SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY … · october 24, 2019 supplement to the currently...

SUPPLEMENTTOTHE CURRENTLY EFFECTIVE PROSPECTUSES AND SUMMARY PROSPECTUSES OF EACH OF

THE LISTED FUNDS

Xtrackers Emerging Markets Bond - Interest Rate Hedged ETF (EMIH)Xtrackers Eurozone Equity ETF (EURZ)Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)Xtrackers High Beta HighYield Bond ETF (HYUP)Xtrackers HighYield Corporate Bond - Interest Rate Hedged ETF

(HYIH)Xtrackers International Real Estate ETF (HAUZ)Xtrackers Investment Grade Bond - Interest Rate Hedged ETF (IGIH)Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)Xtrackers Low Beta HighYield Bond ETF (HYDW)Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)Xtrackers MSCI All China Equity ETF (CN)Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)Xtrackers MSCI All World ex US High DividendYield Equity ETF

(HDAW)Xtrackers MSCI China A Inclusion Equity ETF (ASHX)Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)Xtrackers MSCI EAFE High DividendYield Equity ETF (HDEF)Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)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 Kokusai Equity ETF (KOKU)Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)Xtrackers S&P 500 ESG ETF (SNPE)Xtrackers Short Duration HighYield Bond ETF (SHYL)Xtrackers USD HighYield Corporate Bond ETF (HYLB)

The following disclosure is added under the “MAIN RISKS” section of the summary prospectus and within the summarysection and the “FUND DETAILS” section of the fund’s prospectus:

Market disruption risk. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, publichealth crises and related geopolitical events have led, and in the future may lead, to increased market volatility, which maydisrupt US and world economies and markets and may have significant adverse direct or indirect effects on the fund and itsinvestments. Such events include the recent pandemic spread of the novel coronavirus known as COVID-19, the durationand full effects of which are still uncertain.

The fund could lose money due to the effects of a market disruption. Although multiple asset classes may be affected bya market disruption, the duration and effects may not be the same for all types of assets.

For Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers MSCI China A Inclusion Equity ETF, Xtrackers Harvest CSI 500China A-Shares Small Cap ETF and Xtrackers MSCI All China Equity ETF, the following disclosure is added to “Special RiskConsiderations of Investing in China” under the “MAIN RISKS” section of the summary prospectus and within the summarysection of the fund’s prospectus, and added to “MAIN RISKS – Risk of Investing in China – Political and economic risk” in the“FUND DETAILS” section of the fund’s prospectus:

From time to time, and as recently as early 2020 with the coronavirus known as COVID-19, China has experienced outbreaksof infectious illnesses, and the country may be subject to other infectious illnesses, diseases or other public health emer-gencies in the future. Any public health emergency could reduce consumer demand or economic output, result in marketclosures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turncould adversely affect the fund’s investments.

Please Retain This Supplement for Future Reference

March 13, 2020PROSTKR20-03

October 24, 2019

SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES, STATUTORY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION FOR EACH OF THE LISTED

FUNDS

_______________________

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO) Xtrackers FTSE Emerging Comprehensive Factor ETF (DEMG) Xtrackers Russell 2000 Comprehensive Factor ETF (DESC) Xtrackers Barclays International Treasury Bond Hedged ETF (IGVT) Xtrackers Barclays International Corporate Bond Hedged ETF (IFIX) On October 24, 2019, the Board of Trustees of DBX ETF Trust (the “Trust”), unanimously voted to close and liquidate Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers FTSE Emerging Comprehensive Factor ETF, Xtrackers Russell 2000 Comprehensive Factor ETF, Xtrackers Barclays International Treasury Bond Hedged ETF, and Xtrackers Barclays International Corporate Bond Hedged ETF (each, a “Liquidating Fund,” and collectively, the “Liquidating Funds”). Xtrackers Barclays International Treasury Bond Hedged ETF and Xtrackers Barclays International Corporate Bond Hedged ETF are listed on Cboe BZX Exchange, Inc. (“Cboe”). Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers FTSE Emerging Comprehensive Factor ETF, and Xtrackers Russell 2000 Comprehensive Factor ETF are listed on NYSE Arca, Inc. (“NYSE Arca” and together with Cboe, the “Exchanges”). After the close of business on November 12, 2019, the Liquidating Funds will no longer accept creation orders and the final day of trading on the Exchanges will be November 12, 2019. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about November 21, 2019. When a Liquidating Fund commences liquidation of its portfolio securities, the Liquidating Fund may hold cash and securities that may not be consistent with the Liquidating Fund’s investment objective and strategy. During this period, each Liquidating Fund is likely to incur higher tracking error than is typical for the Liquidating Fund. Furthermore, during the time between market open on November 13, 2019 and November 21, 2019, because shares will not be traded on the Exchanges, we cannot assure you that there will be a market for your shares. Relatedly, the Liquidating Funds will not enter into new currency forward contracts following the end of October 2019 and accordingly, as of that time, each Liquidating Fund may no longer provide currency hedged exposure. Shareholders may sell their holdings of a Liquidating Fund on the relevant Exchange until the market close on November 12, 2019, and may incur typical transaction fees from their broker-dealer. If you still hold shares on November 21, 2019, each Liquidating Fund will automatically redeem your shares for cash at the current net asset value. Shareholders generally will recognize a capital gain or loss on the redemptions. The Liquidating Funds may or may not, depending upon each Liquidating Fund’s circumstances, pay one or more dividends or other distributions prior to or along with the redemption payments. Please consult your personal tax advisor about the potential tax consequences.

Please Retain This Supplement for Future Reference.

ProspectusOctober 1, 2019

Xtrackers MSCI Emerging Markets Hedged Equity ETFNYSE Arca, Inc.: DBEM

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI EAFE Hedged Equity ETFNYSE Arca, Inc.: DBEF

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI Germany Hedged Equity ETFNYSE Arca, Inc.: DBGR

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI Japan Hedged Equity ETFNYSE Arca, Inc.: DBJP

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI Europe Hedged Equity ETFNYSE Arca, Inc.: DBEU

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI All World ex US Hedged Equity ETFNYSE Arca, Inc.: DBAW

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI South Korea Hedged Equity ETFNYSE Arca, Inc.: DBKO

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI All World ex US High DividendYield Equity ETFNYSE Arca, Inc.: HDAW

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI EAFE High DividendYield Equity ETFNYSE Arca, Inc.: HDEF

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers Eurozone Equity ETFCboe BZX Exchange, Inc.: EURZ

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI Eurozone Hedged Equity ETFNYSE Arca, Inc.: DBEZ

.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers Japan JPX-Nikkei 400 Equity ETFNYSE Arca, Inc.: JPN

... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Xtrackers MSCI Latin America Pacific Alliance ETFNYSE Arca, Inc.: PACA

The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passedupon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

XTRACKERS MSCI EMERGING MARKETS

HEDGED EQUITY ETF

Investment Objective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Fees and Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Principal Investment Strategies. . . . . . . . . . . . . . . . . . . . . . 1Main Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Past Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Purchase and Sale of Fund Shares. . . . . . . . . . . . . . . . . . . 6Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Payments to Broker-Dealers andOther Financial Intermediaries. . . . . . . . . . . . . . . . . . . . . . . 6

XTRACKERS MSCI EAFE HEDGED

EQUITY ETF


XTRACKERS MSCI GERMANY HEDGED

EQUITY ETF


XTRACKERS MSCI JAPAN HEDGED

EQUITY ETF


XTRACKERS MSCI EUROPE HEDGED

EQUITY ETF


XTRACKERS MSCI ALL WORLD EX US

HEDGED EQUITY ETF


XTRACKERS MSCI SOUTH KOREA

HEDGED EQUITY ETF


XTRACKERS MSCI ALL WORLD EX US

HIGH DIVIDEND YIELD EQUITY ETF


XTRACKERS MSCI EAFE HIGH DIVIDEND

YIELD EQUITY ETF


XTRACKERS EUROZONE EQUITY ETF


XTRACKERS MSCI EUROZONE HEDGED

EQUITY ETF


XTRACKERS JAPAN JPX-NIKKEI 400

EQUITY ETF


XTRACKERS MSCI LATIN AMERICA

PACIFIC ALLIANCE ETF


FUND DETAILS

Additional Information About Fund Strategies,Underlying Index Information and Risks . . . . . . . . . . . . . 80Xtrackers MSCI Emerging Markets Hedged EquityETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Xtrackers MSCI EAFE Hedged Equity ETF . . . . . . . . . . . 89Xtrackers MSCI Germany Hedged Equity ETF . . . . . . . 97Xtrackers MSCI Japan Hedged Equity ETF . . . . . . . . . . 104Xtrackers MSCI Europe Hedged Equity ETF . . . . . . . . . 111Xtrackers MSCI All World ex US Hedged EquityETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119Xtrackers MSCI South Korea Hedged Equity ETF . . . . 126Xtrackers MSCI All World ex US High Dividend YieldEquity ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134Xtrackers MSCI EAFE High Dividend Yield EquityETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141Xtrackers Eurozone Equity ETF . . . . . . . . . . . . . . . . . . . . . . 149Xtrackers MSCI Eurozone Hedged Equity ETF . . . . . . . 156Xtrackers Japan JPX-Nikkei 400 Equity ETF . . . . . . . . . 163Xtrackers MSCI Latin America Pacific Alliance ETF . . 169Other Policies and Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177Who Manages and Oversees the Funds . . . . . . . . . . . . . 178Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179

INVESTING IN THE FUNDS

Buying and Selling Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 186Creations and Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . 188Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . 189Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191Premium/Discount Information . . . . . . . . . . . . . . . . . . . . . . 191

FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . 192

APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204Index Providers and Licenses. . . . . . . . . . . . . . . . . . . . . . . . 204Disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207

YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BYTHE FEDERALDEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Ticker: DBEM Stock Exchange: NYSE Arca, Inc.

INVESTMENT OBJECTIVE

Xtrackers MSCI Emerging Markets Hedged Equity ETF(the “fund”) seeks investment results that correspondgenerally to the performance, before fees and expenses,of the MSCI EM US Dollar Hedged Index (the “UnderlyingIndex”).

FEES AND EXPENSES

These are the fees and expenses that you will pay whenyou buy and hold shares. You may also pay brokeragecommissions on the purchase and sale of shares of thefund, which are not reflected in the table.

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a % of the value of your investment)

Management fee 0.65

Other Expenses None

Total annual fund operating expenses 0.65

EXAMPLEThis Example is intended to help you compare the cost ofinvesting in the fund with the cost of investing in otherfunds. The Example assumes that you invest $10,000 inthe fund for the time periods indicated and then sell all ofyour shares at the end of those periods. The Example alsoassumes that your investment has a 5% return each yearand that the fund’s operating expenses remain the same.The Example does not take into account brokeragecommissions that you may pay on your purchases andsales of shares of the fund. It also does not include thetransaction fees on purchases and redemptions of CreationUnits (defined herein), because those fees will not beimposed on retail investors. Although your actual costsmay be higher or lower, based on these assumptions yourcosts would be:

1Year 3Years 5Years 10Years

$66 $208 $362 $810

PORTFOLIO TURNOVERThe fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” its port-folio). A higher portfolio turnover may indicate highertransaction costs and may mean higher taxes if you areinvesting in a taxable account. These costs are notreflected in annual fund operating expenses or in theexpense example, and can affect the fund’s performance.During the most recent fiscal year, the fund’s portfolio turn-over rate was 13% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track emergingmarket performance while mitigating exposure to fluctua-tions between the value of the US dollar and thecurrencies of the countries included in the UnderlyingIndex. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least

1Prospectus October 1, 2019 Xtrackers MSCI Emerging Markets Hedged Equity ETF

80% of its total assets (but typically far more) in compo-nent securities (including depositary receipts in respect ofsuch securities) of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of1,193 securities, with an average market capitalization ofapproximately $4.55 billion and a minimum market capital-ization of approximately $65 million, from issuers in thefollowing countries: Argentina, Brazil, Chile, China,Colombia, Czech Republic, Egypt, Greece, Hungary, India,Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines,Poland, Qatar, Russia, Saudi Arabia, South Africa, SouthKorea, Taiwan, Thailand, Turkey and the United ArabEmirates.

The fund enters into forward currency contracts designedto offset the fund’s exposure to foreign currencies. Thefund hedges each foreign currency in the portfolio to USdollars by selling the applicable foreign currency forward atthe one-month forward rate published by WM/Reuters.

The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto each non-US currency based on currency weights as ofthe beginning of each month. While this approach isdesigned to minimize the impact of currency fluctuationson fund returns, this does not necessarily eliminate expo-sure to all currency fluctuations. The return of the forwardcurrency contracts may not perfectly offset the actual fluc-tuations of non-US currencies relative to the US dollar.The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physicaldelivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers fromemerging markets countries and in instruments designedto hedge against the fund’s exposure to non-UScurrencies.

Emerging market countries are countries that major inter-national financial institutions, such as the World Bank,generally consider to be less economically mature thandeveloped nations. Emerging market countries can includeevery nation in the world except the United States,Canada, Japan, Australia, New Zealand and most countrieslocated in Western Europe. As of July 31, 2019, a signifi-cant percentage of the Underlying Index was comprised ofsecurities of issuers from China (31.8%). To the extentthat the fund tracks the Underlying Index, the fund’s invest-ment in certain sectors or countries may change overtime.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (24.8%) sector. The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as wellas investment banking and brokerage and insurance.

The fund may become “non-diversified,” as defined underthe Investment Company Act of 1940, as amended, solelyas a result of a change in relative market capitalization orindex weighting of one or more constituents of the indexthat the fund is designed to track. Shareholder approval willnot be sought when the fund crosses from diversified tonon-diversified status under such circumstances.

Securities lending. The fund may lend its portfolio securi-ties to brokers, dealers and other financial institutionsdesiring to borrow securities to complete transactions andfor other purposes. In connection with such loans, thefund receives liquid collateral equal to at least 102% of thevalue of the portfolio securities being lent. This collateralis marked to market on a daily basis. The fund may lend itsportfolio securities in an amount up to 33 1/3% of its totalassets.

MAIN RISKS

As with any investment, you could lose all or part of yourinvestment in the fund, and the fund’s performance couldtrail that of other investments. The fund is subject to themain risks noted below, any of which may adversely affectthe fund’s net asset value (“NAV”), trading price, yield,total return and ability to meet its investment objective, aswell as numerous other risks that are described in greaterdetail in the section of this Prospectus entitled “AdditionalInformation About Fund Strategies, Underlying Index Infor-mation and Risks” and in the Statement of AdditionalInformation (“SAI”).

Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,


trade disputes and related geopolitical events have led,and in the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.

Foreign investment risk. The fund faces the risks inherentin foreign investing. Adverse political, economic or socialdevelopments could undermine the value of the fund’sinvestments or prevent the fund from realizing the fullvalue of its investments. Financial reporting standards forcompanies based in foreign markets differ from those inthe US. Additionally, foreign securities markets generallyare smaller and less liquid than US markets. To the extentthat the fund invests in non-US dollar denominated foreignsecurities, changes in currency exchange rates may affectthe US dollar value of foreign securities or the income orgain received on these securities.

Foreign governments may restrict investment byforeigners, limit withdrawal of trading profit or currencyfrom the country, restrict currency exchange or seizeforeign investments. The investments of the fund may alsobe subject to foreign withholding taxes. Foreign brokeragecommissions and other fees are generally higher thanthose for US investments, and the transactions andcustody of foreign assets may involve delays in payment,delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond thosetypical of US markets. Because foreign exchanges gener-ally are smaller and less liquid than US exchanges, buyingand selling foreign investments can be more difficult andcostly. Relatively small transactions can sometimes materi-ally affect the price and availability of securities. In certainsituations, it may become virtually impossible to sell aninvestment at a price that approaches portfolio manage-ment’s estimate of its value. For the same reason, it mayat times be difficult to value the fund’s foreigninvestments.

Depositary receipt risk. Depositary receipts involvesimilar risks to those associated with investments in secu-rities of non-US issuers. Depositary receipts also may beless liquid than the underlying shares in their primarytrading market.

Emerging market securities risk. The securities ofissuers located in emerging markets tend to be more vola-tile and less liquid than securities of issuers located inmore mature economies, and emerging markets generallyhave less diverse and less mature economic structuresand less stable political systems than those of developedcountries. The securities of issuers located or doingsubstantial business in emerging markets are often subjectto rapid and large changes in price.

Small and medium-sized company risk. Small andmedium-sized company stocks tend to be more volatilethan large company stocks. Because stock analysts areless likely to follow medium-sized companies, less infor-mation about them is available to investors. Industry-widereversals may have a greater impact on small and medium-sized companies, since they lack the financial resources oflarger companies. Small and medium-sized companystocks are typically less liquid than large company stocks.

Focus risk. To the extent that the fund focuses its invest-ments in particular industries, asset classes or sectors ofthe economy, any market price movements, regulatoryor technological changes, or economic conditions affectingcompanies in those industries, asset classes or sectorsmay have a significant impact on the fund’s performance.

Information technology sector risk. To the extent that thefund invests significantly in the information technologysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the information technology sector. Infor-mation technology companies are particularly vulnerable togovernment regulation and competition, both domesti-cally and internationally, including competition from foreigncompetitors with lower production costs. Information tech-nology companies also face competition for services ofqualified personnel. Additionally, the products of informa-tion technology companies may face obsolescence due torapid technological development and frequent newproduct introduction by competitors. Finally, informationtechnology companies are heavily dependent on patentand intellectual property rights, the loss or impairment ofwhich may adversely affect profitability.

Financial services sector risk. To the extent that the fundinvests significantly in the financial services sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the financial services sector. The financialservices sector is subject to extensive government regula-tion, can be subject to relatively rapid change due toincreasingly blurred distinctions between servicesegments, and can be significantly affected by availabilityand cost of capital funds, changes in interest rates, therate of corporate and consumer debt defaults, and pricecompetition. In addition, the deterioration of the creditmarkets in 2007 and the ensuing financial crisis in 2008resulted in an unusually high degree of volatility in the finan-cial markets for an extended period of time, the effects ofwhich may persist indefinitely.

Forward currency contract risk. The fund’s forwardcurrency contracts may not be successful in minimizingthe impact of changes in the value of the non-US curren-cies against the US dollar. To the extent the fund’s forwardcurrency contracts are not successful, the US dollar valueof your investment in the fund may go down. Furthermore,because no changes in the currency weights in the Under-lying Index are made during the month to account for


changes in the Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of non-US currenciesagainst the US dollar during the month may affect thevalue of the fund’s investment. Currency exchange ratescan be very volatile and can change quickly and unpredict-ably. Therefore, the value of an investment in the fund mayalso go up or down quickly and unpredictably and investorsmay lose money. NDFs may be less liquid than deliver-able forward currency contracts. A lack of liquidity in NDFsof the hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.

Counterparty risk. A financial institution or othercounterparty with whom the fund does business, or thatunderwrites, distributes or guarantees any investments orcontracts that the fund owns or is otherwise exposed to,may decline in financial health and become unable tohonor its commitments. This could cause losses for thefund or could delay the return or delivery of collateral orother assets to the fund.

Indexing risk. While the exposure of an index to its compo-nent securities is by definition 100%, the fund’s effectiveexposure to index securities may vary over time. Becausean index fund is designed to maintain a high level of expo-sure to its Underlying Index at all times, it will not take anysteps to invest defensively or otherwise reduce the riskof loss during market downturns.

Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not be

identified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads and


extended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.

Valuation risk. Because non-US markets may be open ondays when the fund does not price its shares, the valueof the securities in the fund’s portfolio may change on dayswhen shareholders will not be able to purchase or sell thefund’s shares.

Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment at an acceptable price.This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restrictedsecurities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk. This may affect only certain securities or an overallsecurities market.

Although the fund primarily seeks to redeem shares of thefund on an in-kind basis, if the fund is forced to sell under-lying investments at reduced prices or under unfavorableconditions to meet redemption requests or other cashneeds, the fund may suffer a loss. This may be magnifiedin circumstances where redemptions from the fund maybe higher than normal.

Geographic focus risk. Focusing investments in a singlecountry or few countries, or regions, involves increasedpolitical, regulatory and other risks. Market swings in sucha targeted country, countries or regions are likely to havea greater effect on fund performance than they would in amore geographically diversified fund.

Operational risk. Cyber-attacks, disruptions, or failuresthat affect the fund’s service providers or counterparties,issuers of securities held by the fund, or other marketparticipants may adversely affect the fund and its share-holders, including by causing losses for the fund orimpairing fund operations.

Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to processcreation and/or redemption orders, (including in situationswhere APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,

shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).

Non-diversification risk. At any given time, due to thecomposition of the Underlying Index, the fund may be clas-sified as “non-diversified” under the Investment CompanyAct of 1940, as amended. This means that the fund mayinvest in securities of relatively few issuers. Thus, theperformance of one or a small number of portfolio hold-ings can affect overall performance.

Securities lending risk. Securities lending involves therisk that the fund may lose money because the borrowerof the loaned securities fails to return the securities in atimely manner or at all. The fund could also lose money inthe event of a decline in the value of the collateral providedfor the loaned securities or a decline in the value of anyinvestments made with cash collateral. These events, andsecurities lending in general, could trigger adverse taxconsequences for the fund and its investors. For example,if the fund loans its securities, the fund and its investorsmay lose the ability to treat certain fund distributions asso-ciated with those securities as qualified dividend income.

PAST PERFORMANCE

The bar chart and table below provide some indication ofthe risks of investing in the fund by showing changes inthe fund’s performance from year to year and by showinghow the fund’s average annual returns compare with thoseof the Underlying Index and a broad measure of marketperformance. The fund’s past performance (before andafter taxes) is not necessarily an indication of how the fundwill perform in the future. Updated performance informa-tion is available on the fund’s website atwww.Xtrackers.com.

CALENDAR YEAR TOTAL RETURNS(%)

11.03

-4.04

1.68

-10.73

6.10

27.29

-11.12-20

-10

0

10

20

30

40

2012 2013 2014 2015 2016 2017 2018

Returns Period ending

Best Quarter 9.37% March 31, 2012Worst Quarter -13.21% September 30, 2015Year-to-Date 9.36% June 30, 2019

AVERAGE ANNUAL TOTAL RETURNS(For periods ended 12/31/2018 expressed as a %)

All after-tax returns are calculated using the historicalhighest individual federal marginal income tax rates and donot reflect the impact of any state or local tax. Your own


actual after-tax returns will depend on your tax situationand may differ from what is shown here. After-tax returnsare not relevant to investors who hold shares of the fund intax-deferred accounts such as individual retirementaccounts (“IRAs”) or employee-sponsored retirementplans.

Inception Date1

Year5

YearsSince

Inception

Returns before tax 6/9/2011 -11.12 1.73 0.15

After tax on distribu-tions 6/9/2011 -11.53 1.22 -0.39After tax on distribu-tions and sale of fundshares 6/9/2011 -5.98 1.34 0.14

MSCI EM US DollarHedged Index (reflectsno deductions for fees,expenses or taxes) -10.35 3.03 2.18

MSCI EM Index (reflectsno deductions for fees,expenses or taxes) -14.58 1.65 0.17

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers

Bryan Richards, CFA, Managing Director. PortfolioManager of the fund. Began managing the fund in 2016.

Patrick Dwyer, Director. Portfolio Manager of the fund.Began managing the fund in 2016.

Shlomo Bassous,Vice President. Portfolio Manager ofthe fund. Began managing the fund in 2017.

PURCHASE AND SALE OF FUND SHARES

The fund is an exchange-traded fund (commonly referredto as an “ETF”). Individual fund shares may only bepurchased and sold through a brokerage firm. The price offund shares is based on market price, and because ETFshares trade at market prices rather than NAV, shares maytrade at a price greater than NAV (a premium) or less thanNAV (a discount). The fund will only issue or redeemshares that have been aggregated into blocks of 50,000shares or multiples thereof (“Creation Units”) to APs whohave entered into agreements with ALPS Distributors,Inc., the fund’s distributor.

TAX INFORMATION

The fund’s distributions are generally taxable to you asordinary income or capital gains, except when your invest-ment is in an IRA, 401(k), or other tax-deferred investmentplan. Any withdrawals you make from such tax- advan-taged investment plans, however, may be taxable to you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase shares of the fund through a broker-dealeror other financial intermediary (such as a bank), theAdvisor or other related companies may pay the interme-diary for marketing activities and presentations,educational training programs, the support of technologyplatforms and/or reporting systems or other servicesrelated to the sale or promotion of the fund. Thesepayments may create a conflict of interest by influencingthe broker-dealer or other intermediary and your sales-person to recommend the fund over another investment.Ask your salesperson or visit your financial intermediary’swebsite for more information.


Xtrackers MSCI EAFE Hedged Equity ETF

Ticker: DBEF Stock Exchange: NYSE Arca, Inc.


Xtrackers MSCI EAFE Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEAFE US Dollar Hedged Index (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.35

Other Expenses None




$36 $113 $197 $443



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track developedmarket performance while mitigating exposure to fluctua-tions between the value of the US dollar and thecurrencies of the countries included in the UnderlyingIndex. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least

7Prospectus October 1, 2019 Xtrackers MSCI EAFE Hedged Equity ETF


As of July 31, 2019, the Underlying Index consisted of 923securities, with an average market capitalization of approxi-mately $14.95 billion and a minimum market capitalizationof approximately $1.2 billion, from issuers in the followingcountries: Australia, Austria, Belgium, Denmark, Finland,France, Germany, Hong Kong, Ireland, Israel, Italy, Japan,Netherlands, New Zealand, Norway, Portugal, Singapore,Spain, Sweden, Switzerland and the United Kingdom.



The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from Europe,Australia and the Far East and in instruments designedto hedge against the fund’s exposure to non-US curren-cies. As of July 31, 2019, a significant percentage of theUnderlying Index was comprised of securities of issuersfrom Japan (24.0%) and the United Kingdom (16.7%).

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services sector (18.7%). The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as wellas investment banking and brokerage and insurance. To theextent that the fund tracks the Underlying Index, thefund’s investment in certain sectors or countries maychange over time.



MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, andin the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.






European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debtlevel and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. InJune 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may have

on the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.

European countries are also significantly affected by fiscaland monetary controls implemented by the EuropeanEconomic and Monetary Union (EMU), and it is possiblethat the timing and substance of these controls may notaddress the needs of all EMU member countries. Investingin euro-denominated securities also risks exposure to acurrency that may not fully reflect the strengths and weak-nesses of the disparate economies that comprise Europe.There is continued concern over member state-levelsupport for the euro, which could lead to certain countriesleaving the EMU, the implementation of currency controls,or potentially the dissolution of the euro. The dissolution ofthe euro could have significant negative effects on Euro-pean financial markets.




Forward currency contract risk. The fund’s forwardcurrency contracts may not be successful in minimizingthe impact of changes in the value of the non-US curren-cies against the US dollar. To the extent the fund’s forwardcurrency contracts are not successful, the US dollar valueof your investment in the fund may go down. Furthermore,


because no changes in the currency weights in the Under-lying Index are made during the month to account forchanges in the Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of non-US currenciesagainst the US dollar during the month may affect thevalue of the fund’s investment. Currency exchange ratescan be very volatile and can change quickly and unpredict-ably. Therefore, the value of an investment in the fund mayalso go up or down quickly and unpredictably and investorsmay lose money. NDFs may be less liquid than deliver-able forward currency contracts. A lack of liquidity in NDFsof the hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.



Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the construction

of the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV is


likely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.






Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to process

creation and/or redemption orders, (including in situationswhere APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).



PAST PERFORMANCE



18.1525.90

5.26 4.50 5.75

16.60

-9.27-20

-10

0

10

20

30

40

2012 2013 2014 2015 2016 2017 2018


Best Quarter 10.75% March 31, 2012Worst Quarter -11.67% December 31, 2018Year-to-Date 15.12% June 30, 2019



All after-tax returns are calculated using the historicalhighest individual federal marginal income tax rates and donot reflect the impact of any state or local tax. Your ownactual after-tax returns will depend on your tax situationand may differ from what is shown here. After-tax returnsare not relevant to investors who hold shares of the fund intax-deferred accounts such as individual retirementaccounts (“IRAs”) or employee-sponsored retirementplans.

Inception Date1

Year5

YearsSince

Inception


After tax on distribu-tions 6/9/2011 -9.90 3.23 5.53After tax on distribu-tions and sale of fundshares 6/9/2011 -4.98 3.09 5.17

MSCI EAFE US DollarHedged Index (reflectsno deductions for fees,expenses or taxes) -8.96 4.61 7.06

MSCI EAFE Index(reflects no deductionsfor fees, expenses ortaxes) -13.79 0.53 3.04

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI Germany Hedged Equity ETF

Ticker: DBGR Stock Exchange: NYSE Arca, Inc.


The Xtrackers MSCI Germany Hedged Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Germany US Dollar Hedged Index (the “UnderlyingIndex”).

FEES AND EXPENSES



Management fee 0.45

Other Expenses None




$46 $144 $252 $567



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the German equity market while mitigatingexposure to fluctuations between the value of the USdollar and the euro. The fund uses a full replication indexingstrategy to seek to track the Underlying Index. As such,the fund invests directly in the component securities (or asubstantial number of the component securities) of theUnderlying Index in substantially the same weightings inwhich they are represented in the Underlying Index. If it isnot possible for the fund to acquire component securi-ties due to limited availability or regulatory restrictions, thefund may use a representative sampling indexing strategyto seek to track the Underlying Index instead of a full repli-cation indexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representativesample of securities that collectively has an investmentprofile similar to the Underlying Index. The securitiesselected are expected to have, in the aggregate, invest-ment characteristics (based on factors such as marketcapitalization and industry weightings), fundamental char-acteristics (such as return variability and yield), and liquiditymeasures similar to those of the Underlying Index. Thefund may or may not hold all of the securities in the Under-lying Index when using a representative sampling indexingstrategy. The fund will invest at least 80% of its total

13Prospectus October 1, 2019 Xtrackers MSCI Germany Hedged Equity ETF

assets (but typically far more) in component securities(including depositary receipts in respect of such securities)of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of 64securities, with an average market capitalization of approxi-mately $18.62 billion and a minimum market capitalizationof approximately $1.61 billion.

The fund enters into forward currency contracts designedto offset the fund’s exposure to the euro. The fund hedgesthe euro to the US dollar by selling euro currency forwardsat the one-month forward rate published by WM/Reuters.The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the euro based on currency weights as of the beginningof each month. While this approach is designed to mini-mize the impact of currency fluctuations on fund returns,this does not necessarily eliminate exposure to all currencyfluctuations. The return of the forward currency contractsmay not perfectly offset the actual fluctuations of the eurorelative to the US dollar.

The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physicaldelivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of German issuers andin instruments designed to hedge against the fund’s expo-sure to the euro. As of July 31, 2019, the Underlying Indexwas solely comprised of securities of issuers fromGermany.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theconsumer discretionary sector (18.2%) and in the financialservices sector (16.3%). The consumer discretionarygoods sector includes durable goods, apparel, entertain-ment and leisure, and automobiles. The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as well asinvestment banking and brokerage and insurance. To theextent that the fund tracks the Underlying Index, the fund’sinvestment in certain sectors may change over time.

While the fund is currently classified as “non-diversified”under the Investment Company Act of 1940, as amended,it may operate as or become classified as “diversified”over time. The fund could again become non-diversified

solely as a result of a change in relative market capitaliza-tion or index weighting of one or more constituents of theindex that the fund is designed to track. Shareholderapproval will not be sought when the fund crosses fromdiversified to non-diversified status under suchcircumstances.


MAIN RISKS








Risks related to investing in Germany. The Germaneconomy is dependent on the other countries in Europe askey trade partners. Exports account for more thanone-third of Germany’s output and are a key element inGerman economic expansion. Reduction in spending byEuropean countries on German products and services ornegative changes in any of these countries may cause anadverse impact on the German economy. In addition, theUS is a large trade and investment partner of Germany.Decreasing US imports, new trade regulations, changes inthe US dollar exchange rates or a recession in the US mayalso have an adverse impact on the German economy.

Investing in German issuers involves political, social andregulatory risks. Certain sectors and regions of Germanyhave experienced high unemployment and social unrest.These issues may have an adverse effect on the Germaneconomy or the German industries or sectors in which the

fund invests. Heavy regulation of labor and productmarkets is pervasive in Germany. These regulations maystifle economic growth or result in extended recessionaryperiods.

European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debtlevel and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. InJune 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may haveon the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.





Consumer discretionary sector risk. To the extent thatthe fund invests significantly in the consumer discretionarysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the consumer discretionary sector.Companies engaged in the consumer discretionary sectorare subject to fluctuations in supply and demand. Thesecompanies may also be adversely affected by changes inconsumer spending as a result of world events, politicaland economic conditions, commodity price volatility,changes in exchange rates, imposition of import controls,increased competition, depletion of resources and laborrelations.


Forward currency contract risk. The fund’s forwardcurrency contracts may not be successful in minimizingthe impact of changes in the value of the non-US curren-cies against the US dollar. To the extent the fund’s forwardcurrency contracts are not successful, the US dollar valueof your investment in the fund may go down. Furthermore,because no changes in the currency weights in the Under-lying Index are made during the month to account forchanges in the Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of non-US currenciesagainst the US dollar during the month may affect thevalue of the fund’s investment. Currency exchange ratescan be very volatile and can change quickly and unpredict-ably. Therefore, the value of an investment in the fund mayalso go up or down quickly and unpredictably and investorsmay lose money. NDFs may be less liquid than deliver-able forward currency contracts. A lack of liquidity in NDFsof the hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.

Counterparty risk. A financial institution or othercounterparty with whom the fund does business, or thatunderwrites, distributes or guarantees any investments orcontracts that the fund owns or is otherwise exposed to,may decline in financial health and become unable to

honor its commitments. This could cause losses for thefund or could delay the return or delivery of collateral orother assets to the fund.


Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviate


from the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.




Country concentration risk. To the extent that the fundinvests significantly in a single country, it is more likely tobe impacted by events or conditions affecting that country.For example, political and economic conditions andchanges in regulatory, tax or economic policy in a countrycould significantly affect the market in that country andin surrounding or related countries and have a negativeimpact on the fund’s performance.


Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to processcreation and/or redemption orders, (including in situationswhere APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).

Non-diversification risk. The fund is classified asnon-diversified under the Investment Company Act of1940, as amended. This means that the fund may invest insecurities of relatively few issuers. Thus, the performanceof one or a small number of portfolio holdings can affectoverall performance.


If the fund becomes classified as “diversified” over timeand again becomes non-diversified as a result of a changein relative market capitalization or index weighting of oneor more constituents of the index that the fund is designedto track, non-diversification risk would apply.


PAST PERFORMANCE


Effective May 31, 2013, changes were made to the fund’sinvestment objective. Prior to May 31, 2013, the fund wasknown as dbx-trackers MSCI Canada Hedged Equity Fund(DBCN). Returns reflect performance for DBCN and itsunderlying hedged and unhedged indices through May 31,2013.


5.97

17.76

2.207.68 7.28

13.58

-16.04

-30

-20

-10

0

10

20

30

2012 2013 2014 2015 2016 2017 2018




All after-tax returns are calculated using the historicalhighest individual federal marginal income tax rates and donot reflect the impact of any state or local tax. Your own

actual after-tax returns will depend on your tax situationand may differ from what is shown here. After-tax returnsare not relevant to investors who hold shares of the fund intax-deferred accounts such as individual retirementaccounts (“IRAs”) or employee-sponsored retirementplans.

Inception Date1

Year5

YearsSince

Inception



MSCI Germany USDollar Hedged Index(reflects no deductionsfor fees, expenses ortaxes) -15.72 2.74 3.64

MSCI Germany Index(reflects no deductionsfor fees, expenses ortaxes) -22.17 -2.13 0.44

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION



Xtrackers MSCI Japan Hedged Equity ETF

Ticker: DBJP Stock Exchange: NYSE Arca, Inc.


The Xtrackers MSCI Japan Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIJapan US Dollar Hedged Index (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.45

Other Expenses None




$46 $145 $252 $568



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the Japanese equity market while mitigatingexposure to fluctuations between the value of the USdollar and the Japanese yen. The fund uses a full replica-tion indexing strategy to seek to track the UnderlyingIndex. As such, the fund invests directly in the componentsecurities (or a substantial number of the component secu-rities) of the Underlying Index in substantially the sameweightings in which they are represented in the UnderlyingIndex. If it is not possible for the fund to acquire compo-nent securities due to limited availability or regulatoryrestrictions, the fund may use a representative samplingindexing strategy to seek to track the Underlying Indexinstead of a full replication indexing strategy. “Representa-tive sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. The

20Prospectus October 1, 2019 Xtrackers MSCI Japan Hedged Equity ETF

fund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.


The fund enters into forward currency contracts designedto offset the fund’s exposure to the Japanese yen. Thefund hedges the Japanese yen to the US dollar by sellingJapanese yen currency forwards at the one-month forwardrate published by WM/Reuters.

The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the Japanese yen based on currency weights as of thebeginning of each month. While this approach is designedto minimize the impact of currency fluctuations on fundreturns, this does not necessarily eliminate exposure to allcurrency fluctuations. The return of the forward currencycontracts may not perfectly offset the actual fluctuations ofthe Japanese yen relative to the US dollar. The fund mayuse non-deliverable forward (“NDF”) contracts to executeits hedging transactions. An NDF is a contract where thereis no physical settlement of two currencies at maturity (asopposed to deliverable forward contracts, which per theirterms are settled by physical delivery of the currencies).Rather, based on the movement of the currencies and thecontractually agreed upon exchange rate, a net cash settle-ment is made by one party to the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of Japanese issuers andin instruments designed to hedge against the fund’s expo-sure to the Japanese yen. As of July 31, 2019, theUnderlying Index was solely comprised of securities ofissuers from Japan.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theindustrials (21.1%) and consumer discretionary (18.5%)sectors. The industrials sector includes companiesengaged in the manufacture and distribution of capitalgoods, such as those used in defense, construction andengineering, companies that manufacture and distributeelectrical equipment and industrial machinery and thosethat provide commercial and transportation services andsupplies. Consumer discretionary goods include durablegoods, apparel, entertainment and leisure, and automo-biles. To the extent that the fund tracks the UnderlyingIndex, the fund’s investment in certain sectors may changeover time.



MAIN RISKS








Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,

especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that hashistorically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity pricescould therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.




Industrials sector risk. To the extent that the fund investssignificantly in the industrials sector, the fund will be sensi-tive to changes in, and the fund’s performance maydepend to a greater extent on, the overall condition of theindustrials sector. Companies in the industrials sector maybe adversely affected by changes in government regula-tion, world events and economic conditions. In addition,companies in the industrials sector may be adverselyaffected by environmental damages, product liability claimsand exchange rates.





Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the Underlying

Index) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different time


than the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.









PAST PERFORMANCE




19.57

51.69

7.80 9.08

-2.00

20.83

-14.03-40

-20

0

20

40

60

80

2012 2013 2014 2015 2016 2017 2018





ClassInception

1Year

5Years

SinceInception



MSCI Japan US DollarHedged Index (reflectsno deductions for fees,expenses or taxes) -13.61 4.30 9.73

MSCI Japan Index(reflects no deductionsfor fees, expenses ortaxes) -12.88 3.06 5.33

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI Europe Hedged Equity ETF

Ticker: DBEU Stock Exchange: NYSE Arca, Inc.


Xtrackers MSCI Europe Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEurope US Dollar Hedged Index (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.45

Other Expenses None




$46 $144 $252 $567



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the developed markets in Europe, whilemitigating exposure to fluctuations between the value ofthe US dollar and the currencies of the countries includedin the Underlying Index. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the UnderlyingIndex instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. The

26Prospectus October 1, 2019 Xtrackers MSCI Europe Hedged Equity ETF

fund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 442securities, with an average market capitalization of approxi-mately $19.56 billion and a minimum market capitalizationof approximately $1.51 billion, from issuers in thefollowing countries: Austria, Belgium, Denmark, Finland,France, Germany, Ireland, Italy, Netherlands, Norway,Portugal, Spain, Sweden, Switzerland and the UnitedKingdom.



The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from Europeand in instruments designed to hedge against the fund’sexposure to non-US currencies. As of July 31, 2019, asignificant percentage of the Underlying Index wascomprised of securities of issuers from the UnitedKingdom (26.6%) and France (18.0%).




MAIN RISKS














Forward currency contract risk. The fund’s forwardcurrency contracts may not be successful in minimizingthe impact of changes in the value of the non-US curren-cies against the US dollar. To the extent the fund’s forwardcurrency contracts are not successful, the US dollar valueof your investment in the fund may go down. Furthermore,


because no changes in the currency weights in the Under-lying Index are made during the month to account forchanges in the Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of non-US currenciesagainst the US dollar during the month may affect thevalue of the fund’s investment. Currency exchange ratescan be very volatile and can change quickly and unpredict-ably. Therefore, the value of an investment in the fund mayalso go up or down quickly and unpredictably and investorsmay lose money. NDFs may be less liquid than deliver-able forward currency contracts. A lack of liquidity in NDFsof the hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.





Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV is


likely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.






Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to process

creation and/or redemption orders, (including in situationswhere APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).



PAST PERFORMANCE



4.45 4.218.15

14.61

-8.50

-20

-10

0

10

20

30

2014 2015 2016 2017 2018






Inception Date1

Year5

YearsSince

Inception



MSCI Europe US DollarHedged Index (reflectsno deductions for fees,expenses or taxes) -8.20 4.66 5.58

MSCI Europe Index(reflects no deductionsfor fees, expenses ortaxes) -14.86 -0.61 0.87

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI All World ex US Hedged Equity ETF

Ticker: DBAW Stock Exchange: NYSE Arca, Inc.


The Xtrackers MSCI All World ex US Hedged Equity ETF(the “fund”) seeks investment results that correspondgenerally to the performance, before fees and expenses,of the MSCI ACWI ex USA US Dollar Hedged Index (the“Underlying Index”).

FEES AND EXPENSES



Management fee 0.40

Other Expenses None




$41 $129 $225 $507



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities in developed and emergingstock markets (excluding the United States), while miti-gating exposure to fluctuations between the value of theUS dollar and the currencies of the countries included inthe Underlying Index. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the UnderlyingIndex instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index when

32Prospectus October 1, 2019 Xtrackers MSCI All World ex US Hedged Equity ETF

using a representative sampling indexing strategy. Thefund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of2,205 securities, with an average market capitalization ofapproximately $9.37 billion and a minimum market capital-ization of approximately $65 million, from issuers in thefollowing countries: Argentina, Australia, Austria, Belgium,Brazil, Canada, Chile, China, Colombia, Czech Republic,Denmark, Egypt, Finland, France, Germany, Greece, HongKong, Hungary, India, Indonesia, Ireland, Israel, Italy,Japan, Malaysia, Mexico, Netherlands, New Zealand,Norway, Pakistan, Peru, Philippines, Poland, Portugal,Qatar, Russia, Saudi Arabia, Singapore, South Africa, SouthKorea, Spain, Sweden, Switzerland, Taiwan, Thailand,Turkey, the United Arab Emirates and the United Kingdom.



The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from coun-tries other than the United States and in instrumentsdesigned to hedge against the fund’s exposure to non-UScurrencies. As of July 31, 2019, a significant percentage ofthe Underlying Index was comprised of securities ofissuers from Japan (16.5%).

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services sector (21.6%). The financial servicessector includes companies involved in banking, consumer

finance, asset management and custody banks, as well asinvestment banking and brokerage and insurance. To theextent that the fund tracks the Underlying Index, the fund’sinvestment in certain sectors or countries may changeover time.



MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, andin the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies and


markets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.






Small and medium-sized company risk. Small andmedium-sized company stocks tend to be more volatilethan large company stocks. Because stock analysts areless likely to follow medium-sized companies, less infor-mation about them is available to investors. Industry-wide

reversals may have a greater impact on small and medium-sized companies, since they lack the financial resourcesof larger companies. Small and medium-sized companystocks are typically less liquid than large company stocks.







Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.


Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment at an acceptable price.This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security that


trades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restrictedsecurities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk. This may affect only certain securities or an overallsecurities market.






Securities lending risk. Securities lending involves therisk that the fund may lose money because the borrowerof the loaned securities fails to return the securities in atimely manner or at all. The fund could also lose money inthe event of a decline in the value of the collateral providedfor the loaned securities or a decline in the value of anyinvestments made with cash collateral. These events, and

securities lending in general, could trigger adverse taxconsequences for the fund and its investors. For example,if the fund loans its securities, the fund and its investorsmay lose the ability to treat certain fund distributions asso-ciated with those securities as qualified dividend income.

PAST PERFORMANCE



0.336.44

18.49

-9.48-20

-10

0

10

20

30

2015 2016 2017 2018






Inception Date1

YearSince

Inception

Returns before tax 1/23/2014 -9.48 3.68

After tax on distribu-tions 1/23/2014 -9.95 2.46After tax on distribu-tions and sale of fundshares 1/23/2014 -5.04 2.56

MSCI ACWI ex USA USDollar Hedged Index(reflects no deductionsfor fees, expenses ortaxes) -9.26 4.14

MSCI ACWI ex USAIndex (reflects no deduc-tions for fees, expensesor taxes) -14.20 0.74

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION




If you purchase shares of the fund through a broker-dealeror other financial intermediary (such as a bank), theAdvisor or other related companies may pay the interme-diary for marketing activities and presentations,educational training programs, the support of technology

platforms and/or reporting systems or other servicesrelated to the sale or promotion of the fund. Thesepayments may create a conflict of interest by influencingthe broker-dealer or other intermediary and your sales-person to recommend the fund over another investment.Ask your salesperson or visit your financial intermediary’swebsite for more information.


Xtrackers MSCI South Korea Hedged Equity ETF

Ticker: DBKO Stock Exchange: NYSE Arca, Inc.


The Xtrackers MSCI South Korea Hedged Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Korea 25/50 US Dollar Hedged Index (the “Under-lying Index”).

FEES AND EXPENSES



Management fee 0.58

Other Expenses None




$59 $186 $324 $726



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the South Korean equity market while mitigatingexposure to fluctuations between the value of the USdollar and the South Korean won. The fund uses a full repli-cation indexing strategy to seek to track the UnderlyingIndex. As such, the fund invests directly in the componentsecurities (or a substantial number of the component secu-rities) of the Underlying Index in substantially the sameweightings in which they are represented in the UnderlyingIndex. If it is not possible for the fund to acquire compo-nent securities due to limited availability or regulatoryrestrictions, the fund may use a representative samplingindexing strategy to seek to track the Underlying Indexinstead of a full replication indexing strategy. “Representa-tive sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy.

38Prospectus October 1, 2019 Xtrackers MSCI South Korea Hedged Equity ETF

The fund will invest at least 80% of its total assets (buttypically far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 114securities, with an average market capitalization of approxi-mately $5.56 billion and a minimum market capitalizationof approximately $108 million.

The fund enters into forward currency contracts designedto offset the fund’s exposure to the South Korean won.The fund hedges the South Korean won to the US dollar byselling South Korean won currency forwards at theone-month forward rate published by WM/Reuters. Theamount of forward contracts in the fund is based on theaggregate exposure of the fund and Underlying Index tothe South Korean won based on currency weights as ofthe beginning of each month. While this approach isdesigned to minimize the impact of currency fluctuationson fund returns, this does not necessarily eliminate expo-sure to all currency fluctuations. The return of the forwardcurrency contracts may not perfectly offset the actual fluc-tuations of the South Korean won relative to the US dollar.The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physicaldelivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of South Korean issuersand in instruments designed to hedge against the fund’sexposure to the South Korean won. As of July 31, 2019,the Underlying Index was solely comprised of securities ofissuers from South Korea.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theinformation technology sector (35.0%). The informationtechnology sector includes companies engaged in devel-oping software and providing data processing andoutsourced services, along with manufacturing and distrib-uting communications equipment, computers and otherelectronic equipment and instruments. To the extent thatthe fund tracks the Underlying Index, the fund’s invest-ment in certain sectors may change over time.

While the fund is currently classified as “non-diversified”under the Investment Company Act of 1940, as amended,it may operate as or become classified as “diversified”over time. The fund could again become non-diversified

solely as a result of a change in relative market capitaliza-tion or index weighting of one or more constituents of theindex that the fund is designed to track. Shareholderapproval will not be sought when the fund crosses fromdiversified to non-diversified status under suchcircumstances.


MAIN RISKS








Emerging market securities risk. The securities ofissuers located in emerging markets tend to be more vola-tile and less liquid than securities of issuers located inmore mature economies, and emerging markets generallyhave less diverse and less mature economic structuresand less stable political systems than those of developedcountries. The securities of issuers located or doingsubstantial business in emerging markets are often subjectto rapid and large changes in price.Risks related to investing in South Korea. Investmentsin South Korean issuers may subject the fund to legal,regulatory, political, currency, security, and economic risksthat are specific to South Korea. Substantial politicaltensions exist between North Korea and South Korea andrecently, these political tensions have escalated. Theoutbreak of hostilities between the two nations, or eventhe threat of an outbreak of hostilities will likely adverselyimpact the South Korean economy. In addition, SouthKorea’s economic growth potential has recently been on a

decline, mainly because of a rapidly aging population andstructural problems. In addition, economic and politicaldevelopments of South Korean neighbors may have anadverse effect on the South Korean economy.



Information technology sector risk. To the extent that thefund invests significantly in the information technologysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the information technology sector. Infor-mation technology companies are particularly vulnerable togovernment regulation and competition, both domesti-cally and internationally, including competition from foreigncompetitors with lower production costs. Information tech-nology companies also face competition for services ofqualified personnel. Additionally, the products of informa-tion technology companies may face obsolescence due torapid technological development and frequent newproduct introduction by competitors. Finally, informationtechnology companies are heavily dependent on patentand intellectual property rights, the loss or impairment ofwhich may adversely affect profitability.

Forward currency contract risk. The fund’s forwardcurrency contracts may not be successful in minimizingthe impact of changes in the value of the non-US curren-cies against the US dollar. To the extent the fund’s forwardcurrency contracts are not successful, the US dollar valueof your investment in the fund may go down. Furthermore,because no changes in the currency weights in the Under-lying Index are made during the month to account forchanges in the Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of non-US currenciesagainst the US dollar during the month may affect thevalue of the fund’s investment. Currency exchange ratescan be very volatile and can change quickly and unpredict-ably. Therefore, the value of an investment in the fund mayalso go up or down quickly and unpredictably and investorsmay lose money. NDFs may be less liquid than deliver-able forward currency contracts. A lack of liquidity in NDFs


of the hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.



Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent the

fund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasing


and selling shares in the secondary market may not experi-ence investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.



If the fund is forced to sell underlying investments atreduced prices or under unfavorable conditions to meetredemption requests or other cash needs, the fund maysuffer a loss.






Cash transactions risk. Unlike most other ETFs, the fundexpects to effect its creations and redemptions principallyfor cash, rather than in-kind securities. Paying redemptionproceeds in cash rather than through in-kind delivery ofportfolio securities may require the fund to dispose of orsell portfolio investments to obtain the cash needed todistribute redemption proceeds at an inopportune time.This may cause the fund to recognize gains or losses thatit might not have incurred if it had made a redemptionin- kind. As a result, the fund may pay out higher or lowerannual capital gains distributions than ETFs that redeem inkind. Only APs who have entered into an agreement withthe fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.


PAST PERFORMANCE




-1.95

9.33

27.95

-16.16

-40

-20

0

20

40

2015 2016 2017 2018


Best Quarter 12.12% June 30, 2017Worst Quarter -11.67% December 31, 2018Year-to-Date 6.07% June 30, 2019



Inception Date1

YearSince

Inception



MSCI Korea 25/50 USDollar Hedged Index(reflects no deductionsfor fees, expenses ortaxes) -15.28 2.60

MSCI Korea 25/50 Index(reflects no deductionsfor fees, expenses ortaxes) -20.01 1.68

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI All World ex US High DividendYield Equity ETF

Ticker: HDAW Stock Exchange: NYSE Arca, Inc.


The Xtrackers MSCI All World ex US High Dividend YieldEquity ETF (the “fund”) seeks investment results thatcorrespond generally to the performance, before fees andexpenses, of the MSCI ACWI ex USA High Dividend YieldIndex (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.20

Other Expenses None




$20 $64 $113 $255



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities in developed and emergingstock markets (excluding the United States).

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index isdesigned to reflect the performance of equities (excluding

44Prospectus October 1, 2019 Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

real estate investment trusts (“REITs”)) in its parent index,the MSCI ACWI ex US Index, with higher dividend incomeand quality characteristics than average dividend yields ofequities in the parent index, where such higher dividendincome and quality characteristics are both sustainable andpersistent. The fund will invest at least 80% of its totalassets (but typically far more) in component securities(including depositary receipts in respect of such securities)of the Underlying Index.

The Underlying Index is a free float adjusted market capi-talization weighted index. As of July 31, 2019, theUnderlying Index consisted of 333 securities, with anaverage market capitalization of approximately $10.87billion and a minimum market capitalization of approxi-mately $66 million, from issuers in the following countries:Argentina, Australia, Austria, Belgium, Brazil, Canada,Chile, China, Colombia, Czech Republic, Denmark, Egypt,Finland, France, Germany, Greece, Hong Kong, Hungary,India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia,Mexico, Netherlands, New Zealand, Norway, Pakistan,Peru, Philippines, Poland, Portugal, Qatar, Russia, SaudiArabia, Singapore, South Africa, South Korea, Spain,Sweden, Switzerland, Taiwan, Thailand, Turkey, the UnitedArab Emirates and the United Kingdom. The UnderlyingIndex is rebalanced semi-annually in May and November,and thus the fund rebalances its portfolio in correspondingfashion.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities of issuers located in coun-tries other than the United States. The fund will not enterinto transactions to hedge against declines in the valueof the fund’s assets that are denominated in foreigncurrency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (28.0%) and healthcare (15.6%) sectors.The financial services sector includes companies involvedin banking, consumer finance, asset management andcustody banks, as well as investment banking andbrokerage and insurance. Industries in the healthcaresector include pharmaceuticals, biotechnology, medicalproducts and supplies, and health care services. To theextent that the fund tracks the Underlying Index, the fund’sinvestment in certain sectors or countries may changeover time.



MAIN RISKS



Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time, or the anticipated acceleration ofdividends may not occur as a result of, among other things,a sharp rise in interest rates or an economic downturn. If


the dividend-paying stocks held by the fund reduce or stoppaying dividends, the fund’s ability to generate incomemay be adversely affected.





European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debtlevel and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. InJune 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.

Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may haveon the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.





Financial services sector risk. To the extent that the fundinvests significantly in the financial services sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the financial services sector. The financialservices sector is subject to extensive government regula-tion, can be subject to relatively rapid change due toincreasingly blurred distinctions between servicesegments, and can be significantly affected by availabilityand cost of capital funds, changes in interest rates, therate of corporate and consumer debt defaults, and price


competition. In addition, the deterioration of the creditmarkets in 2007 and the ensuing financial crisis in 2008resulted in an unusually high degree of volatility in the finan-cial markets for an extended period of time, the effects ofwhich may persist indefinitely.

Healthcare sector risk. To the extent that the fund investssignificantly in the healthcare sector, the fund will be sensi-tive to changes in, and the fund’s performance maydepend to a greater extent on, the overall condition of thefinancial services sector. The healthcare sector may beaffected by government regulations and governmenthealthcare programs, increases or decreases in the cost ofmedical products and services and product liability claims,among other factors. Many healthcare companies areheavily dependent on patent protection, and the expirationof a company’s patent may adversely affect that compa-ny’s profitability. Healthcare companies are subject tocompetitive forces that may result in price discounting,and may be thinly capitalized and susceptible to productobsolescence.

Currency risk. Changes in currency exchange rates andthe relative value of non-US currencies may affect thevalue of the fund’s investment and the value of your fundshares. Because the fund’s NAV is determined on thebasis of the US dollar, investors may lose money if theforeign currency depreciates against the US dollar, even ifthe foreign currency value of the fund’s holdings in thatmarket increases. Conversely, the dollar value of yourinvestment in the fund may go up if the value of theforeign currency appreciates against the US dollar. Thevalue of the US dollar measured against other currenciesis influenced by a variety of factors. These factors include:interest rates, national debt levels and trade deficits,changes in balances of payments and trade, domestic andforeign interest and inflation rates, global or regionalpolitical, economic or financial events, monetary policiesof governments, actual or potential government interven-tion, and global energy prices. Political instability, thepossibility of government intervention and restrictive oropaque business and investment policies may also reducethe value of a country’s currency. Government monetarypolicies and the buying or selling of currency by a country’sgovernment may also influence exchange rates. Currencyexchange rates can be very volatile and can change quicklyand unpredictably. Therefore, the value of an investmentin the fund may also go up or down quickly and unpredict-ably and investors may lose money.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created and


redeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads andextended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.



Although the fund primarily seeks to redeem shares of thefund on an in-kind basis, if the fund is forced to sell under-lying investments at reduced prices or under unfavorableconditions to meet redemption requests or other cash

needs, the fund may suffer a loss. This may be magnifiedin circumstances where redemptions from the fund maybe higher than normal.






PAST PERFORMANCE

The bar chart and table below provide some indication ofthe risks of investing in the fund by showing changes inthe fund’s performance from year to year and by showinghow the fund’s average annual returns compare with those


of the Underlying Index and a broad measure of marketperformance. The fund’s past performance (before andafter taxes) is not necessarily an indication of how the fundwill perform in the future. Updated performance informa-tion is available on the fund’s website atwww.Xtrackers.com.

Prior to February 13, 2018, the fund sought investmentresults that corresponded generally to the performance,before the fund’s fees and expenses, of the MSCI ACWI exUSA High Dividend Yield US Dollar Hedged Index.


12.24 11.16

-11.92-20

-10

0

10

20

2016 2017 2018


Best Quarter 5.49% September 30, 2016Worst Quarter -9.53% December 31, 2018Year-to-Date 13.38% June 30, 2019



Inception Date1

YearSince

Inception


After tax on distribu-tions 8/12/2015 -12.76 -0.43After tax on distribu-tions and sale of fundshares 8/12/2015 -6.52 0.36

MSCI ACWI ex USAHigh DividendYieldIndex (reflects no deduc-tions for fees, expensesor taxes) -12.11 0.64


MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI EAFE High DividendYield Equity ETF

Ticker: HDEF Stock Exchange: NYSE Arca, Inc.


Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI EAFE High Dividend Yield Index (the “UnderlyingIndex”).

FEES AND EXPENSES



Management fee 0.20

Other Expenses None




$20 $64 $113 $255



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track developedmarket performance.

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index isdesigned to reflect the performance of equities (excludingREITs) in its parent index, the MSCI EAFE Index, with

50Prospectus October 1, 2019 Xtrackers MSCI EAFE High Dividend Yield Equity ETF

higher dividend income and quality characteristics thanaverage dividend yields of equities in the parent index,where such higher dividend income and quality character-istics are both sustainable and persistent. The fund willinvest at least 80% of its total assets (but typically farmore) in component securities (including depositaryreceipts in respect of such securities) of the UnderlyingIndex.

The Underlying Index is a free float adjusted market capi-talization weighted index. As of July 31, 2019, theUnderlying Index consisted of 112 securities, with anaverage market capitalization of approximately $16.46billion and a minimum market capitalization of approxi-mately $1.68 billion from issuers in the following countries:Australia, Austria, Belgium, Denmark, Finland, France,Germany, Hong Kong, Ireland, Israel, Italy, Japan, Nether-lands, New Zealand, Norway, Portugal, Singapore, Spain,Sweden, Switzerland and the United Kingdom. The Under-lying Index is rebalanced semi-annually in May andNovember, and thus the Fund rebalances its portfolio incorresponding fashion.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities located in developed coun-tries in Europe, Australasia and the Far East. As of July 31,2019, a significant percentage of the Underlying Indexwas comprised of securities of issuers from the UnitedKingdom (28.2%) and Germany (17.0%). The fund will notenter into transactions to hedge against declines in thevalue of the fund’s assets that are denominated in foreigncurrency.


While the fund is currently classified as “non-diversified”under the Investment Company Act of 1940, as amended,it may operate as or become classified as “diversified”over time. The fund could again become non-diversifiedsolely as a result of a change in relative market capitaliza-tion or index weighting of one or more constituents of theindex that the fund is designed to track. Shareholderapproval will not be sought when the fund crosses fromdiversified to non-diversified status under suchcircumstances.


MAIN RISKS



Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time, or the anticipated acceleration ofdividends may not occur as a result of, among other things,a sharp rise in interest rates or an economic downturn. If


the dividend-paying stocks held by the fund reduce or stoppaying dividends, the fund’s ability to generate incomemay be adversely affected.





European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debtlevel and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. InJune 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.

Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may haveon the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.





Healthcare sector risk. To the extent that the fund investssignificantly in the healthcare sector, the fund will be sensi-tive to changes in, and the fund’s performance maydepend to a greater extent on, the overall condition of the


financial services sector. The healthcare sector may beaffected by government regulations and governmenthealthcare programs, increases or decreases in the cost ofmedical products and services and product liability claims,among other factors. Many healthcare companies areheavily dependent on patent protection, and the expirationof a company’s patent may adversely affect that compa-ny’s profitability. Healthcare companies are subject tocompetitive forces that may result in price discounting,and may be thinly capitalized and susceptible to productobsolescence.



Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease the

fund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,


including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads andextended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.





Operational risk. Cyber-attacks, disruptions, or failuresthat affect the fund’s service providers or counterparties,issuers of securities held by the fund, or other market

participants may adversely affect the fund and its share-holders, including by causing losses for the fund orimpairing fund operations.





PAST PERFORMANCE



Prior to February 13, 2018, the fund sought investmentresults that corresponded generally to the performance,before the fund’s fees and expenses, of the MSCI EAFEHigh Dividend Yield US Dollar Hedged Index.


11.58 9.83

-13.28-20

-10

0

10

20

2016 2017 2018





Inception Date1

YearSince

Inception

Returns before tax 8/12/2015 -13.28 -0.20

After tax on distribu-tions 8/12/2015 -13.98 -1.44After tax on distribu-tions and sale of fundshares 8/12/2015 -7.36 -0.11

MSCI EAFE High Divi-dendYield Index(reflects no deductionsfor fees, expenses ortaxes) -13.23 0.12

MSCI EAFE Index(reflects no deductionsfor fees, expenses ortaxes) -13.79 0.28

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers Eurozone Equity ETF

Ticker: EURZ Stock Exchange: Cboe BZX Exchange Inc.


Xtrackers Eurozone Equity ETF (the “fund”) seeks invest-ment results that correspond generally to theperformance, before fees and expenses, of the NASDAQEurozone Large Mid Cap Index (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.09

Other Expenses None




$9 $29 $51 $115



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities of large- and mid-capitalizationcompanies based in the countries in the Economic andMonetary Union (the “EMU” or “Eurozone”) of the Euro-pean Union (“EU”). The Underlying Index is composedof equity securities of companies that are based in coun-tries in the Eurozone that have adopted the euro as theircommon currency and sole legal tender. Whenconstructing the Underlying Index, Nasdaq Global Indexes(“Nasdaq” or the “Index Provider”) assigns each eligibleindex security to a country which will govern its inclusionin the Underlying Index based on three categories: (i) theindex security’s country of incorporation; (ii) the index secu-rity’s country of domicile; and (iii) the index security’scountry of primary exchange listing. Generally, if two ormore of the categories match, the index security will beassigned to that country. The Underlying Index is marketcapitalization weighted and it is rebalanced semi-annuallyin March and September.

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due to

56Prospectus October 1, 2019 Xtrackers Eurozone Equity ETF

limited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least80% of its total assets (but typically far more) in compo-nent securities (including depositary receipts in respect ofsuch securities) of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of 308securities with an average market capitalization of approxi-mately $21.08 billion and a minimum market capitalizationof approximately $2.4 billion from issuers in the followingcountries: Austria, Belgium, Finland, France, Germany,Greece, Ireland, Italy, Netherlands, Portugal and Spain.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from issuers in the Eurozoneand in instruments designed to hedge the fund’s expo-sure to non-US currencies. As of July 31, 2019, asignificant percentage of the Underlying Index wascomprised of securities of issuers from France (33.9%)and Germany (27.1%). The fund will not enter into transac-tions to hedge against declines in the value of the fund’sassets that are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (19.3%), consumer goods (20.1%) andindustrials (17.0%) sectors. The financial services sectorincludes companies involved in banking, consumerfinance, asset management and custody banks, as well asinvestment banking and brokerage and insurance. Theindustrials sector includes companies engaged in themanufacture and distribution of capital goods, such asthose used in defense, construction and engineering,companies that manufacture and distribute electricalequipment and industrial machinery and those that providecommercial and transportation services and supplies. Tothe extent that the fund tracks the Underlying Index, thefund’s investment in certain sectors or countries maychange over time.

While the fund is currently classified as “non-diversified”under the Investment Company Act of 1940, as amended,it may operate as or become classified as “diversified”

over time. The fund could again become non-diversifiedsolely as a result of a change in relative market capitaliza-tion or index weighting of one or more constituents of theindex that the fund is designed to track. Shareholderapproval will not be sought when the fund crosses fromdiversified to non-diversified status under suchcircumstances.


MAIN RISKS











Medium-sized company risk. Medium-sized companystocks tend to be more volatile than large company stocks.Because stock analysts are less likely to follow medium-sized companies, less information about them is availableto investors. Industry-wide reversals may have a greaterimpact on medium-sized companies, since they lack thefinancial resources of larger companies. Medium-sizedcompany stocks are typically less liquid than largecompany stocks.


Consumer goods sector risk. To the extent that the fundinvests significantly in the consumer goods sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the consumer goods sector. The success ofconsumer goods manufacturers and retailers is tied closelyto the performance of the overall global economy, interestrates, competition, government regulation and consumerconfidence. Also, the success of food, beverage, house-hold and personal products companies may be stronglyaffected by consumer interest and marketing campaigns.Companies in the consumer goods sector may be subjectto severe competition, which may have an adverse impact


on their profitability. Changes in demographics andconsumer tastes can also affect the demand for, andsuccess of, consumer goods in the marketplace.




Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are not

factored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likely


that shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads andextended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.










PAST PERFORMANCE



Prior to October 27, 2017, the fund sought investmentresults that corresponded generally to the performance,before the fund’s fees and expenses, of the MSCISouthern Europe US Dollar Hedged Index.


-0.78

17.34

-17.10-30

-20

-10

0

10

20

30

2016 2017 2018


Best Quarter 12.29% December 31, 2016Worst Quarter -14.29% December 31, 2018Year-to-Date 16.15% June 30, 2019



Inception Date1

YearSince

Inception

Returns before tax 8/19/2015 -17.10 -4.40

After tax on distribu-tions 8/19/2015 -17.32 -4.86After tax on distribu-tions and sale of fundshares 8/19/2015 -9.29 -3.07

NASDAQ EurozoneLarge Mid Cap Index(reflects no deductionsfor fees, expenses ortaxes) -17.29 -4.23


MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers MSCI Eurozone Hedged Equity ETF

Ticker: DBEZ Stock Exchange: NYSE Arca, Inc.


Xtrackers MSCI Eurozone Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEMU IMI US Dollar Hedged Index (the “UnderlyingIndex”).

FEES AND EXPENSES



Management fee 0.45

Other Expenses None




$46 $144 $252 $567



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities based in the countries in theEuropean Monetary Union (the “EMU”), while seeking tomitigate exposure to fluctuations between the value of theUS dollar and the euro. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the UnderlyingIndex instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. The

62Prospectus October 1, 2019 Xtrackers MSCI Eurozone Hedged Equity ETF

Underlying Index is composed of equities from countriesin the EMU, or the “Eurozone,” that have adopted the euroas their common currency and sole legal tender. The fundwill invest at least 80% of its total assets (but typicallyfar more) in component securities (including depositaryreceipts in respect of such securities) of the UnderlyingIndex.

