Publicis Groupe SA		1,362		74,405
Remy Cointreau SA		148		20,337
Renault SA		1,248		75,176
Rexel SA		1,700		18,365
Rubis SCA		575		28,701
Safran SA		2,140		281,387
Sanofi		7,333		591,798
Sartorius Stedim Biotech		182		25,232
Schneider Electric SE		3,574		282,684
SCOR SE		1,060		43,614
SEB SA		149		24,353
SMCP SA, 144A*		234		3,498
Societe BIC SA*(a)		162		12,650
Societe Generale SA (a)		5,017		125,883
Sodexo SA		581		66,854
SOITEC*		139		11,662
Solocal Group*(a)		3,383		2,852
Sopra Steria Group		105		11,953
SPIE SA		738		12,697
Suez (a)		2,258		30,207
Synergie SA		37		1,285
Tarkett SA		181		3,840
Technicolor SA*		2,138		2,293
Teleperformance		381		73,209
Television Francaise 1		263		2,508
Thales SA		686		75,533
TOTAL SA		15,536		809,490
Trigano SA		46		3,476
Ubisoft Entertainment SA*		539		44,174
Unibail-Rodamco-Westfield REIT		917		138,657
Valeo SA (a)		1,600		42,327
Vallourec SA*(a)		1,850		4,204
Veolia Environnement SA		3,443		79,658
Vicat SA		115		5,743
Vilmorin & Cie SA		46		2,569
Vinci SA (a)		3,307		326,810
Virbac SA*		29		5,462
Vivendi SA (a)		5,955		160,529
Wendel SA		180		22,924
Worldline SA, 144A*		517		31,131

				9,866,376

Germany — 24.7%
1&1 Drillisch AG		360		11,004
Aareal Bank AG		337		9,879
adidas AG		1,176		336,589
ADLER Real Estate AG		350		5,193
ADO Properties SA, 144A		179		9,643
ADVA Optical Networking SE*		282		2,145
AIXTRON SE*		827		8,005


	Number of Shares		Value
Germany (Continued)
Allianz SE		2,774	$	616,265
alstria office REIT-AG REIT		1,009		15,770
Amadeus Fire AG		33		4,240
Aumann AG, 144A		31		726
AURELIUS Equity Opportunities SE & Co KGaA*(a)		138		6,225
Aurubis AG		236		10,338
Axel Springer SE		340		21,100
BASF SE		6,023		397,393
Basler AG		9		1,484
Bayer AG		6,094		359,596
Bayerische Motoren Werke AG		2,145		148,618
BayWa AG		84		2,379
Bechtle AG		197		22,140
Beiersdorf AG		648		74,600
Bertrandt AG		31		2,182
bet-at-home.com AG		9		613
Bilfinger SE		234		7,110
Borussia Dortmund GmbH & Co. KGaA		421		4,019
Brenntag AG		995		46,219
CANCOM SE		200		9,710
Carl Zeiss Meditec AG		258		24,283
CECONOMY AG*		1,134		6,410
Cewe Stiftung & Co. KGaA		33		3,041
comdirect bank AG		136		1,501
Commerzbank AG		6,453		45,431
CompuGroup Medical SE		166		11,164
Consus Real Estate AG*		355		3,284
Continental AG		723		98,378
Covestro AG, 144A		1,147		50,268
CTS Eventim AG & Co. KGaA		350		15,703
Daimler AG		5,901		306,115
Delivery Hero SE, 144A*		742		31,955
Deutsche Bank AG (b)		12,685		86,260
Deutsche Beteiligungs AG		76		2,849
Deutsche Boerse AG		1,236		170,875
Deutsche EuroShop AG		269		8,006
Deutsche Lufthansa AG		1,498		28,533
Deutsche Pfandbriefbank AG, 144A		837		11,539
Deutsche Post AG		6,438		189,732
Deutsche Telekom AG		21,787		367,770
Deutsche Wohnen SE		2,344		110,636
Deutz AG		764		6,324
DIC Asset AG		285		2,986
Draegerwerk AG & Co. KGaA		17		744
Duerr AG		365		12,376
E.ON SE		14,320		149,562
Eckert & Ziegler Strahlen- und Medizintechnik AG		25		2,681
Elmos Semiconductor AG		61		1,455
ElringKlinger AG*(a)		181		1,134
Encavis AG		512		3,644
Evonik Industries AG		1,240		32,582
Evotec SE*		879		21,260
FinTech Group AG*		85		1,685
Fraport AG Frankfurt Airport Services Worldwide		286		22,525


See Notes to Financial Statements.		77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Germany (Continued)
Freenet AG		844	$	16,378
Fresenius Medical Care AG & Co. KGaA		1,388		101,224
Fresenius SE & Co. KGaA		2,722		138,087
GEA Group AG		1,045		28,579
Gerresheimer AG*		217		15,467
GRENKE AG (a)		187		17,862
H&R GmbH & Co. KGaA*		92		700
Hamborner REIT AG REIT		492		5,024
Hamburger Hafen und Logistik AG		157		3,729
Hannover Rueck SE		386		57,870
HeidelbergCement AG		972		72,276
Heidelberger Druckmaschinen AG*(a)		1,627		2,392
HelloFresh SE*		897		9,219
Henkel AG & Co. KGaA		671		58,170
HOCHTIEF AG		152		18,101
Hornbach Holding AG & Co. KGAA		57		2,824
HUGO BOSS AG		404		23,514
Hypoport AG*		19		4,029
Indus Holding AG		94		4,153
Infineon Technologies AG		7,326		131,636
Innogy SE, 144A		89		4,035
Innogy SE		785		32,579
Isra Vision AG		91		3,314
Jenoptik AG		361		11,232
JOST Werke AG, 144A		130		4,306
K+S AG (a)		1,265		21,474
KION Group AG		432		23,571
Kloeckner & Co. SE		450		2,408
Knorr-Bremse AG*		319		35,121
Koenig & Bauer AG		77		3,000
Krones AG		96		7,518
KWS Saat SE		89		6,115
LANXESS AG		569		28,522
LEG Immobilien AG		410		48,964
Leoni AG*(a)		179		2,802
MBB SE		10		714
Merck KGaA		832		80,362
METRO AG		1,115		17,576
MLP SE		386		1,701
MorphoSys AG*		220		21,247
MTU Aero Engines AG		338		73,103
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		978		236,106
Nemetschek SE		129		19,787
Nordex SE*		406		5,769
Norma Group SE		189		7,360
OHB SE		36		1,281
OSRAM Licht AG (a)		638		19,037
PATRIZIA Immobilien AG		284		5,524
Pfeiffer Vacuum Technology AG		34		4,801
ProSiebenSat.1 Media SE*		1,568		25,505
Puma SE		54		31,400
Rational AG		23		14,633
Rheinmetall AG		287		30,555
RHOEN-KLINIKUM AG		158		4,492
RIB Software SE		209		3,860
Rocket Internet SE, 144A*		454		12,132


	Number of Shares		Value
Germany (Continued)
RWE AG		3,556	$	88,827
SAF-Holland SA		287		2,966
Salzgitter AG		212		5,511
SAP SE		6,413		791,084
Scout24 AG, 144A		698		34,669
SGL Carbon SE*(a)		307		2,313
Siemens AG		4,996		566,168
Siemens Healthineers AG, 144A		973		37,882
Siltronic AG		144		9,848
Sixt Leasing SE		78		1,046
Sixt SE		88		8,941
SMA Solar Technology AG*(a)		72		2,009
Software AG		283		9,263
STRATEC SE		31		2,113
Stroeer SE & Co. KGaA*		191		12,781
Suedzucker AG		409		6,347
Surteco Group SE		50		1,505
Symrise AG		835		78,227
TAG Immobilien AG*		873		20,481
Takkt AG		200		2,811
Telefonica Deutschland Holding AG		5,931		16,638
thyssenkrupp AG (a)		2,750		34,823
TLG Immobilien AG		518		15,191
Uniper SE		1,347		37,786
United Internet AG		807		28,894
Varta AG*		121		6,380
VERBIO Vereinigte BioEnergie AG		156		1,295
Volkswagen AG		209		33,178
Vonovia SE		3,201		167,930
Vossloh AG		65		2,502
Wacker Neuson SE		177		4,113
Washtec AG		88		6,105
Wirecard AG		766		119,889
Wuestenrot & Wuerttembergische AG		116		2,431
XING AG*		15		5,907
Zalando SE, 144A*		824		32,716
zooplus AG*		30		3,197

				7,732,783

Ireland — 1.9%
AerCap Holdings NV*		868		38,904
AIB Group PLC		5,268		21,669
Bank of Ireland Group PLC		6,218		33,357
C&C Group PLC		1,852		7,541
Cairn Homes PLC*		5,637		7,683
CRH PLC		5,249		164,132
Dalata Hotel Group PLC		1,032		6,110
Flutter Entertainment PLC		522		37,147
Glanbia PLC		1,402		23,353
Glenveagh Properties PLC, 144A*		6,288		5,247
Green REIT PLC REIT		3,873		7,503
Hibernia REIT PLC REIT		4,154		6,339
Irish Residential Properties REIT PLC REIT		2,325		4,140
Kerry Group PLC, Class A		1,050		121,407
Kingspan Group PLC		989		51,553
Origin Enterprises PLC		781		4,677


See Notes to Financial Statements.		78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Ireland (Continued)
Permanent TSB Group Holdings PLC*		855	$	1,280
Smurfit Kappa Group PLC		1,505		41,697

				583,739

Italy — 7.0%
A2A SpA		10,474		17,078
ACEA SpA		333		6,190
Amplifon SpA		820		18,193
Anima Holding SpA, 144A		1,722		5,213
Arnoldo Mondadori Editore SpA*		587		950
Ascopiave SpA		312		1,270
Assicurazioni Generali SpA		7,336		128,792
ASTM SpA		241		6,553
Atlantia SpA		3,256		81,697
Autogrill SpA		776		7,889
Azimut Holding SpA (a)		733		12,181
Banca Carige SpA*(c)		231,170		387
Banca Farmafactoring SpA, 144A		1,164		6,209
Banca Generali SpA		355		8,939
Banca IFIS SpA		109		1,388
Banca Mediolanum SpA		1,175		7,837
Banca Monte dei Paschi di Siena SpA*(a)		1,857		2,166
Banca Popolare di Sondrio SCPA		2,763		6,408
Banco BPM SpA*(a)		10,254		19,165
Biesse SpA		67		1,085
Bio On SpA*(a)		41		2,272
BPER Banca		2,810		10,623
Brembo SpA		1,094		11,745
Brunello Cucinelli SpA		201		6,323
Buzzi Unicem SpA		560		10,970
Buzzi Unicem SpA-RSP		263		3,596
Cairo Communication SpA		492		1,476
Carel Industries SpA, 144A*		178		2,136
Cementir Holding SpA		156		1,035
Cerved Group SpA		1,380		12,148
CIR-Compagnie Industriali Riunite SpA		2,361		2,529
Credito Emiliano SpA		567		2,825
Credito Valtellinese SpA*		37,266		2,490
Danieli & C Officine Meccaniche SpA		72		1,231
Danieli & C Officine Meccaniche SpA-RSP		198		2,415
Datalogic SpA		115		2,212
Davide Campari-Milano SpA		3,695		36,098
De’ Longhi SpA		428		8,444
DeA Capital SpA*		561		793
DiaSorin SpA		168		17,182
doBank SpA, 144A		212		2,577
El.En. SpA		51		918
Enav SpA, 144A		2,164		11,725
Enel SpA		52,786		328,464
Eni SpA		16,666		252,840
ERG SpA		344		6,691
Falck Renewables SpA		806		3,323
Ferrari NV		789		112,471
Fila SpA		141		1,997
Fincantieri SpA		3,066		3,155
FinecoBank Banca Fineco SpA		3,434		35,586
Geox SpA (a)		496		655


	Number of Shares		Value
Italy (Continued)
Gima TT SpA, 144A		238	$	1,912
Gruppo MutuiOnline SpA		137		2,620
Hera SpA		5,340		19,388
IMA Industria Macchine Automatiche SpA		130		10,094
Immobiliare Grande Distribuzione SIIQ SpA REIT		388		2,666
Infrastrutture Wireless Italiane SpA, 144A		1,451		13,073
Interpump Group SpA		494		14,437
Intesa Sanpaolo SpA		97,605		199,958
Iren SpA		4,715		11,673
Italgas SpA		3,253		20,598
Italmobiliare SpA		96		2,104
Juventus Football Club SpA*		2,120		3,628
La Doria SpA		32		284
Leonardo SpA		2,545		28,267
Maire Tecnimont SpA		740		2,135
MARR SpA		219		4,954
Mediaset SpA*(a)		2,770		8,105
Mediobanca SpA		4,090		37,796
Moncler SpA		1,144		42,175
OVS SpA, 144A*		1,120		1,873
Piaggio & C SpA		1,061		3,063
Pirelli & C SpA, 144A		2,401		13,696
Poste Italiane SpA, 144A		3,245		31,539
Prysmian SpA*		1,596		26,620
RAI Way SpA, 144A		652		3,307
Recordati SpA		661		27,322
Reply SpA		114		7,342
Saipem SpA*		3,799		16,268
Salini Impregilo SpA*(a)		1,133		2,202
Salvatore Ferragamo SpA		384		8,001
Saras SpA		3,619		5,211
Snam SpA		14,029		70,589
Societa Cattolica di Assicurazioni SC		874		7,074
Societa Iniziative Autostradali e Servizi SpA		449		7,815
Tamburi Investment Partners SpA		520		3,433
Technogym SpA, 144A		555		6,368
Telecom Italia SpA*		61,116		30,028
Telecom Italia SpA-RSP		39,569		18,500
Terna Rete Elettrica Nazionale SpA		9,127		55,733
Tinexta SpA		173		2,528
Tod’s SpA		59		2,871
UniCredit SpA		13,263		150,954
Unione di Banche Italiane SpA (a)		6,708		17,153
Unipol Gruppo SpA		2,799		12,917
Zignago Vetro SpA		87		972

				2,197,781

Luxembourg — 0.9%
APERAM SA		343		8,089
ArcelorMittal		4,321		64,009
Aroundtown SA		5,062		42,990
Befesa SA, 144A*		156		6,405
Corestate Capital Holding SA*(a)		79		2,560
Eurofins Scientific SE (a)		76		34,573
Grand City Properties SA		719		18,475


See Notes to Financial Statements.		79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Luxembourg (Continued)
RTL Group SA		266	$	12,742
SES SA		2,399		36,234
Solutions 30 SE*		430		4,275
Stabilus SA		148		6,266
Tenaris SA		3,037		35,794

				272,412

Netherlands — 9.4%
Aalberts NV		642		21,165
ABN AMRO Group NV, 144A		2,752		58,229
Accell Group NV		152		4,135
Adyen NV, 144A*		67		53,952
Aegon NV		11,487		52,563
Akzo Nobel NV		1,473		124,274
Altice Europe NV*		3,719		11,455
AMG Advanced Metallurgical Group NV (a)		205		5,206
Arcadis NV		524		9,729
Argenx SE*		200		24,756
ASM International NV		320		18,725
ASML Holding NV		2,782		526,172
ASR Nederland NV		930		35,283
Basic-Fit NV, 144A*		262		8,517
BE Semiconductor Industries NV		539		12,188
BinckBank NV		434		3,064
Boskalis Westminster (a)		526		11,864
Brunel International NV		151		2,257
Constellium NV, Class A*		742		6,062
Corbion NV		350		10,737
Eurocommercial Properties NV		264		6,895
Euronext NV, 144A		366		26,046
EXOR NV		691		43,399
Flow Traders, 144A		199		5,611
ForFarmers NV		137		1,085
Fugro NV*(a)		486		4,018
Heineken Holding NV		760		75,225
Heineken NV		1,685		176,984
IMCD NV		348		28,400
ING Groep NV		25,357		274,637
Intertrust NV, 144A		543		10,288
InterXion Holding NV*		475		35,012
Kendrion NV		74		1,503
Koninklijke Ahold Delhaize NV		7,674		172,619
Koninklijke BAM Groep NV		1,914		8,117
Koninklijke DSM NV		1,167		131,415
Koninklijke KPN NV		23,187		70,924
Koninklijke Philips NV		6,014		238,174
Koninklijke Volkerwessels NV		168		3,052
Koninklijke Vopak NV		470		19,270
NIBC Holding NV, 144A		330		2,942
NN Group NV		1,994		75,783
NSI NV REIT		116		4,704
NXP Semiconductors NV		1,924		169,620
OCI NV*		562		12,745
Pharming Group NV*		3,467		2,896
PostNL NV		2,514		4,499
ProQR Therapeutics NV*(a)		156		1,892


	Number of Shares		Value
Netherlands (Continued)
QIAGEN NV*		1,508	$	57,548
Randstad NV		755		38,968
SBM Offshore NV		1,190		21,051
Shop Apotheke Europe NV, 144A*		68		2,647
SIF Holding NV		56		677
Signify NV, 144A (a)		676		18,095
Takeaway.com NV, 144A*		236		20,881
TKH Group NV		282		13,194
TomTom NV*		451		3,917
Vastned Retail NV REIT		101		3,317
Wereldhave NV REIT (a)		239		5,837
Wessanen		436		5,533
Wolters Kluwer NV		1,836		128,276

				2,928,029

Portugal — 0.6%
Altri SGPS SA*		410		2,780
Banco Comercial Portugues SA, Class R*		57,035		16,057
Corticeira Amorim SGPS SA		314		3,613
CTT-Correios de Portugal SA		807		2,092
EDP — Energias de Portugal SA		16,458		59,920
Galp Energia SGPS SA		3,370		50,750
Jeronimo Martins SGPS SA		1,633		24,856
Mota-Engil SGPS SA*		653		1,545
Navigator Co. SA		1,574		5,627
NOS SGPS SA		1,465		9,255
REN — Redes Energeticas Nacionais SGPS SA		2,502		6,806
Semapa-Sociedade de Investimento e Gestao		149		2,071
Sonae SGPS SA		5,078		5,049

				190,421

Spain — 9.3%
Acciona SA (a)		156		16,704
Acerinox SA		1,220		11,536
ACS Actividades de Construccion y Servicios SA		1,611		66,410
Aedas Homes SAU, 144A*		149		3,729
Aena SME SA, 144A		448		82,530
Almirall SA*		4		69
Almirall SA		353		6,081
Amadeus IT Group SA		2,854		217,957
Applus Services SA		802		10,214
Atresmedia Corp. de Medios de Comunicacion SA (a)		534		2,607
Banco Bilbao Vizcaya Argentaria SA		43,603		237,102
Banco de Sabadell SA		37,719		41,851
Banco Santander SA		105,632		466,365
Bankia SA		7,651		19,351
Bankinter SA		4,194		30,352
Bolsas y Mercados Espanoles SHMSF SA		449		11,788
CaixaBank SA		23,278		71,722
Cellnex Telecom SA, 144A*		1,253		44,024
Cia de Distribucion Integral Logista Holdings SA		309		6,831
CIE Automotive SA		409		9,897


See Notes to Financial Statements.		80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Spain (Continued)
Construcciones y Auxiliar de Ferrocarriles SA		122	$	5,159
Corp. Financiera Alba SA		126		6,940
Distribuidora Internacional de Alimentacion SA (a)		2,603		1,716
Ebro Foods SA		526		11,059
eDreams ODIGEO SA*		633		2,192
Enagas SA		1,427		39,057
Ence Energia y Celulosa SA		678		2,840
Endesa SA		2,059		51,318
Ercros SA		658		1,630
Euskaltel SA, 144A		512		4,330
Faes Farma SA		1,662		7,269
Ferrovial SA*		45		1,075
Ferrovial SA		3,123		74,627
Fluidra SA*		297		3,670
Fomento de Construcciones y Contratas SA*		18		233
Fomento de Construcciones y Contratas SA		505		6,533
Gestamp Automocion SA, 144A		967		5,439
Global Dominion Access SA, 144A*		641		3,194
Grifols SA		1,963		50,395
Grupo Catalana Occidente SA		344		11,990
Iberdrola SA		38,550		358,054
Indra Sistemas SA*		1,013		10,672
Industria de Diseno Textil SA		7,120		191,297
Inmobiliaria Colonial Socimi SA REIT		1,549		17,149
Lar Espana Real Estate Socimi SA REIT		569		4,354
Liberbank SA		14,561		6,647
Mapfre SA		7,204		21,150
Masmovil Ibercom SA*		444		9,881
Mediaset Espana Comunicacion SA		986		7,094
Melia Hotels International SA		680		6,203
Merlin Properties Socimi SA REIT		2,280		30,336
Metrovacesa SA, 144A*		244		2,917
Miquel y Costas & Miquel SA		153		2,632
Naturgy Energy Group SA		1,971		56,215
Neinor Homes SA, 144A*		532		6,526
Obrascon Huarte Lain SA (a)		632		752
Pharma Mar SA*		1,235		3,317
Promotora de Informaciones SA, Class A*		1,802		2,979
Prosegur Cash SA, 144A		3,218		6,047
Prosegur Cia de Seguridad SA		1,647		7,025
Red Electrica Corp. SA		2,794		59,399
Repsol SA		9,222		148,973
Sacyr SA		2,266		5,169
Siemens Gamesa Renewable Energy SA		1,567		24,421
Solaria Energia y Medio Ambiente SA*		324		1,687
Talgo SA, 144A*		639		4,019
Tecnicas Reunidas SA		198		4,972
Telefonica SA		30,395		243,736
Telepizza Group SA, 144A		200		1,343
Tubacex SA (a)		677		2,046
Unicaja Banco SA, 144A		7,077		6,902
Viscofan SA		241		12,519
Zardoya Otis SA (a)		1,132		8,631

				2,922,850


	Number of Shares		Value
Switzerland (d) — 0.2%
EDAG Engineering Group AG*		72	$	1,042
STMicroelectronics NV		4,504		68,909

				69,951

United Kingdom (d) — 2.6%
CNH Industrial NV		6,748		58,786
Coca-Cola European Partners PLC		1,537		85,150
Dialog Semiconductor PLC*		505		16,078
Fiat Chrysler Automobiles NV		7,072		90,366
Unilever NV		9,499		573,041

				823,421

TOTAL COMMON STOCKS (Cost $30,937,722)				30,092,131

PREFERRED STOCKS — 1.5%

Germany — 1.5%
Bayerische Motoren Werke AG		373		22,085
Draegerwerk AG & Co. KGaA		52		2,809
FUCHS PETROLUB SE		432		16,863
Henkel AG & Co. KGaA		1,180		107,806
Jungheinrich AG		283		7,986
Porsche Automobil Holding SE*		1,008		62,814
Sartorius AG		235		44,630
Sixt SE		106		7,401
STO SE & Co. KGaA		15		1,627
Volkswagen AG		1,208		188,259

				462,280

TOTAL PREFERRED STOCKS (Cost $497,967)				462,280

WARRANTS — 0.0%

Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		79

SECURITIES LENDING COLLATERAL — 5.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (e)(f) (Cost $1,747,284)		1,747,284		1,747,284

CASH EQUIVALENTS — 2.3%
DWS Government Money Market Series “Institutional Shares”, 2.35% (e) (Cost $720,256)		720,256		720,256


TOTAL INVESTMENTS — 105.6% (Cost $33,903,272)			$	33,022,030
Other assets and liabilities, net — (5.6%)				(1,734,926	)

NET ASSETS — 100.0%			$	31,287,104


See Notes to Financial Statements.		81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 0.3%
Germany — 0.3%
Deutsche Bank AG (b)
		158,904		12,166		(30,603	)		(21,604	)		(32,603	)		1,564		—		12,685		86,260
DWS Group GmbH & Co. KGaA, 144A (b)
		—		8,101		(9,978	)		1,877			—			—		—		—		—


SECURITIES LENDING COLLATERAL — 5.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (e)(f)
		2,729,041		—		(981,757	)(g)		—			—			24,545		—		1,747,284		1,747,284


CASH EQUIVALENTS — 2.3%
DWS Government Money Market Series “Institutional Shares”, 2.35% (e)
		—		5,571,892		(4,851,636	)		—			—			15,720		—		720,256		720,256

		2,887,945		5,592,159		(5,873,974	)		(19,727	)		(32,603	)		41,829		—		2,480,225		2,553,800

*	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, 2019 amounted to $1,667,941, which is 5.3% of net assets.

(b)	Affiliated issuer. This security is owned in proportion with its representation in the index.

(c)	Investment was valued using significant unobservable inputs.

(d)	Securities listed in country of domicile and traded on an exchange within Eurozone.

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $199,671.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
EURO STOXX Futures		EUR		22	$	820,752	$	804,911		6/21/2019	$	(13,874	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/5/2019	EUR	12,341,800	USD	13,870,357	$	76,590	$	—
JP Morgan & Chase Co.	6/5/2019	EUR	2,194,000	USD	2,465,707		13,591		—
JP Morgan & Chase Co.	6/5/2019	EUR	14,406,900	USD	16,191,483		89,665		—
JP Morgan & Chase Co.	6/5/2019	EUR	80,430	USD	89,954		62		—
Goldman Sachs & Co.	6/5/2019	USD	68,361	EUR	61,000		—		(185	)
Goldman Sachs & Co.	6/5/2019	USD	13,686,274	EUR	12,280,800		39,316		—
JP Morgan & Chase Co.	6/5/2019	USD	18,590,358	EUR	16,681,330		53,468		—
Goldman Sachs & Co.	7/3/2019	EUR	12,280,800	USD	13,718,575		—		(40,616	)
JP Morgan & Chase Co.	7/3/2019	EUR	16,681,330	USD	18,634,413		—		(55,053	)
Goldman Sachs & Co.	7/3/2019	USD	1,419,903	EUR	1,271,000		4,103		—

Total unrealized appreciation (depreciation)						$	276,795	$	(95,854	)


See Notes to Financial Statements.		82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2019

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (h)	$	30,091,744		$	—		$	387	$	30,092,131
Preferred Stocks		462,280			—			—		462,280
Warrant		79			—			—		79
Short-Term Investments (h)		2,467,540			—			—		2,467,540
Derivatives (i)
Forward Foreign Currency Contracts		—			276,795			—		276,795

TOTAL	$	33,021,643		$	276,795		$	387	$	33,298,825



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(95,854	)	$	—	$	(95,854	)
Futures Contracts		(13,874	)		—			—		(13,874	)

TOTAL	$	(13,874	)	$	(95,854	)	$	—	$	(109,728	)

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

(i)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2019, the amount of transfers from Level 1 to Level 3 was $2,108. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


See Notes to Financial Statements.		83

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 92.8%

Communication Services — 6.0%
1&1 Drillisch AG		1,054	$	32,216
Axel Springer SE		970		60,197
Deutsche Telekom AG		66,318		1,119,463
RTL Group SA		766		36,694
Telefonica Deutschland Holding AG		17,816		49,977
United Internet AG		2,445		87,543

				1,386,090

Consumer Discretionary — 13.7%
adidas AG		3,584		1,025,796
Bayerische Motoren Werke AG		6,546		453,546
Continental AG		2,184		297,176
Daimler AG		18,069		937,332
Delivery Hero SE, 144A*		2,218		95,521
HUGO BOSS AG		1,237		71,998
Puma SE		164		95,363
Volkswagen AG		638		101,281
Zalando SE, 144A*		2,469		98,029

				3,176,042

Consumer Staples — 2.0%
Beiersdorf AG		2,011		231,512
Henkel AG & Co. KGaA		2,088		181,012
METRO AG		3,594		56,653

				469,177

Financials — 16.0%
Allianz SE		8,434		1,873,678
Commerzbank AG		19,869		139,884
Deutsche Bank AG (a)		38,964		264,960
Deutsche Boerse AG		3,777		522,163
Hannover Rueck SE		1,199		179,757
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,979		719,182

				3,699,624

Health Care — 10.5%
Bayer AG		18,526		1,093,186
Carl Zeiss Meditec AG		795		74,826
Fresenius Medical Care AG & Co. KGaA		4,285		312,496
Fresenius SE & Co. KGaA		8,290		420,552
Merck KGaA		2,573		248,524
QIAGEN NV*		4,595		175,355
Siemens Healthineers AG, 144A		2,975		115,825

				2,440,764

Industrials — 13.5%
Brenntag AG		3,044		141,398
Deutsche Lufthansa AG		4,724		89,980
Deutsche Post AG		19,669		579,657
Fraport AG Frankfurt Airport Services Worldwide		819		64,504
GEA Group AG		3,022		82,646
HOCHTIEF AG		493		58,711
KION Group AG		1,280		69,839
Knorr-Bremse AG*		961		105,802
MTU Aero Engines AG		1,034		223,635
Siemens AG		15,203		1,722,870

				3,139,042


	Number of Shares		Value
Information Technology — 13.7%
Infineon Technologies AG		22,592	$	405,941
SAP SE		19,529		2,409,027
Wirecard AG		2,332		364,989

				3,179,957

Materials — 9.1%
BASF SE		18,254		1,204,385
Covestro AG, 144A		3,425		150,104
Evonik Industries AG		3,670		96,431
HeidelbergCement AG		2,961		220,174
LANXESS AG		1,726		86,519
Symrise AG		2,570		240,770
thyssenkrupp AG		8,104		102,621

				2,101,004

Real Estate — 4.2%
Aroundtown SA		15,677		133,139
Deutsche Wohnen SE		7,110		335,591
Vonovia SE		9,801		514,176

				982,906

Utilities — 4.1%
E.ON SE		43,928		458,797
Innogy SE		2,517		104,461
Innogy SE, 144A		180		8,160
RWE AG		10,898		272,228
Uniper SE		4,049		113,582

				957,228

TOTAL COMMON STOCKS (Cost $24,899,453)				21,531,834

PREFERRED STOCKS — 5.8%

Consumer Discretionary — 3.6%
Bayerische Motoren Werke AG		1,141		67,558
Porsche Automobil Holding SE*		3,043		189,624
Volkswagen AG		3,693		575,529

				832,711

Consumer Staples — 1.4%
Henkel AG & Co. KGaA		3,531		322,596

Health Care — 0.6%
Sartorius AG		701		133,132

Materials — 0.2%
FUCHS PETROLUB SE		1,354		52,851

TOTAL PREFERRED STOCKS (Cost $1,889,001)				1,341,290

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (b) (Cost $266,383)		266,383	$	266,383


TOTAL INVESTMENTS — 99.7%
(Cost $27,054,837)			$	23,139,507
Other assets and liabilities, net — 0.3%				71,930

NET ASSETS — 100.0%			$	23,211,437


See Notes to Financial Statements.		84

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 1.1%
Financials — 1.1%
Deutsche Bank AG (a)
		528,438		60,660		(167,469	)		(224,883	)		68,214		4,683		—		38,964		264,960


SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (b)(c)
		—		—		—			—			—		57		—		—		—


CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (b)
		—		3,101,865		(2,835,482	)		—			—		6,981		—		266,383		266,383

		528,438		3,162,525		(3,002,951	)		(224,883	)		68,214		11,721		—		305,347		531,343

*	Non-income producing security.

(a)	Affiliated issuer. This security is owned in proportion with its representation in the index.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
DAX Mini Futures	EUR	6	$	403,868	$392,993		6/21/2019	$	(10,124	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		6/5/2019		EUR	4,534,834		USD	5,096,482	$	28,142	$	—
RBC Capital Markets		6/5/2019		EUR	8,050,933		USD	9,045,827		47,732		—
RBC Capital Markets		6/5/2019		EUR	1,938,000		USD	2,178,039		12,040		—
RBC Capital Markets		6/5/2019		EUR	110,086		USD	123,110		73		—
The Bank of Nova Scotia		6/5/2019		EUR	7,239,333		USD	8,133,970		42,956		—
Goldman Sachs & Co.		6/5/2019		USD	5,053,822		EUR	4,534,834		14,518		—
RBC Capital Markets		6/5/2019		USD	11,253,842		EUR	10,099,019		33,289		—
The Bank of Nova Scotia		6/5/2019		USD	21,293		EUR	19,000		—		(57	)
The Bank of Nova Scotia		6/5/2019		USD	8,045,978		EUR	7,220,333		23,800		—
Goldman Sachs & Co.		7/3/2019		EUR	4,534,834		USD	5,065,750		—		(14,998	)
RBC Capital Markets		7/3/2019		EUR	10,099,019		USD	11,280,604		—		(34,158	)
The Bank of Nova Scotia		7/3/2019		EUR	7,220,333		USD	8,064,968		—		(24,566	)
RBC Capital Markets		7/3/2019		USD	999,833		EUR	895,000		2,909		—

Total unrealized appreciation (depreciation)									$	205,459	$	(73,779	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar


See Notes to Financial Statements.		85

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (d)	$	21,531,834		$	—		$	—	$	21,531,834
Preferred Stocks (d)		1,341,290			—			—		1,341,290
Short-Term Investments		266,383			—			—		266,383
Derivatives (e)
Forward Foreign Currency Contracts		—			205,459			—		205,459

TOTAL	$	23,139,507		$	205,459		$	—	$	23,344,966



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—		$	(73,779	)	$	—	$	(73,779	)
Futures Contracts		(10,124	)		—			—		(10,124	)

TOTAL	$	(10,124	)	$	(73,779	)	$	—	$	(83,903	)

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

(e)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.


See Notes to Financial Statements.		86

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 98.6%

Communication Services — 8.9%
CyberAgent, Inc.		12,100	$	466,737
Dentsu, Inc.		27,636		905,346
Hakuhodo DY Holdings, Inc.		32,380		510,359
Kakaku.com, Inc.		14,836		301,471
KDDI Corp.		227,315		5,849,378
Konami Holdings Corp.		11,064		522,749
LINE Corp.*		7,947		232,473
Nexon Co. Ltd.*		62,664		935,059
Nintendo Co. Ltd.		14,521		5,185,832
Nippon Telegraph & Telephone Corp.		81,376		3,654,091
NTT DOCOMO, Inc.		169,005		3,891,958
SoftBank Corp. (a)		214,300		2,788,382
SoftBank Group Corp.		105,193		9,949,968
Toho Co. Ltd.		12,698		546,050
Yahoo Japan Corp.		356,028		1,028,346

				36,768,199

Consumer Discretionary — 17.9%
ABC-Mart, Inc.		4,411		275,980
Aisin Seiki Co. Ltd.		20,523		682,743
Bandai Namco Holdings, Inc.		27,207		1,340,704
Benesse Holdings, Inc.		10,888		254,001
Bridgestone Corp.		74,507		2,790,790
Casio Computer Co. Ltd.		25,892		289,348
Denso Corp.		52,510		2,036,146
Fast Retailing Co. Ltd.		7,489		4,337,974
Hikari Tsushin, Inc.		2,752		559,212
Honda Motor Co. Ltd.		211,345		5,170,263
Iida Group Holdings Co. Ltd.		18,366		291,849
Isetan Mitsukoshi Holdings Ltd.		42,275		350,325
Isuzu Motors Ltd.		72,595		803,894
J. Front Retailing Co. Ltd.		32,400		339,353
Koito Manufacturing Co. Ltd.		11,672		542,859
Marui Group Co. Ltd.		25,702		536,975
Mazda Motor Corp.		73,704		721,975
McDonald’s Holdings Co. Japan Ltd.		9,419		429,381
Mercari, Inc.*		10,000		295,298
Mitsubishi Motors Corp.		83,038		392,336
NGK Spark Plug Co. Ltd.		19,790		348,994
Nikon Corp.		37,959		520,528
Nissan Motor Co. Ltd.		296,547		2,010,275
Nitori Holdings Co. Ltd.		9,547		1,138,698
Oriental Land Co. Ltd.		26,025		3,182,127
Pan Pacific International Holdings Corp.		13,850		858,875
Panasonic Corp.		284,044		2,266,795
Rakuten, Inc.		108,438		1,135,765
Rinnai Corp.		4,755		312,422
Ryohin Keikaku Co. Ltd.		3,270		593,558
Sankyo Co. Ltd.		6,253		239,468
Sega Sammy Holdings, Inc.		23,188		275,607
Sekisui Chemical Co. Ltd.		49,352		727,312
Sekisui House Ltd.		74,452		1,196,495
Sharp Corp.		30,055		274,021
Shimamura Co. Ltd.		2,870		219,822
Shimano, Inc.		9,484		1,456,317
Sony Corp.		162,593		7,887,707


	Number of Shares		Value
Consumer Discretionary (Continued)
Stanley Electric Co. Ltd.		12,446	$	285,523
Subaru Corp.		76,717		1,785,450
Sumitomo Electric Industries Ltd.		95,813		1,159,588
Sumitomo Rubber Industries Ltd.		21,730		241,433
Suzuki Motor Corp.		46,389		2,208,042
Toyoda Gosei Co. Ltd.		11,163		195,622
Toyota Industries Corp.		18,199		938,794
Toyota Motor Corp.		291,373		17,165,369
USS Co. Ltd.		32,518		619,062
Yamada Denki Co. Ltd.		73,747		345,716
Yamaha Corp.		16,807		757,645
Yamaha Motor Co. Ltd.		36,024		619,321
Yokohama Rubber Co. Ltd.		11,046		184,907
ZOZO, Inc.		27,734		478,080

				74,070,744

Consumer Staples — 8.3%
Aeon Co. Ltd.		83,002		1,438,068
Ajinomoto Co., Inc.		53,601		913,589
Asahi Group Holdings Ltd.		47,197		2,080,562
Calbee, Inc.		11,008		312,874
Coca-Cola Bottlers Japan Holdings, Inc.		15,600		355,288
FamilyMart UNY Holdings Co. Ltd.		31,536		761,299
Japan Tobacco, Inc.		154,589		3,555,697
Kao Corp.		62,184		4,866,150
Kikkoman Corp.		17,348		721,199
Kirin Holdings Co. Ltd.		104,689		2,275,113
Kobayashi Pharmaceutical Co. Ltd.		6,500		484,658
Kose Corp.		4,288		679,416
Lawson, Inc.		7,269		340,090
Lion Corp.		32,588		632,724
MEIJI Holdings Co. Ltd.		14,493		1,017,780
NH Foods Ltd.		11,111		450,120
Nisshin Seifun Group, Inc.		27,775		646,926
Nissin Foods Holdings Co. Ltd.		8,970		544,665
Pigeon Corp.		12,400		473,160
Pola Orbis Holdings, Inc.		10,979		304,452
Seven & i Holdings Co. Ltd.		96,502		3,264,673
Shiseido Co. Ltd.		51,007		3,686,964
Sundrug Co. Ltd.		10,957		275,227
Suntory Beverage & Food Ltd.		17,036		709,801
Toyo Suisan Kaisha Ltd.		9,412		368,263
Tsuruha Holdings, Inc.		5,297		425,754
Unicharm Corp.		52,474		1,578,118
Welcia Holdings Co. Ltd.		6,600		232,049
Yakult Honsha Co. Ltd.		13,238		754,956
Yamazaki Baking Co. Ltd.		14,606		219,835

				34,369,470

Energy — 0.9%
Idemitsu Kosan Co. Ltd.		27,360		776,376
Inpex Corp.		128,744		1,044,066
JXTG Holdings, Inc.		409,637		1,960,013

				3,780,455

Financials — 10.7%
Acom Co. Ltd.		51,674		173,574
AEON Financial Service Co. Ltd.		14,672		235,180


See Notes to Financial Statements.		87

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Financials (Continued)
Aozora Bank Ltd. (a)		11,792	$	287,169
Bank of Kyoto Ltd.		7,704		302,146
Chiba Bank Ltd.		74,160		356,548
Concordia Financial Group Ltd.		138,238		530,679
Credit Saison Co. Ltd.		18,992		205,054
Dai-ichi Life Holdings, Inc.		139,619		2,027,964
Daiwa Securities Group, Inc.		203,944		892,826
Fukuoka Financial Group, Inc.		17,848		306,512
Japan Exchange Group, Inc.		64,732		1,005,940
Japan Post Bank Co. Ltd.		52,725		541,044
Japan Post Holdings Co. Ltd.		204,970		2,273,556
Mebuki Financial Group, Inc.		110,862		279,291
Mitsubishi UFJ Financial Group, Inc.		1,566,342		7,243,058
Mitsubishi UFJ Lease & Finance Co. Ltd.		51,916		259,664
Mizuho Financial Group, Inc.		3,117,272		4,421,397
MS&AD Insurance Group Holdings, Inc.		59,589		1,894,926
Nomura Holdings, Inc.		434,977		1,373,992
ORIX Corp.		170,627		2,416,947
Resona Holdings, Inc.		264,276		1,121,585
SBI Holdings, Inc.		31,999		741,471
Seven Bank Ltd.		72,204		185,232
Shinsei Bank Ltd.		16,547		235,611
Shizuoka Bank Ltd.		52,682		418,092
Sompo Holdings, Inc.		40,975		1,554,830
Sony Financial Holdings, Inc.		22,282		495,133
Sumitomo Mitsui Financial Group, Inc.		171,372		5,982,561
Sumitomo Mitsui Trust Holdings, Inc.		40,762		1,498,976
T&D Holdings, Inc.		72,849		763,346
Tokio Marine Holdings, Inc.		83,671		4,170,231
Tokyo Century Corp.		5,800		235,500

				44,430,035

Health Care — 8.9%
Alfresa Holdings Corp.		25,490		643,336
Asahi Intecc Co. Ltd.		10,600		543,866
Astellas Pharma, Inc.		243,035		3,280,014
Chugai Pharmaceutical Co. Ltd.		29,345		1,960,576
Daiichi Sankyo Co. Ltd.		72,361		3,509,039
Eisai Co. Ltd.		31,212		1,838,474
Hisamitsu Pharmaceutical Co., Inc.		7,406		297,976
Hoya Corp.		48,886		3,409,592
Kyowa Hakko Kirin Co. Ltd.		33,360		631,089
M3, Inc.		52,884		1,001,412
Medipal Holdings Corp.		22,082		479,073
Mitsubishi Tanabe Pharma Corp.		32,361		383,142
Olympus Corp.		147,776		1,752,338
Ono Pharmaceutical Co. Ltd.		50,483		894,453
Otsuka Holdings Co. Ltd.		49,700		1,672,184
PeptiDream, Inc.*		10,700		534,185
Santen Pharmaceutical Co. Ltd.		48,374		697,721
Shionogi & Co. Ltd.		31,508		1,727,103
Sumitomo Dainippon Pharma Co. Ltd.		19,148		393,862
Suzuken Co. Ltd.		9,432		582,292
Sysmex Corp.		20,744		1,441,255
Taisho Pharmaceutical Holdings Co. Ltd.		4,746		389,350
Takeda Pharmaceutical Co. Ltd.		189,023		6,399,902
Terumo Corp.		81,902		2,333,903

				36,796,137


	Number of Shares		Value
Industrials — 21.0%
AGC, Inc.		24,862	$	801,852
Amada Holdings Co. Ltd.		44,034		455,111
ANA Holdings, Inc. (a)		14,618		490,482
Central Japan Railway Co.		18,026		3,766,888
Dai Nippon Printing Co. Ltd.		30,843		670,283
Daifuku Co. Ltd.		11,500		580,492
Daikin Industries Ltd.		31,048		3,790,569
East Japan Railway Co.		38,985		3,709,088
FANUC Corp.		25,089		4,277,389
Fuji Electric Co. Ltd.		13,806		462,472
Hankyu Hanshin Holdings, Inc.		32,440		1,170,492
Hino Motors Ltd.		30,860		245,194
Hitachi Construction Machinery Co. Ltd.		12,620		294,756
Hoshizaki Corp.		7,554		573,007
IHI Corp.		16,568		370,454
ITOCHU Corp.		171,588		3,165,269
Japan Airlines Co. Ltd.		12,954		407,992
Japan Airport Terminal Co. Ltd. (a)		7,035		267,468
JGC Corp.		28,983		387,813
JTEKT Corp.		29,584		314,500
Kajima Corp.		52,576		722,426
Kamigumi Co. Ltd.		11,342		268,361
Kawasaki Heavy Industries Ltd.		18,293		410,713
Keihan Holdings Co. Ltd.		11,104		480,065
Keikyu Corp.		32,581		552,913
Keio Corp.		12,436		830,865
Keisei Electric Railway Co. Ltd.		14,884		557,644
Kintetsu Group Holdings Co. Ltd.		22,010		1,056,171
Komatsu Ltd.		117,737		2,625,492
Kubota Corp.		133,563		2,046,614
Kurita Water Industries Ltd.		10,042		241,772
Kyushu Railway Co.		20,300		606,949
LIXIL Group Corp.		32,516		417,684
Makita Corp.		28,544		1,003,577
Marubeni Corp.		198,987		1,254,904
MINEBEA MITSUMI, Inc.		52,224		769,155
MISUMI Group, Inc.		34,720		820,541
Mitsubishi Corp.		173,591		4,538,212
Mitsubishi Electric Corp.		234,726		2,946,936
Mitsubishi Heavy Industries Ltd.		40,402		1,775,801
Mitsui & Co. Ltd.		211,871		3,279,782
Mitsui OSK Lines Ltd.		13,108		280,147
MonotaRO Co. Ltd.		14,300		306,282
Nabtesco Corp.		13,872		351,392
Nagoya Railroad Co. Ltd.		24,601		680,605
NGK Insulators Ltd.		32,364		440,221
Nidec Corp.		29,345		3,680,142
Nippon Express Co. Ltd.		9,439		504,331
Nippon Yusen KK		18,812		285,222
NSK Ltd.		46,898		377,815
Obayashi Corp.		79,608		733,159
Odakyu Electric Railway Co. Ltd.		36,277		897,175
Park24 Co. Ltd.		11,168		210,241
Persol Holdings Co. Ltd.		23,000		490,712
Recruit Holdings Co. Ltd.		152,391		4,876,962
Secom Co. Ltd.		27,772		2,380,604
Seibu Holdings, Inc.		32,030		537,356


See Notes to Financial Statements.		88

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
SG Holdings Co. Ltd.		17,200	$	466,804
Shimizu Corp.		72,568		592,652
SMC Corp.		7,358		2,428,788
Sohgo Security Services Co. Ltd.		9,422		456,471
Sumitomo Corp.		149,973		2,170,744
Sumitomo Heavy Industries Ltd.		11,858		376,974
Taisei Corp.		26,552		971,519
THK Co. Ltd.		11,176		229,677
Tobu Railway Co. Ltd.		26,990		787,047
Tokyu Corp.		63,422		1,127,216
Toppan Printing Co. Ltd.		31,039		454,278
Toshiba Corp.		72,423		2,305,720
TOTO Ltd.		18,138		677,047
Toyota Tsusho Corp.		30,431		880,369
West Japan Railway Co.		20,179		1,582,813
Yamato Holdings Co. Ltd.		36,117		733,572

				86,682,205

Information Technology — 10.8%
Advantest Corp.		25,600		602,645
Alps Alpine Co. Ltd.		29,842		495,691
Brother Industries Ltd.		32,022		550,519
Canon, Inc.		127,197		3,597,645
Disco Corp.		3,800		531,961
FUJIFILM Holdings Corp.		46,857		2,248,046
Fujitsu Ltd.		26,540		1,801,335
GMO Payment Gateway, Inc.		5,500		370,507
Hamamatsu Photonics KK		14,388		517,817
Hirose Electric Co. Ltd.		4,766		523,374
Hitachi High-Technologies Corp.		8,770		374,302
Hitachi Ltd.		121,934		4,147,545
Itochu Techno-Solutions Corp.		10,700		266,204
Keyence Corp.		11,643		6,608,784
Konica Minolta, Inc.		64,280		568,267
Kyocera Corp.		40,608		2,482,235
Murata Manufacturing Co. Ltd.		74,245		3,223,575
NEC Corp.		30,993		1,151,173
Nippon Electric Glass Co. Ltd.		11,168		269,397
Nomura Research Institute Ltd.		12,274		601,439
NTT Data Corp.		75,740		908,614
Obic Co. Ltd.		9,362		1,134,343
Omron Corp.		26,217		1,248,371
Oracle Corp. (a)		5,672		397,273
Otsuka Corp.		10,860		422,414
Renesas Electronics Corp.*		103,600		473,234
Ricoh Co. Ltd.		83,634		813,457
Rohm Co. Ltd.		10,112		628,938
Seiko Epson Corp.		31,024		458,067
Shimadzu Corp.		31,736		796,878
SUMCO Corp.		32,400		359,684
TDK Corp.		15,628		1,067,201
Tokyo Electron Ltd.		19,614		2,676,981
Trend Micro, Inc.		15,472		696,037
Yaskawa Electric Corp.		30,982		900,598
Yokogawa Electric Corp.		32,408		631,921

				44,546,472


	Number of Shares		Value
Materials — 5.2%
Air Water, Inc.		14,704	$	219,546
Asahi Kasei Corp.		164,584		1,699,529
Daicel Corp.		30,846		263,300
Hitachi Chemical Co. Ltd.		11,894		318,959
Hitachi Metals Ltd.		30,346		302,998
JFE Holdings, Inc.		59,819		832,437
JSR Corp.		26,351		375,696
Kaneka Corp.		6,837		236,596
Kansai Paint Co. Ltd.		22,906		434,805
Kobe Steel Ltd.		40,166		249,451
Kuraray Co. Ltd.		47,521		546,405
Maruichi Steel Tube Ltd.		7,632		200,370
Mitsubishi Chemical Holdings Corp.		172,896		1,134,877
Mitsubishi Gas Chemical Co., Inc.		21,776		272,288
Mitsubishi Materials Corp.		11,572		302,528
Mitsui Chemicals, Inc.		24,681		543,658
Nippon Paint Holdings Co. Ltd.		16,463		653,263
Nippon Steel Corp.		102,337		1,706,010
Nissan Chemical Corp.		14,702		625,444
Nitto Denko Corp.		20,318		890,606
Oji Holdings Corp.		105,684		550,046
Shin-Etsu Chemical Co. Ltd.		47,131		3,934,796
Showa Denko KK		16,600		457,567
Sumitomo Chemical Co. Ltd.		188,556		817,804
Sumitomo Metal Mining Co. Ltd.		30,905		816,224
Taiheiyo Cement Corp.		12,578		372,587
Taiyo Nippon Sanso Corp.		19,280		362,239
Teijin Ltd.		23,859		390,366
Toray Industries, Inc.		175,542		1,209,914
Tosoh Corp.		32,400		412,008
Toyo Seikan Group Holdings Ltd.		17,826		338,211

				21,470,528

Real Estate — 4.2%
Aeon Mall Co. Ltd.		11,022		162,230
Daito Trust Construction Co. Ltd.		9,151		1,193,645
Daiwa House Industry Co. Ltd.		74,617		2,238,544
Daiwa House REIT Investment Corp. REIT		264		625,132
Hulic Co. Ltd. (a)		34,810		276,900
Japan Prime Realty Investment Corp. REIT		111		475,283
Japan Real Estate Investment Corp. REIT		151		898,768
Japan Retail Fund Investment Corp. REIT		323		651,574
Mitsubishi Estate Co. Ltd.		154,324		2,843,954
Mitsui Fudosan Co. Ltd.		114,482		2,780,043
Nippon Building Fund, Inc. REIT		168		1,150,334
Nippon Prologis REIT, Inc. REIT		241		525,078
Nomura Real Estate Holdings, Inc.		12,528		258,271
Nomura Real Estate Master Fund, Inc. REIT		521		809,638
Sumitomo Realty & Development Co. Ltd.		42,750		1,580,762
Tokyu Fudosan Holdings Corp.		74,127		414,534
United Urban Investment Corp. REIT		316		521,977

				17,406,667


See Notes to Financial Statements.		89

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Utilities — 1.8%
Chubu Electric Power Co., Inc.		78,734	$	1,076,403
Chugoku Electric Power Co., Inc.		30,868		387,114
Electric Power Development Co. Ltd.		16,566		363,989
Kansai Electric Power Co., Inc.		90,107		1,052,281
Kyushu Electric Power Co., Inc.		51,190		505,924
Osaka Gas Co. Ltd.		50,489		897,820
Toho Gas Co. Ltd.		10,828		422,668
Tohoku Electric Power Co., Inc.		53,021		542,124
Tokyo Electric Power Co. Holdings, Inc.*		183,384		944,293
Tokyo Gas Co. Ltd.		51,365		1,278,615

				7,471,231

TOTAL COMMON STOCKS (Cost $451,455,798)				407,792,143

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (b)(c) (Cost $10,080)		10,080		10,080


	Number of Shares		Value
CASH EQUIVALENTS — 0.4%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (b)		115,456	$	115,456
DWS Government Money Market Series “Institutional Shares” , 2.35% (b)		1,732,723		1,732,723

TOTAL CASH EQUIVALENTS (Cost $1,848,179)				1,848,179


TOTAL INVESTMENTS — 99.0%
(Cost $453,314,057)			$	409,650,402
Other assets and liabilities, net — 1.0%				3,988,656

NET ASSETS — 100.0%			$	413,639,058

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (b)(c)
		1,120,785		—		(1,110,705	)(d)		—			—		57,819		—		10,080		10,080


CASH EQUIVALENTS — 0.4%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (b)
		—		10,015,455		(9,899,719	)		(280	)		—		10,557		—		115,456		115,456


DWS ESG Liquidity Fund “Institutional Shares”, 2.56% (b)
		—		9,999,000		(9,999,000	)		—			—		18,123				—		—


DWS Government Money Market Series “Institutional Shares”, 2.35% (b)
		—		161,621,220		(159,888,497	)		—			—		184,072		—		1,732,723		1,732,723

		1,120,785		181,635,675		(180,897,921	)		(280	)		—		270,571		—		1,858,259		1,858,259

*	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, 2019 amounted to $3,577,271, which is 0.9% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,721,335.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

REIT:

Real Estate Investment Trust


See Notes to Financial Statements.		90

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2019

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
Yen Denominated Nikkei 225 Futures		JPY		5	$	502,379	$	471,208		6/13/2019	$	(44,751	)
Nikkei 225 Futures		JPY		10		1,931,537		1,895,446		6/13/2019		(78,116	)
TOPIX Index Futures		JPY		47		6,757,375		6,531,814		6/13/2019		(398,320	)

Total net unrealized depreciation											$	(521,187	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		6/5/2019		JPY	109,567,500		USD	985,940	$	—	$	(25,583	)
JP Morgan & Chase Co.		6/5/2019		JPY	310,000,000		USD	2,843,259		—		(18,648	)
JP Morgan & Chase Co.		6/5/2019		JPY	20,389,770,300		USD	183,474,595		—		(4,762,908	)
RBC Capital Markets		6/5/2019		JPY	1,830,000,000		USD	16,467,097		—		(427,386	)
RBC Capital Markets		6/5/2019		JPY	17,159,175,100		USD	154,407,438		—		(4,005,345	)
The Bank of Nova Scotia		6/5/2019		JPY	17,446,664,700		USD	156,993,293		—		(4,073,582	)
Goldman Sachs & Co.		6/5/2019		USD	1,009,222		JPY	109,567,500		2,301		—
JP Morgan & Chase Co.		6/5/2019		USD	153,577,129		JPY	16,673,362,100		350,649		—
JP Morgan & Chase Co.		6/5/2019		USD	36,837,697		JPY	4,026,408,200		333,934		—
RBC Capital Markets		6/5/2019		USD	174,894,544		JPY	18,989,175,100		412,723		—
The Bank of Nova Scotia		6/5/2019		USD	24,252,813		JPY	2,668,836,500		385,774		—
The Bank of Nova Scotia		6/5/2019		USD	119,660,810		JPY	12,992,172,400		282,380		—
The Bank of Nova Scotia		6/5/2019		USD	10,145,990		JPY	1,118,446,700		179,463		—
The Bank of Nova Scotia		6/5/2019		USD	6,073,635		JPY	667,209,100		86,012		—
Goldman Sachs & Co.		7/3/2019		JPY	109,567,500		USD	1,011,503		—		(2,387	)
JP Morgan & Chase Co.		7/3/2019		JPY	16,673,362,100		USD	153,925,197		—		(362,826	)
RBC Capital Markets		7/3/2019		JPY	18,989,175,100		USD	175,293,323		—		(424,224	)
The Bank of Nova Scotia		7/3/2019		JPY	12,992,172,400		USD	119,924,793		—		(299,106	)
RBC Capital Markets		7/3/2019		USD	23,148,748		JPY	2,507,359,000		53,259		—

Total unrealized appreciation (depreciation)									$	2,086,495	$	(14,401,995	)

Currency Abbreviations

JPY

Japanese Yen

USD

U.S. Dollar


See Notes to Financial Statements.		91

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (e)	$	407,792,143		$	—		$	—	$	407,792,143
Short-Term Investments (e)		1,858,259			—			—		1,858,259
Derivatives (f)
Forward Foreign Currency Contracts		—			2,086,495			—		2,086,495

TOTAL	$	409,650,402		$	2,086,495		$	—	$	411,736,897



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—		$	(14,401,995	)	$	—	$	(14,401,995	)
Futures Contracts		(521,187	)		—			—		(521,187	)

TOTAL	$	(521,187	)	$	(14,401,995	)	$	—	$	(14,923,182	)

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

(f)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.


See Notes to Financial Statements.		92

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 95.9%

Communication Services — 6.2%
Cheil Worldwide, Inc.		800	$	17,734
Kakao Corp.		455		47,567
LG Uplus Corp.		1,101		12,897
NAVER Corp.		1,173		109,824
NCSoft Corp.		154		61,683
Netmarble Corp., 144A*		241		23,171
Pearl Abyss Corp.*		66		10,957
SK Telecom Co. Ltd.		186		39,124

				322,957

Consumer Discretionary — 12.0%
CJ ENM Co. Ltd.		102		16,410
Fila Korea Ltd.		460		30,128
Hankook Tire & Technology Co. Ltd.		719		21,131
Hanon Systems		1,994		19,423
HLB, Inc.*		309		18,215
Hotel Shilla Co. Ltd.		297		23,592
Hyundai Department Store Co. Ltd.		158		11,224
Hyundai Mobis Co. Ltd.		577		105,138
Hyundai Motor Co.		1,289		145,579
Kangwon Land, Inc.		1,120		29,201
Kia Motors Corp.		2,301		76,030
LG Electronics, Inc.		926		61,117
Lotte Shopping Co. Ltd.		115		15,451
Shinsegae Inc.		72		18,017
Woongjin Coway Co. Ltd.		483		32,487

				623,143

Consumer Staples — 6.1%
Amorepacific Corp.		279		41,936
AMOREPACIFIC Group		272		14,800
BGF retail Co. Ltd.		86		13,468
CJ CheilJedang Corp.		83		19,549
E-MART, Inc.		186		22,491
GS Retail Co. Ltd.		345		9,850
KT&G Corp.		998		84,640
LG Household & Health Care Ltd.		80		85,851
Orion Corp.		207		14,948
Ottogi Corp.		15		8,955

				316,488

Energy — 2.3%
GS Holdings Corp.		500		21,034
SK Innovation Co. Ltd.		511		70,799
S-Oil Corp.		414		29,028

				120,861

Financials — 13.2%
BNK Financial Group, Inc.		2,607		15,105
DB Insurance Co. Ltd.		488		25,201
Hana Financial Group, Inc.		2,522		76,873
Hanwha Life Insurance Co. Ltd.		3,465		9,340
Hyundai Marine & Fire Insurance Co. Ltd.		629		16,241
Industrial Bank of Korea		2,387		27,761
KB Financial Group, Inc.		3,323		122,216
Korea Investment Holdings Co. Ltd.		387		23,527
Meritz Securities Co. Ltd.		200		789


	Number of Shares		Value
Financials (Continued)
Mirae Asset Daewoo Co. Ltd.		3,780	$	23,679
NH Investment & Securities Co. Ltd.		1,448		16,415
Orange Life Insurance Ltd., 144A		387		11,796
Samsung Card Co. Ltd.		370		11,433
Samsung Fire & Marine Insurance Co. Ltd.		270		61,441
Samsung Life Insurance Co. Ltd.		621		42,134
Samsung Securities Co. Ltd.		639		18,968
Shinhan Financial Group Co. Ltd.		3,583		133,734
Woori Financial Group, Inc.		4,149		48,427

				685,080

Health Care — 5.6%
Celltrion Healthcare Co. Ltd.*		452		21,596
Celltrion Pharm, Inc.*		188		8,067
Celltrion, Inc.*		692		110,404
Hanmi Pharm. Co. Ltd.		63		21,610
Hanmi Science Co. Ltd.		185		10,703
Helixmith Co. Ltd.*		133		21,755
Medy-Tox, Inc.		42		15,807
Samsung Biologics Co. Ltd., 144A*		136		34,260
SillaJen, Inc.*		522		24,108
Yuhan Corp.		99		20,575

				288,885

Industrials — 10.4%
CJ Corp.		159		13,551
CJ Logistics Corp.*		99		13,259
Daelim Industrial Co. Ltd.		287		24,943
Daewoo Engineering & Construction Co. Ltd.*		2,177		8,784
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		387		9,684
Doosan Bobcat, Inc.		560		15,847
GS Engineering & Construction Corp.		555		18,711
Hanwha Corp.		502		10,770
HDC Hyundai Development Co-Engineering & Construction, Class E		267		9,607
Hyundai Engineering & Construction Co. Ltd.		716		30,903
Hyundai Glovis Co. Ltd.		192		26,199
Hyundai Heavy Industries Co. Ltd.*		343		33,842
Hyundai Heavy Industries Holdings Co. Ltd.		92		24,412
KCC Corp.		64		13,865
Korea Aerospace Industries Ltd.		717		19,958
Korean Air Lines Co. Ltd.		542		14,359
LG Corp.		845		52,010
Lotte Corp.		316		11,198
Pan Ocean Co. Ltd.*		3,029		11,026
Posco International Corp.		647		9,344
S-1 Corp.		188		15,155
Samsung C&T Corp.		662		51,308
Samsung Engineering Co. Ltd.*		1,569		22,002
Samsung Heavy Industries Co. Ltd.*		3,917		25,819
SK Holdings Co. Ltd.		278		54,041

				540,597


See Notes to Financial Statements.		93

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Information Technology — 31.6%
LG Display Co. Ltd.*		2,126	$	30,527
LG Innotek Co. Ltd.		151		12,007
Samsung Electro-Mechanics Co. Ltd.		491		39,250
Samsung Electronics Co. Ltd.		32,901		1,174,148
Samsung SDI Co. Ltd.		469		86,050
Samsung SDS Co. Ltd.		308		53,536
SK Hynix, Inc.		4,556		249,817

				1,645,335

Materials — 7.4%
Hanwha Chemical Corp.		1,054		18,276
Hyundai Steel Co.		734		25,147
Korea Zinc Co. Ltd.		82		30,090
Kumho Petrochemical Co. Ltd.		191		15,365
LG Chem Ltd.		388		108,493
Lotte Chemical Corp.		154		33,363
OCI Co. Ltd.		180		13,648
POSCO		650		129,629
POSCO Chemical Co. Ltd.		240		10,963

				384,974

Utilities — 1.1%
Korea Electric Power Corp.*		2,232		48,730
Korea Gas Corp.		311		10,785

				59,515

TOTAL COMMON STOCKS (Cost $3,762,068)				4,987,835

PREFERRED STOCKS — 1.5%
Consumer Discretionary — 0.8%
Hyundai Motor Co.		254		16,722
Hyundai Motor Co. — 2nd Preferred		360		25,906

				42,628


	Number of Shares		Value
Consumer Staples — 0.4%
Amorepacific Corp.		101	$	8,447
LG Household & Health Care Ltd.		24		14,692

				23,139

Industrials — 0.0%
CJ Corp.*(a)		42		265

Information Technology — 0.0%
Samsung Electronics Co. Ltd.		38		1,110

Materials — 0.3%
LG Chem Ltd.		88		14,335

TOTAL PREFERRED STOCKS (Cost $82,169)				81,477

EXCHANGE-TRADED FUNDS — 0.4%
iShares MSCI South Korea ETF (Cost $19,288)		350		19,449

CASH EQUIVALENTS — 2.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (b) (Cost $108,503)		108,503		108,503


TOTAL INVESTMENTS — 99.9%
(Cost $3,972,028)			$	5,197,264
Other assets and liabilities, net — 0.1%				3,356

NET ASSETS — 100.0%			$	5,200,620

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (b)(c)
		—		—		—			—		—		6		—		—		—


CASH EQUIVALENTS — 2.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (b)
		—		2,142,896		(2,034,393	)		—		—		1,225		—		108,503		108,503

		—		2,142,896		(2,034,393	)		—		—		1,231		—		108,503		108,503

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

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.


See Notes to Financial Statements.		94

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

May 31, 2019

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
KOSPI 200 MINI Futures		KRW		5	$	60,088	$	55,315		6/13/2019	$	(3,546	)
KOSPI 200 Futures		KRW		1		61,122		55,316		6/13/2019		(4,675	)

Total net unrealized depreciation											$	(8,221	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/5/2019	KRW	2,628,715,037	USD	2,259,899	$	52,147	$	—
RBC Capital Markets	6/5/2019	KRW	257,277,000	USD	220,704		4,627		—
RBC Capital Markets	6/5/2019	KRW	3,148,686,200	USD	2,695,793		51,337		—
RBC Capital Markets	6/5/2019	KRW	42,024,000	USD	36,036		742		—
The Bank of New York Mellon	6/5/2019	KRW	408,384,000	USD	349,973		6,988		—
Goldman Sachs & Co.	6/5/2019	USD	2,207,149	KRW	2,628,715,037		603		—
RBC Capital Markets	6/5/2019	USD	2,895,035	KRW	3,447,987,200		791		—
The Bank of New York Mellon	6/5/2019	USD	343,180	KRW	408,384,000		—		(194	)
Goldman Sachs & Co.	7/3/2019	KRW	2,628,715,037	USD	2,208,447		—		(1,645	)
RBC Capital Markets	7/3/2019	KRW	3,447,987,200	USD	2,897,420		—		(1,476	)
The Bank of New York Mellon	7/3/2019	KRW	408,384,000	USD	343,518		169		—
RBC Capital Markets	7/3/2019	USD	204,235	KRW	242,795,000		—		(105	)

Total unrealized appreciation (depreciation)						$	117,404	$	(3,420	)

Currency Abbreviations

KRW

South Korean Won

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (d)	$	4,987,835		$	—		$	—	$	4,987,835
Preferred Stocks (d)		81,212			—			265		81,477
Exchange-Traded Funds		19,449			—			—		19,449
Short-Term Investments		108,503			—			—		108,503
Derivatives (e)
Forward Foreign Currency Contracts		—			117,404			—		117,404

TOTAL	$	5,196,999		$	117,404		$	265	$	5,314,668



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—		$	(3,420	)	$	—	$	(3,420	)
Futures Contracts		(8,221	)		—			—		(8,221	)

TOTAL	$	(8,221	)	$	(3,420	)	$	—	$	(11,641	)

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

(e)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.


See Notes to Financial Statements.		95

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2019


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	96,080,755		$	110,801,750		$	831,210,663		$	30,468,230
Investment in affiliated securities at value		64,295			—			1,318,613			86,260
Investment in DWS ESG Liquidity Fund*		—			—			9,320,708			—
Investment in DWS Government Money Market Series*		856,243			879,859			15,462,354			720,256
Investment in DWS Government & Agency Securities Portfolio**		1,641,117			751,459			26,160,853			1,747,284
Cash		32,238			21,384			—			—
Foreign currency at value		998,522			418,816			855,081			45,735
Unrealized appreciation on forward foreign currency contracts		1,080,946			1,107,585			12,735,119			276,795
Deposit with broker for futures contracts		120,172			78,000			1,148,943			56,666
Receivables:
Investment securities sold		78,088			478,134			800,627			—
Capital shares		—			—			22,663,418			—
Dividends		378,713			245,588			2,231,137			51,419
Interest		3,274			4,433			15,818			1,628
Securities lending income		5,597			1,829			113,204			6,236
Foreign tax reclaim		99,600			170			2,408,304			90,452

Total assets	$	101,439,560		$	114,789,007		$	926,444,842		$	33,550,961


Liabilities
Payable upon return of securities loaned	$	1,641,117		$	751,459		$	26,160,853		$	1,747,284
Payable upon return of deposit for forward foreign currency contracts		390,000			930,000			10,200,000			240,000
Unrealized depreciation on forward foreign currency contracts		807,899			369,441			5,149,334			95,854
Payables:
Investment securities purchased		74,413			208,938			35,062,147			151,226
Investment advisory fees		34,115			63,271			307,883			12,253
Variation margin on futures contracts		33,335			31,041			141,162			17,240
Deferred foreign tax payable		—			97,449			—			—

Total liabilities		2,980,879			2,451,599			77,021,379			2,263,857

Net Assets, at value	$	98,458,681		$	112,337,408		$	849,423,463		$	31,287,104


Net Assets Consist of
Paid-in capital	$	99,106,267		$	123,002,449		$	1,014,452,565		$	33,654,617
Distributable earnings (loss)		(647,586	)		(10,665,041	)		(165,029,102	)		(2,367,513	)

Net Assets, at value	$	98,458,681		$	112,337,408		$	849,423,463		$	31,287,104


Number of Common Shares outstanding		3,700,001			5,150,800			30,000,001			1,050,001

Net Asset Value	$	26.61		$	21.81		$	28.31		$	29.80


Investment in non-affiliated securities at cost	$	96,760,756		$	98,270,524		$	907,110,230		$	31,119,322

Investment in affiliated securities at cost	$	135,787		$	—		$	5,433,752		$	316,410

Value of securities loaned	$	2,053,091		$	2,434,082		$	28,542,990		$	1,667,941

Investment in DWS ESG Liquidity Fund at cost*	$	—		$	—		$	9,320,708		$	—

Investment in DWS Government Money Market Series at cost*	$	856,243		$	879,859		$	15,462,354		$	720,256

Investment in DWS Government & Agency Securities Portfolio at cost**	$	1,641,117		$	751,459		$	26,160,853		$	1,747,284

Non-cash collateral for securities on loan	$	670,099		$	1,904,824		$	6,071,933		$	199,671

Foreign currency at cost	$	996,391		$	421,553		$	896,087		$	45,036

* Includes collateral held for forward foreign currency contracts	$	390,000		$	930,000		$	10,200,000		$	240,000

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		96

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2019


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF			Xtrackers MSCI South Korea Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	22,608,164		$	407,792,143		$	5,088,761
Investment in affiliated securities at value		264,960			—			—
Investment in DWS ESG Liquidity Fund*		—			115,456			—
Investment in DWS Government Money Market Series*		266,383			1,732,723			108,503
Investment in DWS Government & Agency Securities Portfolio**		—			10,080			—
Cash		—			20			—
Foreign currency at value		9,503			1,446,154			—
Receivable for return of collateral pledged for forward foreign currency contracts		—			7,330,000			—
Unrealized appreciation on forward foreign currency contracts		205,459			2,086,495			117,404
Deposit with broker for futures contracts		28,314			289,545			9,078
Receivables:
Investment securities sold		90,768			3,562,270			—
Variation margin on futures contracts		—			3,503			—
Dividends		21,582			4,839,002			—
Interest		811			11,453			310
Securities lending income		23			1,435			—
Foreign tax reclaim		—			344			—

Total assets	$	23,495,967		$	429,220,623		$	5,324,056


Liabilities
Payable upon return of securities loaned	$	—		$	10,080		$	—
Payable upon return of deposit for forward foreign currency contracts		—			50,000			—
Unrealized depreciation on forward foreign currency contracts		73,779			14,401,995			3,420
Payables:
Investment securities purchased		196,277			937,871			116,914
Investment advisory fees		9,168			181,619			2,628
Variation margin on futures contracts		5,306			—			474

Total liabilities		284,530			15,581,565			123,436

Net Assets, at value	$	23,211,437		$	413,639,058		$	5,200,620


Net Assets Consist of
Paid-in capital	$	33,690,937		$	621,161,394		$	12,047,615
Distributable earnings (loss)		(10,479,500	)		(207,522,336	)		(6,846,995	)

Net Assets, at value	$	23,211,437		$	413,639,058		$	5,200,620


Number of Common Shares outstanding		900,800			10,900,800			200,001

Net Asset Value	$	25.77		$	37.95		$	26.00


Investment in non-affiliated securities at cost	$	25,550,409		$	451,455,798		$	3,863,525

Investment in affiliated securities at cost	$	1,238,045		$	—		$	—

Value of securities loaned	$	—		$	3,577,271		$	—

Investment in DWS ESG Liquidity Fund at cost*	$	—		$	115,456		$	—

Investment in DWS Government Money Market Series at cost*	$	266,383		$	1,732,723		$	108,503

Investment in DWS Government & Agency Securities Portfolio at cost**	$	—		$	10,080		$	—

Non-cash collateral for securities on loan	$	—		$	3,721,335		$	—

Foreign currency at cost	$	5,500		$	1,274,386		$	—

* Includes collateral held for forward foreign currency contracts	$	—		$	50,000		$	—

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		97

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2019


	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	3,121,982		$	3,460,474		$	32,354,783		$	1,035,543
Affiliated dividend income**		1,441			—			21,319			1,564
Income distributions from affiliated funds		67,037			32,362			332,430			15,720
Unaffiliated non-cash dividend income		178,579			401,479			—			—
Affiliated securities lending income		25,722			20,685			457,725			24,545

Total investment income		3,394,761			3,915,000			33,166,257			1,077,372


Expenses
Investment advisory fees		431,461			861,263			4,755,627			167,899
Other expenses		10,248			15,437			193,305			7,981

Total expenses		441,709			876,700			4,948,932			175,880

Less fees waived (see note 3):
Waiver		(1,665	)		(1,087	)		(8,585	)		(499	)

Net expenses		440,044			875,613			4,940,347			175,381

Net investment income (loss)		2,954,717			3,039,387			28,225,910			901,991


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,789,162	)		842,169			(10,018,008	)		(107,374	)
Investments in affiliates		(74,924	)		—			—			1,706
In-kind redemptions		4,773,214			5,107,009			25,315,983			753,367
In-kind redemptions in affiliates		(4,573	)		—			(2,510,546	)		(21,433	)
Futures contracts		(416,984	)		(932,895	)		149,657			46,271
Foreign currency transactions		28,884			268,435			(1,280,500	)		(54,341	)
Forward foreign currency contracts		7,449,032			7,004,546			107,142,096			3,988,566

Net realized gain (loss)		9,965,487			12,289,264			118,798,682			4,606,762
Net change in unrealized appreciation (depreciation) on:
Investments***		(14,304,045	)		(23,844,073	)		(102,534,536	)		(5,095,306	)
Investments in affiliates		36,467			—			1,854,000			(32,603	)
Futures contracts		45,869			373,225			(164,248	)		(8,340	)
Foreign currency translations		14,335			6,686			49,676			(2,404	)
Forward foreign currency contracts		(1,756,663	)		(2,051,143	)		(37,332,486	)		(1,240,153	)

Net change in unrealized appreciation (depreciation)		(15,964,037	)		(25,515,305	)		(138,127,594	)		(6,378,806	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(5,998,550	)		(13,226,041	)		(19,328,912	)		(1,772,044	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(3,043,833	)	$	(10,186,654	)	$	8,896,998		$	(870,053	)

* Unaffiliated foreign tax withheld	$	341,337		$	475,534		$	4,185,205		$	151,999
** Affiliated foreign tax withheld	$	216		$	—		$	3,198		$	235
*** Net of change in deferred foreign taxes	$	—		$	97,449		$	—		$	—


See Notes to Financial Statements.		98

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2019


	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF			Xtrackers MSCI South Korea Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	672,108		$	16,459,452		$	182,539
Affiliated dividend income**		4,683			—			—
Income distributions from affiliated funds		6,981			212,752			1,225
Unaffiliated non-cash dividend income		—			—			64,826
Affiliated securities lending income		57			57,819			6
Unaffiliated securities lending income, net of borrower rebates		—			75,014			—

Total investment income		683,829			16,805,037			248,596


Expenses
Investment advisory fees		123,361			3,750,428			54,142
Other expenses		3,052			134,892			57

Total expenses		126,413			3,885,320			54,199

Less fees waived (see note 3):
Waiver		(221	)		(6,782	)		(39	)

Net expenses		126,192			3,878,538			54,160

Net investment income (loss)		557,637			12,926,499			194,436


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(369,160	)		(7,652,188	)		(804,412	)
Investments in affiliates		(25,123	)		(280	)		—
In-kind redemptions		326,747			25,467,062			—
In-kind redemptions in affiliates		(199,760	)		—			—
Futures contracts		(82,044	)		(3,042,435	)		(15,822	)
Foreign currency transactions		(20,644	)		(584,880	)		(14,745	)
Forward foreign currency contracts		3,115,794			43,039,670			822,037
Payments by affiliates (see note 8)		—			—			7,600

Net realized gain (loss)		2,745,810			57,226,949			(5,342	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,406,809	)		(134,006,429	)		(1,717,371	)
Investments in affiliates		68,214			—			—
Futures contracts		(14,021	)		(1,047,077	)		(4,461	)
Foreign currency translations		(4,027	)		154,866			(16,692	)
Forward foreign currency contracts		(1,074,734	)		(7,762,343	)		12,263

Net change in unrealized appreciation (depreciation)		(5,431,377	)		(142,660,983	)		(1,726,261	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,685,567	)		(85,434,034	)		(1,731,603	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,127,930	)	$	(72,507,535	)	$	(1,537,167	)

* Unaffiliated foreign tax withheld	$	94,408		$	1,842,999		$	55,540
** Affiliated foreign tax withheld	$	703		$	—		$	—


See Notes to Financial Statements.		99

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,954,717		$	3,022,599		$	3,039,387		$	3,785,059
Net realized gain (loss)		9,965,487			(2,702,911	)		12,289,264			3,873,103
Net change in net unrealized appreciation (depreciation)		(15,964,037	)		9,151,049			(25,515,305	)		17,988,314

Net increase (decrease) in net assets resulting from operations		(3,043,833	)		9,470,737			(10,186,654	)		25,646,476

Distributions to Shareholders		(2,871,618	)		(2,997,077	)*		(3,308,776	)		(3,312,983	)*


Fund Shares Transactions
Proceeds from shares sold		13,773,648			24,446,147			2,222,874			29,674,592
Value of shares redeemed		(36,854,026	)		(8,258,171	)		(71,261,537	)		(45,001,682	)

Net increase (decrease) in net assets resulting from fund share transactions		(23,080,378	)		16,187,976			(69,038,663	)		(15,327,090	)

Total net increase (decrease) in Net Assets		(28,995,829	)		22,661,636			(82,534,093	)		7,006,403

Net Assets
Beginning of year		127,454,510			104,792,874			194,871,501			187,865,098

End of year	$	98,458,681		$	127,454,510	**	$	112,337,408		$	194,871,501	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		4,600,001			4,000,001			8,150,800			8,750,800
Shares sold		500,000			900,000			100,000			1,250,000
Shares redeemed		(1,400,000	)		(300,000	)		(3,100,000	)		(1,850,000	)

Shares outstanding, end of year		3,700,001			4,600,001			5,150,800			8,150,800

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $1,530,237 and $589,440, respectively.


