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May 31, 2021 Annual Report DBX ETF Trust Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) 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) DBX ETF Trust Table of Contents Page Shareholder Letter ....................................................................... 1 Management’s Discussion of Fund Performance ............................................. 3 Performance Summary Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF .................... 6 Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF .............................. 8 Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond 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 Bloomberg Barclays US Investment Grade Corporate ESG ETF .................... 19 Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF .............................. 29 Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF ........................... 34 Xtrackers Municipal Infrastructure Revenue Bond ETF ..................................... 47 Xtrackers MSCI All World ex US High Dividend Yield Equity ETF ............................ 54 Xtrackers MSCI EAFE High Dividend Yield Equity ETF ..................................... 60 Statements of Assets and Liabilities ........................................................ 64 Statements of Operations ................................................................. 66 Statements of Changes in Net Assets ....................................................... 68 Financial Highlights ...................................................................... 71 Notes to Financial Statements ............................................................. 74 Report of Independent Registered Public Accounting Firm .................................... 85 Liquidity Risk Management ................................................................ 86 Board Considerations in Approval of Investment Advisory Contracts ........................... 87 Board Members and Officers .............................................................. 90 Additional Information .................................................................... 93 Privacy Policy Notice ..................................................................... 94 To our Shareholders: (Unaudited) Dear Shareholder, We are pleased to provide this annual report for six of our ETFs tracking the fixed income and equity dividend markets for the period ended May 31, 2021. After facing a pandemic induced recession in 2020, the global economy started to recover in 2021 as vaccine rollouts helped governments control the spread of coronavirus and reopen the economies in a phased manner. The U.S. economy grew faster than its global peers, buoyed by large fiscal stimulus and improving health conditions. While the labor market continued to improve during the reporting period, it still needs to make substantial progress to reach pre-pandemic levels. The Eurozone economy continued to lag as higher infection rates and a slow vaccination rollout prevented the economy from reopening. On a positive note, labor markets remained strong, along with robust consumer disposable incomes. The resurgence of the COVID-19 pandemic remained a drag on emerging market economies. However, the reluctance to go for complete lockdowns, along with hopes of progress in vaccination programs, helped emerging markets stay afloat. On the backdrop of the continued COVID-19-led uncertainty and economic shutdowns imposed by governments, central banks across the globe kept borrowing costs at ultra-low levels and continued with their asset buying programs. During the reporting period, the Federal Reserve Bank (FRB) took an array of actions to limit the economic damage of the pandemic. In addition to bringing the rates down to a range of 0% to 0.25%, it undertook a massive quantitative easing program to support smooth market functioning. Despite some concerns of inflation due to the expansionary monetary policy, the FRB termed it as transitory and reaffirmed its accommodative stance until substantial progress is made towards achieving maximum employment and price stability. Furthermore, President Joe Biden signed the USD1.9tn coronavirus relief package to provide additional aid to the economy. After ending 2020 under 1%, the 10-year U.S. Treasury yield has been rising since the beginning of the current calendar year on the prospect of strong economic growth and increasing concerns about inflation. Given that interest rates are at rock- bottom levels, investors sought out returns in securities, which led to the narrowing of U.S. high yield credit spreads as demand for riskier assets increased. The Eurozone economy remained on a weak footing as a fresh wave of coronavirus forced countries to impose new lockdowns. All the major economies contracted as region-wide lockdowns hit private consumption. Given this backdrop, the European Central Bank (ECB) reiterated its loose monetary policy stance to support the nineteen euro area economies as they battle the COVID-19 shock. Furthermore, it announced its intention to continue bond purchases until March 2022 as part of its USD2.2tn Pandemic Emergency Purchase Program. In its latest meeting, the Bank of England held its main lending rate at 0.1% and maintained it target asset purchases at USD1.2tn. Elsewhere, the Bank of Japan kept interest rates at ultra-low levels as economy remained under the strain caused by the pandemic. Renewed waves of infections and new variants of the virus in many countries pose a risk to the broad-based recovery of the world economy. Keeping economic growth on track while not giving inflation any room to expand remains another challenge for nations infused with high liquidity. That said, accelerated vaccinations and continued adaptation of economic activities to overcome pandemic-related restrictions should support economies going forward. In addition, support from policymakers on both fiscal and monetary front should ensure that economic recovery is firmly underway. A revival in the economic cycle and good corporate earnings should further expedite economic recovery. 1 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 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. 2 DBX ETF Trust Management’s Discussion of Fund Performance (Unaudited) Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR), seeks to track the performance, before fees and expenses, of the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/ Credit/Maturity Neutral Index (the ESCR Index). The ESCR index measures the investment grade, fixed-rate, taxable corporate bond market, including USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers, while implementing ESG considerations. For the 12-month period ended May 31, 2021, ESCR returned 1.95%, compared to the ESCR Index return of 2.85%. All sectors contributed positively to performance during the period with the greatest contributions coming from Financial Institutions, Energy, and Consumer Non-Cyclical. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the ESEB Index). The index is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar- denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities, while implementing ESG considerations. For the 12-month period ended May 31, 2021, ESEB returned 9.57%, compared to the ESEB Index return of 9.57%. From a geographical perspective, majority of the countries contributed positively with greatest contributions coming from Oman, Dominican Republic and Ecuador, while Argentina, Peru and Morocco detracted from performance. Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the ESHY Index). The ESHY Index provides exposure to a USD denominated high yield corporate bond index of developed market

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