As of July 31, 2019, the Underlying Index consisted of 704securities with an average market capitalization of approxi-mately $6.97 billion and a minimum market capitalizationof approximately $76 million from issuers in the followingcountries: Austria, Belgium, Finland, France, Germany,Ireland, Italy, Netherlands, Portugal and Spain.

The fund enters into forward currency contracts designedto offset the fund’s exposure to the euro. A forwardcurrency contract involves an obligation to purchase or sella specific currency at a future date, which may be anyfixed number of days from the date of the contract agreedupon by the parties, at a price set at the time of thecontract. The fund (and the Underlying Index) hedges theeuro in the portfolio to US dollars by selling the euroforward at the one-month forward rate published byWM/Reuters.

The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the euro based on currency weights as of the beginningof each month. While this approach is designed to mini-mize the impact of currency fluctuations on fund returns,this does not necessarily eliminate exposure to all currencyfluctuations. The return of the forward currency contractsmay not perfectly offset the actual fluctuations of the eurorelative to the US dollar. The fund may use non-deliverableforward (“NDF”) contracts to execute its hedging trans-actions. An NDF is a contract where there is no physicalsettlement of two currencies at maturity (as opposed todeliverable forward contracts, which per their terms aresettled by physical delivery of the currencies). Rather,based on the movement of the currencies and the contrac-tually agreed upon exchange rate, a net cash settlementis made by one party to the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from issuers in theEurozone. As of July 31, 2019, a significant percentage ofthe Underlying Index was comprised of securities ofissuers from France (33.3%) and Germany (27.1%).

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (16.3%) and industrials (15.7%) sectors.The financial services sector includes companies involvedin banking, consumer finance, asset management andcustody banks, as well as investment banking andbrokerage and insurance. The industrials sector includes

companies engaged in the manufacture and distribution ofcapital goods, such as those used in defense, construc-tion and engineering, companies that manufacture anddistribute electrical equipment and industrial machineryand those that provide commercial and transportationservices and supplies. To the extent that the fund tracksthe Underlying Index, the fund’s investment in certainsectors or countries may change over time.



MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, and


in the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.





European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debtlevel and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. In

June 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may haveon the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.










Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are not

factored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in Fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likely


that shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. The bid-ask spread of the fund may bewider in comparison to the bid-ask spread of other ETFs,given the liquidity of the fund’s assets and the UnderlyingIndex’s (and thus the fund’s) hedging strategy. Further,secondary markets may be subject to irregular tradingactivity, wide bid-ask spreads and extended trade settle-ment periods, which could cause a material decline in thefund’s NAV. The fund’s investment results are measuredbased upon the daily NAV of the fund. Investors purchasingand selling shares in the secondary market may not expe-rience investment results consistent with thoseexperienced by those APs creating and redeeming sharesdirectly with the fund.




Geographic focus risk. Focusing investments in a singlecountry or few countries, or regions, involves increasedpolitical, regulatory and other risks. Market swings in such

a targeted country, countries or regions are likely to have agreater effect on fund performance than they would in amore geographically diversified fund.





PAST PERFORMANCE




9.895.95

15.72

-10.75-20

-10

0

10

20

30

2015 2016 2017 2018





Inception Date1

YearSince

Inception



MSCI EMU IMI USDollar Hedged Index(reflects no deductionsfor fees, expenses ortaxes) -10.61 4.85

MSCI EMU IMI NetTotalReturn (reflects nodeductions for fees,expenses or taxes) -17.41 1.28

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION






Xtrackers Japan JPX-Nikkei 400 Equity ETF

Ticker: JPN Stock Exchange: NYSE Arca, Inc.


Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the JPX-Nikkei400 Net Total Return Index (the “Underlying Index”).

FEES AND EXPENSES



Management fee 0.09

Other Expenses None




$9 $29 $51 $115



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities of issuers who are primarilylisted on the following sections of Tokyo Stock Exchange(“TSE”): the 1st section, the 2nd section, Mothers orJASDAQ. The fund uses a full replication indexing strategyto seek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index is

68Prospectus October 1, 2019 Xtrackers Japan JPX-Nikkei 400 Equity ETF

comprised of the equity securities of the 400 highestscoring issuers listed on the TSE, as measured in return onequity, cumulative operating profit and current marketvalue. The fund will invest at least 80% of its total assets(but typically far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 397securities with an average market capitalization of approxi-mately $10.9 billion and a minimum market capitalizationof approximately $505 million.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from Japanese issuers. Asof July 31, 2019, the Underlying Index was solelycomprised of issuers in Japan. The fund will not enter intotransactions to hedge against declines in the value of thefund’s assets that are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theindustrials (23.3%) and consumer discretionary (15.6%)sectors. The industrials sector includes companiesengaged in the manufacture and distribution of capitalgoods, such as those used in defense, construction andengineering, companies that manufacture and distributeelectrical equipment and industrial machinery and thosethat provide commercial and transportation services andsupplies. Consumer discretionary goods sector includesdurable goods, apparel, entertainment and leisure, andautomobiles. To the extent that the fund tracks the Under-lying Index, the fund’s investment in certain sectors maychange over time.



MAIN RISKS




Foreign governments may restrict investment byforeigners, limit withdrawal of trading profit or currencyfrom the country, restrict currency exchange or seizeforeign investments. The investments of the fund may alsobe subject to foreign withholding taxes. Foreign brokeragecommissions and other fees are generally higher than


those for US investments, and the transactions andcustody of foreign assets may involve delays in payment,delivery or recovery of money or investments.



Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that hashistorically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity pricescould therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.





Currency risk. Changes in currency exchange rates andthe relative value of non-US currencies may affect thevalue of the fund’s investment and the value of your fundshares. Because the fund’s NAV is determined on thebasis of the US dollar, investors may lose money if theforeign currency depreciates against the US dollar, even ifthe foreign currency value of the fund’s holdings in thatmarket increases. Conversely, the dollar value of yourinvestment in the fund may go up if the value of theforeign currency appreciates against the US dollar. Thevalue of the US dollar measured against other currenciesis influenced by a variety of factors. These factors include:interest rates, national debt levels and trade deficits,changes in balances of payments and trade, domestic andforeign interest and inflation rates, global or regionalpolitical, economic or financial events, monetary policiesof governments, actual or potential government interven-tion, and global energy prices. Political instability, the


possibility of government intervention and restrictive oropaque business and investment policies may also reducethe value of a country’s currency. Government monetarypolicies and the buying or selling of currency by a country’sgovernment may also influence exchange rates. Currencyexchange rates can be very volatile and can change quicklyand unpredictably. Therefore, the value of an investmentin the fund may also go up or down quickly and unpredict-ably and investors may lose money.


Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is not

based on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the timewhen the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads andextended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.










PAST PERFORMANCE



2.26

24.15

-14.19

-40

-20

0

20

40

2016 2017 2018


Best Quarter 8.70% December 31, 2017Worst Quarter -14.72% December 31, 2018Year-to-Date 7.51% June 30, 2019




Inception Date1

YearSince

Inception



JPX-Nikkei 400 NetTotal Return Index(reflects no deductionsfor fees, expenses ortaxes) -14.27 1.36

MSCI ACWI ex USAIndex (reflects no deduc-tions for fees, expensesor taxes) -14.20 -0.04

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers






TAX INFORMATION




If you purchase shares of the fund through a broker-dealeror other financial intermediary (such as a bank), theAdvisor or other related companies may pay the interme-diary for marketing activities and presentations,educational training programs, the support of technology

platforms and/or reporting systems or other servicesrelated to the sale or promotion of the fund. Thesepayments may create a conflict of interest by influencingthe broker-dealer or other intermediary and your sales-person to recommend the fund over another investment.Ask your salesperson or visit your financial intermediary’swebsite for more information.


Xtrackers MSCI Latin America Pacific Alliance ETF

Ticker: PACA Stock Exchange: NYSE Arca, Inc.


Xtrackers MSCI Latin America Pacific Alliance ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Latin America Pacific Alliance Capped Index (the“Underlying Index”).

FEES AND EXPENSES



Management fee 0.45

Other Expenses None




$46 $144 $252 $567

PORTFOLIO TURNOVERThe fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” its port-folio). A higher portfolio turnover may indicate highertransaction costs and may mean higher taxes if you areinvesting in a taxable account. These costs are notreflected in annual fund operating expenses or in theexpense example, and can affect the fund’s performance.

Portfolio turnover rate for the period from October 30,2018 (commencement of operations) through the mostrecent fiscal year, the fund’s portfolio turnover rate was44%.


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to provide exposure toequity securities of issuers from Latin American memberstates of the Pacific Alliance, currently consisting of Chile,Colombia, Mexico and Peru, as well as securities that areheadquartered and carry out the majority of operationsin the respective country. The Underlying Index is a freefloat adjusted, market capitalization-weighted index with acapping methodology applied to issuer weights so thatno single issuer of a component exceeds 25% of theUnderlying Index weight, all issuers with weight above 5%do not exceed 50% of the Underlying Index weight andno single country exceeds 50% of the Underlying Indexweight. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is an

74Prospectus October 1, 2019 Xtrackers MSCI Latin America Pacific Alliance ETF

indexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least80% of its total assets (but typically far more) in compo-nent securities of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of 137securities with an average market capitalization of approxi-mately $2.14 billion and a minimum market capitalizationof approximately $21 million from issuers in the followingcountries: Canada, Chile, Colombia, Mexico, Peru and theUnited Kingdom.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities of issuers from LatinAmerican member states of the Pacific Alliance (includingsecurities that are headquartered and carry out themajority of operations in such countries). As of July 31,2019, a significant percentage of the Underlying Index wascomprised of securities of issuers from Mexico (48.3%)and Chile (22.6%). The fund will not enter into transactionsto hedge against declines in the value of the fund’s assetsthat are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (27.9%) and consumer staples (21.3%)sectors. The financial services sector includes companiesinvolved in banking, consumer finance, asset managementand custody banks, as well as investment banking andbrokerage and insurance. The consumer staples sectorincludes companies whose businesses are less suscep-tible to economic cycles. These companies includemanufacturers and distributors of food, beverages,non-durable household goods and personal products, aswell as food and drug retail companies and consumerproduct super centers. To the extent that the fund tracksthe Underlying Index, the fund’s investment in certainsectors or countries may change over time.

While the fund is currently classified as “non-diversified”under the Investment Company Act of 1940, as amended,it may operate as or become classified as “diversified”over time. The fund could again become non-diversifiedsolely as a result of a change in relative market capitaliza-tion or index weighting of one or more constituents of theindex that the fund is designed to track. Shareholder

approval will not be sought when the fund crosses fromdiversified to non-diversified status under suchcircumstances.


MAIN RISKS



Foreign investment risk. The fund faces the risks inherentin foreign investing. Adverse political, economic or socialdevelopments could undermine the value of the fund’sinvestments or prevent the fund from realizing the fullvalue of its investments. Financial reporting standards for


companies based in foreign markets differ from those inthe US. Additionally, foreign securities markets generallyare smaller and less liquid than US markets. To the extentthat the fund invests in non-US dollar denominated foreignsecurities, changes in currency exchange rates may affectthe US dollar value of foreign securities or the income orgain received on these securities.





Latin American economic risk. High interest, inflation,government defaults and unemployment rates characterizethe economies in some Latin American countries.Currency devaluations in any Latin American country canhave a significant effect on the entire region. Becausecommodities such as oil and gas, minerals, and metalsrepresent a significant percentage of the region’s exports,the economies of Latin American countries are particu-larly sensitive to fluctuations in commodity prices. As aresult, the economies in many Latin American countriescan experience significant volatility.

Risks related to investing in Chile. Investments inChilean issuers involve risks that are specific to Chile,including legal, regulatory, political, currency, environ-mental and economic risks. Among other things, theChilean economy is heavily dependent on key trading part-ners for the export of certain commodities, making itvulnerable to commodity prices.

Risks related to investing in Colombia. Investments inColombian issuers and companies that have significantoperations in Colombia involve risks that are specific toColombia, including legal, regulatory, political andeconomic risks. The Colombian economy has grownsteadily during the past several years, and there can be noassurance that economic growth will continue. The Colom-bian economy depends heavily on oil, coal and othercommodity exports, making it vulnerable to commodityprices.

Risks related to investing in Mexico. Investments inMexican issuers involve risks that are specific to Mexico,including legal, regulatory, political, currency, security andeconomic risks. Mexico has privatized or has begun theprocess of privatization of certain entities and industries. Insome instances, investors in some newly privatized enti-ties have suffered losses due to the inability of the newlyprivatized entities to adjust quickly to a competitive envi-ronment or to changing regulatory and legal standards.There is no assurance that such losses will not recur. TheMexican economy may be significantly affected by theeconomies of other Central and South American countries.High interest, inflation, government defaults and unem-ployment rates characterize the economies in someCentral and South American countries. Currency devalua-tions in any Central and South American country can havea significant effect on the entire region. Becausecommodities such as oil and gas, minerals, and metalsrepresent a significant percentage of the region’s exports,the economies of Central and South American countriesare particularly sensitive to fluctuations in commodityprices. As a result, the economies in many Central andSouth American countries can experience significant vola-tility. In the past, Mexico has experienced high interestrates, economic volatility and high unemployment rates.The agricultural and mining sectors of Mexico’s economyaccount for a large portion of its exports. Mexico issusceptible to fluctuations in the commodity markets and,in particular, in the price and demand for agricultural prod-ucts and natural resources. Any changes in these sectorsor fluctuations in the commodity markets could have anadverse impact on the Mexican economy. Recent politicaldevelopments in the US have potential implications forthe current trade arrangements between the US andMexico, which could negatively affect the value of securi-ties held by the fund.

Risks related to investing in Peru. Investment in Peruvianissuers involves risks that are specific to Peru, includinglegal, regulatory, political and economic risks. The Peruvian


economy is dependent on commodity prices and theeconomies of its trading partners in Latin America, Europe,Asia and the US. Peru has historically experienced highrates of inflation and may continue to do so in the future.




Consumer staples sector risk. To the extent that the fundinvests significantly in the consumer staples sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the consumer staples sector. Companies inthe consumer staples sector may be adversely affected bychanges in the global economy, consumer spending,competition, demographics and consumer preferences,and production spending. Companies in the consumerstaples sector are also affected by changes in governmentregulation, global economic, environmental and politicalevents, economic conditions and the depletion ofresources. In addition, companies in the consumer staplessector may be subject to risks pertaining to the supply of,demand for and prices of raw materials. The prices of rawmaterials fluctuate in response to a number of factors,including, without limitation, changes in government agri-cultural support programs, exchange rates, import andexport controls, changes in international agricultural andtrading policies, and seasonal and weather conditions.



Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in the


Underlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromthe NAV during periods of market volatility. The Advisorcannot predict whether shares will trade above, below orat their NAV. Given the fact that shares can be created andredeemed in Creation Units (defined below), the Advisorbelieves that large discounts or premiums to the NAV ofshares should not be sustained in the long-term. If marketmakers exit the business or are unable to continue makingmarkets in fund shares, shares may trade at a discount toNAV like closed-end fund shares and may even facedelisting (that is, investors would no longer be able to tradeshares in the secondary market). Further, while thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in market prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. In addition, the securities held by the fundmay be traded in markets that close at a different timethan the exchange on which the fund’s shares trade.Liquidity in those securities may be reduced after theapplicable closing times. Accordingly, during the time

when the exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. Further, secondary markets may be subjectto irregular trading activity, wide bid-ask spreads andextended trade settlement periods, which could cause amaterial decline in the fund’s NAV. The fund’s investmentresults are measured based upon the daily NAV of thefund. Investors purchasing and selling shares in thesecondary market may not experience investment resultsconsistent with those experienced by those APs creatingand redeeming shares directly with the fund.






Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to processcreation and/or redemption orders, (including in situations


where APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).




PAST PERFORMANCE

Since the fund commenced operations on October 30,2018, performance information is not available for a fullcalendar year.

MANAGEMENT

Investment Advisor

DBX Advisors LLC

Portfolio Managers





The fund is an exchange-traded fund (commonly referredto as an “ETF”). Individual fund shares may only bepurchased and sold through a brokerage firm. The price offund shares is based on market price, and because ETFshares trade at market prices rather than NAV, shares maytrade at a price greater than NAV (a premium) or less than

NAV (a discount). The fund will only issue or redeemshares that have been aggregated into blocks of 50,000shares or multiples thereof (“Creation Units”) to APs whohave entered into agreements with ALPS Distributors,Inc., the fund’s distributor.

TAX INFORMATION






Fund Details

ADDITIONAL INFORMATION ABOUT FUND

STRATEGIES, UNDERLYING INDEX

INFORMATION AND RISKS



Xtrackers MSCI Emerging Markets Hedged Equity ETF(the “fund”) seeks investment results that correspondgenerally to the performance, before fees and expenses,of the MSCI EM US Dollar Hedged Index (the “UnderlyingIndex”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track emergingmarket performance while mitigating exposure to fluctua-tions between the value of the US dollar and thecurrencies of the countries included in the UnderlyingIndex. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least


As of July 31, 2019, the Underlying Index consisted of1,193 securities, with an average market capitalization ofapproximately $4.55 billion and a minimum market capital-ization of approximately $65 million, from issuers in thefollowing countries: Argentina, Brazil, Chile, China,Colombia, Czech Republic, Egypt, Greece, Hungary, India,Indonesia, Malaysia, Mexico, Pakistan, Peru, Philippines,Poland, Qatar, Russia, Saudi Arabia, South Africa, SouthKorea, Taiwan, Thailand, Turkey and the United ArabEmirates.



The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers fromemerging markets countries and in instruments designedto hedge against the fund’s exposure to non-UScurrencies.

80Prospectus October 1, 2019 Fund Details

Emerging market countries are countries that major inter-national financial institutions, such as the World Bank,generally consider to be less economically mature thandeveloped nations. Emerging market countries can includeevery nation in the world except the United States,Canada, Japan, Australia, New Zealand and most countrieslocated in Western Europe. As of July 31, 2019, a signifi-cant percentage of the Underlying Index was comprised ofsecurities of issuers from China (31.8%). To the extentthat the fund tracks the Underlying Index, the fund’s invest-ment in certain sectors or countries may change overtime.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (24.8%) sector. The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as wellas investment banking and brokerage and insurance.

The fund may also invest in depositary receipts in respectof equity securities that comprise its Underlying Indexto seek performance that corresponds to the fund’s respec-tive Underlying Index. Investments in such depositaryreceipts will count towards the fund’s 80% investmentpolicy discussed above with respect to instruments thatcomprise the applicable Underlying Index. The fund will notinvest in any unlisted depositary receipt or any depositaryreceipt that the Advisor deems illiquid at the time ofpurchase or for which pricing information is not readilyavailable.

The fund may invest its remaining assets in other securi-ties, including securities not in the Underlying Index, cashand cash equivalents, money market instruments, suchas repurchase agreements or money market funds(including money market funds advised by the Advisor orits affiliates (subject to applicable limitations under theInvestment Company Act of 1940, as amended (the “1940Act”), or exemptions therefrom), convertible securities,structured notes (notes on which the amount of principalrepayment and interest payments are based on the move-ment of one or more specified factors, such as themovement of a particular stock or stock index) and infutures contracts, options on futures contracts and othertypes of options and swaps related to its Underlying Index.The fund will not use futures or options for speculativepurposes.

The fund expects to use futures contracts to a limitedextent in seeking performance that corresponds to itsUnderlying Index. A futures contract is a standardizedexchange traded agreement to buy or sell a specific quan-tity of an underlying instrument at a specific price at aspecific future time.



Underlying Index Information

MSCI EM US Dollar Hedged Index

Number of Components: approximately 1,193

Index Description. The MSCI EM US Dollar Hedged Indexis designed to provide exposure to equity securities inthe global emerging markets, while at the same time miti-gating exposure to fluctuations between the value of theUS dollar and selected emerging market currencies. As ofJuly 31, 2019, the Underlying Index consisted of issuersfrom the following 26 emerging market countries: Argen-tina, Brazil, Chile, China, Colombia, Czech Republic, Egypt,Greece, Hungary, India, Indonesia, Malaysia, Mexico, Paki-stan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia,South Africa, South Korea, Taiwan, Thailand, Turkey andthe United Arab Emirates.

MAIN RISKS

As with any investment, you could lose all or part of yourinvestment in the fund, and the fund’s performance couldtrail that of other investments. The fund is subject to themain risks noted below, any of which may adversely affectthe fund’s net asset value (“NAV”), trading price, yield,total return and ability to meet its investment objective.

Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at times


result in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, andin the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.




Depositary receipt risk. Foreign investments in AmericanDepositary Receipts and other depositary receipts maybe less liquid than the underlying shares in their primarytrading market. Certain of the depositary receipts in whichthe fund invests may be unsponsored depositary receipts.Unsponsored depositary receipts may not provide asmuch information about the underlying issuer and may notcarry the same voting privileges as sponsored depositaryreceipts. Unsponsored depositary receipts are issued byone or more depositaries in response to market demand,but without a formal agreement with the company thatissues the underlying securities.

Emerging market securities risk. Investment in emergingmarkets subjects the fund to a greater risk of loss thaninvestments in a developed market. This is due to, amongother things, (i) greater market volatility, (ii) lower tradingvolume, (iii) political and economic instability, (iv) highlevels of inflation, deflation or currency devaluation, (v)greater risk of market shut down, (vi) more governmentallimitations on foreign investments and limitations on repa-triation of invested capital than those typically found in adeveloped market, and (vii) the risk that companies may beheld to lower disclosure, corporate governance, auditingand financial reporting standards than companies in moredeveloped markets.

The financial stability of issuers (including governments) inemerging market countries may be more precarious thanin other countries. As a result, there will tend to be anincreased risk of price volatility in the fund’s investmentsin emerging market countries, which may be magnified bycurrency fluctuations relative to the US dollar.

Settlement practices for transactions in foreign marketsmay differ from those in US markets. Such differencesinclude delays beyond periods customary in the US andpractices, such as delivery of securities prior to receipt ofpayment, which increase the likelihood of a “failed settle-ment.” Failed settlements can result in losses to the fund.Low trading volumes and volatile prices in less developedmarkets make trades harder to complete and settle, andgovernments or trade groups may compel local agents tohold securities in designated depositories that are notsubject to independent evaluation. Local agents are heldonly to the standards of care of their local markets.



Information technology sector risk. To the extent that thefund invests significantly in the information technologysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the information technology sector. Infor-mation technology companies are particularly vulnerable togovernment regulation and competition, both domesti-cally and internationally, including competition from foreigncompetitors with lower production costs. Information tech-nology companies also face competition for services of


qualified personnel. Additionally, the products of informa-tion technology companies may face obsolescence due torapid technological development and frequent newproduct introduction by competitors. Finally, informationtechnology companies are heavily dependent on patentand intellectual property rights, the loss or impairment ofwhich may adversely affect profitability.


Numerous financial services companies have experiencedsubstantial declines in the valuations of their assets, takenaction to raise capital (such as the issuance of debt orequity securities), or even ceased operations. Theseactions have caused the securities of many financialservices companies to experience a dramatic decline invalue. Moreover, certain financial companies have avoidedcollapse due to intervention by governmental regulatoryauthorities, but such interventions have often not averted asubstantial decline in the value of such companies’common stock. Issuers that have exposure to the realestate, mortgage and credit markets have been particularlyaffected by the foregoing events and the general marketturmoil, and it is uncertain whether or for how long theseconditions will continue.

Forward currency contract risk. The fund invests inforward currency contracts to attempt to minimize theimpact of changes in the value of the non-US currenciesincluded in its Underlying Index against the US dollar.

These contracts may not be successful. To the extent thefund’s forward currency contracts are not successful inhedging against such changes, the US dollar value of yourinvestment in the fund may go down if the value of thelocal currency of the non-US markets in which the fundinvests depreciates against the US dollar. This is true evenif the local currency value of securities in the fund’s hold-ings goes up. In order to minimize transaction costs or forother reasons, the fund’s exposure to the currenciesincluded in the Underlying Index may not be fully hedgedat all times. For example, the fund may not hedge againstexposure to currencies that represent a relatively smallerportion of the Underlying Index. Furthermore, because no

changes in the currency weights in each fund’s UnderlyingIndex are made during the month to account for changesin each fund’s Underlying Index due to price movement ofsecurities, corporate events, additions, deletions or anyother changes, changes in the value of the non-US curren-cies included in the fund’s Underlying Index against theUS dollar during the month may affect the value of thefund’s investment. Non-deliverable forward (“NDF”)contracts may be less liquid than deliverable forwardcurrency contracts. A lack of liquidity in NDFs of thehedged currency could adversely affect the fund’s ability tohedge against currency fluctuations and properly track theUnderlying Index.

A forward currency contract is a negotiated agreementbetween two parties to exchange specified amounts oftwo or more currencies at a specified future time at aspecified rate. The rate specified by the forward currencycontract can be higher or lower than the spot rate betweenthe currencies that are the subject of the contract. Settle-ment of a forward currency contract for the purchase ofmost currencies typically must occur at a bank based inthe issuing nation. By entering into a forward currencycontract for the purchase or sale, for a fixed amount ofdollars or other currency, of the amount of foreign currencyinvolved in the underlying security transactions, the fundmay be able to protect itself against a possible lossresulting from an adverse change in the relationshipbetween the US dollar or other currency which is beingused for the security purchase and the foreign currency inwhich the security is denominated during the periodbetween the date on which the security is purchased orsold and the date on which payment is made or received.Furthermore, such transactions reduce or preclude theopportunity for gain if the value of the currency shouldmove in the direction opposite to the position taken. Thereis an additional risk to the extent that forward currencycontracts create exposure to currencies in which the fund’ssecurities are not denominated. Unanticipated changes incurrency prices may result in poorer overall performancefor the fund than if it had not entered into such contracts.Forward currency contracts may limit gains on portfoliosecurities that could otherwise be realized had they notbeen utilized and could result in losses. The contracts alsomay increase the fund’s volatility and may involve a signifi-cant amount of risk relative to the investment of cash.

Counterparty risk. The foreign currency markets in whichthe fund effects its transactions are over-the-counter or“interdealer” markets. The counterparty to an over-thecounter spot contract is generally a single bank or otherfinancial institution rather than a clearing organizationbacked by a group of financial institutions. Participants inover-the-counter markets are typically not subject to thesame credit evaluation and regulatory oversight asmembers of exchange-based” markets. Because the fundsexecute over-the-counter transactions, the fund constantlytakes credit risk with regard to parties with which it tradesand may also bear the risk of settlement default. These


risks may differ materially from those involved in exchange-traded transactions which generally are characterized byclearing organization guaranties, daily marking-to-marketand settlement, and segregation and minimum capitalrequirements applicable to intermediaries. Transactionsentered into directly between two counterparties generallydo not benefit from these protections and the fund issubject to the risk that a counterparty will not settle atransaction in accordance with agreed terms andconditions.

Further, if a counterparty becomes bankrupt or otherwisefails to perform its obligations due to financial difficulties,the fund may experience significant delays in obtaining anyrecovery in a bankruptcy or other reorganizationproceeding. The fund may obtain only limited recovery ormay obtain no recovery in such circumstances. In addition,the fund may enter into agreements with a limited numberof counterparties which may increase that fund’s exposureto counterparty credit risk.

Because a contract’s terms may provide for collateral tocover the variation margin exposure arising under thecontract only if a minimum transfer amount is triggered,the fund may have an uncollateralized risk exposure toa counterparty.

The use of spot foreign exchange contracts may alsoexpose the fund to legal risk, which is the risk of loss dueto the unexpected application of a law or regulation, orbecause contracts are not legally enforceable.


Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlated

with the return of the Underlying Index as would be thecase if the fund purchased all of the securities in the Under-lying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.

The need to comply with the tax diversification and otherrequirements of the Internal Revenue Code may alsoimpact the fund’s ability to replicate the performance of itsUnderlying Index. In addition, if the fund utilizes deriva-tive instruments or holds other instruments that are notincluded in its Underlying Index, its return may not corre-late as well with the returns of its Underlying Index aswould be the case if the fund purchased all the securitiesin its Underlying Index directly. Actions taken in responseto proposed corporate actions could result in increasedtracking error.

For purposes of calculating the fund’s NAV, the value ofassets denominated in non-US currencies is converted intoUS dollars using prevailing market rates on the date ofvaluation as quoted by one or more data service providers.This conversion may result in a difference between theprices used to calculate the fund’s NAV and the pricesused by the Underlying Index, which, in turn, could resultin a difference between the fund’s performance and theperformance of its Underlying Index.

Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demand


forces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.

Investors should consult their financial intermediary beforepurchasing or selling shares of the fund. In addition, thesecurities held by the fund may be traded in markets thatclose at a different time than an exchange.

Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume and

market liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.






Cyber-attacks may include unauthorized attempts by thirdparties to improperly access, modify, disrupt the opera-tions of, or prevent access to the systems of the fund’sservice providers or counterparties, issuers of securitiesheld by the fund or other market participants or data within


them. In addition, power or communications outages, actsof god, information technology equipment malfunctions,operational errors, and inaccuracies within software or dataprocessing systems may also disrupt business operationsor impact critical data. Market events also may trigger avolume of transactions that overloads current informationtechnology and communication systems and processes,impacting the ability to conduct the fund’s operations.

Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failuresinvolving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for suchissuers, and may cause the fund’s investments to losevalue. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.

While the fund and its service providers may establishbusiness continuity and other plans and processes thatseek to address the possibility of and fallout from cyber-attacks, disruptions, or failures, there are inherentlimitations in such plans and systems, including that theydo not apply to third parties, such as fund counterparties,issuers of securities held by the fund, or other marketparticipants, as well as the possibility that certain riskshave not been identified or that unknown threats mayemerge in the future and there is no assurance that suchplans and processes will address the possibility of andfallout from cyber-attacks, disruptions, or failures. In addi-tion, the fund cannot directly control any cybersecurityplans and systems put in place by its service providers,fund counterparties, issuers of securities held by the fund,or other market participants.

For example, the fund relies on various sources to calcu-late its NAV. Therefore, the fund is subject to certainoperational risks associated with reliance on third partyservice providers and data sources. NAV calculation maybe impacted by operational risks arising from factors such

as failures in systems and technology. Such failures mayresult in delays in the calculation of a fund’s NAV and/or theinability to calculate NAV over extended time periods. Thefund may be unable to recover any losses associated withsuch failures.


Non-diversification risk. At any given time, due to thecomposition of the Underlying Index, the fund may be clas-sified as “non-diversified” and may invest a largerpercentage of its assets in securities of a few issuers or asingle issuer than that of a diversified fund. As a result,the fund may be more susceptible to the risks associatedwith these particular issuers, or to a single economic,political or regulatory occurrence affecting these issuers.This may increase the fund’s volatility and cause the perfor-mance of a relatively smaller number of issuers to have agreater impact on the fund’s performance.


Risk of investing in China. Investments in China involvecertain risks and special considerations, including thefollowing:

Political and economic risk. The economy of China, whichhas been in a state of transition from a planned economyto a more market oriented economy, differs from theeconomies of most developed countries in many respects,including the level of government involvement, its stateof development, its growth rate, control of foreignexchange, and allocation of resources. Although themajority of productive assets in China are still owned bythe PRC government at various levels, in recent years, thePRC government has implemented economic reform


measures emphasizing utilization of market forces in thedevelopment of the economy of China and a high levelof management autonomy. The economy of China hasexperienced significant growth in recent decades, butgrowth has been uneven both geographically and amongvarious sectors of the economy. Economic growth has alsobeen accompanied by periods of high inflation. The PRCgovernment has implemented various measures from timeto time to control inflation and restrain the rate ofeconomic growth.

For several decades, the PRC government has carried outeconomic reforms to achieve decentralization and utili-zation of market forces to develop the economy of thePRC. These reforms have resulted in significant economicgrowth and social progress. However, there can be noassurance that the PRC government will continue topursue such economic policies or that such policies, ifpursued, will be successful. Any adjustment and modifica-tion of those economic policies may have an adverseimpact on the securities markets in the PRC as well as theconstituent securities of the Underlying Index. Further,the PRC government may from time to time adopt correc-tive measures to control the growth of the PRC economywhich may also have an adverse impact on the capitalgrowth and performance of the fund.

Political changes, social instability and adverse diplomaticdevelopments in the PRC could result in the impositionof additional government restrictions including expropria-tion of assets, confiscatory taxes or nationalization ofsome or all of the property held by the issuers of theA-Shares in the fund’s Underlying Index. The laws, regula-tions, including the investment regulations, governmentpolicies and political and economic climate in China maychange with little or no advance notice. Any such changecould adversely affect market conditions and the perfor-mance of the Chinese economy and, thus, the value ofsecurities in the fund’s portfolio.

The Chinese government continues to be an active partici-pant in many economic sectors through ownershippositions and regulations. The allocation of resources inChina is subject to a high level of government control. TheChinese government strictly regulates the payment offoreign currency denominated obligations and setsmonetary policy. Through its policies, the government mayprovide preferential treatment to particular industries orcompanies. The policies set by the government could havea substantial effect on the Chinese economy and thefund’s investments.

The Chinese economy is export-driven and highly relianton trade. The performance of the Chinese economy maydiffer favorably or unfavorably from the US economy insuch respects as growth of gross domestic product, rateof inflation, currency depreciation, capital reinvestment,resource self- sufficiency and balance of payments posi-tion. Adverse changes to the economic conditions of itsprimary trading partners, such as the European Union, the

US, Hong Kong, the Association of South East AsianNations, and Japan, would adversely affect the Chineseeconomy and the fund’s investments.