See Notes to Financial Statements.		100

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	28,225,910		$	52,537,140		$	901,991		$	1,116,419
Net realized gain (loss)		118,798,682			(18,246,414	)		4,606,762			476,514
Net change in net unrealized appreciation (depreciation)		(138,127,594	)		46,053,497			(6,378,806	)		749,024

Net increase (decrease) in net assets resulting from operations		8,896,998			80,344,223			(870,053	)		2,341,957

Distributions to Shareholders		(41,023,718	)		(57,735,062	)*		(915,112	)		(1,340,413	)*


Fund Shares Transactions
Proceeds from shares sold		113,864,798			40,753,740			—			—
Value of shares redeemed		(775,486,486	)		(1,267,014,363	)		(8,639,289	)		(24,406,845	)

Net increase (decrease) in net assets resulting from fund share transactions		(661,621,688	)		(1,226,260,623	)		(8,639,289	)		(24,406,845	)

Total net increase (decrease) in Net Assets		(693,748,408	)		(1,203,651,462	)		(10,424,454	)		(23,405,301	)

Net Assets
Beginning of year		1,543,171,871			2,746,823,333			41,711,558			65,116,859

End of year	$	849,423,463		$	1,543,171,871	**	$	31,287,104		$	41,711,558	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		53,750,001			97,100,001			1,350,001			2,150,001
Shares sold		4,000,000			1,400,000			—			—
Shares redeemed		(27,750,000	)		(44,750,000	)		(300,000	)		(800,000	)

Shares outstanding, end of year		30,000,001			53,750,001			1,050,001			1,350,001

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $32,077,154 and $790,825, respectively.


See Notes to Financial Statements.		101

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	557,637		$	956,727		$	12,926,499		$	20,316,568
Net realized gain (loss)		2,745,810			(2,605,877	)		57,226,949			199,197,260
Net change in net unrealized appreciation (depreciation)		(5,431,377	)		2,280,565			(142,660,983	)		(633,933	)

Net increase (decrease) in net assets resulting from operations		(2,127,930	)		631,415			(72,507,535	)		218,879,895

Distributions to Shareholders		(859,921	)		(894,915	)*		(35,027,849	)		(42,063,292	)*


Fund Shares Transactions
Proceeds from shares sold		—			5,744,626			89,826,392			378,553,626
Value of shares redeemed		(10,125,607	)		(34,675,155	)		(721,905,897	)		(1,182,044,051	)

Net increase (decrease) in net assets resulting from fund share transactions		(10,125,607	)		(28,930,529	)		(632,079,505	)		(803,490,425	)

Total net increase (decrease) in Net Assets		(13,113,458	)		(29,194,029	)		(739,614,889	)		(626,673,822	)

Net Assets
Beginning of year		36,324,895			65,518,924			1,153,253,947			1,779,927,769

End of year	$	23,211,437		$	36,324,895	**	$	413,639,058		$	1,153,253,947	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		1,300,800			2,350,800			26,850,800			46,050,800
Shares sold		—			200,000			2,200,000			8,900,000
Shares redeemed		(400,000	)		(1,250,000	)		(18,150,000	)		(28,100,000	)

Shares outstanding, end of year		900,800			1,300,800			10,900,800			26,850,800

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $859,925 and $34,889,467, respectively.


See Notes to Financial Statements.		102

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI South Korea Hedged Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	194,436		$	229,422
Net realized gain (loss)		(5,342	)		8,886,955
Net change in net unrealized appreciation (depreciation)		(1,726,261	)		(6,847,570	)

Net increase (decrease) in net assets resulting from operations		(1,537,167	)		2,268,807

Distributions to Shareholders		(281,198	)		—


Fund Shares Transactions
Proceeds from shares sold		2,889,946			3,016,486
Value of shares redeemed		(6,655,698	)		(23,488,528	)

Net increase (decrease) in net assets resulting from fund share transactions		(3,765,752	)		(20,472,042	)

Total net increase (decrease) in Net Assets		(5,584,117	)		(18,203,235	)

Net Assets
Beginning of year		10,784,737			28,987,972

End of year	$	5,200,620		$	10,784,737	*


Changes in Shares Outstanding
Shares outstanding, beginning of year		350,001			1,000,001
Shares sold		100,000			100,000
Shares redeemed		(250,000	)		(750,000	)

Shares outstanding, end of year		200,001			350,001

*	Includes undistributed net investment income of $261,520.


See Notes to Financial Statements.		103

DBX ETF Trust

Financial Highlights


Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	27.71		$	26.20		$	22.62		$	26.87		$	25.61

Income (loss) from investment operations:
Net investment income (loss)(a)		0.73			0.67			0.64			0.64			0.96
Net realized and unrealized gain (loss)		(1.12	)		1.51			3.42			(3.57	)		2.16

Total from investment operations		(0.39	)		2.18			4.06			(2.93	)		3.12

Less distributions from:
Net investment income		(0.71	)		(0.67	)		(0.48	)		(0.86	)		(1.82	)
Net realized gains		—			—			—			(0.46	)		(0.04	)

Total distributions		(0.71	)		(0.67	)		(0.48	)		(1.32	)		(1.86	)

Net Asset Value, end of year	$	26.61		$	27.71		$	26.20		$	22.62		$	26.87

Total Return (%)		(1.30	)(c)		8.43			18.30			(11.17	)		13.01

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		98			127			105			68			47
Ratio of expenses before fee waiver (%)		0.41			0.40			0.40			0.40			0.40
Ratio of expenses after fee waiver (%)		0.41			0.40			0.40			0.40			0.40
Ratio of net investment income (loss) (%)		2.74			2.46			2.67			2.76			3.70
Portfolio turnover rate (%)(b)		13			11			15			24			24

Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	23.91		$	21.47		$	18.62		$	22.43		$	21.74

Income (loss) from investment operations:
Net investment income (loss)(a)		0.52			0.41			0.35			0.43			0.36
Net realized and unrealized gain (loss)		(2.02	)		2.39			2.81			(3.60	)		0.77

Total from investment operations		(1.50	)		2.80			3.16			(3.17	)		1.13

Less distributions from:
Net investment income		(0.60	)		(0.36	)		(0.31	)		(0.64	)		(0.44	)

Total distributions		(0.60	)		(0.36	)		(0.31	)		(0.64	)		(0.44	)

Net Asset Value, end of year	$	21.81		$	23.91		$	21.47		$	18.62		$	22.43

Total Return (%)		(6.18	)(c)		13.09			17.19			(14.32	)		5.35

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		112			195			188			130			245
Ratio of expenses before fee waiver (%)		0.66			0.65			0.65			0.65			0.65
Ratio of expenses after fee waiver (%)		0.66			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		2.29			1.74			1.74			2.20			1.64
Portfolio turnover rate (%)(b)		13			15			43			32			58

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

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

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


See Notes to Financial Statements.		104

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	28.71		$	28.29		$	25.65		$	29.47		$	27.75

Income (loss) from investment operations:
Net investment income (loss)(b)		0.75			0.68			0.76			0.79			1.33
Net realized and unrealized gain (loss)		(0.26	)		0.39			4.40			(3.19	)		1.54

Total from investment operations		0.49			1.07			5.16			(2.40	)		2.87

Less distributions from:
Net investment income		(0.89	)		(0.65	)		(0.85	)		(1.28	)		(1.15	)
Net realized gains		—			—			(1.67	)		(0.14	)		(0.00	)(c)

Total distributions		(0.89	)		(0.65	)		(2.52	)		(1.42	)		(1.15	)

Net Asset Value, end of year	$	28.31		$	28.71		$	28.29		$	25.65		$	29.47

Total Return (%)		1.88	(d)		3.82			21.77			(8.46	)		10.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		849			1,543			2,747			3,310			2,668
Ratio of expenses before fee waiver (%)		0.47			0.45			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.47			0.45			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		2.67			2.41			2.95			3.08			4.74
Portfolio turnover rate (%)(e)		7			11			17			18			13

Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2015(a)
	2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	30.90		$	30.29		$	25.64		$	29.30		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.71			0.62			0.73			0.78			0.81
Net realized and unrealized gain (loss)		(1.13	)		0.63			4.84			(3.15	)		3.49

Total from investment operations		(0.42	)		1.25			5.57			(2.37	)		4.30

Less distributions from:
Net investment income		(0.68	)		(0.64	)		(0.92	)		(1.29	)		—

Total distributions		(0.68	)		(0.64	)		(0.92	)		(1.29	)		—

Net Asset Value, end of period	$	29.80		$	30.90		$	30.29		$	25.64		$	29.30

Total Return (%)		(1.34	)(d)		4.19			22.56			(8.45	)		17.20	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		31			42			65			83			22
Ratio of expenses before fee waiver (%)		0.47			0.45			0.45			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.47			0.45			0.45			0.45			0.45	*
Ratio of net investment income (loss) (%)		2.42			2.05			2.76			3.11			6.04	*
Portfolio turnover rate (%)(e)		5			14			16			22			8	**

(a)	For the period December 10, 2014 (commencement of operations) through May 31, 2015.

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

(c)	Amount represents less than $0.005.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		105

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	27.93		$	27.87		$	23.40		$	27.34		$	26.51

Income (loss) from investment operations:
Net investment income (loss)(a)		0.53			0.57			0.40			0.33			1.38
Net realized and unrealized gain (loss)		(2.02	)		(0.09	)		4.78			(2.93	)		1.93

Total from investment operations		(1.49	)		0.48			5.18			(2.60	)		3.31

Less distributions from:
Net investment income		(0.67	)		(0.42	)		(0.71	)		(1.34	)		(2.48	)

Total distributions		(0.67	)		(0.42	)		(0.71	)		(1.34	)		(2.48	)

Net Asset Value, end of year	$	25.77		$	27.93		$	27.87		$	23.40		$	27.34

Total Return (%)		(5.48	)(b)		1.73			22.93			(9.99	)		13.92

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		23			36			66			110			234
Ratio of expenses before fee waiver (%)		0.46			0.45			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46			0.45			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		2.03			2.04			1.63			1.37			5.14
Portfolio turnover rate (%)(c)		11			17			12			16			20

Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	42.95		$	38.65		$	34.32		$	44.54		$	35.43

Income (loss) from investment operations:
Net investment income (loss)(a)		0.64			0.52			0.53			0.48			0.52
Net realized and unrealized gain (loss)		(4.24	)		4.69			4.22			(8.44	)		12.49

Total from investment operations		(3.60	)		5.21			4.75			(7.96	)		13.01

Less distributions from:
Net investment income		(1.40	)		(0.91	)		(0.42	)		(1.39	)		(3.90	)
Net realized gains		—			—			—			(0.87	)		—

Total distributions		(1.40	)		(0.91	)		(0.42	)		(2.26	)		(3.90	)

Net Asset Value, end of year	$	37.95		$	42.95		$	38.65		$	34.32		$	44.54

Total Return (%)		(8.59	)(b)		13.74			14.08			(18.65	)		39.00

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		414			1,153			1,780			1,026			1,263
Ratio of expenses before fee waiver (%)		0.47			0.46			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.47			0.46			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		1.55			1.24			1.50			1.29			1.32
Portfolio turnover rate (%)(c)		15			12			22			15			14

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

(b)	Total Return would have been lower if certain fees 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.		106

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI South Korea Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018		2017			2016			2015
Net Asset Value, beginning of year	$	30.81		$	28.99	$	22.94		$	24.32		$	25.08

Income (loss) from investment operations:
Net investment income (loss)(a)		0.58			0.39		0.18			0.16			(0.11	)
Net realized and unrealized gain (loss)		(4.59	)		1.43		5.99			(1.51	)		(0.65	)

Total from investment operations		(4.01	)		1.82		6.17			(1.35	)		(0.76	)

Less distributions from:
Net investment income		(0.80	)		—		(0.12	)		(0.03	)		—

Total distributions		(0.80	)		—		(0.12	)		(0.03	)		—

Net Asset Value, end of year	$	26.00		$	30.81	$	28.99		$	22.94		$	24.32

Total Return (%)		(13.31	)(b)(c)		6.28		27.01			(5.55	)		(3.07	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		5			11		29			118			137
Ratio of expenses before fee waiver (%)		0.58			0.58		0.58			0.58			0.58
Ratio of expenses after fee waiver (%)		0.58			0.58		0.58			0.58			0.58
Ratio of net investment income (loss) (%)		2.08			1.28		0.74			0.72			(0.47	)
Portfolio turnover rate (%)(d)		49			32		110			124			287

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

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

(c)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss due to delayed processing of a corporate action, which otherwise would have reduced total return by 0.08%.

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


See Notes to Financial Statements.		107

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 “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2019, the Trust consists of thirty-seven 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 MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

Xtrackers MSCI South Korea Hedged 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”).

Each Fund offers 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Xtrackers MSCI All World ex US Hedged Equity ETF		MSCI ACWI ex USA US Dollar Hedged Index
Xtrackers MSCI Emerging Markets Hedged Equity ETF		MSCI EM US Dollar Hedged Index
Xtrackers MSCI Europe Hedged Equity ETF		MSCI Europe US Dollar Hedged Index
Xtrackers MSCI Eurozone Hedged Equity ETF		MSCI EMU US Dollar Hedged Index
Xtrackers MSCI Germany Hedged Equity ETF		MSCI Germany US Dollar Hedged Index
Xtrackers MSCI Japan Hedged Equity ETF		MSCI Japan US Dollar Hedged Index
Xtrackers MSCI South Korea Hedged Equity ETF		MSCI Korea 25/50 US Dollar Hedged Index

The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.

The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EMU US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

108

DBX ETF Trust

Notes to Financial Statements (Continued)

The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

The MSCI Korea 25/50 US Dollar Hedged Index is designed to provide exposure to the South Korean equity markets while at the same time mitigating exposure to fluctuations of the South Korean won and the U.S. dollar.

The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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.

Each Fund, except Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

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.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

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

109

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Board 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.

110

DBX ETF Trust

Notes to Financial Statements (Continued)

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 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.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

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, 2019, the Funds did not incur any interest or penalties.

As of May 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,591,810	$	(298,214	)	$	(1,941,182	)	$	(647,586	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		569,617		(19,550,257	)		8,315,599			(10,665,041	)
Xtrackers MSCI Europe Hedged Equity ETF		17,961,030		(87,994,169	)		(94,995,963	)		(165,029,102	)
Xtrackers MSCI Eurozone Hedged Equity ETF		714,574		(1,766,182	)		(1,315,905	)		(2,367,513	)
Xtrackers MSCI Germany Hedged Equity ETF		538,047		(6,766,757	)		(4,250,790	)		(10,479,500	)
Xtrackers MSCI Japan Hedged Equity ETF		11,306,848		(168,819,981	)		(50,009,203	)		(207,522,336	)
Xtrackers MSCI South Korea Hedged Equity ETF		135,990		(7,473,942	)		490,957			(6,846,995	)

The tax character of dividends and distributions declared for the years ended May 31, 2019 and May 31, 2018 were as follows:


	Year Ended May 31, 2019
	Ordinary Income*
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,871,618
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,308,776
Xtrackers MSCI Europe Hedged Equity ETF		41,023,718
Xtrackers MSCI Eurozone Hedged Equity ETF		915,112
Xtrackers MSCI Germany Hedged Equity ETF		859,921
Xtrackers MSCI Japan Hedged Equity ETF		35,027,849
Xtrackers MSCI South Korea Hedged Equity ETF		281,198


	Year Ended May 31, 2018
	Ordinary Income*
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,997,077
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,312,983
Xtrackers MSCI Europe Hedged Equity ETF		57,735,062
Xtrackers MSCI Eurozone Hedged Equity ETF		1,340,413
Xtrackers MSCI Germany Hedged Equity ETF		894,915
Xtrackers MSCI Japan Hedged Equity ETF		42,063,292

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

111

DBX ETF Trust

Notes to Financial Statements (Continued)

At May 31, 2019, 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 MSCI All World ex US Hedged Equity ETF	$	—	$	298,214	$	298,214
Xtrackers MSCI Emerging Markets Hedged Equity ETF		10,728,895		8,821,362		19,550,257
Xtrackers MSCI Europe Hedged Equity ETF		—		87,994,169		87,994,169
Xtrackers MSCI Eurozone Hedged Equity ETF		153,945		1,612,237		1,766,182
Xtrackers MSCI Germany Hedged Equity ETF		1,663,914		5,102,843		6,766,757
Xtrackers MSCI Japan Hedged Equity ETF		73,348,721		95,471,260		168,819,981
Xtrackers MSCI South Korea Hedged Equity ETF		4,827,605		2,646,337		7,473,942

For the fiscal year ended May 31, 2019, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), Passive Foreign Investment Companies (“PFICs”), redemptions-in-kind, partnership investments, and accrued foreign capital gain taxes.


	Distributable Earnings (Loss)			Paid-In Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(4,127,149	)	$	4,127,149
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(4,459,419	)		4,459,419
Xtrackers MSCI Europe Hedged Equity ETF		(7,822,782	)		7,822,782
Xtrackers MSCI Eurozone Hedged Equity ETF		(597,684	)		597,684
Xtrackers MSCI Germany Hedged Equity ETF		122,257			(122,257	)
Xtrackers MSCI Japan Hedged Equity ETF		(10,926,827	)		10,926,827

As of May 31, 2019, 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 MSCI All World ex US Hedged Equity ETF	$	100,650,715	$	(1,944,029	)	$	9,934,404	$	(11,878,433	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		104,247,681		8,316,152			21,784,355		(13,468,203	)
Xtrackers MSCI Europe Hedged Equity ETF		978,395,279		(94,926,057	)		59,849,464		(154,775,521	)
Xtrackers MSCI Eurozone Hedged Equity ETF		34,338,303		(1,316,273	)		3,734,078		(5,050,351	)
Xtrackers MSCI Germany Hedged Equity ETF		27,394,787		(4,255,280	)		2,459,629		(6,714,909	)
Xtrackers MSCI Japan Hedged Equity ETF		459,390,758		(50,261,543	)		22,967,857		(73,229,400	)
Xtrackers MSCI South Korea Hedged Equity ETF		4,690,462		498,581			881,405		(382,824	)

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains 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). Foreign taxes payable as of May 31, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

112

DBX ETF Trust

Notes to Financial Statements (Continued)

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 year 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 may lend securities to certain financial institutions under the terms of their securities lending agreement. 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, 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 Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of May 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending its 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, 2019, the Funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. 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, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	1,641,117	$	38,256	$	24,392	$	607,451	$	2,311,216

Gross amount of recognized liabilities for securities lending transactions									$	2,311,216

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	751,459	$	149,211	$	99,574	$	1,656,039	$	2,656,283

Gross amount of recognized liabilities for securities lending transactions									$	2,656,283

Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	26,160,853	$	—	$	—	$	6,071,933	$	32,232,786

Gross amount of recognized liabilities for securities lending transactions									$	32,232,786

113

DBX ETF Trust

Notes to Financial Statements (Continued)


Remaining Contractual Maturity of the Agreements, as of May 31, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total

Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	1,747,284	$	—	$	—	$	199,671	$	1,946,955

Gross amount of recognized liabilities for securities lending transactions									$	1,946,955

Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	10,080	$	225,067	$	188,470	$	3,307,798	$	3,731,415

Gross amount of recognized liabilities for securities lending transactions									$	3,731,415

As of May 31, 2019, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI South Korea Hedged Equity ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2019, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI South Korea Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro, the Japanese yen and the South Korean won, respectively.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.

A summary of the open forward currency contracts as of May 31, 2019 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2019.

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, 2019, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI South Korea Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

114

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2019 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2019 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 Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	42	Unrealized depreciation on futures contracts*	$	63,338

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,080,946	Unrealized depreciation on forward foreign currency contracts		807,899


		Total	$	1,080,988	Total	$	871,237

Xtrackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	38,125

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,107,585	Unrealized depreciation on forward foreign currency contracts		369,441


		Total	$	1,107,585	Total	$	407,566

Xtrackers MSCI Europe Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	101,683	Unrealized depreciation on futures contracts*	$	141,476

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		12,735,119	Unrealized depreciation on forward foreign currency contracts		5,149,334


		Total	$	12,836,802	Total	$	5,290,810

Xtrackers MSCI Eurozone Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	13,874

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		276,795	Unrealized depreciation on forward foreign currency contracts		95,854


		Total	$	276,795	Total	$	109,728

115

DBX ETF Trust

Notes to Financial Statements (Continued)


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	10,124

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		205,459	Unrealized depreciation on forward foreign currency contracts		73,779


		Total	$	205,459	Total	$	83,903

Xtrackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	521,187

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,086,495	Unrealized depreciation on forward foreign currency contracts		14,401,995


		Total	$	2,086,495		$	14,923,182

Xtrackers MSCI South Korea Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	8,221

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		117,404	Unrealized depreciation on forward foreign currency contracts		3,420


		Total	$	117,404	Total	$	11,641

*	Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2019 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			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(416,984	)	$	7,449,032	$	7,032,048
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(932,895	)		7,004,546		6,071,651
Xtrackers MSCI Europe Hedged Equity ETF		149,657			107,142,096		107,291,753
Xtrackers MSCI Eurozone Hedged Equity ETF		46,271			3,988,566		4,034,837
Xtrackers MSCI Germany Hedged Equity ETF		(82,044	)		3,115,794		3,033,750
Xtrackers MSCI Japan Hedged Equity ETF		(3,042,435	)		43,039,670		39,997,235
Xtrackers MSCI South Korea Hedged Equity ETF		(15,822	)		822,037		806,215


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	45,869		$	(1,756,663	)	$	(1,710,794	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		373,225			(2,051,143	)		(1,677,918	)
Xtrackers MSCI Europe Hedged Equity ETF		(164,248	)		(37,332,486	)		(37,496,734	)
Xtrackers MSCI Eurozone Hedged Equity ETF		(8,340	)		(1,240,153	)		(1,248,493	)
Xtrackers MSCI Germany Hedged Equity ETF		(14,021	)		(1,074,734	)		(1,088,755	)
Xtrackers MSCI Japan Hedged Equity ETF		(1,047,077	)		(7,762,343	)		(8,809,420	)
Xtrackers MSCI South Korea Hedged Equity ETF		(4,461	)		12,263			7,802

116

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended May 31, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	5,792,583	$	(103,895,209	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,414,686		(124,165,612	)
Xtrackers MSCI Europe Hedged Equity ETF		31,647,969		(1,038,253,780	)
Xtrackers MSCI Eurozone Hedged Equity ETF		918,939		(36,068,528	)
Xtrackers MSCI Germany Hedged Equity ETF		756,662		(27,231,303	)
Xtrackers MSCI Japan Hedged Equity ETF		23,735,573		(815,297,044	)
Xtrackers MSCI South Korea Hedged Equity ETF		146,241		(9,447,327	)

As of May 31, 2019, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Goldman Sachs & Co.	$	307,451	$	(216,438	)	$	40,000	$	51,013	$	216,438	$	(216,438	)	$	—	$	—
JP Morgan & Chase Co.		577,764		(202,236	)		350,000		25,528		202,236		(202,236	)		—		—
RBC Capital Markets		149,194		(114,467	)		—		34,727		114,467		(114,467	)		—		—
The Bank of New York Mellon		39,145		(39,145	)		—		—		268,099		(39,145	)		—		228,954
The Bank of Nova Scotia		7,392		(6,659	)		—		733		6,659		(6,659	)		—		—

	$	1,080,946	$	(578,945	)	$	390,000	$	112,001	$	807,899	$	(578,945	)	$	—	$	228,954

Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	457,345	$	(110,018	)	$	300,000	$	47,327	$	110,018	$	(110,018	)	$	—	$	—
JP Morgan & Chase Co.		299,872		(119,497	)		180,375		—		119,497		(119,497	)		—		—
RBC Capital Markets		112,395		(23,965	)		—		88,430		23,965		(23,965	)		—		—
The Bank of New York Mellon		58,411		(5,885	)		—		52,526		5,885		(5,885	)		—		—
The Bank of Nova Scotia		179,562		(110,076	)		69,486		—		110,076		(110,076	)		—		—

	$	1,107,585	$	(369,441	)	$	549,861	$	188,283	$	369,441	$	(369,441	)	$	—	$	—

Xtrackers MSCI Europe Hedged Equity ETF
Goldman Sachs & Co.	$	216,326	$	(19,750	)	$	—	$	196,576	$	19,750	$	(19,750	)	$	—	$	—
JP Morgan & Chase Co.		3,874,587		(1,547,995	)		2,326,592		—		1,547,995		(1,547,995	)		—		—
RBC Capital Markets		5,933,633		(2,965,719	)		2,967,914		—		2,965,719		(2,965,719	)		—		—
The Bank of New York Mellon		164,522		(57,066	)		—		107,456		57,066		(57,066	)		—		—
The Bank of Nova Scotia		2,546,051		(558,804	)		1,987,247		—		558,804		(558,804	)		—		—

	$	12,735,119	$	(5,149,334	)	$	7,281,753	$	304,032	$	5,149,334	$	(5,149,334	)	$	—	$	—

117

DBX ETF Trust

Notes to Financial Statements (Continued)


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Xtrackers MSCI Eurozone Hedged Equity ETF
Goldman Sachs & Co.	$	120,009	$	(40,801	)	$	79,208	$	—	$	40,801	$	(40,801	)	$	—	$	—
JP Morgan & Chase Co.		156,786		(55,053	)		—		101,733		55,053		(55,053	)		—		—

	$	276,795	$	(95,854	)	$	79,208	$	101,733	$	95,854	$	(95,854	)	$	—	$	—

Xtrackers MSCI Germany Hedged Equity ETF
Goldman Sachs & Co.	$	96,043	$	(34,158	)	$	—	$	61,885	$	34,158	$	(34,158	)	$	—	$	—
RBC Capital Markets		66,756		(24,623	)		—		42,133		24,623		(24,623	)		—		—
The Bank of Nova Scotia		42,660		(14,998	)		—		27,662		14,998		(14,998	)		—		—

	$	205,459	$	(73,779	)	$	—	$	131,680	$	73,779	$	(73,779	)	$	—	$	—

Xtrackers MSCI Japan Hedged Equity ETF
Goldman Sachs & Co.	$	2,301	$	(2,301	)	$	—	$	—	$	27,970	$	(2,301	)	$	—	$	25,669
JP Morgan & Chase Co.		684,583		(684,583	)		—		—		5,144,382		(684,583	)		2,780,000		1,679,799
RBC Capital Markets		465,982		(465,982	)		—		—		4,856,955		(465,982	)		2,540,000		1,850,973
The Bank of Nova Scotia		933,629		(933,629	)		—		—		4,372,688		(933,629	)		2,010,000		1,429,059

	$	2,086,495	$	(2,086,495	)	$	—	$	—	$	14,401,995	$	(2,086,495	)	$	7,330,000	$	4,985,500

Xtrackers MSCI South Korea Hedged Equity ETF
Goldman Sachs & Co.	$	52,750	$	(1,645	)	$	—	$	51,105	$	1,645	$	(1,645	)	$	—	$	—
RBC Capital Markets		57,497		(1,581	)		—		55,916		1,581		(1,581	)		—		—
The Bank of New York Mellon		7,157		(194	)		—		6,963		194		(194	)		—		—

	$	117,404	$	(3,420	)	$	—	$	113,984	$	3,420	$	(3,420	)	$	—	$	—

(a)	The actual collateral received may be more than the amount shown.

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 net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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 management 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.

118

DBX ETF Trust

Notes to Financial Statements (Continued)

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


	Unitary Management Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%
Xtrackers MSCI South Korea Hedged Equity ETF		0.58	%

The Advisor for the funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the year ended May 31, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,665
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,087
Xtrackers MSCI Europe Hedged Equity ETF		8,585
Xtrackers MSCI Eurozone Hedged Equity ETF		499
Xtrackers MSCI Germany Hedged Equity ETF		221
Xtrackers MSCI Japan Hedged Equity ETF		6,782
Xtrackers MSCI South Korea Hedged Equity ETF		39

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 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, 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, Lending 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 four Trustees, including 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 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).

4. Investment Portfolio Transactions

For the year ended May 31, 2019, 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 MSCI All World ex US Hedged Equity ETF	$	20,663,939	$	13,344,810
Xtrackers MSCI Emerging Markets Hedged Equity ETF		16,792,314		50,583,579
Xtrackers MSCI Europe Hedged Equity ETF		163,613,847		70,791,228
Xtrackers MSCI Eurozone Hedged Equity ETF		4,365,297		1,674,596
Xtrackers MSCI Germany Hedged Equity ETF		5,174,633		3,003,020
Xtrackers MSCI Japan Hedged Equity ETF		140,649,102		116,755,415
Xtrackers MSCI South Korea Hedged Equity ETF		4,420,478		7,298,998

119

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended May 31, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	11,210,228	$	30,929,764
Xtrackers MSCI Emerging Markets Hedged Equity ETF		861,370		26,694,964
Xtrackers MSCI Europe Hedged Equity ETF		111,026,554		754,643,558
Xtrackers MSCI Eurozone Hedged Equity ETF		—		8,292,445
Xtrackers MSCI Germany Hedged Equity ETF		—		9,883,114
Xtrackers MSCI Japan Hedged Equity ETF		86,759,817		707,377,064

5. Fund Share Transactions

As of May 31, 2019, 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. The purchase of Creation Units for Xtrackers MSCI South Korea Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

7. 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 Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each 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 each Funds’ 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2019.


	Pro-rata Share
Xtrackers MSCI All World ex US Hedged Equity ETF	$	9,450,000
Xtrackers MSCI Emerging Markets Hedged Equity ETF		14,700,000

8. Payments by Affiliates

During the year ended May 31, 2019, the Advisor agreed to reimburse Xtrackers MSCI South Korea Hedged Equity ETF $7,600 for a loss due to delayed processing of a corporate action. The amount compensated was 0.08% of the Fund’s average net assets.

120

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity 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 MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, and Xtrackers MSCI South Korea Hedged Equity ETF (collectively referred to as the “Funds”), (seven of the funds constituting DBX ETF Trust, “the Trust”)), including the schedules of investments, as of May 31, 2019, 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 (seven of the funds constituting the DBX ETF Trust) at May 31, 2019, 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. general accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers MSCI All World ex US Hedged Equity ETF Xtrackers MSCI Emerging Markets Hedged Equity ETF Xtrackers MSCI Europe Hedged Equity ETF Xtrackers Germany Hedged Equity ETF Xtrackers MSCI Japan Hedged Equity ETF Xtrackers MSCI South Korea Hedged Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the five years in the period ended May 31, 2019
Xtrackers MSCI Eurozone Hedged Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the four years in the period ended May 31, 2019 and the period from December 10, 2014 (commencement of operations) to May 31, 2015

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.

121

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

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, 2019, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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.

LOGO

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 26, 2019

122

DBX ETF Trust

Trustees and Officers (Unaudited)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Independent Trustees
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee	Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006).	37	The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum.
George O. Elston (1964) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Audit Committee and Member of the Nominating Committee	Trustee since 2011 (Chairman of the Audit Committee since 2015)	Chief Financial Officer Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	37
J. David Officer (1948) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Nominating Committee and Member of the Audit Committee	Trustee since 2011 (Chairman of the Nominating Committee since 2015)	Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	37	Ilex Partners (Asia), LLC; Old Westbury Funds.

123

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Interested Trustee
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154	Trustee Treasurer, Chief Financial Officer and Controller	Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010	Director in the Finance Division at DWS Investment Management Americas, Inc. (2008-present); Manager, Treasurer and Chief Financial Officer of the Advisor (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-2018); Global Finance Director, Alternative Investments (2018-Present); Chief Financial Officer of RREEF America LLC (2018-present).	37	The Advisor, DBX Strategic Advisors LLC and DB Commodity Services LLC

Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154	President and Chief Executive Officer	Since 2016	Director in DWS and Chief of Staff Office in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present), the Advisor and DBX Strategic Advisors LLC and DB Commodity Services LLC (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154	Chief Operating Officer	Since 2014	Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Advisor (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012).

124

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Frank Gecsedi (1967) 345 Park Avenue New York, New York 10154	Chief Compliance Officer	Since 2010	Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards (1978) 345 Park Avenue New York New York 10154	Vice President	Since 2016	Managing Director in DWS (2018-present); Director in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
Leslie Lowenbraun (1953) 345 Park Avenue New York, New York 10154	Secretary	Since 2016	Director in U.S. Retail Passive Legal of DWS (2018-present) and Chief Legal Officer of the Advisor (2017-present); Vice President in U.S. Retail Passive Legal of DWS (2014-2018) ; Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014).
Amy McDonald (1978) One International Place Boston, Massachusetts 02110	Assistant Secretary	Since 2018	Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016).
Kevin Teevan (1973) 345 Park Avenue New York, New York 10154	Assistant Treasurer	Since 2018	Vice President in Finance for U.S. Traditional Asset Classes of DWS (2018-present); Vice President in Chief Operating Office for Global Transaction Banking at Deutsche Bank AG (2014-2017); Vice President in Finance for U.S. Passive Asset Management Platform at Deutsche Bank AG (2011-2014).
Christina A. Morse (1964) BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place Brooklyn, NY 11217	Assistant Secretary	Since 2016	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).

Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com

125

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contract

Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI All World ex-US Hedged Equity ETF, and Xtrackers MSCI Eurozone Hedged Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), the Trustees, including 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 Emerging Markets Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI All World ex-US Hedged Equity ETF, and Xtrackers MSCI Eurozone Hedged Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting 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 Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. 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 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 Dechert LLP (“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 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 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.

126

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contract (Continued)

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 Trustees took into consideration 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 to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. 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 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 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.

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.

127

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above ( i.e., at a premium) or below ( i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

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, 2019.


	Qualified Dividend Income*
Xtrackers MSCI All World ex US Hedged Equity ETF		84%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		74%
Xtrackers MSCI Europe Hedged Equity ETF		74%
Xtrackers MSCI Eurozone Hedged Equity ETF		80%
Xtrackers MSCI Germany Hedged Equity ETF		100%
Xtrackers MSCI Japan Hedged Equity ETF		81%
Xtrackers MSCI South Korea Hedged Equity ETF		100%

* 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
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	3,649,887	$	256,228
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		4,352,466		449,118
Deutsche X-trackers MSCI Europe Hedged Equity ETF		36,670,456		2,656,804
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		1,197,317		83,143
Deutsche X-trackers MSCI Germany Hedged Equity ETF		772,058		94,520
Deutsche X-trackers MSCI Japan Hedged Equity ETF		18,447,143		1,756,228
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		302,137		55,540

128

DBX ETF Trust

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

129

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF, is non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

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.

The Funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2019 DWS Group. All rights reserved. Xtrackers ^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 345 Park Avenue New York, NY 10154	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35361-6 (7/19) DBX003922 (7/20)

May 31, 2019

Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary		4
Fees and Expenses		6
Schedule of Investments		7
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		25
Notes to Financial Statements		26
Report of Independent Registered Public Accounting Firm		34
Trustees and Officers		35
Board Considerations in Approval of Investment Advisory Contract		38
Additional Information		40
Privacy Policy Notice		41

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for the period ended May 31, 2019.

The global economy experienced sluggish growth over the reporting period due to the ongoing trade tensions between the U.S. and China, auto downturns in Germany, financial deleveraging in China, and geopolitical uncertainty across regions. Economic growth was upbeat in the U.S., supported by net exports, strong private consumption and low unemployment rates. On the downside, the Eurozone witnessed a slowdown in growth as a consequence of falling consumer sentiment, weaker manufacturing sector, and fears of higher auto tariffs on the back of concerns around trade war. Elsewhere, China’s economic growth slowed down because of the focus on financial deleveraging and efforts to transition to an ingrown economy. Furthermore, the U.S. Federal Reserve Board signaled that there would be no further interest rate hikes for the year owing to the headwinds faced by the economy.

In the Eurozone, the slowdown in aggregate growth over the reporting period was worsened by auto downturns and jitters due to European elections. As a result, the European Central Bank (ECB) continued its accommodative monetary stance, with inflation being well under target levels. The ECB is expected to keep interest rates unchanged, at least through the first half of 2020. The United Kingdom’s economic growth was moderate over the reporting period, backed by government consumption and fixed investments, although the uncertainties around Brexit ¹ continue to hinder consumer confidence. Strong domestic demand and fixed investments aided a rebound in economic growth in Germany earlier this year after facing sluggish growth late last year, impacted by the slowdown in the auto sector. Meanwhile, France witnessed stable growth over the reporting period, backed by strong growth in exports and fiscal measures invoked to tackle the impact of the ‘gilet jaunes’ protests, which erupted late last year.

Across the Pacific, the Japanese economy faced moderate growth over the reporting period, starting the year with positive growth, although this was entirely driven by a sharp contraction in imports, while both domestic demand and exports deteriorated. Consumer confidence in Japan dipped on the back of rising trade tensions between the U.S. and China. Weaker global demand for exports and trade negotiations between the U.S. and Japan, with the U.S. leveraging pressure using tariffs on Japanese car imports, made things worse. Growth in Australia was moderate over the reporting period, backed by strong exports, wage growth, and sustained business investments. A surprise victory, contrary to pre-election opinion polls, resulted in an absolute majority for the Liberal-National coalition. The party’s strong ground on economic management and improvement reinforced market sentiment, as evidenced by the stock market’s multi-year highs. The housing market fell to its worst levels earlier this year, as prices continued to decline albeit at a slower rate.

The global economy continues to face downside risks due to trade frictions, Brexit negotiations, and uncertainty about the stability of Germany’s coalition government. Europe’s export-driven economies have already shown signs of slowing. Major central banks are expected to maintain a dovish stance and avoid further interest rate hikes owing to the weak economic backdrop. With low inflationary pressure, central banks have the freedom to leverage monetary and fiscal policies that can ensure growth is at a comfortable level in the future. That said, growth momentum is expected to be slightly slower in the U.S., Eurozone and China but compensated by notable growth in the emerging markets in the near future.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2019, DBEF returned -0.14%, compared to the DBEF Index return of 0.14%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Consumer Discretionary and Industrials. The Consumer Staples, Utilities and Health Care sectors contributed positively to performance. From a geographical perspective, Switzerland, Australia and New Zealand were the major positive contributors, while Japan, Germany and United Kingdom contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-5 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Index includes large and mid capitalization securities across developed markets in Europe, Australasia and the Far East. It is not possible to invest directly into an index.


Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	-0.14%	-0.45%	0.14%	-5.75%
Five Year	5.70%	5.50%	6.04%	1.27%
Since Inception ¹	7.58%	7.55%	7.99%	3.83%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	-0.14%	-0.45%	0.14%	-5.75%
Five Year	31.91%	30.67%	34.08%	6.51%
Since Inception ¹	79.22%	78.77%	84.66%	35.03%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/9/11.

Sector Diversification* as of 5/31/19


Financials			19.0%
Industrials			14.6%
Consumer Staples			12.0%
Health Care			11.1%
Consumer Discretionary			10.9%
Materials			7.2%
Information Technology			6.6%
Energy			5.7%
Communication Services			5.6%
Real Estate			3.7%
Utilities			3.6%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (12.8% of Net Assets)



Description	% of Net Assets
Nestle SA (Switzerland)		2.3%
Royal Dutch Shell PLC (Netherlands)		1.9%
Novartis AG (Switzerland)		1.4%
Roche Holding AG (Switzerland)		1.4%
HSBC Holdings PLC (United Kingdom)		1.2%
BP PLC (United Kingdom)		1.0%
Toyota Motor Corp. (Japan)		1.0%
TOTAL SA (France)		0.9%
SAP SE (Germany)		0.9%
AIA Group Ltd. (Hong Kong)		0.8%

Country Diversification* as of 5/31/19


Japan			24.1%
United Kingdom			15.2%
France			10.9%
Switzerland			9.6%
Germany			8.6%
Australia			7.3%
Netherlands			4.8%
Hong Kong			3.8%
Spain			3.0%
Sweden			2.4%
Italy			2.0%
Other			8.3%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,038.80		0.36	%	$	1.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.14		0.36	%	$	1.82

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 97.3%

Australia — 7.1%
AGL Energy Ltd.		222,130	$	3,166,572
Alumina Ltd.		910,392		1,509,373
AMP Ltd.		1,041,825		1,568,284
APA Group (a)		413,057		2,905,482
Aristocrat Leisure Ltd.		202,416		4,088,900
ASX Ltd.		66,786		3,509,444
Aurizon Holdings Ltd.		686,540		2,466,982
AusNet Services		590,606		729,270
Australia & New Zealand Banking Group Ltd.		1,002,322		19,385,202
Bank of Queensland Ltd.		130,385		837,547
Bendigo & Adelaide Bank Ltd.		162,026		1,262,219
BHP Group Ltd.		1,022,227		26,776,242
BHP Group PLC		739,372		16,681,626
BlueScope Steel Ltd.		187,263		1,369,187
Boral Ltd.		407,516		1,535,023
Brambles Ltd.		554,254		4,656,110
Caltex Australia Ltd.		89,940		1,646,503
Challenger Ltd.		189,399		1,060,282
CIMIC Group Ltd.		31,384		983,179
Coca-Cola Amatil Ltd.		186,233		1,231,175
Cochlear Ltd.		19,623		2,724,256
Coles Group Ltd.*		387,731		3,348,653
Commonwealth Bank of Australia		618,102		33,663,201
Computershare Ltd.		154,561		1,788,407
Crown Resorts Ltd.		119,144		1,035,604
CSL Ltd.		157,866		22,503,475
Dexus REIT		382,621		3,418,653
Domino’s Pizza Enterprises Ltd.		20,022		543,207
Flight Centre Travel Group Ltd.		18,861		570,324
Fortescue Metals Group Ltd.		493,334		2,754,909
Goodman Group REIT		554,449		5,153,908
GPT Group REIT		632,618		2,527,751
Harvey Norman Holdings Ltd. (b)		200,456		578,472
Incitec Pivot Ltd.		561,748		1,278,161
Insurance Australia Group Ltd.		809,854		4,297,723
Lendlease Group (a)		194,125		1,918,963
Macquarie Group Ltd.		113,717		9,490,682
Medibank Pvt Ltd.		943,566		2,166,559
Mirvac Group REIT		1,301,207		2,735,012
National Australia Bank Ltd.		974,127		17,900,610
Newcrest Mining Ltd.		271,710		5,128,666
Oil Search Ltd.		472,341		2,310,016
Orica Ltd.		130,421		1,869,167
Origin Energy Ltd.		599,577		2,986,343
QBE Insurance Group Ltd.		456,626		3,696,594
Ramsay Health Care Ltd.		49,736		2,409,257
REA Group Ltd.		16,966		1,047,230
Santos Ltd.		591,639		2,766,222
Scentre Group REIT		1,871,538		4,933,471
SEEK Ltd.		116,321		1,686,455
Sonic Healthcare Ltd.		147,641		2,678,237
South32 Ltd.		1,760,062		4,053,558
Stockland REIT		804,300		2,471,679
Suncorp Group Ltd.		451,197		4,078,316
Sydney Airport (a)		409,758		2,106,279


	Number of Shares		Value
Australia (Continued)
Tabcorp Holdings Ltd.		679,133	$	2,124,720
Telstra Corp. Ltd.		1,472,507		3,728,383
TPG Telecom Ltd.		126,741		553,017
Transurban Group (a)		940,786		9,091,012
Treasury Wine Estates Ltd.		240,306		2,508,831
Vicinity Centres REIT		1,127,722		2,018,329
Washington H Soul Pattinson & Co. Ltd.		36,692		568,115
Wesfarmers Ltd.		390,459		10,035,383
Westpac Banking Corp.		1,208,584		23,005,477
Woodside Petroleum Ltd.		328,954		8,082,655
Woolworths Group Ltd.		461,050		10,033,047
WorleyParsons Ltd.		109,446		1,000,658

				334,738,249

Austria — 0.2%
ANDRITZ AG (b)		24,164		869,238
Erste Group Bank AG*		106,197		3,766,777
OMV AG		49,913		2,346,964
Raiffeisen Bank International AG		46,505		1,081,669
Verbund AG		23,193		1,160,777
voestalpine AG		41,786		1,090,946

				10,316,371

Belgium — 0.9%
Ageas		63,548		3,100,976
Anheuser-Busch InBev SA/NV		265,626		21,546,707
Colruyt SA		21,363		1,587,554
Groupe Bruxelles Lambert SA		27,622		2,575,416
KBC Group NV		86,929		5,716,087
Proximus SADP		48,708		1,412,055
Solvay SA		25,400		2,385,834
Telenet Group Holding NV		16,933		912,547
UCB SA		43,261		3,309,590
Umicore SA (b)		69,328		2,067,920

				44,614,686

Chile — 0.0%
Antofagasta PLC		147,110		1,455,887

China — 0.1%
BeiGene Ltd., ADR*(b)		12,542		1,479,078
Yangzijiang Shipbuilding Holdings Ltd.		868,400		866,061

				2,345,139

Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		1,170		1,194,556
A.P. Moller — Maersk A/S, Class B		2,371		2,546,678
Carlsberg A/S, Class B		37,554		4,947,126
Chr Hansen Holding A/S		36,449		3,804,825
Coloplast A/S, Class B		39,826		4,245,517
Danske Bank A/S		237,957		3,915,699
Demant A/S*		39,511		1,323,397
DSV A/S		62,935		5,624,392
Genmab A/S*		22,007		3,777,736
H Lundbeck A/S		22,401		899,431
ISS A/S		60,691		1,708,231
Novo Nordisk A/S, Class B		602,078		28,344,420


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Denmark (Continued)
Novozymes A/S, Class B		78,101	$	3,675,644
Orsted A/S, 144A		65,930		5,254,911
Pandora A/S		36,285		1,347,789
Tryg A/S		41,976		1,314,909
Vestas Wind Systems A/S		67,991		5,573,783

				79,499,044

Finland — 1.1%
Elisa OYJ		47,931		2,137,573
Fortum OYJ		150,643		3,219,421
Kone OYJ, Class B		116,971		6,378,241
Metso OYJ (b)		36,718		1,187,521
Neste OYJ		149,191		5,043,423
Nokia OYJ (b)		1,968,322		9,851,175
Nokian Renkaat OYJ		43,055		1,230,857
Nordea Bank Abp		1,053,307		7,438,126
Orion OYJ, Class B		34,569		1,130,764
Sampo OYJ, Class A		152,610		6,608,162
Stora Enso OYJ, Class R		186,020		1,966,330
UPM-Kymmene OYJ		180,178		4,512,854
Wartsila OYJ Abp		148,003		2,163,506

				52,867,953

France — 10.7%
Accor SA		64,517		2,381,377
Aeroports de Paris		9,923		1,698,305
Air Liquide SA		150,296		18,721,308
Airbus SE		203,356		26,093,942
Alstom SA		53,207		2,429,929
Amundi SA, 144A		19,904		1,291,904
Arkema SA		23,316		1,956,697
Atos SE		32,362		2,466,385
AXA SA		677,120		16,702,389
BioMerieux (b)		13,634		1,114,170
BNP Paribas SA (b)		393,559		17,971,383
Bollore SA (b)		338,394		1,528,033
Bouygues SA		74,494		2,607,327
Bureau Veritas SA		103,045		2,430,127
Capgemini SE (b)		55,374		6,192,327
Carrefour SA		207,646		3,906,425
Casino Guichard Perrachon SA (b)		20,648		785,894
Cie de Saint-Gobain		171,432		6,208,001
Cie Generale des Etablissements Michelin SCA		59,422		6,834,197
CNP Assurances		54,425		1,166,775
Covivio REIT		15,829		1,660,477
Credit Agricole SA (b)		404,882		4,627,197
Danone SA		214,615		17,118,755
Dassault Aviation SA		930		1,160,513
Dassault Systemes SE		45,056		6,686,950
Edenred		83,711		3,824,897
Eiffage SA		26,475		2,531,175
Electricite de France SA		215,099		3,018,158
Engie SA (b)		628,815		8,745,933
EssilorLuxottica SA		98,781		11,382,995
Eurazeo SE		17,058		1,193,887
Eutelsat Communications SA		59,058		1,040,787


	Number of Shares		Value
France (Continued)
Faurecia SA		24,941	$	921,429
Gecina SA REIT		15,444		2,208,430
Getlink SE		157,259		2,426,180
Hermes International		10,975		7,292,717
ICADE REIT		10,901		926,146
Iliad SA		10,357		1,196,956
Imerys SA		11,002		477,381
Ingenico Group SA*		20,589		1,646,421
Ipsen SA		12,327		1,472,140
JCDecaux SA		25,295		706,462
Kering SA		26,351		13,716,721
Klepierre SA REIT		70,186		2,389,114
Legrand SA		91,999		6,181,024
L’Oreal SA		87,883		23,602,240
LVMH Moet Hennessy Louis Vuitton SE		96,646		36,558,193
Natixis SA (b)		300,031		1,377,261
Orange SA (b)		697,602		10,941,798
Pernod Ricard SA		74,125		13,067,292
Peugeot SA		206,553		4,608,117
Publicis Groupe SA		74,373		4,062,918
Remy Cointreau SA (b)		7,643		1,050,226
Renault SA		65,254		3,930,709
Safran SA		115,186		15,145,724
Sanofi		391,349		31,583,180
Sartorius Stedim Biotech		9,406		1,304,039
Schneider Electric SE		193,041		15,268,512
SCOR SE		54,230		2,231,286
SEB SA		8,327		1,360,964
Societe BIC SA*(b)		8,819		688,669
Societe Generale SA (b)		262,855		6,595,381
Sodexo SA		30,852		3,550,050
Suez (b)		124,459		1,665,006
Teleperformance		20,436		3,926,795
Thales SA		37,652		4,145,745
TOTAL SA		828,269		43,156,264
Ubisoft Entertainment SA*		29,800		2,442,246
Unibail-Rodamco-Westfield REIT		33,222		5,023,402
Unibail-Rodamco-Westfield CDI		298,070		2,241,392
Valeo SA (b)		81,602		2,158,720
Veolia Environnement SA (b)		181,334		4,195,399
Vinci SA		178,847		17,674,311
Vivendi SA (b)		324,574		8,749,534
Wendel SA		9,002		1,146,457
Worldline SA, 144A*		28,284		1,703,113

				504,194,683

Germany — 7.9%
1&1 Drillisch AG		17,440		533,060
adidas AG		62,782		17,969,176
Allianz SE		148,392		32,966,422
Axel Springer SE		15,533		963,947
BASF SE		321,547		21,215,428
Bayer AG		324,548		19,150,990
Bayerische Motoren Werke AG		114,931		7,963,112
Beiersdorf AG		34,094		3,925,002
Brenntag AG		53,367		2,478,969


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Germany (Continued)
Carl Zeiss Meditec AG		15,000	$	1,411,806
Commerzbank AG		344,794		2,427,459
Continental AG		37,993		5,169,693
Covestro AG, 144A		60,585		2,655,200
Daimler AG		314,783		16,329,414
Delivery Hero SE, 144A*		38,905		1,675,497
Deutsche Bank AG (c)		673,686		4,581,152
Deutsche Boerse AG		66,683		9,218,796
Deutsche Lufthansa AG		82,398		1,569,477
Deutsche Post AG		345,932		10,194,817
Deutsche Telekom AG		1,166,241		19,686,416
Deutsche Wohnen SE		123,438		5,826,255
E.ON SE		758,993		7,927,145
Evonik Industries AG		66,371		1,743,932
Fraport AG Frankfurt Airport Services Worldwide		14,202		1,118,542
Fresenius Medical Care AG & Co. KGaA		74,678		5,446,114
Fresenius SE & Co. KGaA		144,502		7,330,595
GEA Group AG		56,904		1,556,210
Hannover Rueck SE		20,743		3,109,839
HeidelbergCement AG		53,118		3,949,744
Henkel AG & Co. KGaA		36,929		3,201,424
HOCHTIEF AG		8,552		1,018,448
HUGO BOSS AG		22,377		1,302,427
Infineon Technologies AG		396,755		7,129,029
Innogy SE, 144A		4,416		200,196
Innogy SE		47,473		1,970,241
KION Group AG		24,662		1,345,606
Knorr-Bremse AG*		15,722		1,730,925
LANXESS AG		30,539		1,530,822
Merck KGaA		44,973		4,343,912
METRO AG		58,391		920,422
MTU Aero Engines AG		17,583		3,802,876
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		53,014		12,798,505
Puma SE		2,910		1,692,106
RWE AG		191,001		4,771,131
SAP SE		342,086		42,198,492
Siemens AG		266,844		30,239,915
Siemens Healthineers AG, 144A		50,628		1,971,094
Symrise AG		44,507		4,169,626
Telefonica Deutschland Holding AG		243,801		683,905
thyssenkrupp AG (b)		147,870		1,872,473
TUI AG		149,702		1,381,608
Uniper SE		69,237		1,942,222
United Internet AG		46,465		1,663,673
Volkswagen AG		11,852		1,881,480
Vonovia SE		170,346		8,936,633
Wirecard AG		41,171		6,443,821
Zalando SE, 144A*		40,191		1,595,733

				372,832,954

Hong Kong — 3.7%
AIA Group Ltd.		4,204,489		39,499,795
ASM Pacific Technology Ltd. (b)		111,859		1,085,123
Bank of East Asia Ltd.		406,430		1,264,982


	Number of Shares		Value
Hong Kong (Continued)
BOC Hong Kong Holdings Ltd.		1,282,956	$	4,925,917
CK Asset Holdings Ltd.		889,107		6,430,518
CK Hutchison Holdings Ltd.		924,969		8,736,975
CK Infrastructure Holdings Ltd.		228,690		1,766,323
CLP Holdings Ltd.		564,831		6,387,136
Dairy Farm International Holdings Ltd.		100,200		766,530
Galaxy Entertainment Group Ltd.		780,374		4,718,348
Hang Lung Properties Ltd.		662,917		1,395,250
Hang Seng Bank Ltd.		263,033		6,592,979
Henderson Land Development Co. Ltd.		510,579		2,637,709
HK Electric Investments & HK Electric Investments Ltd. (a)		998,907		977,303
HKT Trust & HKT Ltd. (a)		1,351,867		2,131,382
Hong Kong & China Gas Co. Ltd.		3,501,363		7,735,598
Hong Kong Exchanges & Clearing Ltd.		416,712		13,256,880
Hongkong Land Holdings Ltd.		415,500		2,709,060
Hysan Development Co. Ltd.		203,698		1,060,122
Jardine Matheson Holdings Ltd.		77,757		4,990,444
Jardine Strategic Holdings Ltd.		79,087		2,953,109
Kerry Properties Ltd.		220,825		838,000
Link REIT		728,823		8,720,347
Melco Resorts & Entertainment Ltd., ADR		78,241		1,510,051
MTR Corp. Ltd.		510,962		3,125,259
New World Development Co. Ltd.		2,139,902		3,155,445
NWS Holdings Ltd.		511,775		1,009,247
PCCW Ltd.		1,286,823		732,087
Power Assets Holdings Ltd.		465,660		3,219,416
Shangri-La Asia Ltd.		471,780		601,795
Sino Land Co. Ltd.		1,173,127		1,876,512
SJM Holdings Ltd. (b)		673,690		745,914
Sun Hung Kai Properties Ltd.		546,905		8,657,501
Swire Pacific Ltd., Class A		175,942		2,082,698
Swire Properties Ltd.		406,160		1,673,434
Techtronic Industries Co. Ltd.		468,432		2,987,620
Vitasoy International Holdings Ltd.		258,482		1,386,453
WH Group Ltd., 144A		3,299,642		2,971,532
Wharf Holdings Ltd.		444,103		1,135,813
Wharf Real Estate Investment Co. Ltd.		406,595		2,777,349
Wheelock & Co. Ltd.		290,980		1,926,369
Yue Yuen Industrial Holdings Ltd.		241,605		676,471

				173,830,796

Ireland — 0.7%
AerCap Holdings NV*		43,013		1,927,843
AIB Group PLC		280,536		1,153,948
Bank of Ireland Group PLC		322,649		1,730,878
CRH PLC		285,024		8,912,473
DCC PLC		33,521		2,818,208
Flutter Entertainment PLC		29,859		2,124,851
James Hardie Industries PLC CDI		151,748		1,930,601
Kerry Group PLC, Class A		54,741		6,329,464
Kingspan Group PLC		52,215		2,721,786
Smurfit Kappa Group PLC		74,446		2,062,562

				31,712,614


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Isle of Man — 0.0%
GVC Holdings PLC		187,326	$	1,419,545

Israel — 0.6%
Azrieli Group Ltd.		14,469		864,125
Bank Hapoalim BM		397,222		2,884,026
Bank Leumi Le-Israel BM		532,128		3,591,949
Check Point Software Technologies Ltd.*		43,822		4,832,690
CyberArk Software Ltd.*		12,297		1,623,819
Elbit Systems Ltd.		8,515		1,221,428
Israel Chemicals Ltd.		240,356		1,215,339
Israel Discount Bank Ltd., Class A		404,891		1,556,972
Mizrahi Tefahot Bank Ltd.*		49,139		1,082,790
Nice Ltd.*		21,301		2,954,441
Teva Pharmaceutical Industries Ltd., ADR*		378,048		3,270,115
Wix.com Ltd.*		16,175		2,221,475

				27,319,169

Italy — 1.9%
Assicurazioni Generali SpA		392,545		6,891,563
Atlantia SpA		172,835		4,336,660
Davide Campari-Milano SpA		190,922		1,865,218
Enel SpA		2,833,604		17,632,270
Eni SpA		878,619		13,329,512
Ferrari NV		42,572		6,068,601
FinecoBank Banca Fineco SpA		165,406		1,714,059
Intesa Sanpaolo SpA		5,175,808		10,603,372
Leonardo SpA		141,987		1,577,016
Mediobanca Banca di Credito Finanziario SpA		205,743		1,901,295
Moncler SpA		60,370		2,225,610
Pirelli & C SpA, 144A		150,488		858,414
Poste Italiane SpA, 144A		187,484		1,822,205
Prysmian SpA*		81,181		1,354,029
Recordati SpA		34,036		1,406,871
Snam SpA		796,666		4,008,562
Telecom Italia SpA*		3,224,767		1,584,410
Telecom Italia SpA-RSP		2,259,137		1,056,214
Terna Rete Elettrica Nazionale SpA		488,469		2,982,775
UniCredit SpA		692,213		7,878,483

				91,097,139

Japan — 23.6%
ABC-Mart, Inc.		15,400		963,521
Acom Co. Ltd.		122,400		411,144
Advantest Corp.		63,700		1,499,550
Aeon Co. Ltd.		226,400		3,922,540
AEON Financial Service Co. Ltd.		33,800		541,786
Aeon Mall Co. Ltd.		33,900		498,966
AGC, Inc. (b)		61,700		1,989,955
Air Water, Inc.		45,600		680,855
Aisin Seiki Co. Ltd.		55,254		1,838,146
Ajinomoto Co., Inc.		156,947		2,675,044
Alfresa Holdings Corp.		68,600		1,731,380
Alps Alpine Co. Ltd.		68,656		1,140,412
Amada Holdings Co. Ltd.		109,900		1,135,865
ANA Holdings, Inc. (b)		34,100		1,144,166


	Number of Shares		Value
Japan (Continued)
Aozora Bank Ltd. (b)		41,800	$	1,017,950
Asahi Group Holdings Ltd.		122,465		5,398,563
Asahi Intecc Co. Ltd.		33,900		1,739,344
Asahi Kasei Corp.		439,300		4,536,305
Astellas Pharma, Inc.		653,732		8,822,803
Bandai Namco Holdings, Inc.		69,100		3,405,103
Bank of Kyoto Ltd.		21,400		839,293
Benesse Holdings, Inc.		33,400		779,174
Bridgestone Corp. (b)		205,876		7,711,445
Brother Industries Ltd.		76,200		1,310,023
Calbee, Inc.		29,700		844,147
Canon, Inc.		345,486		9,771,740
Casio Computer Co. Ltd.		64,300		718,565
Central Japan Railway Co.		50,154		10,480,666
Chiba Bank Ltd.		203,100		976,469
Chubu Electric Power Co., Inc.		215,200		2,942,083
Chugai Pharmaceutical Co. Ltd.		77,000		5,144,465
Chugoku Electric Power Co., Inc.		107,100		1,343,136
Coca-Cola Bottlers Japan Holdings, Inc.		46,054		1,048,874
Concordia Financial Group Ltd.		366,115		1,405,471
Credit Saison Co. Ltd.		68,900		743,903
CyberAgent, Inc.		34,600		1,334,638
Dai Nippon Printing Co. Ltd.		87,200		1,895,040
Daicel Corp.		91,000		776,773
Daifuku Co. Ltd.		34,621		1,747,583
Dai-ichi Life Holdings, Inc.		374,838		5,444,516
Daiichi Sankyo Co. Ltd.		195,331		9,472,287
Daikin Industries Ltd.		87,088		10,632,347
Daito Trust Construction Co. Ltd.		26,013		3,393,104
Daiwa House Industry Co. Ltd.		193,336		5,800,169
Daiwa House REIT Investment Corp. REIT		586		1,387,603
Daiwa Securities Group, Inc.		562,987		2,464,643
Denso Corp.		145,853		5,655,648
Dentsu, Inc.		73,500		2,407,835
Disco Corp.		9,800		1,371,901
East Japan Railway Co.		107,053		10,185,174
Eisai Co. Ltd.		89,352		5,263,081
Electric Power Development Co. Ltd.		49,632		1,090,516
FamilyMart UNY Holdings Co. Ltd.		87,768		2,118,775
FANUC Corp.		67,717		11,544,978
Fast Retailing Co. Ltd.		20,417		11,826,467
Fuji Electric Co. Ltd.		47,100		1,577,751
FUJIFILM Holdings Corp.		130,454		6,258,758
Fujitsu Ltd.		67,802		4,601,889
Fukuoka Financial Group, Inc.		58,000		996,060
GMO Payment Gateway, Inc.		13,000		875,744
Hakuhodo DY Holdings, Inc.		85,659		1,350,118
Hamamatsu Photonics KK		47,700		1,716,698
Hankyu Hanshin Holdings, Inc.		78,840		2,844,686
Hikari Tsushin, Inc.		7,300		1,483,376
Hino Motors Ltd.		83,300		661,849
Hirose Electric Co. Ltd.		12,466		1,368,942
Hisamitsu Pharmaceutical Co., Inc.		17,800		716,172
Hitachi Chemical Co. Ltd.		35,700		957,359


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Hitachi Construction Machinery Co. Ltd.		34,600	$	808,126
Hitachi High-Technologies Corp.		27,100		1,156,623
Hitachi Ltd.		332,801		11,320,117
Hitachi Metals Ltd.		64,800		647,013
Honda Motor Co. Ltd.		567,799		13,890,418
Hoshizaki Corp.		18,100		1,372,971
Hoya Corp.		132,674		9,253,450
Hulic Co. Ltd. (b)		110,100		875,801
Idemitsu Kosan Co. Ltd.		72,084		2,045,479
IHI Corp.		51,400		1,149,284
Iida Group Holdings Co. Ltd.		50,100		796,126
Inpex Corp.		357,317		2,897,708
Isetan Mitsukoshi Holdings Ltd.		109,400		906,577
Isuzu Motors Ltd.		198,000		2,192,590
ITOCHU Corp.		475,254		8,766,970
Itochu Techno-Solutions Corp.		33,400		830,955
J. Front Retailing Co. Ltd.		87,600		917,510
Japan Airlines Co. Ltd.		39,173		1,233,770
Japan Airport Terminal Co. Ltd.		21,700		825,027
Japan Exchange Group, Inc.		173,078		2,689,645
Japan Post Bank Co. Ltd.		152,858		1,568,570
Japan Post Holdings Co. Ltd.		547,013		6,067,546
Japan Prime Realty Investment Corp. REIT		346		1,481,512
Japan Real Estate Investment Corp. REIT		442		2,630,831
Japan Retail Fund Investment Corp. REIT		931		1,878,066
Japan Tobacco, Inc.		415,741		9,562,446
JFE Holdings, Inc.		168,085		2,339,059
JGC Corp.		69,500		929,959
JSR Corp.		64,000		912,472
JTEKT Corp.		71,100		755,846
JXTG Holdings, Inc.		1,111,728		5,319,346
Kajima Corp.		142,500		1,958,035
Kakaku.com, Inc.		44,200		898,153
Kamigumi Co. Ltd.		34,200		809,199
Kaneka Corp.		18,200		629,816
Kansai Electric Power Co., Inc.		240,967		2,814,043
Kansai Paint Co. Ltd.		55,500		1,053,509
Kao Corp.		170,104		13,311,327
Kawasaki Heavy Industries Ltd.		42,800		960,941
KDDI Corp.		617,033		15,877,788
Keihan Holdings Co. Ltd.		34,300		1,482,910
Keikyu Corp.		75,450		1,280,418
Keio Corp.		34,660		2,315,678
Keisei Electric Railway Co. Ltd.		41,428		1,552,140
Keyence Corp.		31,835		18,070,141
Kikkoman Corp.		49,982		2,077,875
Kintetsu Group Holdings Co. Ltd.		54,840		2,631,551
Kirin Holdings Co. Ltd.		284,523		6,183,285
Kobayashi Pharmaceutical Co. Ltd.		19,300		1,439,062
Kobe Steel Ltd.		112,928		701,338
Koito Manufacturing Co. Ltd.		34,600		1,609,228
Komatsu Ltd.		317,773		7,086,222
Konami Holdings Corp.		33,866		1,600,092


	Number of Shares		Value
Japan (Continued)
Konica Minolta, Inc.		156,100	$	1,380,001
Kose Corp.		11,000		1,742,906
Kubota Corp.		360,081		5,517,598
Kuraray Co. Ltd.		109,600		1,260,200
Kurita Water Industries Ltd.		34,600		833,031
Kyocera Corp.		112,000		6,846,196
Kyowa Hakko Kirin Co. Ltd.		90,800		1,717,713
Kyushu Electric Power Co., Inc.		134,400		1,328,311
Kyushu Railway Co.		52,176		1,560,008
Lawson, Inc.		17,500		818,761
LINE Corp.*(b)		24,647		720,998
Lion Corp.		80,400		1,561,035
LIXIL Group Corp.		103,400		1,328,222
M3, Inc.		143,242		2,712,431
Makita Corp.		78,300		2,752,946
Marubeni Corp.		560,300		3,533,512
Marui Group Co. Ltd.		69,796		1,458,203
Maruichi Steel Tube Ltd.		16,800		441,065
Mazda Motor Corp.		201,200		1,970,874
McDonald’s Holdings Co. Japan Ltd.		22,822		1,040,379
Mebuki Financial Group, Inc.		323,350		814,604
Medipal Holdings Corp.		57,200		1,240,965
MEIJI Holdings Co. Ltd.		38,190		2,681,917
Mercari, Inc.*		22,800		673,280
MINEBEA MITSUMI, Inc.		136,220		2,006,249
MISUMI Group, Inc.		97,700		2,308,953
Mitsubishi Chemical Holdings Corp.		465,100		3,052,883
Mitsubishi Corp.		473,025		12,366,353
Mitsubishi Electric Corp.		627,879		7,882,890
Mitsubishi Estate Co. Ltd.		411,451		7,582,408
Mitsubishi Gas Chemical Co., Inc.		63,900		799,008
Mitsubishi Heavy Industries Ltd.		112,099		4,927,122
Mitsubishi Materials Corp.		33,800		883,638
Mitsubishi Motors Corp.		255,400		1,206,707
Mitsubishi Tanabe Pharma Corp.		86,074		1,019,083
Mitsubishi UFJ Financial Group, Inc.		4,283,252		19,806,557
Mitsubishi UFJ Lease & Finance Co. Ltd.		98,900		494,660
Mitsui & Co. Ltd.		567,960		8,792,072
Mitsui Chemicals, Inc.		67,300		1,482,445
Mitsui Fudosan Co. Ltd.		310,126		7,530,998
Mitsui OSK Lines Ltd.		41,500		886,947
Mizuho Financial Group, Inc.		8,291,980		11,760,968
MonotaRO Co. Ltd.		49,200		1,053,783
MS&AD Insurance Group Holdings, Inc.		159,921		5,085,477
Murata Manufacturing Co. Ltd.		199,477		8,660,908
Nabtesco Corp.		42,825		1,084,803
Nagoya Railroad Co. Ltd.		63,040		1,744,049
NEC Corp.		90,559		3,363,632
Nexon Co. Ltd.*		170,345		2,541,853
NGK Insulators Ltd.		99,700		1,356,137
NGK Spark Plug Co. Ltd.		58,900		1,038,692
NH Foods Ltd.		34,396		1,393,424
Nidec Corp.		76,573		9,602,981
Nikon Corp.		109,800		1,505,678
Nintendo Co. Ltd.		39,371		14,060,423


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Nippon Building Fund, Inc. REIT		436	$	2,985,392
Nippon Electric Glass Co. Ltd.		28,000		675,421
Nippon Express Co. Ltd.		30,800		1,645,661
Nippon Paint Holdings Co. Ltd.		46,342		1,838,883
Nippon Prologis REIT, Inc. REIT (b)		507		1,104,625
Nippon Steel Corp.		281,309		4,689,565
Nippon Telegraph & Telephone Corp.		225,651		10,132,587
Nippon Yusen KK		49,900		756,570
Nissan Chemical Corp.		39,349		1,673,962
Nissan Motor Co. Ltd.		820,342		5,561,050
Nisshin Seifun Group, Inc.		62,800		1,462,716
Nissin Foods Holdings Co. Ltd.		27,400		1,663,748
Nitori Holdings Co. Ltd.		29,401		3,506,740
Nitto Denko Corp.		55,524		2,433,802
Nomura Holdings, Inc.		1,154,954		3,648,233
Nomura Real Estate Holdings, Inc.		40,736		839,794
Nomura Real Estate Master Fund, Inc. REIT		1,303		2,024,872
Nomura Research Institute Ltd.		39,481		1,934,611
NSK Ltd.		128,600		1,036,015
NTT Data Corp.		213,234		2,558,060
NTT DOCOMO, Inc.		466,289		10,738,008
Obayashi Corp.		225,200		2,074,005
Obic Co. Ltd.		26,100		3,162,396
Odakyu Electric Railway Co. Ltd.		100,050		2,474,360
Oji Holdings Corp.		316,968		1,649,702
Olympus Corp.		411,616		4,880,972
Omron Corp.		64,492		3,070,906
Ono Pharmaceutical Co. Ltd.		125,106		2,216,615
Oracle Corp. (b)		17,900		1,253,735
Oriental Land Co. Ltd.		69,300		8,473,446
ORIX Corp.		461,746		6,540,674
Osaka Gas Co. Ltd.		128,000		2,276,159
Otsuka Corp.		34,600		1,345,813
Otsuka Holdings Co. Ltd.		135,267		4,551,133
Pan Pacific International Holdings Corp.		40,518		2,512,628
Panasonic Corp.		763,885		6,096,136
Park24 Co. Ltd.		43,100		811,369
PeptiDream, Inc.*		29,000		1,447,792
Persol Holdings Co. Ltd.		57,200		1,220,379
Pigeon Corp.		38,300		1,461,454
Pola Orbis Holdings, Inc.		34,300		951,151
Rakuten, Inc.		310,086		3,247,798
Recruit Holdings Co. Ltd.		414,253		13,257,319
Renesas Electronics Corp.*		308,400		1,408,739
Resona Holdings, Inc.		726,125		3,081,667
Ricoh Co. Ltd.		236,600		2,301,263
Rinnai Corp.		15,600		1,024,980
Rohm Co. Ltd.		34,600		2,152,023
Ryohin Keikaku Co. Ltd.		9,000		1,633,646
Sankyo Co. Ltd.		20,900		800,397
Santen Pharmaceutical Co. Ltd.		125,351		1,807,997
SBI Holdings, Inc.		79,625		1,845,046
Secom Co. Ltd.		72,900		6,248,956
Sega Sammy Holdings, Inc.		59,200		703,637
Seibu Holdings, Inc.		78,800		1,321,999


	Number of Shares		Value
Japan (Continued)
Seiko Epson Corp.		86,059	$	1,270,654
Sekisui Chemical Co. Ltd.		130,200		1,918,787
Sekisui House Ltd.		200,751		3,226,207
Seven & i Holdings Co. Ltd.		262,076		8,866,060
Seven Bank Ltd.		185,000		474,600
SG Holdings Co. Ltd.		44,400		1,205,005
Sharp Corp.		57,973		528,559
Shimadzu Corp.		77,000		1,933,438
Shimamura Co. Ltd.		10,300		788,908
Shimano, Inc.		26,994		4,145,067
Shimizu Corp.		184,900		1,510,049
Shin-Etsu Chemical Co. Ltd.		125,704		10,494,570
Shinsei Bank Ltd.		48,000		683,468
Shionogi & Co. Ltd.		92,895		5,092,016
Shiseido Co. Ltd.		138,857		10,037,068
Shizuoka Bank Ltd.		146,100		1,159,470
Showa Denko KK		49,300		1,358,918
SMC Corp.		20,082		6,628,830
Softbank Corp. (b)		576,800		7,505,080
SoftBank Group Corp.		287,414		27,185,840
Sohgo Security Services Co. Ltd.		24,600		1,191,805
Sompo Holdings, Inc.		116,035		4,403,045
Sony Corp.		442,816		21,481,878
Sony Financial Holdings, Inc.		61,400		1,364,381
Stanley Electric Co. Ltd.		42,500		974,992
Subaru Corp.		214,534		4,992,892
SUMCO Corp.		78,000		865,907
Sumitomo Chemical Co. Ltd.		504,522		2,188,210
Sumitomo Corp.		412,276		5,967,378
Sumitomo Dainippon Pharma Co. Ltd.		58,400		1,201,251
Sumitomo Electric Industries Ltd.		250,300		3,029,285
Sumitomo Heavy Industries Ltd.		34,600		1,099,958
Sumitomo Metal Mining Co. Ltd.		81,500		2,152,475
Sumitomo Mitsui Financial Group, Inc.		465,515		16,251,034
Sumitomo Mitsui Trust Holdings, Inc.		109,881		4,040,749
Sumitomo Realty & Development Co. Ltd.		120,603		4,459,523
Sumitomo Rubber Industries Ltd.		52,100		578,862
Sundrug Co. Ltd.		31,000		778,683
Suntory Beverage & Food Ltd.		46,200		1,924,911
Suzuken Co. Ltd.		25,110		1,550,186
Suzuki Motor Corp.		127,626		6,074,793
Sysmex Corp.		56,707		3,939,898
T&D Holdings, Inc.		195,300		2,046,446
Taiheiyo Cement Corp.		40,700		1,205,620
Taisei Corp.		71,515		2,616,684
Taisho Pharmaceutical Holdings Co. Ltd.		14,734		1,208,741
Taiyo Nippon Sanso Corp.		42,900		806,020
Takeda Pharmaceutical Co. Ltd.		517,511		17,521,782
TDK Corp.		43,824		2,992,642
Teijin Ltd.		59,304		970,295
Terumo Corp.		225,844		6,435,715
THK Co. Ltd.		41,028		843,163
Tobu Railway Co. Ltd.		64,879		1,891,918
Toho Co. Ltd.		34,200		1,470,696
Toho Gas Co. Ltd.		30,928		1,207,267


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
Tohoku Electric Power Co., Inc.		144,813	$	1,480,670
Tokio Marine Holdings, Inc.		224,650		11,196,739
Tokyo Century Corp.		16,800		682,139
Tokyo Electric Power Co. Holdings, Inc.*		520,400		2,679,677
Tokyo Electron Ltd.		54,564		7,447,068
Tokyo Gas Co. Ltd.		125,580		3,126,028
Tokyu Corp.		173,910		3,090,949
Tokyu Fudosan Holdings Corp.		179,900		1,006,039
Toppan Printing Co. Ltd.		84,389		1,235,094
Toray Industries, Inc.		505,243		3,482,361
Toshiba Corp.		199,816		6,361,512
Tosoh Corp.		90,640		1,152,604
TOTO Ltd.		44,715		1,669,101
Toyo Seikan Group Holdings Ltd.		50,200		952,440
Toyo Suisan Kaisha Ltd.		34,300		1,342,057
Toyoda Gosei Co. Ltd.		27,700		485,418
Toyota Industries Corp.		47,900		2,470,918
Toyota Motor Corp.		794,864		46,827,036
Toyota Tsusho Corp.		70,511		2,039,884
Trend Micro, Inc.		40,976		1,843,381
Tsuruha Holdings, Inc.		15,300		1,229,761
Unicharm Corp.		137,100		4,123,185
United Urban Investment Corp. REIT (b)		1,087		1,795,534
USS Co. Ltd.		70,800		1,347,856
Welcia Holdings Co. Ltd.		19,000		668,020
West Japan Railway Co.		57,206		4,487,159
Yahoo Japan Corp.		938,400		2,710,462
Yakult Honsha Co. Ltd.		41,179		2,348,417
Yamada Denki Co. Ltd.		218,300		1,023,360
Yamaha Corp.		47,481		2,140,402
Yamaha Motor Co. Ltd.		97,974		1,684,359
Yamato Holdings Co. Ltd.		108,671		2,207,215
Yamazaki Baking Co. Ltd.		44,000		662,243
Yaskawa Electric Corp.		85,620		2,488,839
Yokogawa Electric Corp.		78,944		1,539,322
Yokohama Rubber Co. Ltd.		34,304		574,239
ZOZO, Inc.		68,497		1,180,754

				1,112,697,361

Luxembourg — 0.3%
ArcelorMittal		231,424		3,428,197
Aroundtown SA		287,387		2,440,669
Eurofins Scientific SE (b)		3,888		1,768,675
Millicom International Cellular SA SDR		21,535		1,208,824
RTL Group SA		12,368		592,472
SES SA		124,483		1,880,185
Tenaris SA		160,811		1,895,318

				13,214,340

Macau — 0.1%
MGM China Holdings Ltd. (b)		323,222		498,879
Sands China Ltd.		818,370		3,705,842
Wynn Macau Ltd.		539,564		1,152,146

				5,356,867


	Number of Shares		Value
Mexico — 0.0%
Fresnillo PLC		74,942	$	727,647

Netherlands — 4.7%
ABN AMRO Group NV, 144A		144,037		3,047,670
Adyen NV, 144A*		3,691		2,972,164
Aegon NV		610,163		2,792,027
Akzo Nobel NV		77,774		6,561,608
ASML Holding NV		147,904		27,973,755
EXOR NV		36,805		2,311,594
Heineken Holding NV		38,653		3,825,875
Heineken NV		91,098		9,568,480
ING Groep NV		1,361,678		14,748,102
Koninklijke Ahold Delhaize NV		412,323		9,274,769
Koninklijke DSM NV		62,372		7,023,670
Koninklijke KPN NV		1,255,748		3,841,049
Koninklijke Philips NV		320,170		12,679,752
Koninklijke Vopak NV		22,987		942,458
NN Group NV		108,584		4,126,806
NXP Semiconductors NV		104,464		9,209,546
QIAGEN NV*		81,199		3,098,721
Randstad NV		42,236		2,179,910
Royal Dutch Shell PLC, Class A		1,552,809		48,313,016
Royal Dutch Shell PLC, Class B		1,295,062		40,498,317
Wolters Kluwer NV		97,294		6,797,635

				221,786,924

New Zealand — 0.2%
a2 Milk Co. Ltd.*		250,596		2,590,258
Auckland International Airport Ltd.		332,079		1,904,167
Fisher & Paykel Healthcare Corp. Ltd.		190,391		1,918,134
Fletcher Building Ltd.		301,019		1,033,868
Meridian Energy Ltd.		434,383		1,204,899
Ryman Healthcare Ltd.		120,104		909,867
Spark New Zealand Ltd.		625,621		1,561,413

				11,122,606

Norway — 0.7%
Aker BP ASA		37,709		1,018,592
DNB ASA		332,205		5,633,102
Equinor ASA		359,047		6,880,055
Gjensidige Forsikring ASA		65,101		1,267,921
Mowi ASA (b)		153,254		3,554,802
Norsk Hydro ASA		466,798		1,633,209
Orkla ASA		274,814		2,378,956
Schibsted ASA, Class B		31,481		794,966
Telenor ASA		257,102		5,287,928
Yara International ASA		62,942		2,703,463

				31,152,994

Portugal — 0.2%
EDP — Energias de Portugal SA		902,155		3,284,577
Galp Energia SGPS SA		170,937		2,574,185
Jeronimo Martins SGPS SA		92,988		1,415,394

				7,274,156

Russia — 0.0%
Evraz PLC		175,000		1,300,918


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Singapore — 1.3%
Ascendas Real Estate Investment Trust REIT		959,200	$	2,038,920
CapitaLand Commercial Trust REIT		940,580		1,321,482
CapitaLand Ltd.		911,400		2,136,353
CapitaLand Mall Trust REIT		791,200		1,388,070
City Developments Ltd.		160,800		962,201
ComfortDelGro Corp. Ltd.		713,600		1,277,904
DBS Group Holdings Ltd.		619,095		10,946,944
Genting Singapore Ltd.		2,072,978		1,312,871
Golden Agri-Resources Ltd.		2,388,500		460,765
Jardine Cycle & Carriage Ltd.		33,900		833,372
Keppel Corp. Ltd.		504,200		2,213,239
Oversea-Chinese Banking Corp. Ltd.		1,109,722		8,538,809
SATS Ltd.		262,600		969,194
Sembcorp Industries Ltd.		335,700		588,947
Singapore Airlines Ltd.		200,100		1,327,008
Singapore Exchange Ltd.		295,900		1,589,679
Singapore Press Holdings Ltd.		438,811		747,483
Singapore Technologies Engineering Ltd.		512,100		1,457,604
Singapore Telecommunications Ltd.		2,842,189		6,620,809
Suntec Real Estate Investment Trust REIT		789,700		1,046,265
United Overseas Bank Ltd.		451,554		7,724,772
UOL Group Ltd.		175,081		861,576
Venture Corp. Ltd.		102,300		1,125,248
Wilmar International Ltd.		653,766		1,565,764

				59,055,279

South Africa — 0.0%
Investec PLC		229,511		1,337,929

Spain — 2.9%
ACS Actividades de Construccion y Servicios SA		90,297		3,722,319
Aena SME SA, 144A		23,564		4,340,938
Amadeus IT Group SA		152,567		11,651,358
Banco Bilbao Vizcaya Argentaria SA		2,308,679		12,554,037
Banco de Sabadell SA		1,905,344		2,114,092
Banco Santander SA		5,656,143		24,971,878
Bankia SA		384,419		972,288
Bankinter SA		243,654		1,763,309
CaixaBank SA		1,208,303		3,722,923
Cellnex Telecom SA, 144A*		67,535		2,372,813
Enagas SA		78,884		2,159,081
Endesa SA		106,240		2,647,900
Ferrovial SA*		2,569		61,389
Ferrovial SA		175,422		4,191,879
Grifols SA		103,195		2,649,248
Iberdrola SA		2,041,761		18,963,950
Industria de Diseno Textil SA		378,421		10,167,266
Mapfre SA		376,705		1,105,963
Naturgy Energy Group SA		112,328		3,203,706
Red Electrica Corp. SA		147,789		3,141,918
Repsol SA		481,979		7,785,926
Siemens Gamesa Renewable Energy SA		77,696		1,210,840


	Number of Shares		Value
Spain (Continued)
Telefonica SA		1,627,190	$	13,048,350

				138,523,371

Sweden — 2.3%
Alfa Laval AB		110,688		2,274,691
Assa Abloy AB, Class B		346,397		6,762,600
Atlas Copco AB, Class A		231,429		6,242,904
Atlas Copco AB, Class B		133,498		3,240,912
Boliden AB		93,082		2,122,369
Boliden AB*		93,082		41,628
Electrolux AB, Series B		82,591		1,796,100
Epiroc AB, Class A		237,532		2,214,969
Epiroc AB, Class B		123,390		1,118,606
Essity AB, Class B		211,171		6,199,520
Hennes & Mauritz AB, Class B (b)		282,307		4,225,796
Hexagon AB, Class B		91,377		4,250,787
Husqvarna AB, Class B (b)		155,734		1,302,161
ICA Gruppen AB (b)		27,906		1,112,839
Industrivarden AB, Class C		53,261		1,076,292
Investor AB, Class B		161,554		6,987,435
Kinnevik AB, Class B		83,029		2,118,087
L E Lundbergforetagen AB, Class B		24,123		793,386
Lundin Petroleum AB		64,515		1,760,044
Sandvik AB		402,346		6,215,615
Securitas AB, Class B		99,079		1,642,369
Skandinaviska Enskilda Banken AB, Class A		570,293		5,065,450
Skanska AB, Class B		114,294		1,873,494
SKF AB, Class B		123,479		1,919,922
Svenska Handelsbanken AB, Class A		530,850		5,233,291
Swedbank AB, Class A		316,451		4,533,405
Swedish Match AB		63,995		2,895,372
Tele2 AB, Class B		170,177		2,351,809
Telefonaktiebolaget LM Ericsson, Class B		1,069,226		10,310,844
Telia Co. AB		991,582		4,153,891
Volvo AB, Class B		537,453		7,520,965

				109,357,553

Switzerland — 9.4%
ABB Ltd.		636,738		11,685,454
Adecco Group AG		52,990		2,856,829
Alcon, Inc.*		150,062		8,727,201
Baloise Holding AG		16,651		2,770,593
Barry Callebaut AG		772		1,516,628
Chocoladefabriken Lindt & Spruengli AG		41		3,071,161
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		346		2,266,926
Cie Financiere Richemont SA		180,876		13,321,145
Clariant AG*		69,770		1,271,365
Coca-Cola HBC AG*		70,095		2,527,383
Credit Suisse Group AG*		895,538		10,187,444
Dufry AG*		13,229		1,083,688
EMS-Chemie Holding AG		2,969		1,779,176
Geberit AG		12,878		5,683,684
Givaudan SA		3,229		8,549,392


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Switzerland (Continued)
Glencore PLC*		3,936,614	$	12,673,630
Julius Baer Group Ltd.*		77,913		3,086,950
Kuehne + Nagel International AG		18,246		2,426,422
LafargeHolcim Ltd.*		170,341		8,178,069
Lonza Group AG*		26,115		8,043,811
Nestle SA		1,066,625		106,049,956
Novartis AG		755,222		64,943,435
Pargesa Holding SA		11,128		824,111
Partners Group Holding AG		6,578		4,618,561
Roche Holding AG		244,738		64,310,180
Schindler Holding AG		8,010		1,646,400
Schindler Holding AG Participation Certificates		13,067		2,756,305
SGS SA		1,818		4,602,876
Sika AG		45,083		6,704,478
Sonova Holding AG		19,553		4,356,828
STMicroelectronics NV		231,562		3,542,772
Straumann Holding AG		3,506		2,886,738
Swatch Group AG — Bearer		10,510		2,642,065
Swatch Group AG — Registered		18,336		885,622
Swiss Life Holding AG		11,869		5,401,951
Swiss Prime Site AG*		23,840		1,942,915
Swiss Re AG		107,004		10,152,689
Swisscom AG		9,229		4,420,703
Temenos AG*		22,218		3,869,982
UBS Group AG*		1,345,861		15,525,288
Vifor Pharma AG (b)		15,876		2,194,495
Zurich Insurance Group AG		52,842		17,141,655

				443,126,956

United Arab Emirates — 0.0%
NMC Health PLC		31,611		900,397

United Kingdom — 14.9%
3i Group PLC		337,478		4,484,176
Admiral Group PLC		73,113		1,905,977
Amcor PLC, Class CDI		405,851		4,639,745
Anglo American PLC (b)		366,604		8,782,960
Ashtead Group PLC		170,059		4,009,710
Associated British Foods PLC		119,339		3,723,592
AstraZeneca PLC		441,334		32,545,718
Auto Trader Group PLC, 144A		336,010		2,546,264
Aviva PLC		1,368,643		7,000,847
BAE Systems PLC		1,098,314		6,281,793
Barclays PLC		5,930,400		11,196,818
Barratt Developments PLC		343,263		2,421,563
Berkeley Group Holdings PLC		41,919		1,852,750
BP PLC		7,062,631		48,225,328
British American Tobacco PLC		798,446		27,860,514
British Land Co. PLC REIT		322,667		2,178,363
BT Group PLC		2,896,689		7,095,786
Bunzl PLC		116,338		3,110,760
Burberry Group PLC		146,167		3,132,229
Centrica PLC		1,893,567		2,238,823
CNH Industrial NV		345,739		3,011,934
Coca-Cola European Partners PLC		81,117		4,493,882
Compass Group PLC		551,114		12,475,279
Croda International PLC		43,670		2,799,147


	Number of Shares		Value
United Kingdom (Continued)
Diageo PLC		845,107	$	35,530,650
Direct Line Insurance Group PLC		482,645		1,931,239
easyJet PLC		56,774		625,319
Experian PLC		317,950		9,595,017
Ferguson PLC		80,273		5,200,117
Fiat Chrysler Automobiles NV		380,304		4,859,537
G4S PLC		562,882		1,489,433
GlaxoSmithKline PLC		1,730,312		33,403,960
Halma PLC		132,055		3,031,832
Hargreaves Lansdown PLC		97,422		2,790,946
HSBC Holdings PLC		6,977,860		56,909,372
Imperial Brands PLC		327,105		7,919,367
Informa PLC		428,712		4,209,180
InterContinental Hotels Group PLC		58,916		3,802,450
Intertek Group PLC		54,867		3,673,615
ITV PLC		1,264,422		1,714,446
J Sainsbury PLC		599,835		1,517,447
John Wood Group PLC		235,076		1,162,630
Johnson Matthey PLC		66,816		2,613,577
Kingfisher PLC		716,891		1,938,646
Land Securities Group PLC REIT		268,978		2,817,709
Legal & General Group PLC		2,060,182		6,683,389
Lloyds Banking Group PLC		24,987,501		18,088,755
London Stock Exchange Group PLC		107,696		7,194,438
Marks & Spencer Group PLC		594,941		1,693,857
Meggitt PLC		264,598		1,641,151
Melrose Industries PLC		1,685,119		3,492,822
Merlin Entertainments PLC, 144A		246,578		1,181,796
Micro Focus International PLC		121,726		2,949,814
Mondi PLC		127,490		2,643,349
National Grid PLC (b)		1,175,698		11,784,032
Next PLC		48,251		3,514,909
Ocado Group PLC*		154,734		2,336,719
Pearson PLC		265,001		2,636,676
Persimmon PLC		105,591		2,625,825
Prudential PLC		905,263		18,054,216
Reckitt Benckiser Group PLC		245,986		19,741,575
RELX PLC		678,216		15,798,288
Rentokil Initial PLC		607,788		2,881,495
Rio Tinto Ltd.		130,007		9,045,612
Rio Tinto PLC		396,606		22,746,506
Rolls-Royce Holdings PLC*		579,988		6,305,971
Rolls-Royce Holdings PLC — Entitlement*		40,730,783		51,494
Royal Bank of Scotland Group PLC		1,671,759		4,516,611
RSA Insurance Group PLC		351,103		2,452,900
Sage Group PLC		366,866		3,464,675
Schroders PLC		40,578		1,497,474
Segro PLC REIT		381,063		3,360,762
Severn Trent PLC		88,497		2,226,466
Smith & Nephew PLC		306,464		6,447,143
Smiths Group PLC		136,793		2,491,217
Spirax-Sarco Engineering PLC		26,000		2,747,984
SSE PLC		347,024		4,731,667
St James’s Place PLC		180,414		2,386,954
Standard Chartered PLC		976,373		8,480,218
Standard Life Aberdeen PLC		895,463		3,026,085


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
United Kingdom (Continued)
Taylor Wimpey PLC		1,184,467	$	2,474,565
Tesco PLC		3,360,362		9,618,270
Unilever NV		510,015		30,767,386
Unilever PLC		386,986		23,664,964
United Utilities Group PLC		235,741		2,376,544
Vodafone Group PLC		9,203,749		15,059,157
Weir Group PLC		91,967		1,709,164
Whitbread PLC		62,735		3,672,192
Wm Morrison Supermarkets PLC		753,552		1,875,354
WPP PLC		430,812		5,126,302

				702,017,190

United States (d) — 0.1%
Carnival PLC		57,002		2,817,743

TOTAL COMMON STOCKS (Cost $4,891,265,054)				4,590,014,460

PREFERRED STOCKS — 0.5%

Germany — 0.5%
Bayerische Motoren Werke AG		17,716		1,048,951
FUCHS PETROLUB SE		27,027		1,054,957
Henkel AG & Co. KGaA		59,814		5,464,669
Porsche Automobil Holding SE*		52,027		3,242,061
Sartorius AG		12,168		2,310,905
Volkswagen AG		64,506		10,052,827

				23,174,370

TOTAL PREFERRED STOCKS (Cost $32,767,355)				23,174,370


	Number of Shares		Value
RIGHTS — 0.0%

United Kingdom — 0.0%
Marks & Spencer Group PLC*, expires 6/12/19 (Cost $0)		118,988	$	58,668

SECURITIES LENDING COLLATERAL — 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (e)(f) (Cost $98,060,983)		98,060,983		98,060,983

CASH EQUIVALENTS — 1.9%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (e)		50,653,027		50,653,027
DWS Government Money Market Series “Institutional Shares”, 2.35% (e)		36,831,101		36,831,101

TOTAL CASH EQUIVALENTS (Cost $87,484,128)				87,484,128


TOTAL INVESTMENTS — 101.8% (Cost $5,109,577,520)			$	4,798,792,609
Other assets and liabilities, net — (1.8%)				(83,710,247	)

NET ASSETS — 100.0%			$	4,715,082,362

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		8,570,145		741,513		(1,901,470	)		(1,517,921	)		(1,311,115	)		83,061		—		673,686		4,581,152


SECURITIES LENDING COLLATERAL — 2.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (e)(f)
		206,357,389		—		(108,296,406	) (g)		—			—			1,741,932		—		98,060,983		98,060,983


CASH EQUIVALENTS — 1.9%
DWS ESG Liquidity Fund “Capital Shares”, 2.56% (e)
		—		50,653,027		—			—			—			699,678		—		50,653,027		50,653,027
DWS Government Money Market Series “Institutional Shares”, 2.35% (e)
		—		1,246,860,531		(1,210,029,430	)		—			—			1,137,178		—		36,831,101		36,831,101

		214,927,534		1,298,255,071		(1,320,227,306	)		(1,517,921	)		(1,311,115	)		3,661,849		—		186,218,797		190,126,263

*	Non-income producing security.

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


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019

(b)	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, 2019 amounted to $114,680,441, which is 2.4% of net assets.

(c)	Affiliated issuer. This security is owned in proportion with its representation in the index.

(d)	Securities are listed in country of domicile and trade on exchanges within the MSCI EAFE US Dollar Hedged Index.

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

(f)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $30,963,899.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interest

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

SDR:

Swedish Depositary Receipt

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures		EUR		40	$	4,901,928	$	4,828,617		6/21/2019	$	(62,267	)
CAC40 10 EURO Futures		EUR		226		13,327,005		13,090,948		6/21/2019		(207,666	)
DAX Index Futures		EUR		34		11,249,218		11,134,807		6/21/2019		(46,278	)
FTSE/MIB Index Futures		EUR		26		2,937,975		2,874,979		6/21/2019		(34,368	)
FTSE 100 Index Futures		GBP		234		21,643,397		21,155,200		6/21/2019		57,526
HANG SENG Index Futures		HKD		30		5,161,547		5,111,964		6/27/2019		(54,708	)
IBEX 35 Index Futures		EUR		31		3,151,302		3,108,416		6/21/2019		(35,505	)
MSCI SING IX ETS		SGD		80		2,045,433		2,032,176		6/27/2019		(21,959	)
OMXS30 Index Futures		SEK		184		3,036,697		2,928,340		6/20/2019		(137,989	)
SPI 200 Futures		AUD		90		9,914,274		9,992,369		6/20/2019		222,595
SWISS MKT IX Futures		CHF		112		10,331,799		10,644,614		6/21/2019		259,624
TOPIX Index Futures		JPY		155		21,873,191		21,541,088		6/13/2019		(682,725	)
Nikkei 225 Futures		JPY		40		3,994,266		3,769,667		6/13/2019		(340,999	)

Total net unrealized depreciation											$	(1,084,719	)

As of May 31, 2019, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2019	AUD	18,726,000	USD	13,190,351	$	198,107	$	—
JP Morgan & Chase Co.	6/5/2019	AUD	204,411,100	USD	143,988,201		2,166,198		—
RBC Capital Markets	6/5/2019	AUD	10,258,300	USD	7,226,172		108,884		—
The Bank of Nova Scotia	6/5/2019	AUD	255,101,742	USD	179,679,636		2,688,074		—
JP Morgan & Chase Co.	6/5/2019	CHF	109,121,800	USD	107,429,992		—		(1,609,981	)
RBC Capital Markets	6/5/2019	CHF	109,580,900	USD	107,849,060		—		(1,649,670	)
RBC Capital Markets	6/5/2019	CHF	32,144,000	USD	31,645,021		—		(474,875	)
The Bank of New York Mellon	6/5/2019	CHF	54,357,200	USD	53,514,349		—		(802,091	)
The Bank of Nova Scotia	6/5/2019	CHF	149,038,800	USD	146,681,626		—		(2,245,415	)
Goldman Sachs & Co.	6/5/2019	EUR	124,755,600	USD	140,206,831		774,200		—
JP Morgan & Chase Co.	6/5/2019	EUR	100,038,000	USD	112,426,806		619,708		—
JP Morgan & Chase Co.	6/5/2019	EUR	376,763,100	USD	423,432,745		2,344,872		—
RBC Capital Markets	6/5/2019	EUR	456,117,200	USD	512,481,883		2,704,196		—
The Bank of New York Mellon	6/5/2019	EUR	24,052,900	USD	27,033,175		150,541		—
The Bank of Nova Scotia	6/5/2019	EUR	333,719,000	USD	374,959,994		1,980,199		—
JP Morgan & Chase Co.	6/5/2019	GBP	200,825,000	USD	262,277,249		8,315,294		—
RBC Capital Markets	6/5/2019	GBP	32,265,000	USD	42,136,864		1,334,760		—
RBC Capital Markets	6/5/2019	GBP	148,789,400	USD	194,263,160		6,105,078		—


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of New York Mellon	6/5/2019	GBP	101,599,200	USD	132,686,523	$	4,204,853	$	—
The Bank of Nova Scotia	6/5/2019	GBP	171,475,100	USD	223,881,320		7,035,053		—
JP Morgan & Chase Co.	6/5/2019	HKD	439,426,600	USD	56,037,318		—		(17,476	)
RBC Capital Markets	6/5/2019	HKD	437,377,600	USD	55,773,731		—		(19,685	)
RBC Capital Markets	6/5/2019	HKD	70,078,000	USD	8,936,431		—		(2,964	)
The Bank of New York Mellon	6/5/2019	HKD	40,434,400	USD	5,156,245		—		(1,708	)
The Bank of Nova Scotia	6/5/2019	HKD	513,219,300	USD	65,443,281		—		(24,767	)
Goldman Sachs & Co.	6/5/2019	ILS	7,419,500	USD	2,064,987		17,595		—
JP Morgan & Chase Co.	6/5/2019	ILS	11,604,200	USD	3,229,578		27,428		—
RBC Capital Markets	6/5/2019	ILS	1,228,200	USD	341,788		2,870		—
The Bank of Nova Scotia	6/5/2019	ILS	25,365,100	USD	7,055,382		55,946		—
Goldman Sachs & Co.	6/5/2019	JPY	13,814,207,200	USD	124,306,733		—		(3,225,448	)
JP Morgan & Chase Co.	6/5/2019	JPY	35,913,558,700	USD	323,163,310		—		(8,389,156	)
RBC Capital Markets	6/5/2019	JPY	3,542,799,000	USD	31,879,571		—		(827,401	)
RBC Capital Markets	6/5/2019	JPY	25,762,105,100	USD	231,821,205		—		(6,013,467	)
RBC Capital Markets	6/5/2019	JPY	2,285,000,000	USD	20,740,937		—		(354,087	)
The Bank of New York Mellon	6/5/2019	JPY	24,210,623,500	USD	217,862,496		—		(5,648,963	)
The Bank of Nova Scotia	6/5/2019	JPY	26,688,800,900	USD	240,158,381		—		(6,231,508	)
Goldman Sachs & Co.	6/5/2019	NOK	66,261,300	USD	7,672,565		99,842		—
JP Morgan & Chase Co.	6/5/2019	NOK	35,222,700	USD	4,078,618		53,165		—
RBC Capital Markets	6/5/2019	NOK	56,749,700	USD	6,570,458		84,775		—
The Bank of New York Mellon	6/5/2019	NOK	67,796,100	USD	7,850,033		101,904		—
The Bank of Nova Scotia	6/5/2019	NOK	66,588,000	USD	7,709,086		99,026		—
JP Morgan & Chase Co.	6/5/2019	NZD	629,600	USD	420,136		8,204		—
RBC Capital Markets	6/5/2019	NZD	6,064,800	USD	4,047,077		79,019		—
The Bank of Nova Scotia	6/5/2019	NZD	10,006,400	USD	6,676,670		129,714		—
JP Morgan & Chase Co.	6/5/2019	SEK	107,603,000	USD	11,348,484		1,110		—
JP Morgan & Chase Co.	6/5/2019	SEK	269,576,500	USD	28,431,940		3,500		—
RBC Capital Markets	6/5/2019	SEK	357,887,700	USD	37,735,945		—		(5,435	)
The Bank of New York Mellon	6/5/2019	SEK	143,831,100	USD	15,169,977		2,134		—
The Bank of Nova Scotia	6/5/2019	SEK	413,517,600	USD	43,597,925		—		(9,958	)
JP Morgan & Chase Co.	6/5/2019	USD	154,604,779	AUD	223,137,100		209,467		—
RBC Capital Markets	6/5/2019	USD	7,107,689	AUD	10,258,300		9,599		—
The Bank of Nova Scotia	6/5/2019	USD	170,656,813	AUD	246,311,342		235,902		—
The Bank of Nova Scotia	6/5/2019	USD	3,458,404	AUD	5,023,100		26,661		—
The Bank of Nova Scotia	6/5/2019	USD	2,635,200	AUD	3,767,300		—		(21,418	)
JP Morgan & Chase Co.	6/5/2019	USD	108,497,290	CHF	109,121,800		542,684		—
RBC Capital Markets	6/5/2019	USD	140,900,631	CHF	141,724,900		717,995		—
The Bank of New York Mellon	6/5/2019	USD	54,046,164	CHF	54,357,200		270,275		—
The Bank of Nova Scotia	6/5/2019	USD	4,631,899	CHF	4,670,900		35,498		—
The Bank of Nova Scotia	6/5/2019	USD	3,459,161	CHF	3,503,200		41,412		—
The Bank of Nova Scotia	6/5/2019	USD	140,045,434	CHF	140,864,700		713,637		—
Goldman Sachs & Co.	6/5/2019	USD	139,033,230	EUR	124,755,600		399,401		—
JP Morgan & Chase Co.	6/5/2019	USD	12,270,785	EUR	10,916,000		—		(70,558	)
JP Morgan & Chase Co.	6/5/2019	USD	519,201,457	EUR	465,885,100		1,493,287		—
RBC Capital Markets	6/5/2019	USD	492,055,172	EUR	441,562,500		1,455,509		—
RBC Capital Markets	6/5/2019	USD	16,250,148	EUR	14,554,700		16,858		—
The Bank of New York Mellon	6/5/2019	USD	26,805,562	EUR	24,052,900		77,072		—
The Bank of Nova Scotia	6/5/2019	USD	371,879,768	EUR	333,719,000		1,100,028		—
JP Morgan & Chase Co.	6/5/2019	USD	6,581,462	GBP	5,051,100		—		(193,875	)
JP Morgan & Chase Co.	6/5/2019	USD	238,276,728	GBP	189,039,200		780,983		—
JP Morgan & Chase Co.	6/5/2019	USD	8,531,949	GBP	6,734,700		—		(15,292	)
RBC Capital Markets	6/5/2019	USD	228,200,966	GBP	181,054,400		759,220		—
The Bank of New York Mellon	6/5/2019	USD	128,062,439	GBP	101,599,200		419,232		—
The Bank of Nova Scotia	6/5/2019	USD	216,127,216	GBP	171,475,100		719,051		—
JP Morgan & Chase Co.	6/5/2019	USD	56,046,430	HKD	439,426,600		8,363		—
RBC Capital Markets	6/5/2019	USD	64,721,939	HKD	507,455,600		10,871		—
The Bank of New York Mellon	6/5/2019	USD	5,157,219	HKD	40,434,400		735		—


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	6/5/2019	USD	1,475,538	HKD	11,572,300	$	665	$	—
The Bank of Nova Scotia	6/5/2019	USD	1,966,288	HKD	15,429,700		1,978		—
The Bank of Nova Scotia	6/5/2019	USD	62,013,162	HKD	486,217,300		10,416		—
Goldman Sachs & Co.	6/5/2019	USD	2,045,080	ILS	7,419,500		2,312		—
JP Morgan & Chase Co.	6/5/2019	USD	3,198,538	ILS	11,604,200		3,612		—
RBC Capital Markets	6/5/2019	USD	338,541	ILS	1,228,200		378		—
The Bank of Nova Scotia	6/5/2019	USD	6,764,842	ILS	24,544,200		8,068		—
The Bank of Nova Scotia	6/5/2019	USD	98,643	ILS	351,800		—		(1,565	)
The Bank of Nova Scotia	6/5/2019	USD	129,942	ILS	469,100		—		(495	)
Goldman Sachs & Co.	6/5/2019	USD	127,242,106	JPY	13,814,207,200		290,075		—
JP Morgan & Chase Co.	6/5/2019	USD	9,309,445	JPY	1,019,669,100		104,097		—
JP Morgan & Chase Co.	6/5/2019	USD	12,333,389	JPY	1,359,558,800		218,001		—
JP Morgan & Chase Co.	6/5/2019	USD	308,882,289	JPY	33,534,330,800		705,245		—
RBC Capital Markets	6/5/2019	USD	290,950,072	JPY	31,589,904,100		686,596		—
The Bank of New York Mellon	6/5/2019	USD	223,003,735	JPY	24,210,623,500		507,724		—
The Bank of Nova Scotia	6/5/2019	USD	245,809,817	JPY	26,688,800,900		580,072		—
Goldman Sachs & Co.	6/5/2019	USD	7,569,851	NOK	66,261,300		2,872		—
JP Morgan & Chase Co.	6/5/2019	USD	4,023,889	NOK	35,222,700		1,564		—
RBC Capital Markets	6/5/2019	USD	6,483,201	NOK	56,749,700		2,482		—
The Bank of New York Mellon	6/5/2019	USD	7,143,600	NOK	62,530,500		2,746		—
The Bank of New York Mellon	6/5/2019	USD	257,295	NOK	2,256,700		614		—
The Bank of New York Mellon	6/5/2019	USD	343,900	NOK	3,008,900		—		(25	)
The Bank of Nova Scotia	6/5/2019	USD	7,607,127	NOK	66,588,000		2,933		—
JP Morgan & Chase Co.	6/5/2019	USD	410,405	NZD	629,600		1,528		—
RBC Capital Markets	6/5/2019	USD	3,953,340	NZD	6,064,800		14,719		—
The Bank of Nova Scotia	6/5/2019	USD	84,942	NZD	128,800		—		(671	)
The Bank of Nova Scotia	6/5/2019	USD	6,326,791	NZD	9,705,900		23,555		—
The Bank of Nova Scotia	6/5/2019	USD	111,568	NZD	171,700		771		—
JP Morgan & Chase Co.	6/5/2019	USD	39,634,304	SEK	377,179,500		141,510		—
RBC Capital Markets	6/5/2019	USD	37,604,306	SEK	357,887,700		137,074		—
The Bank of New York Mellon	6/5/2019	USD	15,113,913	SEK	143,831,100		53,929		—
The Bank of Nova Scotia	6/5/2019	USD	41,010,013	SEK	390,260,800		145,302		—
The Bank of Nova Scotia	6/5/2019	USD	1,034,780	SEK	9,967,200		16,320		—
The Bank of Nova Scotia	6/5/2019	USD	1,381,410	SEK	13,289,600		20,057		—
JP Morgan & Chase Co.	6/6/2019	DKK	159,984,600	USD	24,090,337		143,857		—
RBC Capital Markets	6/6/2019	DKK	149,396,600	USD	22,489,158		127,489		—
The Bank of New York Mellon	6/6/2019	DKK	48,354,900	USD	7,281,959		44,202		—
The Bank of Nova Scotia	6/6/2019	DKK	214,983,000	USD	32,359,170		180,535		—
Goldman Sachs & Co.	6/6/2019	SGD	5,802,000	USD	4,264,336		40,356		—
JP Morgan & Chase Co.	6/6/2019	SGD	40,020,600	USD	29,415,708		279,854		—
RBC Capital Markets	6/6/2019	SGD	10,041,000	USD	7,380,277		70,214		—
RBC Capital Markets	6/6/2019	SGD	30,188,500	USD	22,188,942		211,068		—
The Bank of Nova Scotia	6/6/2019	SGD	7,720,400	USD	5,674,261		53,645		—
JP Morgan & Chase Co.	6/6/2019	USD	23,877,985	DKK	159,984,600		68,495		—
RBC Capital Markets	6/6/2019	USD	22,293,841	DKK	149,396,600		67,828		—
The Bank of New York Mellon	6/6/2019	USD	7,217,110	DKK	48,354,900		20,646		—
The Bank of Nova Scotia	6/6/2019	USD	880,665	DKK	5,889,100		815		—
The Bank of Nova Scotia	6/6/2019	USD	665,154	DKK	4,416,900		—		(4,033	)
The Bank of Nova Scotia	6/6/2019	USD	30,543,108	DKK	204,677,000		92,926		—
Goldman Sachs & Co.	6/6/2019	USD	4,215,574	SGD	5,802,000		8,406		—
JP Morgan & Chase Co.	6/6/2019	USD	530,281	SGD	723,200		—		(3,776	)
JP Morgan & Chase Co.	6/6/2019	USD	699,340	SGD	964,200		2,618		—
JP Morgan & Chase Co.	6/6/2019	USD	27,851,852	SGD	38,333,200		55,539		—
RBC Capital Markets	6/6/2019	USD	29,229,121	SGD	40,229,500		58,817		—
The Bank of Nova Scotia	6/6/2019	USD	5,609,329	SGD	7,720,400		11,287		—
JP Morgan & Chase Co.	7/3/2019	AUD	223,137,100	USD	154,732,637		—		(218,422	)
RBC Capital Markets	7/3/2019	AUD	10,258,300	USD	7,113,608		—		(9,970	)
RBC Capital Markets	7/3/2019	AUD	9,707,000	USD	6,731,319		—		(9,424	)


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		7/3/2019		AUD	246,311,342		USD	170,792,285	$	—	$	(251,451	)
JP Morgan & Chase Co.		7/3/2019		CHF	109,121,800		USD	108,789,557		—		(553,854	)
RBC Capital Markets		7/3/2019		CHF	141,724,900		USD	141,279,868		—		(732,854	)
The Bank of New York Mellon		7/3/2019		CHF	54,357,200		USD	54,191,915		—		(275,677	)
The Bank of Nova Scotia		7/3/2019		CHF	140,864,700		USD	140,408,373		—		(742,403	)
JP Morgan & Chase Co.		7/3/2019		DKK	159,984,600		USD	23,936,188		—		(71,024	)
RBC Capital Markets		7/3/2019		DKK	149,396,600		USD	22,347,866		—		(70,516	)
The Bank of New York Mellon		7/3/2019		DKK	48,354,900		USD	7,234,816		—		(21,297	)
The Bank of Nova Scotia		7/3/2019		DKK	204,677,000		USD	30,616,665		—		(97,067	)
Goldman Sachs & Co.		7/3/2019		EUR	124,755,600		USD	139,361,362		—		(412,604	)
JP Morgan & Chase Co.		7/3/2019		EUR	465,885,100		USD	520,431,859		—		(1,537,560	)
RBC Capital Markets		7/3/2019		EUR	441,562,500		USD	493,225,313		—		(1,493,497	)
The Bank of New York Mellon		7/3/2019		EUR	24,052,900		USD	26,869,495		—		(78,949	)
The Bank of Nova Scotia		7/3/2019		EUR	333,719,000		USD	372,757,449		—		(1,135,412	)
JP Morgan & Chase Co.		7/3/2019		GBP	189,039,200		USD	238,623,048		—		(790,773	)
RBC Capital Markets		7/3/2019		GBP	181,054,400		USD	228,533,382		—		(767,873	)
The Bank of New York Mellon		7/3/2019		GBP	101,599,200		USD	128,248,670		—		(424,392	)
The Bank of Nova Scotia		7/3/2019		GBP	171,475,100		USD	216,437,586		—		(731,705	)
JP Morgan & Chase Co.		7/3/2019		HKD	439,426,600		USD	56,053,358		—		(15,335	)
RBC Capital Markets		7/3/2019		HKD	507,455,600		USD	64,733,498		—		(15,364	)
The Bank of New York Mellon		7/3/2019		HKD	40,434,400		USD	5,158,173		—		(1,060	)
The Bank of Nova Scotia		7/3/2019		HKD	486,217,300		USD	62,021,864		—		(17,095	)
Goldman Sachs & Co.		7/3/2019		ILS	7,419,500		USD	2,048,793		—		(2,484	)
JP Morgan & Chase Co.		7/3/2019		ILS	11,604,200		USD	3,204,263		—		(3,962	)
RBC Capital Markets		7/3/2019		ILS	1,228,200		USD	339,111		—		(450	)
The Bank of Nova Scotia		7/3/2019		ILS	24,544,200		USD	6,776,141		—		(9,619	)
Goldman Sachs & Co.		7/3/2019		JPY	13,814,207,200		USD	127,529,689		—		(300,961	)
JP Morgan & Chase Co.		7/3/2019		JPY	33,534,330,800		USD	309,582,342		—		(729,734	)
RBC Capital Markets		7/3/2019		JPY	31,589,904,100		USD	291,613,471		—		(705,728	)
The Bank of New York Mellon		7/3/2019		JPY	24,210,623,500		USD	223,507,711		—		(526,843	)
The Bank of Nova Scotia		7/3/2019		JPY	26,688,800,900		USD	246,352,098		—		(614,429	)
Goldman Sachs & Co.		7/3/2019		NOK	66,261,300		USD	7,577,848		—		(2,987	)
JP Morgan & Chase Co.		7/3/2019		NOK	35,222,700		USD	4,028,271		—		(1,494	)
RBC Capital Markets		7/3/2019		NOK	56,749,700		USD	6,490,182		—		(2,448	)
The Bank of New York Mellon		7/3/2019		NOK	62,530,500		USD	7,151,263		—		(2,738	)
The Bank of Nova Scotia		7/3/2019		NOK	66,588,000		USD	7,614,856		—		(3,357	)
JP Morgan & Chase Co.		7/3/2019		NZD	629,600		USD	410,665		—		(1,532	)
RBC Capital Markets		7/3/2019		NZD	6,064,800		USD	3,955,790		—		(14,814	)
The Bank of Nova Scotia		7/3/2019		NZD	9,705,900		USD	6,330,411		—		(24,009	)
JP Morgan & Chase Co.		7/3/2019		SEK	377,179,500		USD	39,719,265		—		(144,578	)
RBC Capital Markets		7/3/2019		SEK	357,887,700		USD	37,683,893		—		(141,012	)
The Bank of New York Mellon		7/3/2019		SEK	143,831,100		USD	15,146,334		—		(55,076	)
The Bank of Nova Scotia		7/3/2019		SEK	390,260,800		USD	41,095,549		—		(150,847	)
Goldman Sachs & Co.		7/3/2019		SGD	5,802,000		USD	4,216,815		—		(8,734	)
JP Morgan & Chase Co.		7/3/2019		SGD	38,333,200		USD	27,859,321		—		(58,435	)
RBC Capital Markets		7/3/2019		SGD	40,229,500		USD	29,239,530		—		(59,285	)
The Bank of Nova Scotia		7/3/2019		SGD	7,720,400		USD	5,610,776		—		(11,928	)
RBC Capital Markets		7/3/2019		USD	12,191,426		CHF	12,228,000		61,408		—
RBC Capital Markets		7/3/2019		USD	2,260,793		DKK	15,109,000		6,456		—
RBC Capital Markets		7/3/2019		USD	77,714,405		EUR	69,566,000		226,110		—
RBC Capital Markets		7/3/2019		USD	14,249,328		GBP	11,288,000		46,666		—
RBC Capital Markets		7/3/2019		USD	13,268,899		HKD	104,005,000		1,632		—
RBC Capital Markets		7/3/2019		USD	51,950,310		JPY	5,627,003,000		119,523		—
RBC Capital Markets		7/3/2019		USD	12,195,515		SEK	115,803,000		43,625		—
RBC Capital Markets		7/3/2019		USD	4,881,095		SGD	6,715,000		9,385		—

Total unrealized appreciation (depreciation)									$	57,280,606	$	(51,918,825	)


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2019

Currency Abbreviations

AUD

Australian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

SEK

Swedish Krona

SGD

Singapore Dollar

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (h)	$	4,590,014,460		$	—		$	—	$	4,590,014,460
Preferred Stocks (h)		23,174,370			—			—		23,174,370
Rights		58,668			—			—		58,668
Short-Term Investments (h)		185,545,111			—			—		185,545,111
Derivatives (i)
Forward Foreign Currency Contracts		—			57,280,606			—		57,280,606
Futures Contracts		539,745			—			—		539,745

TOTAL	$	4,799,332,354		$	57,280,606		$	—	$	4,856,612,960



Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(51,918,825	)	$	—	$	(51,918,825	)
Futures Contracts		(1,624,464	)		—			—		(1,624,464	)

TOTAL	$	(1,624,464	)	$	(51,918,825	)	$	—	$	(53,543,289	)

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

(i)	Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.


See Notes to Financial Statements.		21

DBX ETF Trust

Statement of Assets and Liabilities

May 31, 2019


	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	4,608,666,346
Investment in affiliated securities at value		4,581,152
Investment in DWS ESG Liquidity Fund*		50,653,027
Investment in DWS Government Money Market Series*		36,831,101
Investment in DWS Government & Agency Securities Portfolio**		98,060,983
Foreign currency at value		7,129,665
Receivable for return of collateral pledged for forward foreign currency contracts		540,000
Unrealized appreciation on forward foreign currency contracts		57,280,606
Deposit with broker for futures contracts		5,999,268
Receivables:
Investment securities sold		1,196,848
Dividends		22,805,053
Interest		132,432
Securities lending income		438,008
Foreign tax reclaim		9,169,824

Total assets	$	4,903,484,313


Liabilities
Payable upon return of securities loaned		98,060,983
Payable upon return of deposit for forward foreign currency contracts		30,910,000
Unrealized depreciation on forward foreign currency contracts		51,918,825
Payables:
Investment securities purchased		4,116,954
Investment advisory fees		1,444,952
Variation margin on futures contracts		1,950,237

Total liabilities		188,401,951

Net Assets, at value	$	4,715,082,362


Net Assets Consist of
Paid-in capital	$	5,099,141,197
Distributable earnings (loss)		(384,058,835	)

Net Assets, at value	$	4,715,082,362


Number of Common Shares outstanding		152,750,800

Net Asset Value	$	30.87


Investment in non-affiliated securities at cost	$	4,902,395,819

Investment in affiliated securities at cost	$	21,636,590

Value of securities loaned	$	114,680,441

Investment in DWS ESG Liquidity Fund at cost*	$	50,653,027

Investment in DWS Government Money Market Series at cost*	$	36,831,101

Investment in DWS Government & Agency Securities Portfolio at cost**	$	98,060,983

Non-cash collateral for securities on loan	$	30,963,899

Foreign currency at cost	$	7,144,481

* Includes collateral held for forward foreign currency contracts	$	30,910,000

**	Represents collateral on securities loaned.


See Notes to Financial Statements.		22

DBX ETF Trust

Statement of Operations

For the Year Ended May 31, 2019


	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	174,803,992
Affiliated dividend income**		83,061
Income distributions from affiliated funds		1,836,856
Affiliated securities lending income		1,741,932

Total investment income		178,465,841


Expenses
Investment advisory fees		18,953,920
Other expenses		771,063

Total expenses		19,724,983
Less fees waived (see note 3):
Waiver		(42,460	)

Net expenses		19,682,523

Net investment income (loss)		158,783,318


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(62,831,829	)
Investments in affiliates		(800,808	)
In-kind redemptions		66,981,804
In-kind redemptions in affiliates		(717,113	)
Futures contracts		(6,069,029	)
Foreign currency transactions		(2,630,328	)
Forward foreign currency contracts		412,783,877

Net realized gain (loss)		406,716,574
Net change in unrealized appreciation (depreciation) on:
Investments		(511,598,568	)
Investments in affiliates		(1,311,115	)
Futures contracts		(986,731	)
Foreign currency translations		275,538
Forward foreign currency contracts		(98,047,181	)

Net change in unrealized appreciation (depreciation)		(611,668,057	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(204,951,483	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(46,168,165	)

* Unaffiliated foreign tax withheld	$	14,528,299
** Affiliated foreign tax withheld	$	12,459


See Notes to Financial Statements.		23

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI EAFE Hedged Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	158,783,318		$	179,604,129
Net realized gain (loss)		406,716,574			(62,238,754	)
Net change in net unrealized appreciation (depreciation)		(611,668,057	)		338,069,505

Net increase (decrease) in net assets resulting from operations		(46,168,165	)		455,434,880

Distributions to Shareholders		(162,803,052	)		(244,654,328	)*


Fund Shares Transactions
Proceeds from shares sold		—			242,635,204
Value of shares redeemed		(1,216,365,527	)		(2,950,986,126	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,216,365,527	)		(2,708,350,922	)

Total net increase (decrease) in Net Assets		(1,425,336,744	)		(2,497,570,370	)

Net Assets
Beginning of period		6,140,419,106			8,637,989,476

End of period	$	4,715,082,362		$	6,140,419,106	**


Changes in Shares Outstanding
Shares outstanding, beginning of period		192,750,800			281,550,800
Shares sold		—			7,600,000
Shares redeemed		(40,000,000	)		(96,400,000	)

Shares outstanding, end of period		152,750,800			192,750,800

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $105,948,751.


See Notes to Financial Statements.		24

DBX ETF Trust

Financial highlights


Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	31.86		$	30.68		$	26.48		$	30.75		$	27.81

Income (loss) from investment operations:
Net investment income (loss)(a)		0.91			0.80			0.74			0.76			1.41
Net realized and unrealized gain (loss)		(1.00	)		1.33			4.18			(4.03	)		2.90

Total from investment operations		(0.09	)		2.13			4.92			(3.27	)		4.31

Less distributions from:
Net investment income		(0.90	)		(0.95	)		(0.72	)		(0.88	)		(1.37	)
Net realized gains		—			—			—			(0.12	)		(0.00	)(b)

Total distributions		(0.90	)		(0.95	)		(0.72	)		(1.00	)		(1.37	)

Net Asset Value, end of year	$	30.87		$	31.86		$	30.68		$	26.48		$	30.75

Total Return (%)		(0.14	)(c)		7.05			19.17			(10.90	)		16.22

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		4,715			6,140			8,638			11,984			12,268
Ratio of expenses before fee waiver (%)		0.36			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.36			0.35			0.35			0.35			0.35
Ratio of net investment income (loss) (%)		2.93			2.57			2.72			2.82			4.81
Portfolio turnover rate (%)(d)		5			10			14			15			12

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

(b)	Amount represents less than $0.005.

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

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


See Notes to Financial Statements.		25

DBX ETF Trust

Notes to Financial Statements

1. Organization

As of May 31, 2019, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.

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 Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).

The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.

The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

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 Fund. 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 Fund 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. The 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 Fund.

DBX ETF Trust

Notes to Financial Statements (Continued)

amendments with the impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation The NAV of the 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.

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.

Equity securities 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 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 are generally categorized as Level 1.

Investments in open-ended 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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Board and are generally categorized as Level 3. In accordance with the Fund’s 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 the 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.

Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and

DBX ETF Trust

Notes to Financial Statements (Continued)

to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. 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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the 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 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.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2019, the Fund did not incur any interest or penalties.

As of May 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
$	99,867,427	$	(134,146,967	)	$	(349,779,295	)	$	(384,058,835	)

The tax character of dividends and distributions declared for the years ended May 31, 2019 and May 31, 2018 were as follows:


	Ordinary Income*
2019	$	162,803,052
2018	$	244,654,328

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

At May 31, 2019, for Federal income tax purposes, the Fund had 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 capital 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
$	47,997,241	$	86,149,726	$	134,146,967

For the fiscal year ended May 31, 2019, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), redemptions-in-kind and partnership investments.


Distributable Earnings (Loss)			Paid-In Capital
$	(51,199,544	)	$	51,199,544

DBX ETF Trust

Notes to Financial Statements (Continued)


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	5,148,278,723	$	(349,774,152	)	$	490,330,152	$	(840,104,304	)

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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. Foreign taxes payable as of May 31, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Foreign Currency Translations The books and records of the Fund is 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 year 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.

Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, the Fund 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 Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of May 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its 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 Fund is not able to recover securities lent, the Fund 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 Fund is 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, 2019, the Fund had securities on loan, which were classified as Common Stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end.

DBX ETF Trust

Notes to Financial Statements (Continued)


Remaining Contractual Maturity of the Agreements, as of May 31, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	98,060,983	$	677,472	$	574,276	$	29,712,151	$	129,024,882

Gross amount of recognized liabilities for securities lending transactions									$	129,024,882

Derivatives

Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2019, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

A summary of the open forward currency contracts as of May 31, 2019 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the year ended May 31, 2019.

Futures Contracts The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not 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, 2019, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time the Fund enters into a futures contract, the 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, the 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 the 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 the 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 the 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, 2019 is included in a table following the Fund’s Schedule of Investments.

DBX ETF Trust

Notes to Financial Statements (Continued)

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Equity contracts	Unrealized appreciation on futures contracts*	$	539,745	Unrealized depreciation on futures contracts*	$	1,624,464

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		57,280,606	Unrealized depreciation on forward foreign currency contracts		51,918,825


	Total	$	57,820,351	Total	$	53,543,289

*	Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 2019 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts— Equity Contracts			Forward Foreign Currency Contracts— Foreign Exchange Contracts			Total
	$	(6,069,029	)	$	412,783,877		$	406,714,848

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts— Equity Contracts			Forward Foreign Currency Contracts— Foreign Exchange Contracts			Total
	$	(986,731)		$	(98,047,181	)	$	(99,033,912	)

For the year ended May 31, 2019 the average monthly volume of derivatives was as follows:


Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	154,572,317	$	(5,304,401,724	)

As of May 31, 2019, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation

DBX ETF Trust

Notes to Financial Statements (Continued)

of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)			Net Amount of Derivatives Liabilities
Goldman Sachs & Co.	$	1,635,059	$	(1,635,059	)	$	—	$	—	$	3,953,218	$	(1,635,059	)	$	(540,000	)	$	1,778,159
JP Morgan & Chase Co.		18,498,290		(14,426,817	)		4,071,473		—		14,426,817		(14,426,817	)		—			—
RBC Capital Markets		15,281,104		(13,370,819	)		1,910,285		—		13,370,819		(13,370,819	)		—			—
The Bank of New York Mellon		5,856,607		(5,856,607	)		—		—		7,838,819		(5,856,607	)		—			1,982,212
The Bank of Nova Scotia		16,009,546		(12,329,152	)		3,680,394		—		12,329,152		(12,329,152	)		—			—

	$	57,280,606	$	(47,618,454	)	$	9,662,152	$	—	$	51,918,825	$	(47,618,454	)	$	(540,000	)	$	3,760,371

(a)	The actual collateral received or pledged may be more than amount shown.

Affiliated Cash Management Vehicles The Fund 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 Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. To the extent that the affiliated money market funds pay an investment management fee to DIMA, the Advisor will waive an amount of the unitary management fee payable to the Advisor by the Fund equal to the amount of the unitary management fee payable on the Fund’s 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 Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, 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 Fund to operate.

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.

The Advisor for the Fund has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2018 through May 31, 2019, the Advisor waived $42,460 of expenses to the Fund.

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2019, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


Purchases		Sales
$	705,731,035	$	286,868,375

For the year ended May 31, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


Purchases		Sales
$	—	$	1,184,524,340

5. Fund Share Transactions

As of May 31, 2019, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement 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 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.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Xtrackers MSCI EAFE Hedged Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2019, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended 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 the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2019, and the results of its operations for the year then ended, changes in net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended, in conformity with U.S. general accepted accounting principles.

Basis for Opinion

LOGO

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 26, 2019

DBX ETF Trust

Trustees and Officers (Unaudited)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Independent Trustees
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee	Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006).	37	The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum.
George O. Elston (1964) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Audit Committee and Member of the Nominating Committee	Trustee since 2011 (Chairman of the Audit Committee since 2015)	Chief Financial Officer Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	37
J. David Officer (1948) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Nominating Committee and Member of the Audit Committee	Trustee since 2011 (Chairman of the Nominating Committee since 2015)	Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	37	Ilex Partners (Asia), LLC; Old Westbury Funds.

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Interested Trustee
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154	Trustee Treasurer, Chief Financial Officer and Controller	Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010	Director in the Finance Division at DWS Investment Management Americas, Inc. (2008-present); Manager, Treasurer and Chief Financial Officer of the Advisor (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-2018); Global Finance Director, Alternative Investments (2018-present); Chief Financial Officer of RREEF America LLC (2018-present).	37	The Advisor, DBX Strategic Advisors LLC and DB Commodity Services LLC

Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154	President and Chief Executive Officer	Since 2016	Director in DWS and Chief of Staff Office in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present), the Advisor and DBX Strategic Advisors LLC and DB Commodity Services LLC (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154	Chief Operating Officer	Since 2014	Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Advisor (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012).

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)



Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Frank Gecsedi (1967) 345 Park Avenue New York, New York 10154	Chief Compliance Officer	Since 2010	Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards (1978) 345 Park Avenue New York New York 10154	Vice President	Since 2016	Managing Director in DWS (2018-present); Director in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
Leslie Lowenbraun (1953) 345 Park Avenue New York, New York 10154	Secretary	Since 2016	Director in U.S. Retail Passive Legal of DWS (2018- present) and Chief Legal Officer of the Advisor (2017-present); Vice President in U.S. Retail Passive Legal of DWS (2014-2018) ; Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014).
Amy McDonald (1978) One International Place Boston, Massachusetts 02110	Assistant Secretary	Since 2018	Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016).
Kevin Teevan (1973) 345 Park Avenue New York, New York 10154	Assistant Treasurer	Since 2018	Vice President in Finance for U.S. Traditional Asset Classes of DWS (2018-present); Vice President in Chief Operating Office for Global Transaction Banking at Deutsche Bank AG (2014-2017); Vice President in Finance for U.S. Passive Asset Management Platform at Deutsche Bank AG (2011-2014).
Christina A. Morse (1964) BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place Brooklyn, NY 11217	Assistant Secretary	Since 2016	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).

Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contract (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

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 Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. 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 the Fund’s investment performance 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 Fund.

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 Fund and its 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 Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s 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 Dechert LLP (“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 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 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 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 Advisor, including portfolio management.

The Board considered that the Advisor provides, 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 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 Deutsche Bank 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 Fund’s operations. The Board also considered that in addition to managing the Fund’s 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 Fund. The Trustees took into consideration that tracking error for the Fund during the year was in an expected range.

DBX ETF Trust

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

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 Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to the Fund, 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 Fund’s compliance program.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s’ peer group was appropriate. The Board considered that the fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the 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 Fund. Based on its review, the Board concluded that the advisory fee for the 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 Fund and the information provided by the Advisor to the Board regarding the Fund’s 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 Fund, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Advisor’s profitability with respect to the Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

Economies of Scale. The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board determined to revisit this matter after the Fund had attracted more assets.

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.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about the Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

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.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2019.


		Qualified Dividend Income*
			77%

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

The 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
	$189,940,267		$8,988,418

DBX ETF Trust

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

Copyright © 2019 DWS Group. All rights reserved. Xtrackers ^™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 345 Park Avenue New York, NY 10154	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-38753-5 (7/19) DBX003923 (7/20)

May 31, 2019

Annual Report

DBX ETF Trust

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

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)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion on Fund Performance		3
Performance Summary
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		6
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		8
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		10
Xtrackers Municipal Infrastructure Revenue Bond ETF		12
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		14
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		20
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		23
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		25
Xtrackers Municipal Infrastructure Revenue Bond ETF		33
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		38
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		44
Statements of Assets and Liabilities		48
Statements of Operations		50
Statements of Changes in Net Assets		52
Financial Highlights		55
Notes to Financial Statements		58
Report of Independent Registered Public Accounting Firm		70
Trustees and Officers		72
Board Considerations in Approval of Investment Advisory Contract		75
Additional Information		77
Privacy Policy Notice		78

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for our ETFs tracking the fixed income market for the period ended May 31, 2019.

The global economy experienced a synchronized slowdown during the reporting period due to rising trade tensions between the U.S. and China, macroeconomic stress in Argentina and Turkey, and downturn in the auto sector in Germany. However, the slowdown was partly offset by the resilience in domestic demand owing to robust labor market conditions. The U.S. economy remained on a firm footing, underpinned by strong private consumption and low unemployment rates. In contrast, the Eurozone posted weak growth owing to a slight drag from net exports and fears of higher auto tariffs if the trade war escalates. The Chinese economy also witnessed a negative impact, and authorities are now considering unconventional methods to achieve growth targets.

Amid a global growth slowdown, major central banks have shifted their perspectives, with the most significant institutions turning dovish. The Federal Reserve Board (FRB) paused interest rates and signaled no increases for the rest of the year as the economy faces headwinds in 2019. The FRB is also likely to be patient and data-dependent. Its more accommodative stance and incoming robust U.S. macroeconomic data have supported U.S. equities, following a deep sell-off in December. Furthermore, yields on U.S. 10-year Treasuries fell to their lowest levels since 2017, while yields on German 10-year bunds turned negative for the first time since 2016.

Conversely, Europe’s manufacturing-focused economy became more vulnerable to a global slowdown compared with the U.S. That said, the European Central Bank’s monetary stance remained accommodative, with the reinvestment of maturing assets from its bond-purchase program and keeping open-end supply in liquidity to banks through the full allotment procedure. The dovish stance of the Bank of England amid the fog of Brexit ¹ indicates that slower economic growth looks set to keep U.K. rates on hold. Elsewhere, the Bank of Japan in its monetary policy meeting decided to retain its current monetary easing framework to keep the yield curve under control and unanimously sustain guidelines on asset purchases other than Japanese government bonds. In light of global headwinds and low inflation, the upward pressure on bond yields has eased, along with a pro-cyclical fiscal boost, and still-accommodative monetary conditions. Solid fundamentals are also likely to buy time for the FRB to see whether its outlook for a transitory slowdown in inflation proves accurate.

Moreover, a slowdown in the European auto sector, driven by weak demand from its biggest market, China, and binary risks of the Brexit outcome and possible auto import tariffs by the U.S. could be key downside risks. Given growth concerns, policymakers remain committed to support the economy, focusing on targeted measures to increase liquidity and reduce bank lending costs. However, in light of increased uncertainties globally and muted inflation pressures, central banks will closely watch the implications of economic outlook and will act accordingly to sustain the expansion. Given the economic backdrop of an uncertain environment, hedging interest rate exposure would play a significant role in managing investments in fixed income markets.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) seeks to track the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the EMIH Index). The EMIH Index provides exposure to USD-denominated government debt issued by emerging market countries, while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2019, EMIH returned 3.31%, compared to the EMIH Index return of 1.82%.

From a geographical perspective, Ecuador, South Africa, Colombia, Uruguay were the major positive contributors, while Panama and Lithuania contributed negatively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed negatively to performance.

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) seeks to track the performance, before fees and expenses, of the Solactive USD High Yield Corporate Bond — Interest Rate Hedged Index (the HYIH Index). The HYIH Index provides exposure to a basket of liquid USD-denominated high-yield corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2019, HYIH returned 2.18%, compared to the HYIH Index return of -0.01%.

Communications, Consumer Non-Cyclical and Consumer Cyclical were the primary positive contributors to performance, while the Energy sector contributed negatively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed negatively to performance.

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) seeks to track the performance, before fees and expenses, of the Solactive USD Investment Grade Bond — Interest Rate Hedged Index (the IGIH Index). The IGIH Index provides exposure to a basket of liquid USD-denominated Investment Grade corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2019, IGIH returned 2.28%, compared to the IGIH Index return of 0.26%.

All the sectors contributed positively to performance during the period, with the greatest contribution coming from Energy, Communications and Industrials. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed negatively to performance.

Xtrackers Municipal Infrastructure Revenue Bond ETF

The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the U.S. long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2019, RVNU returned 7.45%, compared to the RVNU Index return of 7.91%.

All the sectors contributed positively to performance during the period, with the greatest contribution coming from Transportation and Utilities.

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2019, HDAW returned -2.82%, compared to the HDAW Index return of -3.07%.

Health Care, Utilities and Energy were the major positive contributors, while Consumer Discretionary, Information Technology and Financials sectors detracted most from the performance. From a geographical perspective, Switzerland, Russian Federation and Spain were the major positive contributors, while Germany, China and United Kingdom contributed negatively to performance.

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2019, HDEF returned -3.76%, compared to the HDEF Index return of -3.85%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Consumer Discretionary, Materials and Consumer Staples. The Utilities, Financials and Health Care sectors contributed positively to performance. From a geographical perspective, Spain, Australia and Switzerland were the major positive contributors, while Germany, United Kingdom and Japan contributed negatively to performance.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries, and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets sovereign debt. It is not possible to invest directly into an index.


Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	Solactive Emerging Markets Bond — Interest Rate Hedged Index	Solactive Emerging Markets Bond Index (Long only component)
One Year	3.31%	2.94%	1.82%	9.65%
Since Inception ¹	3.97%	4.04%	3.20%	5.53%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive Emerging Markets Bond — Interest Rate Hedged Index	Solactive Emerging Markets Bond Index (Long only component)
One Year	3.31%	2.94%	1.82%	9.65%
Since Inception ¹	18.00%	18.35%	14.34%	25.71%

¹ Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 3/3/15.


*Country Diversification as of 5/31/19**


Qatar			7.1%
Ukraine			6.0%
Egypt			6.0%
Peru			5.9%
Sri Lanka			5.8%
Mexico			5.2%
Indonesia			5.2%
Philippines			5.1%
Panama			5.0%
Turkey			4.9%
Uruguay			4.6%
Brazil			4.3%
Ecuador			4.2%
Poland			4.0%
Colombia			3.7%
Romania			3.5%
Russia			3.4%
Kazakhstan			3.3%
China			3.1%
Chile			3.0%
Hungary			3.0%
South Africa			2.8%
Other			0.9%

Total			100.0%

Modified duration as of 5/31/19: 0.0 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.


*Quality as of 5/31/19**



Description	% of Market Value
AA		7.2%
A		21.1%
BBB		39.8%
BB		9.2%
B		22.7%

Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond —Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	Solactive High Yield Corporate Bond — Interest Rate Hedged Index	Solactive High Yield Corporate Bond Index (Long only component)
One Year	2.18%	2.36%	-0.01%	5.74%
Since Inception ¹	2.66%	2.71%	2.53%	4.45%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive High Yield Corporate Bond — Interest Rate Hedged Index	Solactive High Yield Corporate Bond Index (Long only component)
One Year	2.18%	2.36%	-0.01%	5.74%
Since Inception ¹	11.78%	12.03%	11.19%	20.32%

¹ Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.56%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 3/3/15.

Sector Diversification* as of 5/31/19


Communications			25.1%
Consumer, Non-cyclical			18.0%
Consumer, Cyclical			13.6%
Energy			12.2%
Financial			9.4%
Industrial			9.0%
Technology			5.7%
Basic Materials			4.1%
Utilities			2.8%
Diversified			0.1%

Total			100.0%

Modified duration as of 5/31/19: 0.0 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.


*Quality as of 5/31/19**



Description	% of Market Value
BBB		4.2%
BB		53.3%
B		33.8%
CCC		8.3%
C		0.4%

Total		100.0%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.


Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	Solactive Investment Grade Bond — Interest Rate Hedged Index	Solactive Investment Grade Bond Index (Long only component)
One Year	2.28%	2.69%	0.26%	8.41%
Since Inception ¹	1.88%	2.00%	1.20%	3.70%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive Investment Grade Bond — Interest Rate Hedged Index	Solactive Investment Grade Bond Index (Long only component)
One Year	2.28%	2.69%	0.26%	8.41%
Since Inception ¹	8.21%	8.76%	5.19%	16.71%

¹ Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 3/3/15.

Sector Diversification* as of 5/31/19


Financial			29.2%
Consumer, Non-cyclical			21.1%
Communications			13.2%
Energy			11.1%
Technology			9.1%
Consumer, Cyclical			6.4%
Industrial			5.5%
Utilities			2.3%
Basic Materials			2.1%

Total			100.0%

Modified duration as of 5/31/19: 0.0 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Quality* as of 5/31/19



Description	% of Market Value
AAA		3.0%
AA		15.0%
A		39.5%
BBB		42.5%

Total		100.0%

Country Diversification* as of 5/31/19


United States			85.2%
United Kingdom			3.1%
Netherlands			2.7%
Canada			2.4%
Japan			1.8%
Guernsey			1.0%
Luxembourg			1.0%
Ireland			0.9%
Australia			0.8%
France			0.8%
Norway			0.3%

Total			100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	7.45%	8.17%	7.91%	6.32%
Five Year	4.92%	4.97%	5.35%	4.17%
Since Inception ¹	4.68%	4.72%	4.98%	4.02%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	7.45%	8.17%	7.91%	6.32%
Five Year	27.17%	27.43%	29.76%	22.68%
Since Inception ¹	31.57%	31.88%	33.78%	26.65%

¹ Total returns are calculated based on the commencement of operations, 6/4/13 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, as supplemented February 12, 2019, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/4/13.

Sector Diversification* as of 5/31/19


Transportation			34.0%
Airport			27.1%
Water			20.0%
Power			7.0%
General			6.0%
Utilities			3.2%
Development			2.7%

Total			100%

Modified duration as of 5/31/19: 6.3 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Quality* as of 5/31/19


AAA			7.7%
AA			43.0%
A			47.9%
BBB			1.4%

Total			100%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.

DBX ETF Trust

Performance Summary (Unaudited)

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

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying 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. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-2.82%	-2.86%	-3.07%	-6.26%
Since Inception ¹	1.99%	2.02%	2.20%	3.11%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-2.82%	-2.86%	-3.07%	-6.26%
Since Inception ¹	7.77%	7.92%	8.64%	12.36%

¹ Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 8/12/15.

Sector Diversification* as of 5/31/19


Financials			28.1%
Health Care			14.9%
Energy			12.2%
Materials			10.1%
Communication Services			8.2%
Consumer Discretionary			7.5%
Utilities			6.0%
Industrials			4.1%
Information Technology			3.5%
Consumer Staples			2.9%
Real Estate			2.5%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (27.9% of Net Assets)



Description	% of Net Assets
Roche Holding AG (Switzerland)		5.1%
TOTAL SA (France)		3.5%
Royal Bank of Canada (Canada)		3.0%
GlaxoSmithKline PLC (United Kingdom)		2.7%
Allianz SE (Germany)		2.7%
AstraZeneca PLC (United Kingdom)		2.6%
Sanofi (France)		2.6%
China Construction Bank Corp. (China)		2.1%
Rio Tinto PLC (United Kingdom)		1.8%
Bank of Nova Scotia (Canada)		1.8%

Country Diversification* as of 5/31/19


United Kingdom			15.0%
Canada			10.7%
Germany			8.9%
France			8.2%
Switzerland			7.9%
Japan			7.1%
China			6.3%
Hong Kong			5.0%
Taiwan			4.1%
Russia			3.5%
South Africa			2.9%
Australia			2.8%
Spain			2.7%
Other			14.9%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed markets in its parent index, the MSCI EAFE 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. It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	-3.76%	-4.24%	-3.85%	-5.75%
Since Inception ¹	1.65%	1.72%	1.90%	2.21%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	-3.76%	-4.24%	-3.85%	-5.75%
Since Inception ¹	6.44%	6.69%	7.41%	8.67%

¹ Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 8/12/15.