In addition, as much of China’s growth over recent decadeshas been a result of significant investment in substantialexport trade, international trade tensions may arise fromtime to time which can result in trade tariffs, embargoes,trade limitations, trade wars and other negative conse-quences. The current political climate has intensifiedconcerns about trade tariffs and a potential trade warbetween China and the US. These consequences maytrigger a significant reduction in international trade, theoversupply of certain manufactured goods, substantialprice reductions of goods and possible failure of individualcompanies and/or large segments of China’s exportindustry with a potentially severe negative impact to thefund. In addition, it is possible that the continuation of thecurrent political climate could result in regulatory restric-tions being contemplated or imposed in the US or in Chinathat could have a material adverse effect on the fund’sability to invest in accordance with its investment policiesand/or achieve its investment objective. Events such asthese are difficult to predict and may or may not occur inthe future.

China has been transitioning to a market economy sincethe late seventies, and has only recently opened up toforeign investment and permitted private economicactivity. Under the economic reforms implemented by theChinese government, the Chinese economy has experi-enced tremendous growth, developing into one of thelargest and fastest growing economies in the world. Thereis no assurance, however, that the Chinese governmentwill not revert to the economic policy of central planningthat it implemented prior to 1978 or that such growth willbe sustained in the future. Moreover, the current majorslowdown in other significant economies of the world,such as the US, the European Union and certain Asiancountries, may adversely affect economic growth in China.An economic downturn in China would adversely impactthe fund’s investments.

Inflation. Economic growth in China has historically beenaccompanied by periods of high inflation. Beginning in2004, the Chinese government commenced the imple-mentation of various measures to control inflation, whichincluded the tightening of the money supply, the raising ofinterest rates and more stringent control over certain indus-tries. If these measures are not successful, and if inflationwere to steadily increase, the performance of the Chineseeconomy and the fund’s investments could be adverselyaffected.

Nationalization and expropriation. After the formation ofthe Chinese socialist state in 1949, the Chinese govern-ment renounced various debt obligations and nationalizedprivate assets without providing any form of compensa-tion. There can be no assurance that the Chinese


government will not take similar actions in the future.Accordingly, an investment in the fund involves a risk of atotal loss.

Hong Kong policy. As part of Hong Kong’s transition fromBritish to Chinese sovereignty in 1997, China agreed toallow Hong Kong to maintain a high degree of autonomywith regard to its political, legal and economic systems fora period of at least 50 years. China controls matters thatrelate to defense and foreign affairs. Under the agreement,China does not tax Hong Kong, does not limit theexchange of the Hong Kong dollar for foreign currenciesand does not place restrictions on free trade in Hong Kong.

However, there is no guarantee that China will continueto honor the agreement, and China may change its policiesregarding Hong Kong at any time. Any such change couldadversely affect market conditions and the performance ofthe Chinese economy and, thus, the value of securities inthe fund’s portfolio.

Chinese securities markets. The securities markets inChina have a limited operating history and are not asdeveloped as those in the US. The markets tend to besmaller in size, have less liquidity and historically have hadgreater volatility than markets in the US and some othercountries. In addition, under normal market conditions,there is less regulation and monitoring of Chinese securi-ties markets and the activities of investors, brokers andother participants than in the US. Accordingly, issuers ofsecurities in China are not subject to the same degree ofregulation as are US issuers with respect to such mattersas insider trading rules, tender offer regulation, stockholderproxy requirements and the requirements mandatingtimely disclosure of information. During periods of signifi-cant market volatility, the Chinese government has, fromtime to time, intervened in its domestic securities marketsto a greater degree than would be typical in more devel-oped markets, including both direct and indirect marketstabilization efforts, which may affect valuations of Chineseissuers. Stock markets in China are in the process ofchange and further development. This may lead to tradingvolatility, difficulty in the settlement and recording of trans-actions and difficulty in interpreting and applying therelevant regulations.

Available disclosure about Chinese companies. Disclosureand regulatory standards in emerging market countries,such as China, are in many respects less stringent than USstandards. There is substantially less publicly available infor-mation about Chinese issuers than there is about USissuers. Therefore, disclosure of certain material informa-tion may not be made, and less information may beavailable to the fund and other investors than would be thecase if the fund’s investments were restricted to securi-ties of US issuers. Chinese issuers are subject toaccounting, auditing and financial standards and require-ments that differ, in some cases significantly, from thoseapplicable to US issuers. In particular, the assets andprofits appearing on the financial statements of a Chinese

issuer may not reflect its financial position or results ofoperations in the way they would be reflected had suchfinancial statements been prepared in accordance with USGenerally Accepted Accounting Principles.� Chinese corporate and securities law. Legal principles

relating to corporate affairs and the validity of corporateprocedures, directors’ fiduciary duties and liabilities andstockholders’ rights often differ from those that mayapply in the US and other countries. Chinese lawsproviding protection to investors, such as laws regardingthe fiduciary duties of officers and directors, are unde-veloped and will not provide investors, such as the fund,with protection in all situations where protection wouldbe provided by comparable laws in the US.

� China lacks a national set of laws that address all issuesthat may arise with regard to a foreign investor suchas the fund. It may therefore be difficult for the fund toenforce its rights as an investor under Chinese corporateand securities laws, and it may be difficult or impos-sible for the fund to obtain a judgment in court.Moreover, as Chinese corporate and securities lawscontinue to develop, these developments may adverselyaffect foreign investors, such as the fund.

Sanctions and embargoes. From time to time, certain ofthe companies in which the fund expects to invest mayoperate in, or have dealings with, countries subject tosanctions or embargoes imposed by the US governmentand the United Nations and/or countries identified by theUS government as state sponsors of terrorism. A companymay suffer damage to its reputation if it is identified as acompany which operates in, or has dealings with, coun-tries subject to sanctions or embargoes imposed by theUS government and the United Nations and/or countriesidentified by the US government as state sponsors ofterrorism. As an investor in such companies, the fund willbe indirectly subject to those risks.

Tax on retained income and gains. To the extent the funddoes not distribute to shareholders all or substantially all ofits investment company taxable income and net capitalgain in a given year, it will be required to pay US federalincome tax on the retained income and gains, therebyreducing the fund’s return. A fund may elect to treat anyretained net capital gain as having been distributed toshareholders. In that case, shareholders of record on thelast day of the fund’s taxable year will be required toinclude their attributable share of the retained gain inincome for the year as a long-term capital gain despite notactually receiving the dividend, and will be entitled to atax credit or refund for the tax deemed paid on their behalfby the fund as well as an increase in the basis of theirshares to reflect the difference between their attributableshare of the gain and the related credit or refund.

Cash redemption risk. Because the fund invests a portionof its assets in forward currency contracts, the fund maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities. In


addition, the fund may be required to unwind suchcontracts or sell portfolio securities in order to obtain thecash needed to distribute redemption proceeds. This maycause the fund to recognize a capital gain that it might nothave incurred if it had made a redemption in-kind. As aresult the fund may pay out higher annual capital gainsdistributions than if the in-kind redemption process wasused. Only APs who have entered into an agreement withthe fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.

Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risksdifferent from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highlyvolatile and the fund could lose more than the amount itinvests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction willdepend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.

Futures risk. The value of a futures contract tends toincrease and decrease in tandem with the value of theunderlying instrument. Depending on the terms of theparticular contract, futures contracts are settled througheither physical delivery of the underlying instrument on thesettlement date or by payment of a cash settlementamount on the settlement date. A decision as to whether,when and how to use futures involves the exercise of skilland judgment and even a well-conceived futures trans-action may be unsuccessful because of market behavior orunexpected events. In addition to the derivatives risksdiscussed above, the prices of futures can be highly vola-tile, using futures can lower total return and the potentialloss from futures can exceed the fund’s initial investmentin such contracts.



Xtrackers MSCI EAFE Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEAFE US Dollar Hedged Index (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track developedmarket performance while mitigating exposure to fluctua-tions between the value of the US dollar and thecurrencies of the countries included in the UnderlyingIndex. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least80% of its total assets (but typically far more) in compo-nent securities (including depositary receipts in respect ofsuch securities) of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of 923securities, with an average market capitalization of approxi-mately $14.95 billion and a minimum market capitalizationof approximately $1.2 billion, from issuers in the followingcountries: Australia, Austria, Belgium, Denmark, Finland,France, Germany, Hong Kong, Ireland, Israel, Italy, Japan,Netherlands, New Zealand, Norway, Portugal, Singapore,Spain, Sweden, Switzerland and the United Kingdom.




The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from Europe,Australia and the Far East and in instruments designedto hedge against the fund’s exposure to non-US curren-cies. As of July 31, 2019, a significant percentage of theUnderlying Index was comprised of securities of issuersfrom Japan (24.0%) and the United Kingdom (16.7%).



The fund may invest its remaining assets in other securi-ties, including securities not in the Underlying Index, cashand cash equivalents, money market instruments, suchas repurchase agreements or money market funds(including money market funds advised by the Advisor orits affiliates (subject to applicable limitations under theInvestment Company Act of 1940, as amended (the “1940

Act”), or exemptions therefrom), convertible securities,structured notes (notes on which the amount of principalrepayment and interest payments are based on the move-ment of one or more specified factors, such as themovement of a particular stock or stock index) and infutures contracts, options on futures contracts and othertypes of options and swaps related to its Underlying Index.The fund will not use futures or options for speculativepurposes.





MSCI EAFE US Dollar Hedged Index

Number of Components: approximately 923

Index Description. The MSCI EAFE US Dollar HedgedIndex is designed to provide exposure to equity securitiesin developed international stock markets, while at thesame time mitigating exposure to fluctuations betweenthe value of the US dollar and selected non-US currencies.As of July 31, 2019, the Underlying Index consisted ofissuers from the following 21 developed market countries:Australia, Austria, Belgium, Denmark, Finland, France,Germany, Hong Kong, Ireland, Israel, Italy, Japan, Nether-lands, New Zealand, Norway, Portugal, Singapore, Spain,Sweden, Switzerland and the United Kingdom.

MAIN RISKS






Foreign markets can have liquidity risks beyond thosetypical of US markets. Because foreign exchanges gener-ally are smaller and less liquid than US exchanges, buyingand selling foreign investments can be more difficult andcostly. Relatively small transactions can sometimes materi-ally affect the price and availability of securities. In certainsituations, it may become virtually impossible to sell an

investment at a price that approaches portfolio manage-ment’s estimate of its value. For the same reason, it mayat times be difficult to value the fund’s foreigninvestments.




Small and medium-sized company risk. Small andmedium-sized company stocks tend to be more volatilethan large company stocks. Because stock analysts are


less likely to follow medium-sized companies, less infor-mation about them is available to investors. Industry-widereversals may have a greater impact on small and medium-sized companies, since they lack the financial resources oflarger companies. Small and medium-sized companystocks are typically less liquid than large company stocks.





These contracts may not be successful. To the extent thefund’s forward currency contracts are not successful inhedging against such changes, the US dollar value of yourinvestment in the fund may go down if the value of thelocal currency of the non-US markets in which the fundinvests depreciates against the US dollar. This is true evenif the local currency value of securities in the fund’s hold-ings goes up. In order to minimize transaction costs or forother reasons, the fund’s exposure to the currencies

included in the Underlying Index may not be fully hedgedat all times. For example, the fund may not hedge againstexposure to currencies that represent a relatively smallerportion of the Underlying Index. Furthermore, because nochanges in the currency weights in each fund’s Under-lying Index are made during the month to account forchanges in each fund’s Underlying Index due to pricemovement of securities, corporate events, additions, dele-tions or any other changes, changes in the value of thenon-US currencies included in the fund’s Underlying Indexagainst the US dollar during the month may affect thevalue of the fund’s investment. Non-deliverable forward(“NDF”) contracts may be less liquid than deliverableforward currency contracts. A lack of liquidity in NDFs ofthe hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.


Counterparty risk. The foreign currency markets in whichthe fund effects its transactions are over-the-counter or“interdealer” markets. The counterparty to an over-thecounter spot contract is generally a single bank or otherfinancial institution rather than a clearing organizationbacked by a group of financial institutions. Participants inover-the-counter markets are typically not subject to thesame credit evaluation and regulatory oversight as


members of exchange-based” markets. Because the fundsexecute over-the-counter transactions, the fund constantlytakes credit risk with regard to parties with which it tradesand may also bear the risk of settlement default. Theserisks may differ materially from those involved in exchange-traded transactions which generally are characterized byclearing organization guaranties, daily marking-to-marketand settlement, and segregation and minimum capitalrequirements applicable to intermediaries. Transactionsentered into directly between two counterparties generallydo not benefit from these protections and the fund issubject to the risk that a counterparty will not settle atransaction in accordance with agreed terms andconditions.





Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio management

uses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,


the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spread

varies over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.







Cyber-attacks may include unauthorized attempts by thirdparties to improperly access, modify, disrupt the opera-tions of, or prevent access to the systems of the fund’sservice providers or counterparties, issuers of securitiesheld by the fund or other market participants or data withinthem. In addition, power or communications outages, actsof god, information technology equipment malfunctions,operational errors, and inaccuracies within software or dataprocessing systems may also disrupt business operationsor impact critical data. Market events also may trigger avolume of transactions that overloads current informationtechnology and communication systems and processes,impacting the ability to conduct the fund’s operations.



For example, the fund relies on various sources to calcu-late its NAV. Therefore, the fund is subject to certainoperational risks associated with reliance on third partyservice providers and data sources. NAV calculation maybe impacted by operational risks arising from factors suchas failures in systems and technology. Such failures mayresult in delays in the calculation of a fund’s NAV and/or theinability to calculate NAV over extended time periods. Thefund may be unable to recover any losses associated withsuch failures.




Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,


particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that hashistorically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity pricescould therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.

Historically, Japan has been subject to unpredictablenational politics and may experience frequent political turn-over. Future political developments may lead to changesin policy that might adversely affect the fund’s invest-ments. In addition, the Japanese economy faces severalconcerns, including a financial system with large levels ofnonperforming loans, over-leveraged corporate balancesheets, extensive cross- ownership by major corporations,a changing corporate governance structure, and largegovernment deficits. The Japanese yen has fluctuatedwidely at times and any increase in its value may cause adecline in exports that could weaken the economy. Further-more, Japan has an aging workforce. It is a labor marketundergoing fundamental structural changes, as traditionallifetime employment clashes with the need for increasedlabor mobility, which may adversely affect Japan’seconomic competitiveness.

Risks related to investing in the United Kingdom. Invest-ment in British issuers may subject the fund to regulatory,political, currency, security, and economic risks specificto the United Kingdom. The British economy relies heavilyon export of financial services to the US and other Euro-pean countries. A prolonged slowdown in the financialservices sector may have a negative impact on the Britisheconomy. In the past, the United Kingdom has been atarget of terrorism. Acts of terrorism in the UnitedKingdom or against British interests abroad may causeuncertainty in the British financial markets and adverselyaffect the performance of the issuers to which the fund

has exposure. The British economy, along with the US andcertain other EU economies, experienced a significanteconomic slowdown during the financial crisis.

In a referendum held on June 23, 2016, citizens of theUnited Kingdom voted to leave the EU, creating economic,political and legal uncertainty in its wake. Consequently,the United Kingdom government, pursuant to the Treaty ofLisbon (the “Treaty”), has given notice of its intention towithdraw in March 2019 (later extended to October 2019)and has entered into negotiations with the EU Councilto agree to terms for the United Kingdom’s withdrawalfrom the EU. The Treaty provides for a two-year negotiationperiod, which may be shortened or extended by agree-ment of the parties. During, and possibly after, this periodthere is likely to be considerable uncertainty as to the posi-tion of the United Kingdom and the arrangements thatwill apply to its relationships with the EU and other coun-tries following its anticipated withdrawal. This uncertaintymay affect other countries in the EU, or elsewhere, if theyare considered to be impacted by these events. It isunclear whether the United Kingdom and the EU will reachan agreement regarding the terms of the United King-dom’s withdrawal. If the United Kingdom withdraws fromthe EU without reaching as agreement with the EU, theresulting consequences could be even more significantthan expected.

The United Kingdom has one of the largest economies inEurope, and member countries of the EU are substan-tial trading partners of the United Kingdom. The City ofLondon’s economy is dominated by financial services,some of which may have to move outside of the UnitedKingdom post-referendum (e.g., currency trading, interna-tional settlement). Under the referendum, banks may beforced to move staff and comply with two separate sets ofrules or lose business to banks in Europe. Furthermore,the referendum creates the potential for decreased trade,the possibility of capital outflows, devaluation of the poundsterling, the cost of higher corporate bond spreads dueto uncertainty, and the risk that all the above could damagebusiness and consumer spending as well as foreign directinvestment. As a result of the referendum, the Britisheconomy and its currency may be negatively impacted bychanges to its economic and political relations with the EU.

The impact of the referendum in the near- and long-termis still unknown and could have additional adverse effectson economies, financial markets and asset valuationsaround the world.

Cash redemption risk. Because the fund invests a portionof its assets in forward currency contracts, the fund maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities. Inaddition, the fund may be required to unwind suchcontracts or sell portfolio securities in order to obtain thecash needed to distribute redemption proceeds. This maycause the fund to recognize a capital gain that it might nothave incurred if it had made a redemption in-kind. As a


result the fund may pay out higher annual capital gainsdistributions than if the in-kind redemption process wasused. Only APs who have entered into an agreement withthe fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.





The Xtrackers MSCI Germany Hedged Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Germany US Dollar Hedged Index (the “UnderlyingIndex”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the German equity market while mitigatingexposure to fluctuations between the value of the USdollar and the euro. The fund uses a full replication indexingstrategy to seek to track the Underlying Index. As such,the fund invests directly in the component securities (or asubstantial number of the component securities) of theUnderlying Index in substantially the same weightings inwhich they are represented in the Underlying Index. If it isnot possible for the fund to acquire component securi-ties due to limited availability or regulatory restrictions, thefund may use a representative sampling indexing strategyto seek to track the Underlying Index instead of a full repli-cation indexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representativesample of securities that collectively has an investmentprofile similar to the Underlying Index. The securitiesselected are expected to have, in the aggregate, invest-ment characteristics (based on factors such as marketcapitalization and industry weightings), fundamental char-acteristics (such as return variability and yield), and liquiditymeasures similar to those of the Underlying Index. Thefund may or may not hold all of the securities in the Under-lying Index when using a representative sampling indexingstrategy. The fund will invest at least 80% of its totalassets (but typically far more) in component securities(including depositary receipts in respect of such securities)of the Underlying Index.


The fund enters into forward currency contracts designedto offset the fund’s exposure to the euro. The fund hedgesthe euro to the US dollar by selling euro currency forwardsat the one-month forward rate published by WM/Reuters.The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the euro based on currency weights as of the beginningof each month. While this approach is designed to mini-mize the impact of currency fluctuations on fund returns,this does not necessarily eliminate exposure to all currencyfluctuations. The return of the forward currency contractsmay not perfectly offset the actual fluctuations of the eurorelative to the US dollar.

The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physical


delivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of German issuers andin instruments designed to hedge against the fund’s expo-sure to the euro. As of July 31, 2019, the Underlying Indexwas solely comprised of securities of issuers fromGermany.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theconsumer discretionary sector (18.2%) and in the financialservices sector (16.3%). The consumer discretionarygoods sector includes durable goods, apparel, entertain-ment and leisure, and automobiles. The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as well asinvestment banking and brokerage and insurance. To theextent that the fund tracks the Underlying Index, the fund’sinvestment in certain sectors may change over time.



The fund expects to use futures contracts to a limitedextent in seeking performance that corresponds to itsUnderlying Index. A futures contract is a standardized

exchange traded agreement to buy or sell a specific quan-tity of an underlying instrument at a specific price at aspecific future time.




MSCI Germany US Dollar Hedged Index


Index Description. The MSCI Germany US Dollar HedgedIndex is designed to provide exposure to German equitymarkets, while at the same time mitigating exposure tofluctuations between the value of the US dollar and theeuro.

MAIN RISKS










During the most recent financial crisis, the Germaneconomy, along with certain other EU economies, experi-enced a significant economic slowdown. Recently, newconcerns emerged in relation to the economic health ofthe EU. These concerns have led to tremendous down-ward pressure on certain financial institutions, includingGerman financial services companies. During the recentEuropean debt crisis, Germany played a key role in stabi-lizing the euro. However, such efforts may proveunsuccessful, and any ongoing crisis may continue tosignificantly affect the economies of every country inEurope, including Germany.

Investing in German issuers involves political, social andregulatory risks. Certain sectors and regions of Germanyhave experienced high unemployment and social unrest.These issues may have an adverse effect on the Germaneconomy or the German industries or sectors in which thefund invests. Heavy regulation of labor and productmarkets is pervasive in Germany. These regulations maystifle economic growth or result in extended recessionaryperiods.







Financial services sector risk. To the extent that the fundinvests significantly in the financial services sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the financial services sector. The financialservices sector is subject to extensive government regula-tion, can be subject to relatively rapid change due toincreasingly blurred distinctions between servicesegments, and can be significantly affected by availabilityand cost of capital funds, changes in interest rates, therate of corporate and consumer debt defaults, and pricecompetition. In addition, the deterioration of the creditmarkets in 2007 and the ensuing financial crisis in 2008

resulted in an unusually high degree of volatility in the finan-cial markets for an extended period of time, the effects ofwhich may persist indefinitely.



These contracts may not be successful. To the extent thefund’s forward currency contracts are not successful inhedging against such changes, the US dollar value of yourinvestment in the fund may go down if the value of thelocal currency of the non-US markets in which the fundinvests depreciates against the US dollar. This is true evenif the local currency value of securities in the fund’s hold-ings goes up. In order to minimize transaction costs or forother reasons, the fund’s exposure to the currenciesincluded in the Underlying Index may not be fully hedgedat all times. For example, the fund may not hedge againstexposure to currencies that represent a relatively smallerportion of the Underlying Index. Furthermore, because nochanges in the currency weights in each fund’s Under-lying Index are made during the month to account forchanges in each fund’s Underlying Index due to pricemovement of securities, corporate events, additions, dele-tions or any other changes, changes in the value of thenon-US currencies included in the fund’s Underlying Indexagainst the US dollar during the month may affect thevalue of the fund’s investment. Non-deliverable forward(“NDF”) contracts may be less liquid than deliverableforward currency contracts. A lack of liquidity in NDFs ofthe hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.

A forward currency contract is a negotiated agreementbetween two parties to exchange specified amounts oftwo or more currencies at a specified future time at aspecified rate. The rate specified by the forward currencycontract can be higher or lower than the spot rate betweenthe currencies that are the subject of the contract. Settle-ment of a forward currency contract for the purchase ofmost currencies typically must occur at a bank based in


the issuing nation. By entering into a forward currencycontract for the purchase or sale, for a fixed amount ofdollars or other currency, of the amount of foreign currencyinvolved in the underlying security transactions, the fundmay be able to protect itself against a possible lossresulting from an adverse change in the relationshipbetween the US dollar or other currency which is beingused for the security purchase and the foreign currency inwhich the security is denominated during the periodbetween the date on which the security is purchased orsold and the date on which payment is made or received.Furthermore, such transactions reduce or preclude theopportunity for gain if the value of the currency shouldmove in the direction opposite to the position taken. Thereis an additional risk to the extent that forward currencycontracts create exposure to currencies in which the fund’ssecurities are not denominated. Unanticipated changes incurrency prices may result in poorer overall performancefor the fund than if it had not entered into such contracts.Forward currency contracts may limit gains on portfoliosecurities that could otherwise be realized had they notbeen utilized and could result in losses. The contracts alsomay increase the fund’s volatility and may involve a signifi-cant amount of risk relative to the investment of cash.

Counterparty risk. The foreign currency markets in whichthe fund effects its transactions are over-the-counter or“interdealer” markets. The counterparty to an over-thecounter spot contract is generally a single bank or otherfinancial institution rather than a clearing organizationbacked by a group of financial institutions. Participants inover-the-counter markets are typically not subject to thesame credit evaluation and regulatory oversight asmembers of exchange-based” markets. Because the fundsexecute over-the-counter transactions, the fund constantlytakes credit risk with regard to parties with which it tradesand may also bear the risk of settlement default. Theserisks may differ materially from those involved in exchange-traded transactions which generally are characterized byclearing organization guaranties, daily marking-to-marketand settlement, and segregation and minimum capitalrequirements applicable to intermediaries. Transactionsentered into directly between two counterparties generallydo not benefit from these protections and the fund issubject to the risk that a counterparty will not settle atransaction in accordance with agreed terms andconditions.





Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’


closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantly

from the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.








Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliance

costs. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failuresinvolving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for suchissuers, and may cause the fund’s investments to losevalue. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.



Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreementswith the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to processcreation and/or redemption orders, (including in situations


where APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).

Cash redemption risk. Because the fund invests a portionof its assets in forward currency contracts, the fund maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities. Inaddition, the fund may be required to unwind suchcontracts or sell portfolio securities in order to obtain thecash needed to distribute redemption proceeds. This maycause the fund to recognize a capital gain that it might nothave incurred if it had made a redemption in-kind. As aresult the fund may pay out higher annual capital gainsdistributions than if the in-kind redemption process wasused. Only APs who have entered into an agreement withthe fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.




Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risksdifferent from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highly

volatile and the fund could lose more than the amount itinvests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction willdepend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.




The Xtrackers MSCI Japan Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIJapan US Dollar Hedged Index (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the Japanese equity market while mitigatingexposure to fluctuations between the value of the USdollar and the Japanese yen. The fund uses a full replica-tion indexing strategy to seek to track the UnderlyingIndex. As such, the fund invests directly in the componentsecurities (or a substantial number of the component secu-rities) of the Underlying Index in substantially the sameweightings in which they are represented in the UnderlyingIndex. If it is not possible for the fund to acquire compo-nent securities due to limited availability or regulatoryrestrictions, the fund may use a representative samplingindexing strategy to seek to track the Underlying Index


instead of a full replication indexing strategy. “Representa-tive sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. Thefund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.


The fund enters into forward currency contracts designedto offset the fund’s exposure to the Japanese yen. Thefund hedges the Japanese yen to the US dollar by sellingJapanese yen currency forwards at the one-month forwardrate published by WM/Reuters.

The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the Japanese yen based on currency weights as of thebeginning of each month. While this approach is designedto minimize the impact of currency fluctuations on fundreturns, this does not necessarily eliminate exposure to allcurrency fluctuations. The return of the forward currencycontracts may not perfectly offset the actual fluctuations ofthe Japanese yen relative to the US dollar. The fund mayuse non-deliverable forward (“NDF”) contracts to executeits hedging transactions. An NDF is a contract where thereis no physical settlement of two currencies at maturity (asopposed to deliverable forward contracts, which per theirterms are settled by physical delivery of the currencies).Rather, based on the movement of the currencies and thecontractually agreed upon exchange rate, a net cash settle-ment is made by one party to the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of Japanese issuers andin instruments designed to hedge against the fund’s expo-sure to the Japanese yen. As of July 31, 2019, theUnderlying Index was solely comprised of securities ofissuers from Japan.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theindustrials (21.1%) and consumer discretionary (18.5%)sectors. The industrials sector includes companies

engaged in the manufacture and distribution of capitalgoods, such as those used in defense, construction andengineering, companies that manufacture and distributeelectrical equipment and industrial machinery and thosethat provide commercial and transportation services andsupplies. Consumer discretionary goods include durablegoods, apparel, entertainment and leisure, and automo-biles. To the extent that the fund tracks the UnderlyingIndex, the fund’s investment in certain sectors may changeover time.





Securities lending. The fund may lend its portfolio securi-ties to brokers, dealers and other financial institutionsdesiring to borrow securities to complete transactions andfor other purposes. In connection with such loans, thefund receives liquid collateral equal to at least 102% of the


value of the portfolio securities being lent. This collateral ismarked to market on a daily basis. The fund may lend itsportfolio securities in an amount up to 33 1/3% of its totalassets.


MSCI Japan US Dollar Hedged Index


Index Description. The MSCI Japan US Dollar HedgedIndex is designed to provide exposure to Japanese equitymarkets, while at the same time mitigating exposure tofluctuations between the value of the US dollar and Japa-nese yen.

MAIN RISKS



Foreign investment risk. The fund faces the risks inherentin foreign investing. Adverse political, economic or socialdevelopments could undermine the value of the fund’sinvestments or prevent the fund from realizing the fullvalue of its investments. Financial reporting standards forcompanies based in foreign markets differ from those inthe US. Additionally, foreign securities markets generallyare smaller and less liquid than US markets. To the extentthat the fund invests in non-US dollar denominated foreign

securities, changes in currency exchange rates may affectthe US dollar value of foreign securities or the income orgain received on these securities.




Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that has


historically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity pricescould therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.




Consumer discretionary sector risk. To the extent thatthe fund invests significantly in the consumer discretionarysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the consumer discretionary sector.Companies engaged in the consumer discretionary sectorare subject to fluctuations in supply and demand. Thesecompanies may also be adversely affected by changes inconsumer spending as a result of world events, political

and economic conditions, commodity price volatility,changes in exchange rates, imposition of import controls,increased competition, depletion of resources and laborrelations.




A forward currency contract is a negotiated agreementbetween two parties to exchange specified amounts oftwo or more currencies at a specified future time at aspecified rate. The rate specified by the forward currencycontract can be higher or lower than the spot rate betweenthe currencies that are the subject of the contract. Settle-ment of a forward currency contract for the purchase ofmost currencies typically must occur at a bank based inthe issuing nation. By entering into a forward currencycontract for the purchase or sale, for a fixed amount ofdollars or other currency, of the amount of foreign currencyinvolved in the underlying security transactions, the fund


may be able to protect itself against a possible lossresulting from an adverse change in the relationshipbetween the US dollar or other currency which is beingused for the security purchase and the foreign currency inwhich the security is denominated during the periodbetween the date on which the security is purchased orsold and the date on which payment is made or received.Furthermore, such transactions reduce or preclude theopportunity for gain if the value of the currency shouldmove in the direction opposite to the position taken. Thereis an additional risk to the extent that forward currencycontracts create exposure to currencies in which the fund’ssecurities are not denominated. Unanticipated changes incurrency prices may result in poorer overall performancefor the fund than if it had not entered into such contracts.Forward currency contracts may limit gains on portfoliosecurities that could otherwise be realized had they notbeen utilized and could result in losses. The contracts alsomay increase the fund’s volatility and may involve a signifi-cant amount of risk relative to the investment of cash.






Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviate


from the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or are

unable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.




Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment at an acceptable price.This risk can be ongoing for any security that does not


trade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restrictedsecurities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk. This may affect only certain securities or an overallsecurities market.





Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failures

involving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for suchissuers, and may cause the fund’s investments to losevalue. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.








Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risksdifferent from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highlyvolatile and the fund could lose more than the amount itinvests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction willdepend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,

the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.




Xtrackers MSCI Europe Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEurope US Dollar Hedged Index (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the developed markets in Europe, whilemitigating exposure to fluctuations between the value ofthe US dollar and the currencies of the countries includedin the Underlying Index. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the UnderlyingIndex instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industry


weightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. Thefund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 442securities, with an average market capitalization of approxi-mately $19.56 billion and a minimum market capitalizationof approximately $1.51 billion, from issuers in thefollowing countries: Austria, Belgium, Denmark, Finland,France, Germany, Ireland, Italy, Netherlands, Norway,Portugal, Spain, Sweden, Switzerland and the UnitedKingdom.



The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from Europeand in instruments designed to hedge against the fund’sexposure to non-US currencies. As of July 31, 2019, asignificant percentage of the Underlying Index wascomprised of securities of issuers from the UnitedKingdom (26.6%) and France (18.0%).

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services sector (17.7%). The financial servicessector includes companies involved in banking, consumerfinance, asset management and custody banks, as well

as investment banking and brokerage and insurance. Tothe extent that the fund tracks the Underlying Index, thefund’s investment in certain sectors or countries maychange over time.







MSCI Europe US Dollar Hedged Index



Index Description. The MSCI Europe US Dollar HedgedIndex is designed to provide exposure to equity securitiesin developed stock markets in Europe, while at the sametime mitigating exposure to fluctuations between the valueof the US dollar and selected non-US currencies. As ofJuly 31, 2019, the Underlying Index consisted of issuersfrom the following 15 developed market countries: Austria,Belgium, Denmark, Finland, France, Germany, Ireland,Italy, Netherlands, Norway, Portugal, Spain, Sweden, Swit-zerland and the United Kingdom.

MAIN RISKS



Foreign investment risk. The fund faces the risks inherentin foreign investing. Adverse political, economic or socialdevelopments could undermine the value of the fund’sinvestments or prevent the fund from realizing the fullvalue of its investments. Financial reporting standards forcompanies based in foreign markets differ from those inthe US. Additionally, foreign securities markets generallyare smaller and less liquid than US markets. To the extentthat the fund invests in non-US dollar denominated foreign

securities, changes in currency exchange rates may affectthe US dollar value of foreign securities or the income orgain received on these securities.











Numerous financial services companies have experiencedsubstantial declines in the valuations of their assets, takenaction to raise capital (such as the issuance of debt orequity securities), or even ceased operations. Theseactions have caused the securities of many financialservices companies to experience a dramatic decline invalue. Moreover, certain financial companies have avoided

collapse due to intervention by governmental regulatoryauthorities, but such interventions have often not averted asubstantial decline in the value of such companies’common stock. Issuers that have exposure to the realestate, mortgage and credit markets have been particularlyaffected by the foregoing events and the general marketturmoil, and it is uncertain whether or for how long theseconditions will continue.



A forward currency contract is a negotiated agreementbetween two parties to exchange specified amounts oftwo or more currencies at a specified future time at aspecified rate. The rate specified by the forward currencycontract can be higher or lower than the spot rate betweenthe currencies that are the subject of the contract. Settle-ment of a forward currency contract for the purchase ofmost currencies typically must occur at a bank based inthe issuing nation. By entering into a forward currencycontract for the purchase or sale, for a fixed amount ofdollars or other currency, of the amount of foreign currencyinvolved in the underlying security transactions, the fundmay be able to protect itself against a possible lossresulting from an adverse change in the relationshipbetween the US dollar or other currency which is beingused for the security purchase and the foreign currency inwhich the security is denominated during the periodbetween the date on which the security is purchased or


sold and the date on which payment is made or received.Furthermore, such transactions reduce or preclude theopportunity for gain if the value of the currency shouldmove in the direction opposite to the position taken. Thereis an additional risk to the extent that forward currencycontracts create exposure to currencies in which the fund’ssecurities are not denominated. Unanticipated changes incurrency prices may result in poorer overall performancefor the fund than if it had not entered into such contracts.Forward currency contracts may limit gains on portfoliosecurities that could otherwise be realized had they notbeen utilized and could result in losses. The contracts alsomay increase the fund’s volatility and may involve a signifi-cant amount of risk relative to the investment of cash.










Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondary

market). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.




Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment at an acceptable price.This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restricted


securities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk. This may affect only certain securities or an overallsecurities market.





Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failuresinvolving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for such

issuers, and may cause the fund’s investments to losevalue. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.




Non-diversification risk. At any given time, due to thecomposition of the Underlying Index, the fund may be clas-sified as “non-diversified” and may invest a largerpercentage of its assets in securities of a few issuers or asingle issuer than that of a diversified fund. As a result,the fund may be more susceptible to the risks associatedwith these particular issuers, or to a single economic,political or regulatory occurrence affecting these issuers.


This may increase the fund’s volatility and cause the perfor-mance of a relatively smaller number of issuers to have agreater impact on the fund’s performance.


Risks related to investing in France. Investment inFrench issuers may subject the fund to legal, regulatory,political, currency, security, and economic risk specific toFrance. During the most recent financial crisis, the Frencheconomy, along with certain other EU economies, expe-rienced a significant economic slowdown. Recently, newconcerns emerged in relation to the economic health ofthe EU. These concerns have led to tremendous down-ward pressure on certain EU member states, includingFrance. Interest rates on France’s debt may rise to levelsthat make it difficult for it to service high debt levelswithout significant financial help from, among others, theEuropean Central Bank and could potentially lead todefault. In addition, the French economy is dependent to asignificant extent on the economies of certain key tradingpartners, including Germany and other Western Europeancountries. Reduction in spending on French products andservices, or changes in any of the economies may causean adverse impact on the French economy. France may besubject to acts of terrorism. The French economy is depen-dent on exports from the agricultural sector. Leadingagricultural exports include dairy products, meat, wine,fruit and vegetables, and fish. As a result, the Frencheconomy is susceptible to fluctuations in demand for agri-cultural products.

Risks related to investing in the United Kingdom. Invest-ment in British issuers may subject the fund to regulatory,political, currency, security, and economic risks specificto the United Kingdom. The British economy relies heavilyon export of financial services to the US and other Euro-pean countries. A prolonged slowdown in the financialservices sector may have a negative impact on the Britisheconomy. In the past, the United Kingdom has been atarget of terrorism. Acts of terrorism in the UnitedKingdom or against British interests abroad may causeuncertainty in the British financial markets and adverselyaffect the performance of the issuers to which the fundhas exposure. The British economy, along with the US andcertain other EU economies, experienced a significanteconomic slowdown during the financial crisis.




Cash redemption risk. Because the fund invests a portionof its assets in forward currency contracts, the fund maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities. Inaddition, the fund may be required to unwind suchcontracts or sell portfolio securities in order to obtain thecash needed to distribute redemption proceeds. This maycause the fund to recognize a capital gain that it might nothave incurred if it had made a redemption in-kind. As aresult the fund may pay out higher annual capital gainsdistributions than if the in-kind redemption process wasused. Only APs who have entered into an agreement with


the fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.





The Xtrackers MSCI All World ex US Hedged Equity ETF(the “fund”) seeks investment results that correspondgenerally to the performance, before fees and expenses,of the MSCI ACWI ex USA US Dollar Hedged Index (the“Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities in developed and emergingstock markets (excluding the United States), while miti-gating exposure to fluctuations between the value of theUS dollar and the currencies of the countries included inthe Underlying Index. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the UnderlyingIndex instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. Thefund will invest at least 80% of its total assets (but typi-cally far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of2,205 securities, with an average market capitalization ofapproximately $9.37 billion and a minimum market capital-ization of approximately $65 million, from issuers in thefollowing countries: Argentina, Australia, Austria, Belgium,Brazil, Canada, Chile, China, Colombia, Czech Republic,Denmark, Egypt, Finland, France, Germany, Greece, HongKong, Hungary, India, Indonesia, Ireland, Israel, Italy,Japan, Malaysia, Mexico, Netherlands, New Zealand,Norway, Pakistan, Peru, Philippines, Poland, Portugal,Qatar, Russia, Saudi Arabia, Singapore, South Africa, SouthKorea, Spain, Sweden, Switzerland, Taiwan, Thailand,Turkey, the United Arab Emirates and the United Kingdom.


The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto each non-US currency based on currency weights as of


the beginning of each month. While this approach isdesigned to minimize the impact of currency fluctuationson fund returns, this does not necessarily eliminate expo-sure to all currency fluctuations. The return of the forwardcurrency contracts may not perfectly offset the actual fluc-tuations of non-US currencies relative to the US dollar.The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physicaldelivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of issuers from coun-tries other than the United States and in instrumentsdesigned to hedge against the fund’s exposure to non-UScurrencies. As of July 31, 2019, a significant percentage ofthe Underlying Index was comprised of securities ofissuers from Japan (16.5%).



The fund may invest its remaining assets in other securi-ties, including securities not in the Underlying Index, cashand cash equivalents, money market instruments, suchas repurchase agreements or money market funds(including money market funds advised by the Advisor orits affiliates (subject to applicable limitations under theInvestment Company Act of 1940, as amended (the “1940Act”), or exemptions therefrom), convertible securities,structured notes (notes on which the amount of principal

repayment and interest payments are based on the move-ment of one or more specified factors, such as themovement of a particular stock or stock index) and infutures contracts, options on futures contracts and othertypes of options and swaps related to its Underlying Index.The fund will not use futures or options for speculativepurposes.





MSCI ACWI ex USA US Dollar Hedged Index

Number of Components: approximately 2,205

Index Description. The MSCI ACWI ex USA US DollarHedged Index is designed to provide exposure to equitysecurities in developed and emerging stock markets(excluding the United States), while at the same time miti-gating exposure to fluctuations between the value of theUS dollar and selected non-US currencies. As of July 31,2019, the Underlying Index consisted of issuers from thefollowing 48 developed and emerging market countries:Argentina, Australia, Austria, Belgium, Brazil, Canada,Chile, China, Colombia, Czech Republic, Denmark, Egypt,Finland, France, Germany, Greece, Hong Kong, Hungary,India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia,Mexico, Netherlands, New Zealand, Norway, Pakistan,Peru, Philippines, Poland, Portugal, Qatar, Russia, SaudiArabia, Singapore, South Africa, South Korea, Spain,Sweden, Switzerland, Taiwan, Thailand, Turkey, the UnitedArab Emirates and the United Kingdom.

MAIN RISKS

As with any investment, you could lose all or part of yourinvestment in the fund, and the fund’s performance couldtrail that of other investments. The fund is subject to the


main risks noted below, any of which may adversely affectthe fund’s net asset value (“NAV”), trading price, yield,total return and ability to meet its investment objective.




Foreign markets can have liquidity risks beyond thosetypical of US markets. Because foreign exchanges gener-ally are smaller and less liquid than US exchanges, buyingand selling foreign investments can be more difficult andcostly. Relatively small transactions can sometimes materi-ally affect the price and availability of securities. In certain

situations, it may become virtually impossible to sell aninvestment at a price that approaches portfolio manage-ment’s estimate of its value. For the same reason, it mayat times be difficult to value the fund’s foreigninvestments.





Small and medium-sized company risk. Small andmedium-sized company stocks tend to be more volatilethan large company stocks. Because stock analysts areless likely to follow medium-sized companies, less infor-mation about them is available to investors. Industry-wide


reversals may have a greater impact on small and medium-sized companies, since they lack the financial resourcesof larger companies. Small and medium-sized companystocks are typically less liquid than large company stocks.





These contracts may not be successful. To the extent thefund’s forward currency contracts are not successful inhedging against such changes, the US dollar value of yourinvestment in the fund may go down if the value of thelocal currency of the non-US markets in which the fundinvests depreciates against the US dollar. This is true evenif the local currency value of securities in the fund’s hold-ings goes up. In order to minimize transaction costs or forother reasons, the fund’s exposure to the currenciesincluded in the Underlying Index may not be fully hedgedat all times. For example, the fund may not hedge against

exposure to currencies that represent a relatively smallerportion of the Underlying Index. Furthermore, becauseno changes in the currency weights in each fund’s Under-lying Index are made during the month to account forchanges in each fund’s Underlying Index due to pricemovement of securities, corporate events, additions, dele-tions or any other changes, changes in the value of thenon-US currencies included in the fund’s Underlying Indexagainst the US dollar during the month may affect thevalue of the fund’s investment. Non-deliverable forward(“NDF”) contracts may be less liquid than deliverableforward currency contracts. A lack of liquidity in NDFs ofthe hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.


Counterparty risk. The foreign currency markets in whichthe fund effects its transactions are over-the-counter or“interdealer” markets. The counterparty to an over-thecounter spot contract is generally a single bank or otherfinancial institution rather than a clearing organizationbacked by a group of financial institutions. Participants inover-the-counter markets are typically not subject to thesame credit evaluation and regulatory oversight asmembers of exchange-based” markets. Because the fundsexecute over-the-counter transactions, the fund constantly


takes credit risk with regard to parties with which it tradesand may also bear the risk of settlement default. Theserisks may differ materially from those involved in exchange-traded transactions which generally are characterized byclearing organization guaranties, daily marking-to-marketand settlement, and segregation and minimum capitalrequirements applicable to intermediaries. Transactionsentered into directly between two counterparties generallydo not benefit from these protections and the fund issubject to the risk that a counterparty will not settle atransaction in accordance with agreed terms andconditions.





Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in a

representative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly from


NAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’s

trading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.














Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,


particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that hashistorically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity pricescould therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.


Cash redemption risk. Because the fund invests a portionof its assets in forward currency contracts, the fund maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities. Inaddition, the fund may be required to unwind suchcontracts or sell portfolio securities in order to obtain thecash needed to distribute redemption proceeds. This maycause the fund to recognize a capital gain that it might nothave incurred if it had made a redemption in-kind. As aresult the fund may pay out higher annual capital gainsdistributions than if the in-kind redemption process wasused. Only APs who have entered into an agreement with

the fund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.





The Xtrackers MSCI South Korea Hedged Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Korea 25/50 US Dollar Hedged Index (the “Under-lying Index”).



The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of the South Korean equity market while mitigatingexposure to fluctuations between the value of the USdollar and the South Korean won. The fund uses a full repli-cation indexing strategy to seek to track the UnderlyingIndex. As such, the fund invests directly in the componentsecurities (or a substantial number of the component secu-rities) of the Underlying Index in substantially the sameweightings in which they are represented in the UnderlyingIndex. If it is not possible for the fund to acquire compo-nent securities due to limited availability or regulatoryrestrictions, the fund may use a representative samplingindexing strategy to seek to track the Underlying Indexinstead of a full replication indexing strategy. “Representa-tive sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy.

The fund will invest at least 80% of its total assets (buttypically far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 114securities, with an average market capitalization of approxi-mately $5.56 billion and a minimum market capitalizationof approximately $108 million.

The fund enters into forward currency contracts designedto offset the fund’s exposure to the South Korean won.The fund hedges the South Korean won to the US dollar byselling South Korean won currency forwards at theone-month forward rate published by WM/Reuters. Theamount of forward contracts in the fund is based on theaggregate exposure of the fund and Underlying Index tothe South Korean won based on currency weights as ofthe beginning of each month. While this approach isdesigned to minimize the impact of currency fluctuationson fund returns, this does not necessarily eliminate expo-sure to all currency fluctuations. The return of the forwardcurrency contracts may not perfectly offset the actual fluc-tuations of the South Korean won relative to the US dollar.The fund may use non-deliverable forward (“NDF”)contracts to execute its hedging transactions. An NDF is acontract where there is no physical settlement of twocurrencies at maturity (as opposed to deliverable forwardcontracts, which per their terms are settled by physical

delivery of the currencies). Rather, based on the move-ment of the currencies and the contractually agreed uponexchange rate, a net cash settlement is made by one partyto the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in the equity securities of South Korean issuersand in instruments designed to hedge against the fund’sexposure to the South Korean won. As of July 31, 2019,the Underlying Index was solely comprised of securities ofissuers from South Korea.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theinformation technology sector (35.0%). The informationtechnology sector includes companies engaged in devel-oping software and providing data processing andoutsourced services, along with manufacturing and distrib-uting communications equipment, computers and otherelectronic equipment and instruments. To the extent thatthe fund tracks the Underlying Index, the fund’s invest-ment in certain sectors may change over time.





exchange traded agreement to buy or sell a specific quan-tity of an underlying instrument at a specific price at aspecific future time.




MSCI Korea 25/50 US Dollar Hedged Index


Index Description. The MSCI Korea 25/50 US DollarHedged Index is designed to provide exposure to theSouth Korean equity markets while at the same time miti-gating exposure to fluctuations of the South Korean wonrelative to the US dollar.

MAIN RISKS












Risks related to investing in South Korea. Investmentsin South Korean issuers may subject the fund to legal,regulatory, political, currency, security, and economic risksthat are specific to South Korea. Substantial politicaltensions exist between North Korea and South Korea andrecently, these political tensions have escalated. Theoutbreak of hostilities between the two nations, or eventhe threat of an outbreak of hostilities will likely adverselyimpact the South Korean economy. In addition, SouthKorea’s economic growth potential has recently been on adecline, mainly because of a rapidly aging population andstructural problems. In addition, economic and politicaldevelopments of South Korean neighbors may have anadverse effect on the South Korean economy. Economiesin emerging market countries generally are heavily depen-dent upon commodity prices and international trade and,accordingly, have been and may continue to be affectedadversely by the economies of their trading partners, tradebarriers, exchange controls, managed adjustments in rela-tive currency values, and may suffer from extreme andvolatile debt burdens or inflation rates. These countriesmay be subject to other protectionist measures imposedor negotiated by the countries with which they trade.

North and South Korea each have substantial military capa-bilities, and historical tensions between the two presentthe ongoing risk of war. Recent incidents involving theNorth Korean military have heightened tensions betweenNorth and South Korea. Any outbreak of hostilitiesbetween the two countries could have a severe adverseeffect on the South Korean economy and its securitiesmarkets.

South Korea may be subject to economic and labor risks.Any of these risks, individually or in the aggregate, couldadversely affect investments in the fund:

Economic risk. Among these structural concerns are thecountry’s underdeveloped financial markets and a generallack of regulatory transparency. The restructuring of theSouth Korean economy and the need to create a more liber-alized economy with a mechanism for bankrupt firms toexit the market, remain important unfinished economicreform tasks. These factors may adversely affect the SouthKorean economy and cause a diversion of corporate invest-ment to China and other lower wage countries.

Labor risk. South Korea’s economic growth potential issusceptible to problems from large scale emigration, rigidlabor regulations and ongoing labor relations issues. Inaddition, the average age of South Korea’s workforce israpidly increasing.

The US is a large trading partner of and investor in SouthKorea. Decreasing US imports, new trade regulations,changes in the US dollar exchange rates or a recession inthe US may have an adverse impact on the South Koreaneconomy and, as a result, securities to which the fundhave exposure.



Information technology sector risk. To the extent that thefund invests significantly in the information technologysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the information technology sector. Infor-mation technology companies are particularly vulnerable togovernment regulation and competition, both domesti-cally and internationally, including competition from foreign


competitors with lower production costs. Information tech-nology companies also face competition for services ofqualified personnel. Additionally, the products of informa-tion technology companies may face obsolescence due torapid technological development and frequent newproduct introduction by competitors. Finally, informationtechnology companies are heavily dependent on patentand intellectual property rights, the loss or impairment ofwhich may adversely affect profitability.



A forward currency contract is a negotiated agreementbetween two parties to exchange specified amounts oftwo or more currencies at a specified future time at aspecified rate. The rate specified by the forward currencycontract can be higher or lower than the spot rate betweenthe currencies that are the subject of the contract. Settle-ment of a forward currency contract for the purchase ofmost currencies typically must occur at a bank based inthe issuing nation. By entering into a forward currencycontract for the purchase or sale, for a fixed amount ofdollars or other currency, of the amount of foreign currencyinvolved in the underlying security transactions, the fundmay be able to protect itself against a possible lossresulting from an adverse change in the relationshipbetween the US dollar or other currency which is beingused for the security purchase and the foreign currency inwhich the security is denominated during the period

between the date on which the security is purchased orsold and the date on which payment is made or received.Furthermore, such transactions reduce or preclude theopportunity for gain if the value of the currency shouldmove in the direction opposite to the position taken. Thereis an additional risk to the extent that forward currencycontracts create exposure to currencies in which the fund’ssecurities are not denominated. Unanticipated changes incurrency prices may result in poorer overall performancefor the fund than if it had not entered into such contracts.Forward currency contracts may limit gains on portfoliosecurities that could otherwise be realized had they notbeen utilized and could result in losses. The contracts alsomay increase the fund’s volatility and may involve a signifi-cant amount of risk relative to the investment of cash.










Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondary


market). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.




Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment at an acceptable price.This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restricted

securities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk. This may affect only certain securities or an overallsecurities market.

If the fund is forced to sell underlying investments atreduced prices or under unfavorable conditions to meetredemption requests or other cash needs, the fund maysuffer a loss.




Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failuresinvolving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for suchissuers, and may cause the fund’s investments to lose


value. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.






Cash transactions risk. Unlike many ETFs, the fundexpects to effect its creations and redemptions principallyfor cash, rather than in-kind securities. Other more conven-tional ETFs generally are able to make in-kind redemptionsand avoid realizing gains in connection with transactionsdesigned to meet redemption requests. Effecting allredemptions for cash may cause the fund to sell portfoliosecurities in order to obtain the cash needed to distributeredemption proceeds. Such dispositions may occur at aninopportune time resulting in potential losses to the fundand involve transaction costs. If the fund recognizes acapital loss on these sales, the loss will offset capital gainsand may result in smaller capital gain distributions fromthe fund. If the fund recognizes gain on these sales, thisgenerally will cause the fund to recognize gain it might nototherwise have recognized if it were to distribute port-folio securities in-kind or to recognize such gain soonerthan would otherwise be required. The fund generallyintends to distribute these gains to shareholders to avoidbeing taxed on this gain at the fund level and otherwisecomply with the special tax rules that apply to it. Thisstrategy may cause shareholders to be subject to tax ongains they would not otherwise be subject to, or at anearlier date than, if they had made an investment in a moreconventional ETF.

In addition, cash transactions may have to be carried outover several days if the securities market is relativelyilliquid and may involve considerable brokerage fees andtaxes. These brokerage fees and taxes, which will behigher than if a fund sold and redeemed its shares princi-pally in-kind, will generally be passed on to purchasers andredeemers of Creation Units in the form of creation andredemption transaction fees. To the extent transaction andother costs associated with a redemption exceed theredemption fee, those transaction costs might be borne bythe fund’s remaining shareholders. In addition, thesefactors may result in wider spreads between the bid andthe offered prices of the fund’s shares than for moreconventional ETFs.

Only APs who have entered into an agreement with thefund’s distributor may redeem shares from the funddirectly; all other investors buy and sell shares at marketprices on an exchange.

Securities lending risk. Securities lending involves therisk that the fund may lose money because the borrowerof the loaned securities fails to return the securities in atimely manner or at all. The fund could also lose money inthe event of a decline in the value of the collateral providedfor the loaned securities or a decline in the value of anyinvestments made with cash collateral. These events, andsecurities lending in general, could trigger adverse tax


consequences for the fund and its investors. For example,if the fund loans its securities, the fund and its investorsmay lose the ability to treat certain fund distributions asso-ciated with those securities as qualified dividend income.



Xtrackers MSCI All World ex US High DividendYieldEquity ETF


The Xtrackers MSCI All World ex US High Dividend YieldEquity ETF (the “fund”) seeks investment results thatcorrespond generally to the performance, before fees andexpenses, of the MSCI ACWI ex USA High Dividend YieldIndex (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities in developed and emergingstock markets (excluding the United States).

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index isdesigned to reflect the performance of equities (excludingreal estate investment trusts (“REITs”)) in its parent index,the MSCI ACWI ex US Index, with higher dividend incomeand quality characteristics than average dividend yieldsof equities in the parent index, where such higher dividendincome and quality characteristics are both sustainableand persistent. The fund will invest at least 80% of its totalassets (but typically far more) in component securities(including depositary receipts in respect of such securities)of the Underlying Index.

The Underlying Index is a free float adjusted market capi-talization weighted index. As of July 31, 2019, theUnderlying Index consisted of 333 securities, with anaverage market capitalization of approximately $10.87billion and a minimum market capitalization of approxi-mately $66 million, from issuers in the following countries:Argentina, Australia, Austria, Belgium, Brazil, Canada,Chile, China, Colombia, Czech Republic, Denmark, Egypt,Finland, France, Germany, Greece, Hong Kong, Hungary,India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia,Mexico, Netherlands, New Zealand, Norway, Pakistan,Peru, Philippines, Poland, Portugal, Qatar, Russia, SaudiArabia, Singapore, South Africa, South Korea, Spain,Sweden, Switzerland, Taiwan, Thailand, Turkey, the United


Arab Emirates and the United Kingdom. The UnderlyingIndex is rebalanced semi-annually in May and November,and thus the fund rebalances its portfolio in correspondingfashion.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities of issuers located in coun-tries other than the United States. The fund will not enterinto transactions to hedge against declines in the valueof the fund’s assets that are denominated in foreigncurrency.





exchange traded agreement to buy or sell a specific quan-tity of an underlying instrument at a specific price at aspecific future time. The fund will not invest in forwardcurrency contracts to hedge against changes in the valueof the US dollar against specified foreign currencies.




MSCI ACWI ex USA High DividendYield Index


Index Description. The MSCI ACWI ex USA High DividendYield Index is designed to provide exposure to equity secu-rities (excluding REITs) in developed and emerging stockmarkets (excluding the United States) in its parent index,the MSCI ACWI ex USA Index, with higher dividendincome and quality characteristics than average dividendyields of equities in the parent index, where such higherdividend income and quality characteristics are bothsustainable and persistent. The MSCI ACWI ex USA Indexincludes large- and mid-capitalization securities acrossdeveloped markets countries (excluding the United States)and emerging market countries. As of July 31, 2019, theUnderlying Index consisted of issuers from the following48 countries: Argentina, Australia, Austria, Belgium, Brazil,Canada, Chile, China, Colombia, Czech Republic, Denmark,Egypt, Finland, France, Germany, Greece, Hong Kong,Hungary, India, Indonesia, Ireland, Israel, Italy, Japan,Malaysia, Mexico, Netherlands, New Zealand, Norway,Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Russia,Saudi Arabia, Singapore, South Africa, South Korea, Spain,Sweden, Switzerland, Taiwan, Thailand, Turkey, the UnitedArab Emirates and the United Kingdom.

MAIN RISKS




Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time, or the anticipated acceleration ofdividends may not occur as a result of, among other things,a sharp rise in interest rates or an economic downturn. Ifthe dividend-paying stocks held by the fund reduce or stoppaying dividends, the fund’s ability to generate incomemay be adversely affected.

Changes in the dividend policies of companies in thefund’s portfolio and capital resources available for thesecompanies’ dividend payments may adversely affect thefund. Depending upon market conditions, dividend-payingstocks that meet the fund’s investment criteria may notbe widely available and/or may be highly concentrated inonly a few market sectors.












Focus risk. To the extent that the fund focuses its invest-ments in particular industries, asset classes or sectorsof the economy, any market price movements, regulatoryor technological changes, or economic conditions affectingcompanies in those industries, asset classes or sectorsmay have a significant impact on the fund’s performance.




Currency risk. Changes in currency exchange rates andthe relative value of non-US currencies may affect thevalue of the fund’s investment and the value of your fundshares. Because the fund’s NAV is determined on the


basis of the US dollar, investors may lose money if theforeign currency depreciates against the US dollar, even ifthe foreign currency value of the fund’s holdings in thatmarket increases. Conversely, the dollar value of yourinvestment in the fund may go up if the value of theforeign currency appreciates against the US dollar. Thevalue of the US dollar measured against other currenciesis influenced by a variety of factors. These factors include:interest rates, national debt levels and trade deficits,changes in balances of payments and trade, domestic andforeign interest and inflation rates, global or regionalpolitical, economic or financial events, monetary policiesof governments, actual or potential government interven-tion, and global energy prices. Political instability, thepossibility of government intervention and restrictive oropaque business and investment policies may also reducethe value of a country’s currency. Government monetarypolicies and the buying or selling of currency by a country’sgovernment may also influence exchange rates. Currencyexchange rates can be very volatile and can change quicklyand unpredictably. Therefore, the value of an investmentin the fund may also go up or down quickly and unpredict-ably and investors may lose money.






Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed in


Creation Units, the Advisor believes that large discounts orpremiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times when themarket price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility of

the underlying securities. The fund’s investment resultsare measured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.






Cyber-attacks may include unauthorized attempts by thirdparties to improperly access, modify, disrupt the opera-tions of, or prevent access to the systems of the fund’sservice providers or counterparties, issuers of securitiesheld by the fund or other market participants or data withinthem. In addition, power or communications outages, actsof god, information technology equipment malfunctions,operational errors, and inaccuracies within software or dataprocessing systems may also disrupt business operationsor impact critical data. Market events also may trigger a


volume of transactions that overloads current informationtechnology and communication systems and processes,impacting the ability to conduct the fund’s operations.








In a referendum held on June 23, 2016, citizens of theUnited Kingdom voted to leave the EU, creating economic,political and legal uncertainty in its wake. Consequently,


the United Kingdom government, pursuant to the Treaty ofLisbon (the “Treaty”), has given notice of its intention towithdraw in March 2019 (later extended to October 2019)and has entered into negotiations with the EU Councilto agree to terms for the United Kingdom’s withdrawalfrom the EU. The Treaty provides for a two-year negotiationperiod, which may be shortened or extended by agree-ment of the parties. During, and possibly after, this periodthere is likely to be considerable uncertainty as to the posi-tion of the United Kingdom and the arrangements thatwill apply to its relationships with the EU and other coun-tries following its anticipated withdrawal. This uncertaintymay affect other countries in the EU, or elsewhere, if theyare considered to be impacted by these events. It isunclear whether the United Kingdom and the EU will reachan agreement regarding the terms of the United King-dom’s withdrawal. If the United Kingdom withdraws fromthe EU without reaching as agreement with the EU, theresulting consequences could be even more significantthan expected.



Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risksdifferent from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highlyvolatile and the fund could lose more than the amount itinvests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction will

depend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.




Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI EAFE High Dividend Yield Index (the “UnderlyingIndex”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track developedmarket performance.

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,


investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index isdesigned to reflect the performance of equities (excludingREITs) in its parent index, the MSCI EAFE Index, withhigher dividend income and quality characteristics thanaverage dividend yields of equities in the parent index,where such higher dividend income and quality character-istics are both sustainable and persistent. The fund willinvest at least 80% of its total assets (but typically farmore) in component securities (including depositaryreceipts in respect of such securities) of the UnderlyingIndex.

The Underlying Index is a free float adjusted market capi-talization weighted index. As of July 31, 2019, theUnderlying Index consisted of 112 securities, with anaverage market capitalization of approximately $16.46billion and a minimum market capitalization of approxi-mately $1.68 billion from issuers in the following countries:Australia, Austria, Belgium, Denmark, Finland, France,Germany, Hong Kong, Ireland, Israel, Italy, Japan, Nether-lands, New Zealand, Norway, Portugal, Singapore, Spain,Sweden, Switzerland and the United Kingdom. The Under-lying Index is rebalanced semi-annually in May andNovember, and thus the Fund rebalances its portfolio incorresponding fashion.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities located in developed coun-tries in Europe, Australasia and the Far East. As of July 31,2019, a significant percentage of the Underlying Indexwas comprised of securities of issuers from the UnitedKingdom (28.2%) and Germany (17.0%). The fund will notenter into transactions to hedge against declines in thevalue of the fund’s assets that are denominated in foreigncurrency.




The fund expects to use futures contracts to a limitedextent in seeking performance that corresponds to itsUnderlying Index. A futures contract is a standardizedexchange traded agreement to buy or sell a specific quan-tity of an underlying instrument at a specific price at aspecific future time. The fund will not invest in forwardcurrency contracts to hedge against changes in the valueof the US dollar against specified foreign currencies.





MSCI EAFE High DividendYield Index


Index Description. The MSCI EAFE High Dividend YieldIndex is designed to provide exposure to equity securities(excluding REITs) in developed international stock markets(excluding the US and Canada) in its parent index, theMSCI EAFE Index, with higher dividend income and qualitycharacteristics than average dividend yields of equities inthe parent index, where such higher dividend income andquality characteristics are both sustainable and persistent.The MSCI EAFE Index includes large- andmid-capitalization securities across developed markets inEurope, Australasia and the Far East. As of July 31, 2019,the Underlying Index consisted of issuers from thefollowing 21 developed markets countries: Australia,Austria, Belgium, Denmark, Finland, France, Germany,Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, NewZealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland and the United Kingdom.

MAIN RISKS



Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time, or the anticipated acceleration ofdividends may not occur as a result of, among other things,a sharp rise in interest rates or an economic downturn. Ifthe dividend-paying stocks held by the fund reduce or stoppaying dividends, the fund’s ability to generate incomemay be adversely affected.

Changes in the dividend policies of companies in thefund’s portfolio and capital resources available for thesecompanies’ dividend payments may adversely affect thefund. Depending upon market conditions, dividend-payingstocks that meet the fund’s investment criteria may notbe widely available and/or may be highly concentrated inonly a few market sectors.




Depositary receipt risk. Foreign investments in AmericanDepositary Receipts and other depositary receipts maybe less liquid than the underlying shares in their primarytrading market. Certain of the depositary receipts in whichthe fund invests may be unsponsored depositary receipts.Unsponsored depositary receipts may not provide as


much information about the underlying issuer and may notcarry the same voting privileges as sponsored depositaryreceipts. Unsponsored depositary receipts are issued byone or more depositaries in response to market demand,but without a formal agreement with the company thatissues the underlying securities.




Focus risk. To the extent that the fund focuses its invest-ments in particular industries, asset classes or sectors ofthe economy, any market price movements, regulatory

or technological changes, or economic conditions affectingcompanies in those industries, asset classes or sectorsmay have a significant impact on the fund’s performance.




Currency risk. Changes in currency exchange rates andthe relative value of non-US currencies may affect thevalue of the fund’s investment and the value of your fundshares. Because the fund’s NAV is determined on thebasis of the US dollar, investors may lose money if theforeign currency depreciates against the US dollar, even ifthe foreign currency value of the fund’s holdings in that


market increases. Conversely, the dollar value of yourinvestment in the fund may go up if the value of theforeign currency appreciates against the US dollar. Thevalue of the US dollar measured against other currenciesis influenced by a variety of factors. These factors include:interest rates, national debt levels and trade deficits,changes in balances of payments and trade, domestic andforeign interest and inflation rates, global or regionalpolitical, economic or financial events, monetary policiesof governments, actual or potential government interven-tion, and global energy prices. Political instability, thepossibility of government intervention and restrictive oropaque business and investment policies may also reducethe value of a country’s currency. Government monetarypolicies and the buying or selling of currency by a country’sgovernment may also influence exchange rates. Currencyexchange rates can be very volatile and can change quicklyand unpredictably. Therefore, the value of an investmentin the fund may also go up or down quickly and unpredict-ably and investors may lose money.


Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposureto the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on the

fund and its shareholders. In addition, the fund may not beable to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings vary


significantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreadsand extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent with

those experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.











Authorized Participant concentration risk. The fund mayhave a limited number of financial institutions that mayact as APs. Only APs who have entered into agreements

with the fund’s distributor may engage in creation orredemption transactions directly with the fund (asdescribed below under “Buying and Selling Shares”). Ifthose APs exit the business or are unable to processcreation and/or redemption orders, (including in situationswhere APs have limited or diminished access to capitalrequired to post collateral) and no other AP is able to stepforward to create and redeem in either of these cases,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket).





During the most recent financial crisis, the Germaneconomy, along with certain other EU economies, experi-enced a significant economic slowdown. Recently, newconcerns emerged in relation to the economic health ofthe EU. These concerns have led to tremendous down-ward pressure on certain financial institutions, includingGerman financial services companies. During the recentEuropean debt crisis, Germany played a key role in stabi-lizing the euro. However, such efforts may prove


unsuccessful, and any ongoing crisis may continue tosignificantly affect the economies of every country inEurope, including Germany.




The United Kingdom has one of the largest economies inEurope, and member countries of the EU are substan-tial trading partners of the United Kingdom. The City ofLondon’s economy is dominated by financial services,some of which may have to move outside of the United

Kingdom post-referendum (e.g., currency trading, interna-tional settlement). Under the referendum, banks may beforced to move staff and comply with two separate sets ofrules or lose business to banks in Europe. Furthermore,the referendum creates the potential for decreased trade,the possibility of capital outflows, devaluation of the poundsterling, the cost of higher corporate bond spreads dueto uncertainty, and the risk that all the above could damagebusiness and consumer spending as well as foreign directinvestment. As a result of the referendum, the Britisheconomy and its currency may be negatively impacted bychanges to its economic and political relations with the EU.







Xtrackers Eurozone Equity ETF (the “fund”) seeks invest-ment results that correspond generally to theperformance, before fees and expenses, of the NASDAQEurozone Large Mid Cap Index (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities of large- and mid-capitalizationcompanies based in the countries in the Economic andMonetary Union (the “EMU” or “Eurozone”) of the Euro-pean Union (“EU”). The Underlying Index is composedof equity securities of companies that are based in coun-tries in the Eurozone that have adopted the euro as theircommon currency and sole legal tender. Whenconstructing the Underlying Index, Nasdaq Global Indexes(“Nasdaq” or the “Index Provider”) assigns each eligibleindex security to a country which will govern its inclusionin the Underlying Index based on three categories: (i) theindex security’s country of incorporation; (ii) the index secu-rity’s country of domicile; and (iii) the index security’scountry of primary exchange listing. Generally, if two ormore of the categories match, the index security will beassigned to that country. The Underlying Index is marketcapitalization weighted and it is rebalanced semi-annuallyin March and September.