Sector Diversification* as of 5/31/19


Financials			20.7%
Health Care			15.4%
Consumer Discretionary			12.4%
Materials			12.1%
Utilities			9.4%
Communication Services			8.5%
Industrials			6.0%
Energy			5.9%
Consumer Staples			4.0%
Information Technology			3.6%
Real Estate			2.0%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (40.9% of Net Assets)



Description	% of Net Assets
AstraZeneca PLC (United Kingdom)		5.0%
GlaxoSmithKline PLC (United Kingdom)		5.0%
Sanofi (France)		4.9%
Allianz SE (Germany)		4.9%
TOTAL SA (France)		4.9%
Rio Tinto PLC (United Kingdom)		3.8%
BASF SE (Germany)		3.5%
Iberdrola SA (Spain)		3.2%
Zurich Insurance Group AG (Switzerland)		2.9%
AXA SA (France)		2.8%

Country Diversification* as of 5/31/19


United Kingdom			29.2%
Germany			14.4%
France			14.3%
Japan			11.5%
Spain			5.5%
Australia			4.9%
Switzerland			4.4%
Hong Kong			4.3%
Finland			2.7%
Italy			2.2%
Singapore			2.0%
Other			4.6%

Total			100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,029.90		0.45	%	$	2.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF ⁽²⁾
Actual	$	1,000.00	$	1,007.40		0.14	%	$	0.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.23		0.14	%	$	0.71
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,026.10		0.25	%	$	1.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.68		0.25	%	$	1.26
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,081.40		0.15	%	$	0.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,021.10		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,030.20		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

May 31, 2019


	Principal Amount		Value
SOVEREIGN BONDS — 97.7%

Brazil — 4.2%
Brazilian Government International Bond 8.875%, 4/15/24	$	50,000	$	62,437
8.25%, 1/20/34		50,000		64,126
7.125%, 1/20/37		30,000		35,550
5.625%, 1/7/41		125,000		127,438

				289,551

Chile — 3.0%
Chile Government International Bond 3.24%, 2/6/28		200,000		205,500

China — 3.0%
Export-Import Bank of China 3.625%, 7/31/24, 144A		200,000		207,818

Colombia — 3.6%
Colombia Government International Bond 7.375%, 9/18/37		100,000		130,375
6.125%, 1/18/41		100,000		117,376

				247,751

Ecuador — 4.1%
Ecuador Government International Bond 7.875%, 1/23/28, 144A		300,000		287,175

Egypt — 5.8%
Egypt Government International Bond 7.50%, 1/31/27, 144A		200,000		203,861
7.600%, 3/1/29, 144A		200,000		200,230

				404,091

El Salvador — 0.6%
El Salvador Government International Bond 7.65%, 6/15/35, 144A		40,000		40,500

Hungary — 3.0%
Hungary Government International Bond 5.75%, 11/22/23		10,000		11,166
5.375%, 3/25/24		106,000		117,437
7.625%, 3/29/41		50,000		76,657

				205,260

Indonesia — 5.1%
Indonesia Government International Bond 8.50%, 10/12/35, 144A		100,000		145,746
Perusahaan Penerbit SBSN Indonesia III 4.55%, 3/29/26, 144A		200,000		209,100

				354,846

Kazakhstan — 3.2%
Kazakhstan Government International Bond 5.125%, 7/21/25, 144A		200,000		220,344

Lebanon — 0.3%
Lebanon Government International Bond 6.85%, 5/25/29		25,000		19,016

Mexico — 5.1%
Mexico Government International Bond 4.00%, 10/2/23		140,000		144,868


	Principal Amount		Value
Mexico (Continued)
Series A, MTN, 6.75%, 9/27/34	$	10,000	$	12,287
6.05%, 1/11/40		26,000		29,803
MTN, 4.75%, 3/8/44		120,000		118,980
5.55%, 1/21/45		35,000		38,807
GMTN, 5.75%, 10/12/10		10,000		10,325

				355,070

Panama — 4.9%
Panama Bonos del Tesoro Series A, 5.625%, 7/25/22		100,000		109,640
Panama Government International Bond 6.70%, 1/26/36		175,000		231,877

				341,517

Peru — 5.7%
Peruvian Government International Bond 7.35%, 7/21/25		100,000		125,851
8.75%, 11/21/33		75,000		118,200
6.55%, 3/14/37		40,000		54,601
5.625%, 11/18/50		75,000		98,588

				397,240

Philippines — 5.0%
Philippine Government International Bond 10.625%, 3/16/25		75,000		106,629
5.00%, 1/13/37		200,000		239,789

				346,418

Poland — 3.9%
Republic of Poland Government International Bond 3.00%, 3/17/23		140,000		142,087
4.00%, 1/22/24		70,000		73,998
3.25%, 4/6/26		50,000		51,349

				267,434

Qatar — 7.0%
Qatar Government International Bond 3.875%, 4/23/23, 144A		200,000		207,875
9.75%, 6/15/30, 144A		90,000		142,609
6.40%, 1/20/40, 144A		100,000		132,632

				483,116

Romania — 3.4%
Romanian Government International Bond 4.375%, 8/22/23, 144A		10,000		10,417
4.875%, 1/22/24, 144A		86,000		91,432
6.125%, 1/22/44, 144A		70,000		83,105
5.125%, 6/15/48, 144A		50,000		51,769

				236,723

Russia — 3.3%
Russian Foreign Bond — Eurobond 5.875%, 9/16/43, 144A		200,000		231,255

South Africa — 2.8%
Republic of South Africa Government International Bond 5.65%, 9/27/47		200,000		192,389


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Sri Lanka — 5.6%
Sri Lanka Government International Bond 5.75%, 4/18/23, 144A	$	200,000	$	195,185
6.85%, 11/3/25, 144A		200,000		196,065

				391,250

Turkey — 4.8%
Turkey Government International Bond 7.375%, 2/5/25		55,000		54,123
4.875%, 10/9/26		200,000		170,761
11.875%, 1/15/30		40,000		50,423
7.25%, 3/5/38		60,000		55,594

				330,901

Ukraine — 5.8%
Ukraine Government International Bond 7.75%, 9/1/21, 144A		100,000		100,449
7.75%, 9/1/24, 144A		120,000		115,307
7.75%, 9/1/25, 144A		100,000		95,083
7.75%, 9/1/26, 144A		100,000		94,263

				405,102


	Principal Amount		Value
Uruguay — 4.5%
Uruguay Government International Bond 4.50%, 8/14/24	$	15,000	$	15,806
4.375%, 10/27/27		75,000		78,985
7.625%, 3/21/36		30,000		41,325
5.10%, 6/18/50		115,000		123,914
4.975%, 4/20/55		50,000		52,813

				312,843

TOTAL SOVEREIGN BONDS (Cost $6,760,595)				6,773,110


TOTAL INVESTMENTS — 97.7%
(Cost $6,760,595)			$	6,773,110
Other assets and liabilities, net — 2.3%				157,746

NET ASSETS — 100.0%			$	6,930,856

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (a)(b)
		18,900		—		(18,900	)(c)		—		—		211		—		—		—


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (a)
		—		1,688,268		(1,688,268	)		—		—		1,028		—		—		—

		18,900		1,688,268		(1,707,168	)		—		—		1,239		—		—		—

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

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

(c)	Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

GMTN:

Global Medium Term Note

MTN:

Medium Term Note

SBSN:

Surat Berharga Syariah Negara (Islamic Based Government Securities)

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.


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019

At May 31, 2019, open futures contracts sold were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
2-Year U.S. Treasury Note		USD		3	$	642,492	$	644,015		9/30/2019	$	(1,523	)
5-Year U.S. Treasury Note		USD		11		1,285,292		1,291,039		9/30/2019		(5,747	)
10-Year Ultra U.S. Treasury Note		USD		1		173,187		175,781		9/19/2019		(2,594	)
10-Year U.S. Treasury Note		USD		14		1,766,172		1,774,500		9/19/2019		(8,328	)
Ultra Long U.S. Treasury Bond		USD		6		813,844		819,282		9/19/2019		(5,438	)
U.S. Treasury Long Bond		USD		14		2,129,750		2,152,062		9/19/2019		(22,312	)

Total unrealized depreciation											$	(45,942	)

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

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Sovereign Bonds (d)	$	—		$	6,773,110	$	—	$	6,773,110

TOTAL	$	—		$	6,773,110	$	—	$	6,773,110



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (e)
Futures Contracts	$	(45,942	)	$	—	$	—	$	(45,942	)

TOTAL	$	(45,942	)	$	—	$	—	$	(45,942	)

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

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


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

May 31, 2019


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.9%
Xtrackers High Beta High Yield Bond ETF (a)(b)		9,690	$	460,768
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		123,428		6,043,035

TOTAL EXCHANGE-TRADED FUNDS (Cost $6,591,933)				6,503,803

SECURITIES LENDING COLLATERAL — 8.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d) (Cost $582,275)		582,275		582,275

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c) (Cost $1,893)		1,893		1,893


TOTAL INVESTMENTS — 108.8%
(Cost $7,176,101)			$	7,087,971
Other assets and liabilities, net — (8.8%)				(572,852	)

NET ASSETS — 100.0%			$	6,515,119

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
EXCHANGE-TRADED FUNDS — 99.9%
Xtrackers High Beta High Yield Bond ETF (a)(b)
		145,740		889,210			(550,474	)		(21,791	)		(1,917	)		24,096		—		9,690		460,768


Xtrackers USD High Yield Corporate Bond ETF (a)(b)
		3,216,678		4,679,414			(1,828,499	)		9,553			(34,111	)		324,439		—		123,428		6,043,035


SECURITIES LENDING COLLATERAL — 8.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d)
		302,748		279,527	(e)		—			—			—			7,736		—		582,275		582,275


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c)
		—		714,517			(712,624	)		—			—			709		—		1,893		1,893

		3,665,166		6,562,668			(3,091,597	)		(12,238	)		(36,028	)		356,980		—		717,286		7,087,971

(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, 2019 amounted to $567,231, which is 8.7% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period year May 31, 2019.


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019

At May 31, 2019, open futures contracts sold were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
2-Year U.S. Treasury Note		USD		5	$	1,070,820	$	1,073,359		9/30/2019	$	(2,539	)
5-Year U.S. Treasury Note		USD		25		2,921,117		2,934,180		9/30/2019		(13,063	)
10-Year U.S. Treasury Note		USD		16		2,018,483		2,028,000		9/19/2019		(9,517	)
Ultra Long U.S. Treasury Bond		USD		1		135,641		136,547		9/19/2019		(906	)

Total unrealized depreciation											$	(26,025	)

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Exchange-Traded Funds (f)	$	6,503,803		$	—	$	—	$	6,503,803
Short-Term Investments (f)		584,168			—		—		584,168

TOTAL	$	7,087,971		$	—	$	—	$	7,087,971



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(26,025	)	$	—	$	—	$	(26,025	)

TOTAL	$	(26,025	)	$	—	$	—	$	(26,025	)

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

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


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

May 31, 2019


	Principal Amount		Value
CORPORATE BONDS — 97.7%

Basic Materials — 2.0%

Chemicals — 1.3%
Dow Chemical Co. 7.375%, 11/1/29	$	40,000	$	51,286
DowDuPont, Inc. 5.419%, 11/15/48		5,000		5,673
LyondellBasell Industries NV 4.625%, 2/26/55		15,000		14,050
Sherwin-Williams Co. 2.75%, 6/1/22		20,000		19,966

				90,975

Forest Products & Paper — 0.3%
International Paper Co. 4.80%, 6/15/44		20,000		19,981

Mining — 0.4%
BHP Billiton Finance USA Ltd. 5.00%, 9/30/43		20,000		23,783
Newmont Goldcorp Corp. 4.875%, 3/15/42		5,000		5,229

				29,012

Communications — 12.9%

Internet — 1.4%
Alphabet, Inc. 3.375%, 2/25/24		10,000		10,485
Amazon.com, Inc. 2.80%, 8/22/24		10,000		10,149
4.80%, 12/5/34		15,000		17,738
4.95%, 12/5/44		25,000		30,555
eBay, Inc. 2.75%, 1/30/23		25,000		24,951

				93,878

Media — 3.9%
CBS Corp. 4.00%, 1/15/26		20,000		20,494
Comcast Corp. 3.00%, 2/1/24		25,000		25,339
4.15%, 10/15/28		45,000		48,356
4.20%, 8/15/34		45,000		48,115
3.40%, 7/15/46		10,000		9,117
3.969%, 11/1/47		25,000		24,770
Discovery Communications LLC 5.20%, 9/20/47		25,000		25,081
NBCUniversal Media LLC 5.95%, 4/1/41		25,000		31,179
TWDC Enterprises 18 Corp. MTN, 2.95%, 6/15/27 (a)		20,000		20,318
Warner Media LLC 3.60%, 7/15/25		20,000		20,399

				273,168

Telecommunications — 7.6%
AT&T, Inc. 2.625%, 12/1/22		15,000		14,949
3.90%, 3/11/24		20,000		20,843


	Principal Amount		Value
Telecommunications (Continued)
4.45%, 4/1/24	$	15,000	$	16,009
3.40%, 5/15/25		18,000		18,235
4.125%, 2/17/26		25,000		26,054
5.35%, 9/1/40		28,000		30,158
4.80%, 6/15/44		25,000		25,043
4.75%, 5/15/46		10,000		9,966
5.15%, 11/15/46		5,000		5,220
4.50%, 3/9/48		10,000		9,628
4.55%, 3/9/49		40,000		38,850
Cisco Systems, Inc. 2.20%, 9/20/23		10,000		9,912
5.50%, 1/15/40		20,000		25,554
Deutsche Telekom International Finance BV 8.75%, 6/15/30		10,000		14,075
Motorola Solutions, Inc. 3.75%, 5/15/22		6,000		6,169
Orange SA 5.50%, 2/6/44		10,000		11,925
Rogers Communications, Inc. 4.30%, 2/15/48		5,000		5,236
Telefonica Europe BV 8.25%, 9/15/30		35,000		47,969
Verizon Communications, Inc. 4.40%, 11/1/34		35,000		37,089
4.272%, 1/15/36		20,000		20,647
4.812%, 3/15/39		20,000		21,839
4.862%, 8/21/46		25,000		27,472
5.012%, 8/21/54		25,000		28,079
Vodafone Group PLC 2.50%, 9/26/22		10,000		9,928
2.95%, 2/19/23		25,000		25,118
5.25%, 5/30/48		20,000		20,792

				526,759

Consumer, Cyclical — 6.2%

Apparel — 0.1%
NIKE, Inc. 2.375%, 11/1/26		10,000		9,819

Auto Manufacturers — 1.9%
Ford Motor Co. 4.346%, 12/8/26 (a)		35,000		34,335
4.75%, 1/15/43		20,000		16,573
General Motors Co. 4.875%, 10/2/23		15,000		15,631
6.25%, 10/2/43		15,000		15,153
General Motors Financial Co., Inc. 3.50%, 11/7/24		15,000		14,555
4.35%, 1/17/27		15,000		14,847
Toyota Motor Corp. 3.419%, 7/20/23		20,000		20,702

				131,796

Housewares — 0.6%
Newell Brands, Inc. 3.85%, 4/1/23		40,000		40,298


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Retail — 3.6%
Costco Wholesale Corp. 3.00%, 5/18/27	$	15,000	$	15,307
Dollar Tree, Inc. 4.00%, 5/15/25		15,000		15,445
Home Depot, Inc. 3.00%, 4/1/26		30,000		30,500
3.90%, 6/15/47		10,000		10,338
3.50%, 9/15/56		10,000		9,385
Lowe’s Cos., Inc. 4.375%, 9/15/45		30,000		30,072
McDonald’s Corp. MTN, 3.70%, 1/30/26		10,000		10,438
MTN, 4.45%, 9/1/48		10,000		10,501
Starbucks Corp. 4.50%, 11/15/48		10,000		10,394
Target Corp. 4.00%, 7/1/42		15,000		15,624
TJX Cos., Inc. 2.25%, 9/15/26		8,000		7,788
Walgreens Boots Alliance, Inc. 4.80%, 11/18/44		10,000		9,584
Walmart, Inc. 2.55%, 4/11/23		30,000		30,165
2.85%, 7/8/24		10,000		10,155
5.25%, 9/1/35		10,000		12,421
3.625%, 12/15/47		20,000		20,421

				248,538

Consumer, Non-cyclical — 20.6%

Agriculture — 1.8%
Altria Group, Inc. 4.00%, 1/31/24		25,000		25,927
5.95%, 2/14/49		25,000		27,353
BAT Capital Corp. 3.557%, 8/15/27		15,000		14,431
4.54%, 8/15/47		10,000		9,000
Philip Morris International, Inc. 4.375%, 11/15/41		20,000		20,445
Reynolds American, Inc. 4.45%, 6/12/25		10,000		10,392
5.70%, 8/15/35		15,000		15,907

				123,455

Beverages — 2.4%
Anheuser-Busch InBev Finance, Inc. 4.00%, 1/17/43		5,000		4,668
4.625%, 2/1/44		10,000		10,016
Anheuser-Busch InBev Worldwide, Inc. 4.00%, 4/13/28		15,000		15,652
4.75%, 1/23/29		5,000		5,437
4.60%, 4/15/48		15,000		14,928
5.55%, 1/23/49		10,000		11,326
4.75%, 4/15/58		10,000		10,004
5.80%, 1/23/59		12,000		13,948
Coca-Cola Co. 2.875%, 10/27/25		5,000		5,094
Molson Coors Brewing Co. 3.00%, 7/15/26		20,000		19,436


	Principal Amount		Value
Beverages (Continued)
PepsiCo, Inc. 3.60%, 3/1/24	$	40,000	$	42,065
4.45%, 4/14/46		10,000		11,514

				164,088

Biotechnology — 2.3%
Amgen, Inc. 3.125%, 5/1/25		25,000		25,275
4.663%, 6/15/51		16,000		16,581
Biogen, Inc. 4.05%, 9/15/25		10,000		10,488
Celgene Corp. 3.25%, 8/15/22		15,000		15,337
3.45%, 11/15/27		15,000		15,272
4.35%, 11/15/47		20,000		21,102
Gilead Sciences, Inc. 2.95%, 3/1/27		15,000		14,904
4.00%, 9/1/36		25,000		25,531
4.75%, 3/1/46		10,000		10,721

				155,211

Cosmetics/Personal Care — 0.2%
Procter & Gamble Co. 2.85%, 8/11/27		15,000		15,195

Food — 2.0%
Campbell Soup Co. 4.15%, 3/15/28		15,000		15,197
Conagra Brands, Inc. 5.40%, 11/1/48		15,000		15,793
General Mills, Inc. 3.20%, 2/10/27		10,000		9,950
Kraft Heinz Foods Co. 3.95%, 7/15/25		14,000		14,233
6.50%, 2/9/40		25,000		28,220
Kroger Co. 4.45%, 2/1/47		5,000		4,694
McCormick & Co., Inc. 3.40%, 8/15/27		10,000		10,115
Sysco Corp. 3.75%, 10/1/25		15,000		15,641
Tyson Foods, Inc. 3.55%, 6/2/27		20,000		20,257
5.10%, 9/28/48		5,000		5,304

				139,404

Healthcare-Products — 1.8%
Abbott Laboratories 3.40%, 11/30/23		10,000		10,315
4.90%, 11/30/46		15,000		17,644
Becton Dickinson and Co. 4.669%, 6/6/47		15,000		16,138
Boston Scientific Corp. 4.00%, 3/1/28		10,000		10,473
4.00%, 3/1/29		15,000		15,808
Medtronic, Inc. 3.625%, 3/15/24		40,000		41,747
4.625%, 3/15/45		2,000		2,313


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Healthcare-Products (Continued)
Stryker Corp. 4.625%, 3/15/46	$	10,000	$	11,059

				125,497

Healthcare-Services — 2.1%
Aetna, Inc. 3.875%, 8/15/47		10,000		8,621
Anthem, Inc. 3.30%, 1/15/23		25,000		25,390
4.625%, 5/15/42		15,000		15,612
HCA, Inc. 4.75%, 5/1/23		20,000		21,077
5.50%, 6/15/47		10,000		10,525
Kaiser Foundation Hospitals 4.15%, 5/1/47		10,000		11,037
Laboratory Corp. of America Holdings 3.60%, 2/1/25		10,000		10,144
UnitedHealth Group, Inc. 4.75%, 7/15/45		40,000		45,309

				147,715

Pharmaceuticals — 8.0%
AbbVie, Inc. 2.90%, 11/6/22		15,000		15,038
4.70%, 5/14/45		40,000		39,084
Allergan Funding SCS 3.80%, 3/15/25		50,000		50,361
AstraZeneca PLC 4.00%, 1/17/29		5,000		5,296
6.45%, 9/15/37		20,000		25,886
Cardinal Health, Inc. 2.616%, 6/15/22		25,000		24,801
CVS Health Corp. 3.875%, 7/20/25		45,000		46,143
4.30%, 3/25/28		20,000		20,616
4.78%, 3/25/38		20,000		20,035
5.05%, 3/25/48		30,000		30,562
Eli Lilly & Co. 2.75%, 6/1/25		10,000		10,091
3.95%, 5/15/47		10,000		10,564
Express Scripts Holding Co. 3.50%, 6/15/24		15,000		15,281
3.40%, 3/1/27		5,000		4,971
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		20,000		20,179
Johnson & Johnson 5.95%, 8/15/37		20,000		26,535
3.50%, 1/15/48		5,000		5,027
Merck & Co., Inc. 2.40%, 9/15/22		30,000		30,112
4.15%, 5/18/43		10,000		10,885
4.00%, 3/7/49		10,000		10,679
Mylan NV 5.25%, 6/15/46		5,000		4,553
Novartis Capital Corp. 3.40%, 5/6/24		20,000		20,740
3.10%, 5/17/27		15,000		15,246


	Principal Amount		Value
Pharmaceuticals (Continued)
Pfizer, Inc. 3.00%, 6/15/23	$	10,000	$	10,228
4.30%, 6/15/43		10,000		10,914
4.40%, 5/15/44		40,000		44,217
Sanofi 3.625%, 6/19/28		10,000		10,579
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/26		15,000		14,817

				553,440

Energy — 10.9%

Oil & Gas — 6.0%
Anadarko Petroleum Corp. 5.55%, 3/15/26		20,000		22,203
Apache Corp. 5.10%, 9/1/40		20,000		19,882
BP Capital Markets America, Inc. 2.75%, 5/10/23		50,000		50,125
4.234%, 11/6/28		5,000		5,388
BP Capital Markets PLC 3.279%, 9/19/27		10,000		10,072
Canadian Natural Resources Ltd. 2.95%, 1/15/23		20,000		19,989
Chevron Corp. 2.954%, 5/16/26		20,000		20,341
Concho Resources, Inc. 4.875%, 10/1/47		10,000		10,534
ConocoPhillips Co. 4.30%, 11/15/44		15,000		15,994
EQT Corp. 3.00%, 10/1/22		10,000		9,892
Equinor ASA 3.95%, 5/15/43		15,000		15,548
Exxon Mobil Corp. 3.567%, 3/6/45		5,000		5,064
Marathon Oil Corp. 4.40%, 7/15/27		10,000		10,381
Marathon Petroleum Corp. 6.50%, 3/1/41		7,000		8,510
Noble Energy, Inc. 5.05%, 11/15/44		10,000		10,160
Occidental Petroleum Corp. 4.10%, 2/15/47		15,000		14,372
Phillips 66 4.875%, 11/15/44		15,000		16,381
Shell International Finance BV 2.375%, 8/21/22		15,000		14,962
3.50%, 11/13/23		15,000		15,621
4.55%, 8/12/43		50,000		56,353
Suncor Energy, Inc. 4.00%, 11/15/47		10,000		9,848
Total Capital International SA 3.70%, 1/15/24		20,000		20,875
3.455%, 2/19/29		10,000		10,386
Valero Energy Corp. 3.40%, 9/15/26		20,000		19,822

				412,703


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Oil & Gas Services — 0.9%
Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc. 4.08%, 12/15/47	$	10,000	$	9,145
Halliburton Co. 3.50%, 8/1/23		10,000		10,260
3.80%, 11/15/25		15,000		15,455
National Oilwell Varco, Inc. 3.95%, 12/1/42		10,000		8,499
Schlumberger Investment SA 3.65%, 12/1/23		15,000		15,602

				58,961

Pipelines — 4.0%
Enbridge, Inc. 4.00%, 10/1/23		20,000		20,788
Enterprise Products Operating LLC 5.10%, 2/15/45		30,000		32,981
Kinder Morgan, Inc. 4.30%, 6/1/25		25,000		26,244
5.20%, 3/1/48		10,000		10,504
MPLX LP 4.80%, 2/15/29		5,000		5,322
4.70%, 4/15/48		25,000		23,775
Sabine Pass Liquefaction LLC 4.20%, 3/15/28		30,000		30,350
Sunoco Logistics Partners Operations LP 4.00%, 10/1/27		55,000		54,832
TransCanada Pipelines Ltd. 7.625%, 1/15/39		25,000		34,365
Williams Cos., Inc. 3.75%, 6/15/27		40,000		40,513

				279,674

Financial — 28.6%

Banks — 21.2%
Bank of America Corp. GMTN, 3.30%, 1/11/23		45,000		45,834
MTN, 4.125%, 1/22/24		15,000		15,828
MTN, 4.00%, 1/22/25		25,000		25,820
MTN, 4.25%, 10/22/26		10,000		10,424
MTN, 5.00%, 1/21/44		30,000		34,865
Bank of New York Mellon Corp. MTN, 2.20%, 8/16/23		50,000		49,200
Bank of Nova Scotia 4.50%, 12/16/25		25,000		26,614
BB&T Corp. MTN, 3.70%, 6/5/25		25,000		26,216
Citigroup, Inc. 3.875%, 10/25/23		15,000		15,712
3.875%, 3/26/25		20,000		20,525
3.40%, 5/1/26		20,000		20,234
4.125%, 7/25/28		30,000		30,861
5.30%, 5/6/44		21,000		24,120
4.75%, 5/18/46		15,000		16,143
Cooperatieve Rabobank UA 5.25%, 5/24/41		10,000		12,392


	Principal Amount		Value
Banks (Continued)
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 9/15/22	$	35,000	$	36,014
4.55%, 4/17/26		30,000		31,807
Deutsche Bank AG 3.70%, 5/30/24 (b)		20,000		19,488
Discover Bank 3.45%, 7/27/26		25,000		24,749
Fifth Third Bancorp 4.30%, 1/16/24		20,000		21,208
Goldman Sachs Group, Inc. 3.20%, 2/23/23		20,000		20,231
4.00%, 3/3/24		15,000		15,627
3.50%, 1/23/25		35,000		35,460
6.25%, 2/1/41		25,000		32,080
MTN, 4.80%, 7/8/44		15,000		16,470
5.15%, 5/22/45		10,000		10,908
HSBC Holdings PLC 3.40%, 3/8/21		50,000		50,597
6.10%, 1/14/42		20,000		26,211
ING Groep NV 3.95%, 3/29/27		20,000		20,458
JPMorgan Chase & Co. 3.875%, 9/10/24		50,000		51,983
3.125%, 1/23/25		37,000		37,330
6.40%, 5/15/38		25,000		33,298
5.60%, 7/15/41		15,000		18,758
KeyCorp MTN, 4.10%, 4/30/28		15,000		16,023
Mitsubishi UFJ Financial Group, Inc. 3.407%, 3/7/24		15,000		15,369
3.287%, 7/25/27		30,000		30,697
Morgan Stanley Series F, 3.875%, 4/29/24		15,000		15,651
GMTN, 3.70%, 10/23/24		30,000		31,053
MTN, 3.125%, 7/27/26		15,000		14,908
GMTN, 4.35%, 9/8/26		20,000		20,943
4.30%, 1/27/45		10,000		10,535
4.375%, 1/22/47		20,000		21,353
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		20,870
3.45%, 4/23/29		15,000		15,273
Santander Holdings USA, Inc. 4.40%, 7/13/27		20,000		20,354
Santander UK PLC 4.00%, 3/13/24		15,000		15,678
State Street Corp. 3.10%, 5/15/23		25,000		25,432
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		25,000		26,414
2.632%, 7/14/26		30,000		29,473
SunTrust Bank 3.20%, 4/1/24		15,000		15,292
Toronto-Dominion Bank GMTN, 3.50%, 7/19/23		10,000		10,392
US Bancorp MTN, 3.60%, 9/11/24		20,000		20,839
MTN, 3.90%, 4/26/28		10,000		10,829


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Banks (Continued)
Wells Fargo & Co. 4.125%, 8/15/23	$	40,000	$	41,804
3.00%, 4/22/26		60,000		59,447
3.00%, 10/23/26		10,000		9,891
5.375%, 2/7/35		35,000		42,007
5.606%, 1/15/44		15,000		17,862
Westpac Banking Corp. 3.35%, 3/8/27		30,000		30,808

				1,466,662

Diversified Financial Services — 3.4%
American Express Co. 3.40%, 2/27/23		25,000		25,609
American Express Credit Corp. MTN, 3.30%, 5/3/27		15,000		15,487
Brookfield Finance, Inc. 4.70%, 9/20/47		10,000		10,171
Capital One Financial Corp. 3.20%, 2/5/25		26,000		25,990
3.75%, 3/9/27		20,000		20,017
Charles Schwab Corp. 2.65%, 1/25/23		15,000		15,053
CME Group, Inc. 5.30%, 9/15/43		5,000		6,309
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/35		50,000		47,517
Mastercard, Inc. 2.95%, 11/21/26		10,000		10,130
Synchrony Financial 4.25%, 8/15/24		15,000		15,324
Visa, Inc. 3.15%, 12/14/25		20,000		20,600
4.15%, 12/14/35		20,000		21,922

				234,129

Insurance — 2.7%
American International Group, Inc. 4.50%, 7/16/44		15,000		15,159
4.75%, 4/1/48		5,000		5,239
Berkshire Hathaway Finance Corp. 4.20%, 8/15/48		5,000		5,345
Berkshire Hathaway, Inc. 3.125%, 3/15/26		30,000		30,498
Brighthouse Financial, Inc. 3.70%, 6/22/27		20,000		18,651
Chubb INA Holdings, Inc. 4.35%, 11/3/45		10,000		11,253
Manulife Financial Corp. 4.15%, 3/4/26		25,000		26,626
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		20,000		21,543
MetLife, Inc. 5.70%, 6/15/35		25,000		31,520
Progressive Corp. 4.125%, 4/15/47		5,000		5,322


	Principal Amount		Value
Insurance (Continued)
Prudential Financial, Inc. MTN, 4.60%, 5/15/44	$	15,000	$	16,593

				187,749

Real Estate Investment Trusts — 1.3%
American Tower Corp. 5.00%, 2/15/24		5,000		5,447
Crown Castle International Corp. 3.80%, 2/15/28		25,000		25,262
Digital Realty Trust LP 3.70%, 8/15/27		15,000		15,212
Realty Income Corp. 3.25%, 10/15/22		25,000		25,460
Simon Property Group LP 3.25%, 11/30/26		15,000		15,233

				86,614

Industrial — 5.4%

Aerospace/Defense — 2.1%
General Dynamics Corp. 2.25%, 11/15/22		15,000		14,955
Lockheed Martin Corp. 4.09%, 9/15/52		12,000		12,591
Northrop Grumman Corp. 3.25%, 8/1/23		5,000		5,119
4.03%, 10/15/47		20,000		20,269
Rockwell Collins, Inc. 3.50%, 3/15/27		20,000		20,235
United Technologies Corp. 3.10%, 6/1/22		10,000		10,131
4.125%, 11/16/28		15,000		15,934
5.70%, 4/15/40		25,000		30,380
4.625%, 11/16/48		15,000		16,340

				145,954

Electronics — 0.4%
Fortive Corp. 3.15%, 6/15/26		10,000		9,909
Honeywell International, Inc. 2.50%, 11/1/26		15,000		14,743

				24,652

Environmental Control — 0.1%
Waste Management, Inc. 4.10%, 3/1/45		5,000		5,241

Machinery-Construction & Mining — 0.2%
Caterpillar, Inc. 3.803%, 8/15/42		10,000		10,334

Machinery-Diversified — 0.1%
John Deere Capital Corp. MTN, 2.80%, 3/6/23		10,000		10,091

Miscellaneous Manufacturing — 1.1%
3M Co. MTN, 3.25%, 2/14/24		25,000		25,809
General Electric Co. 2.70%, 10/9/22		10,000		9,897


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019


	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
MTN, 5.875%, 1/14/38	$	15,000	$	16,484
4.125%, 10/9/42		25,000		22,309

				74,499

Transportation — 1.4%
Burlington Northern Santa Fe LLC 3.90%, 8/1/46		25,000		25,576
CSX Corp. 4.25%, 3/15/29		20,000		21,548
4.10%, 3/15/44		10,000		10,174
FedEx Corp. 5.10%, 1/15/44		20,000		21,226
Union Pacific Corp. 4.50%, 9/10/48		5,000		5,433
3.799%, 10/1/51		5,000		4,754
United Parcel Service, Inc. 3.75%, 11/15/47		10,000		9,706

				98,417

Technology — 8.9%

Computers — 3.2%
Apple, Inc. 2.85%, 2/23/23		25,000		25,346
2.40%, 5/3/23		45,000		44,936
3.20%, 5/13/25		17,000		17,453
4.45%, 5/6/44		25,000		27,382
4.375%, 5/13/45		18,000		19,745
3.75%, 9/12/47		10,000		9,927
3.75%, 11/13/47		15,000		14,968
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		25,000		26,674
International Business Machines Corp. 4.00%, 6/20/42		35,000		34,645

				221,076

Semiconductors — 1.6%
Applied Materials, Inc. 4.35%, 4/1/47		5,000		5,358
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.50%, 1/15/28		35,000		31,980
Intel Corp. 3.70%, 7/29/25		30,000		31,592
4.10%, 5/11/47		15,000		15,803
QUALCOMM, Inc. 3.45%, 5/20/25		15,000		15,278
4.30%, 5/20/47		5,000		5,044
Texas Instruments, Inc. 4.15%, 5/15/48		5,000		5,459

				110,514

Software — 4.1%
Fiserv, Inc. 4.20%, 10/1/28		10,000		10,578
Microsoft Corp. 2.40%, 8/8/26		50,000		49,197
3.30%, 2/6/27		25,000		26,054
3.50%, 2/12/35		20,000		20,658
3.75%, 2/12/45		10,000		10,423
3.70%, 8/8/46		30,000		31,262


	Principal Amount		Value
Software (Continued)
4.25%, 2/6/47	$	20,000	$	22,745
Oracle Corp. 3.40%, 7/8/24		25,000		25,816
2.95%, 5/15/25		10,000		10,074
4.30%, 7/8/34		30,000		32,536
4.00%, 7/15/46		20,000		20,125
4.00%, 11/15/47		10,000		10,154
Salesforce.com, Inc. 3.70%, 4/11/28		10,000		10,638

				280,260

Utilities — 2.2%

Electric — 2.0%
Berkshire Hathaway Energy Co. 4.50%, 2/1/45		10,000		10,937
Consolidated Edison Co. of New York, Inc. 4.625%, 12/1/54		10,000		11,077
Duke Energy Corp. 3.75%, 4/15/24		10,000		10,416
3.75%, 9/1/46		10,000		9,360
Emera US Finance LP 3.55%, 6/15/26		15,000		15,093
Entergy Corp. 2.95%, 9/1/26		10,000		9,835
Exelon Corp. 3.95%, 6/15/25		5,000		5,253
4.45%, 4/15/46		5,000		5,207
FirstEnergy Corp. Series C, 4.85%, 7/15/47		15,000		16,398
Florida Power & Light Co. 3.95%, 3/1/48		5,000		5,248
Sempra Energy 3.25%, 6/15/27		10,000		9,739
4.00%, 2/1/48		10,000		9,321
Southern Co. 4.40%, 7/1/46		20,000		20,376

				138,260

Gas — 0.2%
NiSource, Inc. 3.49%, 5/15/27		15,000		15,233

TOTAL CORPORATE BONDS (Cost $6,643,907)				6,749,252


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (c)(d) (Cost $34,230)		34,230		34,230


TOTAL INVESTMENTS — 98.2%
(Cost $6,678,137)			$	6,783,482
Other assets and liabilities, net — 1.8%				127,587

NET ASSETS — 100.0%			$	6,911,069


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
CORPORATE BONDS — 0.3%
Financial — 0.3%
Deutsche Bank AG , 3.70% 5/30/24 (b)
		—		19,654			—			—		(166	)		—		—		20,000		19,488


SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (c)(d)
		17,820		16,410	(e)		—			—		—			437		—		34,230		34,230


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares” , 2.35% (c)
		—		1,725,455			(1,725,455	)		—		—			1,218		—		—		—

		17,820		1,761,519			(1,725,455	)		—		(166	)		1,655		—		54,230		53,718

(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, 2019 amounted to $32,792, which is 0.5% of net assets.

(b)	Affiliated issuer. This security is owned in proportion with its representation in the index.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2019.

GMTN:

Global Medium Term Note

MTN:

Medium Term Note

At May 31, 2019, open futures contracts sold were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
2-Year U.S. Treasury Note		USD		2	$	428,328	$	429,344		9/30/2019	$	(1,016	)
5-Year U.S. Treasury Note		USD		14		1,636,324		1,643,140		9/30/2019		(6,816	)
10-Year Ultra U.S. Treasury Note		USD		7		1,212,313		1,230,469		9/19/2019		(18,156	)
10-Year U.S. Treasury Note		USD		13		1,640,581		1,647,750		9/19/2019		(7,169	)
Ultra Long U.S. Treasury Bond		USD		4		542,562		546,187		9/19/2019		(3,625	)
U.S. Treasury Long Bond		USD		9		1,369,125		1,383,469		9/19/2019		(14,344	)

Total unrealized depreciation											$	(51,126	)

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Corporate Bonds (f)	$	—		$	6,749,252	$	—	$	6,749,252
Short-Term Investments		34,230			—		—		34,230

TOTAL	$	34,230		$	6,749,252	$	—	$	6,783,482



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(51,126	)	$	—	$	—	$	(51,126	)

TOTAL	$	(51,126	)	$	—	$	—	$	(51,126	)

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

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


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2019


	Principal Amount		Value
MUNICIPAL BONDS — 98.5%

Alabama — 0.4%
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, Series A, 5.00%, 6/1/37	$	200,000	$	241,768

Arizona — 1.7%
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/38		450,000		538,371
Series A, 5.00%, 1/1/39		500,000		608,085

				1,146,456

California — 18.7%
Alameda Corridor Transportation Authority, Transit Revenue, Series B, 5.00%, 10/1/35		165,000		191,515
Bay Area Toll Authority, Highway Revenue Tolls, 3.25%, 4/1/36		260,000		268,372
4.00%, 4/1/38		25,000		27,421
5.00%, 10/1/54		1,350,000		1,534,356
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 5/15/44		200,000		237,200
Series B, AMT, 5.00%, 5/15/46		975,000		1,126,846
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32		150,000		188,199
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		100,000		120,429
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 7/1/44		175,000		214,133
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42		100,000		107,448
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		500,000		593,245
Series A, 5.00%, 7/1/46		750,000		867,847
Los Angeles Department of Water, Water Revenue, Series A, 5.00%, Issued 4/21/16, 7/1/41		500,000		584,445
Series A, 5.00%, Issued 5/11/17, 7/1/41		200,000		238,500
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/1/41		500,000		582,200
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		1,000,000		1,225,120
Series A, AMT, 5.00%, 5/1/44		150,000		181,133
Series B, AMT, 5.00%, 5/1/46		500,000		576,115


	Principal Amount		Value
California (Continued)
Series C, 5.00%, 5/1/46	$	850,000	$	991,687
Series A, AMT, 5.00%, 5/1/47		200,000		233,576
Series B, 5.00%, 5/1/47		25,000		29,648
Series D, AMT, 5.25%, 5/1/48		870,000		1,049,855
Series A, AMT, 5.00%, 5/1/49		200,000		239,982
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, Series A, 5.00%, 1/15/44		1,000,000		1,127,010

				12,536,282

Colorado — 3.4%
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/38		320,000		383,786
Series A, AMT, 4.00%, 12/1/43		400,000		435,748
Series A, AMT, 5.00%, 12/1/43		325,000		386,461
Series A, AMT, 5.00%, 12/1/48		700,000		828,149
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51		250,000		261,065

				2,295,209

District of Columbia — 1.8%
District of Columbia Water & Sewer Authority, Water Revenue, Series C, 5.00%, 10/1/44		130,000		148,100
Series B, 5.00%, 10/1/49		250,000		298,715
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/35		455,000		532,086
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		250,000		297,195

				1,276,096

Florida — 5.3%
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		100,000		121,696
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, 5.00%, 10/1/36		315,000		354,977
Series A, AMT, 5.00%, 10/1/38		500,000		570,510
Series B, AMT, 5.00%, 10/1/40		250,000		292,822
Series A, AMT, 4.00%, 10/1/44		100,000		108,609
Series A, AMT, 5.00%, 10/1/44		100,000		119,776
Series A, AMT, 5.00%, 10/1/49		100,000		118,984
County of Miami-Dade FL Transit System, Sales Tax Revenue, 4.00%, 7/1/38		90,000		97,964
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series A, 4.00%, 10/1/44		165,000		180,215
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/47		100,000		116,465
Series A, 5.00%, 10/1/52		500,000		579,845


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2019


	Principal Amount		Value
Florida (Continued)
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48	$	50,000	$	60,069
Putnam County Development Authority, Electric, Power & Light Revenue, Series A, 5.00%, 3/15/42		250,000		292,060
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		500,000		546,405

				3,560,397

Georgia — 2.3%
Burke County Development Authority, Electric, Power & Light Revenue, Series D, 4.13%, 11/1/45		250,000		263,417
City of Atlanta GA Water & Wastewater, Water Revenue, 5.00%, 11/1/40		700,000		812,189
Series B, 5.00%, 11/1/47		250,000		298,325
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		34,789
Municipal Electric Authority of Georgia, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/60		100,000		105,452

				1,514,172

Guam — 0.2%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46		125,000		138,344

Hawaii — 1.5%
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, 5.00%, 7/1/40		500,000		577,525
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		472,836

				1,050,361

Illinois — 7.6%
Chicago Midway International Airport, Private Airport & Marina Revenue, Series B, 5.00%, 1/1/41		500,000		572,920
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 1/1/42		800,000		916,192
Series D, 5.00%, 1/1/47		500,000		580,550
Series B, 5.00%, 1/1/48		800,000		953,168
Series D, 5.00%, 1/1/52		140,000		161,557
Series D, AMT, 5.00%, 1/1/52		375,000		425,602
City of Chicago IL Waterworks, Water Revenue, 5.00%, 11/1/39		275,000		304,661
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, Series A, 4.00%, 2/1/34		45,000		48,562


	Principal Amount		Value
Illinois (Continued)
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 12/1/31	$	10,000	$	11,771
Series C, 5.00%, 1/1/36		50,000		57,198
Series A, 5.00%, 1/1/40		1,090,000		1,249,990

				5,282,171

Indiana — 0.5%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/1/41		100,000		116,423
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/1/42		200,000		232,178

				348,601

Kentucky — 0.1%
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		47,545

Louisiana — 1.9%
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, 3.50%, 11/1/32		250,000		258,995
New Orleans Aviation Board, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 1/1/45		700,000		776,489
Series B, AMT, 5.00%, 1/1/48		250,000		283,912

				1,319,396

Maryland — 0.3%
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, 3.50%, 10/1/33		190,000		203,921

Michigan — 0.9%
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, Series C, 5.00%, 7/1/36		430,000		499,617
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, Series A, 5.00%, 7/1/46		125,000		144,955

				644,572

Missouri — 0.4%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47		245,000		290,357

Nevada — 1.3%
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		500,000		590,605
Series B, 4.00%, 7/1/49		250,000		269,105

				859,710


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2019


	Principal Amount		Value
New Jersey — 4.2%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/31	$	10,000	$	12,088
Series B, 5.00%, 1/1/31		20,000		24,681
Series A, 5.00%, 1/1/33		10,000		11,999
Series B, 5.00%, 1/1/34		130,000		158,462
Series G, 3.25%, 1/1/38		395,000		407,123
Series E, 5.00%, 1/1/45		1,350,000		1,530,238
Series A, 5.00%, 1/1/48		650,000		780,513

				2,925,104

New York — 21.4%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/44		700,000		789,411
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, Series A, 5.25%, 11/15/32		600,000		743,010
Metropolitan Transportation Authority, Transit Revenue, Series B, 5.00%, 11/15/37		1,000,000		1,180,850
Sub-Series D-1, 5.00%, 11/15/39		20,000		22,634
Series D, 4.00%, 11/15/42		300,000		328,161
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		119,675
Sub-Series D-1, 5.25%, 11/15/44		50,000		57,638
Sub-Series A-1, 5.00%, 11/15/45		200,000		227,538
Series D, 4.00%, 11/15/46		500,000		544,815
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, Series A, Sub-Series E-1, 5.00%, 2/1/36		200,000		239,704
Sub-Series B-1, 5.00%, 8/1/39		600,000		688,530
Sub-Series A-1, 5.00%, 5/1/40		500,000		587,160
Sub-Series A-1, 4.00%, 5/1/42		15,000		16,339
New York City Transitional Finance Authority Future Tax Secured Revenue, Sales Tax Revenue, Series E-1, 5.00%, 2/1/41		250,000		286,957
New York City Water & Sewer System, Water Revenue, Series CC-1, 4.00%, 6/15/37		95,000		105,565
Series GG, 5.00%, 6/15/39		650,000		754,540
Series HH, 5.00%, 6/15/39		150,000		174,125
Sub-Series EE-2, 5.00%, 6/15/40		35,000		43,198
Sub-Series CC-1, 4.00%, 6/15/46		50,000		54,199
Series CC, 5.00%, 6/15/46		500,000		576,180
Sub-Series CC-1, 5.00%, 6/15/46		300,000		351,000
Series CC-1, 5.00%, 6/15/47		500,000		567,185
Series DD, 5.00%, 6/15/47		1,200,000		1,415,928
Series CC, 5.00%, 6/15/48		965,000		1,144,673
Series DD-1, 5.00%, 6/15/48		300,000		358,989
Series DD-1, 5.00%, 6/15/49		400,000		480,392
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		29,320


	Principal Amount		Value
New York (Continued)
New York State Environmental Facilities Corp., Lease Revenue, Sub-Series E, 5.00%, 6/15/42	$	100,000	$	120,243
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30		400,000		478,832
AMT, 5.00%, 1/1/34		500,000		588,505
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 10/15/35		65,000		76,982
5.00%, 10/15/41		1,150,000		1,348,421

				14,500,699

Ohio — 0.3%
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/49		200,000		212,106
Ohio Water Development Authority Water Pollution Control Loan Fund, Sewer Revenue, Series A, 5.00%, 12/1/29		10,000		12,481
Series A, 5.00%, 6/1/30		10,000		12,417

				237,004

Oklahoma — 1.1%
Oklahoma Turnpike Authority, Highway Revenue Tolls, Series C, 4.00%, 1/1/42		350,000		380,625
Series A, 5.00%, 1/1/43		280,000		329,778

				710,403

Pennsylvania — 5.6%
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/47		300,000		346,767
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 7/1/40		395,000		443,905
Series A, 5.00%, 10/1/48		35,000		41,570
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42		40,000		47,294
Pennsylvania Economic Development Financing Authority, Industrial Revenue, 5.00%, 12/31/34		390,000		443,496
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.25%, 12/1/44		300,000		366,369
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Sub-Series B-1, 5.00%, 6/1/42		100,000		115,253
Series A-2, 5.00%, 12/1/43		250,000		297,968
Series A-1, 5.00%, 12/1/46		900,000		1,034,910
Series A-1, 5.00%, 12/1/47		500,000		586,580

				3,724,112


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2019


	Principal Amount		Value
Puerto Rico — 1.1%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	400,000	$	437,060
Series N, 5.25%, 7/1/36		175,000		191,415
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		50,000		53,873
Series L, 5.25%, 7/1/41		25,000		26,933

				709,281

South Carolina — 2.7%
South Carolina Public Service Authority, Miscellaneous Revenue, Series C, 5.00%, 12/1/46		730,000		816,819
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/49		200,000		221,402
Series A, 5.50%, 12/1/54		290,000		327,184
Series A, 5.00%, 12/1/55		365,000		409,771
Series E, 5.25%, 12/1/55		50,000		57,339

				1,832,515

Texas — 7.7%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/45		100,000		112,240
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		595,390
Series D, 5.00%, 11/15/39		85,000		96,940
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/47		150,000		177,632
County of Harris TX, Highway Revenue Tolls, Series A, 5.00%, 8/15/47		200,000		232,754
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, 5.00%, 12/1/46		300,000		348,231
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/38		500,000		569,295
Series A, 5.00%, 1/1/48		1,500,000		1,761,795
Series B, 5.00%, 1/1/48		390,000		450,333
San Antonio Water System, Water Revenue, Series B, 5.00%, 5/15/39		155,000		178,695
Texas Water Development Board, Lease Revenue, Series A, 5.00%, 10/15/45		600,000		697,962

				5,221,267

Utah — 1.9%
Salt Lake City Corp Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		472,484
Series A, AMT, 5.00%, 7/1/47		450,000		521,915
Series A, AMT, 5.25%, 7/1/48		225,000		270,216

				1,264,615


	Principal Amount		Value
Virginia — 2.4%
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, 5.00%, 7/1/41	$	190,000	$	222,716
Virginia Small Business Financing Authority, Highway Revenue Tolls, 5.00%, 12/31/52		550,000		613,294
AMT, 5.00%, 12/31/56		750,000		834,075

				1,670,085

Washington — 1.2%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/29		10,000		11,973
Series S-1, 5.00%, 11/1/35		120,000		141,301
Series S-1, 5.00%, 11/1/45		400,000		462,104
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		225,920

				841,298

Wisconsin — 0.6%
Wisconsin Department of Transportation, Miscellaneous Revenue, Series 2, 5.00%, 7/1/29		75,000		93,510
Series 2, 5.00%, 7/1/30		45,000		55,766
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44		245,000		290,764

				440,040

TOTAL MUNICIPAL BONDS (Cost $64,408,570)				66,831,781


TOTAL INVESTMENTS — 98.5% (Cost $64,408,570)			$	66,831,781
Other assets and liabilities, net — 1.5%				1,039,954

NET ASSETS — 100.0%			$	67,871,735


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (a)
		—		58,068		(58,068	)		—		—		41		—		—		—

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

AMT:

Alternative Minimum Tax

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (b)	$	—	$	66,831,781	$	—	$	66,831,781

TOTAL	$	—	$	66,831,781	$	—	$	66,831,781

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


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 97.7%

Australia — 2.8%
AGL Energy Ltd.		4,389	$	62,491
Alumina Ltd.		16,382		27,127
Aurizon Holdings Ltd.		13,319		47,801
Bendigo & Adelaide Bank Ltd.		3,262		25,381
Boral Ltd.		7,846		29,518
Coca-Cola Amatil Ltd.		3,392		22,397
Crown Resorts Ltd.		2,600		22,572
Fortescue Metals Group Ltd.		9,273		51,719
Harvey Norman Holdings Ltd. (a)		3,553		10,241
Insurance Australia Group Ltd.		15,467		81,980
Lendlease Group (b)		3,774		37,261
Medibank Pvt Ltd.		18,431		42,268
Wesfarmers Ltd.		7,588		194,785

				655,541

Austria — 0.2%
ANDRITZ AG		450		16,147
voestalpine AG		844		21,980

				38,127

Belgium — 0.1%
Proximus SADP		1,018		29,438

Brazil — 0.4%
BB Seguridade Participacoes SA		5,014		38,222
Cosan SA		1,196		14,403
Hypera SA		2,552		19,702
Petrobras Distribuidora SA		2,496		16,292
Porto Seguro SA		668		9,045

				97,664

Canada — 10.6%
Bank of Nova Scotia		8,203		416,005
BCE, Inc.		1,070		48,169
Canadian Imperial Bank of Commerce		2,952		223,797
CI Financial Corp.		1,554		23,323
First Capital Realty, Inc.		1,172		18,023
Great-West Lifeco, Inc.		1,863		42,169
IGM Financial, Inc.		598		16,225
Inter Pipeline Ltd. (a)		2,713		41,340
Keyera Corp.		1,413		34,032
Manulife Financial Corp.		13,142		220,475
Pembina Pipeline Corp.		3,400		121,272
Power Corp. of Canada		2,014		42,443
Power Financial Corp.		1,853		40,901
Royal Bank of Canada		9,608		721,933
Sun Life Financial, Inc.		3,969		154,016
TC Energy Corp.		6,170		300,718
TELUS Corp.		1,325		48,927

				2,513,768

Chile — 0.3%
Aguas Andinas SA, Class A		18,522		10,256
Banco Santander Chile		451,077		31,874
Cia Cervecerias Unidas SA		900		12,220
Enel Chile SA		210,440		19,341

				73,691


	Number of Shares		Value
China — 6.2%
Beijing Capital International Airport Co. Ltd., Class H		12,000	$	10,147
China Construction Bank Corp., Class H		643,401		508,776
China Petroleum & Chemical Corp., Class A		4,200		3,304
China Petroleum & Chemical Corp., Class H		169,812		113,056
China Shenhua Energy Co. Ltd., Class H		22,500		46,202
China Vanke Co. Ltd., Class H		9,669		34,221
China Yangtze Power Co. Ltd., Class A		2,100		5,388
CIFI Holdings Group Co. Ltd.		18,269		10,928
CNOOC Ltd.		118,000		192,338
Country Garden Holdings Co. Ltd. (a)		50,334		68,049
Dongfeng Motor Group Co. Ltd., Class H		20,213		16,654
Guangzhou Automobile Group Co. Ltd., Class H		21,892		21,109
Hengan International Group Co. Ltd.		4,776		35,026
Industrial & Commercial Bank of China Ltd., Class H		433,385		309,539
Jiangsu Expressway Co. Ltd., Class H		8,791		12,244
Logan Property Holdings Co. Ltd.		8,604		12,708
SAIC Motor Corp. Ltd., Class A		1,000		3,469
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		9,240		10,746
Sinopec Shanghai Petrochemical Co. Ltd., Class H		24,121		10,521
Sinotruk Hong Kong Ltd.		4,500		8,529
Weichai Power Co. Ltd., Class H		13,361		20,313
Yuzhou Properties Co. Ltd.		10,239		4,662
Zhejiang Expressway Co. Ltd., Class H		10,127		10,578

				1,468,507

Colombia — 0.1%
Ecopetrol SA		33,021		27,090

Czech Republic — 0.1%
Komercni banka AS		517		19,470

Finland — 1.5%
Elisa OYJ		952		42,350
Nokian Renkaat OYJ		826		23,555
Orion OYJ, Class B		752		24,536
Sampo OYJ, Class A		2,967		128,151
Stora Enso OYJ, Class R		3,800		40,067
UPM-Kymmene OYJ		3,572		89,242

				347,901

France — 8.1%
Amundi SA, 144A		439		28,422
AXA SA		12,896		317,304
Bouygues SA		1,492		52,090
CNP Assurances		1,149		24,571
Eutelsat Communications SA		1,036		18,212
Sanofi		7,513		604,801
SCOR SE		1,091		44,776
Societe BIC SA (a)		182		14,177
TOTAL SA		15,912		826,999

				1,931,352


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

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

May 31, 2019


	Number of Shares		Value
Germany — 8.7%
Allianz SE		2,841	$	629,565
Axel Springer SE		325		20,118
BASF SE		6,147		404,556
Bayer AG		6,240		367,286
Bayerische Motoren Werke AG		2,216		153,152
Covestro AG, 144A		1,163		50,842
Daimler AG		6,086		314,919
Evonik Industries AG		1,134		29,722
Hannover Rueck SE		404		60,416
Innogy SE		993		41,108

				2,071,684

Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		408		9,189
OPAP SA		1,405		14,678

				23,867

Hong Kong — 5.0%
BOC Hong Kong Holdings Ltd.		24,843		95,373
China Everbright Ltd.		6,554		10,482
China Merchants Port Holdings Co. Ltd.		8,043		14,074
China Mobile Ltd.		41,000		357,940
China Resources Cement Holdings Ltd.		17,449		15,133
China Resources Power Holdings Co. Ltd.		13,327		19,411
CLP Holdings Ltd.		11,124		125,775
Guangdong Investment Ltd.		20,010		39,354
Hang Lung Properties Ltd.		13,145		27,663
Hang Seng Bank Ltd.		5,026		125,962
Henderson Land Development Co. Ltd.		9,922		51,252
HKT Trust & HKT Ltd. (b)		26,596		41,926
Hysan Development Co. Ltd.		4,529		23,568
Kingboard Holdings Ltd.		3,500		9,196
Kingboard Laminates Holdings Ltd.		5,500		4,693
Lee & Man Paper Manufacturing Ltd.		7,063		4,594
New World Development Co. Ltd.		41,414		61,060
NWS Holdings Ltd.		10,873		21,439
Power Assets Holdings Ltd.		9,459		65,388
Shimao Property Holdings Ltd.		8,327		23,843
Sino Land Co. Ltd.		20,803		33,272
Yue Yuen Industrial Holdings Ltd.		5,142		14,395

				1,185,793

India — 0.4%
Bharat Petroleum Corp. Ltd.		4,355		25,580
Bharti Infratel Ltd.		2,394		9,240
Indian Oil Corp. Ltd.		13,539		32,162
Oil & Natural Gas Corp. Ltd.		16,000		39,477

				106,459

Indonesia — 0.6%
PT Adaro Energy Tbk		108,657		9,859
PT Indofood Sukses Makmur Tbk		29,366		13,579
PT Telekomunikasi Indonesia Persero Tbk		331,499		90,583
PT United Tractors Tbk		11,200		19,893

				133,914

Italy — 1.1%
Assicurazioni Generali SpA		7,332		128,398
Snam SpA		13,930		69,915
Terna Rete Elettrica Nazionale SpA		9,416		57,353

				255,666


	Number of Shares		Value
Japan — 7.0%
Canon, Inc.		6,670	$	188,290
Daito Trust Construction Co. Ltd.		500		65,093
Japan Tobacco, Inc.		8,009		183,858
Komatsu Ltd.		6,100		135,765
Marubeni Corp.		10,000		62,943
Mitsubishi Chemical Holdings Corp.		8,500		55,685
Mitsubishi Gas Chemical Co., Inc.		1,100		13,728
Mitsubishi Tanabe Pharma Corp.		1,500		17,725
MS&AD Insurance Group Holdings, Inc.		3,178		100,865
Nikon Corp.		2,000		27,373
Nippon Steel Corp.		5,400		89,847
Nissan Motor Co. Ltd.		15,581		105,418
NSK Ltd.		2,400		19,297
NTT DOCOMO, Inc.		8,900		204,559
Sekisui House Ltd.		4,175		66,965
Subaru Corp.		4,148		96,350
Sumitomo Chemical Co. Ltd.		10,000		43,288
Tokyo Electron Ltd.		1,100		149,841
Yamaha Motor Co. Ltd.		1,800		30,886

				1,657,776

Luxembourg — 0.1%
RTL Group SA		274		13,093

Macau — 0.3%
Sands China Ltd.		16,051		72,675

Malaysia — 0.3%
AirAsia Group Bhd		8,000		5,517
HAP Seng Consolidated Bhd		4,882		11,534
Maxis Bhd		17,200		22,739
MISC Bhd		8,100		13,434
Petronas Gas Bhd		4,000		16,857
Westports Holdings Bhd		8,000		7,407

				77,488

Mexico — 0.3%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,393		23,402
Grupo Mexico SAB de CV, Series B		23,446		58,473

				81,875

Netherlands — 0.2%
Randstad NV		797		41,032

New Zealand — 0.1%
Spark New Zealand Ltd.		12,289		30,560

Norway — 1.6%
Equinor ASA		6,698		128,317
Gjensidige Forsikring ASA		1,400		27,260
Mowi ASA (a)		2,936		68,086
Orkla ASA		5,114		44,260
Telenor ASA		4,924		101,250

				369,173

Peru — 0.1%
Southern Copper Corp.		569		19,192

Philippines — 0.1%
Aboitiz Power Corp.		8,500		5,948


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

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

May 31, 2019


	Number of Shares		Value
Philippines (Continued)
DMCI Holdings, Inc.		26,700	$	5,416
Globe Telecom, Inc.		267		11,108
Manila Electric Co.		1,510		11,145

				33,617

Poland — 0.2%
Powszechny Zaklad Ubezpieczen SA		3,900		42,060

Portugal — 0.4%
EDP — Energias de Portugal SA		17,130		62,211
Jeronimo Martins SGPS SA		1,843		27,982

				90,193

Qatar — 0.2%
Barwa Real Estate Co.		1,416		13,962
Masraf Al Rayan QSC		2,636		26,208
Qatar Electricity & Water Co. QSC		342		15,499

				55,669

Russia — 3.5%
Alrosa PJSC		17,865		24,175
Gazprom PJSC		71,296		235,423
Inter RAO UES PJSC		226,040		13,929
LUKOIL PJSC		2,761		223,304
MMC Norilsk Nickel PJSC		424		89,290
Mobile TeleSystems PJSC, ADR		3,344		26,150
Novolipetsk Steel PJSC		8,022		21,221
PhosAgro PJSC, GDR		870		11,197
Polymetal International PLC		1,145		12,313
Severstal PJSC		1,393		22,163
Tatneft PJSC		10,126		116,352
X5 Retail Group NV, GDR		818		24,141

				819,658

Saudi Arabia — 0.4%
Advanced Petrochemical Co.		322		4,765
Banque Saudi Fransi		1,815		19,382
Jarir Marketing Co.		197		8,772
Samba Financial Group		3,279		30,601
Saudi British Bank		752		7,740
Yanbu National Petrochemical Co.		753		12,770

				84,030

Singapore — 1.0%
ComfortDelGro Corp. Ltd.		15,687		28,038
Singapore Exchange Ltd.		5,341		28,639
Singapore Technologies Engineering Ltd.		10,456		29,704
Singapore Telecommunications Ltd.		54,646		127,051
Venture Corp. Ltd.		1,700		18,663

				232,095

South Africa — 2.9%
Absa Group Ltd.		4,823		55,991
Exxaro Resources Ltd.		1,604		18,718
FirstRand Ltd.		22,525		103,515
Foschini Group Ltd.		1,398		16,911
Investec Ltd.		2,087		12,285
Investec PLC		4,565		26,530
Kumba Iron Ore Ltd.		431		13,353
Liberty Holdings Ltd.		927		6,933


	Number of Shares		Value
South Africa (Continued)
Nedbank Group Ltd.		2,475	$	44,554
Netcare Ltd.		7,791		9,955
Old Mutual Ltd.		33,075		47,803
RMB Holdings Ltd.		4,903		27,742
Sanlam Ltd.		11,950		62,518
SPAR Group Ltd. (a)		1,409		18,534
Standard Bank Group Ltd.		8,666		118,315
Telkom SA SOC Ltd. (a)		1,978		12,463
Tiger Brands Ltd.		1,080		16,321
Truworths International Ltd.		3,194		15,721
Vodacom Group Ltd.		4,300		35,091
Woolworths Holdings Ltd.		7,044		22,137

				685,390

South Korea — 0.8%
Hyundai Marine & Fire Insurance Co. Ltd.		452		11,671
KT&G Corp.		779		66,067
Orange Life Insurance Ltd., 144A		235		7,163
Samsung Fire & Marine Insurance Co. Ltd.		206		46,877
SK Telecom Co. Ltd.		129		27,135
Woongjin Coway Co. Ltd.		373		25,088

				184,001

Spain — 2.6%
Aena SME SA, 144A		452		83,058
Enagas SA		1,555		42,454
Endesa SA		2,126		52,855
Iberdrola SA		39,274		363,862
Mapfre SA		7,213		21,123
Red Electrica Corp. SA		2,897		61,434

				624,786

Sweden — 0.5%
Electrolux AB, Series B		1,509		32,710
Hennes & Mauritz AB, Class B (a)		5,377		80,227

				112,937

Switzerland — 7.8%
Adecco Group AG		1,059		56,832
Kuehne + Nagel International AG		361		47,788
Roche Holding AG		4,592		1,201,129
Swiss Life Holding AG		229		103,748
Swiss Prime Site AG		508		41,212
Swisscom AG		173		82,488
Zurich Insurance Group AG		1,013		327,109

				1,860,306

Taiwan — 4.1%
Catcher Technology Co. Ltd.		4,739		28,782
Cathay Financial Holding Co. Ltd.		49,332		63,669
Chicony Electronics Co. Ltd.		3,882		9,198
Chunghwa Telecom Co. Ltd.		24,944		88,769
Compal Electronics, Inc.		30,966		19,248
CTBC Financial Holding Co. Ltd.		124,057		82,214
Far EasTone Telecommunications Co. Ltd.		10,223		25,386
First Financial Holding Co. Ltd.		66,137		47,282
Formosa Chemicals & Fibre Corp.		23,414		79,620


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

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

May 31, 2019


	Number of Shares		Value
Taiwan (Continued)
Formosa Petrochemical Corp.		8,025	$	29,447
Formosa Plastics Corp.		30,256		105,758
Formosa Taffeta Co. Ltd.		5,339		6,570
Foxconn Technology Co. Ltd.		6,768		13,167
Fubon Financial Holding Co. Ltd.		44,933		61,474
Inventec Corp.		19,501		14,682
Lite-On Technology Corp.		14,312		20,418
Micro-Star International Co. Ltd.		4,747		12,403
Nan Ya Plastics Corp.		34,548		85,789
Nanya Technology Corp.		8,000		15,589
Nien Made Enterprise Co. Ltd.		1,196		8,720
Novatek Microelectronics Corp.		3,905		20,691
Pegatron Corp.		14,101		22,972
Phison Electronics Corp.		1,104		9,988
Pou Chen Corp.		15,671		17,772
Powertech Technology, Inc.		5,013		11,782
Taiwan Mobile Co. Ltd.		10,307		38,473
Vanguard International Semiconductor Corp.		6,594		12,578
Winbond Electronics Corp.		15,000		6,762
Zhen Ding Technology Holding Ltd.		2,661		7,795

				966,998

Thailand — 1.2%
Land & Houses PCL, NVDR		46,000		15,407
PTT Global Chemical PCL, NVDR		16,445		31,568
PTT PCL, NVDR		77,400		113,113
Siam Cement PCL		2,700		38,562
Siam Cement PCL, NVDR		2,600		37,134
Siam Commercial Bank PCL, NVDR		5,900		24,143
Thai Oil PCL, NVDR		8,600		16,101

				276,028

Turkey — 0.2%
Eregli Demir ve Celik Fabrikalari TAS		10,196		12,667
Ford Otomotiv Sanayi AS		497		4,688
TAV Havalimanlari Holding AS		1,480		6,452
Tupras Turkiye Petrol Rafinerileri AS		789		17,712
Turkcell Iletisim Hizmetleri AS		7,362		14,685

				56,204

United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		18,625		45,535
Aldar Properties PJSC		30,232		14,980
Dubai Islamic Bank PJSC		12,120		16,630
Emaar Development PJSC		5,359		5,719
Emaar Malls PJSC		17,510		9,248
Emirates Telecommunications Group Co. PJSC		11,641		51,659

				143,771

United Kingdom — 14.9%
Admiral Group PLC		1,264		32,851
Amcor PLC		7,751		88,502
AstraZeneca PLC		8,479		623,369
BAE Systems PLC		21,393		121,984
Barratt Developments PLC		6,788		47,740
BT Group PLC		56,447		137,852


	Number of Shares		Value
United Kingdom (Continued)
Direct Line Insurance Group PLC		9,776	$	38,998
easyJet PLC		1,063		11,672
G4S PLC		10,384		27,393
GlaxoSmithKline PLC		33,227		639,497
Imperial Brands PLC		6,403		154,547
ITV PLC		25,867		34,967
Kingfisher PLC		14,122		38,073
Legal & General Group PLC		39,893		129,021
Marks & Spencer Group PLC		10,875		30,868
Micro Focus International PLC		2,200		53,151
National Grid PLC (a)		22,822		228,048
Next PLC		921		66,887
Persimmon PLC		2,125		52,683
Rio Tinto Ltd.		2,484		172,620
Rio Tinto PLC		7,629		436,211
Schroders PLC		832		30,610
Severn Trent PLC		1,587		39,805
SSE PLC		6,870		93,387
Standard Life Aberdeen PLC		16,673		56,172
Taylor Wimpey PLC		21,942		45,701
WPP PLC		8,445		100,182

				3,532,791

TOTAL COMMON STOCKS (Cost $25,025,237)				23,143,330

PREFERRED STOCKS — 1.5%

Brazil — 0.5%
Itausa — Investimentos Itau SA		29,559		93,561
Telefonica Brasil SA		2,700		33,143

				126,704

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B		700		21,189

Germany — 0.1%
Bayerische Motoren Werke AG		372		21,971

South Korea — 0.8%
Hyundai Motor Co.		194		12,772
Hyundai Motor Co. — 2nd Preferred		240		17,271
Samsung Electronics Co. Ltd.		5,467		159,754

				189,797

TOTAL PREFERRED STOCKS (Cost $357,714)				359,661

RIGHTS — 0.0%

United Kingdom — 0.0%
Marks & Spencer Group PLC*, expires 6/12/19 (Cost $0)		2,175		1,069

SECURITIES LENDING COLLATERAL — 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (c)(d) (Cost $372,442)		372,442		372,442


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

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

May 31, 2019


	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c) (Cost $7,618)		7,618	$	7,618


TOTAL INVESTMENTS — 100.8%
(Cost $25,763,011)			$	23,884,120
Other assets and liabilities, net — (0.8%)				(192,376	)

NET ASSETS — 100.0%			$	23,691,744

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d)
		569,313		—		(196,871	)(e)		—		—		11,927		—		372,442		372,442


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c)
		—		1,158,891		(1,151,273	)		—		—		323		—		7,618		7,618

		569,313		1,158,891		(1,348,144	)		—		—		12,250		—		380,060		380,060

*	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, 2019 amounted to $418,316, which is 1.8% of net assets.

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

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $78,090.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

GDR:

Global Depositary Receipt

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

QSC:

Qatari Shareholders Company

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
MSCI EAFE Futures		USD		1	$	91,230	$	90,895		6/21/2019	$	(335	)
MSCI Emerging Markets Index Futures		USD		1		49,305		50,010		6/21/2019		705

Total net unrealized appreciation											$	370


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

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

May 31, 2019

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	23,143,330		$	—	$	—	$	23,143,330
Preferred Stocks (f)		359,661			—		—		359,661
Rights		1,069			—		—		1,069
Short-Term Investments (f)		380,060			—		—		380,060
Derivatives (g)
Futures Contracts		705			—		—		705

TOTAL	$	23,884,825		$	—	$	—	$	23,884,825



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(335	)	$	—	$	—	$	(335	)

TOTAL	$	(335	)	$	—	$	—	$	(335	)

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

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


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 99.2%

Australia — 4.9%
Alumina Ltd.		348,500	$	577,085
Aurizon Holdings Ltd.		283,333		1,016,872
Bendigo & Adelaide Bank Ltd.		72,232		562,016
Boral Ltd.		173,073		651,131
Coca-Cola Amatil Ltd.		72,153		476,416
Crown Resorts Ltd.		55,845		484,813
Fortescue Metals Group Ltd.		197,257		1,100,189
Harvey Norman Holdings Ltd. (a)		87,677		252,707
Insurance Australia Group Ltd.		329,021		1,743,911
Medibank Pvt Ltd.		392,085		899,182
Wesfarmers Ltd.		161,424		4,143,769

				11,908,091

Austria — 0.3%
ANDRITZ AG		10,364		371,882
voestalpine AG		16,853		438,892

				810,774

Belgium — 0.3%
Proximus SADP		21,656		626,235

Finland — 2.7%
Elisa OYJ		21,113		939,209
Nokian Renkaat OYJ		17,571		501,058
Orion OYJ, Class B		15,470		504,758
Sampo OYJ, Class A		63,115		2,726,076
UPM-Kymmene OYJ		75,987		1,898,439

				6,569,540

France — 14.2%
Amundi SA, 144A		8,982		581,528
AXA SA		276,186		6,795,516
Bouygues SA		31,735		1,107,951
CNP Assurances		26,021		556,443
Eutelsat Communications SA		26,220		460,918
Sanofi (a)		149,495		12,034,445
SCOR SE		23,211		952,615
Societe BIC SA (a)		3,786		294,903
TOTAL SA		230,802		11,995,540

				34,779,859

Germany — 14.2%
Allianz SE		54,286		12,029,760
BASF SE		130,763		8,605,973
Bayerische Motoren Werke AG		47,138		3,257,801
Covestro AG, 144A		24,751		1,082,014
Daimler AG		129,465		6,699,147
Evonik Industries AG		26,538		695,548
Hannover Rueck SE		8,585		1,283,851
Innogy SE		20,649		854,829
Innogy SE, 144A		1,361		61,545

				34,570,468

Hong Kong — 4.2%
BOC Hong Kong Holdings Ltd.		526,586		2,021,572
Hang Lung Properties Ltd.		305,250		642,382
Hang Seng Bank Ltd.		108,836		2,727,650
HKT Trust & HKT Ltd. (b)		539,270		850,116


	Number of Shares		Value
Hong Kong (Continued)
New World Development Co. Ltd.		872,290	$	1,286,093
NWS Holdings Ltd.		236,373		466,080
Power Assets Holdings Ltd.		197,341		1,364,175
Sino Land Co. Ltd.		433,261		692,948
Yue Yuen Industrial Holdings Ltd.		111,172		311,231

				10,362,247

Italy — 2.2%
Assicurazioni Generali SpA (a)		155,982		2,731,559
Snam SpA		296,330		1,487,290
Terna Rete Elettrica Nazionale SpA		200,312		1,220,108

				5,438,957

Japan — 11.4%
Canon, Inc.		142,434		4,020,817
Daito Trust Construction Co. Ltd.		10,200		1,327,902
Japan Tobacco, Inc.		170,800		3,920,967
Komatsu Ltd.		131,500		2,926,730
Mitsubishi Chemical Holdings Corp.		182,300		1,194,290
Mitsubishi Gas Chemical Co., Inc.		23,100		288,285
Mitsubishi Tanabe Pharma Corp.		32,000		378,135
Nissan Motor Co. Ltd.		330,500		2,236,107
NTT DOCOMO, Inc.		189,900		4,364,683
Sekisui House Ltd.		88,524		1,419,890
Subaru Corp.		87,600		2,034,789
Tokyo Electron Ltd.		22,300		3,037,688
Yamaha Motor Co. Ltd.		39,900		684,630

				27,834,913

Luxembourg — 0.1%
RTL Group SA (a)		6,041		288,659

Macau — 0.6%
Sands China Ltd.		345,227		1,563,099

Netherlands — 0.4%
Randstad NV		17,560		904,041

New Zealand — 0.3%
Spark New Zealand Ltd.		275,206		684,385

Norway — 1.7%
Gjensidige Forsikring ASA		30,012		584,383
Mowi ASA (a)		62,448		1,448,173
Telenor ASA		104,745		2,153,831

				4,186,387

Portugal — 0.8%
EDP — Energias de Portugal SA		364,404		1,323,394
Jeronimo Martins SGPS SA		37,131		563,761

				1,887,155

Singapore — 2.0%
ComfortDelGro Corp. Ltd.		324,200		579,454
Singapore Exchange Ltd.		114,450		613,682
Singapore Technologies Engineering Ltd.		222,290		631,492
Singapore Telecommunications Ltd.		1,162,398		2,702,564
Venture Corp. Ltd.		39,100		429,252

				4,956,444


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Spain — 5.4%
Aena SME SA, 144A		9,610	$	1,765,898
Enagas SA		32,289		881,541
Endesa SA		45,220		1,124,221
Iberdrola SA		835,480		7,740,478
Mapfre SA		162,694		476,451
Red Electrica Corp. SA		61,626		1,306,846

				13,295,435

Switzerland — 4.4%
Kuehne + Nagel International AG		7,688		1,017,704
Swiss Prime Site AG		11,271		914,364
Swisscom AG		3,687		1,758,001
Zurich Insurance Group AG		21,547		6,957,763

				10,647,832

United Kingdom — 29.1%
Admiral Group PLC		26,883		698,674
AstraZeneca PLC		166,734		12,258,138
BAE Systems PLC		455,096		2,594,980
Barratt Developments PLC		147,576		1,037,907
BT Group PLC		1,200,796		2,932,525
Direct Line Insurance Group PLC		204,140		814,348
easyJet PLC		22,620		248,381
G4S PLC		229,963		606,646
GlaxoSmithKline PLC		632,514		12,173,558
Imperial Brands PLC		136,210		3,287,654
ITV PLC		515,784		697,226
Kingfisher PLC		300,415		809,917
Legal & General Group PLC		848,635		2,744,643
Marks & Spencer Group PLC		231,344		656,652
Micro Focus International PLC		48,781		1,178,517
National Grid PLC (a)		485,493		4,851,265
Next PLC		19,587		1,422,491
Persimmon PLC		46,227		1,146,063
Rio Tinto Ltd.		52,850		3,672,697


	Number of Shares		Value
United Kingdom (Continued)
Rio Tinto PLC		162,290	$	9,279,424
Schroders PLC		18,340		674,748
Severn Trent PLC		35,122		880,929
SSE PLC		146,147		1,986,636
Standard Life Aberdeen PLC		354,687		1,194,958
Taylor Wimpey PLC		466,767		972,187
WPP PLC		179,645		2,131,108

				70,952,272

TOTAL COMMON STOCKS (Cost $262,445,097)				242,266,793

PREFERRED STOCKS — 0.2%

Germany — 0.2%
Bayerische Motoren Werke AG (Cost $701,363)		8,230		486,068

RIGHTS — 0.0%

United Kingdom — 0.0%
Marks & Spencer Group PLC*, expires 6/12/19 (Cost $0)		46,268		22,743

SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (c)(d) (Cost $9,051,557)		9,051,557		9,051,557


TOTAL INVESTMENTS — 103.1% (Cost $272,198,017)			$	251,827,161
Other assets and liabilities, net — (3.1%)				(7,595,254	)

NET ASSETS — 100.0%			$	244,231,907

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d)
		2,589,430		6,462,127	(e)		—			—		—		85,694		—		9,051,557		9,051,557


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c)
		—		17,163,430			(17,163,430	)		—		—		3,063		—		—		—

		2,589,430		23,625,557			(17,163,430	)		—		—		88,757		—		9,051,557		9,051,557

*	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, 2019 amounted to $8,749,155, which is 3.6% of net assets.

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


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2019

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $371,415.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
EURO STOXX Futures		EUR		5	$	184,905	$	182,475		6/21/2019	$	(711	)
MSCI EAFE Futures		USD		13		1,197,120		1,181,635		6/21/2019		(15,485	)

Total unrealized depreciation											$	(16,196	)

Currency Abbreviations

EUR

Euro

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	242,266,793		$	—	$	—	$	242,266,793
Preferred Stocks		486,068			—		—		486,068
Rights		22,743			—		—		22,743
Short-Term Investments		9,051,557			—		—		9,051,557

TOTAL	$	251,827,161		$	—	$	—	$	251,827,161



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(16,196	)	$	—	$	—	$	(16,196	)

TOTAL	$	(16,196	)	$	—	$	—	$	(16,196	)

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

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


See Notes to Financial Statements.		46

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2019


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF			Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	6,773,110		$	—		$	6,729,764		$	66,831,781
Investment in affiliated securities at value		—			6,503,803			19,488			—
Investment in DWS Government Money Market Series		—			1,893			—			—
Investment in DWS Government & Agency Securities Portfolio*		—			582,275			34,230			—
Cash		—			—			—			150,280
Deposit with broker for futures contracts		67,750			35,900			74,200			—
Receivables:
Investment securities sold		53,808			—			128,761			—
Interest		104,997			111			64,367			898,197
Securities lending income		—			2,094			45			—

Total assets	$	6,999,665		$	7,126,076		$	7,050,855		$	67,880,258


Liabilities
Due to custodian	$	23,197		$	—		$	7,843		$	—
Payable upon return of securities loaned		—			582,275			34,230			—
Payables:
Investment securities purchased		—			—			50,224			—
Investment advisory fees		2,683			893			1,601			8,523
Variation margin on futures contracts		42,929			27,789			45,888			—

Total liabilities		68,809			610,957			139,786			8,523

Net Assets, at value	$	6,930,856		$	6,515,119		$	6,911,069		$	67,871,735


Net Assets Consist of
Paid-in capital	$	7,605,146		$	7,410,157		$	7,557,643		$	65,613,923
Distributable earnings (loss)		(674,290	)		(895,038	)		(646,574	)		2,257,812

Net Assets, at value	$	6,930,856		$	6,515,119		$	6,911,069		$	67,871,735


Number of Common Shares outstanding		300,001			300,001			300,001			2,450,001

Net Asset Value	$	23.10		$	21.72		$	23.04		$	27.70


Investment in non-affiliated securities at cost	$	6,760,595		$	—		$	6,624,253		$	64,408,570

Investment in affiliated securities at cost	$	—		$	6,591,933		$	19,654		$	—

Value of securities loaned	$	—		$	567,231		$	32,792		$	—

Investment in DWS Government Money Market Series at cost	$	—		$	1,893		$	—		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	582,275		$	34,230		$	—

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		48

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2019


	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	$	23,504,060		$	242,775,604
Investment in DWS Government Money Market Series		7,618			—
Investment in DWS Government & Agency Securities Portfolio*		372,442			9,051,557
Cash		21,280			—
Foreign currency at value		3,163			126,890
Deposit with broker for futures contracts		7,100			71,175
Receivables:
Investment securities sold		121,002			570,577
Dividends		72,326			1,019,679
Interest		48			703
Securities lending income		1,885			32,376
Foreign tax reclaim		18,132			109,793

Total assets	$	24,129,056		$	253,758,354


Liabilities
Due to custodian	$	—		$	420,256
Payable upon return of securities loaned		372,442			9,051,557
Payables:
Investment securities purchased		59,706			—
Investment advisory fees		4,115			42,648
Variation margin on futures contracts		535			11,986
Deferred foreign tax payable		514			—

Total liabilities		437,312			9,526,447

Net Assets, at value	$	23,691,744		$	244,231,907


Net Assets Consist of
Paid-in capital	$	26,567,297		$	263,824,749
Distributable earnings (loss)		(2,875,553	)**		(19,592,842	)

Net Assets, at value	$	23,691,744		$	244,231,907


Number of Common Shares outstanding		1,000,001			11,100,001

Net Asset Value	$	23.69		$	22.00


Investment in non-affiliated securities at cost	$	25,382,951		$	263,146,460

Value of securities loaned	$	418,316		$	8,749,155

Investment in DWS Government Money Market Series at cost	$	7,618		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	372,442		$	9,051,557

Non-cash collateral for securities on loan	$	78,090		$	371,415

Foreign currency at cost	$	3,098		$	127,768

*	Represents collateral on securities loaned.

**	Net of deferred foreign taxes of $514


See Notes to Financial Statements.		49

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2019


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF			Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income	$	378,541		$	—		$	338,852		$	1,809,124
Income distributions from affiliated funds		1,028			349,244			1,218			41
Affiliated securities lending income		211			7,736			437			—
Unaffiliated securities lending income, net of borrower rebates		—			10,008			310			—

Total investment income		379,780			366,988			340,817			1,809,165


Expenses
Investment advisory fees		35,427			21,206			22,540			148,481
Other expenses		57			32			57			57

Total expenses		35,484			21,238			22,597			148,538

Less fees waived (see note 3):
Waiver		(33	)		(12,477	)		(43	)		(17,552	)

Net expenses		35,451			8,761			22,554			130,986

Net investment income (loss)		344,329			358,227			318,263			1,678,179


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(102,270	)		(1,197	)		(99,045	)		(150,370	)
Investments in affiliates		—			(39,939	)		—			—
In-kind redemptions		—			—			(22,919	)		—
In-kind redemptions in affiliates		—			27,701			—			—
Futures contracts		(317,594	)		(218,510	)		(374,005	)		—
Foreign currency transactions		2,628			—			—			—

Net realized gain (loss)		(417,236	)		(231,945	)		(495,969	)		(150,370	)
Net change in unrealized appreciation (depreciation) on:
Investments		350,168			—			435,989			2,904,660
Investments in affiliates		—			(36,028	)		(166	)		—
Futures contracts		(46,176	)		(28,134	)		(48,689	)		—

Net change in unrealized appreciation (depreciation)		303,992			(64,162	)		387,134			2,904,660

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(113,244	)		(296,107	)		(108,835	)		2,754,290


Net Increase (Decrease) in Net Assets Resulting from Operations	$	231,085		$	62,120		$	209,428		$	4,432,469


See Notes to Financial Statements.		50

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2019


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,278,847		$	11,236,922
Income distributions from affiliated funds		323			3,063
Affiliated securities lending income		11,927			85,694
Unaffiliated non-cash dividend income		106,995			1,389,270
Unaffiliated securities lending income, net of borrower rebates		—			20,267

Total investment income		1,398,092			12,735,216


Expenses
Investment advisory fees		54,178			407,144
Other expenses		57			57

Total expenses		54,235			407,201

Less fees waived (see note 3):
Waiver		(11	)		(88	)

Net expenses		54,224			407,113

Net investment income (loss)		1,343,868			12,328,103


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(860,185	)		(4,224,998	)
In-kind redemptions		472,447			(17,913	)
Futures contracts		(2,235	)		51,724
Foreign currency transactions		(5,674	)		(26,146	)

Net realized gain (loss)		(395,647	)		(4,217,333	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(1,493,920	)		(20,062,256	)
Futures contracts		370			(14,865	)
Foreign currency translations		(35	)		(7,609	)

Net change in unrealized appreciation (depreciation)		(1,493,585	)		(20,084,730	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,889,232	)		(24,302,063	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(545,364	)	$	(11,973,960	)

* Unaffiliated foreign tax withheld	$	132,388		$	930,151
** Net of change in deferred foreign taxes	$	(514	)	$	—


See Notes to Financial Statements.		51

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF						Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	344,329		$	321,383		$	358,227		$	462,886
Net realized gain (loss)		(417,236	)		281,870			(231,945	)		97,983
Net change in net unrealized appreciation (depreciation)		303,992			(467,738	)		(64,162	)		(227,488	)

Net increase (decrease) in net assets resulting from operations		231,085			135,515			62,120			333,381

Distributions to Shareholders		(692,585	)		(339,717	)*		(371,816	)		(500,650	)**


Fund Shares Transactions
Proceeds from shares sold		—			2,502,420			4,533,388			9,307,082
Value of shares redeemed		(1,134,129	)		—			(1,110,970	)		(16,276,068	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,134,129	)		2,502,420			3,422,418			(6,968,986	)

Total net increase (decrease) in Net Assets		(1,595,629	)		2,298,218			3,112,722			(7,136,255	)

Net Assets
Beginning of year		8,526,485			6,228,267			3,402,397			10,538,652

End of year	$	6,930,856		$	8,526,485	***	$	6,515,119		$	3,402,397	***


Changes in Shares Outstanding
Shares outstanding, beginning of year		350,001			250,001			150,001			450,001
Shares sold		—			100,000			200,000			400,000
Shares redeemed		(50,000	)		—			(50,000	)		(700,000	)

Shares outstanding, end of year		300,001			350,001			300,001			150,001

*	Includes distributions from net investment income of $324,352 and net realized gains of $15,365.

**	Includes distributions from net investment income.

***	Includes undistributed net investment income of $27,323 and $16,014, respectively.


See Notes to Financial Statements.		52

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Investment Grade Bond — Interest Rate Hedged ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	318,263		$	253,081		$	1,678,179		$	1,585,892
Net realized gain (loss)		(495,969	)		226,515			(150,370	)		261,079
Net change in net unrealized appreciation (depreciation)		387,134			(365,944	)		2,904,660			(743,954	)

Net increase (decrease) in net assets resulting from operations		209,428			113,652			4,432,469			1,103,017

Distributions to Shareholders		(517,208	)		(242,032	)*		(1,651,620	)		(1,578,975	)*


Fund Shares Transactions
Proceeds from shares sold		—			4,859,333			8,070,798			13,342,526
Value of shares redeemed		(2,319,160	)		(1,216,092	)		(1,322,758	)		(14,616,254	)

Net increase (decrease) in net assets resulting from fund share transactions		(2,319,160	)		3,643,241			6,748,040			(1,273,728	)

Total net increase (decrease) in Net Assets		(2,626,940	)		3,514,861			9,528,889			(1,749,686	)

Net Assets
Beginning of year		9,538,009			6,023,148			58,342,846			60,092,532

End of year	$	6,911,069		$	9,538,009	**	$	67,871,735		$	58,342,846	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		400,001			250,001			2,200,001			2,250,001
Shares sold		—			200,000			300,000			500,000
Shares redeemed		(100,000	)		(50,000	)		(50,000	)		(550,000	)

Shares outstanding, end of year		300,001			400,001			2,450,001			2,200,001

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $27,908 and $131,605, respectively.


See Notes to Financial Statements.		53

DBX ETF Trust

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, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,343,868		$	312,582		$	12,328,103		$	415,451
Net realized gain (loss)		(395,647	)		(271,674	)		(4,217,333	)		(451,860	)
Net change in net unrealized appreciation (depreciation)		(1,493,585	)		(634,517	)		(20,084,730	)		(602,134	)

Net increase (decrease) in net assets resulting from operations		(545,364	)		(593,609	)		(11,973,960	)		(638,543	)

Distributions to Shareholders		(1,185,503	)		(130,513	)*		(7,131,535	)		(161,415	)*


Fund Shares Transactions
Proceeds from shares sold		16,381,277			24,793,255			280,085,371			19,491,809
Value of shares redeemed		(17,651,055	)		(1,297,712	)		(40,438,708	)		—

Net increase (decrease) in net assets resulting from fund share transactions		(1,269,778	)		23,495,543			239,646,663			19,491,809

Total net increase (decrease) in Net Assets		(3,000,645	)		22,771,421			220,541,168			18,691,851

Net Assets
Beginning of year		26,692,389			3,920,968			23,690,739			4,998,888

End of year	$	23,691,744		$	26,692,389	**	$	244,231,907		$	23,690,739	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		1,050,001			150,001			1,000,001			200,001
Shares sold		650,000			950,000			11,850,000			800,000
Shares redeemed		(700,000	)		(50,000	)		(1,750,000	)		—

Shares outstanding, end of year		1,000,001			1,050,001			11,100,001			1,000,001

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $248,198 and $377,370, respectively.


See Notes to Financial Statements.		54

DBX ETF Trust

Financial Highlights


Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2015(a)
	2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	24.36		$	24.91		$	23.96		$	25.03		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.05			0.99			1.07			1.07			0.27
Net realized and unrealized gain (loss)		(0.29	)		(0.48	)		1.18			(0.80	)		(0.04	)

Total from investment operations		0.76			0.51			2.25			0.27			0.23

Less distributions from:
Net investment income		(1.04	)		(1.02	)		(1.30	)		(1.26	)		(0.20	)
Net realized gains		(0.98	)		(0.04	)		—			(0.08	)		—

Total distributions		(2.02	)		(1.06	)		(1.30	)		(1.34	)		(0.20	)

Net Asset Value, end of period	$	23.10		$	24.36		$	24.91		$	23.96		$	25.03

Total Return (%)		3.31	(c)		2.03			9.61			1.22			0.90	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			9			6			6			6
Ratio of expenses before fee waiver (%)		0.45			0.45			0.47			0.50			0.50	*
Ratio of expenses after fee waiver (%)		0.45			0.45			0.47			0.50			0.50	*
Ratio of net investment income (loss) (%)		4.37			3.94			4.35			4.45			4.35	*
Portfolio turnover rate (%)(d)		31			48			35			15			1	**

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2015(a)
	2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	22.68		$	23.42		$	22.23		$	24.57		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.32			1.27			1.17			1.08			0.29
Net realized and unrealized gain (loss)		(0.82	)		(0.53	)		1.30			(2.10	)		(0.51	)

Total from investment operations		0.50			0.74			2.47			(1.02	)		(0.22	)

Less distributions from:
Net investment income		(1.46	)		(1.48	)		(1.28	)		(1.32	)		(0.21	)

Total distributions		(1.46	)		(1.48	)		(1.28	)		(1.32	)		(0.21	)

Net Asset Value, end of period	$	21.72		$	22.68		$	23.42		$	22.23		$	24.57

Total Return (%)		2.18	(c)		3.24	(c)		11.40			(4.06	)		(0.87	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			3			11			9			11
Ratio of expenses before fee waiver (%)		0.35	(e)		0.35	(e)		0.39			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.14	(e)		0.33	(e)		0.39			0.45			0.45	*
Ratio of net investment income (loss) (%)		5.91			5.47			5.08			4.81			4.75	*
Portfolio turnover rate (%)(d)		19			50			33			35			13	**

(a)	For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(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.

(e)	The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		55

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2015(a)
	2019			2018			2017			2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	23.84		$	24.09		$	23.79		$	24.63		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.83			0.78			0.73			0.71			0.17
Net realized and unrealized gain (loss)		(0.32	)		(0.28	)		0.39			(0.73	)		(0.43	)

Total from investment operations		0.51			0.50			1.12			(0.02	)		(0.26	)

Less distributions from:
Net investment income		(0.83	)		(0.75	)		(0.82	)		(0.82	)		(0.11	)
Net realized gains		(0.48	)		—			—			—			—

Total distributions		(1.31	)		(0.75	)		(0.82	)		(0.82	)		(0.11	)

Net Asset Value, end of period	$	23.04		$	23.84		$	24.09		$	23.79		$	24.63

Total Return (%)		2.28	(c)		2.05			4.79			(0.04	)		(1.03	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			10			6			5			6
Ratio of expenses before fee waiver (%)		0.25			0.25			0.25			0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.25			0.25			0.25			0.25			0.25	*
Ratio of net investment income (loss) (%)		3.53			3.22			3.04			3.00			2.72	*
Portfolio turnover rate (%)(d)		25			33			26			14			7	**

Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	26.52		$	26.71		$	27.17		$	25.49		$	25.07

Income (loss) from investment operations:
Net investment income (loss)(b)		0.75			0.70			0.66			0.80			0.81
Net realized and unrealized gain (loss)		1.18			(0.20	)		(0.46	)		1.67			0.40

Total from investment operations		1.93			0.50			0.20			2.47			1.21

Less distributions from:
Net investment income		(0.75	)		(0.69	)		(0.66	)		(0.79	)		(0.79	)

Total distributions		(0.75	)		(0.69	)		(0.66	)		(0.79	)		(0.79	)

Net Asset Value, end of year	$	27.70		$	26.52		$	26.71		$	27.17		$	25.49

Total Return (%)		7.45	(c)		1.87			0.77			9.89			4.88

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		68			58			60			37			22
Ratio of expenses before fee waiver (%)		0.25			0.30			0.30			0.30			0.30
Ratio of expenses after fee waiver (%)		0.22			0.30			0.30			0.30			0.30
Ratio of net investment income (loss) (%)		2.85			2.61			2.50			3.07			3.16
Portfolio turnover rate (%)(d)		25			28			0			13			4

(a)	For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(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.		56

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data	Years Ended May 31,									Period Ended 5/31/2016(a)
	2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	25.42		$	26.14		$	22.96		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.21			1.35			1.02			0.70
Net realized and unrealized gain (loss)		(1.92	)		(1.20	)		3.07			(2.38	)

Total from investment operations		(0.71	)		0.15			4.09			(1.68	)

Less distributions from:
Net investment income		(1.02	)		(0.87	)		(0.60	)		(0.36	)
Net realized gains		—			—			(0.31	)		—

Total distributions		(1.02	)		(0.87	)		(0.91	)		(0.36	)

Net Asset Value, end of period	$	23.69		$	25.42		$	26.14		$	22.96

Total Return (%)		(2.82	)(c)		0.54			18.17			(6.67	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		24			27			4			3
Ratio of expenses before fee waiver (%)		0.20			0.32			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20			0.32			0.45			0.45	*
Ratio of net investment income (loss) (%)		4.96			5.29			4.17			3.83	*
Portfolio turnover rate (%)(d)		30			76			36			33	**

Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	Years Ended May 31,									Period Ended 5/31/2016(a)
	2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	23.69		$	24.99		$	23.16		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.36			1.50			1.06			0.88
Net realized and unrealized gain (loss)		(2.25	)		(1.99	)		3.03			(2.17	)

Total from investment operations		(0.89	)		(0.49	)		4.09			(1.29	)

Less distributions from:
Net investment income		(0.80	)		(0.81	)		(0.95	)		(0.38	)
Net realized gains		—			—			(1.31	)		(0.17	)

Total distributions		(0.80	)		(0.81	)		(2.26	)		(0.55	)

Net Asset Value, end of period	$	22.00		$	23.69		$	24.99		$	23.16

Total Return (%)		(3.76	)(c)		(2.02	)		18.93	(e)		(5.08	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		244			24			5			5
Ratio of expenses before fee waiver (%)		0.20			0.33			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20			0.33			0.45			0.45	*
Ratio of net investment income (loss) (%)		6.06			6.28			4.48			4.86	*
Portfolio turnover rate (%)(d)		20			56			41			33	**

(a)	For the period August 12, 2015 (commencement of operations) through May 31, 2016.

(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.

(e)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		57

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

Xtrackers Investment Grade Bond — Interest Rate Hedged 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

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests in affiliated exchange-traded funds managed by DBX Advisors LLC (“DBX” or the “Advisor”). The accounting policies and investments holdings are outlined in the affiliated Fund’s financial statements and are available upon request.

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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		Solactive Emerging Markets Bond — Interest Rate Hedged Index
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		Solactive High Yield Corporate Bond — Interest Rate Hedged Index
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		Solactive Investment Grade Bond — Interest Rate Hedged 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 Solactive Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long

DBX ETF Trust

Notes to Financial Statements (Continued)

positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns 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). The Solactive Indices are rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (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 dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

2. Significant Accounting Policies

DBX ETF Trust

Notes to Financial Statements (Continued)

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

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.

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.

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

Accounting Standard Update In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged 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 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.

As of May 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	26,199	$	(669,592	)	$	(30,897	)	$	(674,290	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		2,427		(797,472	)		(99,993	)		(895,038	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		22,911		(767,441	)		97,956			(646,574	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		158,164		(323,563	)		2,423,211			2,257,812

DBX ETF Trust

Notes to Financial Statements (Continued)


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	399,495	$	(1,047,412	)	$	(2,227,636	)	$	(2,875,553	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		5,569,856		(2,400,868	)		(22,761,830	)		(19,592,842	)

The tax character of dividends and distributions declared for the years ended May 31, 2019 and May 31, 2018 were as follows:


	Year Ended May 31, 2019
	Ordinary Income*		Tax-Exempt		Long Term Capital Gains
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	479,978	$	—	$	212,607
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		371,816		—		—
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		378,453		—		138,755
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		1,651,620		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,185,503		—		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7,131,535		—		—


	Year Ended May 31, 2018
	Ordinary Income*		Tax-Exempt		Long Term Capital Gains
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	325,160	$	—	$	14,557
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		500,650		—		—
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		242,032		—		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		1,578,975		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		130,513		—		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		161,415		—		—

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


	Short-Term		Long-Term		Total Amount
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF	$	228,658	$	568,814	$	797,472
Xtrackers Municipal Infrastructure Revenue Bond ETF		121,119		202,444		323,563
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		708,083		339,329		1,047,412
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,885,955		514,913		2,400,868

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, 2019, the following Funds incurred and will elect to defer net capital losses as follows:


	Post-October Losses on Capital
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	669,592
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		767,441

For the fiscal year ended May 31, 2019, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), redemptions-in-kind and passive foreign investment companies (“PFICs”).

DBX ETF Trust

Notes to Financial Statements (Continued)


	Distributable Earnings (Loss)			Paid-In Capital
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF	$	(17,371	)	$	17,371
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		23,897			(23,897	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		(374,721	)		374,721
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		138,117			(138,117	)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	6,804,007	$	(30,897	)	$	128,289	$	(159,186	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		7,187,964		(99,993	)		—		(99,993	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		6,685,526		97,956			153,432		(55,476	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		64,408,570		2,423,211			2,426,843		(3,632	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		26,111,121		(2,227,001	)		775,639		(3,002,640	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		274,580,910		(22,753,749	)		4,094,850		(26,848,599	)

Securities Lending The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, the

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of May 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending its 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, 2019, the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had securities on loan, which were classified as Exchange-Traded Funds in the Schedule of Investments. The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF had securities on loan, which were classified as Corporate Bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining cash contractual maturity of the collateral agreements were overnight and continuous.

As of May 31, 2019, the Funds listed below had securities on loan, all of which were classified as Common Stocks in the Schedule of Investments. 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, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	372,442	$	6,511	$	5,452	$	66,127	$	450,532

Gross amount of recognized liabilities for securities lending transactions									$	450,532

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	9,051,557	$	13,128	$	10,993	$	347,294	$	9,422,972

Gross amount of recognized liabilities for securities lending transactions									$	9,422,972

As of May 31, 2019, Xtrackers Emerging Markets Bond — Interest Rate Hedged 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, 2019, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments and 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

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).

A summary of the open futures contracts as of May 31, 2019 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

	Interest rate contracts	Unrealized appreciation on future contracts*	$	—	Unrealized depreciation on future contracts*	$	45,942
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

	Interest rate contracts	Unrealized appreciation on future contracts*	$	—	Unrealized depreciation on future contracts*	$	26,025
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

	Interest rate contracts	Unrealized appreciation on future contracts*	$	—	Unrealized depreciation on future contracts*	$	51,126
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	705	Unrealized depreciation on futures contracts*	$	335
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	16,196

*	Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.


Net Realized Gain (Loss) from:

	Futures Contracts — Interest Rate Contracts			Futures Contracts — Equity Contracts			Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(317,594	)	$	—		$	(317,594	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		(218,510	)		—			(218,510	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		(374,005	)		—			(374,005	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—			(2,235	)		(2,235	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—			51,724			51,724

DBX ETF Trust

Notes to Financial Statements (Continued)


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Interest Rate Contracts			Futures Contracts — Equity Contracts			Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(46,176	)	$	—		$	(46,176	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		(28,134	)		—			(28,134	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		(48,689	)		—			(48,689	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—			370			370
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—			(14,865	)		(14,865	)

For the year ended May 31, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(7,429,602	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		(5,633,556	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		(8,737,981	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		95,871
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		880,003

3. Investment Advisory and Other Agreements


	Unitary Management Fee
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		0.45	%
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		0.35	%
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		0.25	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

The Advisor for the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF has contractually agreed, until the date of the Fund’s annual registration statement update in 2020, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the Underlying Funds. For the year ended May 31, 2019, the Advisor waived $12,453 of expenses to the Fund.

For its investment advisory services to the Xtrackers Municipal Infrastructure Revenue Bond ETF, for the period from June 1, 2018 through February 11, 2019, the Advisor was entitled to receive a unitary management fee from

DBX ETF Trust

Notes to Financial Statements (Continued)

the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.30%.

For the period from November 30, 2018 through February 11, 2019, the Advisor for the Xtrackers Municipal Infrastructure Revenue Bond ETF had contractually agreed to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets. For the period from November 30, 2018 through February 11, 2019, the Advisor waived $17,550 of expenses to the Fund.

Effective February 12, 2019, the Board of Trustees terminated the Advisor’s voluntary expense limitation to the Xtrackers Municipal Infrastructure Revenue Bond ETF and approved a reduction in the unitary management fee at an annual rate equal to 0.15%.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees 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, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	33
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		24
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		43
Xtrackers Municipal Infrastructure Revenue Bond ETF		2
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		11
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		88

4. Investment Portfolio Transactions

For the year ended May 31, 2019, 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 Emerging Markets Bond — Interest Rate Hedged ETF	$	2,354,444	$	4,163,458
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		1,099,529		1,282,864
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		2,165,253		3,893,449
Xtrackers Municipal Infrastructure Revenue Bond ETF		14,876,647		15,537,476
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		9,006,201		8,256,873
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		57,634,558		39,904,300

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended May 31, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF	$	4,469,095	$	1,096,109
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		—		1,120,457
Xtrackers Municipal Infrastructure Revenue Bond ETF		7,931,358		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		13,110,121		15,137,994
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		265,619,035		40,196,015

5. Fund Share Transactions

As of May 31, 2019, 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, 2019, 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 MSCI All World ex US High Dividend Yield Equity ETF		15	%

7. Investing in Emerging Markets

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 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, 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. Each 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 each Funds’ 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2019.


	Pro-rata Share
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	525,000
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		525,000
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		525,000

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, 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, 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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, 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, (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust), including the schedules of investments, as of May 31, 2019, 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 (six of the funds constituting DBX ETF Trust) at May 31, 2019, 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. general accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Xtrackers Investment Grade Bond — Interest Rate Hedged ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the four years in the period ended May 31, 2019 and the period from March 3, 2015 (commencement of operations) through May 31, 2015
Xtrackers Municipal Infrastructure Revenue Bond ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the five years in the period ended May 31, 2019
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the three years in the period ended May 31, 2019 and the period from August 12, 2015 (commencement of operations) to May 31, 2016

Basis for Opinion

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

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.

LOGO

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 26, 2019

DBX ETF Trust

Trustees and Officers (Unaudited)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Independent Trustees
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee	Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006).	37	The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum.
George O. Elston (1964) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Audit Committee and Member of the Nominating Committee	Trustee since 2011 (Chairman of the Audit Committee since 2015)	Chief Financial Officer Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	37
J. David Officer (1948) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Nominating Committee and Member of the Audit Committee	Trustee since 2011 (Chairman of the Nominating Committee since 2015)	Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006- 2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	37	Ilex Partners (Asia), LLC; Old Westbury Funds.

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Interested Trustee
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154	Trustee Treasurer, Chief Financial Officer and Controller	Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010	Director in the Finance Division at DWS Investment Management Americas, Inc. (2008-present); Manager, Treasurer and Chief Financial Officer of the Advisor (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-2018); Global Finance Director, Alternative Investments (2018-present); Chief Financial Officer of RREEF America LLC (2018-present).	37	The Advisor, DBX Strategic Advisors LLC and DB Commodity Services LLC
Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154	President and Chief Executive Officer	Since 2016	Director in DWS and Chief of Staff Office in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present), the Advisor and DBX Strategic Advisors LLC and DB Commodity Services LLC (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154	Chief Operating Officer	Since 2014	Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Advisor (2014- present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012).

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Frank Gecsedi (1967) 345 Park Avenue New York, New York 10154	Chief Compliance Officer	Since 2010	Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards (1978) 345 Park Avenue New York New York 10154	Vice President	Since 2016	Managing Director in DWS (2018-present); Director in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
Leslie Lowenbraun (1953) 345 Park Avenue New York, New York 10154	Secretary	Since 2016	Director in U.S. Retail Passive Legal of DWS (2018-present) and Chief Legal Officer of the Advisor (2017-present); Vice President in U.S. Retail Passive Legal of DWS (2014-2018) ; Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014).
Amy McDonald (1978) One International Place Boston, Massachusetts 02110	Assistant Secretary	Since 2018	Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016).
Kevin Teevan (1973) 345 Park Avenue New York, New York 10154	Assistant Treasurer	Since 2018	Vice President in Finance for U.S. Traditional Asset Classes of DWS (2018-present); Vice President in Chief Operating Office for Global Transaction Banking at Deutsche Bank AG (2014-2017); Vice President in Finance for U.S. Passive Asset Management Platform at Deutsche Bank AG (2011-2014).
Christina A. Morse (1964) BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place Brooklyn, NY 11217	Assistant Secretary	Since 2016	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).

Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contract (Unaudited)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, 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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), the Trustees, including 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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, 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 (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

DBX ETF Trust

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

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 Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

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.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price

above ( i.e. , at a premium) or below ( i.e. , at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

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 year ended May 31, 2019.


	Qualified Dividend Income*
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		70%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		80%

* 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		$1,517,961		$94,577
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		13,556,778		570,755

DBX ETF Trust

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The prices of futures can be highly volatile, using futures can lower total return and the potential loss from futures can exceed a Fund’s initial investment in such contracts. Each Fund, except EMIH, IGIH and HDAW, is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.

The Funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 345 Park Avenue New York, New York 10154	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35362-6 (7/19) DBX003924 (7/20)

May 31, 2019

Annual Report

DBX ETF Trust

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

Xtrackers MSCI All China Equity ETF (CN)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		6
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		8
Xtrackers MSCI All China Equity ETF		10
Xtrackers MSCI China A Inclusion Equity ETF		12
Fees and Expenses		14
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		15
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		20
Xtrackers MSCI All China Equity ETF		28
Xtrackers MSCI China A Inclusion Equity ETF		33
Statements of Assets and Liabilities		38
Statements of Operations		39
Statements of Changes in Net Assets		40
Financial Highlights		42
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		55
Trustees and Officers		57
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		60
Additional Information		66
Privacy Policy Notice		67

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for our flagship ETFs tracking China’s equity market for the period ended May 31, 2019.

Global economic expansion moderated as a result of ongoing U.S.-China trade wars, macroeconomic stress in Argentina and Turkey and disruptions in the auto sector in Germany. China retained its fastest-growing economy tag despite lower growth, following its unfinished deleveraging campaign and rising trade wars with the U.S. Meanwhile, the Chinese government’s policies for strengthening the domestic consumer demand and tax reforms have offset the slow growth in the economy. Developing high-quality manufacturing and reforms in various fields have also helped the economy to maintain the momentum.

The world’s second-largest economy grew at a healthy 6.6 percent year-on-year, with the service sector being the major contributor to the GDP growth. Despite the economic downturn, the primary, secondary, and the tertiary, industries have performed relatively well during the reporting period. Although China’s record 2018 bilateral trade surplus with the U.S. captured headlines, the country’s broader current account balance continued its multi-year decline. Moreover, China is recording sizeable trade deficits, mainly with Germany, Japan, and few countries in Eastern Asia. On the other hand, China keeps running a substantial surplus with many industrialized countries, most notably with the U.S. A number of factors contributed to the surge in the trade balance, including strong growth in U.S. demand, front-loading by U.S. importers in anticipation of tariffs, and a weaker renminbi. Important indicators of the economy like domestic consumption, retail sales, industrial growth, and fixed asset investments have witnessed positive growth, providing reassurance about the economic stability.

Furthermore, the People’s Bank of China and the Chinese government have taken measures like offering secured loans for start-ups, cuts in taxes and fees, and reductions in the social insurance contribution, which have benefited small and medium-sized businesses. This move has helped the Chinese economy to report lower unemployment rates and faster income growth. Furthermore, China has relaxed guidelines for top-rated companies seeking to raise funds in the domestic bond market. Meanwhile, China’s stock market plunged, witnessing an adverse slide largely due to the U.S. trade tensions, crackdown on shadow banking and concerns over economic cooling. A weaker renminbi has provided support to export growth, however, as imports have become costlier, it has stimulated the need to increase domestic production. Amid strict control policies across China, real estate and infrastructure investment continued to hold up well, but weakened in manufacturing.

We believe China’s economy, along with its currency and company profits will prove to be more resilient against trade wars and tariffs; we expect this to mainly stem from China’s own need to transition its economy further away from exports and investment spending to domestic consumption. The Chinese government had also rolled out a series of easing measures in the past few months to boost domestic demand in the face of escalating external uncertainties. The moves include reducing taxes and speeding up bond issuance to safeguard economic growth. Nevertheless, investors will have to wait to see how U.S.-China trade relations will open-up in the near future, as any positive outcome could potentially improve market sentiment.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF

The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the ASHR Index). The ASHR Index is designed to reflect price fluctuations and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2019, ASHR shares returned -10.02%, compared with the ASHR Index’s -9.57%.

The majority of sectors contributed negatively to performance during the period, with the largest negative contributions coming from Healthcare, Industrials, and Consumer Discretionary. The Consumer Staples and Financials sectors were the only positive contributors to performance.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the ASHS Index). The ASHS Index tracks 500 small-cap companies listed on the Shanghai and Shenzhen Stock Exchanges. For the 12-month period ended May 31, 2019, ASHS returned -20.29%, compared with the ASHS Index’s -19.94%.

The majority of the sectors contributed negatively to performance during the period, with the largest negative contributions coming from Industrials, Healthcare, and Consumer Discretionary. The Financials sector was the only positive contributor to performance.

Xtrackers MSCI All China Equity ETF

The Xtrackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the CN Index). The CN Index captures large and midcap representations across China A-shares, B-shares, H-shares, Red-chips, and P-chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, and Shenzhen. It is based on the concept of the integrated MSCI China equity universe, with China A-shares included. The Fund, using a passive or indexing approach, attempts to approximate the performance of the index. CN expects to gain exposure to the China A-share components of the index by investing in the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated Funds subadvised by Harvest Global Investments Limited; and Xtrackers MSCI China A Inclusion Equity ETF, an affiliated Fund advised by DBX Advisors LLC. For the 12-month period ended May 31, 2019, CN returned -15.89%, compared with the CN Index’s -15.54%.

The majority of sectors contributed negatively to performance during the period, with the largest negative contributions coming from Information Technology, Consumer Discretionary, and Healthcare. The Communication Services and Consumer Staples sectors were the positive contributors to performance.

Xtrackers MSCI China A Inclusion Equity ETF

The Xtrackers MSCI China A Inclusion Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the ASHX Index). The ASHX Index is designed to track the progressive partial inclusion of A shares in the MSCI Emerging Markets Index over time. The index is designed for global investors accessing the A share market using the Stock Connect framework and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH). On June 4, 2018, the Xtrackers CSI 300 China A-Shares Hedged Equity ETF’s name changed to Xtrackers MSCI China A Inclusion Equity ETF. At that time, the ASHX Index replaced the CSI 300 USD Hedged Index, which is designed to reflect price fluctuations and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market, while mitigating exposure to fluctuations between the value of the renmimbi (RMB) and the U.S. dollar. For the 12-month period ended May 31, 2019, ASHX returned -8.91%, compared with the ASHX Index’s -9.01%.

The majority of sectors contributed negatively to performance during the period, with the largest negative contributions coming from Health Care, Information Technology, and Consumer Discretionary. The Consumer

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Staples and Financials sectors were the only positive contributors to performance. For the period June 1, 2018 through June 4, 2018, the Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Chinese renminbi.

*************************

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-10.02%	-10.64%	-9.57%	-6.26%
Five Year	9.92%	9.57%	10.89%	1.31%
Since Inception ¹	6.38%	6.22%	7.37%	2.24%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-10.02%	-10.64%	-9.57%	-6.26%
Five Year	60.48%	57.90%	67.64%	6.74%
Since Inception ¹	41.09%	39.96%	48.63%	13.16%

¹ Total returns are calculated based on the commencement of operations, 11/6/13 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, as amended October 9, 2018, was 0.66%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 11/6/13.

Ten Largest Equity Holdings
as of 5/31/19 (27.0% of Net Assets)



Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd.		7.6%
Kweichow Moutai Co. Ltd.		4.0%
China Merchants Bank Co. Ltd.		3.1%
Gree Electric Appliances, Inc. of Zhuhai		2.2%
Midea Group Co. Ltd.		2.0%
Industrial Bank Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.7%
Inner Mongolia Yili Industrial Group Co. Ltd.		1.6%
Jiangsu Hengrui Medicine Co. Ltd.		1.5%
Bank of Communications Co. Ltd.		1.4%

Sector Diversification* as of 5/31/19


Financials			35.7%
Industrials			12.6%
Consumer Staples			11.0%
Consumer Discretionary			9.7%
Information Technology			7.5%
Health Care			6.5%
Materials			6.4%
Real Estate			4.5%
Utilities			2.6%
Energy			2.3%
Communication Services			1.2%

Total			100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-20.29%	-21.23%	-19.94%	-6.26%
Five Year	1.90%	1.94%	3.81%	1.31%
Since Inception ¹	2.45%	2.38%	4.41%	1.57%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-20.29%	-21.23%	-19.94%	-6.26%
Five Year	9.88%	10.08%	20.55%	6.74%
Since Inception ¹	12.96%	12.59%	24.27%	8.17%

¹ Total returns are calculated based on the commencement of operations, 5/21/14 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, as amended October 9, 2018, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 5/21/14.

Ten Largest Equity Holdings
as of 5/31/19 (5.4% of Net Assets)



Description	% of Net Assets
Hangzhou Tigermed Consulting Co. Ltd.		0.7%
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd.		0.6%
Beijing Shunxin Agriculture Co. Ltd.		0.6%
Glodon Co. Ltd.		0.5%
Unigroup Guoxin Microelectronics Co. Ltd.		0.5%
Jinyu Bio-Technology Co. Ltd.		0.5%
Jinke Properties Group Co. Ltd.		0.5%
China Greatwall Technology Group Co. Ltd.		0.5%
By-health Co. Ltd.		0.5%
Tsingtao Brewery Co. Ltd.		0.5%

Sector Diversification* as of 5/31/19


Industrials			19.3%
Information Technology			17.7%
Materials			16.1%
Health Care			9.4%
Consumer Discretionary			8.6%
Consumer Staples			8.1%
Real Estate			6.5%
Communication Services			5.2%
Financials			3.2%
Utilities			3.1%
Energy			2.8%

Total			100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC., and Xtrackers Harvest CSI 300 China A-shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.


Performance as of 5/31/19

Average Annual Total Return

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-15.89%	-16.46%	-15.54%
Five Year	9.95%	9.99%	8.58%
Since Inception ¹	10.29%	10.22%	8.81%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-15.89%	-16.46%	-15.54%
Five Year	60.69%	61.01%	50.90%
Since Inception ¹	64.61%	64.10%	53.72%

¹ Total returns are calculated based on the commencement of operations, 4/30/14 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, as supplemented October 26, 2018, was 0.72%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 4/30/14.


Ten Largest Equity and ETF Holdings as of 5/31/19 (68.7% of Net Assets)



Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		34.4%
Tencent Holdings Ltd.		9.1%
Alibaba Group Holding Ltd.		8.1%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		5.4%
China Construction Bank Corp.		2.9%
Ping An Insurance Group Co. of China Ltd.		2.4%
China Mobile Ltd.		2.1%
Industrial & Commercial Bank of China Ltd.		1.8%
Bank of China Ltd.		1.3%
Baidu, Inc.		1.2%


*Sector Diversification as of 5/31/19**


Financials			25.2%
Consumer Discretionary			16.9%
Communication Services			16.1%
Industrials			8.4%
Consumer Staples			7.0%
Real Estate			5.5%
Information Technology			5.2%
Health Care			4.7%
Materials			4.1%
Energy			3.9%
Utilities			3.0%

Total			100.0%

* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. On June 4, 2018 the Xtrackers CSI 300 China A-Shares Hedged Equity ETF’s name changed to Xtrackers MSCI China A Inclusion Equity ETF. At that time, the Underlying Index replaced the CSI 300 USD Hedged Index which is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi and the U.S. dollar. It is not possible to invest directly into an index.


Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	MSCI China A Inclusion Index ²	MSCI ACWI ex USA Index ³	CSI 300 Index
One Year	-8.91%	-8.85%	-9.01%	-6.26%	-9.57%
Since Inception ¹	-1.35%	-1.34%	-2.67%	4.57%	0.18%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China A Inclusion Index ²	MSCI ACWI ex USA Index ³	CSI 300 Index
One Year	-8.91%	-8.85%	-9.01%	-6.26%	-9.57%
Since Inception ¹	-4.81%	-4.77%	-9.34%	17.56%	0.66%

¹ Total returns are calculated based on the commencement of operations, 10/20/15 (“Inception”).

² On June 4, 2018, the Fund changed its Underlying Index from CSI 300 USD Hedged Index to the Underlying Index. Returns reflect performance for the CSI 300 USD Hedged Index through June 4, 2018. Past performance may have been different if the Fund’s current investment strategy had been in effect.

³ The MSCI ACWI ex USA Index replaced the CSI 300 Index as the Fund’s principal benchmark index because the Advisor believes that the MSCI ACWI ex USA Index more accurately reflects the Fund’s current investment strategies.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, as amended October 9, 2018, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 10/20/15.


Ten Largest Equity Holdings as of 5/31/19 (24.4% of Net Assets)



Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.6%
Ping An Insurance Group Co. of China Ltd.		4.3%
China Merchants Bank Co. Ltd.		3.5%
Wuliangye Yibin Co. Ltd.		2.0%
Industrial Bank Co. Ltd.		1.8%
Shanghai Pudong Development Bank Co. Ltd.		1.6%
Industrial & Commercial Bank of China Ltd.		1.5%
Jiangsu Hengrui Medicine Co. Ltd.		1.4%
Agricultural Bank of China Ltd.		1.4%
China Yangtze Power Co. Ltd.		1.3%


*Sector Diversification as of 5/31/19**


Financials			33.2%
Consumer Staples			14.6%
Industrials			11.7%
Information Technology			7.5%
Consumer Discretionary			7.5%
Health Care			6.4%
Materials			6.0%
Real Estate			5.2%
Utilities			3.3%
Energy			2.6%
Communication Services			2.0%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF, Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. In the most recent six-month period Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	1,147.90		0.65	%	$	3.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,127.40		0.65	%	$	3.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI All China Equity ETF ⁽²⁾
Actual	$	1,000.00	$	1,034.00		0.27	%	$	1.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59		0.27	%	$	1.36
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	1,150.40		0.60	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60	%	$	3.02

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 99.1%

Communication Services — 1.2%
Beijing Enlight Media Co. Ltd., Class A*		774,900	$	777,828
China Film Co. Ltd., Class A		654,687		1,428,569
China United Network Communications Ltd., Class A		8,200,763		7,013,546
CITIC Guoan Information Industry Co. Ltd., Class A		2,407,497		1,385,375
Giant Network Group Co. Ltd., Class A		526,531		1,395,720
Perfect World Co. Ltd., Class A*		345,425		1,274,333
Shanghai Oriental Pearl Group Co. Ltd., Class A		1,786,149		2,617,219
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		567,078		1,028,032

				16,920,622

Consumer Discretionary — 9.6%
BYD Co. Ltd., Class A		795,156		5,533,225
China Grand Automotive Services Group Co. Ltd., Class A		2,151,713		1,359,212
China International Travel Service Corp. Ltd., Class A		848,156		9,466,497
China Shipbuilding Industry Group Power Co. Ltd., Class A		587,245		1,888,656
Chongqing Changan Automobile Co. Ltd., Class A		1,693,551		1,709,720
Fuyao Glass Industry Group Co. Ltd., Class A		1,231,771		3,878,041
Great Wall Motor Co. Ltd., Class A		1,041,511		1,240,717
Gree Electric Appliances, Inc. of Zhuhai, Class A		4,268,719		32,204,086
Guangzhou Automobile Group Co. Ltd., Class A		811,430		1,267,384
Hangzhou Robam Appliances Co. Ltd., Class A		406,878		1,488,721
HLA Corp. Ltd., Class A		1,577,711		1,979,590
Huayu Automotive Systems Co. Ltd., Class A		1,365,522		3,954,496
Kuang-Chi Technologies Co. Ltd., Class A		374,039		491,433
Liaoning Cheng Da Co. Ltd., Class A		1,064,599		1,949,927
Midea Group Co. Ltd., Class A		4,108,700		29,391,030
Oppein Home Group, Inc., Class A		111,343		1,832,218
Qingdao Haier Co. Ltd., Class A		3,217,637		7,378,411
SAIC Motor Corp. Ltd., Class A		3,085,604		10,657,968
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,613,311		3,554,008
Songcheng Performance Development Co. Ltd., Class A		628,700		1,940,376
Suning.com Co. Ltd., Class A		3,280,907		5,129,227
Suofeiya Home Collection Co. Ltd., Class A		567,226		1,560,039
TCL Corp., Class A		9,545,923		4,556,953
Wuchan Zhongda Group Co. Ltd., Class A		1,502,295		1,180,811
Xiamen Intretech, Inc., Class A		67,601		397,779


	Number of Shares		Value
Consumer Discretionary (Continued)
Zhejiang Century Huatong Group Co. Ltd., Class A		397,286	$	999,260
Zhejiang Supor Co. Ltd., Class A		140,876		1,445,575
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A*		1,115,993		1,165,276

				139,600,636

Consumer Staples — 10.9%
Foshan Haitian Flavouring & Food Co. Ltd., Class A		705,388		10,193,527
Guangdong Haid Group Co. Ltd., Class A		692,465		3,197,775
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		17,460		82,392
Henan Shuanghui Investment & Development Co. Ltd., Class A		865,439		3,129,101
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,349,645		23,153,659
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		523,645		8,636,540
Kweichow Moutai Co. Ltd., Class A		445,709		57,209,756
Luzhou Laojiao Co. Ltd., Class A		636,410		6,482,685
Muyuan Foodstuff Co. Ltd., Class A		550,697		5,031,391
New Hope Liuhe Co. Ltd., Class A		1,857,536		5,518,653
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		227,814		1,856,997
Tongwei Co. Ltd., Class A		1,681,979		3,735,683
Wuliangye Yibin Co. Ltd., Class A		1,721,497		25,137,958
Yonghui Superstores Co. Ltd., Class A*		3,343,980		4,726,269

				158,092,386

Energy — 2.3%
China Coal Energy Co. Ltd., Class A		1,590,210		1,093,960
China Oilfield Services Ltd., Class A		507,239		697,894
China Petroleum & Chemical Corp., Class A		10,943,291		8,569,914
China Petroleum Engineering Corp.		1,486,900		917,813
China Shenhua Energy Co. Ltd., Class A		1,729,797		4,587,811
Offshore Oil Engineering Co. Ltd., Class A		1,926,289		1,611,307
PetroChina Co. Ltd., Class A		7,129,941		7,352,256
Shaanxi Coal Industry Co. Ltd., Class A		3,521,348		4,433,553
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		1,364,625		1,212,335
Wintime Energy Co. Ltd., Class A*		5,442,085		1,436,300
Yanzhou Coal Mining Co. Ltd., Class A		780,616		1,200,117

				33,113,260

Financials — 35.3%
Agricultural Bank of China Ltd., Class A*		33,745,800		17,910,026
Anxin Trust Co. Ltd., Class A*		1,898,125		1,409,810
Avic Capital Co. Ltd., Class A		3,952,254		3,095,091
Bank of Beijing Co. Ltd., Class A		13,036,243		10,904,585
Bank of Chengdu Co. Ltd., Class A		356,500		435,998


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2019


	Number of Shares		Value
Financials (Continued)
Bank of China Ltd., Class A		18,556,400	$	10,383,748
Bank of Communications Co. Ltd., Class A		24,211,831		20,811,462
Bank of Guiyang Co. Ltd., Class A		1,213,931		2,251,457
Bank of Hangzhou Co. Ltd., Class A		1,803,033		2,134,890
Bank of Jiangsu Co. Ltd., Class A		6,059,892		6,344,979
Bank of Nanjing Co. Ltd., Class A		5,190,442		6,220,626
Bank of Ningbo Co. Ltd., Class A		2,294,897		7,678,561
Bank of Shanghai Co. Ltd., Class A		4,814,127		7,817,802
Bohai Leasing Co. Ltd., Class A		1,621,894		902,898
Caitong Securities Co. Ltd., Class A		341,800		506,751
Changjiang Securities Co. Ltd., Class A		3,407,947		3,514,209
China CITIC Bank Corp. Ltd., Class A		2,668,229		2,224,230
China Construction Bank Corp., Class A		5,915,228		5,954,641
China Everbright Bank Co. Ltd., Class A		14,025,804		7,767,615
China Galaxy Securities Co. Ltd., Class A		1,143,228		1,670,209
China Life Insurance Co. Ltd., Class A		1,463,116		5,511,637
China Merchants Bank Co. Ltd., Class A		9,149,016		45,139,439
China Merchants Securities Co. Ltd., Class A		2,519,177		5,616,902
China Minsheng Banking Corp. Ltd., Class A		21,831,748		19,237,933
China Pacific Insurance Group Co. Ltd., Class A		2,765,778		13,729,568
CITIC Securities Co. Ltd., Class A		6,911,049		20,063,950
CSC Financial Co. Ltd., Class A		371,994		1,233,936
Dongxing Securities Co. Ltd., Class A		1,213,755		2,042,822
East Money Information Co. Ltd., Class A		4,004,307		7,305,443
Everbright Securities Co. Ltd., Class A		1,697,365		2,729,473
First Capital Securities Co. Ltd., Class A		1,836,456		1,647,402
Founder Securities Co. Ltd., Class A		3,624,358		3,747,822
GF Securities Co. Ltd., Class A		2,583,627		4,832,796
Guosen Securities Co. Ltd., Class A		2,144,972		3,690,548
Guotai Junan Securities Co. Ltd., Class A		3,969,252		9,199,268
Guoyuan Securities Co. Ltd., Class A		1,775,912		2,356,340
Haitong Securities Co. Ltd., Class A		7,126,909		12,436,989
Hithink RoyalFlush Information Network Co. Ltd., Class A		175,222		2,135,121
Huaan Securities Co. Ltd., Class A		1,571,143		1,395,807
Huatai Securities Co. Ltd., Class A		2,873,983		7,721,928
Huaxia Bank Co. Ltd., Class A		5,440,180		5,884,414
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,294,816		1,185,797
Industrial & Commercial Bank of China Ltd., Class A		18,990,584		15,364,905
Industrial Bank Co. Ltd., Class A		10,964,726		27,784,221
Industrial Securities Co. Ltd., Class A		4,092,719		3,647,784
Minmetals Capital Co. Ltd., Class A		459,600		609,150
New China Life Insurance Co. Ltd., Class A		720,989		5,365,460


	Number of Shares		Value
Financials (Continued)
Orient Securities Co. Ltd., Class A		3,126,628	$	4,621,987
Ping An Bank Co. Ltd., Class A		7,562,142		13,283,754
Ping An Insurance Group Co. of China Ltd., Class A		9,608,673		109,476,069
SDIC Capital Co. Ltd., Class A		731,056		1,301,052
Shanghai Pudong Development Bank Co. Ltd., Class A		10,325,657		16,574,542
Shenwan Hongyuan Group Co. Ltd., Class A		5,950,747		4,050,812
Sinolink Securities Co. Ltd., Class A		2,125,690		2,802,043
SooChow Securities Co. Ltd., Class A*		2,110,548		2,998,197
Southwest Securities Co. Ltd., Class A		2,458,532		1,652,306
Western Securities Co. Ltd., Class A		1,541,324		2,178,455
Zheshang Securities Co. Ltd., Class A		1,154,779		1,472,244

				511,967,904

Health Care — 6.4%
Aier Eye Hospital Group Co. Ltd., Class A*		819,166		4,523,619
Beijing Tongrentang Co. Ltd., Class A		478,336		2,015,774
Changchun High & New Technology Industry Group, Inc., Class A		123,420		5,622,056
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		117,750		834,836
China Reform Health Management and Services Group Co. Ltd., Class A*		619,834		1,629,636
Chongqing Zhifei Biological Products Co. Ltd., Class A		413,758		2,405,403
Dong-E-E-Jiao Co. Ltd., Class A		385,662		2,270,988
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		470,434		2,624,980
Huadong Medicine Co. Ltd., Class A		632,224		2,667,928
Hualan Biological Engineering, Inc., Class A		487,497		2,964,861
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		267,124		1,313,699
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,338,512		20,964,248
Jointown Pharmaceutical Group Co. Ltd., Class A		451,600		849,949
Kangmei Pharmaceutical Co. Ltd., Class A		3,646,365		2,203,448
Lepu Medical Technology Beijing Co. Ltd., Class A		917,076		3,039,374
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		1,649,570		3,178,380
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		368,120		1,360,183
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		884,864		3,157,220
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,013,203		2,688,704
Shanghai RAAS Blood Products Co. Ltd., Class A		1,311,102		1,340,637
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		368,292		1,185,006


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2019


	Number of Shares		Value
Health Care (Continued)
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		754,422	$	3,281,515
Tasly Pharmaceutical Group Co. Ltd., Class A		796,085		2,107,953
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		1,248,844		2,687,236
Walvax Biotechnology Co. Ltd., Class A*		1,072,460		3,727,579
WuXi AppTec Co. Ltd., Class A*		84,225		962,044
Yunnan Baiyao Group Co. Ltd., Class A		461,894		5,175,308
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		260,872		4,044,498
Zhejiang NHU Co. Ltd., Class A*		748,830		2,095,143

				92,922,205

Industrials — 12.4%
AECC Aviation Power Co. Ltd., Class A		790,139		2,661,981
Air China Ltd., Class A		2,632,180		3,211,549
AVIC Aircraft Co. Ltd., Class A		1,217,911		2,757,680
AVIC Helicopter Co. Ltd., Class A		255,393		1,535,939
AVIC Shenyang Aircraft Co. Ltd., Class A*		365,540		1,532,529
Beijing New Building Materials PLC, Class A		730,152		2,023,930
Beijing Orient Landscape & Environment Co. Ltd., Class A		1,166,700		937,223
Beijing Originwater Technology Co. Ltd., Class A		1,662,785		1,817,749
China Avionics Systems Co. Ltd., Class A		466,863		1,009,299
China Communications Construction Co. Ltd., Class A		2,053,522		3,234,079
China Eastern Airlines Corp. Ltd., Class A		3,432,765		2,965,511
China Gezhouba Group Co. Ltd., Class A		2,431,112		2,170,323
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		490,127		578,216
China National Chemical Engineering Co. Ltd., Class A		1,722,604		1,508,005
China Nuclear Engineering Corp. Ltd., Class A		706,183		786,255
China Railway Construction Corp. Ltd., Class A		4,052,980		5,494,535
China Railway Group Ltd., Class A		6,566,857		6,089,718
China Shipbuilding Industry Co. Ltd., Class A		8,043,894		5,951,307
China Southern Airlines Co. Ltd., Class A		2,998,265		3,109,049
China Spacesat Co. Ltd., Class A		506,151		1,713,984
China State Construction Engineering Corp. Ltd., Class A		18,527,201		14,989,991
COSCO SHIPPING Holdings Co. Ltd., Class A*		3,366,587		2,320,847
CRRC Corp. Ltd., Class A		8,568,525		9,774,875


	Number of Shares		Value
Industrials (Continued)
Daqin Railway Co. Ltd., Class A		5,240,229	$	6,318,081
Fangda Carbon New Material Co. Ltd., Class A*		922,498		2,378,820
Guangshen Railway Co. Ltd., Class A		2,983,950		1,355,598
Guangzhou Baiyun International Airport Co. Ltd., Class A		907,536		2,050,980
Guangzhou Port Co. Ltd., Class A		1,637,300		975,230
Hainan Airlines Holding Co. Ltd., Class A*		10,122,000		2,934,209
Han’s Laser Technology Industry Group Co. Ltd., Class A		745,171		3,560,460
Jiangsu Zhongtian Technology Co. Ltd., Class A		2,135,943		2,726,225
Metallurgical Corp. of China Ltd., Class A		6,284,800		2,719,202
NARI Technology Co. Ltd., Class A		1,594,076		4,207,157
Ningbo Zhoushan Port Co. Ltd., Class A		3,452,081		2,260,298
Power Construction Corp. of China Ltd., Class A		5,387,696		3,822,935
Sany Heavy Industry Co. Ltd., Class A		5,169,430		8,998,676
SF Holding Co. Ltd., Class A		421,509		1,816,419
Shanghai Construction Group Co. Ltd., Class A		3,891,611		2,099,084
Shanghai Electric Group Co. Ltd., Class A		3,101,406		2,379,572
Shanghai International Airport Co. Ltd., Class A		831,983		8,296,072
Shanghai International Port Group Co. Ltd., Class A		2,856,586		3,118,688
Shenzhen Inovance Technology Co. Ltd., Class A		876,376		2,862,776
Siasun Robot & Automation Co. Ltd., Class A		946,407		2,111,529
Spring Airlines Co. Ltd., Class A		239,854		1,511,670
STO Express Co. Ltd., Class A		267,700		945,510
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		1,377,740		1,917,447
TBEA Co. Ltd., Class A		3,248,454		3,363,798
Tus-Sound Environmental Resources Co. Ltd., Class A*		614,679		868,766
Weichai Power Co. Ltd., Class A		4,267,051		7,200,164
XCMG Construction Machinery Co. Ltd., Class A*		4,108,667		2,536,141
Xiamen C & D, Inc., Class A		1,474,984		1,865,588
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,436,357		4,016,205
YTO Express Group Co. Ltd., Class A		320,234		619,334
Yunda Holding Co. Ltd., Class A		119,472		668,539
Zangge Holding Co. Ltd., Class A*		514,909		548,787
Zhejiang Chint Electrics Co. Ltd., Class A		750,229		2,556,738
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		964,306		1,397,686
Zhengzhou Yutong Bus Co. Ltd., Class A		1,148,549		2,072,218


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,956,956	$	3,064,533

				180,319,709

Information Technology — 7.5%
360 Security Technology, Inc., Class A		358,782		1,100,075
Aisino Corp., Class A		984,609		3,258,931
AVIC Jonhon OptronicTechnology Co. Ltd., Class A		445,321		2,119,414
Beijing Shiji Information Technology Co. Ltd., Class A		259,681		1,249,006
Beijing Xinwei Technology Group Co. Ltd., Class A*(a)		500,044		751,739
BOE Technology Group Co. Ltd., Class A		20,872,791		10,355,419
Chaozhou Three-Circle Group Co. Ltd., Class A		915,478		2,492,749
DHC Software Co. Ltd., Class A		1,646,269		1,697,600
Fiberhome Telecommunication Technologies Co. Ltd., Class A		596,895		2,280,387
Focus Media Information Technology Co. Ltd., Class A		6,464,186		5,183,431
Foxconn Industrial Internet Co. Ltd., Class A*		1,034,800		2,041,602
Gigadevice Semiconductor Beijing, Inc., Class A*		123,800		1,374,980
GoerTek, Inc., Class A*		1,689,461		1,927,318
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		3,218,580		11,530,406
Hengtong Optic-electric Co. Ltd., Class A		1,153,904		2,637,714
Hundsun Technologies, Inc., Class A		570,903		5,132,841
Iflytek Co. Ltd., Class A*		1,272,718		5,337,714
Lens Technology Co. Ltd., Class A		699,538		699,155
Leyard Optoelectronic Co. Ltd., Class A		1,340,600		1,508,074
LONGi Green Energy Technology Co. Ltd., Class A*		2,186,907		7,515,936
Luxshare Precision Industry Co. Ltd., Class A		2,156,129		6,673,185
OFILM Group Co. Ltd., Class A		1,677,184		1,973,784
Sanan Optoelectronics Co. Ltd., Class A		2,128,548		3,290,841
Shenzhen Goodix Technology Co. Ltd., Class A		67,126		1,087,562
Shenzhen Sunway Communication Co. Ltd., Class A		684,219		2,196,590
Tsinghua Tongfang Co. Ltd., Class A		1,802,651		2,584,204
Tunghsu Optoelectronic Technology Co. Ltd., Class A		3,354,073		2,418,640
Unisplendour Corp. Ltd., Class A		245,814		1,003,633
Wangsu Science & Technology Co. Ltd., Class A		1,271,975		1,928,013
Yonyou Network Technology Co. Ltd., Class A		1,089,447		3,587,077
Zhejiang Dahua Technology Co. Ltd., Class A		1,578,859		2,850,863


	Number of Shares		Value
Information Technology (Continued)
ZTE Corp., Class A*		2,094,218	$	8,686,393

				108,475,276

Materials — 6.4%
ADAMA Ltd., Class A		220,600		344,558
Aluminum Corp. of China Ltd., Class A*		5,734,206		3,324,513
Angang Steel Co. Ltd., Class A		1,608,337		1,180,656
Anhui Conch Cement Co. Ltd., Class A		1,760,890		10,044,016
Baiyin Nonferrous Group Co. Ltd., Class A		643,500		395,355
Baoshan Iron & Steel Co. Ltd., Class A		7,329,809		6,659,811
BBMG Corp., Class A		2,914,200		1,534,055
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		789,538		2,185,127
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		1,030,012		1,149,772
Beijing Shougang Co. Ltd., Class A*		1,378,825		705,937
China Jushi Co. Ltd., Class A		1,836,369		2,447,150
China Molybdenum Co. Ltd., Class A		6,226,190		3,618,730
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,889,652		3,578,288
Hengli Petrochemical Co. Ltd., Class A		666,629		1,646,911
Hengyi Petrochemical Co. Ltd., Class A*		1,006,977		1,960,569
Hesteel Co. Ltd., Class A		3,739,410		1,612,512
Hoshine Silicon Industry Co. Ltd., Class A		44,801		316,537
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		16,054,907		4,075,202
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,971,253		1,392,681
Jiangxi Copper Co. Ltd., Class A		910,069		1,951,704
Ganfeng Lithium Co. Ltd., Class A*		684,248		2,415,759
Kangde Xin Composite Material Group Co. Ltd., Class A		1,698,678		705,557
Lomon Billions Group Co. Ltd., Class A		529,428		1,179,679
Qinghai Salt Lake Industry Co. Ltd., Class A*		1,224,659		1,329,961
Rongsheng Petro Chemical Co. Ltd., Class A		1,106,982		1,832,783
Shandong Gold Mining Co. Ltd., Class A*		649,624		2,912,805
Shandong Nanshan Aluminum Co. Ltd., Class A*		6,324,140		2,097,771
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,911,050		1,444,216
Tianqi Lithium Corp., Class A*		596,692		2,388,041
Tongling Nonferrous Metals Group Co. Ltd., Class A		5,524,020		1,919,999
Wanhua Chemical Group Co. Ltd., Class A		1,364,818		7,487,622
Xiamen Tungsten Co. Ltd., Class A		734,255		1,622,312
YanAn Bicon Pharmaceutical Listed Co., Class A		266,655		703,769


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2019


	Number of Shares		Value
Materials (Continued)
Zhejiang Huayou Cobalt Co. Ltd., Class A		419,320	$	1,735,626
Zhejiang Longsheng Group Co. Ltd., Class A		2,293,340		5,480,494
Zhongjin Gold Corp. Ltd., Class A		1,506,039		1,759,341
Zijin Mining Group Co. Ltd., Class A		10,658,951		4,996,047

				92,135,866

Real Estate — 4.5%
China Fortune Land Development Co. Ltd., Class A		1,581,555		6,758,411
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A*		2,088,068		6,540,834
China Vanke Co. Ltd., Class A		4,281,738		16,487,698
Financial Street Holdings Co. Ltd., Class A		1,028,858		1,087,647
Gemdale Corp., Class A		1,986,587		3,320,624
Greenland Holdings Group Co. Ltd., Class A		3,211,135		3,107,490
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,621,233		2,080,962
Poly Developments and Holdings Group Co. Ltd., Class A		6,280,707		11,014,653
Red Star Macalline Group Corp. Ltd., Class A		256,016		466,705
RiseSun Real Estate Development Co. Ltd., Class A		1,532,278		2,079,486
Seazen Holdings Co. Ltd., Class A		792,284		4,227,770
Xinhu Zhongbao Co. Ltd., Class A		3,772,946		1,643,298
Yango Group Co. Ltd., Class A		1,426,717		1,269,556
Youngor Group Co. Ltd., Class A		2,206,360		3,013,388
Zhejiang China Commodities City Group Co. Ltd., Class A		2,379,214		1,372,531

				64,471,053


	Number of Shares		Value
Utilities — 2.6%
China National Nuclear Power Co. Ltd., Class A		4,086,900	$	3,253,583
China Yangtze Power Co. Ltd., Class A		5,824,338		14,876,262
Datang International Power Generation Co. Ltd., Class A		2,184,600		998,757
GD Power Development Co. Ltd., Class A		10,380,200		3,772,550
Huadian Power International Corp. Ltd., Class A		2,867,500		1,621,131
Huaneng Lancang River Hydropower, Inc., Class A		1,579,200		920,126
Huaneng Power International, Inc., Class A*		3,870,542		3,628,389
SDIC Power Holdings Co. Ltd., Class A		3,555,193		4,035,214
Sichuan Chuantou Energy Co. Ltd., Class A		1,549,122		2,012,978
Zhejiang Zheneng Electric Power Co. Ltd., Class A		3,566,088		2,396,661

				37,515,651

TOTAL COMMON STOCKS (Cost $1,291,713,489)				1,435,534,568


TOTAL INVESTMENTS — 99.1%
(Cost $1,291,713,489)			$	1,435,534,568
Other assets and liabilities, net — 0.9%				13,122,483

NET ASSETS — 100.0%			$	1,448,657,051

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	1,434,782,829	$	—	$	751,739	$	1,435,534,568

TOTAL	$	1,434,782,829	$	—	$	751,739	$	1,435,534,568

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

During the year ended May 31, 2019, the amount of transfers from Level 3 to Level 1 was $16,637,082. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 99.1%

Communication Services — 5.2%
Beijing Gehua CATV Network Co. Ltd., Class A		101,300	$	150,187
Beijing HualuBaina Film & TV Co. Ltd., Class A		59,200		51,825
Beijing Kunlun Tech Co. Ltd., Class A		83,200		157,790
Bluefocus Intelligent Communications Group Co. Ltd., Class A		233,500		140,764
Changjiang Publishing & Media Co. Ltd., Class A*		85,612		82,848
China South Publishing & Media Group Co. Ltd., Class A		102,200		191,465
Chinese Universe Publishing and Media Group Co. Ltd., Class A*		79,189		153,723
Dalian Zeus Entertainment Group Co. Ltd., Class A		80,980		44,614
Dr Peng Telecom & Media Group Co. Ltd., Class A		203,700		237,666
G-bits Network Technology Xiamen Co. Ltd., Class A		5,273		155,898
Guangdong Advertising Group Co. Ltd., Class A*		255,384		116,020
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A		46,100		66,087
Hangzhou Shunwang Technology Co. Ltd., Class A		67,200		141,207
Huayi Brothers Media Corp., Class A*		278,374		209,971
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		281,300		178,100
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		110,900		129,712
Kingnet Network Co. Ltd., Class A		155,900		71,724
Leo Group Co. Ltd., Class A		654,595		193,533
Mango Excellent Media Co. Ltd., Class A*		42,401		250,720
Ourpalm Co. Ltd., Class A		396,000		193,037
People.cn Co. Ltd., Class A		79,600		216,857
Shandong Publishing & Media Co. Ltd., Class A		39,909		44,722
Wasu Media Holding Co. Ltd., Class A		80,500		136,995
Xinhuanet Co. Ltd., Class A		29,450		87,410
Youzu Interactive Co. Ltd., Class A		74,500		191,574
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		92,900		127,416
Zhejiang Huace Film & TV Co. Ltd., Class A*		101,800		93,670

				3,815,535

Consumer Discretionary — 8.5%
Anhui Jianghuai Automobile Group Corp., Ltd., Class A		188,800		141,590
Anhui Xinhua Media Co. Ltd., Class A		86,500		75,724
Anhui Zhongding Sealing Parts Co. Ltd., Class A		104,800		144,946
Beiqi Foton Motor Co. Ltd., Class A		668,000		224,472
Besttone Holdings Co. Ltd., Class A		43,000		85,333
BTG Hotels Group Co. Ltd., Class A*		69,845		166,509
CCOOP Group Co. Ltd., Class A		258,800		100,402


	Number of Shares		Value
Consumer Discretionary (Continued)
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		30,770	$	55,693
China CYTS Tours Holding Co. Ltd., Class A		84,300		153,553
Chongqing Department Store Co. Ltd., Class A		34,295		144,475
Chongqing Sokon Industry Group Co. Ltd., Class A		39,800		70,545
Dashang Co. Ltd., Class A		25,000		100,450
DongFeng Automobile Co. Ltd., Class A		113,800		82,062
Eastern Gold Jade Co. Ltd., Class A*		94,400		55,275
Eastern Pioneer Driving School Co. Ltd., Class A*		24,200		58,635
Ecovacs Robotics Co. Ltd., Class A*		5,724		35,374
Gansu Gangtai Holding Group Co. Ltd., Class A		64,400		17,275
Global Top E-Commerce Co. Ltd., Class A		90,150		109,863
Guangdong Chj Industry Co. Ltd., Class A		63,500		39,196
Hang Zhou Great Star Industrial Co. Ltd., Class A*		78,553		107,173
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A*		190,100		111,037
Hisense Electric Co. Ltd., Class A		113,100		134,079
Huizhou Desay Sv Automotive Co. Ltd., Class A		16,800		53,644
Hunan Friendship & Apollo Commercial Co. Ltd., Class A		145,200		72,246
Jason Furniture Hangzhou Co. Ltd., Class A		17,582		112,560
Jiangsu Hongtu High Technology Co. Ltd., Class A		134,000		65,901
Jinzhou Cihang Group Co. Ltd., Class A*		156,700		48,137
Joyoung Co. Ltd., Class A		44,400		129,413
KingClean Electric Co. Ltd., Class A		11,800		36,027
Lifan Industry Group Co. Ltd., Class A*		99,000		71,389
Loncin Motor Co. Ltd., Class A		144,750		86,844
Meisheng Cultural & Creative Corp. Ltd., Class A*		52,860		50,544
NanJi E-Commerce Co. Ltd., Class A*		175,550		273,435
Nanjing Central Emporium, Class A		83,400		44,865
Ningbo Huaxiang Electronic Co. Ltd., Class A		53,300		84,556
Ningbo Joyson Electronic Corp., Class A		79,900		243,141
Ningbo Peacebird Fashion Co. Ltd., Class A		7,000		16,425
Ningbo Tuopu Group Co. Ltd., Class A*		40,264		87,220
Shandong Linglong Tyre Co. Ltd., Class A		69,400		167,350
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A		23,100		82,288
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A*		165,100		197,392
Shenzhen Fenda Technology Co. Ltd., Class A		90,662		61,454
Shenzhen Tellus Holding Co. Ltd., Class A*		16,530		49,348
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A		118,650		97,366