The fund uses a full replication indexing strategy to seekto track the Underlying Index. As such, the fund investsdirectly in the component securities (or a substantialnumber of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least


As of July 31, 2019, the Underlying Index consisted of 308securities with an average market capitalization of approxi-mately $21.08 billion and a minimum market capitalizationof approximately $2.4 billion from issuers in the followingcountries: Austria, Belgium, Finland, France, Germany,Greece, Ireland, Italy, Netherlands, Portugal and Spain.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from issuers in the Eurozoneand in instruments designed to hedge the fund’s expo-sure to non-US currencies. As of July 31, 2019, asignificant percentage of the Underlying Index wascomprised of securities of issuers from France (33.9%)and Germany (27.1%). The fund will not enter into transac-tions to hedge against declines in the value of the fund’sassets that are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (19.3%), consumer goods (20.1%) andindustrials (17.0%) sectors. The financial services sectorincludes companies involved in banking, consumerfinance, asset management and custody banks, as well asinvestment banking and brokerage and insurance. Theindustrials sector includes companies engaged in themanufacture and distribution of capital goods, such asthose used in defense, construction and engineering,companies that manufacture and distribute electricalequipment and industrial machinery and those that providecommercial and transportation services and supplies. Tothe extent that the fund tracks the Underlying Index, thefund’s investment in certain sectors or countries maychange over time.


The fund may invest its remaining assets in other securi-ties, including securities not in the Underlying Index, cashand cash equivalents, money market instruments, suchas repurchase agreements or money market funds(including money market funds advised by the Advisor orits affiliates (subject to applicable limitations under theInvestment Company Act of 1940, as amended (the “1940


Act”), or exemptions therefrom), convertible securities,structured notes (notes on which the amount of principalrepayment and interest payments are based on the move-ment of one or more specified factors, such as themovement of a particular stock or stock index) and infutures contracts, options on futures contracts and othertypes of options and swaps related to its Underlying Index.The fund will not use futures or options for speculativepurposes.

The fund will not invest in forward currency contracts tohedge against changes in the value of the US dollar againstspecified foreign currencies.




NASDAQ Eurozone Large Mid Cap Index

Number of components: approximately 308

The NASDAQ Eurozone Large Mid Cap Index (the “Under-lying Index”) is designed to track the performance ofequity securities of large- and mid-capitalization companiesbased in the countries in the EMU.

MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well the

company performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, andin the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.




Depositary receipt risk. Foreign investments in AmericanDepositary Receipts and other depositary receipts maybe less liquid than the underlying shares in their primarytrading market. Certain of the depositary receipts in whichthe fund invests may be unsponsored depositary receipts.Unsponsored depositary receipts may not provide as


much information about the underlying issuer and may notcarry the same voting privileges as sponsored depositaryreceipts. Unsponsored depositary receipts are issued byone or more depositaries in response to market demand,but without a formal agreement with the company thatissues the underlying securities.



Medium-sized company risk. Medium-sized companystocks tend to be more volatile than large company stocks.Because stock analysts are less likely to follow medium-sized companies, less information about them is availableto investors. Industry-wide reversals may have a greaterimpact on medium-sized companies, since they lack thefinancial resources of larger companies. Medium-sizedcompany stocks are typically less liquid than largecompany stocks.

Financial services sector risk. To the extent that the fundinvests significantly in the financial services sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overall

condition of the financial services sector. The financialservices sector is subject to extensive government regula-tion, can be subject to relatively rapid change due toincreasingly blurred distinctions between servicesegments, and can be significantly affected by availabilityand cost of capital funds, changes in interest rates, therate of corporate and consumer debt defaults, and pricecompetition. In addition, the deterioration of the creditmarkets in 2007 and the ensuing financial crisis in 2008resulted in an unusually high degree of volatility in the finan-cial markets for an extended period of time, the effects ofwhich may persist indefinitely.

Numerous financial services companies have experiencedsubstantial declines in the valuations of their assets, takenaction to raise capital (such as the issuance of debt orequity securities), or even ceased operations. Theseactions have caused the securities of many financialservices companies to experience a dramatic decline invalue. Moreover, certain financial companies have avoidedcollapse due to intervention by governmental regulatoryauthorities, but such interventions have often not averted asubstantial decline in the value of such companies’common stock. Issuers that have exposure to the realestate, mortgage and credit markets have been particularlyaffected by the foregoing events and the general marketturmoil, and it is uncertain whether or for how long theseconditions will continue.Consumer goods sector risk. The fund invests a signifi-cant portion of its assets in securities issued by companiesin the consumer goods sector in order to track the Under-lying Index’s allocation to that sector. The success ofconsumer goods manufacturers and retailers is tied closelyto the performance of the overall global economy, interestrates, competition, government regulation and consumerconfidence. Also, the success of food, beverage, house-hold and personal products companies may be stronglyaffected by consumer interest and marketing campaigns.Companies in the consumer goods sector may be subjectto severe competition, which may have an adverse impacton their profitability. Changes in demographics andconsumer tastes can also affect the demand for, andsuccess of, consumer goods in the marketplace.


Currency risk. Changes in currency exchange rates andthe relative value of non-US currencies may affect thevalue of the fund’s investment and the value of your fundshares. Because the fund’s NAV is determined on the


basis of the US dollar, investors may lose money if theforeign currency depreciates against the US dollar, even ifthe foreign currency value of the fund’s holdings in thatmarket increases. Conversely, the dollar value of yourinvestment in the fund may go up if the value of theforeign currency appreciates against the US dollar. Thevalue of the US dollar measured against other currenciesis influenced by a variety of factors. These factors include:interest rates, national debt levels and trade deficits,changes in balances of payments and trade, domestic andforeign interest and inflation rates, global or regionalpolitical, economic or financial events, monetary policiesof governments, actual or potential government interven-tion, and global energy prices. Political instability, thepossibility of government intervention and restrictive oropaque business and investment policies may also reducethe value of a country’s currency. Government monetarypolicies and the buying or selling of currency by a country’sgovernment may also influence exchange rates. Currencyexchange rates can be very volatile and can change quicklyand unpredictably. Therefore, the value of an investmentin the fund may also go up or down quickly and unpredict-ably and investors may lose money.
















Risks related to investing in France. Investment inFrench issuers may subject the fund to legal, regulatory,political, currency, security, and economic risk specific toFrance. During the most recent financial crisis, the Frencheconomy, along with certain other EU economies, expe-rienced a significant economic slowdown. Recently, newconcerns emerged in relation to the economic health ofthe EU. These concerns have led to tremendous down-ward pressure on certain EU member states, includingFrance. Interest rates on France’s debt may rise to levelsthat make it difficult for it to service high debt levelswithout significant financial help from, among others, theEuropean Central Bank and could potentially lead todefault. In addition, the French economy is dependent to asignificant extent on the economies of certain key tradingpartners, including Germany and other Western Europeancountries. Reduction in spending on French products andservices, or changes in any of the economies may cause


an adverse impact on the French economy. France may besubject to acts of terrorism. The French economy is depen-dent on exports from the agricultural sector. Leadingagricultural exports include dairy products, meat, wine,fruit and vegetables, and fish. As a result, the Frencheconomy is susceptible to fluctuations in demand for agri-cultural products.








Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risksdifferent from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highlyvolatile and the fund could lose more than the amount it


invests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction willdepend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.




Xtrackers MSCI Eurozone Hedged Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the MSCIEMU IMI US Dollar Hedged Index (the “UnderlyingIndex”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities based in the countries in theEuropean Monetary Union (the “EMU”), while seeking tomitigate exposure to fluctuations between the value of theUS dollar and the euro. The fund uses a full replicationindexing strategy to seek to track the Underlying Index. Assuch, the fund invests directly in the component securi-ties (or a substantial number of the component securities)of the Underlying Index in substantially the sameweightings in which they are represented in the Under-lying Index. If it is not possible for the fund to acquirecomponent securities due to limited availability or regula-tory restrictions, the fund may use a representativesampling indexing strategy to seek to track the Underlying

Index instead of a full replication indexing strategy. “Repre-sentative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities thatcollectively has an investment profile similar to the Under-lying Index. The securities selected are expected to have,in the aggregate, investment characteristics (based onfactors such as market capitalization and industryweightings), fundamental characteristics (such as returnvariability and yield), and liquidity measures similar tothose of the Underlying Index. The fund may or may nothold all of the securities in the Underlying Index whenusing a representative sampling indexing strategy. TheUnderlying Index is composed of equities from countriesin the EMU, or the “Eurozone,” that have adopted the euroas their common currency and sole legal tender. The fundwill invest at least 80% of its total assets (but typicallyfar more) in component securities (including depositaryreceipts in respect of such securities) of the UnderlyingIndex.

As of July 31, 2019, the Underlying Index consisted of 704securities with an average market capitalization of approxi-mately $6.97 billion and a minimum market capitalizationof approximately $76 million from issuers in the followingcountries: Austria, Belgium, Finland, France, Germany,Ireland, Italy, Netherlands, Portugal and Spain.

The fund enters into forward currency contracts designedto offset the fund’s exposure to the euro. A forwardcurrency contract involves an obligation to purchase or sella specific currency at a future date, which may be anyfixed number of days from the date of the contract agreedupon by the parties, at a price set at the time of thecontract. The fund (and the Underlying Index) hedges theeuro in the portfolio to US dollars by selling the euroforward at the one-month forward rate published byWM/Reuters.

The amount of forward contracts in the fund is based onthe aggregate exposure of the fund and Underlying Indexto the euro based on currency weights as of the beginningof each month. While this approach is designed to mini-mize the impact of currency fluctuations on fund returns,this does not necessarily eliminate exposure to all currencyfluctuations. The return of the forward currency contractsmay not perfectly offset the actual fluctuations of the eurorelative to the US dollar. The fund may use non-deliverableforward (“NDF”) contracts to execute its hedging trans-actions. An NDF is a contract where there is no physicalsettlement of two currencies at maturity (as opposed todeliverable forward contracts, which per their terms aresettled by physical delivery of the currencies). Rather,based on the movement of the currencies and the contrac-tually agreed upon exchange rate, a net cash settlementis made by one party to the other in US dollars.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from issuers in the


Eurozone. As of July 31, 2019, a significant percentage ofthe Underlying Index was comprised of securities ofissuers from France (33.3%) and Germany (27.1%).

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (16.3%) and industrials (15.7%) sectors.The financial services sector includes companies involvedin banking, consumer finance, asset management andcustody banks, as well as investment banking andbrokerage and insurance. The industrials sector includescompanies engaged in the manufacture and distribution ofcapital goods, such as those used in defense, construc-tion and engineering, companies that manufacture anddistribute electrical equipment and industrial machineryand those that provide commercial and transportationservices and supplies. To the extent that the fund tracksthe Underlying Index, the fund’s investment in certainsectors or countries may change over time.







MSCI EMU IMI US Dollar Hedged Index


Index Description. The MSCI EMU IMI US Dollar HedgedIndex (the “Underlying Index”) is designed to provide expo-sure to equity securities from countries in the EuropeanMonetary Union, while mitigating exposure to fluctuationsbetween the value of the US dollar and the euro. As ofJuly 31, 2019, the Underlying Index consisted of issuersfrom the following 10 countries: Austria, Belgium, Finland,France, Germany, Ireland, Italy, the Netherlands, Portugaland Spain.

MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, and


in the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particulargeographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.





European investment risk. European financial marketshave experienced volatility in recent years and have beenadversely affected by concerns about economic down-turns, credit rating downgrades, rising government debt

level and possible default on or restructuring of govern-ment debt in several European countries. A default or debtrestructuring by any European country would adverselyimpact holders of that country’s debt, and sellers of creditdefault swaps linked to that country’s creditworthiness.Most countries in Western Europe are members of theEuropean Union (EU), which faces major issues involvingits membership, structure, procedures and policies. InJune 2016, citizens of the United Kingdom approved areferendum to leave the EU and in March 2017, the UnitedKingdom initiated its withdrawal from the EU, which iscurrently scheduled to occur by the end of October 2019.Significant uncertainty exists regarding the United King-dom’s anticipated withdrawal from the EU and any adverseeconomic and political effects such withdrawal may haveon the United Kingdom, other EU countries and the globaleconomy, which could be significant, potentially resultingin increased volatility and illiquidity and lower economicgrowth.




Financial services sector risk. To the extent that the fundinvests significantly in the financial services sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the financial services sector. The financialservices sector is subject to extensive government regula-tion, can be subject to relatively rapid change due toincreasingly blurred distinctions between service


segments, and can be significantly affected by availabilityand cost of capital funds, changes in interest rates, therate of corporate and consumer debt defaults, and pricecompetition. In addition, the deterioration of the creditmarkets in 2007 and the ensuing financial crisis in 2008resulted in an unusually high degree of volatility in the finan-cial markets for an extended period of time, the effects ofwhich may persist indefinitely.




These contracts may not be successful. To the extent thefund’s forward currency contracts are not successful inhedging against such changes, the US dollar value of yourinvestment in the fund may go down if the value of thelocal currency of the non-US markets in which the fundinvests depreciates against the US dollar. This is true evenif the local currency value of securities in the fund’s hold-ings goes up. In order to minimize transaction costs or forother reasons, the fund’s exposure to the currenciesincluded in the Underlying Index may not be fully hedgedat all times. For example, the fund may not hedge againstexposure to currencies that represent a relatively smallerportion of the Underlying Index. Furthermore, because nochanges in the currency weights in each fund’s Under-lying Index are made during the month to account forchanges in each fund’s Underlying Index due to pricemovement of securities, corporate events, additions, dele-tions or any other changes, changes in the value of thenon-US currencies included in the fund’s Underlying Index

against the US dollar during the month may affect thevalue of the fund’s investment. Non-deliverable forward(“NDF”) contracts may be less liquid than deliverableforward currency contracts. A lack of liquidity in NDFs ofthe hedged currency could adversely affect the fund’sability to hedge against currency fluctuations and properlytrack the Underlying Index.


Counterparty risk. The foreign currency markets in whichthe fund effects its transactions are over-the-counter or“interdealer” markets. The counterparty to an over-thecounter spot contract is generally a single bank or otherfinancial institution rather than a clearing organizationbacked by a group of financial institutions. Participants inover-the-counter markets are typically not subject to thesame credit evaluation and regulatory oversight asmembers of exchange-based” markets. Because the fundsexecute over-the-counter transactions, the fund constantlytakes credit risk with regard to parties with which it tradesand may also bear the risk of settlement default. Theserisks may differ materially from those involved in exchange-traded transactions which generally are characterized byclearing organization guaranties, daily marking-to-marketand settlement, and segregation and minimum capitalrequirements applicable to intermediaries. Transactionsentered into directly between two counterparties generally


do not benefit from these protections and the fund issubject to the risk that a counterparty will not settle atransaction in accordance with agreed terms andconditions.


















Risks related to investing in France. Investment inFrench issuers may subject the fund to legal, regulatory,political, currency, security, and economic risk specific toFrance. During the most recent financial crisis, the Frencheconomy, along with certain other EU economies, expe-rienced a significant economic slowdown. Recently, newconcerns emerged in relation to the economic health ofthe EU. These concerns have led to tremendous down-ward pressure on certain EU member states, includingFrance. Interest rates on France’s debt may rise to levelsthat make it difficult for it to service high debt levelswithout significant financial help from, among others, theEuropean Central Bank and could potentially lead todefault. In addition, the French economy is dependent to asignificant extent on the economies of certain key tradingpartners, including Germany and other Western Europeancountries. Reduction in spending on French products andservices, or changes in any of the economies may cause


an adverse impact on the French economy. France may besubject to acts of terrorism. The French economy is depen-dent on exports from the agricultural sector. Leadingagricultural exports include dairy products, meat, wine,fruit and vegetables, and fish. As a result, the Frencheconomy is susceptible to fluctuations in demand for agri-cultural products.









Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “fund”)seeks investment results that correspond generally to theperformance, before fees and expenses, of the JPX-Nikkei400 Net Total Return Index (the “Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to track the perfor-mance of equity securities of issuers who are primarilylisted on the following sections of Tokyo Stock Exchange


(“TSE”): the 1st section, the 2nd section, Mothers orJASDAQ. The fund uses a full replication indexing strategyto seek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The Underlying Index iscomprised of the equity securities of the 400 highestscoring issuers listed on the TSE, as measured in return onequity, cumulative operating profit and current marketvalue. The fund will invest at least 80% of its total assets(but typically far more) in component securities (includingdepositary receipts in respect of such securities) of theUnderlying Index.

As of July 31, 2019, the Underlying Index consisted of 397securities with an average market capitalization of approxi-mately $10.9 billion and a minimum market capitalizationof approximately $505 million.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities from Japanese issuers. Asof July 31, 2019, the Underlying Index was solelycomprised of issuers in Japan. The fund will not enter intotransactions to hedge against declines in the value of thefund’s assets that are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in theindustrials (23.3%) and consumer discretionary (15.6%)sectors. The industrials sector includes companiesengaged in the manufacture and distribution of capitalgoods, such as those used in defense, construction andengineering, companies that manufacture and distributeelectrical equipment and industrial machinery and thosethat provide commercial and transportation services andsupplies. Consumer discretionary goods sector includesdurable goods, apparel, entertainment and leisure, and

automobiles. To the extent that the fund tracks the Under-lying Index, the fund’s investment in certain sectors maychange over time.







JPX-Nikkei 400 NetTotal Return Index



Index Description. The JPX-Nikkei 400 Net Total ReturnIndex is designed to reflect the performance of the Japa-nese stock market, specifically companies which areprimarily listed on the TSE 1st section, TSE 2nd section,TSE Mothers or JASDAQ markets. The currency of thecomponent securities is the Japanese yen.

MAIN RISKS




Foreign governments may restrict investment byforeigners, limit withdrawal of trading profit or currencyfrom the country, restrict currency exchange or seizeforeign investments. The investments of the fund may also

be subject to foreign withholding taxes. Foreign brokeragecommissions and other fees are generally higher thanthose for US investments, and the transactions andcustody of foreign assets may involve delays in payment,delivery or recovery of money or investments.



Risks related to investing in Japan. The growth ofJapan’s economy has historically lagged behind that of itsAsian neighbors and other major developed economies.The Japanese economy is heavily dependent on interna-tional trade and has been adversely affected by tradetariffs, other protectionist measures, competition fromemerging economies and the economic conditions of itstrading partners. Japan’s relations with its neighbors,particularly China, North Korea, South Korea and Russia,have at times been strained due to territorial disputes,historical animosities and defense concerns. Mostrecently, the Japanese government has shown concernover the increased nuclear and military activity by NorthKorea. Strained relations may cause uncertainty in theJapanese markets and adversely affect the overall Japa-nese economy in times of crisis. China has become animportant trading partner with Japan, yet the countries’political relationship has become strained. Should politicaltension increase, it could adversely affect the economy,especially the export sector, and destabilize the region as awhole. Japan is located in a part of the world that hashistorically been prone to natural disasters such as earth-quakes, volcanoes and tsunamis and is economicallysensitive to environmental events. Any such event, suchas the major earthquake and tsunami which struck Japan inMarch 2011, could result in a significant adverse impacton the Japanese economy. Japan also remains heavilydependent on oil imports, and higher commodity prices


could therefore have a negative impact on the economy.Furthermore, Japanese corporations often engage in highlevels of corporate leveraging, extensive cross-purchasesof the securities of other corporations and are subject to achanging corporate governance structure. Japan may besubject to risks relating to political, economic and laborrisks. Any of these risks, individually or in the aggregate,could adversely affect investments in the fund.





Consumer discretionary sector risk. To the extent thatthe fund invests significantly in the consumer discretionarysector, the fund will be sensitive to changes in, and thefund’s performance may depend to a greater extent on, theoverall condition of the consumer discretionary sector.Companies engaged in the consumer discretionary sector

are subject to fluctuations in supply and demand. Thesecompanies may also be adversely affected by changes inconsumer spending as a result of world events, politicaland economic conditions, commodity price volatility,changes in exchange rates, imposition of import controls,increased competition, depletion of resources and laborrelations.



Tracking error risk. The performance of the fund maydiverge from that of its Underlying Index for a number ofreasons, including operating expenses, transaction costs,cash flows and operational inefficiencies. The fund’s returnalso may diverge from the return of the Underlying Indexbecause the fund bears the costs and risks associatedwith buying and selling securities (especially when rebal-ancing the fund’s securities holdings to reflect changesin the Underlying Index) while such costs and risks are notfactored into the return of the Underlying Index. Transac-tion costs, including brokerage costs, will decrease thefund’s NAV to the extent not offset by the transaction feepayable by an “Authorized Participant” (“AP”). Marketdisruptions and regulatory restrictions could have anadverse effect on the fund’s ability to adjust its exposure


to the required levels in order to track the UnderlyingIndex. In addition, to the extent that portfolio managementuses a representative sampling approach (investing in arepresentative selection of securities included in the Under-lying Index rather than all securities in the UnderlyingIndex) it may cause the fund to not be as well correlatedwith the return of the Underlying Index as would be thecase if the fund purchased all of the securities in theUnderlying Index in the proportions represented in theUnderlying Index. Errors in the Underlying Index data, theUnderlying Index computations and/or the constructionof the Underlying Index in accordance with its method-ology may occur from time to time and may not beidentified and corrected by the index provider for a periodof time or at all, which may have an adverse impact on thefund and its shareholders. In addition, the fund may notbe able to invest in certain securities included in the Under-lying Index, or invest in them in the exact proportions inwhich they are represented in the Underlying Index, due tolegal restrictions or limitations imposed by the govern-ments of certain countries, a lack of liquidity in the marketsin which such securities trade, potential adverse tax conse-quences or other regulatory reasons. To the extent thefund calculates its NAV based on fair value prices and thevalue of the Underlying Index is based on securities’closing prices (i.e., the value of the Underlying Index is notbased on fair value prices), the fund’s ability to track theUnderlying Index may be adversely affected. For tax effi-ciency purposes, the fund may sell certain securities, andsuch sale may cause the fund to realize a loss and deviatefrom the performance of the Underlying Index. In light ofthe factors discussed above, the fund’s return may deviatesignificantly from the return of the Underlying Index.



Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares will

fluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread oftenincreases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.


Liquidity in those securities may be reduced after the appli-cable closing times. Accordingly, during the time whenan exchange is open but after the applicable marketclosing, fixing or settlement times, bid-ask spreads andthe resulting premium or discount to the shares’ NAV islikely to widen. More generally, secondary markets may besubject to irregular trading activity, wide bid-ask spreads


and extended trade settlement periods, which could causea material decline in the fund’s NAV. The bid-ask spreadvaries over time for shares of the fund based on the fund’strading volume and market liquidity, and is generally lowerif the fund has substantial trading volume and marketliquidity, and higher if the fund has little trading volume andmarket liquidity (which is often the case for funds that arenewly launched or small in size). The fund’s bid-ask spreadmay also be impacted by the liquidity of the underlyingsecurities held by the fund, particularly for newly launchedor smaller funds or in instances of significant volatility ofthe underlying securities. The fund’s investment results aremeasured based upon the daily NAV of the fund. Inves-tors purchasing and selling shares in the secondary marketmay not experience investment results consistent withthose experienced by those APs creating and redeemingshares directly with the fund. In addition, transactions bylarge shareholders may account for a large percentage ofthe trading volume on an exchange and may, therefore,have a material effect on the market price of the fund’sshares.





Operational risk. Cyber-attacks, disruptions, or failuresthat affect the fund’s service providers or counterparties,issuers of securities held by the fund, or other market

participants may adversely affect the fund and its share-holders, including by causing losses for the fund orimpairing fund operations.



While the fund and its service providers may establishbusiness continuity and other plans and processes thatseek to address the possibility of and fallout from cyber-attacks, disruptions, or failures, there are inherentlimitations in such plans and systems, including that theydo not apply to third parties, such as fund counterparties,issuers of securities held by the fund, or other marketparticipants, as well as the possibility that certain riskshave not been identified or that unknown threats mayemerge in the future and there is no assurance that suchplans and processes will address the possibility of andfallout from cyber-attacks, disruptions, or failures. In addi-tion, the fund cannot directly control any cybersecurity


plans and systems put in place by its service providers,fund counterparties, issuers of securities held by the fund,or other market participants.





Derivatives risk. Derivatives are financial instruments,such as futures and swaps, whose values are based on thevalue of one or more indicators, such as a security, asset,currency, interest rate, or index. Derivatives involve risks

different from, and possibly greater than, the risks associ-ated with investing directly in securities and other moretraditional investments. For example, derivatives involvethe risk of mispricing or improper valuation and the riskthat changes in the value of a derivative may not correlateperfectly with the underlying indicator. Derivative trans-actions can create investment leverage, may be highlyvolatile and the fund could lose more than the amount itinvests. Many derivative transactions are entered into “over-the-counter” (i.e., not on an exchange or contract market);as a result, the value of such a derivative transaction willdepend on the ability and the willingness of the fund’scounterparty to perform its obligations under the transac-tion. If a counterparty were to default on its obligations,the fund’s contractual remedies against such counterpartymay be subject to bankruptcy and insolvency laws, whichcould affect the fund’s rights as a creditor (e.g., the fundmay not receive the net amount of payments that it iscontractually entitled to receive). A liquid secondary marketmay not always exist for the fund’s derivative positions atany time.




Xtrackers MSCI Latin America Pacific Alliance ETF (the“fund”) seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theMSCI Latin America Pacific Alliance Capped Index (the“Underlying Index”).


The fund, using a “passive” or indexing investmentapproach, seeks investment results that correspond gener-ally to the performance, before fees and expenses, of theUnderlying Index, which is designed to provide exposure toequity securities of issuers from Latin American memberstates of the Pacific Alliance, currently consisting of Chile,Colombia, Mexico and Peru, as well as securities that areheadquartered and carry out the majority of operationsin the respective country. The Underlying Index is a free


float adjusted, market capitalization-weighted index with acapping methodology applied to issuer weights so thatno single issuer of a component exceeds 25% of theUnderlying Index weight, all issuers with weight above 5%do not exceed 50% of the Underlying Index weight andno single country exceeds 50% of the Underlying Indexweight. The fund uses a full replication indexing strategy toseek to track the Underlying Index. As such, the fundinvests directly in the component securities (or a substan-tial number of the component securities) of the UnderlyingIndex in substantially the same weightings in which theyare represented in the Underlying Index. If it is not possiblefor the fund to acquire component securities due tolimited availability or regulatory restrictions, the fund mayuse a representative sampling indexing strategy to seek totrack the Underlying Index instead of a full replicationindexing strategy. “Representative sampling” is anindexing strategy that involves investing in a representa-tive sample of securities that collectively has aninvestment profile similar to the Underlying Index. Thesecurities selected are expected to have, in the aggregate,investment characteristics (based on factors such asmarket capitalization and industry weightings), funda-mental characteristics (such as return variability and yield),and liquidity measures similar to those of the UnderlyingIndex. The fund may or may not hold all of the securities inthe Underlying Index when using a representativesampling indexing strategy. The fund will invest at least80% of its total assets (but typically far more) in compo-nent securities of the Underlying Index.

As of July 31, 2019, the Underlying Index consisted of 137securities with an average market capitalization of approxi-mately $2.14 billion and a minimum market capitalizationof approximately $21 million from issuers in the followingcountries: Canada, Chile, Colombia, Mexico, Peru and theUnited Kingdom.

The fund will normally invest at least 80% of its net assets,plus the amount of any borrowings for investmentpurposes, in equity securities of issuers from LatinAmerican member states of the Pacific Alliance (includingsecurities that are headquartered and carry out themajority of operations in such countries). As of July 31,2019, a significant percentage of the Underlying Index wascomprised of securities of issuers from Mexico (48.3%)and Chile (22.6%). The fund will not enter into transactionsto hedge against declines in the value of the fund’s assetsthat are denominated in foreign currency.

The fund will concentrate its investments (i.e., hold 25%or more of its total assets) in a particular industry or groupof industries to the extent that its Underlying Index isconcentrated. As of July 31, 2019, a significant percentageof the Underlying Index was comprised of issuers in thefinancial services (27.9%) and consumer staples (21.3%)sectors. The financial services sector includes companiesinvolved in banking, consumer finance, asset managementand custody banks, as well as investment banking and

brokerage and insurance. The consumer staples sectorincludes companies whose businesses are less suscep-tible to economic cycles. These companies includemanufacturers and distributors of food, beverages,non-durable household goods and personal products, aswell as food and drug retail companies and consumerproduct super centers. To the extent that the fund tracksthe Underlying Index, the fund’s investment in certainsectors or countries may change over time.





Securities lending. The fund may lend its portfolio securi-ties to brokers, dealers and other financial institutionsdesiring to borrow securities to complete transactions andfor other purposes. In connection with such loans, thefund receives liquid collateral equal to at least 102% of the


value of the portfolio securities being lent. This collateral ismarked to market on a daily basis. The fund may lend itsportfolio securities in an amount up to 33 1/3% of its totalassets.


MSCI Latin America Pacific Alliance Capped Index


Index Description. The MSCI Latin America Pacific Alli-ance Capped Index is designed to provide exposure toequity securities of issuers from Latin American memberstates of the Pacific Alliance as well as securities that areheadquartered and carry out the majority of operations inthe respective country. The Underlying Index is a free float-adjusted market capitalization-weighted index with acapping methodology applied to issuer weights so that nosingle issuer of a component exceeds 25% of the Under-lying Index weight, all issuers with weight above 5% donot exceed 50% of the Underlying Index weight and nosingle country exceeds 50% of the Underlying Indexweight. As of July 1, 2019, the Underlying Index consistedof issuers from the following 6 countries: Canada, Chile,Colombia, Mexico, Peru and the United Kingdom.

MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe US and global financial markets, including actionstaken by the US Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. Further, geopolitical and otherevents, including war, terrorism, economic uncertainty,trade disputes and related geopolitical events have led, andin the future may lead, to increased short-term marketvolatility, which may disrupt securities markets and haveadverse long-term effects on US and world economies andmarkets. To the extent that the fund invests in a particular

geographic region, capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatregion, capitalization or sector.





Emerging market securities risk. Investment in emergingmarkets subjects the fund to a greater risk of loss thaninvestments in a developed market. This is due to, amongother things, (i) greater market volatility, (ii) lower tradingvolume, (iii) political and economic instability, (iv) highlevels of inflation, deflation or currency devaluation, (v)greater risk of market shut down, (vi) more governmentallimitations on foreign investments and limitations on repa-triation of invested capital than those typically found in a


developed market, and (vii) the risk that companies may beheld to lower disclosure, corporate governance, auditingand financial reporting standards than companies in moredeveloped markets.



Latin American economic risk. Many economies in LatinAmerica have experienced high interest rates, economicvolatility, inflation, currency devaluations and high unem-ployment rates. The economies of Latin Americancountries are heavily dependent on trading relationshipswith key trading partners, including the US, Europe, Asiaand other Latin American countries. Any adverse economicevent in one country can have a significant effect on othercountries of this region. In addition, in the past, certainLatin American economies have been influenced bychanging supply and demand for a particular currency,monetary policies of governments (including exchangecontrol programs, restrictions on local exchanges ormarkets and limitations on foreign investment in a countryor on investment by residents of a country in other coun-tries), and currency devaluations and revaluations.Commodities (such as oil, gas and minerals) represent asignificant percentage of the region’s exports and, as aresult, many economies in this region are particularly sensi-tive to fluctuations in commodity prices.

Risks related to investing in Chile. Investment in Chileanissuers involves risks that are specific to Chile, including,legal, regulatory, political, environmental and economicrisks. Chile’s economy is export-dependent and reliesheavily on trading relationships with certain key tradingpartners, including China, Brazil, Japan, the US and Nether-lands. Future changes in the price or the demand forChilean exported products by China, Brazil, Japan, theUnited States and Netherlands or changes in these coun-tries’ economies, trade regulations or currency exchangerates could adversely impact the Chilean economy and theissuer’s to which the fund has exposure.

The Chilean economy is subject to risks of social unrest,high unemployment, governmental control and heavy regu-lation of the labor industry. Any of these factorsindividually or in the aggregate could adversely affectinvestments in the fund. Historically, Chile has experiencedperiods of political instability and certain sectors andregions of Chile have experienced high unemployment.Any recurrence of these events may cause downturns inthe Chilean market and adversely impact investments inthe fund. Heavy regulation of labor and product markets ispervasive in Chile and may stifle Chilean economic growthor contribute to prolonged periods of recession.

Risks related to investing in Colombia. Investments inColombian issuers and companies that have significantoperations in Colombia involve risks that are specific toColombia, including legal, regulatory, political andeconomic risks. The Colombian economy has grownsteadily during the past several years, and there can be noassurance that economic growth will continue. The Colom-bian economy depends heavily on oil, coal and othercommodity exports, making it vulnerable to commodityprices.

Risks related to investing in Mexico. Investments inMexican issuers involve risks that are specific to Mexico,including legal, regulatory, political, currency, security andeconomic risks. The Mexican economy, among otherthings, is dependent upon external trade with other econo-mies, specifically with the US and certain Latin Americancountries. As a result, Mexico is dependent on, amongother things, the US economy and any change in the priceor demand for Mexican exports may have an adverseimpact on the Mexican economy. Mexico has privatized orhas begun the process of privatization of certain entitiesand industries. In some instances, investors in somenewly privatized entities have suffered losses due to theinability of the newly privatized entities to adjust quickly toa competitive environment or to changing regulatory andlegal standards. There is no assurance that such losses willnot recur. The Mexican economy may be significantlyaffected by the economies of other Central and SouthAmerican countries. High interest, inflation, governmentdefaults and unemployment rates characterize the econo-mies in some Central and South American countries.Currency devaluations in any Central and South Americancountry can have a significant effect on the entire region.Because commodities such as oil and gas, minerals, andmetals represent a significant percentage of the region’sexports, the economies of Central and South Americancountries are particularly sensitive to fluctuations incommodity prices. As a result, the economies in manyCentral and South American countries can experiencesignificant volatility. In addition, Mexico’s economy hasbecome increasingly oriented toward manufacturing,including electronic equipment and machinery, in the yearssince the North American Free Trade Agreement enteredinto force. As Mexico’s top export is automotive vehicles,its economy is strongly tied to the US automotive market,


and changes to certain segments in the US market couldhave an impact on the Mexican economy. The automo-tive industry and other industrial products can be highlycyclical, and companies in these industries may suffer peri-odic operating losses. These industries can be significantlyaffected by labor relations and fluctuating componentprices. In the past, Mexico has experienced high interestrates, economic volatility and high unemployment rates.

Political and social risk. Mexico has been destabilized bylocal insurrections, social upheavals, drug related violence,and the recent public health crisis related to the H1N1influenza outbreak. Recurrence of these or similar condi-tions may adversely impact the Mexican economy.Mexican elections have been contentious and have beenvery closely decided. Changes in political parties or otherMexican political events may affect the economy andcause instability.

Currency instability risk. Historically, Mexico has experi-enced substantial economic instability resulting from,among other things, periods of very high inflation andsignificant devaluations of the Mexican currency, the peso.

Mexico has historically experienced acts of terrorism,significant criminal activity and strained international rela-tions related to border disputes; historical animosities; thedrug trade; and other defense concerns. Recently, criminalgang activity related to the drug trade has been on therise. Additionally, recent political developments in the UShave potential implications for the current trade arrange-ments between the US and Mexico, which couldnegatively affect the value of securities held by the fund.These situations may cause uncertainty in the Mexicanmarket and adversely affect the performance of theMexican economy.

Risks related to investing in Peru. The fund’s invest-ments in Peruvian issuers subject the fund to legal,regulatory, political, currency and economic risks specificto Peru. Peru has experienced economic instabilityresulting from periods of high inflation and currencydevaluations and may continue to do so in the future. Anincrease in prices for commodities, the depreciation ofPeruvian currency, the Peruvian nuevo sol, and potentialfuture government measures seeking to maintain the valueof the currency in relation to other currencies, may triggerincreases in inflation in Peru and may also slow the rateof growth of its economy. Since 2000, however, Peru’scurrency has remained relatively stable against the USdollar. Peru continues to experience significant unemploy-ment in certain regions as well as widespreadunderemployment. Heavy regulation of labor is pervasivein Peru and may stifle Peruvian economic growth.

Peru has experienced periods of political instability andsocial unrest in the past. Possibility of political instabilitymay cause uncertainty in the Peruvian stock market and asa result, negatively impact issuers to which the fund hasexposure. In addition, the market for Peruvian securities is

directly influenced by the flow of international capital andeconomic and market conditions of certain countries, espe-cially other emerging market countries in Latin America.

Peru has entered into a bilateral trade agreement with theUS which is designed to help protect private US invest-ments in Peru, develop market-oriented policies in partnercountries, and promote US exports to Peru. This programmay have the effect of mitigating the potential risks listedfor investing in Peru. There may be a risk of loss due toexpropriation, nationalization, confiscation of assets andproperty or the imposition of restrictions on foreign invest-ments and on repatriation of capital invested, particularlyif the bilateral trade agreement with the US fails in itspurpose.




Numerous financial services companies have experiencedsubstantial declines in the valuations of their assets, takenaction to raise capital (such as the issuance of debt orequity securities), or even ceased operations. Theseactions have caused the securities of many financialservices companies to experience a dramatic decline invalue. Moreover, certain financial companies have avoidedcollapse due to intervention by governmental regulatoryauthorities, but such interventions have often not averted asubstantial decline in the value of such companies’common stock. Issuers that have exposure to the real


estate, mortgage and credit markets have been particularlyaffected by the foregoing events and the general marketturmoil, and it is uncertain whether or for how long theseconditions will continue.

Consumer staples sector risk. To the extent that the fundinvests significantly in the consumer staples sector, thefund will be sensitive to changes in, and the fund’s perfor-mance may depend to a greater extent on, the overallcondition of the consumer staples sector. Companies inthe consumer staples sector may be adversely affected bychanges in the global economy, consumer spending,competition, demographics and consumer preferences,and production spending. Companies in the consumerstaples sector are also affected by changes in governmentregulation, global economic, environmental and politicalevents, economic conditions and the depletion ofresources. In addition, companies in the consumer staplessector may be subject to risks pertaining to the supply of,demand for and prices of raw materials. The prices of rawmaterials fluctuate in response to a number of factors,including, without limitation, changes in government agri-cultural support programs, exchange rates, import andexport controls, changes in international agricultural andtrading policies, and seasonal and weather conditions.


Indexing risk. While the exposure of an index to its compo-nent securities is by definition 100%, the fund’s effectiveexposure to index securities may vary over time. Because

an index fund is designed to maintain a high level of expo-sure to its Underlying Index at all times, it will not takeany steps to invest defensively or otherwise reduce therisk of loss during market downturns.


The need to comply with the tax diversification and otherrequirements of the Internal Revenue Code may alsoimpact the fund’s ability to replicate the performance of itsUnderlying Index. In addition, if the fund utilizes deriva-tive instruments or holds other instruments that are not


included in its Underlying Index, its return may not corre-late as well with the returns of its Underlying Index aswould be the case if the fund purchased all the securitiesin its Underlying Index directly. Actions taken in responseto proposed corporate actions could result in increasedtracking error.


Market price risk. Fund shares are listed for trading on anexchange and are bought and sold in the secondarymarket at market prices. The market prices of shares willfluctuate, in some cases materially, in response to changesin the NAV and supply and demand for shares. As a result,the trading prices of shares may deviate significantly fromNAV during periods of market volatility. Differencesbetween secondary market prices and the value of thefund’s holdings may be due largely to supply and demandforces in the secondary market, which may not be thesame forces as those influencing prices for securities heldby the fund at a particular time. The Advisor cannot predictwhether shares will trade above, below or at their NAV.Given the fact that shares can be created and redeemed inCreation Units, the Advisor believes that large discountsor premiums to the NAV of shares should not be sustainedin the long-term. In addition, there may be times whenthe market price and the value of the fund’s holdings varysignificantly and you may pay more than the value of thefund’s holdings when buying shares on the secondarymarket, and you may receive less than the value of thefund’s holdings when you sell those shares. While thecreation/redemption feature is designed to make it likelythat shares normally will trade close to the value of thefund’s holdings, disruptions to creations and redemptions,including disruptions at market makers, APs or marketparticipants, or during periods of significant market vola-tility, may result in trading prices that differ significantlyfrom the value of the fund’s holdings. Although marketmakers will generally take advantage of differencesbetween the NAV and the market price of fund sharesthrough arbitrage opportunities, there is no guarantee thatthey will do so. If market makers. exit the business or areunable to continue making markets in fund’s shares,shares may trade at a discount to NAV like closed-end fundshares and may even face delisting (that is, investorswould no longer be able to trade shares in the secondarymarket). The market price of shares, like the price of anyexchange-traded security, includes a “bid-ask spread”charged by the exchange specialist, market makers orother participants that trade the particular security. In timesof severe market disruption, the bid-ask spread often

increases significantly. This means that shares may tradeat a discount to the fund’s NAV, and the discount is likely tobe greatest when the price of shares is falling fastest,which may be the time that you most want to sell yourshares. There are various methods by which investors canpurchase and sell shares of the funds and various ordersthat may be placed.










Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s net asset value, and impedetrading). In addition, cyber-attacks, disruptions, or failuresinvolving a fund counterparty could affect suchcounterparty’s ability to meet its obligations to the fund,which may result in losses to the fund and its share-holders. Similar types of operational and technology risksare also present for issuers of securities held by the fund,which could have material adverse consequences for suchissuers, and may cause the fund’s investments to losevalue. Furthermore, as a result of cyber-attacks, disrup-tions, or failures, an exchange or market may close or issuetrading halts on specific securities or the entire market,

which may result in the fund being, among other things,unable to buy or sell certain securities or financial instru-ments or unable to accurately price its investments.










OTHER POLICIES AND RISKS

While the previous pages describe the main points of eachfund’s strategy and risks, there are a few other mattersto know about:� Each of the policies described herein, including the

investment objective and 80% investment policies ofeach fund, constitutes a non-fundamental policy thatmay be changed by the Board without shareholderapproval. Each fund’s 80% investment policies require60 days’ prior written notice to shareholders before theycan be changed. Certain fundamental policies of eachfund are set forth in the SAI.

� Because each fund seeks to track its Underlying Index,no fund invests defensively and each fund will not investin money market instruments or other short-term invest-ments as part of a temporary defensive strategy toprotect against potential market declines.

� Each fund may borrow money from a bank up to a limitof 10% of the value of its assets, but only for temporaryor emergency purposes.

� Xtrackers MSCI All World ex US Hedged Equity ETF,Xtrackers MSCI All World ex US High Dividend YieldEquity ETF and Xtrackers MSCI Emerging MarketsHedged Equity ETF may borrow money under a creditfacility to the extent necessary for temporary or emer-gency purposes, including the funding of shareholderredemption requests, trade settlements, and as neces-sary to distribute to shareholders any income necessaryto maintain a fund’s status as a regulated investmentcompany (“RIC”).

� Secondary market trading in fund shares may be haltedby a stock exchange because of market conditions orother reasons. In addition, trading in fund shares on astock exchange or in any market may be subject totrading halts caused by extraordinary market volatilitypursuant to “circuit breaker” rules on the exchange ormarket. If a trading halt or unanticipated early closing ofa stock exchange occurs, a shareholder may be unableto purchase or sell shares of each fund. There can be noassurance that the requirements necessary to main-tain the listing or trading of fund shares will continue tobe met or will remain unchanged or that shares willtrade with any volume, or at all, in any secondarymarket. As with all other exchange traded securities,shares may be sold short and may experience increasedvolatility and price decreases associated with suchtrading activity.


� From time to time a third party, the Advisor and/or itsaffiliates may invest in a fund and hold its investment fora specific period of time in order for a fund to achievesize or scale. There can be no assurance that any suchentity would not redeem its investment or that the sizeof a fund would be maintained at such levels. In order tocomply with applicable law, it is possible that theAdvisor or its affiliates, to the extent they are invested ina fund, may be required to redeem some or all of theirownership interests in a fund prematurely or at an inop-portune time.

� From time to time, a fund may have a concentration ofshareholder accounts holding a significant percentage ofshares outstanding. Investment activities of these share-holders could have a material impact on a fund. Forexample, a fund may be used as an underlying invest-ment for other registered investment companies.

Portfolio Holdings Information

A description of the Trust’s policies and procedures withrespect to the disclosure of each fund’s portfolio securitiesis available in each fund’s SAI. The top holdings of eachfund can be found at www.Xtrackers.com. Fund factsheets provide information regarding each fund’s top hold-ings and may be requested by calling 1-855-329-3837(1-855-DBX-ETFS).

WHO MANAGES AND OVERSEES THE FUNDS

The Investment Advisor

DBX Advisors LLC (“Advisor”), with headquarters at 345Park Avenue, New York, NY 10154, is the investmentadvisor for the fund. Under the oversight of the Board, theAdvisor makes the investment decisions, buys and sellssecurities for the fund and conducts research that leads tothese purchase and sale decisions.

The Advisor is an indirect, wholly-owned subsidiary ofDWS Group GmbH & Co. KGaA (“DWS Group”), a sepa-rate, publicly-listed financial services firm that is anindirect, majority-owned subsidiary of Deutsche Bank AG.Founded in 2010, the Advisor managed approximately$13.7 billion in 38 operational exchange-traded funds, as ofJuly 1, 2019.

DWS represents the asset management activitiesconducted by DWS Group or any of its subsidiaries,including the Advisor and other affiliated investmentadvisors.

DWS is a global organization that offers a wide range ofinvesting expertise and resources, including hundreds ofportfolio managers and analysts and an office network thatreaches the world’s major investment centers. This well-resourced global investment platform brings together awide variety of experience and investment insight acrossindustries, regions, asset classes and investing styles.

The Advisor may utilize the resources of its global invest-ment platform to provide investment managementservices through branch offices or affiliates located outsidethe US. In some cases, the Advisor may also utilize itsbranch offices or affiliates located in the US or outside theUS to perform certain services, such as trade execution,trade matching and settlement, or various administrative,back-office or other services. To the extent services areperformed outside the US, such activity may be subject toboth US and foreign regulation. It is possible that the juris-diction in which the Advisor or its affiliate performs suchservices may impose restrictions or limitations on portfoliotransactions that are different from, and in addition to,those in the US.

Management Fee. Under each fund’s Investment Advi-sory Agreement, the Advisor is responsible forsubstantially all expenses of the fund, including the cost oftransfer agency, custody, fund administration, compensa-tion paid to the Independent Board Members, legal, auditand other services, except for the fee payments to theAdvisor under the Investment Advisory Agreement (alsoknown as a “unitary advisory fee”), interest expense,acquired fund fees and expenses, taxes, brokerageexpenses, distribution fees or expenses (if any), litigationexpenses and other extraordinary expenses.

For its services to each fund, during the most recent fiscalyear, the Advisor received aggregate unitary advisory feesat the following annual rates as a percentage of eachfund’s average daily net assets.

Fund Name Fee Paid

Xtrackers MSCI EmergingMarkets Hedged Equity ETF 0.65%

Xtrackers MSCI EAFE HedgedEquity ETF 0.35%

Xtrackers MSCI GermanyHedged Equity ETF 0.45%

Xtrackers MSCI JapanHedged Equity ETF 0.45%

Xtrackers MSCI EuropeHedged Equity ETF 0.45%

Xtrackers MSCI All World exUS Hedged Equity ETF 0.40%

Xtrackers MSCI South KoreaHedged Equity ETF 0.58%

Xtrackers MSCI All World exUS High Dividend Yield EquityETF 0.20%

Xtrackers MSCI EAFE HighDividend Yield Equity ETF 0.20%

Xtrackers Eurozone EquityETF 0.09%

Xtrackers MSCI EurozoneHedged Equity ETF 0.45%

Xtrackers Japan JPX-Nikkei400 Equity ETF 0.09%

Xtrackers MSCI Latin AmericaPacific Alliance ETF 0.45%


A discussion regarding the basis for the Board’s approvalof each fund’s Investment Advisory Agreement iscontained in the most recent annual report for the annualperiod ended May 31. For information on how to obtainshareholder reports, see the back cover.

Multi-Manager Structure. The Advisor and the Trust mayrely on an exemptive order (the “Order”) from the SEC thatpermits the Advisor to enter into investment sub-advisoryagreements with unaffiliated and wholly-ownedsubadvisors without obtaining shareholder approval. TheAdvisor, subject to the review and approval of the Board,selects subadvisors for each fund and supervises, moni-tors and evaluates the performance of the subadvisor.

The Order also permits the Advisor, subject to the approvalof the Board, to replace subadvisors and amend invest-ment subadvisory agreements, including fees, withoutshareholder approval whenever the Advisor and the Boardbelieve such action will benefit a fund and its share-holders. The Advisor thus has the ultimate responsibility(subject to the ultimate oversight of the Board) to recom-mend the hiring and replacement of subadvisors as well asthe discretion to terminate any subadvisor and reallocatea fund’s assets for management among any othersubadvisor(s) and itself. This means that the Advisor is ableto reduce the subadvisory fees and retain a larger portionof the management fee, or increase the subadvisory feesand retain a smaller portion of the management fee.Pursuant to the Order, the Advisor is not required todisclose its contractual fee arrangements with anysubadvisor. The Advisor compensates a subadvisor out ofits management fee.

MANAGEMENT


The following Portfolio Managers are primarily responsiblefor the day-to-day management of the fund. Each Port-folio Manager functions as a member of a portfoliomanagement team.

Bryan Richards, CFA, Managing Director. PortfolioManager of the fund. Began managing the fund in 2016.� Joined DWS in 2011 with 11 years of industry experi-

ence. Prior to his current role, he served as the primaryportfolio manager for the PowerShares DB CommodityETFs until their sale in 2015. Prior to joining DWS, heserved as an equity analyst for Fairhaven Capital LLC, along/short equity fund, and at XShares Advisors, an ETFissuer based in New York.

� Head of Passive Portfolio Management, Americas: NewYork.

� BS in Finance, Boston College.Patrick Dwyer, Director. Portfolio Manager of the fund.Began managing the fund in 2016.

� Joined DWS in 2016 with 16 years of industry experi-ence. Prior to joining DWS, he was the head of NorthernTrust’s Equity Index, ETF, and Overlay portfolio manage-ment team in Chicago, managing portfolios for NorthAmerican based clients. His time at Northern Trustincluded working in New York, Chicago, and in HongKong building a portfolio management desk. Prior tojoining Northern Trust in 2003, he participated in theDeutsche Asset Management graduate trainingprogram. He rotated through the domestic fixed incomeand US structured equity fund management groups.

� Lead Equity Portfolio Manager, US Passive Equities:New York.

� BS in Finance, Rutgers University.Shlomo Bassous,Vice President. Portfolio Manager ofthe fund. Began managing the fund in 2017.� Joined DWS in 2017 with 13 years of industry experi-

ence. Prior to joining DWS, Mr. Bassous worked atNorthern Trust where he filled a variety of operationalfunctions supporting portfolio management. In 2010 hebegan managing equity portfolios on behalf of institu-tional clients across a variety of global benchmarks.Before joining Northern Trust in 2007, he worked at TheBank of New York Mellon and Morgan Stanley in avariety of roles supporting equity trading and portfoliomanagement.

� Equity Portfolio Manager, US Passive Equities: New York.� BS in Finance, Yeshiva University.
























Xtrackers MSCI All World ex US High DividendYield

Equity ETF






















� Equity Portfolio Manager, US Passive Equities: New York.� BS in Finance, Yeshiva University.Each fund’s Statement of Additional Information providesadditional information about a portfolio manager’s invest-ments in each fund, a description of the portfoliomanagement compensation structure and informationregarding other accounts managed.


Investing in the Funds

Additional shareholder information, including how to buyand sell shares of a fund, is available free of charge bycalling toll-free: 1-855-329-3837 (1-855-DBX-ETFS) orvisiting our website at www.Xtrackers.com.

BUYING AND SELLING SHARES

Shares of a fund are listed for trading on a national securi-ties exchange during the trading day. Shares can bebought and sold throughout the trading day at marketprices like shares of other publicly-traded companies. TheTrust does not impose any minimum investment for sharesof a fund purchased on an exchange. Buying or sellingfund shares involves two types of costs that may apply toall securities transactions. When buying or selling sharesof a fund through a broker, you will likely incur a brokeragecommission or other charges determined by your broker.In addition, you may incur the cost of the “spread” – thatis, any difference between the bid price and the ask price.The commission is frequently a fixed amount and may bea significant proportional cost for investors seeking to buyor sell small amounts of shares. The spread varies overtime for shares of a fund based on its trading volume andmarket liquidity, and is generally lower if a fund has a lot oftrading volume and market liquidity and higher if a fundhas little trading volume and market liquidity.

Shares of a fund may be acquired or redeemed directlyfrom a fund only in Creation Units or multiples thereof, asdiscussed in the section of this Prospectus entitled“Creations and Redemptions.” Only an AP may engage increation or redemption transactions directly with a fund.Once created, shares of a fund generally trade in thesecondary market in amounts less than a Creation Unit.

The Board has evaluated the risks of market timing activi-ties by a fund’s shareholders. The Board noted that sharesof a fund can only be purchased and redeemed directlyfrom the fund in Creation Units by APs and that the vastmajority of trading in a fund’s shares occurs on thesecondary market. Because the secondary market tradesdo not involve a fund directly, it is unlikely those tradeswould cause many of the harmful effects of market timing,including dilution, disruption of portfolio management,increases in a fund’s trading costs and the realization ofcapital gains. With regard to the purchase or redemption ofCreation Units directly with a fund, to the extent effected

in-kind (i.e., for securities), such trades do not cause any ofthe harmful effects (as previously noted) that may resultfrom frequent cash trades. To the extent trades areeffected in whole or in part in cash, the Board noted thatsuch trades could result in dilution to a fund and increasedtransaction costs, which could negatively impact a fund’sability to achieve its investment objective. However, theBoard noted that direct trading by APs is critical to ensuringthat a fund’s shares trade at or close to NAV. In addition,a fund imposes both fixed and variable transaction fees onpurchases and redemptions of fund shares to cover thecustodial and other costs incurred by a fund in effectingtrades. These fees increase if an investor substitutes cashin part or in whole for securities, reflecting the fact thata fund’s trading costs increase in those circumstances.Given this structure, the Board determined that withrespect to a fund it is not necessary to adopt policies andprocedures to detect and deter market timing of a fund’sshares.

The national securities exchange on which a fund’s sharesare listed is open for trading Monday through Friday andis closed on weekends and the following holidays: NewYear’s Day, Martin Luther King, Jr. Day, Presidents’ Day,Good Friday, Memorial Day, Independence Day, Labor Day,Thanksgiving Day and Christmas Day.

The 1940 Act imposes certain restrictions on investmentsby registered investment companies in the securities ofother investment companies, such as the funds. Regis-tered investment companies are permitted to invest in afund beyond applicable 1940 Act limitations, subject tocertain terms and conditions set forth in an SEC exemp-tive order issued to the Trust, including that suchinvestment companies enter into an agreement with theTrust.

Shares of a fund trade on the exchange and under theticker symbol as shown in the table below.

186Prospectus October 1, 2019 Investing in the Funds

Fund name Ticker Symbol Stock Exchange

Xtrackers MSCIEmergingMarkets Hedged EquityETF DBEM NYSE Arca, Inc.

Xtrackers MSCI EAFEHedgedEquity ETF DBEF NYSE Arca, Inc.

Xtrackers MSCIGermanyHedged Equity ETF DBGR NYSE Arca, Inc.

Xtrackers MSCI JapanHedgedEquity ETF DBJP NYSE Arca, Inc.

Xtrackers MSCI EuropeHedged Equity ETF DBEU NYSE Arca, Inc.

Xtrackers MSCI AllWorld exUS Hedged Equity ETF DBAW NYSE Arca, Inc.

Xtrackers MSCI SouthKoreaHedged Equity ETF DBKO NYSE Arca, Inc.

Xtrackers MSCI AllWorld exUS High Dividend YieldEquity ETF HDAW NYSE Arca, Inc.

Xtrackers MSCI EAFEHighDividend Yield EquityETF HDEF NYSE Arca, Inc.

Xtrackers EurozoneEquity ETF EURZ

Cboe BZXExchange, Inc.

Xtrackers MSCIEurozoneHedged Equity ETF DBEZ NYSE Arca, Inc.

Xtrackers JapanJPX-Nikkei400 Equity ETF JPN NYSE Arca, Inc.

Xtrackers MSCI LatinAmericaPacific Alliance ETF PACA NYSE Arca, Inc.

Book Entry

Shares of a fund are held in book-entry form, which meansthat no stock certificates are issued. The Depository TrustCompany (“DTC”) or its nominee is the record owner of alloutstanding shares of a fund and is recognized as theowner of all shares for all purposes.

Investors owning shares of a fund are beneficial owners asshown on the records of DTC or its participants. DTCserves as the securities depository for shares of a fund.DTC participants include securities brokers and dealers,banks, trust companies, clearing corporations and otherinstitutions that directly or indirectly maintain a custodialrelationship with DTC. As a beneficial owner of shares, youare not entitled to receive physical delivery of stock certifi-cates or to have shares registered in your name, and youare not considered a registered owner of shares. There-fore, to exercise any right as an owner of shares, you mustrely upon the procedures of DTC and its participants.

These procedures are the same as those that apply to anyother securities that you hold in book-entry or “streetname” form.

Share Prices

The trading prices of a fund’s shares in the secondarymarket generally differ from a fund’s daily NAV per shareand are affected by market forces such as supply anddemand, economic conditions and other factors. Informa-tion regarding the intraday value of shares of a fund, alsoknown as the “indicative optimized portfolio value”(“IOPV”), is disseminated every 15 seconds throughoutthe trading day by the national securities exchange onwhich a fund’s shares are listed or by market data vendorsor other information providers. The IOPV is based on thecurrent market value of the securities and/or cash requiredto be deposited in exchange for a Creation Unit. The IOPVdoes not necessarily reflect the precise composition of thecurrent portfolio of securities held by a fund at a particularpoint in time nor the best possible valuation of the currentportfolio. Therefore, the IOPV should not be viewed as a“real-time” update of the NAV, which is computed onlyonce a day. The IOPV is generally determined by using bothcurrent market quotations and/or price quotations obtainedfrom broker-dealers that may trade in the portfolio securi-ties held by a fund. The quotations of certain fund holdingsmay not be updated during US trading hours if such hold-ings do not trade in the US. Each fund is not involved in, orresponsible for, the calculation or dissemination of theIOPV and makes no representation or warranty as to itsaccuracy.

Determination of Net Asset Value

The NAV of each fund is generally determined once dailyMonday through Friday as of the regularly scheduled closeof business of the New York Stock Exchange (“NYSE”)(normally 4:00 p.m., Eastern time) on each day that theNYSE is open for trading, provided that (a) any fund assetsor liabilities denominated in currencies other than the USdollar are translated into US dollars at the prevailing marketrates on the date of valuation as quoted by one or moredata service providers (as detailed below) and (b) US fixed-income assets may be valued as of the announced closingtime for trading in fixed-income instruments in a particularmarket or exchange. NAV is calculated by deducting allof the fund’s liabilities from the total value of its assets anddividing the result by the number of shares outstanding,rounding to the nearest cent. All valuations are subject toreview by the Trust’s Board or its delegate.

In determining NAV, expenses are accrued and applieddaily and securities and other assets for which marketquotations are available are valued at market value. Equityinvestments are valued at market value, which is gener-ally determined using the last reported official closing orlast trading price on the exchange or market on which thesecurity is primarily traded at the time of valuation. Debtsecurities’ values are based on price quotations or other


equivalent indications of value provided by a third-partypricing service. Any such third-party pricing service mayuse a variety of methodologies to value some or all of afund’s debt securities to determine the market price. Forexample, the prices of securities with characteristicssimilar to those held by a fund may be used to assist withthe pricing process. In addition, the pricing service mayuse proprietary pricing models. In certain cases, some of afund’s debt securities may be valued at the mean betweenthe last available bid and ask prices for such securities or, ifsuch prices are not available, at prices for securities ofcomparable maturity, quality, and type. Short- term securi-ties for which market quotations are not readily availableare valued at amortized cost, which approximates marketvalue. Money market securities maturing in 60 days or lesswill be valued at amortized cost. The approximate valueof shares of the applicable fund, an amount representingon a per share basis the sum of the current value of thedeposit securities based on their then current market priceand the estimated cash component will be disseminatedevery 15 seconds throughout the trading day through thefacilities of the Consolidated Tape Association. As therespective international local markets close, the marketvalue of the deposit securities will continue to be updatedfor foreign exchange rates for the remainder of the UStrading day at the prescribed 15 second intervals. Withrespect to Xtrackers MSCI All World ex US High DividendYield Equity ETF, Xtrackers MSCI EAFE High Dividend YieldEquity ETF, Xtrackers Eurozone Equity ETF, Xtrackers JapanJPX-Nikkei 400 Equity ETF and Xtrackers MSCI LatinAmerica Pacific Alliance ETF (the “Non-Currency HedgedFunds”), foreign currency exchange rates with respectto the fund’s non-US securities are generally determinedas of 4:00 p.m., London time. Generally, trading in non-USsecurities, US government securities, money market instru-ments and certain fixed-income securities is substantiallycompleted each day at various times prior to the closeof business on the NYSE. The values of such securitiesused in computing the NAV of the Non-Currency HedgedFunds are determined as of such times. The value of eachUnderlying Index will not be calculated and disseminatedintra-day. The value and return of each Underlying Indexis calculated once each trading day by the Index Providerbased on prices received from the respective internationallocal markets. In addition, with respect to theNon-Currency Hedged Funds, the value of assets or liabili-ties denominated in non-US currencies will be convertedinto US dollars using prevailing market rates on the date ofthe valuation as quoted by one or more data serviceproviders. Use of a rate different from the rate used by theIndex Provider (to the extent the Index Provider calculatesa US dollar value for the Underlying Index) may adverselyaffect the fund’s ability to track its Underlying Index.

If a security’s market price is not readily available or doesnot otherwise accurately reflect the fair value of the secu-rity, the security will be valued by another method that

the Advisor believes will better reflect fair value in accor-dance with the Trust’s valuation policies and proceduresapproved by the Board. Each fund may use fair valuepricing in a variety of circumstances, including but notlimited to, situations when the value of a security in afund’s portfolio has been materially affected by eventsoccurring after the close of the market on which the secu-rity is principally traded (such as a corporate action or othernews that may materially affect the price of a security) ortrading in a security has been suspended or halted. Fairvalue pricing involves subjective judgments and it ispossible that a fair value determination for a security ismaterially different than the value that could be realizedupon the sale of the security. In addition, fair value pricingcould result in a difference between the prices used tocalculate a fund’s NAV and the prices used by the fund’sUnderlying Index. This may adversely affect a fund’s abilityto track its Underlying Index. With respect to securitiesthat are primarily listed on foreign exchanges, the value ofa fund’s portfolio securities may change on days whenyou will not be able to purchase or sell your shares.

CREATIONS AND REDEMPTIONS

Prior to trading in the secondary market, shares of thefunds are “created” at NAV by market makers, large inves-tors and institutions only in block-size Creation Units of50,000 shares or multiples thereof (“Creation Units”). Thesize of a Creation Unit will be subject to change. Each“creator” or AP (which must be a DTC participant) entersinto an authorized participant agreement (“AuthorizedParticipant Agreement”) with the fund’s distributor, ALPSDistributors, Inc. (the “Distributor”), subject to acceptanceby the Transfer Agent. Only an AP may create or redeemCreation Units. Creation Units generally are issued andredeemed in exchange for a specific basket of securitiesapproximating the holdings of a fund and a designatedamount of cash, though Xtrackers MSCI South KoreaHedged Equity ETF issues and redeems Creation Unitssolely for cash. Because certain funds invest a portion ofits assets in forward currency contracts, those funds maypay out a portion of its redemption proceeds in cash ratherthan through the in-kind delivery of portfolio securities.Except when aggregated in Creation Units, shares are notredeemable by the fund. The prices at which creationsand redemptions occur are based on the next calculationof NAV after an order is received in a form described in theAuthorized Participant Agreement.

Additional information about the procedures regardingcreation and redemption of Creation Units (including thecut-off times for receipt of creation and redemption orders)is included in the SAI.

Each fund intends to comply with the US federal securitieslaws in accepting securities for deposits and satisfyingredemptions with redemption securities, including that thesecurities accepted for deposits and the securities usedto satisfy redemption requests will be sold in transactions


that would be exempt from registration under the Securi-ties Act of 1933, as amended (“1933 Act”). Further, an APthat is not a “qualified institutional buyer,” as such term isdefined under Rule 144A under the 1933 Act, will not beable to receive fund securities that are restricted securitieseligible for resale under Rule 144A.

DIVIDENDS AND DISTRIBUTIONS

General Policies. Dividends from net investment income, ifany, are generally declared and paid semi-annually by eachfund. Distributions of net realized capital gains, if any,generally are declared and paid once a year, but the Trustmay make distributions on a more frequent basis for afund. The Trust reserves the right to declare special distri-butions if, in its reasonable discretion, such action isnecessary or advisable to preserve its status as a regu-lated investment company or to avoid imposition of incomeor excise taxes on undistributed income or realized gains.

Dividends and other distributions on shares of a fund aredistributed on a pro rata basis to beneficial owners of suchshares. Dividend payments are made through DTC partici-pants and indirect participants to beneficial owners then ofrecord with proceeds received from a fund.

Dividend Reinvestment Service. No dividend reinvestmentservice is provided by the Trust. Broker-dealers may makeavailable the DTC book-entry Dividend ReinvestmentService for use by beneficial owners of a fund for reinvest-ment of their dividend distributions. Beneficial ownersshould contact their broker to determine the availabilityand costs of the service and the details of participationtherein. Brokers may require beneficial owners to adhereto specific procedures and timetables. If this service isavailable and used, dividend distributions of both incomeand realized gains will be automatically reinvested in addi-tional whole shares of a fund purchased in the secondarymarket.

TAXES

As with any investment, you should consider how yourinvestment in shares of a fund will be taxed. The tax infor-mation in this Prospectus is provided as generalinformation. You should consult your own tax professionalabout the tax consequences of an investment in sharesof a fund.

Unless your investment in fund shares is made through atax-exempt entity or tax-deferred retirement account, suchas an IRA, you need to be aware of the possible tax conse-quences when a fund makes distributions or you sell fundshares.

Taxes on Distributions

Distributions from a fund’s net investment income (otherthan qualified dividend income), including distributionsof income from securities lending and distributions out ofthe fund’s net short-term capital gains, if any, are taxable to

you as ordinary income. Distributions by a fund of net long-term capital gains in excess of net short-term capitallosses (capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have heldsuch fund’s shares. Distributions by a fund that qualify asqualified dividend income are taxable to you at long-termcapital gain rates. The maximum individual rate applicableto “qualified dividend income” and long-term capital gainsis generally either 15% or 20%, depending on whetherthe individual’s income exceeds certain thresholdamounts.

Dividends are eligible to be qualified dividend income toyou, if you meet certain holding period requirementsdiscussed below, if they are attributable to qualified divi-dend income received by a fund. Generally, qualifieddividend income includes dividend income from taxable

US corporations and qualified non-US corporations,provided that a fund satisfies certain holding periodrequirements in respect of the stock of such corporationsand has not hedged its position in the stock in certainways. For this purpose, a qualified non-US corporationmeans any non-US corporation that is eligible for benefitsunder a comprehensive income tax treaty with the UnitedStates which includes an exchange of information programor if the stock with respect to which the dividend was paidis readily tradable on an established United States securitymarket. The term excludes a corporation that is a passiveforeign investment company.

Dividends received by a fund from a real estate invest-ment trust (“REIT”) or another RIC generally are qualifieddividend income only to the extent the dividend distribu-tions are made out of qualified dividend income receivedby such REIT or RIC. It is expected that dividends receivedby a fund from a REIT and distributed to a shareholdergenerally will be taxable to the shareholder as ordinaryincome.

For a dividend to be treated as qualified dividend income,the dividend must be received with respect to a shareof stock held without being hedged by a fund, and to ashare of the fund held without being hedged by you, for 61days during the 121-day period beginning at the datewhich is 60 days before the date on which such sharebecomes ex- dividend with respect to such dividend or inthe case of certain preferred stock 91 days during the181-day period beginning 90 days before such date.

In general, your distributions are subject to US federalincome tax for the year when they are paid. Certain distri-butions paid in January, however, may be treated as paidon December 31 of the prior year.

If a fund’s distributions exceed current and accumulatedearnings and profits, all or a portion of the distributionsmade in the taxable year may be re-characterized as areturn of capital to shareholders. A return of capital distri-bution generally will not be taxable but will reduce the


shareholder’s cost basis and result in a higher capital gainor lower capital loss when those shares on which the distri-bution was received are sold.

If you are neither a resident nor a citizen of the UnitedStates or if you are a non-US entity, a fund’s ordinaryincome dividends (which include distributions of net short-term capital gains) will generally be subject to a 30% USwithholding tax, unless a lower treaty rate applies,provided that withholding tax will generally not apply toany gain or income realized by a non-US shareholder inrespect of any distributions of long-term capital gains orupon the sale or other disposition of shares of a fund.

Dividends and interest received by a fund with respect tonon-US securities may give rise to withholding and othertaxes imposed by non-US countries. Tax conventionsbetween certain countries and the United States mayreduce or eliminate such taxes. If more than 50% of thetotal assets of a fund at the close of a year consist ofnon-US stocks or securities, the fund may “pass through”to you certain non-US income taxes (including withholdingtaxes) paid by the fund. This means that you would beconsidered to have received as additional gross incomeyour share of such non-US taxes, but you may, in suchcase, be entitled to either a corresponding tax deduction incalculating your taxable income, or, subject to certain limita-tions, a credit in calculating your US federal income tax.

If you are a resident or a citizen of the United States, bylaw, back-up withholding (currently at a rate of 24%) willapply to your distributions and proceeds if you have notprovided a taxpayer identification number or social securitynumber and made other required certifications.

Taxes when Shares are Sold

Currently, any capital gain or loss realized upon a sale offund shares is generally treated as a long-term gain or lossif the shares have been held for more than one year. Anycapital gain or loss realized upon a sale of fund shares heldfor one year or less is generally treated as short-term gainor loss, except that any capital loss on the sale of sharesheld for six months or less is treated as long-term capitalloss to the extent that capital gain dividends were paidwith respect to such shares.

MedicareTax

An additional 3.8% Medicare tax is imposed on certain netinvestment income (including ordinary dividends andcapital gain distributions received from a fund and netgains from redemptions or other taxable dispositions offund shares) of US individuals, estates and trusts to theextent that such person’s “modified adjusted grossincome” (in the case of an individual) or “adjusted grossincome” (in the case of an estate or trust) exceeds certainthreshold amounts.

The foregoing discussion summarizes some of the conse-quences under current US federal tax law of aninvestment in a fund. It is not a substitute for personal tax

advice. You may also be subject to state and local taxationon fund distributions and sales of shares. Consult yourpersonal tax advisor about the potential tax consequencesof an investment in shares of a fund under all applicabletax laws.

Authorized Participants and the Continuous Offering of

Shares

Because new shares may be created and issued on anongoing basis, at any point during the life of a fund a “distri-bution,” as such term is used in the 1933 Act, may beoccurring. Broker-dealers and other persons are cautionedthat some activities on their part may, depending on thecircumstances, result in their being deemed participants ina distribution in a manner that could render them statu-tory underwriters and subject to the prospectus deliveryand liability provisions of the 1933 Act. Any determinationof whether one is an underwriter must take into accountall the relevant facts and circumstances of each particularcase.

Broker-dealers should also note that dealers who are not“underwriters” but are participating in a distribution (ascontrasted to ordinary secondary transactions), and thusdealing with shares that are part of an “unsold allotment”within the meaning of Section 4(3)(C) of the 1933 Act,would be unable to take advantage of the prospectusdelivery exemption provided by Section 4(3) of the 1933Act. For delivery of prospectuses to exchange members,the prospectus delivery mechanism of Rule 153 under the1933 Act is available only with respect to transactions ona national securities exchange.

Certain affiliates of a fund and the Advisor may purchaseand resell fund shares pursuant to this prospectus.

Transaction Fees

APs are charged standard creation and redemption trans-action fees to offset transfer and other transaction costsassociated with the issuance and redemption of CreationUnits. Purchasers and redeemers of Creation Units forcash are required to pay an additional variable charge (upto a maximum of 2% for redemptions, including the stan-dard redemption fee) to compensate for brokerage andmarket impact expenses. The standard creation andredemption transaction fee for each fund is set forth in thetable below. The maximum redemption fee, as apercentage of the amount redeemed, is 2%.


Fund Name Fee Paid

Xtrackers MSCI EmergingMarkets Hedged Equity ETF $ 6,900

Xtrackers MSCI EAFE HedgedEquity ETF $ 4,650

Xtrackers MSCI GermanyHedged Equity ETF $ 750

Xtrackers MSCI JapanHedged Equity ETF $ 1,800

Xtrackers MSCI EuropeHedged Equity ETF $ 3,600

Xtrackers MSCI All World exUS Hedged Equity ETF $10,500

Xtrackers MSCI South KoreaHedged Equity ETF $ 1,100

Xtrackers MSCI All World exUS High Dividend Yield EquityETF $ 3,700

Xtrackers MSCI EAFE HighDividend Yield Equity ETF(1) $ 0

Xtrackers Eurozone EquityETF $ 500

Xtrackers MSCI EurozoneHedged Equity ETF $ 3,200

Xtrackers Japan JPX-Nikkei400 Equity ETF $ 2,000

Xtrackers MSCI Latin AmericaPacific Alliance ETF $ 6,000

(1) Effective January 30, 2019, the standard and maximum transactionfees for the creation or redemption of a Creation Unit of the XtrackersMSCI EAFE High Dividend Yield Equity ETF will be paid by the fund’sAdvisor. As such, the standard and maximum transaction fees for thecreation or redemption of a Creation Unit of the fund will be reduced from$900 to $0; however, the Advisor reserves the right to amend or discon-tinue this subsidy upon supplement to a fund’s prospectus.

DISTRIBUTION

The Distributor distributes Creation Units for each fund onan agency basis. The Distributor does not maintain asecondary market in shares of a fund. The Distributor hasno role in determining the policies of a fund or the secu-rities that are purchased or sold by a fund. The Distributor’sprincipal address is 1290 Broadway, Suite 1100, Denver,Colorado 80203.

The Advisor and/or its affiliates may pay additional compen-sation, out of their own assets and not as an additionalcharge to a fund, to selected affiliated and unaffiliatedbrokers, dealers, participating insurance companies orother financial intermediaries (“financial representatives”)in connection with the sale and/or distribution of fundshares or the retention and/or servicing of fund investorsand fund shares (“revenue sharing”). For example, theAdvisor and/or its affiliates may compensate financial repre-sentatives for providing a fund with “shelf space” oraccess to a third party platform or fund offering list or othermarketing programs, including, without limitation, inclu-sion of a fund on preferred or recommended sales lists,fund “supermarket” platforms and other formal salesprograms; granting the Advisor and/ or its affiliates access

to the financial representative’s sales force; granting theAdvisor and/or its affiliates access to the financial represen-tative’s conferences and meetings; assistance in trainingand educating the financial representative’s personnel; andobtaining other forms of marketing support.

The level of revenue sharing payments made to financialrepresentatives may be a fixed fee or based upon oneor more of the following factors: gross sales, currentassets and/or number of accounts of a fund attributable tothe financial representative, the particular fund or fundtype or other measures as agreed to by the Advisor and/orits affiliates and the financial representatives or any combi-nation thereof. The amount of these revenue sharingpayments is determined at the discretion of the Advisorand/or its affiliates from time to time, may be substantial,and may be different for different financial representativesbased on, for example, the nature of the services providedby the financial representative.

Receipt of, or the prospect of receiving, additional compen-sation may influence your financial representative’srecommendation of a fund. You should review your finan-cial representative’s compensation disclosure and/or talk toyour financial representative to obtain more informationon how this compensation may have influenced your finan-cial representative’s recommendation of the fund.Additional information regarding these revenue sharingpayments is included in a fund’s Statement of AdditionalInformation, which is available to you on request at nocharge (see the back cover of this Prospectus for moreinformation on how to request a copy of the Statement ofAdditional Information).

It is possible that broker-dealers that execute portfolio trans-actions for a fund will include firms that also sell shares ofa fund to their customers. However, the Advisor will notconsider the sale of fund shares as a factor in the selectionof broker-dealers to execute portfolio transactions for afund. Accordingly, the Advisor has implemented policiesand procedures reasonably designed to prevent its tradersfrom considering sales of fund shares as a factor in theselection of broker-dealers to execute portfolio transac-tions for a fund. In addition, the Advisor and/or its affiliateswill not use fund brokerage to pay for their obligation toprovide additional compensation to financial representa-tives as described above.

PREMIUM/DISCOUNT INFORMATION

Information regarding how often shares of each fundtraded on NYSE Arca or Cboe at a price above (i.e., at apremium) or below (i.e., at a discount) the NAV of eachfund during the past calendar year can be found atwww.Xtrackers.com.


Financial Highlights

The financial highlights are designed to help you understand recent financial performance. The figures in the first part ofeach table are for a single share. The total return figures represent the percentage that an investor in a fund would haveearned (or lost), assuming all dividends and distributions were reinvested. This information has been audited by Ernst &Young LLP, independent registered public accounting firm, whose report, along with each fund’s financial statements, isincluded in each fund’s Annual Report (see “For More Information” on the back cover).


Years Ended May 31,2019 2018 2017 2016 2015

Selected Per Share Data

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.

192Prospectus October 1, 2019 Financial Highlights


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





Net realized gains — — — (0.12) (0.00)b


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


Net Assets, end of year ($ millions) 4,715 6,140 8,638 11,984 12,268




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.


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


Net realized and unrealized gain (loss) (2.02) (0.09) 4.78 (2.93) 1.93




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






Portfolio turnover rate (%)c 11 17 12 16 20

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.



Years Ended May 31,2019 2018 2017 2016 2015







Net realized gains — — — (0.87) —



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


Net Assets, end of year ($ millions) 414 1,153 1,780 1,026 1,263




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.



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



Total from investment operations 0.49 1.07 5.16 (2.40) 2.87


Net realized gains — — (1.67) (0.14) (0.00)b


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

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


Net Assets, end of year ($ millions) 849 1,543 2,747 3,310 2,668





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.



Years Ended May 31,2019 2018 2017 2016 2015







Net realized gains — — — (0.46) (0.04)



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






Portfolio turnover rate (%)b 13 11 15 24 24

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.



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)





Ratio of net investment income (loss) (%) 2.08 1.28 0.74 0.72 (0.47)


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.


Xtrackers MSCI All World ex US High DividendYield Equity ETF

Years Ended May 31, Period Ended2019 2018 2017 5/31/2016a


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)**


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**

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.* Annualized.** Not Annualized.





Net Asset Value, beginning of period $23.69 $24.99 $23.16 $25.00



Total from investment operations (0.89) (0.49) 4.09 (1.29)


Net realized gains — — (1.31) (0.17)


Net Asset Value, end of period $22.00 $23.69 $24.99 $23.16

Total Return (%) (3.76)c (2.02) 18.93e (5.08)**







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.





Net Asset Value, beginning of period $23.60 $23.94 $20.25 $ 25.00






Net Asset Value, end of period $21.10 $23.60 $23.94 $ 20.25

Total Return (%) (8.09)c 0.22c 23.01 (17.94)**







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.



Years Ended May 31, Period Ended2019 2018 2017 2016 5/31/2015a


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



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)c 4.19 22.56 (8.45) 17.20**


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 (%)d 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 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.* Annualized.** Not Annualized.





Net Asset Value, beginning of period $ 29.39 $26.24 $23.19 $25.00


Net realized and unrealized gain (loss) (3.62) 3.30c 3.04 (1.97)




Net Asset Value, end of period $ 25.84 $29.39 $26.24 $23.19

Total Return (%) (11.35)d,e 14.21d 14.75 (6.78)**






Portfolio turnover rate (%)f 149 78 22 8**

a For the period June 24, 2015 (commencement of operations) through May 31, 2016.b Based on average shares outstanding during the period.c 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.d Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.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 0.22%.f Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.* Annualized.** Not Annualized.



Period Ended

5/31/2019a


Net Asset Value, beginning of period $ 25.00

Income (loss) from investment operations:Net investment income (loss)b 0.38

Net realized and unrealized gain (loss) (0.33)c

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 (%)d 0.20**


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 (%)e 44**

a For the period October 30, 2018 (commencement of operations) through May 31, 2019.b Based on average shares outstanding during the period.c 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.d Total Return would have been lower if certain expenses 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.


Appendix

INDEX PROVIDERS AND LICENSES

MSCI, Inc. (“MSCI”) is a leading provider of global indexes and benchmark related products and services to investorsworldwide. MSCI is not affiliated with the Trust, the Advisor, The Bank of New York Mellon, the Distributor or any of theirrespective affiliates.

Nasdaq is responsible for the rules-based methodology of the Nasdaq Indexes. Nasdaq is not affiliated with the Trust, theAdvisor, BNYM, the Distributor or any of their respective affiliates. Nasdaq is responsible for administration and calcula-tion of the Nasdaq Indexes. Nasdaq is responsible for implementing the methodology for the composition of the NasdaqIndexes.

The Advisor has entered into a license agreement with each Index Provider to use each Underlying Index. The Advisor hasalso entered into a license agreement with a broker-dealer for the use of certain customized analytical data. All licensefees are paid by the Advisor out of its own resources and not the assets of the fund.

MSCI Indexes

The MSCI Indexes are calculated and maintained by MSCI Inc. (“Index Provider” or “MSCI”). MSCI’s Global InvestableMarket Indexes (the “MSCI GIMI”) provide exhaustive coverage and non-overlapping market segmentation by market capi-talization size and by style.

The MSCI GIMI intends to target approximately 99% coverage of the free float-adjusted market capitalization in eachmarket of large-, mid- and small-cap securities.� MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including approximately 85% of each

market’s free float-adjusted market capitalization.� MSCI Global Small Cap Indexes provide coverage to all companies with a market capitalization below that of the compa-

nies in the MSCI Global Standard Indexes by including above and beyond the coverage of the MSCI Global StandardIndexes.

Under MSCI’s Global Investable Market Index methodology, the small-cap universe consists of securities of those compa-nies not included in the large-cap or midcap segments of a particular market, which together comprise approximately85% of each market’s free float- adjusted market capitalization. The small cap segment covers the 85%-99% range ofeach market’s free float- adjusted market capitalization.

Defining the Equity Universe. MSCI begins with securities listed in countries in the MSCI Global Index Series. Of thesecountries, 23 are classified as developed markets and 26 as emerging markets. All listed equity securities and listed secu-rities that exhibit characteristics of equity securities, except mutual funds, exchange-traded funds, equity derivatives,limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. Real estate investmenttrusts (“REITs”) in some countries and certain income trusts in Canada are also eligible for inclusion. Each company andits securities (i.e., Share classes) are classified in only one country, which allows for a distinctive sorting of each companyby its respective country.

MSCI Hedged Indexes

The MSCI Hedged Indexes are currency hedged versions of the MSCI GIMI Indexes. The MSCI Hedged Indexes are main-tained with an objective of reflecting the evolution of the underlying currency exposures in the MSCI GIMI Indexes on atimely basis. In particular, index maintenance involves:� Resetting the weights of the currencies to be sold in the index; and� Rolling the forward contracts over to the next month.The MSCI Hedged Indexes are rebalanced monthly on the last trading day of the month, when the index will take intoaccount the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency tobe sold for the next month’s index calculation. The currency weights are determined as of the close of two business days

204Prospectus October 1, 2019 Appendix

before the first calendar day of following month and remain constant intra month. This means that no changes in theweights are made during the month to account for changes in the indexes due to price movement of securities, corporateevents, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indexes marks to market theone-month forward contracts on a daily basis by using an equal and offsetting forward position.

MSCI 25/50 Indexes

Each of the MSCI 25/50 Indexes is a sub-index of an MSCI Hedged Index. Each Index is a free float-adjusted marketcapitalization-weighted index with a capping methodology applied to issuer weights so that no single issuer of a compo-nent exceeds 25% of the Underlying Index weight, and all issuers with weight above 5% do not exceed 50% of theUnderlying Index weight. The MSCI 25/50 Indexes take into account the investment limits required of RICs, pursuant toSubchapter M of the Code. One requirement of a RIC is that at the end of each quarter of its tax year no more than 25%of the value of the RIC’s assets may be invested in a single issuer and the sum of the weights of all issuers representingmore than 5% of the fund should not exceed 50% of the fund’s total assets. The MSCI 25/50 Index methodology aims tominimize index turnover, tracking error and extreme deviation from the parent index. The indexes are rebalanced quar-terly. Changes resulting from each rebalancing are made as of the close of the last business day of February, May, Augustand November, coinciding with the quarterly index reviews of their parent indexes.

MSCI High DividendYield Indexes

The MSCI High Dividend Yield Indexes exclude REITs. REITs have structurally very high dividend yield and, if included,would represent a very significant proportion of the MSCI High Dividend Yield Index. Also, typically, regulatory constraintsrestrict the inclusion of REITs in meaningful proportions in many institutional portfolios.

Each MSCI High Dividend Yield Index targets companies with high dividend income and quality characteristics andincludes companies that have higher than average dividend yields that are both sustainable and persistent. Indexconstruction starts with a dividend screening process: only securities with a track record of consistent dividend paymentsover the previous four years and with the capacity to sustain dividend payouts into the future are eligible index constitu-ents. A determination by MSCI that an issuer has the capacity to sustain dividends into the future is no guarantee thatsuch issuer will continue to distribute dividends. Securities are also screened based on certain “quality” factors such asreturn on equity, earnings variability, debt to equity, and on recent 12-month price performance. The goal is to excludestocks with potentially deteriorating fundamentals that could be forced to cut or reduce dividends. From the list of eligiblecompanies, only those with higher than average dividend yields are selected for inclusion in the index. Issuer weightsare capped at 5%. Each MSCI High Dividend Yield Index is market cap weighted and rebalanced semi-annually in May andNovember.

MSCI High Dividend Yield Indexes consider the following:� Securities with zero or negative payout ratios are not considered for inclusion in the MSCI High Dividend Yield Indexes

as they either do not pay dividends or have negative earnings which may put their future dividend payments at risk.Additionally, securities with an extremely high payout ratio, which occurs when earnings are low relative to dividendsand may also indicate that the dividend payment might not be sustainable in the future, are also not considered for inclu-sion in the MSCI High Dividend Yield Indexes. Under this screen, securities with extremely high payout ratios, definedto be the top 5% of securities by number within the universe of securities with positive payout, are not consideredeligible for inclusion in the index. The use of a relative payout ratio screen ensures that the companies at most relativerisk of dividend cuts are excluded irrespective of the absolute level of the payout.

� Securities with a negative five-year dividend per share (“DPS”) growth are also excluded from the MSCI High DividendYield Indexes as their dividend growth is shrinking which could be a precursor to lower dividends. In addition, securi-ties ranked in the bottom 5% of the universe of securities with negative one-year price performance are excluded fromthe MSCI High Dividend Yield Indexes.

Securities that have passed the above two screens are then considered for inclusion in the MSCI High Dividend YieldIndexes. Only securities with a dividend yield greater than or equal to 1.3 times the dividend yield of the Parent Index areincluded in the MSCI High Dividend Yield Indexes. For example, MSCI compares the yield of a European security to theyield of the MSCI Europe Index to determine if it is eligible for inclusion in the MSCI Europe High Dividend Yield Index. Bycontrast, MSCI compares the yield of the same security to the yield of the MSCI World Index to determine if it is eligiblefor inclusion in the MSCI World High Dividend Yield Index.

Each MSCI High Dividend Yield Index is a free float adjusted market capitalization weighted index. The MSCI HedgedIndexes, which are the Funds’ Underlying Indexes, are currency-hedged versions of the respective MSCI High DividendYield Indexes.

NASDAQ Indexes


The NASDAQ Eurozone Large Mid Cap Index (the “NASDAQ Index”) is calculated and maintained by Nasdaq GlobalIndexes (“Index Provider” or “Nasdaq”). The NASDAQ Indexes are float adjusted market capitalization-weighted indexes.

Defining the Equity Universe. The selection universe for the NASDAQ Indexes is defined by the constituents of theNASDAQ Global Index (the “Global Index”). The Global Index covers approximately 9,000 large-, mid- and small- capitaliza-tion securities which are weighted according to their free float adjusted market capitalization. The Global Index does notoverlap, meaning that all individual securities can only be assigned to one country, one size segment and one sector.

To be initially eligible for inclusion in the NASDAQ Global Index, an index security must meet the following criteria:� The index security must have been traded for at least three months on an index eligible global stock exchange;� Security types generally eligible for inclusion include common stocks, ordinary shares, depositary receipts, shares of

beneficial interest of REITs and preferred shares. Security types generally not included include closed-end funds, convert-ible debentures, exchange- traded funds, limited partnership interests, preferred stock, rights, shares of limited liabilitycompanies, warrants and other derivative securities;

� Must have a minimum worldwide market capitalization of US $150 million;� Must have a minimum three month average daily trading volume of US $100,000;� Must have a minimum free float percentage of at least 20%. A security with a free float percentage of less than 20%

but greater than 5% will be eligible for inclusion as long as its free float adjusted market capitalization weight within itscountry is greater than 5% of the aggregate weight of the country;

� The security must have been traded for at least three months on an index eligible stock exchange;� The security must be within a country classified as developed or emerging markets; and� The security may not be issued by an issuer currently in bankruptcy proceedings.The NASDAQ Developed Markets Index is a subset of the NASDAQ Global Index and is comprised of the indexes of 25countries designated as developed markets by the Index Provider. In order to qualify for inclusion in the developedmarkets segment, a country must meet the following quantitative criteria:� Must have a gross national income per capita of US $20,000 or higher for three consecutive years;� Must have a market capitalization of US $30 billion or higher;� Volume, or total annual turnover, must be US $10 billion or higher;� Must have a minimum free float percentage of at least 45%; and� Must have at least 10 index securities that qualify for inclusion in the index.Each eligible index security is then assigned by Nasdaq to a country which will govern its inclusion into a country,sub-region, region and segment index based on three categories:

(i) the index security’s country of incorporation;

(ii) the index security’s country of domicile; and

(iii) the index security’s country of primary exchange listing. Generally, if two or more of the categories match, the indexsecurity will be assigned to that country.

At each semi-annual evaluation in March and September, Nasdaq divides the indices into large cap, mid cap, large midcap and small cap segments based on cumulative market capitalization weight. Nasdaq utilizes a top-down approach toassign the index securities into the respective size indexes. The large mid cap index includes index securities with amarket capitalization in the top 90% of the NASDAQ Global Index market capitalization.

Maintaining the Equity Universe. The NASDAQ Indexes are evaluated semi-annually in March and September to allowfor continued and correct representation of the changing global equity markets.

JPX-Nikkei 400 NetTotal Return Index

In order to be eligible for inclusion in the JPX-Nikkei 400 Net Total Return Index, equity securities must meet the followingcriteria:

(1) Must have been listed on the TSE first section (for large companies), the TSE second section (for middle-sized compa-nies), the TSE “Mothers” section (for high-growth and emerging stocks) or the JASDAQ Stock Exchange(“JASDAQ”) for at least three years;

(2) Generally, must be common stocks (non-common stocks may be included in the eligible constituents if they areregarded as equivalent to common stocks and their inclusion is deemed particularly necessary by the IndexProviders);

(3) Must have more assets than liabilities for the last three fiscal years;

(4) Must have no operating or overall deficit in the last three fiscal years;


(5) No notes to the going concern assumption in the company’s financial statements, and must not have a statementthat there is a significant insufficiency or not possible to release appraisal of internal controls in the company’sinternal control report;

(6) Are not designated as a security to be de-listed or a security on alert; and

(7) In the past year, must not have been subject to

(a) public announcement measures1, (b) request for improvement reports for public inspection, or (c) payment of apenalty for violation of the listing agreement.

The top 1,000 companies that meet the above criteria, ranked by market capitalization, will be selected based on tradingvolume during the past three years and current market capitalization as of the base date for selection (typically the lastbusiness day of June). The top 1,000 securities by market capitalization shall be selected in descending order out of the1,200 securities with the highest trading value in the three years since the base date (such 1,200 securities being the“Selection Pool”). In cases where less than 1,000 securities are eligible to be selected per this method, the remainingsecurities shall be selected by taking the remaining securities in the Selection Pool that have the highest market capital-ization on the base date.

The 1,000 securities selected are then scored according to the ranking of the following three items (i.e., first will be allo-cated 1,000 points and last will be allocated one point). An overall score is then determined by aggregating those rankingscores with the following weights:

(1) Three year return on equity: 40%;

(2) Three year cumulative operating profit: 40%; and

(3) Market capitalization on the selection date: 20%.

The 400 highest scoring securities will then be selected as constituents of the Underlying Index and weighted accordingto free float (i.e., the amount available for trading) market capitalization. No one Underlying Index component maycomprise more than 1.5% of the Underlying Index as of the base date. The Underlying Index is rebalanced annually inAugust.

The Underlying Index is a total return index. A total return index calculates the performance of the index constituents onthe basis that any dividends or distributions are reinvested.

DISCLAIMERS

THE FUNDS ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILI-ATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO,COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCIINDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OFMSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ADVISER. NONEOF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OROWNERS OF THE FUNDS OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING INFUNDS GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRE-SPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAINTRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED,COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE FUNDS OR THE ISSUER OR OWNERS OF THEFUNDS OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THENEEDS OF THE ISSUER OR OWNERS OF THE FUNDS OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION INDETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLEFOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE FUNDSTO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTOWHICH THE FUNDS ARE REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION ORLIABILITY TO THE ISSUER OR OWNERS OF THE FUNDS OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITHTHE ADMINISTRATION, MARKETING OR OFFERING OF THE FUNDS.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THEMSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS ORGUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATAINCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTSTO BE OBTAINED BY THE ISSUER OF THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY,FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE


ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEXOR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIEDWARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OFMERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANYDATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCIPARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHERDAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, PRODUCT OR FUND, OR ANY OTHER PERSON OR ENTITY,SHOULD USE OR REFER TO ANY MSCI TRADE NAME, TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE,MARKET OR PROMOTE THIS SECURITY WITHOUT FIRST CONTACTING MSCI TO DETERMINE WHETHER MSCI’SPERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY CLAIM ANY AFFILIATIONWITH MSCI WITHOUT THE PRIOR WRITTEN PERMISSION OF MSCI.

(This information applies to Xtrackers Japan JPX-Nikkei 400 Equity ETF only)

The “JPX-Nikkei Index 400“ is a copyrightable work calculated using a methodology independently developed by TokyoStock Exchange, Inc. (hereinafter referred to as “TSE”) and Nikkei Inc. (hereinafter called “Nikkei”). TSE and Nikkei jointlyown copyrights and any other intellectual property rights subsisting in “JPX-Nikkei Index 400” itself and the methodologyto calculate the “JPX-Nikkei Index 400”. Xtrackers Japan JPX-Nikkei 400 Equity ETF is not in any way sponsored, endorsedor promoted by TSE and Nikkei. TSE and Nikkei do not make any warranty or representation. TSE and Nikkei have no obli-gation to publish the “JPX-Nikkei Index 400” continuously and shall not be liable for any errors, delays or suspensions ofthe publication of the “JPX-Nikkei Index 400.”

Shares of Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, XtrackersMSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF,Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI AllWorld ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers MSCIEurozone Hedged Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alli-ance ETF are not sponsored, endorsed or promoted by NYSE Arca. NYSE Arca makes no representation or warranty,express or implied, to the owners of the shares of the funds or any member of the public regarding the ability of the fundsto track the total return performance of their Underlying Indexes or the ability of the Underlying Indexes to track stockmarket performance. NYSE Arca is not responsible for, nor has it participated in, the determination of the compilation orthe calculation of the Underlying Indexes, nor in the determination of the timing of, prices of, or quantities of shares of thefunds to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. NYSEArca has no obligation or liability to owners of the shares of the funds in connection with the administration, marketing ortrading of the shares of the funds.

NYSE Arca does not guarantee the accuracy and/or the completeness of the Underlying Indexes or any data includedtherein. NYSE Arca makes no warranty, express or implied, as to results to be obtained by the Trust on behalf of the fundsas licensee, licensee’s customers and counterparties, owners of the shares of the funds, or any other person or entityfrom the use of the subject index or any data included therein in connection with the rights licensed as described hereinor for any other use. NYSE Arca makes no express or implied warranties and hereby expressly disclaims all warranties ofmerchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein.Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any direct, indirect, special, puni-tive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Product(s) are not sponsored, endorsed, sold or promoted by NASDAQ, Inc. (“NASDAQ”) or its affiliates (NASDAQ,with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of,or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no repre-sentation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding theadvisability of investing in securities generally or in the Product(s) particularly, or the ability of each Underlying Index totrack general stock market performance. The Corporations’ only relationship to each fund (“Licensee”) is in the licensingof the Nasdaq® and certain trade names of the Corporations and the use of each Underlying Index which is determined,composed and calculated by NASDAQ without regard to Licensee or the Product(s). NASDAQ has no obligation to take theneeds of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating eachUnderlying Index. The Corporations are not responsible for and have not participated in the determination of the timing of,prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which theProduct(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketingor trading of the Product(s).


THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF EACHUNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS ORIMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSONOR ENTITY FROM THE USE OF EACH UNDERLYING INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONSMAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANT-ABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO EACH UNDERLYING INDEX OR ANYDATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONSHAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUEN-TIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Shares of the funds are not sponsored, endorsed or promoted by Cboe. Cboe makes no representation or warranty,express or implied, to the owners of the shares of the funds or any member of the public regarding the ability of the fundsto track the total return performance of their Underlying Indexes or the ability of the Underlying Indexes to track stockmarket performance.

Cboe is not responsible for, nor has it participated in, the determination of the compilation or the calculation of the Under-lying Indexes, nor in the determination of the timing of, prices of, or quantities of shares of the funds to be issued, norin the determination or calculation of the equation by which the shares are redeemable. Cboe has no obligation or liabilityto owners of the shares of the funds in connection with the administration, marketing or trading of the shares of thefunds.

Cboe does not guarantee the accuracy and/or the completeness of the Underlying Indexes or any data included therein.Cboe makes no warranty, express or implied, as to results to be obtained by the Trust on behalf of the funds as licensee,licensee’s customers and counterparties, owners of the shares of the funds, or any other person or entity from the use ofthe subject index or any data included therein in connection with the rights licensed as described herein or for any otheruse. Cboe makes no express or implied warranties and hereby expressly disclaims all warranties of merchantability orfitness for a particular purpose with respect to the Underlying Indexes or any data included therein. Without limiting anyof the foregoing, in no event shall Cboe have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages.

The Advisor does not guarantee the accuracy or the completeness of the Underlying Indexes or any data included thereinand the Advisor shall have no liability for any errors, omissions or interruptions therein.

The Advisor makes no warranty, express or implied, to the owners of shares of the funds or to any other person or entity,as to results to be obtained by the funds from the use of the Underlying Indexes or any data included therein. The Advisormakes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particularpurpose or use with respect to the Underlying Indexes or any data included therein. Without limiting any of the foregoing,in no event shall the Advisor have any liability for any special, punitive, direct, indirect or consequential damages (includinglost profits), even if notified of the possibility of such damages.


FOR MORE INFORMATION:

1-855-329-3837 (1-855-DBX-ETFS)

Copies of the prospectus, SAI and recent shareholderreports, when available, can be found on our website atwww.Xtrackers.com. For more information about a fund,you may request a copy of the SAI. The SAI providesdetailed information about a fund and is incorporated byreference into this prospectus. This means that the SAI, forlegal purposes, is a part of this prospectus.

If you have any questions about the Trust or shares of afund or you wish to obtain the SAI or shareholder reportfree of charge, please:

Call: 1-855-329-3837 or 1-855-DBX-ETFS(toll free) Monday through Friday8:30 a.m. to 6:30 p.m. (Eastern time)

E-mail: [email protected]

Write: DBX ETF Trustc/o ALPS Distributors, Inc.1290 Broadway, Suite 1100Denver, Colorado 80203

Information about a fund (including the SAI), reports andother information about a fund are available on the EDGARDatabase on the SEC’s website at www.sec.gov, and

copies of this information may be obtained, after paying aduplicating fee, by electronic request at the followinge-mail address: [email protected].

Householding is an option available to certain fund inves-tors. Householding is a method of delivery, based on thepreference of the individual investor, in which a single copyof certain shareholder documents can be delivered to inves-tors who share the same address, even if their accountsare registered under different names. Please contact yourbroker-dealer if you are interested in enrolling inhouseholding and receiving a single copy of prospectusesand other shareholder documents, or if you are currentlyenrolled in householding and wish to change yourhouseholding status.

No person is authorized to give any information or to makeany representations about a fund and their shares notcontained in this prospectus and you should not rely onany other information. Read and keep the prospectus forfuture reference.

Investment Company Act File No.: 811-22487

(10/01/19) EQUITY-1

SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY … · october 24, 2019 supplement to the currently...

Documents

Transcript of SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY … · october 24, 2019 supplement to the currently...