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Consumer Discretionary (Continued)
Sichuan Changhong Electric Co. Ltd., Class A		528,200	$	234,627
Sinomach Automobile Co. Ltd., Class A		58,650		57,265
Sou Yu Te Group Co. Ltd., Class A*		179,524		87,512
UTour Group Co. Ltd., Class A		73,800		63,116
Visual China Group Co. Ltd., Class A		61,500		161,338
Wangfujing Group Co. Ltd., Class A		45,730		99,851
Wanxiang Qianchao Co. Ltd., Class A		197,700		169,649
Weifu High-Technology Group Co. Ltd., Class A		84,600		239,873
Wuhan Department Store Group Co. Ltd., Class A		57,309		86,371
Xinhua Winshare Publishing and Media Co. Ltd., Class A		23,000		45,975
Yantai Tayho Advanced Materials Co. Ltd., Class A		63,300		96,678
Yihua Lifestyle Technology Co. Ltd., Class A		169,900		91,397
Yotrio Group Co. Ltd., Class A*		160,640		81,318
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		62,370		150,848
Zhejiang Semir Garment Co. Ltd., Class A		79,724		122,797
Zhejiang Yasha Decoration Co. Ltd., Class A		97,900		77,232
Zotye Automobile Co. Ltd., Class A*		146,500		92,331

				6,303,384

Consumer Staples — 8.0%
Angel Yeast Co. Ltd., Class A		68,975		291,267
Anhui Gujing Distillery Co. Ltd., Class A		16,600		255,615
Anhui Yingjia Distillery Co. Ltd., Class A		35,300		87,413
Beijing Dabeinong Technology Group Co. Ltd., Class A		304,600		273,243
Beijing Shunxin Agriculture Co. Ltd., Class A		73,970		439,523
Beijing Yanjing Brewery Co. Ltd., Class A		203,100		200,938
Better Life Commercial Chain Share Co. Ltd., Class A		50,630		58,342
Bright Dairy & Food Co. Ltd., Class A		85,900		128,718
By-health Co. Ltd., Class A		125,200		353,907
Chongqing Fuling Zhacai Group Co. Ltd., Class A		67,838		280,694
Chuying Agro-pastora Group Co. Ltd., Class A		225,900		39,421
COFCO Tunhe Sugar Co. Ltd., Class A		147,100		176,296
Fujian Sunner Development Co. Ltd., Class A		71,000		285,073
Hebei Chengde Lolo Co., Class A		86,841		106,206
Heilongjiang Agriculture Co. Ltd., Class A		102,000		158,286
Hunan Dakang International Food & Agriculture Co. Ltd., Class A*		401,220		125,566
Jiangsu King’s Luck Brewery JSC Ltd., Class A		73,000		257,728
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		79,500		444,061
Laobaixing Pharmacy Chain JSC, Class A*		16,710		137,173
Opple Lighting Co. Ltd., Class A		21,890		102,823


	Number of Shares		Value
Consumer Staples (Continued)
Shandong Denghai Seeds Co. Ltd., Class A*		52,750	$	74,099
Shanghai Bailian Group Co. Ltd., Class A		115,500		155,915
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		6,200		33,585
Shanghai Jahwa United Co. Ltd., Class A		47,964		195,209
Shanghai Maling Aquarius Co. Ltd., Class A		95,500		131,947
Shenzhen Agricultural Products Group Co. Ltd., Class A		100,200		80,637
Sichuan Swellfun Co. Ltd., Class A		48,899		331,385
Toly Bread Co. Ltd., Class A		12,835		74,303
Tsingtao Brewery Co. Ltd., Class A		49,797		349,106
Yuan Longping High-tech Agriculture Co. Ltd., Class A		124,954		270,315

				5,898,794

Energy — 2.7%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A		89,520		73,978
China Merchants Energy Shipping Co. Ltd., Class A		345,300		199,198
Datong Coal Industry Co. Ltd., Class A*		119,400		79,212
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A*		168,200		67,680
Geo-Jade Petroleum Corp., Class A*		197,340		102,458
Guanghui Energy Co. Ltd., Class A		578,840		309,714
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		93,700		115,676
Jizhong Energy Resources Co. Ltd., Class A		156,100		87,350
Oriental Energy Co. Ltd., Class A		164,500		205,690
Shandong Xinchao Energy Corp. Ltd., Class A*		298,500		91,266
Shanxi Meijin Energy Co. Ltd., Class A		175,500		317,397
Yang Quan Coal Industry Group Co. Ltd., Class A		173,600		143,211
Yantai Jereh Oilfield Services Group Co. Ltd., Class A*		68,341		217,921

				2,010,751

Financials — 3.2%
Guangdong Golden Dragon Development, Inc., Class A		64,674		116,406
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		40,085		53,013
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A*		211,255		220,584
Jiangsu Financial Leasing Co. Ltd., Class A		129,500		114,861
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		154,080		103,331
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A*		132,100		108,023
Nanjing Securities Co. Ltd., Class A*		44,600		74,807
Northeast Securities Co. Ltd., Class A		199,849		247,008
Polaris Bay Group Co. Ltd., Class A		75,700		154,810
Sealand Securities Co. Ltd., Class A		422,700		297,496


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Financials (Continued)
Shaanxi International Trust Co. Ltd., Class A*		283,490	$	176,624
Shanghai AJ Group Co. Ltd., Class A		141,005		196,242
Shanxi Securities Co. Ltd., Class A		242,600		279,904
Wuxi Rural Commercial Bank Co. Ltd., Class A		134,200		108,578
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A		79,100		118,642

				2,370,329

Health Care — 9.3%
Autobio Diagnostics Co. Ltd., Class A		11,700		110,204
Beijing SL Pharmaceutical Co. Ltd., Class A*		57,400		191,063
Beijing Tiantan Biological Products Corp. Ltd., Class A		62,509		240,524
China Animal Husbandry Industry Co. Ltd., Class A		44,660		83,088
China National Accord Medicines Corp. Ltd., Class A		21,673		133,842
China National Medicines Corp. Ltd., Class A		44,933		146,325
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		75,349		139,640
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		56,518		224,562
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		80,938		126,068
DaShenLin Pharmaceutical Group Co. Ltd., Class A		14,690		97,202
Dezhan Healthcare Co. Ltd., Class A*		129,300		149,928
Dian Diagnostics Group Co. Ltd., Class A		45,940		111,110
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		91,400		110,200
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		62,600		97,234
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		122,650		96,226
Guizhou Yibai Pharmaceutical Co. Ltd., Class A		92,300		71,351
Hangzhou Tigermed Consulting Co. Ltd., Class A*		50,029		480,029
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		130,450		81,840
Harbin Pharmaceutical Group Co. Ltd., Class A*		219,720		130,556
Humanwell Healthcare Group Co. Ltd., Class A		136,100		197,856
Hybio Pharmaceutical Co. Ltd., Class A*		67,500		97,349
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		63,448		132,408
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		85,285		281,913
Jiangzhong Pharmaceutical Co. Ltd., Class A		35,828		84,534
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		131,800		307,745


	Number of Shares		Value
Health Care (Continued)
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*		73,800	$	88,448
Jinyu Bio-Technology Co. Ltd., Class A		169,004		360,003
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		137,356		161,448
Livzon Pharmaceutical Group, Inc., Class A		40,071		179,440
Mayinglong Pharmaceutical Group Co. Ltd., Class A		43,700		108,780
Pengqi Technology Development Co. Ltd., Class A*		151,300		58,698
Realcan Pharmaceutical Group Co. Ltd., Class A		152,430		156,304
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		52,700		155,733
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		232,150		129,236
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		86,800		145,714
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		259,900		127,817
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		40,062		84,413
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*		68,300		72,006
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*		44,900		115,977
Winning Health Technology Group Co. Ltd., Class A*		163,619		287,887
Yifan Pharmaceutical Co. Ltd., Class A		102,400		177,218
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		227,240		209,418
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A		85,600		114,194
Zhejiang Medicine Co. Ltd., Class A		96,300		146,941
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A		91,050		90,212

				6,892,684

Industrials — 19.2%
AECC Aero-Engine Control Co. Ltd., Class A		80,200		162,278
Anhui Wanjiang Logistics Group Co. Ltd., Class A*		284,400		118,948
Antong Holdings Co. Ltd., Class A*		109,060		72,824
Avic Aviation High-Technology Co. Ltd., Class A*		60,500		82,019
AVIC Electromechanical Systems Co. Ltd., Class A		205,527		209,268
Avic Heavy Machinery Co. Ltd., Class A		77,900		102,798
Beijing Changjiu Logistics Corp., Class A		11,760		19,504
Beijing Shouhang Resources Saving Co. Ltd., Class A		181,355		107,236
Beijing SPC Environment Protection Tech Co. Ltd., Class A		93,100		102,179
Beijing Watertek Information Technology Co. Ltd., Class A*		149,977		124,372
Camel Group Co. Ltd., Class A		61,500		106,612


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
Changyuan Group Ltd., Class A		188,340	$	171,396
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*		11,200		3,150
China Aerospace Times Electronics Co. Ltd., Class A*		311,700		280,961
China Baoan Group Co. Ltd., Class A		306,600		256,024
China CAMC Engineering Co. Ltd., Class A		70,582		114,620
China First Heavy Industries, Class A*		391,100		175,983
China High-Speed Railway Technology Co. Ltd., Class A		323,296		177,646
China International Marine Containers Group Co. Ltd., Class A		125,400		224,801
China Meheco Co. Ltd., Class A		75,887		150,268
China Railway Hi-tech Industry Co. Ltd., Class A		158,700		238,492
China Railway Tielong Container Logistics Co. Ltd., Class A		130,500		132,122
China XD Electric Co. Ltd., Class A		299,300		160,144
Chongqing Construction Engineering Group Corp. Ltd., Class A		80,300		57,326
CITIC Heavy Industries Co. Ltd., Class A		249,900		144,884
CMST Development Co. Ltd., Class A		125,200		101,658
COSCO SHIPPING Development Co. Ltd., Class A*		566,500		232,849
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		200,300		179,680
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A		124,000		65,453
Dalian Port PDA Co. Ltd., Class A		449,920		134,318
Dazhong Transportation Group Co. Ltd., Class A		160,600		107,703
Deppon Logistics Co. Ltd., Class A		15,100		31,969
Dongfang Electric Corp. Ltd., Class A*		158,200		235,002
Dongjiang Environmental Co. Ltd., Class A		69,400		109,998
Eternal Asia Supply Chain Management Ltd., Class A		213,600		147,251
Far East Smarter Energy Co. Ltd., Class A*		128,500		85,250
Foshan Electrical and Lighting Co. Ltd., Class A		93,451		70,488
Fujian Longking Co. Ltd., Class A		107,200		188,928
Guangxi Liugong Machinery Co. Ltd., Class A		149,630		141,563
Guosheng Financial Holding, Inc., Class A		112,187		177,330
Guoxuan High-Tech Co. Ltd., Class A		96,555		177,547
Hefei Meiya Optoelectronic Technology, Inc., Class A		39,400		165,014
Henan Pinggao Electric Co. Ltd., Class A		116,400		127,248
Henan Senyuan Electric Co. Ltd., Class A		79,400		121,954
Hongfa Technology Co. Ltd., Class A		62,880		212,568
Hunan Corun New Energy Co. Ltd., Class A*		151,847		126,141
Inner Mongolia First Machinery Group Co. Ltd., Class A		119,700		185,235
Jiangsu Hengli Hydraulic Co. Ltd., Class A		37,800		164,691
Jiangsu Zongyi Co. Ltd., Class A*		112,500		110,654
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A		62,100		143,925


	Number of Shares		Value
Industrials (Continued)
Jiangxi Special Electric Motor Co. Ltd., Class A*		199,200	$	148,241
Jihua Group Corp. Ltd., Class A		313,200		166,678
Juneyao Airlines Co. Ltd., Class A		77,840		139,990
Keda Clean Energy Co. Ltd., Class A		181,000		117,207
Lanzhou LS Heavy Equipment Co. Ltd., Class A		63,000		51,063
Minmetals Development Co. Ltd., Class A*		64,400		88,885
Nanyang Topsec Technologies Group, Inc., Class A		66,280		139,083
Neoglory Prosperity, Inc., Class A*		105,750		36,298
North Electro-Optic Co. Ltd., Class A		29,200		46,113
North Industries Group Red Arrow Co. Ltd., Class A*		103,247		117,932
North Navigation Control Technology Co. Ltd., Class A		129,600		172,892
Northcom Group Co. Ltd., Class A*		80,800		45,913
Orient Group, Inc., Class A		425,290		226,942
Palm Eco-Town Development Co. Ltd., Class A		167,150		98,355
Pubang Landscape Architecture Co. Ltd., Class A		176,119		78,994
Qingdao TGOOD Electric Co. Ltd., Class A		71,281		182,988
Qinhuangdao Port Co. Ltd., Class A		203,900		103,805
Rizhao Port Co. Ltd., Class A		265,800		117,685
Saurer Intelligent Technology Co. Ltd., Class A		81,900		86,225
Shandong Hi-speed Co. Ltd., Class A		97,900		67,207
Shanghai Environment Group Co. Ltd., Class A		67,340		98,866
Shanghai M&G Stationery, Inc., Class A		40,100		242,493
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		45,649		108,760
Shanghai Tunnel Engineering Co. Ltd., Class A		271,100		250,229
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		53,000		164,187
Shenwu Environmental Technology Co. Ltd., Class A*		86,900		31,833
Shenzhen Airport Co. Ltd., Class A		149,500		181,976
Shenzhen Desay Battery Technology Co., Class A*		17,500		65,141
Shenzhen Grandland Group Co. Ltd., Class A		92,700		69,921
Shenzhen Tagen Group Co. Ltd., Class A		102,284		96,328
Shenzhen Techand Ecology & Environment Co. Ltd., Class A*		186,750		91,842
Sichuan Road & Bridge Co. Ltd., Class A		311,100		160,176
Sieyuan Electric Co. Ltd., Class A*		66,480		98,467
Sinochem International Corp., Class A		147,800		151,556
Sinoma International Engineering Co., Class A*		147,950		140,188
Sinotrans Ltd., Class A*		220,040		164,384
Sungrow Power Supply Co. Ltd., Class A		146,600		212,485
Suzhou Anjie Technology Co. Ltd., Class A		40,550		76,494
Taihai Manoir Nuclear Equipment Co. Ltd., Class A		74,000		108,645


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
Taiyuan Heavy Industry Co. Ltd., Class A*		255,400	$	98,347
TangShan Port Group Co. Ltd., Class A		424,374		167,086
Tian Di Science & Technology Co. Ltd., Class A*		241,500		120,161
TianGuang ZhongMao Co. Ltd., Class A		218,500		68,697
Tianjin Capital Environmental Protection Group Co. Ltd., Class A*		64,200		73,146
Tianjin Port Co. Ltd., Class A		119,200		130,653
Wolong Electric Group Co. Ltd., Class A		92,839		125,592
Xiamen ITG Group Corp. Ltd., Class A		181,448		216,938
Xiangtan Electric Manufacturing Co. Ltd., Class A		98,200		98,713
Xingyuan Environment Technology Co. Ltd., Class A		134,950		88,945
Xinjiang Machinery Research Institute Co. Ltd., Class A		132,600		95,427
Xuji Electric Co. Ltd., Class A		87,500		113,701
Zhefu Holding Group Co. Ltd., Class A		227,800		154,411
Zhejiang Kaishan Compressor Co. Ltd., Class A		49,600		74,180
Zhejiang Wanliyang Co. Ltd., Class A*		80,300		78,287
Zhejiang Wanma Co. Ltd., Class A*		101,062		83,371
Zhejiang Weiming Environment Protection Co. Ltd., Class A		24,097		67,421
Zhejiang Weixing New Building Materials Co. Ltd., Class A		74,000		212,913
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		132,700		107,174
Zhongji Innolight Co. Ltd., Class A		13,709		83,197
Zhongshan Broad Ocean Motor Co. Ltd., Class A		174,000		110,918

				14,156,017

Information Technology — 17.5%
Accelink Technologies Co. Ltd., Class A*		56,300		214,358
Addsino Co. Ltd., Class A*		156,700		223,057
Beijing Dahao Technology Corp. Ltd., Class A		17,046		25,051
Beijing Jetsen Technology Co. Ltd., Class A		220,800		143,616
Beijing Lanxum Technology Co. Ltd., Class A*		103,120		115,407
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		107,119		191,565
Beijing Philisense Technology Co. Ltd., Class A		167,200		110,200
Beijing Sinnet Technology Co. Ltd., Class A		131,048		291,247
Beijing Teamsun Technology Co. Ltd., Class A		161,060		255,511
Beijing Ultrapower Software Co. Ltd., Class A		222,100		129,728
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		123,000		229,723
Bluedon Information Security Technology Co. Ltd., Class A		86,800		77,113


	Number of Shares		Value
Information Technology (Continued)
China Greatwall Technology Group Co. Ltd., Class A		252,019	$	355,468
China National Software & Service Co. Ltd., Class A		42,000		348,839
China TransInfo Technology Co. Ltd., Class A		106,100		277,116
CPT Technology Group Co. Ltd., Class A*		187,500		73,012
East Group Co. Ltd., Class A		137,600		98,430
GCI Science & Technology Co. Ltd., Class A		50,800		90,848
GCL System Integration Technology Co. Ltd., Class A*		289,607		271,070
Glodon Co. Ltd., Class A		96,500		403,324
GRG Banking Equipment Co. Ltd., Class A		175,100		166,923
Guangdong Ellington Electronics Technology Co. Ltd., Class A		45,500		66,408
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		102,300		182,947
Guangzhou Haige Communications Group, Inc. Co., Class A		232,000		321,544
Guomai Technologies, Inc., Class A		74,100		86,242
Hangzhou First Applied Material Co. Ltd., Class A		15,290		76,695
Hangzhou Silan Microelectronics Co. Ltd., Class A		113,080		279,691
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		121,400		139,543
Hexing Electrical Co. Ltd., Class A		28,670		58,921
HNA Technology Co. Ltd., Class A*		257,600		118,884
Huagong Tech Co. Ltd., Class A		85,400		179,944
Hubei Kaile Science & Technology Co. Ltd., Class A		72,900		182,518
Hytera Communications Corp. Ltd., Class A		131,800		163,662
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A*		136,500		291,946
Julong Co. Ltd., Class A*		40,395		40,198
MLS Co. Ltd., Class A		56,900		96,259
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A*		380,400		118,501
NAURA Technology Group Co. Ltd., Class A		26,600		256,033
Neusoft Corp., Class A		124,500		224,624
Newland Digital Technology Co. Ltd., Class A		101,740		245,774
Ningbo Yunsheng Co. Ltd., Class A*		105,042		134,829
Shanghai 2345 Network Holding Group Co. Ltd., Class A		445,760		326,583
Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A*		145,800		117,964
Shanghai Belling Co. Ltd., Class A		80,800		171,183
Shengyi Technology Co. Ltd., Class A*		152,720		311,439
Shennan Circuits Co. Ltd., Class A		13,920		156,830
Shenzhen Aisidi Co. Ltd., Class A		53,800		40,502
Shenzhen Everwin Precision Technology Co. Ltd., Class A		78,680		118,012


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Information Technology (Continued)
Shenzhen Kaifa Technology Co. Ltd., Class A		106,800	$	139,396
Shenzhen Kinwong Electronic Co. Ltd., Class A		16,100		83,637
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		35,200		75,692
Shenzhen Tat Fook Technology Co. Ltd., Class A*		55,440		106,182
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		136,550		261,529
Suzhou Victory Precision Manufacture Co. Ltd., Class A		299,800		121,064
Taiji Computer Corp. Ltd., Class A		34,600		160,979
Tatwah Smartech Co. Ltd., Class A		97,700		70,593
Telling Telecommunication Holding Co. Ltd., Class A		76,600		63,633
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		14,300		45,042
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		238,200		348,344
Tongding Interconnection Information Co. Ltd., Class A		107,800		124,998
UEC Group Ltd., Class A*		65,100		43,094
Unigroup Guoxin Microelectronics Co. Ltd., Class A (a)		60,700		394,903
Universal Scientific Industrial Shanghai Co. Ltd., Class A		92,100		162,714
Venustech Group, Inc., Class A*		76,948		269,891
Vtron Group Co. Ltd., Class A		81,100		59,769
Westone Information Industry, Inc., Class A		84,704		296,852
Wonders Information Co. Ltd., Class A		124,994		236,511
Wuhan Guide Infrared Co. Ltd., Class A		52,950		139,366
Wuhu Token Science Co. Ltd., Class A		262,000		187,040
WUS Printed Circuit Kunshan Co. Ltd., Class A		170,640		226,411
Wuxi Lead Intelligent Equipment Co. Ltd., Class A*		62,500		257,615
Xiamen Faratronic Co. Ltd., Class A*		19,100		115,997
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		11,400		62,691
Zhejiang Crystal-Optech Co. Ltd., Class A*		97,095		155,295
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A*		91,000		164,839

				12,973,359

Materials — 15.9%
Advanced Technology & Materials Co. Ltd., Class A		92,061		118,565
Befar Group Co. Ltd., Class A		157,433		148,265
Bengang Steel Plates Co. Ltd., Class A		56,100		36,733
Chengzhi Co. Ltd., Class A		35,609		96,754
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		202,400		178,937
China West Construction Group Co. Ltd., Class A		54,800		87,964


	Number of Shares		Value
Materials (Continued)
Chongqing Iron & Steel Co. Ltd., Class A*		958,400	$	268,149
Cofco Biochemical Co. Ltd., Class A*		158,185		178,859
CSG Holding Co. Ltd., Class A		162,819		109,426
Do-Fluoride Chemicals Co. Ltd., Class A		79,700		137,818
Elion Clean Energy Co. Ltd., Class A		195,800		144,016
Fangda Special Steel Technology Co. Ltd., Class A		102,400		134,538
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		455,600		133,385
GEM Co. Ltd., Class A		414,552		268,445
Guangdong HEC Technology Holding Co. Ltd., Class A		215,505		252,994
Guangdong Tapai Group Co. Ltd., Class A		51,100		82,319
Guangzhou Tinci Materials Technology Co. Ltd., Class A		23,800		81,418
Hainan Mining Co. Ltd., Class A*		57,100		45,293
Hangzhou Iron & Steel Co., Class A*(a)		75,410		56,227
Hongda Xingye Co. Ltd., Class A*		186,178		149,022
Huapont Life Sciences Co. Ltd., Class A		203,950		148,541
Huaxin Cement Co. Ltd., Class A		68,480		266,757
Hubei Xingfa Chemicals Group Co. Ltd., Class A		63,520		96,281
Hunan Gold Corp. Ltd., Class A*		121,500		143,863
Hunan Valin Steel Co. Ltd., Class A*		171,100		161,136
Inner Mongolia Xingye Mining Co. Ltd., Class A		109,700		79,580
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A		136,600		122,144
Jilin Yatai Group Co. Ltd., Class A		464,300		214,278
Jinduicheng Molybdenum Co. Ltd., Class A		136,700		131,105
Kingenta Ecological Engineering Group Co. Ltd., Class A		236,200		140,007
Kingfa Sci & Tech Co. Ltd., Class A		271,900		189,402
Lianhe Chemical Technology Co. Ltd., Class A		105,559		155,283
Liuzhou Iron & Steel Co. Ltd., Class A		73,500		62,754
Luxi Chemical Group Co. Ltd., Class A		147,100		249,276
Maanshan Iron & Steel Co. Ltd., Class A		426,200		208,987
Nanjing Iron & Steel Co. Ltd., Class A		379,600		183,948
Ningbo Shanshan Co. Ltd., Class A		79,680		134,681
ORG Technology Co. Ltd., Class A		173,450		114,319
Red Avenue New Materials Group Co. Ltd., Class A*		9,500		32,732
Rising Nonferrous Metals Share Co. Ltd., Class A*		22,400		128,996
Sansteel Minguang Co. Ltd. Fujian, Class A		140,550		180,608
SGIS Songshan Co. Ltd., Class A*		174,300		113,622
Shandong Chenming Paper Holdings Ltd., Class A		192,050		149,568
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A*		163,961		338,384
Shandong Iron and Steel Co. Ltd., Class A*		941,430		228,100
Shandong Sun Paper Industry JSC Ltd., Class A		221,400		204,675


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Materials (Continued)
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A		35,300	$	41,950
Shanghai Huayi Group Co. Ltd., Class A		81,500		91,681
Shanghai Putailai New Energy Technology Co. Ltd., Class A		9,600		63,757
Shanying International Holding Co. Ltd., Class A		458,200		223,357
Shenghe Resources Holding Co. Ltd., Class A		152,290		271,468
Shenzhen Jinjia Group Co. Ltd., Class A		129,600		217,938
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		49,940		134,829
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		356,900		249,127
Sichuan Hebang Biotechnology Co. Ltd., Class A		758,380		203,436
Stanley Agricultural Group Co. Ltd., Class A		87,000		61,984
Tangshan Jidong Cement Co. Ltd., Class A		135,581		327,328
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		176,100		148,320
Tibet Huayu Mining Co. Ltd., Class A		23,000		35,460
Tibet Summit Resources Co. Ltd., Class A		28,600		160,287
Western Mining Co. Ltd., Class A*		272,600		237,461
Xinfengming Group Co. Ltd., Class A		23,516		42,563
Xinjiang Tianshan Cement Co. Ltd., Class A		92,500		138,874
Xinjiang Zhongtai Chemical Co. Ltd., Class A		215,200		245,497
Xinxing Ductile Iron Pipes Co. Ltd., Class A		400,750		254,882
Xinyu Iron & Steel Co. Ltd., Class A		181,500		132,712
Yintai Resources Co. Ltd., Class A		141,720		213,996
Yunnan Aluminium Co. Ltd., Class A*		227,700		157,628
Yunnan Copper Co. Ltd., Class A*		122,100		178,383
Yunnan Tin Co. Ltd., Class A*		142,130		233,269
Zhejiang Huafeng Spandex Co. Ltd., Class A		167,800		121,001
Zhejiang Jinke Culture Industry Co. Ltd., Class A*		113,000		96,315
Zhejiang Juhua Co. Ltd., Class A		197,890		204,631
Zhejiang Runtu Co. Ltd., Class A		97,100		182,190
Zhuzhou Times New Material Technology Co. Ltd., Class A		58,100		76,419
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		125,315		148,380

				11,783,277

Real Estate — 6.5%
Beijing Capital Development Co. Ltd., Class A		186,000		242,231
Beijing Homyear Capital Holdings Co. Ltd., Class A		168,100		26,910
Beijing Urban Construction Investment & Development Co. Ltd., Class A		135,500		191,120
China Sports Industry Group Co. Ltd., Class A		96,401		155,019


	Number of Shares		Value
Real Estate (Continued)
Chongqing Dima Industry Co. Ltd., Class A		211,600	$	120,543
Cinda Real Estate Co. Ltd., Class A*		126,500		74,435
Deluxe Family Co. Ltd., Class A		228,400		127,149
Grandjoy Holdings Group Co. Ltd., Class A		165,900		147,386
Greattown Holdings Ltd., Class A*		229,164		237,632
Guangzhou Yuetai Group Co. Ltd., Class A		150,000		93,455
Haining China Leather Market Co. Ltd., Class A		93,000		62,235
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		221,400		130,596
Huafa Industrial Co. Ltd. Zhuhai, Class A		243,440		283,682
Huayuan Property Co. Ltd., Class A		135,330		51,916
Hubei Fuxing Science And Technology Co. Ltd., Class A*		111,200		110,337
Jinke Properties Group Co. Ltd., Class A		381,311		357,455
Kunwu Jiuding Investment Holdings Co. Ltd., Class A*		18,300		68,357
Myhome Real Estate Development Group Co. Ltd., Class A		367,700		144,772
Nanjing Gaoke Co. Ltd., Class A*		126,520		200,533
Shanghai Industrial Development Co. Ltd., Class A		79,390		116,787
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		35,800		73,936
Shanghai Lingang Holdings Corp. Ltd., Class A		44,000		219,118
Shanghai Shimao Co. Ltd., Class A		215,000		141,394
Shanghai SMI Holding Co. Ltd., Class A		184,300		179,946
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		110,700		319,146
Shenzhen Huaqiang Industry Co. Ltd., Class A (a)		42,340		87,870
Shenzhen World Union Group, Inc., Class A		175,410		117,888
Shenzhen Zhenye Group Co. Ltd., Class A		135,700		107,444
Sichuan Languang Development Co. Ltd., Class A		214,665		183,279
Suning Universal Co. Ltd., Class A		221,200		110,379
Tahoe Group Co. Ltd., Class A		71,200		159,162
Tianjin Guangyu Development Co. Ltd., Class A		79,400		80,616
Tibet Urban Development and Investment Co. Ltd., Class A		69,600		71,067

				4,793,795

Utilities — 3.1%
An Hui Wenergy Co. Ltd., Class A		153,200		102,077
Beijing Capital Co. Ltd., Class A		324,200		159,907
Beijing Water Business Doctor Co. Ltd., Class A		97,200		96,586
CECEP Wind-Power Corp., Class A		244,200		98,260
Chengdu Xingrong Environment Co. Ltd., Class A		255,300		164,584
Chongqing Gas Group Corp. Ltd., Class A		28,700		29,222
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		249,100		245,731


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

May 31, 2019


	Number of Shares		Value
Utilities (Continued)
Guangzhou Development Group, Inc., Class A		118,400	$	104,333
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		421,500		177,505
Jointo Energy Investment Co. Ltd. Hebei, Class A*		104,900		100,455
Luenmei Quantum Co. Ltd., Class A		131,950		179,643
Shanghai Electric Power Co. Ltd., Class A*		148,200		177,400
Shenergy Co. Ltd., Class A		391,449		334,215
Shenzhen Energy Group Co. Ltd., Class A		170,150		146,009
Zhongshan Public Utilities Group Co. Ltd., Class A		125,260		153,011

				2,268,938

TOTAL COMMON STOCKS (Cost $83,139,446)				73,266,863


TOTAL INVESTMENTS — 99.1%
(Cost $83,139,446)			$	73,266,863
Other assets and liabilities, net — 0.9%				630,443

NET ASSETS — 100.0%			$	73,897,306

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

JSC:

Joint Stock Company

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	72,727,863	$	—	$	539,000	$	73,266,863

TOTAL	$	72,727,863	$	—	$	539,000	$	73,266,863

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

During the year ended May 31, 2019, the amount of transfers from Level 1 to Level 3 was $156,875 and between Level 3 and Level 1 was $1,281,713. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 59.9%

Communication Services — 15.1%
58.com, Inc., ADR*		8,901	$	507,624
Alibaba Pictures Group Ltd.*(a)		1,318,642		274,137
Autohome, Inc., ADR*(a)		5,539		475,800
Baidu, Inc., ADR*		24,110		2,652,100
China Literature Ltd., 144A*(a)		18,099		69,713
China Mobile Ltd.		533,785		4,660,079
China Telecom Corp. Ltd., Class H*		1,213,806		609,957
China Tower Corp. Ltd., Class H, 144A		3,738,910		839,288
China Unicom Hong Kong Ltd.		534,622		563,905
iQIYI, Inc., ADR*(a)		11,532		210,228
Momo, Inc., ADR (a)		13,866		382,286
NetEase, Inc., ADR		6,119		1,521,244
SINA Corp.*		5,689		229,039
Tencent Holdings Ltd.		498,180		20,713,685
Tencent Music Entertainment Group, ADR*(a)		8,458		111,984
Weibo Corp., ADR*		4,519		187,629
YY, Inc., ADR*		4,386		300,222

				34,308,920

Consumer Discretionary — 13.8%
Alibaba Group Holding Ltd., ADR*		124,060		18,517,196
ANTA Sports Products Ltd.		92,036		563,446
BAIC Motor Corp. Ltd., Class H, 144A		133,343		82,483
Baozun, Inc., ADR*(a)		3,216		126,164
Brilliance China Automotive Holdings Ltd.		286,687		291,786
BYD Co. Ltd., Class H (a)		55,804		326,687
China First Capital Group Ltd.*		307,277		94,058
Ctrip.com International Ltd., ADR*		35,694		1,233,585
Dongfeng Motor Group Co. Ltd., Class H		254,282		209,508
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		49,551		147,884
Geely Automobile Holdings Ltd.		430,729		706,478
GOME Retail Holdings Ltd.*(a)		1,006,104		98,807
Great Wall Motor Co. Ltd., Class H (a)		270,286		196,495
Guangzhou Automobile Group Co. Ltd., Class H		277,345		267,421
Haier Electronics Group Co. Ltd.*		110,263		280,982
HengTen Networks Group Ltd.*(a)		2,150,761		53,217
Huazhu Group Ltd., ADR (a)		11,449		350,339
JD.com, Inc., ADR*(a)		63,877		1,645,471
Li Ning Co. Ltd.*		169,000		279,779
Meituan Dianping, Class B*(a)		85,305		658,783
New Oriental Education & Technology Group, Inc., ADR*		12,416		1,063,430
Nexteer Automotive Group Ltd.		81,221		99,447
NIO, Inc., ADR*		56,242		171,538
Pinduoduo, Inc., ADR*(a)		17,530		340,433
Shenzhou International Group Holdings Ltd.		66,487		783,966
TAL Education Group, ADR*		30,916		1,063,819
Vipshop Holdings Ltd., ADR*		40,594		306,079
Yum China Holdings, Inc.		31,306		1,252,553
Zhongsheng Group Holdings Ltd.		53,770		135,376

				31,347,210


	Number of Shares		Value
Consumer Staples — 1.6%
China Agri-Industries Holdings Ltd.		213,994	$	64,685
China Mengniu Dairy Co. Ltd.*		239,216		874,114
China Resources Beer Holdings Co. Ltd.		135,241		591,638
Dali Foods Group Co. Ltd., 144A		195,877		140,152
Hengan International Group Co. Ltd.		69,845		512,220
Sun Art Retail Group Ltd.		232,241		202,604
Tingyi Cayman Islands Holding Corp.		188,001		305,480
Tsingtao Brewery Co. Ltd., Class H		29,060		176,609
Uni-President China Holdings Ltd.		143,559		152,521
Want Want China Holdings Ltd.		480,899		342,862
Yihai International Holding Ltd.*		44,297		218,927

				3,581,812

Energy — 2.8%
China Coal Energy Co. Ltd., Class H		239,683		97,823
China Oilfield Services Ltd., Class H		185,233		165,611
China Petroleum & Chemical Corp., Class H		2,218,187		1,476,802
China Shenhua Energy Co. Ltd., Class H		315,661		648,187
CNOOC Ltd.		1,552,569		2,530,668
Kunlun Energy Co. Ltd.*		305,678		281,485
PetroChina Co. Ltd., Class H		1,833,450		1,024,228
Yanzhou Coal Mining Co. Ltd., Class H*		182,902		171,925

				6,396,729

Financials — 13.4%
Agricultural Bank of China Ltd., Class H*		2,538,330		1,087,779
Bank of China Ltd., Class H		6,906,227		2,862,712
Bank of Communications Co. Ltd., Class H		833,933		653,060
China Cinda Asset Management Co. Ltd., Class H		791,683		183,771
China CITIC Bank Corp. Ltd., Class H		847,599		481,065
China Construction Bank Corp., Class H		8,403,978		6,645,537
China Ding Yi Feng Holdings Ltd. (a)(b)		107,872		317,540
China Everbright Bank Co. Ltd., Class H		261,358		118,003
China Everbright Ltd.		86,045		137,618
China Galaxy Securities Co. Ltd., Class H		294,431		158,095
China Huarong Asset Management Co. Ltd., Class H, 144A*		957,631		162,444
China International Capital Corp. Ltd., Class H, 144A (a)		100,339		182,236
China Life Insurance Co. Ltd., Class H		647,387		1,502,757
China Merchants Bank Co. Ltd., Class H		339,399		1,634,109
China Minsheng Banking Corp. Ltd., Class H		589,377		428,471
China Pacific Insurance Group Co. Ltd., Class H		246,104		910,270
China Reinsurance Group Corp., Class H		556,571		101,510
China Taiping Insurance Holdings Co. Ltd.		151,594		389,592
Chongqing Rural Commercial Bank Co. Ltd., Class H		199,240		101,900
CITIC Securities Co. Ltd., Class H		178,089		324,354
Far East Horizon Ltd.		179,104		190,742
GF Securities Co. Ltd., Class H		146,635		167,197
Guotai Junan Securities Co. Ltd., Class H, 144A		55,239		94,266


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Financials (Continued)
Haitong Securities Co. Ltd., Class H		306,689	$	314,491
Huatai Securities Co. Ltd., Class H, 144A		140,506		222,572
Industrial & Commercial Bank of China Ltd., Class H		5,658,598		4,041,572
New China Life Insurance Co. Ltd., Class H		75,970		352,693
Noah Holdings Ltd., ADR*		2,769		105,914
People’s Insurance Co. Group of China Ltd., Class H*		698,973		274,577
PICC Property & Casualty Co. Ltd., Class H		640,809		692,254
Ping An Insurance Group Co. of China Ltd., Class H		484,038		5,346,269
Postal Savings Bank of China Co. Ltd., Class H, 144A		529,078		316,480
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a)		15,339		43,823

				30,545,673

Health Care — 1.9%
3SBio, Inc., 144A (a)		101,520		165,476
Alibaba Health Information Technology Ltd.*		330,324		313,028
China Medical System Holdings Ltd.		128,957		113,487
China Resources Pharmaceutical Group Ltd., 144A*		155,838		203,529
China Traditional Chinese Medicine Holdings Co. Ltd.		243,233		128,433
CSPC Pharmaceutical Group Ltd.		406,780		655,783
Genscript Biotech Corp.*		90,835		196,255
Hutchison China MediTech Ltd., ADR*(a)		5,390		148,818
Luye Pharma Group Ltd., 144A		91,890		69,147
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		204,503		177,884
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		44,229		130,027
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		84,240		166,319
Sihuan Pharmaceutical Holdings Group Ltd.		438,033		98,327
Sino Biopharmaceutical Ltd.		631,398		636,991
Sinopharm Group Co. Ltd., Class H (a)		112,314		421,864
SSY Group Ltd.		160,306		127,377
Tong Ren Tang Technologies Co. Ltd., Class H		68,058		87,150
WuXi AppTec Co. Ltd., Class H, 144A*		9,600		105,115
Wuxi Biologics Cayman, Inc., 144A*		50,632		478,516

				4,423,526

Industrials — 3.3%
51job, Inc., ADR*(a)		2,341		164,689
Air China Ltd., Class H*		175,676		162,892
AviChina Industry & Technology Co. Ltd., Class H		224,949		127,673
Beijing Capital International Airport Co. Ltd., Class H		170,286		143,995
BOC Aviation Ltd., 144A		19,998		166,681


	Number of Shares		Value
Industrials (Continued)
China Communications Construction Co. Ltd., Class H		431,427	$	383,525
China Communications Services Corp. Ltd., Class H		225,883		169,112
China Conch Venture Holdings Ltd.		144,300		468,390
China Eastern Airlines Corp. Ltd., Class H		140,357		77,155
China Everbright International Ltd.		315,885		298,942
China Merchants Port Holdings Co. Ltd.		123,704		216,467
China Railway Construction Corp. Ltd., Class H		194,279		227,221
China Railway Group Ltd., Class H		365,655		273,289
China Southern Airlines Co. Ltd., Class H		176,701		113,586
China State Construction International Holdings Ltd.		191,366		195,990
CITIC Ltd.		544,112		738,386
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		107,348		56,135
COSCO SHIPPING Holdings Co. Ltd., Class H*		284,796		104,975
COSCO SHIPPING Ports Ltd.		177,057		172,076
Country Garden Services Holdings Co. Ltd.		89,249		183,039
CRRC Corp. Ltd., Class H		403,394		345,742
Fosun International Ltd.		250,186		322,922
Fullshare Holdings Ltd.*(a)		646,365		60,180
Greentown Service Group Co. Ltd.*		97,289		76,560
Haitian International Holdings Ltd.		57,860		114,384
Jiangsu Expressway Co. Ltd., Class H		113,041		157,439
Metallurgical Corp. of China Ltd., Class H		272,823		72,724
Shanghai Electric Group Co. Ltd., Class H		249,474		88,137
Shanghai Industrial Holdings Ltd.		47,791		99,598
Shenzhen International Holdings Ltd.		88,963		156,355
Sinopec Engineering Group Co. Ltd., Class H		129,988		105,774
Sinotrans Ltd., Class H		237,498		87,238
Sinotruk Hong Kong Ltd. (a)		65,302		123,765
Weichai Power Co. Ltd., Class H		187,129		284,492
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		41,366		43,526
Zhejiang Expressway Co. Ltd., Class H		143,702		150,107
Zhuzhou CRRC Times Electric Co. Ltd., Class H		54,352		292,537
ZTO Express Cayman, Inc., ADR (a)		29,347		529,420

				7,555,118

Information Technology — 1.7%
AAC Technologies Holdings, Inc.		69,549		369,897
BYD Electronic International Co. Ltd.		65,904		86,745
China Railway Signal & Communication Corp. Ltd., Class H, 144A		138,597		91,213
GDS Holdings Ltd., ADR*		5,686		184,738
Hua Hong Semiconductor Ltd., 144A (a)		32,419		68,141
Kingboard Holdings Ltd.		60,505		158,969
Kingboard Laminates Holdings Ltd.		104,157		88,873
Kingdee International Software Group Co. Ltd. (a)		184,345		205,258
Kingsoft Corp. Ltd.*		77,144		212,525


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Information Technology (Continued)
Legend Holdings Corp., Class H, 144A		32,268	$	77,866
Lenovo Group Ltd.		668,694		464,812
Meitu, Inc., 144A*		125,027		42,257
Semiconductor Manufacturing International Corp.*(a)		267,709		321,979
Sunny Optical Technology Group Co. Ltd.		66,194		564,382
TravelSky Technology Ltd., Class H		91,148		188,793
Xiaomi Corp., Class B, 144A*(a)		315,806		385,869
Xinyi Solar Holdings Ltd.		310,404		170,235
ZTE Corp., Class H*		56,983		137,069

				3,819,621

Materials — 1.2%
Aluminum Corp. of China Ltd., Class H*		363,607		130,778
Angang Steel Co. Ltd., Class H (a)		139,755		62,921
Anhui Conch Cement Co. Ltd., Class H		113,646		663,855
BBMG Corp., Class H		229,610		69,405
China Hongqiao Group Ltd.		202,899		146,729
China Molybdenum Co. Ltd., Class H (a)		354,334		111,174
China National Building Material Co. Ltd., Class H		372,223		286,269
China Oriental Group Co. Ltd.		101,511		58,909
China Resources Cement Holdings Ltd.		212,676		184,451
China Zhongwang Holdings Ltd.		134,516		64,165
Jiangxi Copper Co. Ltd., Class H		120,051		149,900
Lee & Man Paper Manufacturing Ltd.		152,759		99,364
Maanshan Iron & Steel Co. Ltd., Class H (a)		164,891		70,242
MMG Ltd.*		215,015		65,542
Nine Dragons Paper Holdings Ltd.*		157,426		125,490
Sinopec Shanghai Petrochemical Co. Ltd., Class H		348,202		151,884
Zhaojin Mining Industry Co. Ltd., Class H		95,973		88,132
Zijin Mining Group Co. Ltd., Class H		492,280		173,918

				2,703,128

Real Estate — 3.4%
Agile Group Holdings Ltd.		152,902		193,649
China Evergrande Group (a)		159,349		423,749
China Jinmao Holdings Group Ltd.		405,799		234,457
China Overseas Land & Investment Ltd.		333,645		1,157,463
China Resources Land Ltd.		241,984		984,534
China Vanke Co. Ltd., Class H		119,764		423,880
CIFI Holdings Group Co. Ltd.		333,460		199,466
Country Garden Holdings Co. Ltd. (a)		662,413		895,546
Future Land Development Holdings Ltd.		168,976		184,266
Guangzhou R&F Properties Co. Ltd., Class H		76,543		144,875
Kaisa Group Holdings Ltd.*(a)		199,677		83,023
KWG Group Holdings Ltd.		100,351		100,728
Logan Property Holdings Co. Ltd.		138,306		204,269
Longfor Group Holdings Ltd.		138,018		506,089
Shenzhen Investment Ltd.		331,782		122,294
Shimao Property Holdings Ltd.		112,769		322,894
Shui On Land Ltd.		342,222		77,693
Sino-Ocean Group Holding Ltd.		282,169		112,644


	Number of Shares		Value
Real Estate (Continued)
SOHO China Ltd.		194,138	$	60,664
Sunac China Holdings Ltd.		222,019		957,107
Yuexiu Property Co. Ltd.		629,271		142,860
Yuzhou Properties Co. Ltd.		166,485		75,805

				7,607,955

Utilities — 1.7%
Beijing Enterprises Holdings Ltd.		45,550		228,896
Beijing Enterprises Water Group Ltd.*		461,910		245,667
CGN Power Co. Ltd., Class H, 144A		914,831		252,028
China Gas Holdings Ltd.		160,722		516,570
China Longyuan Power Group Corp. Ltd., Class H		294,287		185,793
China Power International Development Ltd.		362,001		93,726
China Resources Gas Group Ltd.		78,979		378,247
China Resources Power Holdings Co. Ltd.		163,324		237,886
Datang International Power Generation Co. Ltd., Class H		360,689		90,166
ENN Energy Holdings Ltd.*		66,338		596,493
Guangdong Investment Ltd.		257,654		506,728
Huadian Power International Corp. Ltd., Class H		158,028		65,504
Huaneng Power International, Inc., Class H*		328,914		207,235
Huaneng Renewables Corp. Ltd., Class H		420,546		113,711
Towngas China Co. Ltd.*		92,901		70,026

				3,788,676

TOTAL COMMON STOCKS (Cost $149,929,109)				136,078,368

RIGHTS — 0.0%

Financials — 0.0%
Zhengqi Financial Holding Corp.*, expires 12/31/49 (b) (Cost $0)		2,516		0

EXCHANGE-TRADED FUNDS — 39.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(c)		475,222		12,298,745
Xtrackers MSCI China A Inclusion Equity ETF (a)(c)		4,178,491		78,137,782

TOTAL EXCHANGE-TRADED FUNDS (Cost $100,524,926)				90,436,527

SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e) (Cost $2,132,624)		2,132,624		2,132,624


TOTAL INVESTMENTS — 100.6% (Cost $252,586,659)			$	228,647,519
Other assets and liabilities, net — (0.6%)				(1,421,524	)

NET ASSETS — 100.0%			$	227,225,995


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
EXCHANGE-TRADED FUNDS — 39.8%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(c)
		11,827,982		—		(10,452,618	)		(2,242,089	)		866,725			—		—		—		—

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(c)
		1,835,685		21,211,815		(8,758,349	)		(68,710	)		(1,921,696	)		—		—		475,222		12,298,745

Xtrackers MSCI China A Inclusion Equity ETF (a)(c)
		—		140,571,977		(55,272,430	)		796,601			(7,958,366	)		112,237		—		4,178,491		78,137,782


SECURITIES LENDING COLLATERAL — 0.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e)
		2,653,919		—		(521,295	)(f)		—			—			59,499		—		2,132,624		2,132,624


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d)
		—		82,388,723		(82,388,723	)		—			—			6,949		—		—		—

		16,317,586		244,172,515		(157,393,415	)		(1,514,198	)		(9,013,337	)		178,685		—		6,786,337		92,569,151

*	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, 2019 amounted to $8,638,310, which is 3.8% of net assets.

(b)	Investment was valued using significant unobservable inputs.

(c)	Affiliated fund advised by DBX Advisors LLC.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $7,755,005.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

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.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
MSCI China Free Index Futures		USD		15	$	585,300	$	584,850		6/21/2019	$	(450	)

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2019

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (g)	$	135,760,828		$	—	$	317,540	$	136,078,368
Rights		—			—		0		0
Exchange-Traded Funds		90,436,527			—		—		90,436,527
Short-Term Investments		2,132,624			—		—		2,132,624

TOTAL	$	228,329,979		$	—	$	317,540	$	228,647,519



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(450	)	$	—	$	—	$	(450	)

TOTAL	$	(450	)	$	—	$	—	$	(450	)

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

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

During the period ended May 31, 2019, the amount of transfers from Level 3 to Level 1 was $24,009. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 99.3%

Communication Services — 2.0%
China Film Co. Ltd., Class A		44,300	$	96,675
China South Publishing & Media Group Co. Ltd., Class A		51,100		95,741
China United Network Communications Ltd., Class A		883,100		755,325
Chinese Universe Publishing and Media Group Co. Ltd., Class A*		39,200		76,103
CITIC Guoan Information Industry Co. Ltd., Class A		111,600		64,225
Giant Network Group Co. Ltd., Class A		38,400		101,800
Mango Excellent Media Co. Ltd., Class A*		18,765		110,969
Perfect World Co. Ltd., Class A*		24,900		91,869
Shanghai Oriental Pearl Group Co. Ltd., Class A		97,697		143,168
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		60,500		109,688

				1,645,563

Consumer Discretionary — 7.4%
BYD Co. Ltd., Class A		51,598		359,087
China Grand Automotive Services Group Co. Ltd., Class A		232,891		147,128
China International Travel Service Corp. Ltd., Class A		55,543		619,988
China Shipbuilding Industry Group Power Co. Ltd., Class A		48,839		157,087
Chongqing Changan Automobile Co. Ltd., Class A		111,000		112,070
Fuyao Glass Industry Group Co. Ltd., Class A		57,009		179,501
Gree Electric Appliances, Inc. of Zhuhai, Class A		85,600		645,844
Guangzhou Automobile Group Co. Ltd., Class A		67,660		105,689
Hangzhou Robam Appliances Co. Ltd., Class A		27,000		98,799
HLA Corp. Ltd., Class A		85,200		106,913
Huayu Automotive Systems Co. Ltd., Class A		89,700		259,792
Liaoning Cheng Da Co. Ltd., Class A		43,500		79,682
Midea Group Co. Ltd., Class A		98,062		701,539
Oppein Home Group, Inc., Class A		8,000		131,657
Qingdao Haier Co. Ltd., Class A		173,500		397,893
SAIC Motor Corp. Ltd., Class A		221,727		765,938
Shandong Linglong Tyre Co. Ltd., Class A		34,200		82,477
Shenzhen Overseas Chinese Town Co. Ltd., Class A		233,500		229,689
Songcheng Performance Development Co. Ltd., Class A		41,291		127,450
Suning.com Co. Ltd., Class A		264,964		414,272
TCL Corp., Class A		385,600		184,092
Wanxiang Qianchao Co. Ltd., Class A		78,400		67,283
Weifu High-Technology Group Co. Ltd., Class A		23,800		67,489


	Number of Shares		Value
Consumer Discretionary (Continued)
Zhejiang Semir Garment Co. Ltd., Class A		51,200	$	78,870

				6,120,229

Consumer Staples — 14.5%
Beijing Dabeinong Technology Group Co. Ltd., Class A		120,800		108,374
Foshan Haitian Flavouring & Food Co. Ltd., Class A		64,026		925,323
Henan Shuanghui Investment & Development Co. Ltd., Class A		78,300		283,130
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		173,013		748,883
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		42,924		708,017
Kweichow Moutai Co. Ltd., Class A		35,777		4,592,650
Luzhou Laojiao Co. Ltd., Class A		41,706		424,871
Muyuan Foodstuff Co. Ltd., Class A		39,610		361,927
New Hope Liuhe Co. Ltd., Class A		119,972		356,465
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		24,610		200,624
Tongwei Co. Ltd., Class A		110,500		245,444
Tsingtao Brewery Co. Ltd., Class A		19,800		138,823
Wens Foodstuffs Group Co. Ltd., Class A		151,187		859,172
Wuliangye Yibin Co. Ltd., Class A		110,454		1,613,043
Yonghui Superstores Co. Ltd., Class A*		272,366		384,989

				11,951,735

Energy — 2.6%
China Petroleum & Chemical Corp., Class A		725,250		568,011
China Shenhua Energy Co. Ltd., Class A		125,200		332,090
Guanghui Energy Co. Ltd., Class A		193,400		103,490
Offshore Oil Engineering Co. Ltd., Class A		125,800		105,239
PetroChina Co. Ltd., Class A		460,835		475,249
Shaanxi Coal Industry Co. Ltd., Class A		237,199		298,674
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		85,100		94,635
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		89,700		79,697
Yanzhou Coal Mining Co. Ltd., Class A		70,200		107,935

				2,165,020

Financials — 33.0%
Agricultural Bank of China Ltd., Class A*		2,120,117		1,125,323
Anxin Trust Co. Ltd., Class A*		155,700		115,655
Avic Capital Co. Ltd., Class A		255,510		200,114
Bank of Beijing Co. Ltd., Class A		601,814		503,454
Bank of Chengdu Co. Ltd., Class A		102,750		125,674
Bank of China Ltd., Class A		999,812		559,525
Bank of Communications Co. Ltd., Class A		1,117,138		960,334
Bank of Guiyang Co. Ltd., Class A		65,400		121,308
Bank of Hangzhou Co. Ltd., Class A		146,040		172,936
Bank of Jiangsu Co. Ltd., Class A		328,561		344,050
Bank of Nanjing Co. Ltd., Class A		241,400		289,339
Bank of Ningbo Co. Ltd., Class A		148,250		496,080
Bank of Shanghai Co. Ltd., Class A		311,035		505,146


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Financials (Continued)
Caitong Securities Co. Ltd., Class A		102,100	$	151,387
Changjiang Securities Co. Ltd., Class A		157,400		162,323
China CITIC Bank Corp. Ltd., Class A		161,500		134,639
China Construction Bank Corp., Class A		273,100		274,945
China Everbright Bank Co. Ltd., Class A		1,133,131		627,597
China Life Insurance Co. Ltd., Class A		79,014		297,678
China Merchants Bank Co. Ltd., Class A		587,143		2,897,119
China Merchants Securities Co. Ltd., Class A		162,732		362,871
China Minsheng Banking Corp. Ltd., Class A		1,009,271		889,444
China Pacific Insurance Group Co. Ltd., Class A		178,977		888,541
CITIC Securities Co. Ltd., Class A		280,055		813,124
Dongxing Securities Co. Ltd., Class A		78,500		132,133
East Money Information Co. Ltd., Class A		185,400		338,275
Everbright Securities Co. Ltd., Class A		111,237		178,893
First Capital Securities Co. Ltd., Class A		99,700		89,445
Founder Securities Co. Ltd., Class A		234,300		242,304
GF Securities Co. Ltd., Class A		168,500		315,217
Guosen Securities Co. Ltd., Class A		116,700		200,808
Guotai Junan Securities Co. Ltd., Class A		213,951		495,906
Guoyuan Securities Co. Ltd., Class A		95,800		127,123
Haitong Securities Co. Ltd., Class A		230,314		401,953
Hithink RoyalFlush Information Network Co. Ltd., Class A		15,300		186,452
Huaan Securities Co. Ltd., Class A		103,100		91,603
Huatai Securities Co. Ltd., Class A		185,880		499,476
Huaxi Securities Co. Ltd., Class A		74,700		103,541
Huaxia Bank Co. Ltd., Class A		364,998		394,840
Hubei Biocause Pharmaceutical Co. Ltd., Class A		117,200		107,342
Industrial & Commercial Bank of China Ltd., Class A		1,534,733		1,241,838
Industrial Bank Co. Ltd., Class A		591,285		1,498,435
Industrial Securities Co. Ltd., Class A		190,600		169,895
New China Life Insurance Co. Ltd., Class A		59,364		441,817
Orient Securities Co. Ltd., Class A		169,851		251,108
Ping An Bank Co. Ltd., Class A		488,666		858,477
Ping An Insurance Group Co. of China Ltd., Class A		308,309		3,513,037
SDIC Capital Co. Ltd., Class A		100,300		178,519
Shanghai Pudong Development Bank Co. Ltd., Class A		835,427		1,341,137
Shanxi Securities Co. Ltd., Class A		80,500		92,887
Shenwan Hongyuan Group Co. Ltd., Class A		534,495		363,877
Sinolink Securities Co. Ltd., Class A		86,100		113,506
SooChow Securities Co. Ltd., Class A*		85,400		121,329
Western Securities Co. Ltd., Class A		99,700		140,926

				27,250,705

Health Care — 6.4%
Aier Eye Hospital Group Co. Ltd., Class A*		67,773		374,293
Beijing Tongrentang Co. Ltd., Class A		39,000		164,367


	Number of Shares		Value
Health Care (Continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		28,775	$	114,342
Chongqing Zhifei Biological Products Co. Ltd., Class A		37,900		220,354
Dong-E-E-Jiao Co. Ltd., Class A		18,600		109,537
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		40,000		223,217
Hangzhou Tigermed Consulting Co. Ltd., Class A*		14,167		135,946
Huadong Medicine Co. Ltd., Class A		41,550		175,354
Jiangsu Hengrui Medicine Co. Ltd., Class A		125,912		1,128,879
Jointown Pharmaceutical Group Co. Ltd., Class A		53,400		100,513
Kangmei Pharmaceutical Co. Ltd., Class A		164,056		99,146
Lepu Medical Technology Beijing Co. Ltd., Class A		50,700		168,046
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		88,860		171,231
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		25,276		93,402
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		57,200		204,110
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		54,700		145,169
Shenzhen Kangtai Biological Products Co. Ltd., Class A		18,300		134,297
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		11,500		244,658
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		24,800		79,803
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		41,000		178,355
Tasly Pharmaceutical Group Co. Ltd., Class A		43,020		113,923
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		57,900		124,600
Walvax Biotechnology Co. Ltd., Class A*		43,800		152,251
Yunnan Baiyao Group Co. Ltd., Class A		29,670		332,470
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		17,196		266,628

				5,254,891

Industrials — 11.6%
AECC Aviation Power Co. Ltd., Class A		64,000		215,637
Air China Ltd., Class A		113,400		138,374
AVIC Aircraft Co. Ltd., Class A		78,800		178,441
AVIC Shenyang Aircraft Co. Ltd., Class A*		26,600		111,531
China Avionics Systems Co. Ltd., Class A		41,700		90,159
China Communications Construction Co. Ltd., Class A		78,000		122,853
China Eastern Airlines Corp. Ltd., Class A		279,200		241,219
China Gezhouba Group Co. Ltd., Class A		131,100		117,048
China International Marine Containers Group Co. Ltd., Class A		37,560		67,339


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
China National Chemical Engineering Co. Ltd., Class A		140,400	$	122,921
China Railway Construction Corp. Ltd., Class A		327,394		443,883
China Shipbuilding Industry Co. Ltd., Class A		651,200		481,838
China Southern Airlines Co. Ltd., Class A		244,800		253,869
China Spacesat Co. Ltd., Class A		33,700		114,129
China State Construction Engineering Corp. Ltd., Class A		1,195,011		966,950
Contemporary Amperex Technology Co. Ltd., Class A*		20,800		208,326
COSCO SHIPPING Development Co. Ltd., Class A*		225,800		92,819
COSCO SHIPPING Holdings Co. Ltd., Class A*		183,700		126,650
CRRC Corp. Ltd., Class A		692,444		790,006
Daqin Railway Co. Ltd., Class A		423,113		510,190
Dongfang Electric Corp. Ltd., Class A*		78,300		116,324
Fangda Carbon New Material Co. Ltd., Class A*		51,393		132,538
Guangshen Railway Co. Ltd., Class A		160,900		73,103
Metallurgical Corp. of China Ltd., Class A		508,114		219,863
NARI Technology Co. Ltd., Class A		130,500		344,454
Power Construction Corp. of China Ltd., Class A		362,900		257,526
Sany Heavy Industry Co. Ltd., Class A		222,050		386,569
SF Holding Co. Ltd., Class A		33,500		144,376
Shanghai Electric Group Co. Ltd., Class A		223,000		171,114
Shanghai International Airport Co. Ltd., Class A		27,395		273,193
Shanghai International Port Group Co. Ltd., Class A		241,800		264,011
Shanghai Tunnel Engineering Co. Ltd., Class A		89,500		82,618
Shenzhen Inovance Technology Co. Ltd., Class A		47,300		154,525
Spring Airlines Co. Ltd., Class A		26,498		167,018
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		76,200		106,060
TBEA Co. Ltd., Class A		105,681		109,444
Tus-Sound Environmental Resources Co. Ltd., Class A*		40,700		57,529
Weichai Power Co. Ltd., Class A		170,500		287,726
XCMG Construction Machinery Co. Ltd., Class A*		222,949		137,632
Xiamen C & D, Inc., Class A		80,700		102,080
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		98,443		162,293
Zhejiang Chint Electrics Co. Ltd., Class A		61,217		208,644
Zhengzhou Yutong Bus Co. Ltd., Class A		63,000		113,676
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		182,750		141,547

				9,608,045

Information Technology — 7.5%
360 Security Technology, Inc., Class A		38,500		118,057


	Number of Shares		Value
Information Technology (Continued)
Aisino Corp., Class A		52,996	$	175,426
Beijing Shiji Information Technology Co. Ltd., Class A		25,300		121,699
BOE Technology Group Co. Ltd., Class A		963,802		478,207
Chaozhou Three-Circle Group Co. Ltd., Class A		49,558		134,954
DHC Software Co. Ltd., Class A		88,700		91,474
Focus Media Information Technology Co. Ltd., Class A		417,723		334,990
Foxconn Industrial Internet Co. Ltd., Class A*		112,100		221,188
GoerTek, Inc., Class A*		92,377		105,392
Guangzhou Haige Communications Group, Inc. Co., Class A		65,700		91,066
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		266,100		953,380
Hengtong Optic-electric Co. Ltd., Class A		54,200		123,908
Hundsun Technologies, Inc., Class A		22,880		205,727
Iflytek Co. Ltd., Class A*		59,534		249,706
Lens Technology Co. Ltd., Class A		93,100		93,058
LONGi Green Energy Technology Co. Ltd., Class A*		103,310		355,088
Luxshare Precision Industry Co. Ltd., Class A		117,070		362,364
Ninestar Corp., Class A		30,300		106,024
OFILM Group Co. Ltd., Class A		77,200		90,861
Sanan Optoelectronics Co. Ltd., Class A		116,079		179,481
Shanghai 2345 Network Holding Group Co. Ltd., Class A		126,420		92,629
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		45,700		87,535
Tianma Microelectronics Co. Ltd., Class A		58,300		113,940
Tunghsu Optoelectronic Technology Co. Ltd., Class A		156,000		112,503
Unisplendour Corp. Ltd., Class A		35,420		144,630
Wangsu Science & Technology Co. Ltd., Class A		69,200		104,901
Wuxi Lead Intelligent Equipment Co. Ltd., Class A*		25,100		103,468
Yonyou Network Technology Co. Ltd., Class A		70,920		233,531
Zhejiang Dahua Technology Co. Ltd., Class A		85,300		154,036
ZTE Corp., Class A*		97,800		405,693

				6,144,916

Materials — 5.9%
Aluminum Corp. of China Ltd., Class A*		372,208		215,815
Angang Steel Co. Ltd., Class A		116,700		85,676
Anhui Conch Cement Co. Ltd., Class A		113,864		649,535
Baoshan Iron & Steel Co. Ltd., Class A		528,357		480,106
BBMG Corp., Class A		237,300		124,928
China Molybdenum Co. Ltd., Class A		502,800		292,260
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		103,393		195,806
Ganfeng Lithium Co. Ltd., Class A*		31,700		111,928
Hengli Petrochemical Co. Ltd., Class A		62,300		153,927


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Materials (Continued)
Hengyi Petrochemical Co. Ltd., Class A*		80,900	$	157,526
Hesteel Co. Ltd., Class A		302,200		130,327
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		1,297,400		329,349
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		240,195		112,594
Jiangxi Copper Co. Ltd., Class A		59,044		126,636
Jinduicheng Molybdenum Co. Ltd., Class A		76,500		73,376
Maanshan Iron & Steel Co. Ltd., Class A		169,900		83,319
Rongsheng Petro Chemical Co. Ltd., Class A		83,552		138,346
Shandong Gold Mining Co. Ltd., Class A*		52,891		237,177
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		101,600		70,926
Sinopec Shanghai Petrochemical Co. Ltd., Class A		173,870		131,409
Tianqi Lithium Corp., Class A*		32,500		130,082
Tongling Nonferrous Metals Group Co. Ltd., Class A		299,600		104,143
Transfar Zhilian Co. Ltd., Class A		92,690		100,001
Zhejiang Huayou Cobalt Co. Ltd., Class A		23,640		97,858
Zhejiang Longsheng Group Co. Ltd., Class A		92,600		221,311
Zhongjin Gold Corp. Ltd., Class A		98,200		114,727
Zijin Mining Group Co. Ltd., Class A		492,197		230,723

				4,899,811

Real Estate — 5.1%
China Fortune Land Development Co. Ltd., Class A		85,440		365,142
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A*		187,515		587,442
China Vanke Co. Ltd., Class A		276,796		1,065,959
Financial Street Holdings Co. Ltd., Class A		85,100		89,971
Gemdale Corp., Class A		128,522		214,848
Greenland Holdings Corp. Ltd., Class A		230,873		223,442
Jinke Properties Group Co. Ltd., Class A		152,000		142,504
Oceanwide Holdings Co. Ltd., Class A		98,600		91,444
Poly Developments and Holdings Group Co. Ltd., Class A		338,573		593,821
RiseSun Real Estate Development Co. Ltd., Class A		123,800		168,027
Seazen Holdings Co. Ltd., Class A		64,213		342,685
Xinhu Zhongbao Co. Ltd., Class A		244,800		106,632
Youngor Group Co. Ltd., Class A		101,900		139,185
Zhejiang China Commodities City Group Co. Ltd., Class A		154,900		89,368

				4,220,470

Utilities — 3.3%
Beijing Capital Co. Ltd., Class A		161,800		79,813
China National Nuclear Power Co. Ltd., Class A		369,184		293,935
China Yangtze Power Co. Ltd., Class A		417,400		1,066,204


	Number of Shares		Value
Utilities (Continued)
GD Power Development Co. Ltd., Class A		559,300	$	203,290
Huadian Power International Corp. Ltd., Class A		193,200		109,235
Huaneng Power International, Inc., Class A*		135,600		127,128
Hubei Energy Group Co. Ltd., Class A		123,500		72,677
SDIC Power Holdings Co. Ltd., Class A		193,095		219,187
Shenergy Co. Ltd., Class A		129,600		110,661
Shenzhen Energy Group Co. Ltd., Class A		94,000		80,671
Sichuan Chuantou Energy Co. Ltd., Class A		125,300		162,834
Zhejiang Zheneng Electric Power Co. Ltd., Class A		258,100		173,478

				2,699,113

TOTAL COMMON STOCKS (Cost $83,995,388)				81,960,498

EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) (Cost $5,501)		250		6,530

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d) (Cost $6,352)		6,352		6,352

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c) (Cost $501,496)		501,496		501,496


TOTAL INVESTMENTS — 99.9% (Cost $84,508,737)			$	82,474,876
Other assets and liabilities, net — 0.1%				45,265

NET ASSETS — 100.0%			$	82,520,141


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b)
		2,048,942		34,784		(2,090,007	)		328,061		(315,250	)		—		55		250		6,530


SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d)
		75,000		—		(68,648	)(e)		—		—			67		—		6,352		6,352


CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c)
		—		66,978,174		(66,476,678	)		—		—			11,922		—		501,496		501,496

		2,123,942		67,012,958		(68,635,333	)		328,061		(315,250	)		11,989		55		508,098		514,378

*	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, 2019 amounted to $6,190, which is 0.0% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
SGX FTSE China A50 Index Futures		USD		30	$	377,400	$	376,725		6/27/2019	$	(675	)

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	81,960,498		$	—	$	—	$	81,960,498
Exchange-Traded Funds		6,530			—		—		6,530
Short-Term Investments (f)		507,848			—		—		507,848

TOTAL	$	82,474,876		$	—	$	—	$	82,474,876



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(675	)	$	—	$	—	$	(675	)

TOTAL	$	(675	)	$	—	$	—	$	(675	)

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

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


See Notes to Financial Statements.		37

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2019


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,435,534,568		$	73,266,863		$	136,078,368		$	81,960,498
Investment in affiliated securities at value		—			—			90,436,527			6,530
Investment in DWS Government Money Market Series		—			—			—			501,496
Investment in DWS Government & Agency Securities Portfolio*		—			—			2,132,624			6,352
Cash		34,463,509			—			—			—
Foreign currency at value		115,417,320	†		676,387	†		76,099			17,123
Deposit with broker for futures contracts		—			—			63,466			29,700
Receivables:
Investment securities sold		—			—			7,842			—
Capital shares		379,824			—			—			—
Variation margin on futures contracts		—			—			29,145			—
Dividends		—			627			643,459			52,041
Interest		—			—			244			2,031
Securities lending income		—			—			6,655			—

Total assets	$	1,585,795,221		$	73,943,877		$	229,474,429		$	82,575,771


Liabilities
Due to custodian	$	—		$	4,484		$	59,909		$	—
Payable upon return of securities loaned		—			—			2,132,624			6,352
Payables:
Investment securities purchased		1,102,107			—			23			—
Capital shares		134,900,971			—			—			—
Investment advisory fees		1,135,092			42,087			55,878			46,053
Variation margin on futures contracts		—			—			—			3,225

Total liabilities		137,138,170			46,571			2,248,434			55,630

Net Assets, at value	$	1,448,657,051		$	73,897,306		$	227,225,995		$	82,520,141


Net Assets Consist of
Paid-in capital	$	1,466,203,341		$	97,148,561		$	256,480,650		$	87,094,709
Distributable earnings (loss)		(17,546,290	)		(23,251,255	)		(29,254,655	)		(4,574,568	)

Net Assets, at value	$	1,448,657,051		$	73,897,306		$	227,225,995		$	82,520,141


Number of Common Shares outstanding		55,150,001			2,850,001			7,300,001			4,400,001

Net Asset Value	$	26.27		$	25.93		$	31.13		$	18.75


Investment in non-affiliated securities at cost	$	1,291,713,489		$	83,139,446		$	149,929,109		$	83,995,388

Investment in affiliated securities at cost	$	—		$	—		$	100,524,926		$	5,501

Value of securities loaned	$	—		$	—		$	8,638,310		$	6,190

Investment in DWS Government Money Market Series at cost	$	—		$	—		$	—		$	501,496

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	2,132,624		$	6,352

Non-cash collateral for securities on loan	$	—		$	—		$	7,755,005		$	—

Foreign currency at cost	$	115,343,541		$	686,895		$	76,098		$	17,127

*	Represents collateral on securities loaned.

†	Included in foreign currency at value is $40,580 and $8,506 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.


See Notes to Financial Statements.		38

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2019


	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Investment Income
Unaffiliated interest income	$	1,805		$	413		$	—		$	—
Unaffiliated dividend income*		18,676,066			473,160			1,121,112			439,918
Income distributions from affiliated funds		—			—			119,186			11,922
Affiliated securities lending income		—			—			59,499			67
Unaffiliated securities lending income, net of borrower rebates		—			—			47,360			50

Total investment income		18,677,871			473,573			1,347,157			451,957


Expenses
Investment advisory fees		8,010,936			221,674			504,539			200,403
Interest expense		1,729			—			—			—
Other expenses		57			57			57			57

Total expenses		8,012,722			221,731			504,596			200,460

Less fees waived (see note 3):
Waiver		—			—			(227,101	)		(522	)

Net expenses		8,012,722			221,731			277,495			199,938

Net investment income (loss)		10,665,149			251,842			1,069,662			252,019


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(130,518,935	)		(1,309,073	)		(1,816,246	)		(1,926,119	)
Investments in affiliates		—			—			(2,287,224	)		707
In-kind redemptions		—			—			2,400,744			—
In-kind redemptions in affiliates		—			—			773,026			327,354
Futures contracts		—			—			(16,057	)		33,655
Foreign currency transactions		(4,572,434	)		(40,334	)		(2,734	)		(217,773	)
Forward foreign currency contracts		—			—			—			34,782
Capital gain distributions from affiliated funds		—			—			—			55

Net realized gain (loss)		(135,091,369	)		(1,349,407	)		(948,491	)		(1,747,339	)
Net change in unrealized appreciation (depreciation) on:
Investments		60,308,921			(9,560,401	)		(14,792,202	)		(2,034,911	)
Investments in affiliates		—			—			(9,013,337	)		(315,250	)
Futures contracts		—			—			(684	)		(675	)
Foreign currency translations		68,244			(12,338	)		878			(4	)
Forward foreign currency contracts		—			—			—			(34,919	)

Net change in unrealized appreciation (depreciation)		60,377,165			(9,572,739	)		(23,805,345	)		(2,385,759	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(74,714,204	)		(10,922,146	)		(24,753,836	)		(4,133,098	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(64,049,055	)	$	(10,670,304	)	$	(23,684,174	)	$	(3,881,079	)

* Unaffiliated foreign tax withheld	$	2,088,944		$	53,669		$	82,018		$	49,574


See Notes to Financial Statements.		39

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	10,665,149		$	4,734,695		$	251,842		$	25,514
Net realized gain (loss)		(135,091,369	)		47,916,595			(1,349,407	)		641,819
Net change in net unrealized appreciation (depreciation)		60,377,165			9,468,340			(9,572,739	)		(333,958	)

Net increase (decrease) in net assets resulting from operations		(64,049,055	)		62,119,630			(10,670,304	)		333,375

Distributions to Shareholders		(14,203,859	)		(5,199,112	)*		—			—


Fund Shares Transactions
Proceeds from shares sold		1,692,910,139			560,587,088			60,173,256			3,676,438
Value of shares redeemed		(851,830,790	)		(298,670,935	)		—			—

Net increase (decrease) in net assets resulting from fund share transactions		841,079,349			261,916,153			60,173,256			3,676,438

Total net increase (decrease) in Net Assets		762,826,435			318,836,671			49,502,952			4,009,813

Net Assets
Beginning of year		685,830,616			366,993,945			24,394,354			20,384,541

End of year	$	1,448,657,051		$	685,830,616	**	$	73,897,306		$	24,394,354	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		23,200,001			14,200,001			750,001			650,001
Shares sold		64,000,000			18,800,000			2,100,000			100,000
Shares redeemed		(32,050,000	)		(9,800,000	)		—			—

Shares outstanding, end of year		55,150,001			23,200,001			2,850,001			750,001

*	Includes distributions from net investment income.

**	Includes distributions in excess of net investment income of $(884,593) and $(2,906), respectively.


See Notes to Financial Statements.		40

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,069,662		$	534,113		$	252,019		$	77,408
Net realized gain (loss)		(948,491	)		1,351,677			(1,747,339	)		(156,362	)
Net change in net unrealized appreciation (depreciation)		(23,805,345	)		993,517			(2,385,759	)		357,551

Net increase (decrease) in net assets resulting from operations		(23,684,174	)		2,879,307			(3,881,079	)		278,597

Distributions to Shareholders		(682,986	)		(317,478	)*		(119,154	)		(82,189	)*


Fund Shares Transactions
Proceeds from shares sold		387,568,698			36,516,502			137,463,454			—
Value of shares redeemed		(171,870,648	)		(7,763,898	)		(53,023,564	)		(1,044,930	)

Net increase (decrease) in net assets resulting from fund share transactions		215,698,050			28,752,604			84,439,890			(1,044,930	)

Total net increase (decrease) in Net Assets		191,330,890			31,314,433			80,439,657			(848,522	)

Net Assets
Beginning of year		35,895,105			4,580,672			2,080,484			2,929,006

End of year	$	227,225,995		$	35,895,105	**	$	82,520,141		$	2,080,484	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		950,001			150,001			100,001			150,001
Shares sold		11,250,000			1,000,000			6,900,000			—
Shares redeemed		(4,900,000	)		(200,000	)		(2,600,000	)		(50,000	)

Shares outstanding, end of year		7,300,001			950,001			4,400,001			100,001

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $247,042 and $22,302, respectively.


See Notes to Financial Statements.		41

DBX ETF Trust

Financial Highlights


Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	29.56		$	25.84		$	23.74		$	49.93		$	21.98

Income (loss) from investment operations:
Net investment income (loss)(a)		0.22			0.25			0.30			0.43			0.09
Net realized and unrealized gain (loss)		(3.22	)		3.73			1.97			(18.19	)		27.96

Total from investment operations		(3.00	)		3.98			2.27			(17.76	)		28.05

Less distributions from:
Net investment income		—			(0.26	)		(0.17	)		(0.33	)		(0.10	)
Net realized gains		(0.29	)		—			—			(8.10	)		—

Total distributions		(0.29	)		(0.26	)		(0.17	)		(8.43	)		(0.10	)

Net Asset Value, end of year	$	26.27		$	29.56		$	25.84		$	23.74		$	49.93

Total Return (%)		(10.02	)		15.38			9.62			(38.10	)		127.82

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,449			686			367			326			1,410
Ratio of expenses (%)		0.65			0.66			0.67			0.80			0.80
Ratio of net investment income (loss) (%)		0.87			0.82			1.24			1.27			0.26
Portfolio turnover rate (%)(b)		81			65			68			159			58


Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	Years Ended May 31,
	2019			2018		2017			2016			2015
Net Asset Value, beginning of year	$	32.53		$	31.36	$	33.00		$	65.42		$	25.70

Income (loss) from investment operations:
Net investment income (loss)(a)		0.20			0.04		(0.03	)		(0.05	)		(0.12	)
Net realized and unrealized gain (loss)		(6.80	)		1.13		(1.61	)		(28.91	)		40.05

Total from investment operations		(6.60	)		1.17		(1.64	)		(28.96	)		39.93

Less distributions from:
Net investment income		—			—		—			(0.17	)		(0.04	)
Net realized gains		—			—		—			(3.29	)		(0.17	)

Total distributions		—			—		—			(3.46	)		(0.21	)

Net Asset Value, end of year	$	25.93		$	32.53	$	31.36		$	33.00		$	65.42

Total Return (%)		(20.29	)		3.73		(4.97	)		(45.37	)		155.99

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		74			24		20			21			82
Ratio of expenses (%)		0.65			0.65		0.67			0.80			0.80
Ratio of net investment income (loss) (%)		0.74			0.10		(0.09	)		(0.11	)		(0.30	)
Portfolio turnover rate (%)(b)		16			29		51			215			131

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

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


See Notes to Financial Statements.		42

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI All China Equity ETF Selected Per Share Data	Years Ended May 31,
Xtrackers MSCI All China Equity ETF Selected Per Share Data	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	37.78		$	30.54		$	28.36		$	46.01		$	25.51

Income (loss) from investment operations:
Net investment income (loss)(a)		0.36			0.79			0.91			2.15			0.32
Net realized and unrealized gain (loss)		(6.42	)		6.75			4.26			(15.46	)		20.58

Total from investment operations		(6.06	)		7.54			5.17			(13.31	)		20.90

Less distributions from:
Net investment income		(0.59	)		(0.30	)		(2.99	)		(4.34	)		(0.35	)
Net realized gains		—			—			—			—			(0.05	)

Total distributions		(0.59	)		(0.30	)		(2.99	)		(4.34	)		(0.40	)

Net Asset Value, end of year	$	31.13		$	37.78		$	30.54		$	28.36		$	46.01

Total Return (%)(b)		(15.89	)		24.71			20.03			(29.80	)		82.48

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		227			36			5			7			18
Ratio of expenses before fee waiver (%)(c)		0.50			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.28			0.36			0.35			0.26			0.26
Ratio of net investment income (loss) (%)		1.07			2.10			3.10			6.46			0.94
Portfolio turnover rate (%)(d)		102			3			7			36			20


Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	Years Ended May 31,									Period Ended 5/31/2016(e)
	2019			2018			2017			Period Ended 5/31/2016(e)
Net Asset Value, beginning of period	$	20.80		$	19.53		$	21.86		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(a)		0.15			0.52			0.29			0.40
Net realized and unrealized gain (loss)		(2.03	)		1.30			1.05			(2.80	)

Total from investment operations		(1.88	)		1.82			1.34			(2.40	)

Less distributions from:
Net investment income		(0.17	)		(0.55	)		(2.82	)		(0.74	)
Net realized gains		—			—			(0.85	)		—

Total distributions		(0.17	)		(0.55	)		(3.67	)		(0.74	)

Net Asset Value, end of period	$	18.75		$	20.80		$	19.53		$	21.86

Total Return (%)(b)		(8.91	)		9.12			6.42	(f)		(10.01	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		83			2			3			2
Ratio of expenses before fee waiver (%)(c)		0.60			0.70			0.72			1.25	***
Ratio of expenses after fee waiver (%)(c)		0.60			0.05			0.05			0.45	***
Ratio of net investment income (loss) (%)		0.75			2.38			1.41			2.92	*
Portfolio turnover rate (%)(d)		180			3			6			4	**

(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)	The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses.

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

(e)	For the period October 20, 2015 (commencement of operations) through May 31, 2016.

(f)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

*	Annualized.

**	Not Annualized.

***	Annualized. Includes excise tax expense that is not annualized.


See Notes to Financial Statements.		43

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers MSCI All China Equity ETF

Xtrackers MSCI China A Inclusion Equity ETF*

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


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index
Xtrackers MSCI All China Equity ETF		MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF*		MSCI China A Inclusion Index*

*	On June 4, 2018, the Fund changed its name from Xtrackers CSI 300 China A-Shares Hedged Equity ETF to Xtrackers MSCI China A Inclusion Equity ETF and its Underlying Index from CSI 300 USD Hedged Index to the MSCI China A Inclusion Index.

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

MSCI is the creator of the MSCI China All Shares Index and the MSCI China A Inclusion Equity Index. The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect

DBX ETF Trust

Notes to Financial Statements (Continued)

program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI, Inc. by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.

Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are diversified series of the Trust. Xtrackers MSCI All China Equity ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

2. Significant Accounting Policies

DBX ETF Trust

Notes to Financial Statements (Continued)

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

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Board 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; length of time of a halt in trading of the security; movement in the security’s proxy index; 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.

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.

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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 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’ 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, 2019, the Funds did not incur any interest or penalties.

As of May 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	5,798,271	$	(95,917,978	)	$	72,573,417		$	(17,546,290	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		267,335		(12,369,480	)		(11,149,110	)		(23,251,255	)
Xtrackers MSCI All China Equity ETF		631,433		(5,529,923	)		(24,356,165	)		(29,254,655	)
Xtrackers MSCI China A Inclusion Equity ETF		—		(2,192,587	)		(2,381,981	)		(4,574,568	)

The tax character of dividends and distributions declared for the years ended May 31, 2019 and May 31, 2018 were as follows:


	Year Ended May 31, 2019
	Ordinary Income*		Long Term Capital Gain
Xtrackers Harvest CSI 300 China A-Shares ETF	$	287	$	14,203,572
Xtrackers MSCI All China Equity ETF		682,986		—
Xtrackers MSCI China A Inclusion Equity ETF		119,154		—



	Year Ended May 31, 2018
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	5,199,112
Xtrackers MSCI All China Equity ETF		317,478
Xtrackers MSCI China A Inclusion Equity ETF		82,189

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


	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	45,266,247	$	50,651,731	$	95,917,978
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		10,027,894		2,341,586		12,369,480
Xtrackers MSCI All China Equity ETF		2,320,956		3,208,967		5,529,923
Xtrackers MSCI China A Inclusion Equity ETF		1,711,206		446,119		2,157,325

DBX ETF Trust

Notes to Financial Statements (Continued)

taxable year. During the fiscal year ended May 31, 2019, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The Funds had no post-October capital losses.


	Late Year Ordinary Losses
Xtrackers MSCI China A Inclusion Equity ETF	$	35,262

For the fiscal year ended May 31, 2019, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), net operating losses and redemptions-in-kind.


	Distributable Earnings (Loss)			Paid-In Capital
Xtrackers Harvest CSI 300 China A-Shares ETF	$	(228,056	)	$	228,056
Xtrackers MSCI All China Equity ETF		(3,112,934	)		3,112,934
Xtrackers MSCI China A Inclusion Equity ETF		(243,728	)		243,728


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,363,034,929	$	72,499,639		$	149,471,475	$	(76,971,836	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		84,405,465		(11,138,602	)		2,590,298		(13,728,900	)
Xtrackers MSCI All China Equity ETF		253,004,543		(24,357,024	)		1,741,088		(26,098,112	)
Xtrackers MSCI China A Inclusion Equity ETF		84,856,178		(2,381,977	)		2,969,398		(5,351,375	)

The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to

DBX ETF Trust

Notes to Financial Statements (Continued)

gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, 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 Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of May 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending its 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, 2019, the Xtrackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange-Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end.

DBX ETF Trust

Notes to Financial Statements (Continued)


Remaining Contractual Maturity of the Agreements, as of May 31, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	1,807,749	$	520,720	$	602,678	$	6,631,607	$	9,562,754
Exchange-Traded Funds		324,875		—		—		—		324,875

Total Borrowings	$	2,132,624	$	520,720	$	602,678	$	6,631,607	$	9,887,629

Gross amount of recognized liabilities for securities lending transactions									$	9,887,629

As of May 31, 2019, the Xtrackers MSCI China A Inclusion Equity ETF had securities on loan, which were classified as Exchanged Traded Funds in the Schedule of Investments. The value of the related cash collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the cash collateral agreements were overnight and continuous.

Derivatives

Forward Foreign Currency Contracts Prior to June 5, 2018, the Xtrackers MSCI China A Inclusion Equity ETF entered into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period June 1, 2018 to June 4, 2018, Xtrackers MSCI China A Inclusion Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

There were no open forward currency contracts as of the year ended May 31, 2019.

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).

DBX ETF Trust

Notes to Financial Statements (Continued)

A summary of the open futures contracts as of May 31, 2019 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All China Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	450
Xtrackers MSCI China A Inclusion Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	675

*	Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All China Equity ETF	$	(16,057	)	$	—		$	(16,057	)
Xtrackers MSCI China A Inclusion Equity ETF		33,655			34,782			68,437

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All China Equity ETF	$	(684	)	$	—		$	(684	)
Xtrackers MSCI China A Inclusion Equity ETF		(675	)		(34,919	)		(35,594	)

For the period ended May 31, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts
Xtrackers MSCI All China Equity ETF	$	120,696	$	—
Xtrackers MSCI China A Inclusion Equity ETF		142,268		(2,038,709	)*

*	For the period from June 1, 2018 through June 4, 2018.

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 management 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

3. Investment Advisory and Other Agreements

Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.


	Unitary Management Fee
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%

The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its management fees 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, 2019, the Advisor waived $212 of the expenses of the Fund.

For its investment Advisory services to Xtrackers MSCI All China Equity ETF for the period from June 1, 2018 through July 16, 2018, the Advisor was entitled to receive a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.60%; and had contractually agreed to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets and to waive a portion of its management fees in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in affiliated funds.

Effective July 17, 2018, for its investment Advisory services to Xtrackers MSCI All China Equity ETF, the Advisor is entitled to receive a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.50%. For the period from June 1, 2018 through October 9, 2018, the Advisor had contractually agreed to waive fees and/or reimburse the Fund’s expenses to limit the Fund’s current operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) by an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in affiliated funds. Effective October 10, 2018, until November 14, 2021, the Advisor has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until October 25, 2019, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the year ended May 31, 2019, the Advisor waived $226,938 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2019, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers All China Equity ETF	$	163
Xtrackers MSCI China A Inclusion Equity ETF		310

DBX ETF Trust

Notes to Financial Statements (Continued)

4. Investment Portfolio Transactions

For the year ended May 31, 2019, 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 Harvest CSI 300 China A-Shares ETF	$	1,786,528,032	$	962,602,922
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		65,519,616		5,633,456
Xtrackers MSCI All China Equity ETF		196,103,188		97,307,149
Xtrackers MSCI China A Inclusion Equity ETF		143,930,809		58,009,465

For the year ended May 31, 2019, the cost of in-kind purchases and proceeds from in-kind sale were as follows:


	Purchases		Sales
Xtrackers MSCI All China Equity ETF	$	209,365,762	$	92,607,437
Xtrackers MSCI China A Inclusion Equity ETF		—		2,060,017

5. Fund Share Transactions

As of May 31, 2019 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 Xtrackers MSCI All China Equity ETF 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. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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. Investing in China

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets,

DBX ETF Trust

Notes to Financial Statements (Continued)

both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each 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 each Funds’ 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2019.


	Pro-rata Share
Xtrackers Harvest CSI 300 China A-Shares ETF	$	60,375,000
Xtrackers Harvest CSI 500 China A-Shares Small Cap		4,200,000
Xtrackers MSCI China A Inclusion Equity ETF		5,250,000

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF, Xtrackers MSCI China A Inclusion Equity ETF (formerly, Xtrackers CSI 300 China A-Shares Hedged Equity 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 Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF, and Xtrackers MSCI China A Inclusion Equity 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, 2019, 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 the DBX ETF Trust) at May 31, 2019, 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. general accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Harvest CSI 300 China A-Shares ETF Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Xtrackers MSCI All China Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the five years in the period ended May 31, 2019
Xtrackers MSCI China A Inclusion Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the three years in the period ended May 31, 2019 and the period from October 20, 2015 (commencement of operations) through May 31, 2016

Basis for Opinion

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.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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.

LOGO

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 26, 2019

DBX ETF Trust

Trustees and Officers (Unaudited)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Independent Trustees
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee	Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006).	37	The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum.
George O. Elston (1964) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Audit Committee and Member of the Nominating Committee	Trustee since 2011 (Chairman of the Audit Committee since 2015)	Chief Financial Officer Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	37
J. David Officer (1948) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Nominating Committee and Member of the Audit Committee	Trustee since 2011 (Chairman of the Nominating Committee since 2015)	Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	37	Ilex Partners (Asia), LLC; Old Westbury Funds.

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Interested Trustee
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154	Trustee Treasurer, Chief Financial Officer and Controller	Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010	Director in the Finance Division at DWS Investment Management Americas, Inc. (2008-present); Manager, Treasurer and Chief Financial Officer of the Advisor (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-2018); Global Finance Director, Alternative Investments, (2018-present); Chief Financial Officer of RREEF America LLC (2018-present).	37	The Advisor, DBX Strategic Advisors LLC and DB Commodity Services LLC

Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154	President and Chief Executive Officer	Since 2016	Director in DWS and Chief of Staff Office in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present), the Advisor and DBX Strategic Advisors LLC and DB Commodity Services LLC (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154	Chief Operating Officer	Since 2014	Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014- present); Manager and Chief Executive Officer and Chief Investment Officer of the Advisor (2014- present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012).

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Frank Gecsedi (1967) 345 Park Avenue New York, New York 10154	Chief Compliance Officer	Since 2010	Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards (1978) 345 Park Avenue New York New York 10154	Vice President	Since 2016	Managing Director in DWS (2018-present); Director in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
Leslie Lowenbraun (1953) 345 Park Avenue New York, New York 10154	Secretary	Since 2016	Director in U.S. Retail Passive Legal of DWS (2018-present) and Chief Legal Officer of the Advisor (2017-present); Vice President in U.S. Retail Passive Legal of DWS (2014-2018) ; Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014).
Amy McDonald (1978) One International Place Boston, Massachusetts 02110	Assistant Secretary	Since 2018	Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016).
Kevin Teevan (1973) 345 Park Avenue New York, New York 10154	Assistant Treasurer	Since 2018	Vice President in Finance for U.S. Traditional Asset Classes of DWS (2018-present); Vice President in Chief Operating Office for Global Transaction Banking at Deutsche Bank AG (2014-2017); Vice President in Finance for U.S. Passive Asset Management Platform at Deutsche Bank AG (2011-2014).
Christina A. Morse (1964) BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place Brooklyn, NY 11217	Assistant Secretary	Since 2016	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).

Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com

DBX ETF Trust

Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), the Trustees, including 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 and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) and Harvest for purposes of reviewing the agreements’ terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. 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 and related financial information, presentations given by DBX and Harvest, as well as 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, 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.

In reaching its decision to continue in effect the Investment Sub-Advisory Agreement, 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 performance of Harvest Global Investments Limited (“Harvest” or “Sub-Advisor”) with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-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:

DBX ETF Trust

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

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 Deutsche Bank affiliates, except as may otherwise be determined by the Board. The Board also 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’ operation. The Board also considered the role played by the Advisor in working with Harvest to manage the Funds’ portfolios, noting that 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 Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that while each Fund’s advisory fees were higher than certain other ETFs in the Funds’ peer group, many of those other ETFs did not invest directly in A-Shares. The Board considered that the fee for the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities between the Advisor and Sub-Advisor and noted that the Advisor 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 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 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 only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Advisor’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Advisor to the Sub-Advisor under the Investment Sub-Advisory Agreement contained breakpoints, the Advisor could experience increased profitability as the Funds’ assets increased. 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.

DBX ETF Trust

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

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets (though it had also experienced outflows during the year), but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

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.

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

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Advisor continuously during the prior year, in addition to the information the Sub-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 Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-advisor to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board particularly considered the value of the access to China A-Shares provided to the Funds by Harvest through Harvest’s RQFII quota granted by the Chinese authorities, noting that it was in the Funds’ best interests to maintain as many means as possible to access China A-Shares. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Advisor and not the Funds.

Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.

The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Advisor and not the Funds. The Board considered that the fee for the Funds was a unitary fee pursuant to which the Advisor would pay all of the Funds’ costs (subject to certain specified exceptions), and thus was not directly affected by the amount of the sub-advisory fee paid to Harvest. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.

DBX ETF Trust

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

Costs of Services and Profitability. The Board considered that the fees paid by the Advisor to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.

The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest. The Board discussed the potential benefits Harvest might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or Harvest in return for allocating fund brokerage.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

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

Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A-Inclusion Equity ETF

DBX ETF Trust

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

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 Deutsche Bank 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 Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

DBX ETF Trust

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

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 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.

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.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

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 year ended May 31, 2019.


	Qualified Dividend Income*
Xtrackers Harvest CSI 300 China A-Shares ETF		100%
Xtrackers MSCI All China Equity ETF		62%
Xtrackers MSCI China A Inclusion Equity ETF		84%

* 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 Harvest CSI 300 China A-Shares ETF		$20,767,342		$2,087,649
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		527,253		53,669
Xtrackers MSCI All China Equity ETF		1,203,667		81,221
Xtrackers MSCI China A Inclusion Equity ETF		489,579		48,318

DBX ETF Trust

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35360-6 (7/19) DBX003921 (7/20)

May 31, 2019

Annual Report

DBX ETF Trust

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

LOGO

DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Eurozone Equity ETF		6
Xtrackers International Real Estate ETF		8
Xtrackers Japan JPX-Nikkei 400 Equity ETF		10
Xtrackers MSCI Latin America Pacific Alliance ETF		12
Fees and Expenses		14
Schedules of Investments
Xtrackers Eurozone Equity ETF		15
Xtrackers International Real Estate ETF		20
Xtrackers Japan JPX-Nikkei 400 Equity ETF		28
Xtrackers MSCI Latin America Pacific Alliance ETF		33
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		42
Report of Independent Registered Public Accounting Firm		52
Trustees and Officers		54
Board Considerations in Approval of Investment Advisory Contract		57
Additional Information		59
Privacy Policy Notice		60

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for the period ended May 31, 2019.

The global growth experienced a synchronized slowdown during the reporting period owing to rising trade tensions and weak manufacturing activity. However, economic growth in the U.S. remained robust, as tax cuts boosted private consumption, ultimately resulting in higher corporate profits. Unemployment rates lowered to a favorable level, partly benefitting from a flock of retiring labor force, pointing to underlying market strength. Meanwhile, economic activity in the Eurozone remained soft due to macroeconomic stress, an auto-sector downturn, and uncertainty over Brexit ¹ . In Japan, the continued monetary stimulus has not yet resulted in a sustainable growth phase, apart from periodic surprises. Elsewhere, emerging markets performed well but faced headwinds from trade conflicts and a slowdown in China.

In the Eurozone, growth dynamics have receded substantially during the reporting period mainly due to weakness in the industrials sector, which suffers from external headwinds. Nonetheless, the services industries and domestic demand, supported by thriving labor markets, remained the key drivers of economic growth. Inflation in the economy remains weak, raising the chances of a more dovish stance by the European Central Bank, going forward. Germany’s economic growth was primarily affected by the automotive industry due to punitive tariffs ² announced by the U.S. and environmental concerns over petrol and diesel cars. However, domestic fundamentals remain solid driven by the robust labor market and wage increases. Growth in Italy and Spain surprised to the upside and helped lift the Eurozone’s gross domestic product in 2019; increased exports and decreased imports supported growth in Italy, while a rebound in fixed investments aided Spain.

Elsewhere, the Japanese economy grew at a moderate pace last year as it faced increasing uncertainty in external demand. Domestic demand has been strong driven by gains in household spending, but a consumption tax hike scheduled for October 2019 could hurt sentiment. The Bank of Japan signaled to keep rates low, as it remains hopeful of inflation trending towards its target. Furthermore, the Latin American economy remained soft in 2019, picking up slightly from 2018. Similar to other nations, political uncertainty and external factors, such as trade tensions and a slowing global economy, have weighed down on the Latin American economy. Brazil’s economy was weighed down by the fiscal and political challenges and uncertainty increased in Mexico owing to tensions with the US concerning illegal immigration. Global real estate markets remained strong as investment volumes reached record highs in 2018. The amplified economic turbulence has not created any broad-based weakness in real estate markets, with underlying fundamentals remaining strong, underpinned by interest rates at near historic lows in most markets.

The combination of deteriorating prospects of a trade deal, weak demand from China, and uncertainty over the Brexit outcome is a key concern for global equity markets. This difficult environment is likely to have a significant impact on cyclical sectors, such as cars, semi-conductors and industrial goods, excluding defense. Despite the risks, we believe a global earnings recession will be avoided. With no signal of inflationary pressures, central banks have the liberty and impulse to provide accommodation to ensure future growth is at a comfortable level.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

² Tariffs are used to restrict imports by increasing the price of goods and services purchased from oversees and making them less attractive to consumers. A specific tariff is levied as a fixed fee based on the type of item.

This Page is Intentionally Left Blank

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Eurozone Equity ETF

Xtrackers Eurozone Equity ETF (EURZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Eurozone Large Mid Cap Index (the EURZ Index). The EURZ Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). For the 12-month period ended May 31, 2019, EURZ shares returned -8.09%, compared to the EURZ Index return of -8.36%.

Xtrackers International Real Estate ETF

Xtrackers International Real Estate ETF (HAUZ), seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the HAUZ Index). The HAUZ index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to February 22 2019, when the Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF’s name changed to Xtrackers International Real Estate ETF and the Fund’s ticker symbol changed to HAUZ. At that time, the Underlying Index replaced the MSCI Asia Pacific ex Japan US Dollar Hedged Index which is designed to track the performance of the developed and emerging market performance in the Asia Pacific region (excluding Japan), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the MSCI Asia Pacific ex Japan US Dollar Hedged Index. For the 12-month period ended May 31, 2019, HAUZ shares returned -2.78%, compared to the HAUZ Index return of -1.83%.

Communication Services, Real Estate and Utilities were the major positive contributors, while Information Technology, Healthcare and Consumer Discretionary sectors detracted most from the performance. From a geographical perspective, Japan, Australia and Germany were the major positive contributors, while China, South Korea and Hong Kong contributed negatively to performance.

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the JPN Index). The JPN Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (JASDAQ) or the following sections of the Tokyo Stock Exchange (TSE): the first section (for large companies), the second section (for middle-sized companies), and the “Mothers” (for high growth and emerging stocks). For the 12-month period ended May 31, 2019, JPN shares returned -11.35%, compared to the JPN Index return of -11.01%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contributions coming from Consumer Discretionary, Industrials and Financials. The Communication Services sector was the only positive contributor to performance.

Xtrackers MSCI Latin America Pacific Alliance ETF

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Latin America Pacific Alliance Capped Index (the PACA Index). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. From October 30, 2018 (Commencement of Operations) to May 31, 2019, PACA shares returned 0.20%, compared to the PACA Index return of 0.38%.

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Financials, Consumer Staples and Utilities were the major positive contributors, while Energy, Materials and Communication Services sectors detracted most from the performance. From a geographical perspective, Chile, Canada and United States contributed negatively. However, Mexico, Peru and Colombia contributed positively to the performance.

*************************

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ)

The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Returns

	Net Asset Value	Market Value	NASDAQ Eurozone Large Mid Cap Index	MSCI ACWI ex USA Index
One Year	-8.09%	-8.70%	-8.36%	-6.26%
Since Inception ¹	-1.90%	-1.87%	-1.81%	3.64%

Cumulative Total Return

	Net Asset Value	Market Value	NASDAQ Eurozone Large Mid Cap Index	MSCI ACWI ex USA Index
One Year	-8.09%	-8.70%	-8.36%	-6.26%
Since Inception ¹	-7.02%	-6.89%	-6.70%	14.48%

¹ Total returns are calculated based on the commencement of operations, 8/19/15 (“Inception”).

Prior to October 27, 2017, the Fund was known as Xtrackers MSCI Southern Europe Hedged Equity ETF (DBSE) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 8/19/15.

Sector Diversification* as of 5/31/19


Financials			17.6%
Industrials			15.4%
Consumer Discretionary			12.8%
Consumer Staples			11.4%
Information Technology			8.7%
Health Care			7.2%
Materials			6.9%
Utilities			6.0%
Energy			5.7%
Communication Services			5.6%
Real Estate			2.7%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (21.7% of Net Assets)



Description	% of Net Assets
SAP SE (Germany)		2.9%
TOTAL SA (France)		2.8%
Unilever NV (United Kingdom)		2.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.4%
Allianz SE (Germany)		2.1%
Sanofi (France)		2.0%
Siemens AG (Germany)		2.0%
ASML Holding NV (Netherlands)		1.8%
Anheuser-Busch InBev SA/NV (Belgium)		1.7%
Airbus SE (France)		1.6%

Country Diversification* as of 5/31/19


France			34.0%
Germany			27.1%
Spain			9.8%
Netherlands			8.9%
Italy			6.6%
Belgium			3.7%
Finland			3.4%
United Kingdom			2.5%
Other			4.0%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers International Real Estate ETF (HAUZ)

The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. On February 22, 2019 the Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF’s name changed to Xtrackers International Real Estate ETF and the Fund’s ticker symbol changed to HAUZ. At that time, the Underlying Index replaced the MSCI Asia Pacific ex Japan US Dollar Hedged Index which is designed to track developed and emerging market performance in the Asia Pacific region (excluding Japan) while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the MSCI Asia Pacific ex Japan US Dollar Hedged Index. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Returns

	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index ²	MSCI ACWI ex USA Index	MSCI Asia Pacific ex Japan Index
One Year	-2.78%	-2.13%	-1.83%	-6.26%	-8.76%
Five Year	5.19%	5.12%	6.04%	1.31%	3.28%
Since Inception ¹	5.64%	5.68%	6.36%	2.67%	4.25%

Cumulative Total Return

	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index ²	MSCI ACWI ex USA Index	MSCI Asia Pacific ex Japan Index
One Year	-2.78%	-2.13%	-1.83%	-6.26%	-8.76%
Five Year	28.80%	28.37%	34.08%	6.74%	17.55%
Since Inception ¹	36.46%	36.76%	41.87%	16.10%	26.63%

¹ Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).

² On February 22, 2019, the Fund changed its Underlying Index from MSCI Asia Pacific ex Japan US Dollar Hedged Index to the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index. Returns reflect performance for the MSCI Asia Pacific ex Japan US Dollar Hedged Index through February 21, 2019.

Prior to February 22, 2019, the Fund was known as Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated February 22, 2019, as supplemented March 29, 2019, was 0.12%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers International Real Estate ETF (HAUZ) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 10/1/13.

Sector Diversification* as of 5/31/19


Real Estate Operations/Development			35.2%
Diversified			19.5%
Real Estate Management/Services			14.7%
Shopping Centers			10.6%
Office Property			7.1%
Warehouse/Industry			4.4%
Apartments			3.3%
Other			5.2%

Total			100.0%

Ten Largest Equity Holdings
as of 5/31/19 (21.3% of Net Assets)



Description	% of Net Assets
Link (Hong Kong)		2.5%
Mitsubishi Estate Co. Ltd. (Japan)		2.5%
Vonovia SE (Germany)		2.5%
Sun Hung Kai Properties Ltd. (Hong Kong)		2.5%
Mitsui Fudosan Co. Ltd. (Japan)		2.4%
Unibail-Rodamco-Westfield (France)		2.1%
CK Asset Holdings Ltd. (Hong Kong)		1.9%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.8%
Deutsche Wohnen SE (Germany)		1.6%
Goodman Group (Australia)		1.5%

Country Diversification* as of 5/31/19


Japan			21.8%
Hong Kong			16.9%
Australia			8.5%
Germany			6.2%
United Kingdom			5.9%
Singapore			5.7%
Canada			5.3%
France			5.1%
Sweden			3.4%
Philippines			2.9%
Thailand			2.1%
Other			16.2%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/19



Average Annual Total Return

	Net Asset Value	Market Value	JPX-Nikkei 400 Net Total Return Index	MSCI ACWI ex USA Index
One Year	-11.35%	-11.38%	-11.01%	-6.26%
Since Inception ¹	2.04%	1.89%	2.30%	1.73%

Cumulative Total Returns

	Net Asset Value	Market Value	JPX-Nikkei 400 Net Total Return Index	MSCI ACWI ex USA Index
One Year	-11.35%	-11.38%	-11.01%	-6.26%
Since Inception ¹	8.29%	7.66%	9.39%	6.99%

¹ Total returns are calculated based on the commencement of operations, 6/24/15 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 6/24/15.

Sector Diversification* as of 5/31/19


Industrials			23.4%
Consumer Discretionary			15.5%
Financials			10.4%
Information Technology			10.4%
Consumer Staples			9.7%
Health Care			9.5%
Communication Services			9.0%
Materials			5.8%
Real Estate			3.6%
Utilities			1.6%
Energy			1.1%

Total			100.0%

Ten Largest Equity Holdings

as of 5/31/19 (15.6% of Net Assets)



Description	% of Net Assets
SoftBank Group Corp.		2.0%
Takeda Pharmaceutical Co. Ltd.		1.9%
Keyence Corp.		1.7%
Sony Corp.		1.6%
Nippon Telegraph & Telephone Corp.		1.5%
KDDI Corp.		1.4%
Sumitomo Mitsui Financial Group, Inc.		1.4%
Recruit Holdings Co. Ltd.		1.4%
Toyota Motor Corp.		1.4%
Nintendo Co. Ltd.		1.3%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

The Xtrackers MSCI Latin America Pacific Alliance ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Latin America Pacific Alliance Capped Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Emerging Markets Index is designed to represent the performance of large- and mid-cap securities in the emerging market countries that are included in its index. It is not possible to invest directly into an index.

Performance as of 5/31/19



Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Latin America Pacific Alliance Capped Index	MSCI Emerging Markets Index
Since Inception ¹	0.20%	0.60%	0.38%	7.89%

¹ Total returns are calculated based on the commencement of operations, 10/30/18 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated September 28, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA) (Continued)

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, 10/30/18.

Sector Diversification* as of 5/31/19


Financials			28.2%
Consumer Staples			21.0%
Materials			15.0%
Communication Services			10.3%
Utilities			7.8%
Industrials			7.2%
Energy			3.8%
Real Estate			3.3%
Consumer Discretionary			3.0%
Information Technology			0.2%
Health Care			0.2%

Total			100.0%

Ten Largest Equity and ETF Holdings
as of 5/31/19 (40.5% of Net Assets)



Description	% of Net Assets
America Movil SAB de CV (Mexico)		7.5%
Credicorp Ltd. (Peru)		6.9%
Fomento Economico Mexicano SAB de CV (Mexico)		5.8%
Wal-Mart de Mexico SAB de CV (Mexico)		4.7%
Grupo Financiero Banorte SAB de CV (Mexico)		4.5%
Grupo Mexico SAB de CV (Mexico)		2.8%
Bancolombia SA (Colombia)		2.5%
Cemex SAB de CV (Mexico)		2.0%
Ecopetrol SA (Colombia)		1.9%
Enel Americas SA (Chile)		1.9%

Country Diversification* as of 5/31/19


Mexico			49.6%
Chile			22.1%
Colombia			14.0%
Peru			13.8%
Canada			0.4%
Panama			0.1%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value December 1, 2018		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000 ⁽¹⁾
Xtrackers Eurozone Equity ETF
Actual	$	1,000.00	$	1,028.70		0.09	%	$	0.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.48		0.09	%	$	0.45
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	1,073.60		0.17	%	$	0.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.08		0.17	%	$	0.86
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Actual	$	1,000.00	$	966.80		0.09	%	$	0.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.48		0.09	%	$	0.45
Xtrackers MSCI Latin America Pacific Alliance ETF
Actual	$	1,000.00	$	1,025.80		0.45	%	$	2.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 96.7%

Austria — 0.7%
ANDRITZ AG		32	$	1,148
CA Immobilien Anlagen AG		45		1,667
Erste Group Bank AG*		147		5,201
OMV AG		72		3,377
Raiffeisen Bank International AG		68		1,578
Strabag SE		10		329
Telekom Austria AG*		68		516
voestalpine AG		62		1,615

				15,431

Belgium — 3.6%
Ackermans & van Haaren NV*		12		1,833
Ageas		108		5,257
Anheuser-Busch InBev SA/NV		442		35,764
Colruyt SA		34		2,520
Elia System Operator SA/NV		14		972
Groupe Bruxelles Lambert SA		36		3,348
KBC Ancora		18		861
KBC Group NV		137		8,986
Proximus SADP		68		1,967
Sofina SA		8		1,544
Solvay SA		36		3,373
Telenet Group Holding NV		24		1,290
UCB SA		58		4,426
Umicore SA		105		3,124
Warehouses De Pauw CVA REIT		8		1,241

				76,506

Finland — 3.4%
Elisa OYJ		73		3,247
Fortum OYJ		213		4,541
Huhtamaki OYJ		48		1,823
Kesko OYJ, Class B		32		1,677
Kone OYJ, Class B		187		10,171
Metso OYJ		58		1,871
Neste OYJ		210		7,081
Nokia OYJ		2,748		13,719
Nokian Renkaat OYJ		62		1,768
Orion OYJ, Class B		52		1,697
Sampo OYJ, Class A		233		10,064
Stora Enso OYJ, Class R		282		2,973
UPM-Kymmene OYJ		257		6,421
Valmet OYJ		61		1,404
Wartsila OYJ Abp		209		3,048

				71,505

France — 33.5%
Accor SA (a)		103		3,792
Aeroports de Paris		14		2,390
Air France-KLM*		125		1,078
Air Liquide SA		206		25,596
Airbus SE		263		33,663
Alstom SA		81		3,690
Amundi SA, 144A		30		1,942
Arkema SA		34		2,846
Atos SE		46		3,497
AXA SA		967		23,793


	Number of Shares		Value
France (Continued)
BioMerieux (a)		22	$	1,793
BNP Paribas SA (a)		535		24,369
Bollore SA		450		2,027
Bouygues SA		107		3,736
Bureau Veritas SA		137		3,223
Capgemini SE (a)		78		8,701
Carrefour SA		294		5,517
Casino Guichard Perrachon SA (a)		24		911
Cie de Saint-Gobain		253		9,139
Cie Generale des Etablissements Michelin SCA		85		9,751
Cie Plastic Omnium SA		32		735
CNP Assurances		81		1,732
Covivio REIT		23		2,407
Credit Agricole SA (a)		617		7,034
Danone SA		318		25,302
Dassault Systemes SE		68		10,067
Edenred		99		4,512
Eiffage SA		41		3,910
Elis SA		83		1,387
Engie SA (a)		958		13,291
EssilorLuxottica SA		151		17,357
Eurazeo SE		25		1,745
Eutelsat Communications SA		68		1,195
Faurecia SA		38		1,400
Gecina SA REIT		22		3,138
Getlink SE		215		3,309
Hermes International		15		9,942
ICADE REIT		16		1,356
Iliad SA		14		1,614
Imerys SA		16		693
Ingenico Group SA*		26		2,074
Ipsen SA		18		2,144
JCDecaux SA		36		1,003
Kering SA		37		19,212
Klepierre SA REIT		105		3,565
Lagardere SCA		52		1,263
Legrand SA		131		8,779
L’Oreal SA		124		33,218
LVMH Moet Hennessy Louis Vuitton SE		133		50,183
Natixis SA (a)		458		2,097
Orange SA (a)		988		15,458
Orpea		22		2,498
Pernod Ricard SA		89		15,650
Peugeot SA		274		6,097
Publicis Groupe SA		107		5,831
Remy Cointreau SA (a)		10		1,371
Renault SA		103		6,189
Rexel SA		129		1,390
Rubis SCA		42		2,091
Safran SA		159		20,854
Sanofi		531		42,746
Sartorius Stedim Biotech		12		1,659
Schneider Electric SE		272		21,460
SCOR SE		91		3,735
SEB SA		12		1,956
Societe BIC SA*(a)		14		1,091


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
France (Continued)
Societe Generale SA (a)		350	$	8,760
Sodexo SA		44		5,050
Suez (a)		191		2,549
Teleperformance		26		4,983
Thales SA		52		5,711
TOTAL SA		1,125		58,470
Ubisoft Entertainment SA*		30		2,452
Unibail-Rodamco-Westfield REIT		68		10,256
Valeo SA (a)		117		3,087
Veolia Environnement SA		258		5,954
Vinci SA (a)		274		27,010
Vivendi SA		485		13,041
Wendel SA		14		1,779

				706,296

Germany — 25.0%
1&1 Drillisch AG		24		732
adidas AG		81		23,125
Allianz SE		198		43,877
Axel Springer SE		16		990
BASF SE		429		28,234
Bayer AG		436		25,663
Bayerische Motoren Werke AG		155		10,712
Beiersdorf AG		60		6,890
Brenntag AG		72		3,336
Carl Zeiss Meditec AG		18		1,690
Commerzbank AG		515		3,617
Continental AG		52		7,058
Covestro AG, 144A		77		3,366
CTS Eventim AG & Co. KGaA		26		1,164
Daimler AG		422		21,836
Delivery Hero SE, 144A*		65		2,792
Deutsche Bank AG (b)		873		5,922
Deutsche Boerse AG		83		11,446
Deutsche Lufthansa AG		219		4,161
Deutsche Post AG		450		13,228
Deutsche Telekom AG		1,589		26,755
Deutsche Wohnen SE		145		6,827
DMG Mori AG		10		475
E.ON SE		950		9,897
Evonik Industries AG		75		1,966
Evotec SE*		59		1,423
Fielmann AG		12		840
Fraport AG Frankfurt Airport Services Worldwide		18		1,414
Fresenius Medical Care AG & Co. KGaA		105		7,638
Fresenius SE & Co. KGaA		202		10,222
FUCHS PETROLUB SE		14		491
GEA Group AG		77		2,101
GRENKE AG		14		1,334
Hannover Rueck SE		30		4,486
HeidelbergCement AG		72		5,340
Hella GmbH & Co. KGaA		22		1,016
Henkel AG & Co. KGaA		50		4,324
HOCHTIEF AG		9		1,069
HUGO BOSS AG		28		1,626
Infineon Technologies AG		489		8,764


	Number of Shares		Value
Germany (Continued)
K+S AG		97	$	1,642
KION Group AG		34		1,850
LANXESS AG		34		1,700
LEG Immobilien AG		32		3,812
Merck KGaA		60		5,781
METRO AG		85		1,337
MorphoSys AG*		14		1,349
MTU Aero Engines AG		20		4,315
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		70		16,857
Nemetschek SE		8		1,224
OSRAM Licht AG		44		1,310
ProSiebenSat.1 Media SE*		91		1,477
Puma SE		4		2,320
Rational AG		2		1,269
Rheinmetall AG		18		1,912
Rocket Internet SE, 144A*		30		800
RWE AG		251		6,254
SAP SE		504		62,015
Siemens AG		372		42,051
Sixt SE		8		811
Symrise AG		63		5,887
TAG Immobilien AG*		48		1,123
Talanx AG		26		1,030
Telefonica Deutschland Holding AG		450		1,259
thyssenkrupp AG		241		3,044
Uniper SE		87		2,434
United Internet AG		56		2,000
Volkswagen AG		62		9,818
Vonovia SE		215		11,251
Wacker Chemie AG		10		790
Wirecard AG		50		7,806
Zalando SE, 144A*		60		2,376

				526,751

Greece — 0.1%
Hellenic Telecommunications Organization SA		123		1,679

Ireland — 1.7%
Bank of Ireland Group PLC		452		2,419
CRH PLC		406		12,663
Glanbia PLC		77		1,279
Kerry Group PLC, Class A		70		8,074
Kingspan Group PLC		62		3,224
Ryanair Holdings PLC, ADR*		97		6,326
Smurfit Kappa Group PLC		101		2,791

				36,776

Italy — 6.5%
A2A SpA		784		1,275
Amplifon SpA		60		1,328
Assicurazioni Generali SpA		638		11,173
Atlantia SpA		231		5,782
Banca Mediolanum SpA		195		1,297
Brembo SpA		77		825
Buzzi Unicem SpA		36		703
Buzzi Unicem SpA-RSP		18		245


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Italy (Continued)
Davide Campari-Milano SpA		207	$	2,017
De’ Longhi SpA		22		433
DiaSorin SpA		4		408
Enel SpA		3,783		23,481
Eni SpA		1,300		19,673
FinecoBank Banca Fineco SpA		199		2,057
Hera SpA		455		1,648
Infrastrutture Wireless Italiane SpA, 144A		117		1,052
Interpump Group SpA		37		1,079
Intesa Sanpaolo SpA		8,333		17,028
Italgas SpA		237		1,497
Leonardo SpA		197		2,183
Mediobanca Banca di Credito Finanziario SpA		342		3,153
Moncler SpA		95		3,493
Pirelli & C SpA, 144A		183		1,041
Poste Italiane SpA, 144A		231		2,240
Prysmian SpA*		129		2,146
Saipem SpA*		284		1,213
Salvatore Ferragamo SpA		24		499
Snam SpA		1,090		5,471
Societa Iniziative Autostradali e Servizi SpA		34		590
Telecom Italia SpA*		5,674		2,781
Telecom Italia SpA-RSP		3,020		1,408
Terna Rete Elettrica Nazionale SpA		706		4,300
UniCredit SpA		1,041		11,818
UnipolSai Assicurazioni SpA (a)		316		768

				136,105

Luxembourg — 0.7%
ArcelorMittal		316		4,669
Aroundtown SA		369		3,126
Eurofins Scientific SE (a)		6		2,723
Grand City Properties SA		54		1,384
Tenaris SA		237		2,786

				14,688

Netherlands — 8.8%
Aalberts NV		36		1,184
ABN AMRO Group NV, 144A		219		4,622
Adyen NV, 144A*		7		5,623
Aegon NV		1,049		4,788
Akzo Nobel NV		99		8,331
Argenx SE*		17		2,099
ASML Holding NV		197		37,166
ASR Nederland NV		62		2,346
Boskalis Westminster		40		900
Euronext NV, 144A		32		2,272
EXOR NV		56		3,508
GrandVision NV, 144A		26		555
Heineken Holding NV		50		4,937
Heineken NV		117		12,258
IMCD NV		26		2,116
ING Groep NV		1,977		21,359
Koninklijke Ahold Delhaize NV		519		11,645
Koninklijke DSM NV		85		9,548
Koninklijke KPN NV		1,729		5,275


	Number of Shares		Value
Netherlands (Continued)
Koninklijke Philips NV		473	$	18,685
Koninklijke Vopak NV		34		1,391
NN Group NV		151		5,724
OCI NV*		36		814
QIAGEN NV*		107		4,073
Randstad NV		58		2,986
SBM Offshore NV		80		1,412
Wolters Kluwer NV		131		9,130

				184,747

Portugal — 0.5%
Banco Comercial Portugues SA, Class R*		3,895		1,094
EDP—Energias de Portugal SA		1,086		3,944
Galp Energia SGPS SA		227		3,410
Jeronimo Martins SGPS SA		121		1,837
Navigator Co. SA		109		388

				10,673

Spain — 9.6%
Acciona SA (a)		12		1,282
ACS Actividades de Construccion y Servicios SA		139		5,716
Aena SME SA, 144A		36		6,615
Amadeus IT Group SA		201		15,312
Banco Bilbao Vizcaya Argentaria SA		3,080		16,706
Banco de Sabadell SA		2,595		2,872
Banco Santander SA		7,523		33,131
Bankia SA		547		1,380
Bankinter SA		312		2,252
CaixaBank SA		1,743		5,357
Cellnex Telecom SA, 144A*		113		3,960
Cia de Distribucion Integral Logista Holdings SA		33		728
CIE Automotive SA		24		579
Enagas SA		113		3,085
Endesa SA		157		3,903
Ferrovial SA*		3		72
Ferrovial SA		259		6,173
Fomento de Construcciones y Contratas SA		68		877
Fomento de Construcciones y Contratas SA*		2		26
Grifols SA		147		3,764
Grupo Catalana Occidente SA		22		765
Iberdrola SA		2,853		26,432
Industria de Diseno Textil SA		574		15,383
Inmobiliaria Colonial Socimi SA REIT		139		1,535
Mapfre SA		475		1,391
Merlin Properties Socimi SA REIT		179		2,376
Naturgy Energy Group SA		171		4,865
Red Electrica Corp. SA		215		4,559
Repsol SA		692		11,151
Siemens Gamesa Renewable Energy SA		113		1,757
Telefonica SA		2,203		17,621
Zardoya Otis SA (a)		87		662

				202,287


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Switzerland — 0.2%
STMicroelectronics NV		316	$	4,822

United Kingdom (c) — 2.4%
Unilever NV		859		51,690

TOTAL COMMON STOCKS (Cost $2,207,289)				2,039,956

PREFERRED STOCKS — 1.9%

Germany — 1.8%
Bayerische Motoren Werke AG		26		1,536
FUCHS PETROLUB SE		34		1,324
Henkel AG & Co. KGaA		87		7,928
Porsche Automobil Holding SE*		77		4,786
RWE AG		18		447
Sartorius AG		18		3,410
Sixt SE		8		557
Volkswagen AG		106		16,478

				36,466

Spain — 0.1%
Grifols SA, Class B		129		2,283

TOTAL PREFERRED STOCKS (Cost $43,628)				38,749


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 1.1%
iShares MSCI Eurozone ETF (Cost $24,520)		630	$	23,890

SECURITIES LENDING COLLATERAL — 5.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e) (Cost $113,653)		113,653		113,653

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d) (Cost $56)		56		56


TOTAL INVESTMENTS — 105.1% (Cost $2,389,146)			$	2,216,304
Other assets and liabilities, net — (5.1%)				(106,689	)

NET ASSETS — 100.0%			$	2,109,615

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
COMMON STOCKS — 0.3%
Germany — 0.3%
Deutsche Bank AG (b)
		9,128		13,263			(10,706	)		(5,850	)		87		108		—		873		5,922


SECURITIES LENDING COLLATERAL — 5.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e)
		84,109		29,544	(f)		—			—			—		1,341		—		113,653		113,653


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d)
		—		21,924			(21,868	)		—			—		12		—		56		56

		93,237		64,731			(32,574	)		(5,850	)		87		1,461		—		114,582		119,631

*	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, 2019 amounted to $112,483, which is 5.3% of net assets.

(b)	Affiliated issuer. This security is owned in proportion with its representation in the index.

(c)	Securities listed in country of domicile and traded on an exchange within Eurozone.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $18,253.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2019

ADR:

American Depositary Receipt

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	2,039,956	$	—	$	—	$	2,039,956
Preferred Stocks (g)		38,749		—		—		38,749
Exchange-Traded Funds		23,890		—		—		23,890
Short-Term Investments (g)		113,709		—		—		113,709

TOTAL	$	2,216,304	$	—	$	—	$	2,216,304

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


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 99.5%

Australia — 8.4%
Abacus Property Group REIT		19,717	$	52,321
ALE Property Group REIT		6,729		22,425
Arena REIT		16,343		31,139
Aventus Group (a)		23,361		37,389
Aveo Group (a)		26,536		39,345
BWP Trust REIT		26,190		65,325
Centuria Industrial REIT (b)		9,550		20,247
Centuria Metropolitan REIT		16,127		29,387
Charter Hall Education Trust REIT		13,031		32,774
Charter Hall Group REIT		28,084		201,196
Charter Hall Retail REIT		19,760		60,513
Cromwell Property Group REIT		108,632		86,932
Dexus REIT		60,272		537,862
GDI Property Group REIT		30,686		28,171
Goodman Group REIT		97,150		901,959
GPT Group REIT		92,423		368,843
Growthpoint Properties Australia Ltd. REIT		17,182		49,999
Ingenia Communities Group REIT		13,978		30,894
Mirvac Group REIT		216,017		453,492
National Storage REIT		40,298		46,627
REA Group Ltd. (b)		3,054		188,278
Scentre Group REIT		313,638		825,755
Shopping Centres Australasia Property Group REIT		55,305		96,945
Stockland REIT		145,550		446,740
US Masters Residential Property Fund REIT		22,214		15,237
Vicinity Centres REIT		184,515		329,830
Viva Energy REIT		27,097		48,625

				5,048,250

Austria — 0.6%
CA Immobilien Anlagen AG		3,857		142,910
IMMOFINANZ AG*		5,397		136,942
S IMMO AG*		2,841		64,742

				344,594

Belgium — 1.4%
Aedifica SA REIT		1,498		137,550
Ascencio REIT		344		21,390
Befimmo SA REIT		1,204		67,352
Care Property Invest NV REIT		1,118		29,277
Cofinimmo SA REIT		1,333		167,854
Intervest Offices & Warehouses NV REIT (b)		1,332		36,737
Montea C.V.A REIT		644		55,904
Retail Estates NV REIT		645		56,638
Shurgard Self Storage SA		1,504		50,112
VGP NV		472		38,712
Warehouses De Pauw CVA REIT		1,031		159,926
Xior Student Housing NV REIT		643		32,208

				853,660

Brazil — 0.8%
Aliansce Shopping Centers SA		6,300		33,122
BR Malls Participacoes SA		49,050		160,518


	Number of Shares		Value
Brazil (Continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		17,311	$	77,127
Ez Tec Empreendimentos e Participacoes SA		8,268		46,468
Iguatemi Empresa de Shopping Centers SA		5,268		53,832
Multiplan Empreendimentos Imobiliarios SA		17,069		108,316

				479,383

Canada — 5.2%
Allied Properties Real Estate Investment Trust REIT		6,087		218,869
Altus Group Ltd.		2,364		51,708
American Hotel Income Properties REIT LP (b)		3,551		17,678
Artis Real Estate Investment Trust REIT		7,204		62,773
Boardwalk Real Estate Investment Trust REIT		1,978		59,520
Canadian Apartment Properties REIT		8,994		325,857
Chartwell Retirement Residences		12,687		136,076
Choice Properties Real Estate Investment Trust REIT		12,599		125,627
Colliers International Group, Inc.		2,277		140,234
Cominar Real Estate Investment Trust REIT		9,679		87,848
Crombie Real Estate Investment Trust REIT		5,269		57,800
Dream Global Real Estate Investment Trust REIT		10,194		101,948
Dream Industrial Real Estate Investment Trust REIT		5,785		49,553
Dream Office Real Estate Investment Trust REIT		1,764		30,729
DREAM Unlimited Corp., Class A		4,322		22,890
First Capital Realty, Inc.		10,580		162,703
FirstService Corp.		1,844		167,077
Granite Real Estate Investment Trust REIT		2,669		119,464
H&R Real Estate Investment Trust REIT		16,858		284,313
InterRent Real Estate Investment Trust REIT		6,250		65,417
Killam Apartment Real Estate Investment Trust REIT		5,139		72,111
Morguard Corp.		300		41,719
Northview Apartment Real Estate Investment Trust REIT		2,906		57,264
NorthWest Healthcare Properties Real Estate Investment Trust REIT		4,796		42,784
RioCan Real Estate Investment Trust REIT		18,429		355,521
SmartCentres Real Estate Investment Trust REIT		6,945		167,781
Summit Industrial Income REIT		5,657		53,310
Tricon Capital Group, Inc.		8,068		61,768

				3,140,342

Chile — 0.2%
Parque Arauco SA		38,017		99,475
Plaza SA		17,526		39,312

				138,787


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
China — 0.9%
China Vanke Co. Ltd., Class H		71,888	$	254,433
Guangzhou R&F Properties Co. Ltd., Class H		58,210		110,176
Powerlong Real Estate Holdings Ltd.		72,447		32,895
Redco Group, 144A		57,993		23,225
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		15,632		18,274
Shanghai Lingang Holdings Corp. Ltd., Class B		6,055		9,488
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		67,021		77,945
Shanghai Shibei Hi-Tech Co. Ltd., Class B		27,165		12,876

				539,312

Egypt — 0.1%
Heliopolis Housing		7,163		8,772
Medinet Nasr Housing*		40,323		14,116
Palm Hills Developments SAE*		99,776		14,841
Six of October Development & Investment		11,593		8,975
Talaat Moustafa Group		50,780		31,730

				78,434

Finland — 0.3%
Citycon OYJ		5,651		57,147
Hoivatilat OYJ		1,288		13,779
Kojamo OYJ		8,796		118,210

				189,136

France — 5.1%
Altarea SCA REIT		215		41,448
Carmila SA REIT		2,540		44,268
Covivio REIT		3,636		380,462
Covivio Hotels SACA REIT		4,323		123,324
Gecina SA REIT		3,249		463,427
ICADE REIT		1,677		142,120
Klepierre SA REIT		12,599		427,790
Mercialys SA REIT		4,065		50,145
Nexity SA		2,625		115,486
Societe Fonciere Lyonnaise SA REIT		515		39,024
Unibail-Rodamco-Westfield REIT		8,150		1,229,242

				3,056,736

Germany — 6.1%
ADLER Real Estate AG		2,669		39,497
ADO Properties SA, 144A		1,633		87,748
alstria office REIT-AG REIT		9,528		148,539
Deutsche EuroShop AG		3,054		90,662
Deutsche Wohnen SE		19,686		926,842
Hamborner REIT AG REIT		4,109		41,851
Instone Real Estate Group AG, 144A*		2,154		52,807
LEG Immobilien AG		3,809		453,743
PATRIZIA Immobilien AG		2,625		50,927
TAG Immobilien AG*		8,839		206,845
TLG Immobilien AG		3,121		91,295
Vonovia SE		28,343		1,483,186

				3,673,942


	Number of Shares		Value
Greece — 0.0%
LAMDA Development SA*		2,283	$	19,080

Guernsey — 0.1%
UK Commercial Property REIT Ltd. REIT		50,758		58,474

Hong Kong — 16.8%
Asia Standard International Group Ltd.		28,987		5,472
Champion REIT		130,415		106,121
China Jinmao Holdings Group Ltd.		319,122		184,378
China Oceanwide Holdings Ltd.*		260,828		13,639
China Overseas Land & Investment Ltd.		219,796		762,504
China Resources Land Ltd.		158,485		644,811
China Touyun Tech Group Ltd.*		434,703		4,269
Chinese Estates Holdings Ltd.		28,987		26,545
Chuang’s Consortium International Ltd.		57,993		12,278
CK Asset Holdings Ltd.		156,477		1,131,585
CSI Properties Ltd.		289,797		14,784
Emperor International Holdings Ltd.		57,993		15,533
Far East Consortium International Ltd.		57,993		25,592
Fortune Real Estate Investment Trust REIT		85,800		116,653
Hang Lung Group Ltd.		54,016		144,331
Hang Lung Properties Ltd.		116,437		245,035
Henderson Land Development Co. Ltd.		79,691		411,640
HKR International Ltd.		46,384		23,131
Hong Kong Ferry Holdings Co. Ltd.		14,493		16,229
Hongkong Land Holdings Ltd.		68,700		447,924
Hysan Development Co. Ltd.		35,847		186,538
Kerry Properties Ltd.		36,104		136,992
Kong Sun Holdings Ltd.*		362,258		4,620
Kowloon Development Co. Ltd.		14,493		19,187
Lai Sun Development Co. Ltd.		8,710		13,286
Lai Sun Garment International Ltd.		7,247		10,223
Landing International Development Ltd.*		86,939		17,187
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (a)		50,748		19,741
Link REIT		125,773		1,504,679
New World Development Co. Ltd.		327,789		483,288
Poly Property Group Co. Ltd.		115,923		39,920
Prosperity REIT		57,993		24,483
Regal Real Estate Investment Trust REIT		43,478		13,309
SEA Holdings Ltd.		21,741		28,062
Shenzhen Investment Ltd.		173,876		64,090
Sino Land Co. Ltd.		187,554		299,970
Sun Hung Kai Properties Ltd.		92,559		1,465,021
Sunlight Real Estate Investment Trust REIT		66,363		48,330
Swire Properties Ltd.		59,414		244,762
TAI Cheung Holdings Ltd.		14,493		14,714
Wang On Properties Ltd.		231,845		28,683
Wharf Holdings Ltd.		68,122		174,203
Wharf Real Estate Investment Co. Ltd.		68,468		467,628
Wheelock & Co. Ltd.		47,804		316,435
YT Realty Group Ltd.		28,987		8,503
Yuexiu Property Co. Ltd.		376,748		85,531

				10,071,839


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
India — 0.6%
Brigade Enterprises Ltd.		6,859	$	24,738
Godrej Properties Ltd.*		5,434		69,169
Housing Development & Infrastructure Ltd.*		31,770		10,143
Indiabulls Real Estate Ltd.*		19,071		34,329
Oberoi Realty Ltd.*		7,628		61,464
Omaxe Ltd.		9,527		28,106
Prestige Estates Projects Ltd.		10,494		43,337
Sobha Ltd.		3,596		28,104
Sunteck Realty Ltd.		4,761		33,956
Unitech Ltd.*		490,513		8,446

				341,792

Indonesia — 0.4%
Ayana Land International PT*		266,614		12,516
PT Alam Sutera Realty Tbk*		633,235		14,375
PT Bumi Serpong Damai Tbk*		561,115		53,074
PT Ciputra Development Tbk		589,757		40,495
PT Jaya Real Property Tbk		189,829		7,648
PT Jaya Sukses Makmur Sentosa Tbk*		89,861		3,840
PT Lippo Karawaci Tbk		456,440		10,298
PT PP Properti Tbk		973,752		7,982
PT Puradelta Lestari Tbk		514,431		9,011
PT Sitara Propertindo Tbk*		311,534		16,698
PT Summarecon Agung Tbk		520,218		37,725

				213,662

Ireland — 0.2%
Green REIT PLC REIT		39,652		76,619
Hibernia REIT PLC REIT		42,019		63,961

				140,580

Israel — 1.3%
ADO Group Ltd.*		729		15,321
Africa Israel Properties Ltd.*		772		21,405
Airport City Ltd.*		4,366		77,977
Alony Hetz Properties & Investments Ltd.		6,817		86,805
Alrov Properties and Lodgings Ltd.		430		14,696
Amot Investments Ltd.		8,798		54,293
Arad Investment & Industrial Development Ltd.		44		2,655
Ashtrom Properties Ltd.		2,410		11,916
Azrieli Group Ltd.		2,195		130,979
Bayside Land Corp.		44		22,484
Big Shopping Centers Ltd.*		301		21,379
Blue Square Real Estate Ltd.		301		12,494
Gazit-Globe Ltd.		5,485		44,506
Israel Canada T.R Ltd.		4,967		5,690
Isras Investment Co. Ltd.		87		12,584
Jerusalem Economy Ltd.*		10,495		36,245
Melisron Ltd.		1,074		54,970
Norstar Holdings, Inc.		686		9,531
Property & Building Corp. Ltd.		129		11,449
Reit 1 Ltd. REIT		10,623		49,481
Sella Capital Real Estate Ltd. REIT		13,202		26,774
Summit Real Estate Holdings Ltd.		2,154		19,592
Villar International Ltd.		258		7,701

				750,927


	Number of Shares		Value
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT		3,078	$	21,094

Japan — 21.7%
Activia Properties, Inc. REIT		43		185,941
Advance Residence Investment Corp. REIT		83		240,037
Aeon Mall Co. Ltd.		5,000		73,451
AEON REIT Investment Corp. REIT		86		107,723
Comforia Residential REIT, Inc. REIT		41		112,342
Daibiru Corp.		4,200		36,555
Daito Trust Construction Co. Ltd.		4,400		572,821
Daiwa House REIT Investment Corp. REIT		93		219,791
Daiwa Office Investment Corp. REIT		16		110,670
Frontier Real Estate Investment Corp. REIT		37		156,247
Fukuoka REIT Corp. REIT		43		69,307
Global One Real Estate Investment Corp. REIT		46		55,416
GLP J REIT		207		230,307
Goldcrest Co. Ltd.		100		1,624
Hankyu Hanshin REIT, Inc. REIT		43		58,535
Heiwa Real Estate Co. Ltd.		3,500		67,760
Heiwa Real Estate REIT, Inc. REIT		45		51,186
Hoshino Resorts REIT, Inc. REIT		12		61,229
Hulic Co. Ltd.		30,200		239,764
Hulic Reit, Inc. REIT		78		129,168
Ichigo Office REIT Investment REIT		86		80,317
Industrial & Infrastructure Fund Investment Corp. REIT		90		107,842
Invesco Office J-Reit, Inc. REIT		472		76,294
Invincible Investment Corp. REIT		344		183,129
Japan Excellent, Inc. REIT		80		118,775
Japan Hotel REIT Investment Corp. REIT		260		210,969
Japan Logistics Fund, Inc. REIT		47		104,670
Japan Prime Realty Investment Corp. REIT		48		205,130
Japan Real Estate Investment Corp. REIT		84		499,010
Japan Rental Housing Investments, Inc. REIT		87		69,151
Japan Retail Fund Investment Corp. REIT		165		332,203
Kenedix Office Investment Corp. REIT		27		185,761
Kenedix Residential Next Investment Corp. REIT		45		76,799
Kenedix Retail REIT Corp. REIT		38		93,657
LaSalle Logiport REIT		51		57,541
Leopalace21 Corp.*(b)		13,000		38,195
LIFULL Co. Ltd.		4,300		23,604
MCUBS MidCity Investment Corp. REIT		87		83,574
Mirai Corp. REIT		92		41,943
Mitsubishi Estate Co. Ltd.		81,700		1,502,693
Mitsui Fudosan Co. Ltd.		59,500		1,442,084
Mitsui Fudosan Logistics Park, Inc. REIT		18		57,113
Mori Hills REIT Investment Corp. REIT		86		118,416
Mori Trust Sogo Reit, Inc. REIT		49		77,849
Nippon Accommodations Fund, Inc. REIT		30		158,324
Nippon Building Fund, Inc. REIT		85		580,889
Nippon Prologis REIT, Inc. REIT		121		263,119


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
Japan (Continued)
NIPPON REIT Investment Corp. REIT		28	$	109,473
Nomura Real Estate Holdings, Inc.		8,200		168,720
Nomura Real Estate Master Fund, Inc. REIT		258		400,158
Open House Co. Ltd.		1,800		74,354
Orix JREIT, Inc. REIT		171		306,485
Premier Investment Corp. REIT		85		108,427
Relo Group, Inc.		7,900		211,734
Sekisui House Reit, Inc. REIT		215		160,594
Starts Corp., Inc.		900		21,179
Sumitomo Realty & Development Co. Ltd.		28,900		1,066,565
Takara Leben Co. Ltd.		4,400		14,954
TOC Co. Ltd.		4,200		23,597
Tokyo Tatemono Co. Ltd.		12,900		134,614
Tokyu Fudosan Holdings Corp.		38,600		215,442
Tokyu REIT, Inc. REIT		46		75,032
United Urban Investment Corp. REIT		173		285,213
Unizo Holdings Co. Ltd.		900		15,393

				12,960,859

Jersey Island — 0.1%
Atrium European Real Estate Ltd.*		9,141		33,717

Luxembourg — 0.9%
Aroundtown SA		45,696		387,104
Grand City Properties SA		6,172		158,189

				545,293

Malaysia — 0.8%
Axis Real Estate Investment Trust REIT		25,700		10,487
Capitaland Malaysia Mall Trust REIT		55,800		14,781
Eastern & Oriental Bhd*		47,200		9,349
Eco World Development Group Bhd*		64,300		13,196
Eco World International Bhd*		42,900		6,603
IGB Bhd		16,100		10,450
IGB Real Estate Investment Trust REIT		90,300		40,296
IOI Properties Group Bhd		107,325		34,320
KLCCP Stapled Group (a)		17,100		31,462
KSL Holdings Bhd*		25,800		4,833
Land & General Bhd		115,900		4,149
LBS Bina Group Bhd		55,800		6,924
Mah Sing Group Bhd		68,700		14,837
Matrix Concepts Holdings Bhd		30,200		13,909
MKH Bhd		17,200		5,131
MRCB-QUILL REIT		34,300		8,840
Paramount Corp. Bhd		17,200		8,579
Pavilion Real Estate Investment Trust REIT		25,800		11,205
Sime Darby Property Bhd		137,446		34,767
SP Setia Bhd Group		97,905		51,166
Sunway Bhd		90,577		36,529
Sunway Real Estate Investment Trust REIT		60,000		26,632
Tropicana Corp. Bhd		25,700		5,366
UEM Sunrise Bhd		72,900		14,961
UOA Development Bhd		21,500		12,006
YNH Property Bhd		21,600		10,051
YTL Hospitality REIT		47,200		15,093

				455,922


	Number of Shares		Value
Mexico — 1.0%
CFE Capital S de RL de CV REIT		51,878	$	48,673
Corp. Inmobiliaria Vesta SAB de CV		36,017		51,349
Fibra Uno Administracion SA de CV REIT		232,788		298,530
Grupo GICSA SAB de CV*		46,685		14,235
Macquarie Mexico Real Estate Management SA de CV REIT, 144A*		46,428		48,390
PLA Administradora Industrial S de RL de CV REIT		47,673		72,780
Prologis Property Mexico SA de CV REIT		20,708		40,494

				574,451

Netherlands — 0.1%
Wereldhave NV REIT (b)		2,025		49,328

New Zealand — 0.6%
Argosy Property Ltd.		49,847		42,891
Goodman Property Trust REIT		61,350		74,183
Kiwi Property Group Ltd.		84,921		87,185
Precinct Properties New Zealand Ltd.		59,286		62,606
Property for Industry Ltd.		30,061		40,170
Vital Healthcare Property Trust REIT		21,740		33,019

				340,054

Norway — 0.3%
Entra ASA, 144A		7,376		109,876
Norwegian Property ASA		13,375		17,342
Olav Thon Eiendomsselskap ASA		1,804		28,852
Selvaag Bolig ASA		2,578		12,516

				168,586

Philippines — 2.9%
8990 Holdings, Inc.		55,800		17,073
Ayala Corp.		17,605		310,174
Ayala Land, Inc.		471,126		447,092
Belle Corp.		258,000		11,277
DoubleDragon Properties Corp.*		43,000		20,939
Filinvest Land, Inc.		601,000		19,703
GT Capital Holdings, Inc.		5,497		90,948
Megaworld Corp.		750,600		84,901
Robinsons Land Corp.*		68,861		34,324
SM Prime Holdings, Inc.		849,557		648,231
Vista Land & Lifescapes, Inc.		254,000		34,963

				1,719,625

Poland — 0.2%
Dom Development SA		473		10,096
Echo Investment SA		10,924		10,266
Globalworth Poland Real Estate NV		11,355		20,159
Globe Trade Centre SA		15,740		34,376
LC Corp. SA		26,968		17,550

				92,447

Romania — 0.5%
NEPI Rockcastle PLC		31,945		270,043

Russia — 0.1%
PIK Group PJSC		10,128		57,278

Singapore — 5.7%
AIMS APAC REIT		34,500		34,842
Ascendas Hospitality Trust (a)		43,000		28,118


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
Singapore (Continued)
Ascendas India Trust		47,300	$	44,676
Ascendas Real Estate Investment Trust REIT		141,950		301,154
Ascott Residence Trust REIT		64,400		58,020
Bukit Sembawang Estates Ltd.		8,700		35,272
Cache Logistics Trust REIT		60,000		31,605
CapitaLand Commercial Trust REIT		150,423		210,932
CapitaLand Ltd.		154,551		361,575
CapitaLand Mall Trust REIT		151,101		264,579
CapitaLand Retail China Trust REIT		34,500		37,599
CDL Hospitality Trusts (a)		43,100		50,417
City Developments Ltd.		29,950		178,871
ESR REIT		111,700		43,419
Far East Hospitality Trust (a)		51,400		23,714
First Real Estate Investment Trust REIT		25,700		18,673
Frasers Centrepoint Trust REIT		30,100		52,924
Frasers Commercial Trust REIT		47,200		51,440
Frasers Hospitality Trust (a)		43,000		22,182
Frasers Logistics & Industrial Trust REIT		94,600		78,355
Frasers Property Ltd.		21,500		28,118
GuocoLand Ltd.		17,200		24,494
Ho Bee Land Ltd.		12,800		21,855
Keppel REIT		107,400		93,639
Keppel DC REIT		60,100		68,119
Keppel-KBS US REIT		30,197		22,195
Lippo Malls Indonesia Retail Trust REIT		98,800		15,075
Manulife US Real Estate Investment Trust REIT		72,900		62,329
Mapletree Commercial Trust REIT		103,200		143,214
Mapletree Industrial Trust REIT		77,200		118,351
Mapletree Logistics Trust REIT		137,600		145,963
Mapletree North Asia Commercial Trust REIT		124,700		119,595
OUE Commercial Real Estate Investment Trust REIT		60,100		21,178
OUE Hospitality Trust (a)		64,400		31,584
Parkway Life Real Estate Investment Trust REIT		21,600		46,924
Soilbuild Business Space REIT		47,200		20,405
SPH REIT		51,500		38,914
Starhill Global REIT		81,700		43,629
Suntec Real Estate Investment Trust REIT		128,800		170,317
United Industrial Corp. Ltd.		12,800		27,714
UOL Group Ltd.		29,958		147,140
Wing Tai Holdings Ltd.		30,100		44,395
Yanlord Land Group Ltd.		34,500		29,829

				3,413,343

South Africa — 1.3%
Attacq Ltd. REIT		38,105		34,002
Equites Property Fund Ltd. REIT		25,932		35,965
Fortress REIT Ltd., Class B REIT		58,124		47,194
Growthpoint Properties Ltd. REIT		146,744		243,843
Hyprop Investments Ltd. REIT (b)		13,718		66,651
Redefine Properties Ltd. REIT (b)		307,229		191,418
Resilient REIT Ltd. REIT		21,312		86,346
SA Corporate Real Estate Ltd. REIT		115,279		23,123


	Number of Shares		Value
South Africa (Continued)
Vukile Property Fund Ltd. REIT		47,288	$	67,241

				795,783

South Korea — 0.1%
Korea Asset In Trust Co. Ltd.		2,448		8,161
Korea Real Estate Investment & Trust Co. Ltd.		10,042		19,605
Shinhan Alpha REIT Co. Ltd. REIT		1,935		10,415
SK D&D Co. Ltd.		430		10,670

				48,851

Spain — 1.0%
Aedas Homes SAU, 144A*		1,374		34,297
Hispania Activos Inmobiliarios SOCIMI SA REIT*(c)		268		5,322
Inmobiliaria Colonial Socimi SA REIT		15,008		165,737
Lar Espana Real Estate Socimi SA REIT		5,012		38,258
Merlin Properties Socimi SA REIT		21,656		287,416
Neinor Homes SA, 144A*		3,255		39,827

				570,857

Sweden — 3.3%
Atrium Ljungberg AB, Class B		2,583		44,510
Castellum AB		15,302		289,811
Catena AB		1,374		37,825
Dios Fastigheter AB		5,184		37,203
Fabege AB (b)		16,043		240,126
Fastighets AB Balder, Class B*		5,958		192,941
FastPartner AB		3,011		22,779
Heba Fastighets AB, Class B*		1,075		16,604
Hembla AB*		2,150		38,720
Hemfosa Fastigheter AB		9,398		86,503
Hufvudstaden AB, Class A		7,291		118,973
JM AB (b)		3,469		69,291
Klovern AB, Class B		27,311		40,978
Kungsleden AB		11,268		86,962
L E Lundbergforetagen AB, Class B		4,194		137,491
Nyfosa AB*		10,108		63,725
Pandox AB		5,053		82,826
Platzer Fastigheter Holding AB, Class B		3,637		30,916
Sagax AB, Class B		8,039		73,149
Sagax AB, Class D		5,699		20,958
Wallenstam AB, Class B		12,385		125,058
Wihlborgs Fastigheter AB (b)		8,322		120,669

				1,978,018

Switzerland — 1.4%
Allreal Holding AG*		859		139,715
Mobimo Holding AG		387		92,725
PSP Swiss Property AG		2,320		258,790
Swiss Prime Site AG*		4,460		361,819

				853,049

Taiwan — 1.0%
Cathay No. 1 REIT		71,987		34,476
Cathay Real Estate Development Co. Ltd.		28,987		26,775
Chong Hong Construction Co. Ltd.		14,493		41,490
Farglory Land Development Co. Ltd.		14,493		18,201


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
Taiwan (Continued)
Fubon No. 1 REIT		28,987	$	13,754
Fubon No. 2 REIT		43,198		17,969
Highwealth Construction Corp.		66,921		103,305
Hong Pu Real Estate Development Co. Ltd.		14,495		9,331
Huaku Development Co. Ltd.		14,493		39,290
Huang Hsiang Construction Corp.		14,493		13,662
Hung Sheng Construction Ltd.		28,987		19,989
KEE TAI Properties Co. Ltd.		28,987		11,233
Kindom Construction Corp.		28,987		25,904
Kuoyang Construction Co. Ltd.		28,987		11,508
O-Bank No1 Real Estate Investment Trust REIT		171,987		49,726
Prince Housing & Development Corp.		86,939		32,314
Radium Life Tech Co. Ltd.*		43,478		19,117
Ruentex Development Co. Ltd.		35,030		45,322
Shin Kong No.1 REIT		57,641		30,724
Shining Building Business Co. Ltd.*		28,987		9,399
Sinyi Realty, Inc.		14,493		15,404
Taiwan Land Development Corp.*		43,479		13,754

				602,647

Thailand — 2.1%
Amata Corp. PCL, NVDR		55,700		38,368
Ananda Development PCL, NVDR		90,300		10,386
AP Thailand PCL, NVDR		137,500		33,672
Bangkok Land PCL, NVDR		897,000		44,783
Central Pattana PCL, NVDR		196,600		442,618
Frasers Property Thailand PCL, NVDR		17,100		9,780
Golden Land Property Development PCL, NVDR		25,800		6,848
Golden Ventures Leasehold Real Estate Investment Trust REIT (c)		12,700		6,381
Grand Canal Land PCL, NVDR*		137,400		12,938
IMPACT Growth Real Estate Investment Trust REIT		77,200		57,569
Land & Houses PCL, NVDR		436,700		146,268
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT		10,900		6,441
LPN Development PCL, NVDR		81,600		17,920
MBK PCL, NVDR		68,600		45,737
Noble Development PCL		21,400		12,104
Origin Property PCL, NVDR		60,200		13,506
Platinum Group PCL, NVDR		103,200		18,750
Principal Capital PCL, NVDR*		98,700		13,473
Property Perfect PCL, NVDR		475,400		11,717
Pruksa Holding PCL, NVDR		47,300		30,191
Quality Houses PCL, NVDR		475,900		45,413
Sansiri PCL, NVDR		935,500		41,679
SC Asset Corp. PCL, NVDR		98,700		8,670
Siam Future Development PCL, NVDR		72,740		14,710
Singha Estate PCL, NVDR		154,800		15,848
Supalai PCL, NVDR		81,700		57,569
U City PCL, NVDR*		163,300		10,629
Univentures PCL, NVDR		34,400		6,522
WHA Corp. PCL, NVDR		475,900		64,060


	Number of Shares		Value
Thailand (Continued)
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		85,900	$	39,628

				1,284,178

Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS REIT		9,398		3,543
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		142,930		27,921
Is Gayrimenkul Yatirim Ortakligi AS REIT*		27,956		4,551
Yeni Gimat Gayrimenkul Ortakligi AS		7,767		10,914

				46,929

United Kingdom — 5.8%
Assura PLC REIT		144,133		116,447
Big Yellow Group PLC REIT		9,399		120,597
British Land Co. PLC REIT		58,037		390,620
Capital & Counties Properties PLC		38,748		106,272
Countrywide PLC*		80,853		4,219
Derwent London PLC REIT		6,257		253,624
Empiric Student Property PLC REIT		35,415		40,798
Grainger PLC		37,006		117,166
Great Portland Estates PLC REIT		14,105		127,823
Hammerson PLC REIT		44,750		152,796
Hansteen Holdings PLC REIT		24,901		29,220
Intu Properties PLC REIT (b)		47,501		55,500
Land Securities Group PLC REIT		41,200		430,279
LondonMetric Property PLC REIT		42,174		108,545
Primary Health Properties PLC REIT		66,275		114,273
Safestore Holdings PLC REIT		11,912		95,263
Savills PLC		8,624		92,066
Segro PLC REIT		60,410		531,158
Shaftesbury PLC REIT		9,571		99,281
St. Modwen Properties PLC		11,398		62,492
Tritax Big Box REIT PLC REIT		99,969		186,733
UNITE Group PLC REIT		15,382		184,084
Workspace Group PLC REIT		7,288		81,019

				3,500,275

TOTAL COMMON STOCKS (Cost $60,504,894)				59,521,557

PREFERRED STOCKS — 0.1%

South Korea — 0.0%
CJ Corp.*(c)		1		7

Sweden — 0.1%
Hemfosa Fastigheter AB		645		12,707
Klovern AB (b)		988		34,829

				47,536

TOTAL PREFERRED STOCKS (Cost $47,886)				47,543

RIGHTS — 0.0%

Singapore — 0.0%
Frasers Centrepoint Trust*, expires 6/13/19 (Cost $0)		846		43


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019


	Number of Shares		Value
WARRANTS — 0.0%

Thailand — 0.0%
BTS Group Holdings PCL, NVDR*, expires 11/29/19 (Cost $0)		488	$	13

EXCHANGE-TRADED FUNDS — 0.1%
iShares Global REIT ETF		900		23,805
Vanguard Global ex-U.S. Real Estate ETF		550		31,603

TOTAL EXCHANGE-TRADED FUNDS (Cost $56,124)				55,408

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (d)(e) (Cost $412,237)		412,237		412,237


	Number of Shares		Value
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d) (Cost $76,925)		76,925	$	76,925


TOTAL INVESTMENTS — 100.5%
(Cost $61,098,066)			$	60,113,726
Other assets and liabilities, net — (0.5%)				(265,211	)

NET ASSETS — 100.0%			$	59,848,515

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI All China Equity ETF (f)
		—		2,924			(3,255	)		331			—		60		—		—		—


Xtrackers MSCI China A Inclusion Equity ETF (f)
		—		21,604			(21,341	)		(263	)		—		133		—		—		—


SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (d)(e)
		5,713		406,524	(g)		—			—			—		1,816		—		412,237		412,237


CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 2.35% (d)
		—		7,896,413			(7,819,488	)		—			—		3,180		—		76,925		76,925

		5,713		8,327,465			(7,844,084	)		68			—		5,189		—		489,162		489,162

*	Non-income producing security.

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

(b)	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, 2019 amounted to $491,391, which is 0.8% of net assets.

(c)	Investment was valued using significant unobservable inputs.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $104,033.

(f)	Affiliated fund advised by DBX Advisors LLC.

(g)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

REIT:

Real Estate Investment Trust

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.


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2019

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
MSCI EAFE Futures	USD	1	$	93,995	$90,895		6/21/2019	$	(3,100	)

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (h)	$	59,509,854		$	—	$	11,703	$	59,521,557
Preferred Stocks (h)		47,536			—		7		47,543
Rights		43			—		—		43
Warrants		13			—		—		13
Exchange-Traded Funds		55,408			—		—		55,408
Short-Term Investments (h)		489,162			—		—		489,162

TOTAL	$	60,102,016		$	—	$	11,710	$	60,113,726



Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (i)
Futures Contracts	$	(3,100	)	$	—	$	—	$	(3,100	)

TOTAL	$	(3,100	)	$	—	$	—	$	(3,100	)

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

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


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 98.7%

Communication Services — 8.9%
Capcom Co. Ltd.		1,100	$	22,633
COLOPL, Inc.		800		5,548
CyberAgent, Inc.		1,100		42,349
Daiichikosho Co. Ltd.		300		13,802
DeNA Co. Ltd.		900		18,170
Dentsu, Inc.		2,100		68,662
Dip Corp. (a)		400		6,035
GungHo Online Entertainment, Inc.		4,400		13,616
Hakuhodo DY Holdings, Inc.		2,600		40,901
Kakaku.com, Inc.		1,200		24,337
KDDI Corp.		16,400		421,196
Konami Holdings Corp.		800		37,725
Mixi, Inc.		700		14,777
Nexon Co. Ltd.*		4,700		69,997
Nintendo Co. Ltd.		1,100		392,079
Nippon Telegraph & Telephone Corp.		10,000		448,169
Nippon Television Holdings, Inc.		1,400		20,102
NTT DOCOMO, Inc.		11,900		273,511
SoftBank Group Corp.		6,300		594,750
Square Enix Holdings Co. Ltd.		900		31,706
Toho Co. Ltd.		1,400		60,088
Yahoo Japan Corp.		11,300		32,576

				2,652,729

Consumer Discretionary — 15.3%
ABC-Mart, Inc.		400		24,978
Adastria Co. Ltd.		400		9,837
Aisin Seiki Co. Ltd.		1,900		63,085
Asics Corp.		1,700		18,758
Bandai Namco Holdings, Inc.		1,800		88,529
Bic Camera, Inc.		1,000		10,426
Bridgestone Corp.		6,200		231,783
Casio Computer Co. Ltd.		1,400		15,615
Daikyonishikawa Corp.		600		4,471
Denso Corp.		4,000		154,805
Fast Retailing Co. Ltd.		200		115,625
Fujitsu General Ltd.		800		11,362
Haseko Corp.		2,800		27,929
Heiwa Corp.		800		16,394
Hikari Tsushin, Inc.		300		60,843
Honda Motor Co. Ltd.		15,500		378,453
Iida Group Holdings Co. Ltd.		1,300		20,618
Isuzu Motors Ltd.		5,500		60,787
Izumi Co. Ltd.		500		21,368
J. Front Retailing Co. Ltd.		2,400		25,089
Koito Manufacturing Co. Ltd.		900		41,778
K’s Holdings Corp.		1,800		17,125
Marui Group Co. Ltd.		1,300		27,108
Mazda Motor Corp.		5,500		53,772
NGK Spark Plug Co. Ltd.		1,300		22,881
NHK Spring Co. Ltd.		1,700		12,495
Nifco, Inc.		1,100		27,608
Nissan Motor Co. Ltd.		21,900		148,172
Nitori Holdings Co. Ltd.		800		95,234
Nojima Corp.		500		8,427
NOK Corp.		900		11,563


	Number of Shares		Value
Consumer Discretionary (Continued)
Oriental Land Co. Ltd.		2,100	$	256,274
PALTAC CORPORATION		300		15,473
Pan Pacific International Holdings Corp.		900		55,703
Panasonic Corp.		20,900		166,469
Pressance Corp.		400		5,029
Rakuten, Inc.		8,000		83,629
Resorttrust, Inc.		1,000		15,492
Rinnai Corp.		500		32,788
Ryohin Keikaku Co. Ltd.		300		54,350
Sekisui Chemical Co. Ltd.		3,800		55,893
Sekisui House Ltd.		6,300		101,049
Seria Co. Ltd.		700		17,407
Shimamura Co. Ltd.		300		22,933
Shimano, Inc.		800		122,606
Skylark Holdings Co. Ltd.		2,000		35,330
Sony Corp.		9,800		474,498
Stanley Electric Co. Ltd.		900		20,607
Starts Corp., Inc.		400		9,413
Subaru Corp.		5,700		132,401
Sumitomo Electric Industries Ltd.		7,000		84,554
Sumitomo Forestry Co. Ltd.		1,100		12,492
Sumitomo Rubber Industries Ltd.		1,400		15,525
Suzuki Motor Corp.		3,300		156,771
T-Gaia Corp.		300		4,846
Topre Corp.		500		7,930
Toyoda Gosei Co. Ltd.		900		15,741
Toyota Boshoku Corp.		900		11,041
Toyota Industries Corp.		1,800		92,673
Toyota Motor Corp.		6,946		408,411
TPR Co. Ltd.		400		6,510
TS Tech Co. Ltd.		600		14,683
United Arrows Ltd.		300		9,961
USS Co. Ltd.		2,200		41,801
Yamaha Corp.		900		40,493
Yamaha Motor Co. Ltd.		2,800		48,044
Yokohama Rubber Co. Ltd.		900		15,037
Zensho Holdings Co. Ltd.		700		14,538
ZOZO, Inc.		2,300		39,571

				4,544,884

Consumer Staples — 9.6%
Aeon Co. Ltd.		7,300		126,233
Ain Holdings, Inc.		300		22,933
Ajinomoto Co., Inc.		4,200		71,447
Asahi Group Holdings Ltd.		3,700		162,790
Calbee, Inc.		1,000		28,368
Cosmos Pharmaceutical Corp. (a)		100		15,805
Create SD Holdings Co. Ltd. (a)		400		8,661
Ezaki Glico Co. Ltd.		600		28,515
FamilyMart UNY Holdings Co. Ltd.		2,100		50,597
Japan Tobacco, Inc.		10,700		245,634
Kao Corp.		4,600		359,272
Kewpie Corp.		1,000		22,390
Kikkoman Corp.		1,100		45,641
Kirin Holdings Co. Ltd.		8,800		190,873
Kobayashi Pharmaceutical Co. Ltd.		600		44,651
Kobe Bussan Co. Ltd.		400		18,402


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Consumer Staples (Continued)
Kose Corp.		400	$	63,256
Kusuri no Aoki Holdings Co. Ltd.		200		12,747
Lawson, Inc.		600		28,018
Lion Corp.		2,800		54,259
Maruha Nichiro Corp.		600		18,264
Matsumotokiyoshi Holdings Co. Ltd.		800		23,615
MEIJI Holdings Co. Ltd.		1,300		91,117
Morinaga & Co. Ltd.		700		31,656
NH Foods Ltd.		1,000		40,433
Nichirei Corp.		1,000		24,444
Nippon Suisan Kaisha Ltd.		2,700		16,413
Nissin Foods Holdings Co. Ltd.		800		48,483
Pigeon Corp.		900		34,276
Pola Orbis Holdings, Inc.		800		22,141
Seven & i Holdings Co. Ltd.		7,700		259,988
Shiseido Co. Ltd.		3,600		259,717
Sugi Holdings Co. Ltd.		600		27,271
Sundrug Co. Ltd.		800		20,056
Suntory Beverage & Food Ltd.		900		37,426
Toyo Suisan Kaisha Ltd.		900		35,146
Tsuruha Holdings, Inc.		400		32,088
Unicharm Corp.		3,700		111,060
Welcia Holdings Co. Ltd.		400		14,036
Yakult Honsha Co. Ltd.		1,400		79,687
Yaoko Co. Ltd.		300		14,368

				2,842,177

Energy — 1.1%
Cosmo Energy Holdings Co. Ltd.		800		15,753
Idemitsu Kosan Co. Ltd.		1,500		42,482
Inpex Corp.		10,300		83,368
Iwatani Corp.		600		19,645
JXTG Holdings, Inc.		32,000		152,816

				314,064

Financials — 10.2%
AEON Financial Service Co. Ltd.		1,200		19,198
Aozora Bank Ltd. (a)		1,000		24,306
Chiba Bank Ltd.		6,400		30,710
Concordia Financial Group Ltd.		12,000		45,977
Dai-ichi Life Holdings, Inc.		10,200		147,868
Daiwa Securities Group, Inc.		14,600		63,792
Financial Products Group Co. Ltd.		300		2,442
Fuyo General Lease Co. Ltd.		300		14,617
Hiroshima Bank Ltd.		2,900		14,877
Hitachi Capital Corp.		200		4,235
Japan Exchange Group, Inc.		5,200		80,652
Kyushu Financial Group, Inc.		3,800		15,014
Matsui Securities Co. Ltd.		1,000		9,413
Mebuki Financial Group, Inc.		9,700		24,390
Mitsubishi UFJ Financial Group, Inc.		83,900		387,219
Mitsubishi UFJ Lease & Finance Co. Ltd.		4,000		19,968
Mizuho Financial Group, Inc.		250,700		354,894
MS&AD Insurance Group Holdings, Inc.		5,000		158,692
Nomura Holdings, Inc.		32,600		102,777
Orient Corp.		5,000		5,158
ORIX Corp.		12,400		175,307
Resona Holdings, Inc.		20,500		86,833


	Number of Shares		Value
Financials (Continued)
SBI Holdings, Inc.		2,200	$	50,879
Seven Bank Ltd.		6,000		15,363
Shinsei Bank Ltd.		1,000		14,211
Shizuoka Bank Ltd.		4,700		37,228
Sompo Holdings, Inc.		3,200		121,192
Sony Financial Holdings, Inc.		1,200		26,614
Sumitomo Mitsui Financial Group, Inc.		11,800		411,139
Sumitomo Mitsui Trust Holdings, Inc.		3,500		128,460
T&D Holdings, Inc.		5,500		57,520
Tokai Tokyo Financial Holdings, Inc.		2,200		6,768
Tokio Marine Holdings, Inc.		6,700		333,288
Tokyo Century Corp.		500		20,262
Zenkoku Hosho Co. Ltd.		800		30,652

				3,041,915

Health Care — 9.4%
Alfresa Holdings Corp.		2,000		50,380
Asahi Intecc Co. Ltd.		1,000		51,209
Astellas Pharma, Inc.		17,000		228,989
Chugai Pharmaceutical Co. Ltd.		1,800		120,028
Daiichi Sankyo Co. Ltd.		5,500		266,198
Eisai Co. Ltd.		2,200		129,335
Hisamitsu Pharmaceutical Co., Inc.		600		24,094
Hoya Corp.		3,600		250,599
Kaken Pharmaceutical Co. Ltd.		500		23,670
Kyowa Hakko Kirin Co. Ltd.		2,400		45,314
M3, Inc.		3,800		71,818
Medipal Holdings Corp.		1,900		41,141
Mitsubishi Tanabe Pharma Corp.		1,800		21,270
Nihon Kohden Corp.		1,000		28,782
Olympus Corp.		11,700		138,471
Ono Pharmaceutical Co. Ltd.		4,400		77,808
Otsuka Holdings Co. Ltd.		3,400		114,174
Santen Pharmaceutical Co. Ltd.		3,300		47,505
Sawai Pharmaceutical Co. Ltd.		600		30,891
Shionogi & Co. Ltd.		2,600		142,243
Ship Healthcare Holdings, Inc.		600		25,531
Sumitomo Dainippon Pharma Co. Ltd.		1,200		24,635
Sysmex Corp.		1,200		83,213
Takeda Pharmaceutical Co. Ltd.		16,500		557,573
Terumo Corp.		5,600		159,271
Toho Holdings Co. Ltd.		500		11,186
Tsumura & Co.		800		22,289

				2,787,617

Industrials — 23.1%
Aeon Delight Co. Ltd.		300		8,662
AGC, Inc.		1,700		54,723
Aica Kogyo Co. Ltd.		800		26,489
Amada Holdings Co. Ltd.		3,100		31,978
ANA Holdings, Inc.		3,300		110,512
Central Japan Railway Co.		1,700		354,561
COMSYS Holdings Corp.		900		21,627
Daifuku Co. Ltd.		900		45,342
Daikin Industries Ltd.		2,600		316,813
DMG Mori Co. Ltd. (a)		1,000		12,452
East Japan Railway Co.		3,500		332,351
Ebara Corp.		900		23,011


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Industrials (Continued)
en-japan, Inc.		400	$	14,165
FANUC Corp.		1,800		306,286
Fuji Electric Co. Ltd.		900		30,090
Furukawa Electric Co. Ltd.		800		21,397
Hankyu Hanshin Holdings, Inc.		2,400		86,429
Hanwa Co. Ltd.		500		12,692
Harmonic Drive Systems, Inc.		300		9,933
Hazama Ando Corp.		1,300		8,513
Hino Motors Ltd.		2,400		19,032
Hitachi Construction Machinery Co. Ltd.		800		18,649
Hitachi Transport System Ltd.		600		17,822
Hoshizaki Corp.		600		45,425
ITOCHU Corp.		13,000		239,346
Japan Airlines Co. Ltd.		3,200		100,590
JTEKT Corp.		1,600		16,976
Kajima Corp.		5,100		69,942
Kanamoto Co. Ltd.		400		8,882
Kanematsu Corp.		900		10,163
Kawasaki Heavy Industries Ltd.		1,100		24,649
Keihan Holdings Co. Ltd.		1,000		43,150
Keio Corp.		1,000		66,682
Keisei Electric Railway Co. Ltd.		1,100		41,133
Kintetsu Group Holdings Co. Ltd.		1,600		76,629
Komatsu Ltd.		8,200		182,503
Kubota Corp.		10,100		154,465
Kumagai Gumi Co. Ltd.		400		10,621
Kyowa Exeo Corp.		1,000		23,514
Kyudenko Corp.		600		17,020
Maeda Corp.		1,200		9,759
Maeda Road Construction Co. Ltd.		900		18,112
Makita Corp.		2,300		80,709
Marubeni Corp.		18,200		114,556
Meitec Corp.		300		14,285
MINEBEA MITSUMI, Inc.		3,300		48,508
MISUMI Group, Inc.		2,300		54,251
Mitsubishi Corp.		12,800		333,985
Mitsubishi Electric Corp.		19,000		238,080
Mitsubishi Heavy Industries Ltd.		3,200		140,379
Mitsui & Co. Ltd.		14,900		230,207
MonotaRO Co. Ltd.		1,100		23,515
Nabtesco Corp.		1,000		25,282
Nagoya Railroad Co. Ltd.		1,700		46,941
NGK Insulators Ltd.		2,300		31,225
Nichias Corp.		700		11,734
Nidec Corp.		2,300		287,884
Nihon M&A Center, Inc.		1,000		24,895
Nippo Corp.		800		15,613
Nippon Express Co. Ltd.		900		47,994
Nippon Steel Trading Corp.		200		7,709
Nishimatsu Construction Co. Ltd.		200		3,828
NSK Ltd.		3,500		28,142
Obara Group, Inc.		200		6,548
Obayashi Corp.		6,100		56,070
Odakyu Electric Railway Co. Ltd.		3,300		81,455
OSG Corp.		900		17,034
Park24 Co. Ltd.		900		16,910
Penta-Ocean Construction Co. Ltd.		2,600		11,566


	Number of Shares		Value
Industrials (Continued)
Persol Holdings Co. Ltd.		1,600	$	34,070
Pilot Corp.		500		18,720
Recruit Holdings Co. Ltd.		12,800		408,846
Sankyu, Inc.		500		25,328
Sanwa Holdings Corp.		2,500		24,983
Secom Co. Ltd.		1,900		162,552
Seibu Holdings, Inc.		2,000		33,488
Shimizu Corp.		6,300		51,352
SMC Corp.		600		197,670
Sohgo Security Services Co. Ltd.		700		33,848
Sojitz Corp.		9,700		31,179
Sotetsu Holdings, Inc.		900		25,033
Sumitomo Corp.		10,700		154,575
Sumitomo Heavy Industries Ltd.		1,000		31,729
Sumitomo Mitsui Construction Co. Ltd.		1,200		6,808
Tadano Ltd.		1,300		12,596
Taisei Corp.		2,000		73,037
Takeuchi Manufacturing Co. Ltd.		500		8,252
TechnoPro Holdings, Inc.		500		25,697
THK Co. Ltd.		1,000		20,511
Tobu Railway Co. Ltd.		1,800		52,388
Toda Corp.		2,500		13,792
Tokyu Construction Co. Ltd.		100		706
Tokyu Corp.		5,300		94,016
TOTO Ltd.		1,100		40,981
Toyota Tsusho Corp.		2,000		57,748
Tsubakimoto Chain Co.		400		12,010
West Japan Railway Co.		1,500		117,430
Yamato Holdings Co. Ltd.		3,300		66,897

				6,878,637

Information Technology — 10.2%
Advantest Corp.		900		21,146
Alps Alpine Co. Ltd.		1,500		24,868
Brother Industries Ltd.		2,500		42,897
Canon, Inc.		10,100		285,116
Disco Corp.		300		41,916
Elecom Co. Ltd.		200		6,484
Fujitsu Ltd.		1,800		121,934
GMO internet, Inc.		1,000		15,574
Hamamatsu Photonics KK		1,300		46,696
Hirose Electric Co. Ltd.		305		33,428
Hitachi High-Technologies Corp.		600		25,558
Hitachi Ltd.		8,400		285,171
Horiba Ltd. (a)		500		23,348
Itochu Techno-Solutions Corp.		1,000		24,831
Keyence Corp.		900		509,869
Konica Minolta, Inc.		3,900		34,411
Kyocera Corp.		2,900		176,925
Murata Manufacturing Co. Ltd.		5,700		247,004
NEC Corp.		2,500		92,678
Nihon Unisys Ltd.		800		26,120
Nomura Research Institute Ltd.		900		44,016
NS Solutions Corp.		400		12,471
NTT Data Corp.		5,100		61,064
Obic Co. Ltd.		700		84,651
Omron Corp.		1,900		90,297


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2019


	Number of Shares		Value
Information Technology (Continued)
Oracle Corp. (a)		500	$	34,953
Otsuka Corp.		1,000		38,821
Renesas Electronics Corp.*		1,800		8,206
SCREEN Holdings Co. Ltd.		500		17,223
SCSK Corp.		700		33,847
Seiko Epson Corp.		2,400		35,367
Shimadzu Corp.		2,500		62,652
SUMCO Corp.		2,000		22,160
TDK Corp.		1,000		68,156
TIS, Inc.		600		29,841
Tokyo Electron Ltd.		1,200		163,463
Trend Micro, Inc.		900		40,410
Ulvac, Inc.		300		8,607
Yaskawa Electric Corp.		2,100		60,926
Yokogawa Electric Corp.		1,700		33,084

				3,036,189

Materials — 5.8%
Air Water, Inc.		1,200		17,883
Asahi Kasei Corp.		12,800		131,920
Daicel Corp.		3,100		26,410
Denka Co. Ltd.		1,000		28,644
DIC Corp.		900		21,925
Dowa Holdings Co. Ltd.		400		12,489
Hitachi Chemical Co. Ltd.		900		24,088
Hitachi Metals Ltd.		1,900		18,934
JFE Holdings, Inc.		5,200		72,223
JSR Corp.		1,700		24,191
Kansai Paint Co. Ltd.		2,000		37,891
Kuraray Co. Ltd.		3,100		35,575
Mitsubishi Chemical Holdings Corp.		11,700		76,649
Mitsubishi Gas Chemical Co., Inc.		1,700		21,216
Mitsubishi Materials Corp.		1,100		28,702
Mitsui Chemicals, Inc.		1,400		30,779
Nihon Parkerizing Co. Ltd.		1,000		11,071
Nippon Light Metal Holdings Co. Ltd.		7,100		15,040
Nippon Paint Holdings Co. Ltd. (a)		1,600		63,366
Nippon Steel Corp.		8,000		133,106
Nissan Chemical Corp.		900		38,213
Nitto Denko Corp.		1,200		52,498
NOF Corp.		1,000		36,058
Oji Holdings Corp.		7,900		41,037
Shin-Etsu Chemical Co. Ltd.		3,300		274,972
Showa Denko KK (a)		1,300		35,764
Sumitomo Chemical Co. Ltd.		14,800		64,066
Sumitomo Metal Mining Co. Ltd.		2,700		71,171
Taiheiyo Cement Corp.		1,300		38,434
Taiyo Nippon Sanso Corp.		1,700		31,879
Teijin Ltd.		1,200		19,596
Tokyo Steel Manufacturing Co. Ltd.		500		3,827
Toray Industries, Inc.		14,500		99,747
Tosoh Corp.		3,100		39,344
Ube Industries Ltd.		1,000		19,167
Zeon Corp.		1,600		15,120

				1,712,995


	Number of Shares		Value
Real Estate — 3.5%
Aeon Mall Co. Ltd.		900	$	13,221
Daito Trust Construction Co. Ltd.		700		91,130
Daiwa House Industry Co. Ltd.		5,600		167,678
Hulic Co. Ltd. (a)		3,600		28,581
Ichigo, Inc.		2,400		7,250
Leopalace21 Corp.*(a)		2,200		6,464
Mitsubishi Estate Co. Ltd.		12,700		233,589
Mitsui Fudosan Co. Ltd.		10,100		244,791
Nomura Real Estate Holdings, Inc.		900		18,518
Open House Co. Ltd.		400		16,523
Relo Group, Inc.		1,000		26,802
Sumitomo Realty & Development Co. Ltd.		4,100		151,312
Tokyo Tatemono Co. Ltd.		1,900		19,827
Tokyu Fudosan Holdings Corp.		5,200		29,023

				1,054,709

Utilities — 1.6%
Chubu Electric Power Co., Inc.		5,600		76,412
Electric Power Development Co. Ltd.		1,500		32,894
Kansai Electric Power Co., Inc.		7,800		90,913
Kyushu Electric Power Co., Inc.		3,600		35,511
Nippon Gas Co. Ltd.		500		11,872
Osaka Gas Co. Ltd.		3,200		56,794
Toho Gas Co. Ltd.		900		35,064
Tohoku Electric Power Co., Inc.		4,300		43,881
Tokyo Gas Co. Ltd.		3,500		86,956

				470,297

TOTAL COMMON STOCKS (Cost $32,589,201)				29,336,213

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (b)(c) (Cost $90,435)		90,435		90,435

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares” , 2.35% (b) (Cost $2,441)		2,441		2,441


TOTAL INVESTMENTS — 99.0% (Cost $32,682,077)			$	29,429,089
Other assets and liabilities, net — 1.0%				287,638

NET ASSETS — 100.0%			$	29,716,727


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 5/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (b)(c)
		—		90,435	(d)		—			—		—		1,219		—		90,435		90,435


CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.35% (b)
		—		1,285,344			(1,282,903	)		—		—		404		—		2,441		2,441

		—		1,375,779			(1,282,903	)		—		—		1,623		—		92,876		92,876

*	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, 2019 amounted to $245,241, which is 0.8% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $167,564.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

At May 31, 2019, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
JPX-Nikkei 400 Index Futures		JPY		29	$	374,853	$	358,176		6/13/2019	$	(23,540	)

Currency Abbreviations

JPY

Japanese Yen

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (e)	$	29,336,213		$	—	$	—	$	29,336,213
Short-Term Investments (e)		92,876			—		—		92,876

TOTAL	$	29,429,089		$	—	$	—	$	29,429,089


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(23,540	)	$	—	$	—	$	(23,540	)

TOTAL	$	(23,540	)	$	—	$	—	$	(23,540	)

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

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


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF

May 31, 2019


	Number of Shares		Value
COMMON STOCKS — 92.8%

Canada — 0.4%
Canacol Energy Ltd.*		1,634	$	4,944
Pan American Silver Corp.		361		3,917
Trevali Mining Corp.*		7,340		1,547

				10,408

Chile — 20.1%
AES Gener SA		27,374		6,737
Aguas Andinas SA, Class A		24,347		13,482
Banco de Chile		282,157		40,650
Banco de Credito e Inversiones SA		443		28,509
Banco Santander Chile		614,088		43,393
Besalco SA		3,366		2,904
CAP SA		640		6,373
Cencosud SA		13,329		24,319
Cia Cervecerias Unidas SA		1,376		18,683
Cia Sud Americana de Vapores SA*		102,780		2,938
Colbun SA		73,472		13,873
Empresa Nacional de Telecomunicaciones SA*		1,406		13,461
Empresas CMPC SA		10,474		27,925
Empresas COPEC SA		3,975		41,268
Enel Americas SA		291,628		46,609
Enel Chile SA		261,195		24,005
Engie Energia Chile SA		4,903		8,183
Forus SA		816		1,962
Grupo Security SA		9,491		3,598
Inversiones Aguas Metropolitanas SA		3,524		4,935
Inversiones La Construccion SA		326		5,344
Itau CorpBanca		1,431,236		11,180
Latam Airlines Group SA		2,823		24,835
Parque Arauco SA		5,460		14,287
Ripley Corp. SA		7,210		5,150
SACI Falabella		7,538		45,631
Salfacorp SA		3,351		3,871
SMU SA		21,177		5,338
SONDA SA		4,703		6,160
Vina Concha y Toro SA		3,478		6,936

				502,539

Colombia — 9.2%
Almacenes Exito SA		2,066		8,643
Banco de Bogota SA		266		5,209
Bancolombia SA		2,670		29,628
Bolsa de Valores de Colombia		457		1,646
Celsia SA ESP		5,522		6,947
Cementos Argos SA		5,210		11,269
CEMEX Latam Holdings SA*		1,998		2,727
Constructora Conconcreto SA*		3,266		467
Corp. Financiera Colombiana SA*		920		6,371
Ecopetrol SA		57,438		47,121
Empresa de Telecomunicaciones de Bogota*		5,376		373
Grupo Argos SA		3,322		17,071
Grupo de Inversiones Suramericana SA		2,770		27,335
Grupo Energia Bogota SA ESP		32,064		20,169
Grupo Nutresa SA		2,368		17,480


	Number of Shares		Value
Colombia (Continued)
Interconexion Electrica SA ESP		5,218	$	25,081
Mineros SA		1,054		732
Tecnoglass, Inc.		170		1,219

				229,488

Mexico — 49.3%
Alfa SAB de CV, Class A		24,128		22,010
Alsea SAB de CV*		4,183		8,167
America Movil SAB de CV, Series L		267,763		188,280
Arca Continental SAB de CV		3,509		18,742
Banco del Bajio SA, 144A		5,680		10,968
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		14,538		21,275
Bolsa Mexicana de Valores SAB de CV		3,541		6,453
Cemex SAB de CV, Series CPO*		120,419		49,060
Coca-Cola Femsa SAB de CV		4,178		26,038
Concentradora Fibra Danhos SA de CV REIT		2,278		2,787
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A		6,896		3,091
Concentradora Hipotecaria SAPI de CV REIT		3,639		3,104
Consorcio ARA SAB de CV		5,450		1,156
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		5,045		4,268
Corp. Inmobiliaria Vesta SAB de CV		4,740		6,758
Credito Real SAB de CV SOFOM ER		2,328		2,703
El Puerto de Liverpool SAB de CV, Class C1		1,490		8,336
Fibra Uno Administracion SA de CV REIT		25,249		32,380
Fomento Economico Mexicano SAB de CV		15,473		143,751
Genomma Lab Internacional SAB de CV, Class B*		5,419		4,559
Gentera SAB de CV		8,971		7,891
Gruma SAB de CV, Class B		1,681		16,021
Grupo Aeromexico SAB de CV*		2,316		2,113
Grupo Aeroportuario del Centro Norte SAB de CV		2,600		15,682
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,845		27,823
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,653		26,081
Grupo Bimbo SAB de CV, Series A		13,013		26,243
Grupo Carso SAB de CV, Series A1		3,630		13,351
Grupo Cementos de Chihuahua SAB de CV		1,275		6,861
Grupo Comercial Chedraui SA de CV		2,886		4,862
Grupo Financiero Banorte SAB de CV, Class O		20,644		112,202
Grupo Financiero Inbursa SAB de CV, Class O		18,475		24,493
Grupo GICSA SAB de CV*		3,386		1,032
Grupo Herdez SAB de CV		1,766		3,615
Grupo Mexico SAB de CV, Series B		27,868		69,501
Grupo Rotoplas SAB de CV*		1,262		1,162
Grupo Televisa SAB, Series CPO		19,121		35,587
Hoteles City Express SAB de CV*		3,136		3,388
Industrias Bachoco SAB de CV, Series B		1,432		6,298
Industrias Penoles SAB de CV		1,107		12,379


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

May 31, 2019


	Number of Shares		Value
Mexico (Continued)
Infraestructura Energetica Nova SAB de CV		4,271	$	17,379
Kimberly-Clark de Mexico SAB de CV, Class A*		12,125		21,856
La Comer SAB de CV*		3,708		4,010
Macquarie Mexico Real Estate Management SA de CV REIT, 144A*		6,308		6,575
Megacable Holdings SAB de CV, Series CPO		2,480		10,232
Mexichem SAB de CV		8,353		17,467
PLA Administradora Industrial S de RL de CV REIT		6,260		9,557
Prologis Property Mexico SA de CV REIT		3,001		5,868
Promotora y Operadora de Infraestructura SAB de CV		1,814		17,649
Qualitas Controladora SAB de CV		1,445		3,847
Regional SAB de CV		1,822		8,819
Telesites SAB de CV*		11,022		7,188
TV Azteca SAB de CV, Series CPO		8,020		716
Unifin Financiera SAB de CV SOFOM ENR		772		1,763
Wal-Mart de Mexico SAB de CV		41,672		117,527

				1,230,924

Peru — 13.8%
Alicorp SAA		7,656		24,183
BBVA Banco Continental SA		4,478		4,839
Bolsa de Valores de Lima SAA, Class A		1,348		1,080
Casa Grande SAA		388		374
Cementos Pacasmayo SAA		2,444		4,223
Cia de Minas Buenaventura SAA, ADR		2,436		36,954
Credicorp Ltd.		766		171,431
Enel Distribucion Peru SAA		1,464		2,308
Ferreycorp SAA		11,022		7,100
Grana y Montero SAA*		5,526		3,281
Hochschild Mining PLC		2,715		5,304
InRetail Peru Corp., 144A		348		12,580
Intercorp Financial Services, Inc.		319		13,991
Luz del Sur SAA		1,114		4,101
Minsur SA		11,002		5,161
Nexa Resources Atacocha SAA, Class B*		3,190		189
Refineria La Pampilla SAA Relapasa*		18,032		616
Sociedad Minera Cerro Verde SAA		240		4,752
Southern Copper Corp. (a)		961		32,415
Union Andina de Cementos SAA		6,135		4,517
Volcan Cia Minera SAA		25,862		3,685

				343,084

TOTAL COMMON STOCKS (Cost $2,335,916)				2,316,443

PREFERRED STOCKS — 6.7%
Chile — 1.9%
Coca-Cola Embonor SA, Class B		1,748		3,808
Embotelladora Andina SA, Class B		3,305		11,031
Sociedad Quimica y Minera de Chile SA, Class B		1,065		32,238

				47,077


	Number of Shares		Value
Colombia — 4.7%
Banco Davivienda SA		1,164	$	13,179
Bancolombia SA		5,263		61,681
Cementos Argos SA		2,412		4,365
Grupo Argos SA		2,556		10,905
Grupo Aval Acciones y Valores SA		46,398		16,176
Grupo de Inversiones Suramericana SA		1,288		11,579

				117,885

Panama — 0.1%
Avianca Holdings SA		3,864		1,789

TOTAL PREFERRED STOCKS (Cost $166,203)				166,751

RIGHTS — 0.0%

Canada — 0.0%
Pan American Silver Corp. CVR*(b) (Cost $0)		1,874		1,012

EXCHANGE-TRADED FUNDS — 0.3%
iShares MSCI Chile ETF		43		1,656
iShares MSCI Mexico ETF (a)		80		3,434
iShares MSCI Peru ETF		46		1,611

TOTAL EXCHANGE-TRADED FUNDS (Cost $6,987)				6,701

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.29% (c)(d) (Cost $1,320)		1,320		1,320

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c) (Cost $4,441)		4,441		4,441


TOTAL INVESTMENTS — 100.1%
(Cost $2,514,867)			$	2,496,668
Other assets and liabilities, net — (0.1%)				(2,293	)

NET ASSETS — 100.0%			$	2,494,375


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

May 31, 2019

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2019 is as follows:


	Value ($) at 10/30/2018 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2019		Value ($) at 5/31/2019
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.29% (c)(d)
		—		1,320	(e)		—			—		—		32		—		1,320		1,320


CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 2.35% (c)
		—		881,100			(876,659	)		—		—		131		—		4,441		4,441

		—		882,420			(876,659	)		—		—		163		—		5,761		5,761

*	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, 2019 amounted to $32,540, which is 1.3% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $32,547.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2019.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

CVR:

Contingent Value Rights

REIT:

Real Estate Investment Trust

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	2,316,443	$	—	$	—	$	2,316,443
Preferred Stocks (f)		166,751		—		—		166,751
Rights		—		—		1,012		1,012
Exchange-Traded Funds		6,701		—		—		6,701
Short-Term Investments (f)		5,761		—		—		5,761

TOTAL	$	2,495,656	$	—	$	1,012	$	2,496,668

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


See Notes to Financial Statements.		35

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2019


	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF
Assets
Investment in non-affiliated securities at value	$	2,096,673		$	59,624,564		$	29,336,213		$	2,490,907
Investment in affiliated securities at value		5,922			—			—			—
Investment in DWS Government Money Market Series		56			76,925			2,441			4,441
Investment in DWS Government & Agency Securities Portfolio*		113,653			412,237			90,435			1,320
Foreign currency at value		470			70,705			39,944			3,831
Deposit with broker for futures contracts		—			4,500			10,438			—
Receivables:
Investment securities sold		—			6,904			10,039			—
Capital shares		—			2,253,141			—			—
Dividends		3,546			115,948			326,745			684
Interest		—			455			6			7
Securities lending income		369			1,499			55			8
Foreign tax reclaim		2,746			4,129			—			—

Total assets	$	2,223,435		$	62,571,007		$	29,816,316		$	2,501,198


Liabilities
Due to custodian	$	—		$	8		$	3		$	—
Payable upon return of securities loaned		113,653			412,237			90,435			1,320
Payables:
Investment securities purchased		—			2,305,612			—			4,516
Investment advisory fees		167			2,271			2,313			987
Variation margin on futures contracts		—			775			6,838			—
Deferred foreign tax payable		—			1,589			—			—

Total liabilities		113,820			2,722,492			99,589			6,823

Net Assets, at value	$	2,109,615		$	59,848,515		$	29,716,727		$	2,494,375


Net Assets Consist of
Paid-in capital	$	2,615,058		$	61,317,331		$	34,691,082		$	2,394,088
Distributable earnings (loss)		(505,443	)		(1,468,816	)**		(4,974,355	)		100,287

Net Assets, at value	$	2,109,615		$	59,848,515		$	29,716,727		$	2,494,375


Number of Common Shares outstanding		100,001			2,150,001			1,150,001			100,001

Net Asset Value	$	21.10		$	27.84		$	25.84		$	24.94


Investment in non-affiliated securities at cost	$	2,264,404		$	60,608,904		$	32,589,201		$	2,509,106

Investment in affiliated securities at cost	$	11,033		$	—		$	—		$	—

Value of securities loaned	$	112,483		$	491,391		$	245,241		$	32,540

Investment in DWS Government Money Market Series at cost	$	56		$	76,925		$	2,441		$	4,441

Investment in DWS Government & Agency Securities Portfolio at cost*	$	113,653		$	412,237		$	90,435		$	1,320

Non-cash collateral for securities on loan	$	18,253		$	104,033		$	167,564		$	32,547

Foreign currency at cost	$	470		$	70,795		$	41,483		$	3,875

*	Represents collateral on securities loaned.

**	Net of deferred foreign taxes of $1,589.


See Notes to Financial Statements.		36

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2019


	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF ⁽¹⁾
Investment Income
Unaffiliated dividend income*	$	64,092		$	362,415		$	588,524		$	60,244
Affiliated dividend income**		108			—			—			—
Income distributions from affiliated funds		12			3,373			404			131
Unaffiliated non-cash dividend income		5,932			—			—			—
Affiliated securities lending income		1,341			1,816			1,219			32
Unaffiliated securities lending income, net of borrower rebates		—			481			1,044			49

Total investment income		71,485			368,085			591,191			60,456


Expenses
Investment advisory fees		2,260			24,021			54,036			9,130
Other expenses		57			57			57			29

Total expenses		2,317			24,078			54,093			9,159

Less fees waived (see note 3):
Waiver		(177	)		(1,086	)		(5,384	)		(6	)

Net expenses		2,140			22,992			48,709			9,153

Net investment income (loss)		69,345			345,093			542,482			51,303


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(32,441	)		119,930			(4,041,338	)		83,838
Investments in affiliates		—			68			—			—
In-kind redemptions		(310,276	)		49,567			(11,878,616	)		175,981
In-kind redemptions in affiliates		(5,850	)		—			—			—
Futures contracts		(765	)		(5,712	)		(83,136	)		—
Foreign currency transactions		(67	)		(5,677	)		(6,720	)		4,220
Forward foreign currency contracts		—			102,847			—			—
Payments by Affiliates (see note 8)		—			—			117,653			—

Net realized gain (loss)		(349,399	)		261,023			(15,892,157	)		264,039
Net change in unrealized appreciation (depreciation) on:
Investments***		(140,891	)		(1,457,443	)		(3,164,096	)		(18,199	)
Investments in affiliates		87			—			—			—
Futures contracts		—			(5,258	)		(26,939	)		—
Foreign currency translations		(116	)		(122	)		5,991			(39	)
Forward foreign currency contracts		—			(4,146	)		—			—

Net change in unrealized appreciation (depreciation)		(140,920	)		(1,466,969	)		(3,185,044	)		(18,238	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(490,319	)		(1,205,946	)		(19,077,201	)		245,801


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(420,974	)	$	(860,853	)	$	(18,534,719	)	$	297,104

* Unaffiliated foreign tax withheld	$	13,004		$	33,357		$	75,230		$	8,453
** Affiliated foreign tax withheld	$	28		$	—		$	—		$	—
*** Net of change in deferred foreign taxes	$	—		$	1,589		$	—		$	—

(1)	For the period October 30, 2018 (commencement of operations) through May 31, 2019.


See Notes to Financial Statements.		37

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Eurozone Equity ETF						Xtrackers International Real Estate ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			Year Ended May 31, 2019			Year Ended May 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	69,345		$	73,278		$	345,093		$	88,547
Net realized gain (loss)		(349,399	)		35,234			261,023			283,469
Net change in net unrealized appreciation (depreciation)		(140,920	)		(90,620	)		(1,466,969	)		169,023

Net increase (decrease) in net assets resulting from operations		(420,974	)		17,892			(860,853	)		541,039

Distributions to Shareholders		(71,498	)		(39,480	)*		(73,382	)		(110,378	)*


Fund Shares Transactions
Proceeds from shares sold		3,138,077			1,199,116			57,853,274			1,474,842
Value of shares redeemed		(2,896,381	)		(1,211,441	)		(1,445,829	)		(1,462,688	)

Net increase (decrease) in net assets resulting from fund share transactions		241,696			(12,325	)		56,407,445			12,154

Total net increase (decrease) in Net Assets		(250,776	)		(33,913	)		55,473,210			442,815

Net Assets
Beginning of year		2,360,391			2,394,304			4,375,305			3,932,490

End of year	$	2,109,615		$	2,360,391	**	$	59,848,515		$	4,375,305	**


Changes in Shares Outstanding
Shares outstanding, beginning of year		100,001			100,001			150,001			150,001
Shares sold		150,000			50,000			2,050,000			50,000
Shares redeemed		(150,000	)		(50,000	)		(50,000	)		(50,000	)

Shares outstanding, end of year		100,001			100,001			2,150,001			150,001

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $49,311 and $15,764, respectively.


See Notes to Financial Statements.		38

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers Japan JPX-Nikkei 400 Equity ETF						Xtrackers MSCI Latin America Pacific Alliance ETF
	Year Ended May 31, 2019			Year Ended May 31, 2018			For the Period October 30, 2018 ⁽¹⁾ to May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	542,482		$	266,539		$	51,303
Net realized gain (loss)		(15,892,157	)		(409,463	)		264,039
Net change in net unrealized appreciation (depreciation)		(3,185,044	)		(453,905	)		(18,238	)

Net increase (decrease) in net assets resulting from operations		(18,534,719	)		(596,829	)		297,104

Distributions to Shareholders		(378,111	)		(232,909	)*		(21,262	)


Fund Shares Transactions
Proceeds from shares sold		222,178,697			118,182,133			4,934,832
Value of shares redeemed		(301,398,584	)		—			(2,716,299	)

Net increase (decrease) in net assets resulting from fund share transactions		(79,219,887	)		118,182,133			2,218,533

Total net increase (decrease) in Net Assets		(98,132,717	)		117,352,395			2,494,375

Net Assets
Beginning of period		127,849,444			10,497,049			—

End of period	$	29,716,727		$	127,849,444	**	$	2,494,375


Changes in Shares Outstanding
Shares outstanding, beginning of period		4,350,001			400,001			—
Shares sold		7,800,000			3,950,000			200,001
Shares redeemed		(11,000,000	)		—			(100,000	)

Shares outstanding, end of period		1,150,001			4,350,001			100,001

(1)	Commencement of Operations.

*	Includes distributions from net investment income.

**	Includes undistributed net investment income of $193,542.


See Notes to Financial Statements.		39

DBX ETF Trust

Financial Highlights


Xtrackers Eurozone Equity ETF Selected Per Share Data	Years Ended May 31,									Period Ended 5/31/2016(a)
Xtrackers Eurozone Equity ETF Selected Per Share Data	2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	23.60		$	23.94		$	20.25		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.65			0.73			0.74			0.53
Net realized and unrealized gain (loss)		(2.52	)		(0.68	)		3.74			(4.99	)

Total from investment operations		(1.87	)		0.05			4.48			(4.46	)

Less distributions from:
Net investment income		(0.63	)		(0.39	)		(0.79	)		(0.29	)

Total distributions		(0.63	)		(0.39	)		(0.79	)		(0.29	)

Net Asset Value, end of period	$	21.10		$	23.60		$	23.94		$	20.25

Total Return (%)		(8.09	)(c)		0.22	(c)		23.01			(17.94	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2			2			2
Ratio of expenses before fee waiver (%)		0.10			0.27			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.09			0.26			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.00			3.01			3.62			3.18	*
Portfolio turnover rate (%)(d)		14			93			20			20	**

Xtrackers International Real Estate ETF Selected Per Share Data	Years Ended May 31,
	2019			2018			2017			2016			2015
Net Asset Value, beginning of year	$	29.17		$	26.22		$	22.27		$	27.90		$	26.47

Income (loss) from investment operations:
Net investment income (loss)(b)		1.14			0.68			0.56			0.63			0.68
Net realized and unrealized gain (loss)		(1.98	)		3.01			3.89			(4.19	)		2.04

Total from investment operations		(0.84	)		3.69			4.45			(3.56	)		2.72

Less distributions from:
Net investment income		(0.49	)		(0.74	)		(0.50	)		(1.09	)		(1.29	)
Net realized gains		—			—			—			(0.98	)		—

Total distributions		(0.49	)		(0.74	)		(0.50	)		(2.07	)		(1.29	)

Net Asset Value, end of year	$	27.84		$	29.17		$	26.22		$	22.27		$	27.90

Total Return (%)		(2.78	)(c)		14.20			20.34			(12.98	)		10.78

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		60			4			4			4			11
Ratio of expenses before fee waiver (%)		0.30			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)		0.28			0.60			0.60			0.60			0.60
Ratio of net investment income (loss) (%)		4.25			2.40			2.34			2.64			2.51
Portfolio turnover rate (%)(d)		43			24			14			34			19

(a)	For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(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.		40

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data	Years Ended May 31,									Period Ended 5/31/2016(a)
	2019			2018			2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	29.39		$	26.24		$	23.19		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(c)		0.28			0.40			0.35			0.28
Net realized and unrealized gain (loss)		(3.62	)		3.30	(d)		3.04			(1.97	)

Total from investment operations		(3.34	)		3.70			3.39			(1.69	)

Less distributions from:
Net investment income		(0.21	)		(0.55	)		(0.34	)		(0.12	)

Total distributions		(0.21	)		(0.55	)		(0.34	)		(0.12	)

Net Asset Value, end of period	$	25.84		$	29.39		$	26.24		$	23.19

Total Return (%)		(11.35	)(e)(f)		14.21	(e)		14.75			(6.78	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		30			128			10			19
Ratio of expenses before fee waiver (%)		0.10			0.21			0.40			0.40	*
Ratio of expenses after fee waiver (%)		0.09			0.18			0.40			0.40	*
Ratio of net investment income (loss) (%)		1.00			1.39			1.46			1.31	*
Portfolio turnover rate (%)(g)		149			78			22			8	**

Xtrackers MSCI Latin America Pacific Alliance ETF Selected Per Share Data	Period Ended 5/31/2019(b)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(c)		0.38
Net realized and unrealized gain (loss)		(0.33	)(d)

Total from investment operations		0.05

Less distributions from:
Net investment income		(0.11	)

Total distributions		(0.11	)

Net Asset Value, end of period	$	24.94

Total Return (%)		0.20	(e)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2
Ratio of expenses before fee waiver (%)		0.45	*
Ratio of expenses after fee waiver (%)		0.45	*
Ratio of net investment income (loss) (%)		2.53	*
Portfolio turnover rate (%)(g)		44	**

(a)	For the period June 24, 2015 (commencement of operations) through May 31, 2016.

(b)	For the period October 30, 2018 (commencement of operations) through May 31, 2019.

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

(d)	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.

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

(f)	The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%.

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		41

DBX ETF Trust

Notes to Financial Statements

1. Organization

Xtrackers Eurozone Equity ETF

Xtrackers International Real Estate ETF*

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Xtrackers MSCI Latin America Pacific Alliance ETF

Xtrackers Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”).

Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance 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 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Xtrackers Eurozone Equity ETF		NASDAQ Eurozone Large Mid Cap Index
Xtrackers International Real Estate ETF*		iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index*
Xtrackers Japan JPX-Nikkei 400 Equity ETF		JPX-Nikkei 400 Net Total Return Index
Xtrackers MSCI Latin America Pacific Alliance ETF		MSCI Latin America Pacific Alliance Capped Index

On February 22, 2019, the Fund changed its name from Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF to Xtrackers International Real Estate ETF and its Underlying Index from MSCI Asia Pacific ex Japan US Dollar Hedged Index to the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index.

The NASDAQ Eurozone Large Mid Cap Index which is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN is rebalanced quarterly.

The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 is rebalanced annually.

The MSCI Latin America Pacific Alliance Capped Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Latin America Pacific Alliance Capped Index is rebalanced quarterly.

DBX ETF Trust

Notes to Financial Statements (Continued)

Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers International Real Estate ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

2. Significant Accounting Policies

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

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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.

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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.

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 Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF to pay out dividends from its net investment income semi-annually. 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 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 recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended May 31, 2019, the Funds did not incur any interest or penalties.

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Eurozone Equity ETF	$	47,280	$	(364,286	)	$	(188,437	)	$	(505,443	)
Xtrackers International Real Estate ETF		503,785		(757,846	)		(1,214,755	)		(1,468,816	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		380,001		(1,706,084	)		(3,648,272	)		(4,974,355	)
Xtrackers MSCI Latin America Pacific Alliance ETF		123,109		—			(22,822	)		100,287

The tax character of dividends and distributions declared for the periods ended May 31, 2019 and May 31, 2018 were as follows:


	Period Ended May 31, 2019
	Ordinary Income*
Xtrackers Eurozone Equity ETF	$	71,498
Xtrackers International Real Estate ETF		73,382
Xtrackers Japan JPX-Nikkei 400 Equity ETF		378,111
Xtrackers MSCI Latin America Pacific Alliance ETF		21,262

	Year Ended May 31, 2018
	Ordinary Income*
Xtrackers Eurozone Equity ETF	$	39,480
Xtrackers International Real Estate ETF		110,378
Xtrackers Japan JPX-Nikkei 400 Equity ETF		232,909

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

At May 31, 2019, 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 capital 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 Eurozone Equity ETF	$	104,577	$	259,709	$	364,286
Xtrackers International Real Estate ETF		634,915		122,931		757,846
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,458,631		247,453		1,706,084

For the fiscal year ended May 31, 2019, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), return of capital distributions received, non-deductible excise tax paid, distribution re-classes, redemptions-in-kind, and passive foreign investment companies (“PFICs”).


	Distributable Earnings (Loss)			Paid-In Capital
Xtrackers Eurozone Equity ETF	$	344,361		$	(344,361	)
Xtrackers International Real Estate ETF		(45,014	)		45,014
Xtrackers Japan JPX-Nikkei 400 Equity ETF		14,531,150			(14,531,150	)
Xtrackers MSCI Latin America Pacific Alliance ETF		(175,555	)		175,555

DBX ETF Trust

Notes to Financial Statements (Continued)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Eurozone Equity ETF	$	2,404,589	$	(188,285	)	$	67,715	$	(256,000	)
Xtrackers International Real Estate ETF		61,326,719		(1,212,993	)		288,768		(1,501,761	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		33,057,725		(3,652,176	)		710,938		(4,363,114	)
Xtrackers MSCI Latin America Pacific Alliance ETF		2,519,451		(22,783	)		104,750		(127,533	)

Foreign Currency Translation 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.

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 period ended May 31, 2019, 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 Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of May 31, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending its 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.

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2019, Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF had securities on loan, which were classified as Common Stocks in the Schedule of Investments. The Xtrackers MSCI Latin America Pacific Alliance ETF had securities on loan, which were classified as Common Stocks and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of May 31, 2019


Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Eurozone Equity ETF
Common Stocks	$	113,653	$	—	$	—	$	18,253	$	131,906

Gross amount of recognized liabilities for securities lending transactions									$	131,906


Xtrackers International Real Estate ETF
Common Stocks	$	412,237	$	6,476	$	5,423	$	92,134	$	516,270

Gross amount of recognized liabilities for securities lending transactions									$	516,270


Xtrackers Japan JPX-Nikkei 400 Equity ETF
Common Stocks	$	90,435	$	—	$	—	$	167,564	$	257,999

Gross amount of recognized liabilities for securities lending transactions									$	257,999


Xtrackers MSCI Latin America Pacific Alliance ETF
Common Stocks	$	—	$	—	$	3,572	$	26,840	$	30,412
Exchange-Traded Funds		1,320		379		135		1,621		3,455

Total Borrowings	$	1,320	$	379	$	3,707	$	28,461	$	33,867

Gross amount of recognized liabilities for securities lending transactions									$	33,867

Derivatives

Forward Foreign Currency Contracts Xtrackers International Real Estate ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Prior to February 22, 2019 Xtrackers International Real Estate ETF (formerly Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF) invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The investment in forward currency contract short vs U.S. dollars had a contract value generally indicative of a range the former fund had to the value of non U.S. currencies during the period from June 1, 2018 through February 21, 2019.

There were no open forward currency contracts as of the year ended May 31, 2019.

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 period ended May 31, 2019, Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

DBX ETF Trust

Notes to Financial Statements (Continued)

A summary of the open futures contracts as of May 31, 2019 is included in a table following the Funds’ Schedule of Investments.


		Asset Derivatives			Liability Derivatives
Xtrackers International Real Estate ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	3,100
Xtrackers Japan JPX-Nikkei 400 Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	23,540

*	Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended May 31, 2019 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			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers Eurozone Equity ETF	$	(765	)	$	—	$	(765	)
Xtrackers International Real Estate ETF		(5,712	)		102,847		97,135
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(83,136	)		—		(83,136	)


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers International Real Estate ETF	$	(5,258	)	$	(4,146	)	$	(9,404	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(26,939	)		—			(26,939	)

DBX ETF Trust

Notes to Financial Statements (Continued)

For the period ended May 31, 2019 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts
Xtrackers Eurozone Equity ETF	$	5,737	$	—
Xtrackers International Real Estate ETF		245,722		(2,413,643	)*
Xtrackers Japan JPX-Nikkei 400 Equity ETF		166,167		—

*	For the period from June 1, 2018 through February 22, 2019

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 management 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

For its investment advisory services to the Funds below, for the period from June 1, 2018 through July 16, 2018, the Advisor was entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.15	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.15	%

For the period from June 1, 2018 through July 16, 2018, the Advisor had voluntarily agreed to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Funds below, 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 period from June 1, 2018 through July 16, 2018, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Eurozone Equity ETF	$	177
Xtrackers Japan JPX-Nikkei 400 Equity ETF		5,363

Effective July 17, 2018, the Board of Trustees terminated the Advisor’s voluntary expense limitation to the Funds below, and approved a reduction in the unitary management fee, at an annual rate equal to:


	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.09	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.09	%

For its investment advisory services to Xtrackers International Real Estate ETF, for the period from June 1, 2018 through February 21, 2019, the Advisor was entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.60%.

DBX ETF Trust

Notes to Financial Statements (Continued)

Effective February 22, 2019, for its investment advisory services to Xtrackers International Real Estate ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.12%.

Effective March 29, 2019 the Advisor had contractually agreed, until March 30, 2020, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.10% 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 period March 29, 2019 through May 31, 2019, the Advisor waived $949 of the expenses of the Fund.

For its investment advisory services to Xtrackers MSCI Latin America Pacific Alliance ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.45%.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended May 31, 2019, the Advisor waived expenses of the Fund’s as follows:


	Expenses Waived
Xtrackers International Real Estate ETF	$	137
Xtrackers Japan JPX-Nikkei 400 Equity ETF		21
Xtrackers MSCI Latin America Pacific Alliance ETF		6

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 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, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

4. Investment Portfolio Transactions

For the period ended May 31, 2019, 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 Eurozone Equity ETF	$	300,179	$	302,207
Xtrackers International Real Estate ETF		17,247,999		4,833,735
Xtrackers Japan JPX-Nikkei 400 Equity ETF		75,695,989		75,759,691
Xtrackers MSCI Latin America Pacific Alliance ETF		2,406,293		1,313,670

For the period ended May 31, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Eurozone Equity ETF	$	3,137,832	$	2,896,112
Xtrackers International Real Estate ETF		45,609,847		1,122,978
Xtrackers Japan JPX-Nikkei 400 Equity ETF		221,783,288		300,821,044
Xtrackers MSCI Latin America Pacific Alliance ETF		2,772,642		1,615,953

DBX ETF Trust

Notes to Financial Statements (Continued)

5. Fund Share Transactions

As of May 31, 2019, 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, 2019, there was one affiliated shareholder account for the Fund listed below holding a significant percentage of the shares outstanding:


	Approximate Percent of Outstanding Shares Held
Xtrackers MSCI Latin America Pacific Alliance ETF		95	%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate 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 one-month LIBOR Rate. The Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at May 31, 2019.


	Pro-rata Share
Xtrackers International Real Estate ETF	$	525,000

8. Payments by Affiliates

During the period ended May 31, 2019, the Advisor agreed to reimburse Xtrackers Japan JPX-Nikkei 400 Equity ETF $117,653 for a loss on a trade executed incorrectly. The amount compensated was 0.22% of the Fund’s average net assets.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF (formerly, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF), Xtrackers Japan JPX-Nikkei 400 Equity ETF, Xtrackers MSCI Latin America Pacific Alliance 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 Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI Latin America Pacific Alliance 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, 2019, 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 the DBX ETF Trust) at May 31, 2019, 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. general accepted accounting principles.


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Eurozone Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the three years in the period ended May 31, 2019 and the period from August 19, 2015 (commencement of operations) through May 31, 2016
Xtrackers International Real Estate ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the five years in the period ended May 31, 2019
Xtrackers Japan JPX-Nikkei 400 Equity ETF	For the year ended May 31, 2019	For each of the two years in the period ended May 31, 2019	For each of the three years in the period ended May 31, 2019 and the period from June 24, 2015 (commencement of operations) through May 31, 2016
Xtrackers MSCI Latin America Pacific Alliance ETF	For the period from October 30, 2018 (commencement of operations) through May 31, 2019

Basis for Opinion

DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

LOGO

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 26, 2019

DBX ETF Trust

Trustees and Officers (Unaudited)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Independent Trustees
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee	Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006).	37	The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum.
George O. Elston (1964) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Audit Committee and Member of the Nominating Committee	Trustee since 2011 (Chairman of the Audit Committee since 2015)	Chief Financial Officer Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	37
J. David Officer (1948) 345 Park Avenue New York, New York 10154	Trustee, Chairman of the Nominating Committee and Member of the Audit Committee	Trustee since 2011 (Chairman of the Nominating Committee since 2015)	Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	37	Ilex Partners (Asia), LLC; Old Westbury Funds.

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)


Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee
Interested Trustee
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154	Trustee Treasurer, Chief Financial Officer and Controller	Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010	Director in the Finance Division at DWS Investment Management Americas, Inc. (2008-present); Manager, Treasurer and Chief Financial Officer of the Advisor (2010-present); Chief Financial Officer of Global Passive Asset Management Platform (2012-2018); Global Finance Director, Alternative Investments (2018-present); Chief Financial Officer of RREEF America LLC (2018-present).	37	The Advisor, DBX Strategic Advisors LLC and DB Commodity Services LLC

Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154	President and Chief Executive Officer	Since 2016	Director in DWS and Chief of Staff Office in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present), the Advisor and DBX Strategic Advisors LLC and DB Commodity Services LLC (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154	Chief Operating Officer	Since 2014	Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Advisor (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012).

DBX ETF Trust

Trustees and Officers (Unaudited) (Continued)



Name, Year of Birth and Address	Position(s) Held with Fund	Terms of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Frank Gecsedi (1967) 345 Park Avenue New York, New York 10154	Chief Compliance Officer	Since 2010	Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards (1978) 345 Park Avenue New York New York 10154	Vice President	Since 2016	Managing Director in DWS (2018-present); Director in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
Leslie Lowenbraun (1953) 345 Park Avenue New York, New York 10154	Secretary	Since 2016	Director in U.S. Retail Passive Legal of DWS (2018-present) and Chief Legal Officer of the Advisor (2017-present); Vice President in U.S. Retail Passive Legal of DWS (2014-2018) ; Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014).
Amy McDonald (1978) One International Place Boston, Massachusetts 02110	Assistant Secretary	Since 2018	Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016).
Kevin Teevan (1973) 345 Park Avenue New York, New York 10154	Assistant Treasurer	Since 2018	Vice President in Finance for U.S. Traditional Asset Classes of DWS (2018-present); Vice President in Chief Operating Office for Global Transaction Banking at Deutsche Bank AG (2014-2017); Vice President in Finance for U.S. Passive Asset Management Platform at Deutsche Bank AG (2011-2014).
Christina A. Morse (1964) BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place Brooklyn, NY 11217	Assistant Secretary	Since 2016	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).

Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com

DBX ETF Trust

Board Consideration in Approval of Investment Advisory Contract (Unaudited)

Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI Latin America Pacific Alliance ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), the Trustees, including 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 Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI Latin America Pacific Alliance ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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 Deutsche Bank 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 Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

DBX ETF Trust

Board Consideration in Approval of Investment Advisory Contract (Unaudited) (Continued)

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.

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

Portfolio Holdings Information

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i. e. , at a premium) or below (i. e. , at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

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, 2019.


	Qualified Dividend Income*
Xtrackers Eurozone Equity ETF		93%
Xtrackers International Real Estate ETF		58%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		100%
Xtrackers MSCI Latin America Pacific Alliance ETF		31%

* 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 Eurozone Equity ETF	$	82,939	$	8,852
Xtrackers International Real Estate ETF		395,510		26,277
Xtrackers Japan JPX-Nikkei 400 Equity ETF		663,946		73,052
Xtrackers MSCI Latin America Pacific Alliance ETF		68,909		8,453

DBX ETF Trust

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investments in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers International Real Estate ETF, is non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. There are additional risks associated with investing in aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

NASDAQ and NASDAQ Index are servicemarks of NASDAQ Inc. and have been licensed for use by DBX. The Funds or securities referenced to herein are not sponsored, endorsed, issued, sold or promoted by NASDAQ Inc. nor does this company make any representation regarding the advisability of investing in the Funds. NASDAQ Inc.’s only relationship to each Fund is in the licensing of its trade names and the use of each Underlying Index which is determined, composed and calculated by NASDAQ Inc. without regard to the Funds. The Funds’ prospectus contains a more detailed description of the limited relationship NASDAQ Inc. has with DBX and any related Funds.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index is the intellectual property (including or its data).

The JPX-Nikkei 400 Total Return Index” (the “Index”) is copyrightable work calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN is not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”.

Copyright © 2019 DWS Group. All rights reserved. Xtrackers ^TM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-38754-5 (7/19) DBX003925 (7/20)

Item 2.

Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3.

Audit Committee Financial Expert.

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Item 4.

Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $553,664 for 2019 and $699,504 for 2018.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2019 and $0 for 2018.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $304,417 for 2019 and $356,502 for 2018.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2019 and $0 for 2018.

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.

(e)(2)

All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2019 and $0 for 2018.

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

Item 6.

Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a)

The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(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/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date August 2, 2019

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/ Freddi Klassen
		Freddi Klassen
		President and Chief Executive Officer

Date August 2, 2019


By (Signature and Title)*		/s/ Michael Gilligan
		Michael Gilligan
		Treasurer, Chief Financial Officer and Controller

Date August 2, 2019

^*	Print the name and title of each signing officer under his or her signature.

XTRACKERS FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

I.	COVERED OFFICERS/PURPOSE OF THE CODE

This code of ethics (the “Code”) applies to the Principal Executive Officer and Principal Financial Officer (the “Covered Officers,” each of whom are set forth in Exhibit A) of the Xtrackers Funds (each a “Fund,” together the “Funds”) for the purpose of promoting:

●

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

●

full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

●

compliance with applicable laws, rules and regulations;

●

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

●

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

Overview . A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds, and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”), and the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. The compliance programs and procedures of the Funds, and DBX Advisors LLC and/or DBX Strategic Advisors LLC (each, an “Adviser”, and collectively, the “Advisers”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and its Adviser or sub-adviser, of which the Covered Officers may be officers or employees, or officers or employees of affiliates. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser or sub-adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser or sub-adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser or sub-adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of members (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

* * * *

Each Covered Officer must:

●

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer ¹ would benefit personally to the detriment of the Fund;

●

not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

●

not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Any activity or relationship that would present a conflict for a Covered Officer would also present a conflict for the Covered Officer if a member of a Covered Officer’s family (spouse, minor children and any account over which a Covered Officer is deemed to have beneficial interest) engages in such an activity or has such a relationship.

There are some potential conflict of interest situations that should be discussed with the Funds’ Chief Compliance Officer (“CCO”) or designee in order to determine whether these situations pose a material risk of causing detriment to the Fund(s). Examples of these include:

●

service as a director on the board of any public or private company;

●

the receipt of any non-nominal gifts or the conveyance of any value (including entertainment) from any company with which the Fund has current or prospective business dealings, to the extent the situation is not addressed by the Funds’ 17j-1 Code of Ethics or the Adviser’s Code of Ethics, except: (a) any non-cash gifts of nominal value (nominal value is less than $100); and (b) customary and reasonable meals and entertainment at which the giver is present, such as the occasional business meal or sporting event;

●

the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety, to the extent the situation is not addressed by the Funds’ 17j-1 Code of Ethics or the Adviser’s Code of Ethics;

●

any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Adviser, principal underwriter, administrator or any affiliated person thereof; and

●

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.

DISCLOSURE AND COMPLIANCE

Each Covered Officer should:

●

familiarize himself with the disclosure requirements generally applicable to each Fund;

●

not knowingly misrepresent, or knowingly cause others to misrepresent, facts about a Fund to others, whether within or outside the Funds, including to the Fund’s Directors and auditors, and to governmental regulators and self-regulatory organizations;

●

to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

●

comply with his or her obligations under each Funds’ Disclosure Controls and Procedures and certification requirements relating to the reports on Form N-CSR (certified shareholder reports) and Form N-PORT (quarterly schedule of portfolio holdings) that the Fund is required to file.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.

REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

●

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

●

annually thereafter affirm in writing to the Board that he has complied with the requirements of the Code;

●

annually disclose affiliations and other relationships related to conflicts of interest;

●

not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith; and

●

notify the CCO promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Any approvals or waivers sought by the Covered Officers must be considered by the CCO. In rendering decisions and interpretations and in conducting investigations of potential violations under the Code, the CCO may, at the CCO’s discretion, consult with such persons as it determines to be appropriate, including, but not limited to, a senior legal officer of the Fund or the Adviser or its affiliates, independent auditors or other consultants, subject to any requirement to seek pre-approval from the Funds’ audit committee for the retention of independent auditors to perform permissible non-audit services.

Each Fund will follow these procedures in investigating and enforcing this Code:

●

the CCO will take all appropriate action to investigate any potential violations reported;

●

if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

●

if the CCO determines that a violation has occurred, it will inform and make a recommendation to the Board Members that are not “interested persons” of the Fund, as such term is defined in the 1940 Act (“Independent Trustees”), who will consider appropriate action, which may include: (i) review of, and appropriate modifications to, applicable policies and procedures; (ii) notification to appropriate personnel of the Adviser or its board; or (iii) a recommendation to dismiss the Covered Officer;

●

the CCO will be responsible for granting waivers, as appropriate, and will provide a report annually to the Board describing any waivers granted; and

●

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.	OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by each Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and the Adviser’s and principal underwriter’s codes of ethics under Rule 17j-l under the 1940 Act, and any other codes of conduct applicable to such entities, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.

AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

VII.

CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than a Funds’ counsel, the Board, independent auditors or other consultants referred to in Section IV, above.

VIII.

INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Last Reviewed: May 2019

Next Review: May 2020

EXHIBIT A

PERSONS COVERED BY CODE OF ETHICS

Freddi Klassen – President and Chief Executive Officer

Michael Gilligan – Treasurer, Chief Financial Officer and Controller

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Freddi Klassen, certify that:

1.	I have reviewed this report on Form N-CSR of DBX ETF Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Michael Gilligan, certify that:

1.	I have reviewed this report on Form N-CSR of DBX ETF Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

President

Section 906 Certification under Sarbanes Oxley Act

I, Freddi Klassen, certify that:

1.	I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSR;

Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Chief Financial Officer and Controller

Section 906 Certification under Sarbanes Oxley Act

I, Michael Gilligan, certify that:

I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSR;