UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 29, 2024

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

February 29, 2024

Semi-Annual Report

DBX ETF Trust

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell US Multifactor ETF (DEUS)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers FTSE Developed ex US Multifactor ETF		1
Xtrackers MSCI Kokusai Equity ETF		2
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		3
Xtrackers Russell US Multifactor ETF		4
Fees and Expenses		5
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF		6
Xtrackers MSCI Kokusai Equity ETF		20
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		34
Xtrackers Russell US Multifactor ETF		39
Statements of Assets and Liabilities		48
Statements of Operations		49
Statements of Changes in Net Assets		50
Financial Highlights		52
Notes to Financial Statements		54
Other Information		63
Liquidity Risk Management		64
Board Consideration in Approval of Investment Advisory Contracts		65
Additional Information		68

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers FTSE Developed ex US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (7.1% of Net Assets)

Description	% of Net Assets
3i Group PLC (United Kingdom)		1.5%
E.ON SE (Germany)		0.8%
Tokyo Gas Co. Ltd. (Japan)		0.7%
Tesco PLC (United Kingdom)		0.7%
Obayashi Corp. (Japan)		0.6%
ACS Actividades de Construccion y Servicios SA (Spain)		0.6%
Brenntag SE (Germany)		0.6%
Repsol SA (Spain)		0.6%
Holcim AG (Switzerland)		0.5%
J Sainsbury PLC (United Kingdom)		0.5%

Country Diversification* as of February 29, 2024

Japan	30.9%
United Kingdom	11.2%
Australia	9.4%
France	6.4%
Germany	5.5%
Canada	4.5%
Switzerland	4.4%
South Korea	3.8%
Sweden	3.2%
Netherlands	2.9%
Italy	2.9%
Singapore	2.5%
Spain	2.1%
Other	10.3%
Total	100.0%

Sector Diversification* as of February 29, 2024

Industrials	25.7%
Consumer Discretionary	13.9%
Materials	12.5%
Financials	11.3%
Consumer Staples	9.6%
Utilities	6.8%
Information Technology	4.6%
Energy	4.2%
Communication Services	4.2%
Health Care	4.1%
Real Estate	3.1%
Total	100.0%

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 6.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers MSCI Kokusai Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (23.8% of Net Assets)

Description	% of Net Assets
Microsoft Corp. (United States)		4.9%
Apple, Inc. (United States)		4.5%
NVIDIA Corp. (United States)		3.3%
Amazon.com, Inc. (United States)		2.8%
Alphabet, Inc. (United States)		2.6%
Meta Platforms, Inc. (United States)		1.8%
Eli Lilly & Co. (United States)		1.0%
Broadcom, Inc. (United States)		1.0%
Tesla, Inc. (United States)		1.0%
JPMorgan Chase & Co. (United States)		0.9%

Country Diversification* as of February 29, 2024

United States	73.9%
United Kingdom	3.8%
Canada	3.4%
France	3.3%
Switzerland	3.0%
Germany	2.3%
Australia	2.0%
Other	8.3%
Total	100.0%

Sector Diversification* as of February 29, 2024

Information Technology	24.6%
Financials	15.3%
Health Care	12.4%
Industrials	10.4%
Consumer Discretionary	10.4%
Communication Services	7.4%
Consumer Staples	6.6%
Energy	4.4%
Materials	3.7%
Utilities	2.5%
Real Estate	2.3%
Total	100.0%

2

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (31.9% of Net Assets)

Description	% of Net Assets
Microsoft Corp.		5.5%
Meta Platforms, Inc.		5.4%
Apple, Inc.		4.4%
Exxon Mobil Corp.		3.4%
Alphabet, Inc.		2.5%
Costco Wholesale Corp.		2.5%
Alphabet, Inc.		2.3%
Walmart, Inc.		2.2%
Chevron Corp.		2.0%
Home Depot, Inc.		1.7%

Sector Diversification* as of February 29, 2024

Information Technology	21.6%
Communication Services	12.5%
Consumer Discretionary	12.4%
Health Care	12.1%
Energy	10.5%
Financials	9.0%
Consumer Staples	8.9%
Industrials	8.6%
Materials	3.2%
Real Estate	1.1%
Utilities	0.1%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 34.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell US Multifactor ETF (DEUS)

Xtrackers Russell US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality, value, momentum, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (8.6% of Net Assets)

Description	% of Net Assets
Cardinal Health, Inc.		1.2%
Cognizant Technology Solutions Corp.		1.2%
McKesson Corp.		1.0%
CDW Corp.		0.9%
Reliance, Inc.		0.8%
Cencora, Inc.		0.8%
Jabil, Inc.		0.8%
NVR, Inc.		0.7%
Marathon Petroleum Corp.		0.6%
Applied Materials, Inc.		0.6%

Sector Diversification* as of February 29, 2024

Industrials	20.6%
Information Technology	19.2%
Consumer Discretionary	12.5%
Financials	11.2%
Health Care	10.3%
Materials	6.7%
Consumer Staples	5.1%
Energy	4.2%
Real Estate	3.6%
Communication Services	3.4%
Utilities	3.2%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

4

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers FTSE Developed ex US Multifactor ETF
Actual	$	1,000.00	$	1,075.00		0.24	%	$	1.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.67		0.24	%	$	1.21
Xtrackers MSCI Kokusai Equity ETF
Actual	$	1,000.00	$	1,124.80		0.09	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42		0.09	%	$	0.45
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Actual	$	1,000.00	$	1,106.30		0.19	%	$	1.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.92		0.19	%	$	0.96
Xtrackers Russell US Multifactor ETF
Actual	$	1,000.00	$	1,121.60		0.17	%	$	0.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.02		0.17	%	$	0.86

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

5

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.9%
Australia — 9.3%
Adbri Ltd.*		4,289	$	8,741
AGL Energy Ltd.		6,537		36,181
ALS Ltd.		3,741		29,061
Altium Ltd.		312		13,157
Alumina Ltd.*		20,810		14,296
AMP Ltd.		37,245		27,041
Ampol Ltd.		7,712		197,854
Ansell Ltd.		2,141		33,222
ANZ Group Holdings Ltd.		3,208		59,429
APA Group (a)		1,346		6,880
Aristocrat Leisure Ltd.		2,891		87,780
ASX Ltd.		52		2,227
Atlas Arteria Ltd. (a)		1,456		5,120
Aurizon Holdings Ltd.		20,880		51,801
Beach Energy Ltd.		6,642		6,920
Bendigo & Adelaide Bank Ltd.		6,671		42,048
BHP Group Ltd.		566		16,190
BlueScope Steel Ltd.		16,644		247,534
Boral Ltd.*		4,229		16,495
Brambles Ltd.		18,931		185,767
CAR Group Ltd.		1,074		25,708
Challenger Ltd.		3,871		16,964
Charter Hall Group REIT		1,800		14,674
Cleanaway Waste Management Ltd.		17,841		31,134
Cochlear Ltd.		652		148,665
Coles Group Ltd.		20,326		223,676
Commonwealth Bank of Australia		133		10,081
Computershare Ltd.		5,854		98,803
CSL Ltd.		32		5,964
CSR Ltd.		27,926		160,565
Deterra Royalties Ltd.		13,231		42,732
Downer EDI Ltd.		20,268		65,724
EBOS Group Ltd.		3,774		84,960
Endeavour Group Ltd.		4,296		15,385
Evolution Mining Ltd.		2,760		5,302
Flight Centre Travel Group Ltd.		931		12,979
Fortescue Ltd.		2,316		39,104
Goodman Group REIT		8,691		169,208
GPT Group REIT		19,976		56,582
Harvey Norman Holdings Ltd.		8,970		28,912
IDP Education Ltd.		699		8,689
IGO Ltd.		1,105		5,713
Iluka Resources Ltd.		3,104		13,845
Incitec Pivot Ltd.		20,531		36,096
Insurance Australia Group Ltd.		50,970		205,773
JB Hi-Fi Ltd.		6,545		262,355
Lendlease Corp. Ltd. (a)		1,239		5,180
Lottery Corp. Ltd.		30,697		101,541
Macquarie Group Ltd.		110		13,954
Medibank Pvt Ltd.		111,824		261,403
Metcash Ltd.		28,919		69,862
Mirvac Group REIT		3,760		5,337
National Australia Bank Ltd.		931		20,515
New Hope Corp. Ltd.		4,148		12,695
NEXTDC Ltd.*		250		2,873
Northern Star Resources Ltd.		4,227		35,506

	Number of Shares		Value
Australia (Continued)
Nufarm Ltd.		1,971	$	7,392
Orica Ltd.		2,700		30,081
Origin Energy Ltd.		10,104		59,147
Orora Ltd.		27,656		48,262
Perpetual Ltd.		827		12,935
Platinum Asset Management Ltd.		24,987		16,758
Qantas Airways Ltd.*		33,682		112,511
QBE Insurance Group Ltd.		16,046		180,652
Qube Holdings Ltd.		12,090		25,585
Ramsay Health Care Ltd.		664		23,741
REA Group Ltd.		359		45,376
Reece Ltd.		2,650		46,365
Region RE Ltd. REIT		39,798		57,271
Rio Tinto Ltd.		2,507		202,063
Santos Ltd.		17,469		80,535
Scentre Group REIT		10,940		22,154
SEEK Ltd.		745		12,724
Seven Group Holdings Ltd.		3,977		99,726
Sims Ltd.		2,193		17,478
Sonic Healthcare Ltd.		2,598		50,497
South32 Ltd.		7,876		15,129
Steadfast Group Ltd.		23,208		87,498
Stockland REIT		28,510		83,354
Suncorp Group Ltd.		13,175		131,257
Tabcorp Holdings Ltd.		18,755		9,159
Telstra Group Ltd.		11,137		27,702
TPG Telecom Ltd.		2,829		8,639
Transurban Group (a)		4,496		39,639
Treasury Wine Estates Ltd.		3,242		26,071
Vicinity Ltd. REIT		17,269		21,815
Washington H Soul Pattinson & Co. Ltd.		1,120		25,190
Wesfarmers Ltd.		4,114		178,517
Westpac Banking Corp.		2,428		41,659
WiseTech Global Ltd.		147		9,044
Woodside Energy Group Ltd.		3,145		62,173
Woolworths Group Ltd.		6,632		140,867
Worley Ltd.		4,674		50,917
(Cost $5,019,020)				5,516,086
Austria — 0.6%
ANDRITZ AG		942		59,226
Erste Group Bank AG		420		16,771
Eurotelesites AG*		1,747		6,900
OMV AG		1,677		73,934
Raiffeisen Bank International AG		75		1,562
Telekom Austria AG*		6,986		55,490
Verbund AG		102		7,395
voestalpine AG		4,733		129,275
(Cost $350,058)				350,553
Belgium — 0.8%
Ackermans & van Haaren NV		370		62,182
Ageas SA/NV		345		14,635
Anheuser-Busch InBev SA/NV		253		15,255
Elia Group SA/NV		53		5,890
KBC Group NV		204		14,327
Lotus Bakeries NV		5		47,074

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Belgium (Continued)
Solvay SA		2,453	$	62,381
Syensqo SA*		2,453		219,290
UCB SA		382		44,025
Umicore SA		268		5,594
Warehouses De Pauw CVA REIT		452		12,072
(Cost $486,144)				502,725
Bermuda — 0.0%
Hiscox Ltd. (Cost $7,826)		637		9,129
Canada — 4.5%
Agnico Eagle Mines Ltd.		102		4,895
Alimentation Couche-Tard, Inc.		2,648		164,325
Bank of Montreal		218		19,744
Bank of Nova Scotia		399		19,359
Barrick Gold Corp.		1,360		19,843
BCE, Inc.		430		15,966
Brookfield Asset Management Ltd., Class A		2,916		118,910
Brookfield Corp.		63		2,601
Canadian Imperial Bank of Commerce		553		26,183
Canadian National Railway Co.		341		44,241
Canadian Natural Resources Ltd.		988		68,865
Canadian Pacific Kansas City Ltd.		336		28,545
Canadian Tire Corp. Ltd., Class A		753		76,669
Cenovus Energy, Inc.		1,725		30,078
CGI, Inc.*		1,659		190,589
Constellation Software, Inc.		30		83,571
Dollarama, Inc.		1,456		112,693
Enbridge, Inc.		182		6,260
Fairfax Financial Holdings Ltd.		146		155,929
Fortis, Inc.		1,503		57,988
Franco-Nevada Corp.		324		33,942
George Weston Ltd.		652		85,450
Great-West Lifeco, Inc.		663		20,432
Hydro One Ltd., 144A		2,073		61,822
IGM Financial, Inc.		1,760		46,259
Imperial Oil Ltd.		1,024		64,112
Intact Financial Corp.		621		103,327
Loblaw Cos. Ltd.		581		61,957
Magna International, Inc.		2,809		154,869
Manulife Financial Corp.		2,836		67,348
Metro, Inc.		1,987		107,645
National Bank of Canada		448		34,989
Nutrien Ltd.		453		23,659
Pembina Pipeline Corp.		1,164		40,532
Power Corp. of Canada		1,789		51,717
Restaurant Brands International, Inc.		1,438		111,724
Royal Bank of Canada		53		5,150
Saputo, Inc.		1,214		24,712
Sun Life Financial, Inc.		1,102		58,563
Suncor Energy, Inc.		2,843		97,740
TC Energy Corp.		99		3,918
Teck Resources Ltd., Class B		188		7,228
TELUS Corp.		634		11,064
Thomson Reuters Corp.		214		33,802
Toronto-Dominion Bank		93		5,588

	Number of Shares		Value
Canada (Continued)
Tourmaline Oil Corp.		330	$	14,944
Waste Connections, Inc.		222		36,961
Wheaton Precious Metals Corp.		1,059		43,669
(Cost $2,268,010)				2,660,377
Chile — 0.0%
Antofagasta PLC (Cost $8,576)		604		13,886
China — 0.0%
Lenovo Group Ltd. (Cost $18,809)		26,916		29,808
Denmark — 1.2%
A.P. Moller — Maersk A/S, Class A		14		19,003
A.P. Moller — Maersk A/S, Class B		21		29,712
Carlsberg AS, Class B		1,226		171,042
Coloplast A/S, Class B		89		11,830
Danske Bank A/S		649		19,079
Demant A/S*		261		13,076
DSV A/S		673		108,058
Genmab A/S*		84		23,536
H Lundbeck A/S		3,140		15,216
H Lundbeck A/S, Class A		1,454		6,307
Novo Nordisk A/S, Class B		193		22,967
Novozymes A/S, Class B		1,138		64,233
Pandora A/S		1,031		166,587
ROCKWOOL A/S, Class B		101		32,331
Royal Unibrew A/S		416		27,032
Tryg A/S		199		4,232
(Cost $669,611)				734,241
Finland — 0.7%
Elisa OYJ		1,001		45,127
Kesko OYJ, Class B		2,921		55,838
Kone OYJ, Class B		1,531		74,919
Mandatum OYJ*		549		2,412
Metso Corp.		2,582		27,583
Neste OYJ		198		5,436
Nokia OYJ		13,129		46,309
Nordea Bank Abp		1,314		15,983
Orion OYJ, Class B		924		36,397
Sampo OYJ, Class A		549		24,578
Stora Enso OYJ, Class R		2,359		29,817
UPM-Kymmene OYJ		428		14,326
Wartsila OYJ Abp		988		15,284
(Cost $456,910)				394,009
France — 6.3%
Accor SA		1,395		60,520
Aeroports de Paris SA		90		12,242
Air Liquide SA		321		65,271
Airbus SE		164		27,143
ALD SA, 144A		466		2,854
Alstom SA		616		8,226
Amundi SA, 144A		375		24,693
Arkema SA		1,559		161,554
AXA SA		625		22,238
BioMerieux		228		24,944

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
France (Continued)
BNP Paribas SA		132	$	7,911
Bollore SE		11,021		75,613
Bouygues SA		2,031		80,375
Bureau Veritas SA		1,893		55,044
Capgemini SE		254		61,762
Carrefour SA		6,905		116,044
Cie de L’Odet SE		14		21,786
Cie de Saint-Gobain SA		3,289		253,415
Cie Generale des Etablissements Michelin SCA		6,187		228,911
Covivio SA REIT		100		4,493
Credit Agricole SA		862		11,679
Danone SA		1,373		87,691
Dassault Aviation SA		350		69,274
Dassault Systemes SE		155		7,244
Edenred SE		1,010		50,047
Eiffage SA		1,251		136,257
Engie SA		9,646		154,864
EssilorLuxottica SA		140		29,718
Eurazeo SE		436		36,849
Gecina SA REIT		27		2,609
Getlink SE		658		11,243
Hermes International SCA		3		7,509
Ipsen SA		454		50,014
JCDecaux SE*		1,191		24,617
Kering SA		31		14,259
Klepierre SA REIT		627		15,931
La Francaise des Jeux SAEM, 144A		1,551		64,988
Legrand SA		967		97,842
L’Oreal SA		15		7,170
LVMH Moet Hennessy Louis Vuitton SE		14		12,769
Orange SA		9,436		108,300
Pernod Ricard SA		204		34,118
Pluxee NV*		460		13,159
Publicis Groupe SA		2,678		283,366
Remy Cointreau SA		97		10,287
Renault SA		295		12,300
Rexel SA		6,927		177,657
Safran SA		179		37,521
Sanofi SA		398		37,854
Schneider Electric SE		312		70,835
SCOR SE		253		7,715
SEB SA		236		27,939
Societe Generale SA		378		9,175
Sodexo SA		460		36,687
SOITEC*		38		5,558
STMicroelectronics NV		1,538		69,445
Teleperformance SE		113		14,008
Thales SA		349		51,760
TotalEnergies SE		1,338		85,413
Valeo SE		1,002		11,613
Veolia Environnement SA		6,054		187,696
Vinci SA		780		99,939
Wendel SE		1,471		143,982
(Cost $3,324,372)				3,743,940

	Number of Shares		Value
Germany — 5.2%
adidas AG		70	$	14,174
Allianz SE		54		14,834
BASF SE		2,154		109,730
Bayer AG		682		20,731
Bayerische Motoren Werke AG		1,130		133,557
Bechtle AG		221		11,398
Beiersdorf AG		336		48,195
Brenntag SE		3,565		325,527
Carl Zeiss Meditec AG		33		4,062
Continental AG		500		40,083
Covestro AG, 144A*		2,002		108,973
CTS Eventim AG & Co. KGaA		420		33,042
Daimler Truck Holding AG		548		22,404
Deutsche Bank AG (b)		1,063		14,220
Deutsche Boerse AG		37		7,752
Deutsche Lufthansa AG*		8,997		69,983
Deutsche Post AG		3,804		176,639
Deutsche Telekom AG		1,739		41,373
DWS Group GmbH & Co. KGaA, 144A (b)		743		30,473
E.ON SE		36,589		467,615
Evonik Industries AG		2,943		54,332
Fielmann Group AG		325		15,397
Fraport AG Frankfurt Airport Services Worldwide*		116		6,452
Fresenius Medical Care AG		1,732		66,312
Fresenius SE & Co. KGaA		2,261		63,322
FUCHS SE		1,244		43,415
GEA Group AG		2,994		120,753
Hannover Rueck SE		189		48,534
Heidelberg Materials AG		2,514		244,031
Hella GmbH & Co. KGaA		244		21,572
Henkel AG & Co. KGaA		255		17,219
HOCHTIEF AG		695		82,430
Infineon Technologies AG		752		26,932
Knorr-Bremse AG		372		26,038
Mercedes-Benz Group AG		1,094		87,180
Merck KGaA		218		37,226
MTU Aero Engines AG		382		91,895
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		43		20,028
Nemetschek SE		88		8,397
Puma SE		241		11,076
Rational AG		25		20,561
RWE AG		1,220		40,927
SAP SE		105		19,644
Scout24 SE, 144A		884		64,285
Siemens AG		125		24,746
Siemens Energy AG*		835		12,836
Siemens Healthineers AG, 144A*		100		6,006
Symrise AG		84		8,596
Talanx AG		301		21,498
thyssenkrupp AG		951		4,861
Traton SE		615		16,292
Wacker Chemie AG		91		9,951
(Cost $2,769,129)				3,037,509

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Hong Kong — 1.0%
ASMPT Ltd.		1,976	$	24,218
Bank of East Asia Ltd.		14,327		17,916
BOC Hong Kong Holdings Ltd.		5,105		13,465
Cafe de Coral Holdings Ltd.		1,776		1,883
Cathay Pacific Airways Ltd.*		6,621		7,172
Chow Tai Fook Jewellery Group Ltd.		1,838		2,751
CK Asset Holdings Ltd.		4,712		21,758
CK Hutchison Holdings Ltd.		8,689		44,118
CK Infrastructure Holdings Ltd.		1,846		10,858
CLP Holdings Ltd.		3,189		26,579
Dah Sing Banking Group Ltd.		5,516		3,495
Dah Sing Financial Holdings Ltd.		1,478		3,085
DFI Retail Group Holdings Ltd.		3,200		6,752
First Pacific Co. Ltd.		35,866		14,477
Hang Lung Group Ltd.		3,219		3,746
Hang Seng Bank Ltd.		773		8,827
Henderson Land Development Co. Ltd.		1,601		4,622
Hong Kong & China Gas Co. Ltd.		21,537		16,671
Hong Kong Exchanges & Clearing Ltd.		364		11,289
Hutchison Port Holdings Trust, Class U		74,400		9,821
Hutchison Telecommunications Hong Kong Holdings Ltd.		51,480		6,970
Jardine Matheson Holdings Ltd.		700		29,337
Johnson Electric Holdings Ltd.		7,097		9,682
Kerry Properties Ltd.		3,453		5,690
Link REIT		6,745		33,558
MTR Corp. Ltd.		420		1,395
NWS Holdings Ltd.		16,630		19,543
PCCW Ltd.		54,419		27,109
Power Assets Holdings Ltd.		10,509		63,225
Sino Land Co. Ltd.		8,634		9,319
Sun Hung Kai Properties Ltd.		1,897		19,130
Swire Pacific Ltd., Class A		2,055		17,036
Swire Pacific Ltd., Class B		7,627		9,937
Swire Properties Ltd.		3,032		6,259
Techtronic Industries Co. Ltd.		1,179		12,763
VTech Holdings Ltd.		4,138		23,917
WH Group Ltd., 144A		28,474		17,167
Yue Yuen Industrial Holdings Ltd.		6,967		7,306
(Cost $634,954)				572,846
Ireland — 1.9%
AIB Group PLC		1,912		8,868
CRH PLC		3,489		294,158
DCC PLC		3,371		239,475
Experian PLC		1,210		51,810
Flutter Entertainment PLC*		114		24,666
Glanbia PLC		7,630		138,219
James Hardie Industries PLC CDI*		3,099		122,588
Kerry Group PLC, Class A		304		26,693
Kingspan Group PLC		416		37,581
Smurfit Kappa Group PLC		3,896		166,476
(Cost $818,144)				1,110,534
Israel — 0.8%
Airport City Ltd.*		601		10,131
Amot Investments Ltd.		1,559		7,966

	Number of Shares		Value
Israel (Continued)
Azrieli Group Ltd.		50	$	3,623
Bank Hapoalim BM		5,160		49,381
Bank Leumi Le-Israel BM		3,528		29,555
Bezeq The Israeli Telecommunication Corp. Ltd.		28,335		38,263
Elbit Systems Ltd.		180		40,016
First International Bank Of Israel Ltd.		498		21,487
ICL Group Ltd.		6,049		31,993
Israel Discount Bank Ltd., Class A		5,601		29,200
Melisron Ltd.		316		24,410
Mivne Real Estate KD Ltd.		5,705		15,309
Mizrahi Tefahot Bank Ltd.		687		27,179
Nice Ltd.*		176		43,202
Nova Ltd.*		316		53,793
Phoenix Holdings Ltd.		1,995		21,522
Strauss Group Ltd.*		374		7,415
Teva Pharmaceutical Industries Ltd.*		1,126		14,814
Tower Semiconductor Ltd.*		196		6,448
(Cost $411,466)				475,707
Italy — 2.9%
A2A SpA		92,583		168,317
Amplifon SpA		481		16,079
Assicurazioni Generali SpA		2,639		62,599
Banca Mediolanum SpA		1,757		18,926
Banco BPM SpA		338		1,966
Buzzi SpA		2,572		86,950
Davide Campari-Milano NV		1,966		19,939
Enel SpA		19,394		123,468
Eni SpA		15,228		234,793
Ferrari NV		154		64,977
FinecoBank Banca Fineco SpA		476		6,583
Hera SpA		45,024		155,718
Infrastrutture Wireless Italiane SpA, 144A		1,524		16,879
Interpump Group SpA		814		38,635
Italgas SpA		4,700		25,659
Leonardo SpA		4,253		90,920
Mediobanca Banca di Credito Finanziario SpA		3,386		46,150
Moncler SpA		1,348		97,239
Pirelli & C SpA, 144A		12,596		74,288
Poste Italiane SpA, 144A		1,425		16,716
Prysmian SpA		3,450		171,924
Recordati Industria Chimica e Farmaceutica SpA		408		22,853
Reply SpA		45		6,243
Snam SpA		6,650		31,095
Terna — Rete Elettrica Nazionale		8,922		69,940
UniCredit SpA		393		13,146
UnipolSai Assicurazioni SpA		4,420		12,733
(Cost $1,464,884)				1,694,735
Japan — 30.7%
ABC-Mart, Inc.		1,289		22,095
Acom Co. Ltd.		4,500		11,194
Activia Properties, Inc. REIT		2		5,205
Advance Residence Investment Corp. REIT		6		12,267

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Advantest Corp.		248	$	11,450
Aeon Co. Ltd.		2,049		48,942
Aeon Mall Co. Ltd. (c)		600		7,011
AEON REIT Investment Corp. REIT		9		7,907
AGC, Inc.		1,554		55,579
Aica Kogyo Co. Ltd.		1,414		33,595
Ain Holdings, Inc.		400		12,663
Air Water, Inc.		5,300		76,506
Aisin Corp.		2,893		109,152
Ajinomoto Co., Inc.		1,300		47,798
Alfresa Holdings Corp.		9,100		135,980
Amada Co. Ltd.		8,443		93,783
Amano Corp.		1,500		36,701
ANA Holdings, Inc.*		2,700		58,882
Ariake Japan Co. Ltd.		200		7,055
As One Corp.		100		3,486
Asahi Group Holdings Ltd.		692		23,732
Asahi Intecc Co. Ltd.		216		4,490
Asahi Kasei Corp.		3,119		21,704
ASKUL Corp.		400		5,623
Astellas Pharma, Inc.		3,883		42,846
Azbil Corp.		813		23,852
Bandai Namco Holdings, Inc.		1,600		30,927
Bic Camera, Inc.		1,400		12,038
BIPROGY, Inc.		900		27,865
Bridgestone Corp.		2,224		95,783
Brother Industries Ltd.		242		4,058
Calbee, Inc.		880		18,850
Canon Marketing Japan, Inc.		1,400		41,662
Canon, Inc.		3,322		97,150
Capcom Co. Ltd.		1,208		48,661
Casio Computer Co. Ltd.		900		7,255
Central Japan Railway Co.		1,555		39,158
Chiba Bank Ltd.		1,200		9,765
Chubu Electric Power Co., Inc.		23,531		293,450
Chugai Pharmaceutical Co. Ltd.		700		28,062
Chugoku Electric Power Co., Inc.		2,183		14,739
Coca-Cola Bottlers Japan Holdings, Inc.		1,200		15,895
COMSYS Holdings Corp.		4,934		108,985
Concordia Financial Group Ltd.		3,500		17,726
Cosmo Energy Holdings Co. Ltd.		1,200		53,454
Cosmos Pharmaceutical Corp.		250		24,437
Dai Nippon Printing Co. Ltd.		2,307		67,313
Daicel Corp.		8,427		79,670
Daido Steel Co. Ltd.		5,275		62,365
Daifuku Co. Ltd.		1,278		30,279
Dai-ichi Life Holdings, Inc.		500		11,385
Daiichikosho Co. Ltd.		1,700		21,990
Daikin Industries Ltd.		50		7,074
Daito Trust Construction Co. Ltd.		1,289		152,997
Daiwa House Industry Co. Ltd.		5,402		156,282
Daiwa House REIT Investment Corp. REIT		3		4,899
Daiwa Office Investment Corp. REIT		1		3,895
Daiwa Securities Group, Inc.		1,400		10,308
Daiwa Securities Living Investments Corp. REIT		10		6,735
Denka Co. Ltd.		700		11,487

	Number of Shares		Value
Japan (Continued)
Denso Corp.		2,384	$	43,867
Dentsu Group, Inc.		800		22,171
Dentsu Soken, Inc.		100		3,581
DIC Corp.		1,700		32,791
Disco Corp.		193		62,231
DMG Mori Co. Ltd.		1,500		34,666
Dowa Holdings Co. Ltd.		300		10,481
East Japan Railway Co.		1,000		59,230
Ebara Corp.		800		67,428
Electric Power Development Co. Ltd.		6,576		108,172
ENEOS Holdings, Inc.		48,820		210,813
EXEO Group, Inc.		2,272		47,787
Ezaki Glico Co. Ltd.		400		11,941
Fancl Corp.		200		2,769
FANUC Corp.		980		28,627
Fast Retailing Co. Ltd.		15		4,336
Frontier Real Estate Investment Corp. REIT		3		8,609
Fuji Electric Co. Ltd.		788		47,911
Fuji Media Holdings, Inc.		1,800		21,557
Fuji Oil Holdings, Inc.		200		3,345
FUJIFILM Holdings Corp.		451		28,696
Fujikura Ltd.		700		8,549
Fujitsu General Ltd.		400		5,167
Fujitsu Ltd.		642		100,308
Fukuoka Financial Group, Inc.		500		12,975
Furukawa Electric Co. Ltd.		1,500		29,710
Fuyo General Lease Co. Ltd.		300		27,410
GLP J REIT		10		7,944
Goldwin, Inc.		400		23,192
GS Yuasa Corp.		1,038		19,523
GungHo Online Entertainment, Inc.		800		11,615
Hachijuni Bank Ltd.		1,800		11,032
Hakuhodo DY Holdings, Inc.		3,969		36,900
Hamamatsu Photonics KK		650		23,330
Hankyu Hanshin Holdings, Inc.		1,467		42,313
Haseko Corp.		1,697		21,027
Heiwa Corp.		1,100		15,191
Hikari Tsushin, Inc.		127		22,970
Hirogin Holdings, Inc.		1,300		9,281
Hirose Electric Co. Ltd.		182		19,353
Hisamitsu Pharmaceutical Co., Inc.		500		12,942
Hitachi Construction Machinery Co. Ltd.		600		17,334
Hitachi Ltd.		1,346		113,898
Honda Motor Co. Ltd.		11,235		133,766
Horiba Ltd.		900		87,823
Hoshizaki Corp.		1,426		48,648
House Foods Group, Inc.		1,257		26,396
Hoya Corp.		200		26,037
Hulic Co. Ltd.		5,748		57,338
Ibiden Co. Ltd.		100		4,611
Idemitsu Kosan Co. Ltd.		12,625		79,966
IHI Corp.		400		8,809
Iida Group Holdings Co. Ltd.		800		10,324
Industrial & Infrastructure Fund Investment Corp. REIT		3		2,526
INFRONEER Holdings, Inc.		6,984		71,650

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Inpex Corp.		5,699	$	76,573
Internet Initiative Japan, Inc.		700		12,990
Isetan Mitsukoshi Holdings Ltd.		3,600		50,848
Isuzu Motors Ltd.		4,500		64,101
ITOCHU Corp.		3,236		140,882
Itoham Yonekyu Holdings, Inc.		460		12,632
Iwatani Corp.		2,900		144,254
Iyogin Holdings, Inc.		1,000		7,503
Izumi Co. Ltd.		800		18,531
J. Front Retailing Co. Ltd.		1,365		13,548
Japan Airlines Co. Ltd.		1,400		26,154
Japan Airport Terminal Co. Ltd.		100		3,938
Japan Aviation Electronics Industry Ltd.		1,000		17,679
Japan Exchange Group, Inc.		600		15,691
Japan Logistics Fund, Inc. REIT		3		5,129
Japan Metropolitan Fund Invest REIT		12		7,080
Japan Post Bank Co. Ltd.		900		9,606
Japan Post Holdings Co. Ltd.		1,200		11,597
Japan Post Insurance Co. Ltd.		400		7,382
Japan Prime Realty Investment Corp. REIT		4		8,779
Japan Real Estate Investment Corp. REIT		4		14,432
Japan Tobacco, Inc.		2,064		53,672
JFE Holdings, Inc.		5,500		90,215
JGC Holdings Corp.		1,100		10,014
JSR Corp.		600		16,123
JTEKT Corp.		5,200		48,432
Kadokawa Corp.		200		3,816
Kagome Co. Ltd.		265		6,094
Kajima Corp.		4,300		79,797
Kamigumi Co. Ltd.		3,232		75,709
Kandenko Co. Ltd.		5,592		63,852
Kaneka Corp.		1,422		34,194
Kansai Electric Power Co., Inc.		8,511		109,209
Kansai Paint Co. Ltd.		1,588		23,024
Kao Corp.		853		32,463
Kawasaki Heavy Industries Ltd.		843		23,279
KDDI Corp.		1,229		37,395
KDX Realty Investment Corp. REIT		8		8,012
Keihan Holdings Co. Ltd.		400		9,258
Keikyu Corp.		400		3,556
Keio Corp.		200		5,616
Keisei Electric Railway Co. Ltd.		800		37,389
Kewpie Corp.		2,059		38,389
Keyence Corp.		29		13,571
Kikkoman Corp.		273		17,877
Kinden Corp.		6,200		105,736
Kintetsu Group Holdings Co. Ltd.		2,300		70,781
Kirin Holdings Co. Ltd.		1,212		16,880
Kobayashi Pharmaceutical Co. Ltd.		226		9,030
Kobe Bussan Co. Ltd.		300		8,078
Kobe Steel Ltd.		1,500		20,555
Koei Tecmo Holdings Co. Ltd.		724		9,058
Koito Manufacturing Co. Ltd.		1,800		22,784
Kokuyo Co. Ltd.		1,400		22,150
Komatsu Ltd.		2,970		86,241
Konami Group Corp.		282		18,992

	Number of Shares		Value
Japan (Continued)
Kotobuki Spirits Co. Ltd.		500	$	6,681
K’s Holdings Corp.		1,511		13,099
Kubota Corp.		400		5,864
Kuraray Co. Ltd.		8,481		85,734
Kurita Water Industries Ltd.		528		21,481
Kusuri no Aoki Holdings Co. Ltd.		600		12,580
Kyocera Corp.		2,288		33,700
Kyoto Financial Group, Inc.		400		6,990
Kyowa Kirin Co. Ltd.		400		7,941
Kyudenko Corp.		1,499		58,309
Kyushu Electric Power Co., Inc.*		10,264		83,905
Kyushu Financial Group, Inc.		800		6,024
Kyushu Railway Co.		1,400		32,206
LaSalle Logiport REIT		7		6,590
Lawson, Inc.		700		47,962
Lion Corp.		1,406		12,409
Lixil Corp.		811		10,404
Mabuchi Motor Co. Ltd.		1,400		25,574
Macnica Holdings, Inc.		200		11,035
Makita Corp.		400		10,442
Marubeni Corp.		11,491		189,789
Marui Group Co. Ltd.		379		6,175
Maruichi Steel Tube Ltd.		2,450		64,168
MatsukiyoCocokara & Co.		3,291		54,553
Mazda Motor Corp.		3,800		44,634
McDonald’s Holdings Co. Japan Ltd.		1,400		65,197
Mebuki Financial Group, Inc.		3,800		11,877
Medipal Holdings Corp.		8,751		132,461
MEIJI Holdings Co. Ltd.		4,438		100,134
MINEBEA MITSUMI, Inc.		871		18,011
MISUMI Group, Inc.		140		2,138
Mitsubishi Chemical Group Corp.		38,602		221,419
Mitsubishi Corp.		7,308		156,492
Mitsubishi Electric Corp.		6,874		109,377
Mitsubishi Estate Co. Ltd.		1,200		18,445
Mitsubishi Gas Chemical Co., Inc.		3,067		50,000
Mitsubishi HC Capital, Inc.		3,450		23,811
Mitsubishi Heavy Industries Ltd.		713		56,332
Mitsubishi Logistics Corp.		1,500		46,051
Mitsubishi Materials Corp.		3,000		52,485
Mitsubishi Motors Corp.		800		2,468
Mitsubishi UFJ Financial Group, Inc.		1,200		12,363
Mitsui & Co. Ltd.		3,925		171,848
Mitsui Chemicals, Inc.		5,400		149,657
Mitsui Fudosan Co. Ltd.		1,200		32,560
Mitsui Fudosan Logistics Park, Inc. REIT		2		5,672
Mitsui Mining & Smelting Co. Ltd.		1,300		38,322
Mitsui OSK Lines Ltd.		1,174		40,255
Miura Co. Ltd.		1,200		25,576
Mizuho Financial Group, Inc.		1,180		22,083
Mori Hills REIT Investment Corp. REIT		6		5,256
Morinaga & Co. Ltd.		400		7,188
Morinaga Milk Industry Co. Ltd.		800		16,613
MS&AD Insurance Group Holdings, Inc.		1,100		54,460
Murata Manufacturing Co. Ltd.		1,551		31,327
Nabtesco Corp.		200		3,319
Nagase & Co. Ltd.		4,165		69,347

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Nagoya Railroad Co. Ltd.		1,400	$	20,003
Nankai Electric Railway Co. Ltd.		718		14,032
NEC Corp.		900		60,673
NEC Networks & System Integration Corp.		200		3,273
NET One Systems Co. Ltd.		1,100		19,109
Nexon Co. Ltd.		200		3,242
NGK Insulators Ltd.		2,177		28,422
NH Foods Ltd.		900		31,545
NHK Spring Co. Ltd.		3,800		36,510
Nichirei Corp.		2,000		50,204
Nifco, Inc.		1,461		35,210
Nihon Kohden Corp.		200		5,538
Nikon Corp.		500		4,946
Nintendo Co. Ltd.		1,350		75,767
Nippon Accommodations Fund, Inc. REIT		2		7,590
Nippon Building Fund, Inc. REIT		3		11,565
Nippon Electric Glass Co. Ltd.		1,100		26,576
NIPPON EXPRESS HOLDINGS, Inc.		1,236		65,396
Nippon Kayaku Co. Ltd.		5,400		46,488
Nippon Prologis REIT, Inc. REIT		2		3,349
Nippon Sanso Holdings Corp.		1,459		42,287
Nippon Shokubai Co. Ltd.		800		29,991
Nippon Steel Corp.		5,413		134,358
Nippon Telegraph & Telephone Corp.		11,775		14,342
Nippon Yusen KK		1,400		44,637
Nishi-Nippon Railroad Co. Ltd.		900		14,480
Nissan Chemical Corp.		583		24,357
Nissan Motor Co. Ltd.		4,200		16,523
Nisshin Seifun Group, Inc.		3,678		50,991
Nissin Foods Holdings Co. Ltd.		2,952		86,329
Niterra Co. Ltd.		3,702		112,319
Nitori Holdings Co. Ltd.		429		63,001
Nitto Denko Corp.		2,043		187,688
Noevir Holdings Co. Ltd.		200		6,975
NOF Corp.		1,307		58,761
NOK Corp.		3,200		45,337
Nomura Holdings, Inc.		900		5,116
Nomura Real Estate Holdings, Inc.		486		12,089
Nomura Real Estate Master Fund, Inc. REIT		12		11,938
Nomura Research Institute Ltd.		700		19,662
NS Solutions Corp.		600		20,084
NSK Ltd.		6,600		36,155
Obayashi Corp.		37,062		358,932
OBIC Business Consultants Co. Ltd.		100		4,777
Obic Co. Ltd.		279		43,667
Odakyu Electric Railway Co. Ltd.		1,800		25,316
Oji Holdings Corp.		14,188		55,578
OKUMA Corp.		1,200		56,540
Omron Corp.		600		22,257
Ono Pharmaceutical Co. Ltd.		1,477		24,553
Open House Group Co. Ltd.		580		18,299
Oracle Corp.		400		30,654
Oriental Land Co. Ltd.		490		17,558
ORIX Corp.		3,836		80,400
Orix JREIT, Inc. REIT		8		8,451

	Number of Shares		Value
Japan (Continued)
Osaka Gas Co. Ltd.		4,829	$	96,599
OSG Corp.		1,100		15,430
Otsuka Corp.		808		35,522
Otsuka Holdings Co. Ltd.		2,034		82,654
PALTAC Corp.		1,282		35,872
Pan Pacific International Holdings Corp.		499		11,752
Panasonic Holdings Corp.		9,572		90,847
Penta-Ocean Construction Co. Ltd.		4,120		21,347
Persol Holdings Co. Ltd.		9,390		13,570
Pigeon Corp.		300		3,059
Pola Orbis Holdings, Inc.		1,000		9,995
Recruit Holdings Co. Ltd.		326		13,165
Renesas Electronics Corp.		1,300		21,319
Rengo Co. Ltd.		5,812		38,789
Resona Holdings, Inc.		3,100		16,901
Resonac Holdings Corp.		2,200		53,137
Resorttrust, Inc.		500		8,621
Ricoh Co. Ltd.		1,400		11,646
Rinnai Corp.		451		10,513
Rohm Co. Ltd.		2,156		36,625
Rohto Pharmaceutical Co. Ltd.		1,322		26,860
Ryohin Keikaku Co. Ltd.		1,100		17,374
Sankyo Co. Ltd.		12,045		137,616
Sankyu, Inc.		1,800		63,632
Sanrio Co. Ltd.		100		5,605
Santen Pharmaceutical Co. Ltd.		3,600		35,755
Sanwa Holdings Corp.		7,400		131,219
Sapporo Holdings Ltd.		300		13,213
SBI Holdings, Inc.		800		21,514
SCREEN Holdings Co. Ltd.		600		75,105
SCSK Corp.		800		14,752
Secom Co. Ltd.		1,535		111,994
Sega Sammy Holdings, Inc.		3,200		40,131
Seibu Holdings, Inc.		1,000		14,458
Seiko Epson Corp.		1,851		29,941
Seino Holdings Co. Ltd.		5,400		76,416
Sekisui Chemical Co. Ltd.		7,201		101,469
Sekisui House Ltd.		4,936		110,151
Sekisui House Reit, Inc. REIT		13		6,436
Seven & i Holdings Co. Ltd.		3,600		53,638
Seven Bank Ltd.		5,800		11,595
SG Holdings Co. Ltd.		3,860		48,434
Shikoku Electric Power Co., Inc.		5,400		39,290
Shimadzu Corp.		1,496		40,811
Shimamura Co. Ltd.		1,622		86,383
Shimano, Inc.		262		36,516
Shimizu Corp.		18,546		107,655
Shin-Etsu Chemical Co. Ltd.		2,535		108,178
Shinko Electric Industries Co. Ltd.		200		7,240
Shionogi & Co. Ltd.		800		40,003
Shiseido Co. Ltd.		200		5,408
Shizuoka Financial Group, Inc.		1,200		11,746
SHO-BOND Holdings Co. Ltd.		349		14,949
Skylark Holdings Co. Ltd.*		3,060		44,611
SMC Corp.		41		24,695
Socionext, Inc.		1,000		25,676
SoftBank Corp.		2,905		38,285

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Sohgo Security Services Co. Ltd.		6,535	$	36,253
Sojitz Corp.		10,620		269,562
Sompo Holdings, Inc.		700		41,073
Sony Group Corp.		73		6,314
Sotetsu Holdings, Inc.		900		16,326
Square Enix Holdings Co. Ltd.		300		12,716
Stanley Electric Co. Ltd.		2,531		43,325
Subaru Corp.		5,464		124,270
Sugi Holdings Co. Ltd.		2,805		44,033
SUMCO Corp.		4,200		65,777
Sumitomo Bakelite Co. Ltd.		700		40,222
Sumitomo Chemical Co. Ltd.		7,600		15,426
Sumitomo Corp.		8,132		190,545
Sumitomo Electric Industries Ltd.		14,326		212,540
Sumitomo Forestry Co. Ltd.		2,383		68,129
Sumitomo Heavy Industries Ltd.		2,049		61,017
Sumitomo Metal Mining Co. Ltd.		869		22,667
Sumitomo Mitsui Financial Group, Inc.		600		33,450
Sumitomo Mitsui Trust Holdings, Inc.		2,000		40,609
Sumitomo Realty & Development Co. Ltd.		771		22,862
Sumitomo Rubber Industries Ltd.		2,500		29,131
Sundrug Co. Ltd.		1,188		37,092
Suntory Beverage & Food Ltd.		974		32,031
Suzuken Co. Ltd.		4,084		121,644
Suzuki Motor Corp.		1,442		63,366
Sysmex Corp.		127		7,145
Taiheiyo Cement Corp.		600		12,600
Taisei Corp.		1,834		57,678
Taisho Pharmaceutical Holdings Co. Ltd.		300		17,198
Takara Bio, Inc.		800		5,431
Takara Holdings, Inc.		7,300		61,187
Takashimaya Co. Ltd.		800		12,048
Takeda Pharmaceutical Co. Ltd.		400		11,724
TBS Holdings, Inc.		1,500		39,417
TDK Corp.		430		22,369
TechnoPro Holdings, Inc.		387		7,748
Teijin Ltd.		3,920		33,262
Terumo Corp.		116		4,523
THK Co. Ltd.		800		17,607
TIS, Inc.		600		13,530
Tobu Railway Co. Ltd.		1,800		46,025
Toda Corp.		1,000		6,188
Toho Co. Ltd.		1,059		34,401
Toho Gas Co. Ltd.		800		16,051
Tohoku Electric Power Co., Inc.		5,619		38,106
Tokai Carbon Co. Ltd.		1,500		9,889
Tokio Marine Holdings, Inc.		1,400		40,933
Tokyo Electric Power Co. Holdings, Inc.*		5,404		29,246
Tokyo Electron Ltd.		108		26,605
Tokyo Gas Co. Ltd.		19,159		419,739
Tokyo Ohka Kogyo Co. Ltd.		2,100		64,640
Tokyo Seimitsu Co. Ltd.		100		6,832
Tokyo Tatemono Co. Ltd.		500		7,251
Tokyu Corp.		1,800		22,411
Tokyu Fudosan Holdings Corp.		2,722		17,870
TOPPAN Holdings, Inc.		5,065		120,576
Toray Industries, Inc.		10,000		46,135

	Number of Shares		Value
Japan (Continued)
Toshiba TEC Corp.		91	$	1,903
Tosoh Corp.		2,241		30,530
TOTO Ltd.		280		7,575
Toyo Seikan Group Holdings Ltd.		821		13,812
Toyo Suisan Kaisha Ltd.		1,400		81,435
Toyo Tire Corp.		1,700		30,781
Toyoda Gosei Co. Ltd.		1,984		40,841
Toyota Boshoku Corp.		2,100		33,260
Toyota Industries Corp.		798		79,389
Toyota Motor Corp.		300		7,258
Toyota Tsusho Corp.		3,023		195,393
Trend Micro, Inc.		139		6,897
TS Tech Co. Ltd.		4,558		58,989
Tsuruha Holdings, Inc.		228		17,214
UBE Corp.		293		4,915
Unicharm Corp.		877		29,157
United Urban Investment Corp. REIT		14		13,236
Ushio, Inc.		601		7,959
USS Co. Ltd.		2,600		45,262
Welcia Holdings Co. Ltd.		800		15,105
West Japan Railway Co.		1,500		62,447
Workman Co. Ltd.		200		5,412
Yakult Honsha Co. Ltd.		1,300		28,038
Yamada Holdings Co. Ltd.		9,457		27,220
Yamaguchi Financial Group, Inc.		1,200		12,179
Yamaha Motor Co. Ltd.		7,800		69,808
Yamato Holdings Co. Ltd.		6,400		97,281
Yamato Kogyo Co. Ltd.		1,400		78,105
Yamazaki Baking Co. Ltd.		2,053		48,352
Yaoko Co. Ltd.		600		34,524
Yaskawa Electric Corp.		300		12,265
Yokogawa Electric Corp.		1,600		33,824
Yokohama Rubber Co. Ltd.		1,400		37,219
Zenkoku Hosho Co. Ltd.		1,238		45,452
Zensho Holdings Co. Ltd.		1,200		52,540
Zeon Corp.		1,359		11,532
ZOZO, Inc.		200		4,535
(Cost $16,158,770)				18,106,673
Jordan — 0.1%
Hikma Pharmaceuticals PLC (Cost $75,421)		2,888		71,858
Luxembourg — 0.3%
ArcelorMittal SA		3,053		79,688
Eurofins Scientific SE		221		13,211
L’Occitane International SA		2,138		8,084
RTL Group SA		1,004		37,092
Tenaris SA		2,444		43,427
(Cost $184,111)				181,502
Netherlands — 2.9%
Aalberts NV		813		36,511
ABN AMRO Bank NV, 144A		846		13,595
Akzo Nobel NV		1,246		90,799
ASM International NV		12		7,320
ASML Holding NV		10		9,420
ASR Nederland NV		214		9,872

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
BE Semiconductor Industries NV		73	$	13,204
CTP NV, 144A		838		13,585
Euronext NV, 144A		71		6,550
EXOR NV		2,030		219,237
Heineken Holding NV		1,021		78,888
Heineken NV		275		25,420
IMCD NV		353		53,824
ING Groep NV		1,125		15,449
JDE Peet’s NV		621		14,206
Koninklijke Ahold Delhaize NV		8,896		264,930
Koninklijke KPN NV		32,243		118,039
Koninklijke Philips NV		301		6,027
Koninklijke Vopak NV		603		22,434
OCI NV		126		3,320
QIAGEN NV*		372		15,956
Randstad NV		5,147		283,727
Signify NV, 144A		1,312		35,182
Stellantis NV		8,035		209,856
Universal Music Group NV		784		23,645
Wolters Kluwer NV		732		115,533
(Cost $1,564,625)				1,706,529
New Zealand — 1.0%
Air New Zealand Ltd.		88,726		33,245
Auckland International Airport Ltd.		6,368		31,426
Contact Energy Ltd.		8,533		41,954
Fisher & Paykel Healthcare Corp. Ltd.		6,798		101,471
Fletcher Building Ltd.		15,607		38,985
Infratil Ltd.		7,272		45,678
Mainfreight Ltd.		941		38,847
Mercury NZ Ltd.		8,012		32,607
Meridian Energy Ltd.		13,791		50,245
Ryman Healthcare Ltd.*		419		1,185
SKYCITY Entertainment Group Ltd.		5,563		6,541
Spark New Zealand Ltd.		48,800		150,738
Xero Ltd.*		84		6,963
(Cost $592,252)				579,885
Norway — 0.8%
Aker ASA, Class A		340		18,380
Aker BP ASA		214		5,203
DNB Bank ASA		830		16,625
Equinor ASA		511		12,614
Gjensidige Forsikring ASA		422		6,673
Kongsberg Gruppen ASA		503		32,104
Mowi ASA		2,762		53,394
Norsk Hydro ASA		9,967		51,287
Orkla ASA		7,554		54,207
Telenor ASA		3,259		35,728
Var Energi ASA		2,245		6,865
Yara International ASA		6,342		197,454
(Cost $589,129)				490,534
Poland — 0.3%
Bank Polska Kasa Opieki SA		283		12,277
Dino Polska SA, 144A*		355		41,367
KGHM Polska Miedz SA		494		13,354
ORLEN SA		3,020		46,937

	Number of Shares		Value
Poland (Continued)
Powszechna Kasa Oszczednosci Bank Polski SA		1,631	$	22,723
Powszechny Zaklad Ubezpieczen SA		4,477		55,133
Santander Bank Polska SA		82		11,299
(Cost $148,535)				203,090
Portugal — 0.6%
EDP — Energias de Portugal SA		5,908		23,521
Galp Energia SGPS SA		15,258		240,572
Jeronimo Martins SGPS SA		2,877		68,867
(Cost $285,560)				332,960
Russia — 0.0%
Evraz PLC*(d) (Cost $35,071)		4,559		0
Singapore — 2.5%
BOC Aviation Ltd., 144A		719		5,299
CapitaLand Ascendas REIT		34,436		70,173
CapitaLand Ascott Trust (a)		25,555		17,010
CapitaLand Integrated Commercial Trust REIT		25,074		36,550
CapitaLand Investment Ltd.		3,500		7,236
City Developments Ltd.		5,200		21,928
ComfortDelGro Corp. Ltd.		71,144		71,430
DBS Group Holdings Ltd.		1,026		25,433
Frasers Logistics & Commercial Trust REIT		66,200		50,711
Genting Singapore Ltd.		136,800		92,584
Jardine Cycle & Carriage Ltd.		1,710		32,366
Keppel REIT		26,172		16,837
Keppel DC REIT		36,500		46,148
Keppel Ltd.		16,162		87,024
Mapletree Industrial Trust REIT		12,078		20,570
Mapletree Logistics Trust REIT		39,767		43,771
Mapletree Pan Asia Commercial Trust REIT		8,991		9,027
NETLINK NBN TRUST		37,400		23,365
Olam Group Ltd.		22,964		16,737
Oversea-Chinese Banking Corp. Ltd.		6,262		60,450
Sembcorp Industries Ltd.		23,253		88,197
SIA Engineering Co. Ltd.		2,200		3,747
Singapore Airlines Ltd. (c)		59,400		285,823
Singapore Exchange Ltd.		17,380		122,149
Singapore Post Ltd.		7,300		2,144
Singapore Technologies Engineering Ltd.		9,528		28,203
Singapore Telecommunications Ltd.		13,266		23,185
Suntec Real Estate Investment Trust REIT		15,000		12,941
United Overseas Bank Ltd.		2,200		45,731
UOL Group Ltd. (c)		3,829		16,773
Venture Corp. Ltd.		2,962		30,840
Wilmar International Ltd.		15,900		39,259
(Cost $1,495,882)				1,453,641
South Korea — 3.7%
BGF retail Co. Ltd.		215		21,329
BNK Financial Group, Inc.		6,590		37,117
Cheil Worldwide, Inc.		1,315		18,269

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
CJ CheilJedang Corp.		26	$	5,848
CJ Corp.*		242		17,610
DB Insurance Co. Ltd.*		1,141		84,658
DGB Financial Group, Inc.		2,164		14,399
Doosan Bobcat, Inc.		526		18,546
E-MART, Inc.*		136		7,558
Fila Holdings Corp.		163		4,701
GS Holdings Corp.		659		23,780
GS Retail Co. Ltd.		502		8,407
Hana Financial Group, Inc.		2,047		87,008
Hankook Tire & Technology Co. Ltd.		590		24,015
Hanwha Aerospace Co. Ltd.		34		4,787
HD Hyundai Co. Ltd.		530		28,140
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		62		5,210
Hotel Shilla Co. Ltd.		309		13,946
Hyundai Department Store Co. Ltd.		97		3,817
Hyundai Engineering & Construction Co. Ltd.*		244		6,358
Hyundai Glovis Co. Ltd.*		302		43,204
Hyundai Marine & Fire Insurance Co. Ltd.*		771		18,239
Hyundai Mobis Co. Ltd.		771		140,408
Hyundai Motor Co.		354		66,594
Hyundai Steel Co.*		488		13,175
Industrial Bank of Korea*		5,135		53,988
KB Financial Group, Inc.		1,401		66,809
Kia Corp.*		1,986		185,684
Korea Aerospace Industries Ltd.*		340		13,099
Korea Investment Holdings Co. Ltd.*		83		4,426
Korean Air Lines Co. Ltd.		2,313		39,951
KT&G Corp.		2,058		143,732
Kumho Petrochemical Co. Ltd.*		30		3,332
LG Corp.		261		18,366
LG Electronics, Inc.		645		45,968
LG Innotek Co. Ltd.		22		3,337
LG Uplus Corp.		4,455		34,527
LOTTE Fine Chemical Co. Ltd.		254		9,061
LS Corp.		87		5,743
Meritz Financial Group, Inc.		24		1,498
Mirae Asset Securities Co. Ltd.*		2,863		19,393
NAVER Corp.		46		6,736
NH Investment & Securities Co. Ltd.*		3,556		31,351
NongShim Co. Ltd.		123		32,145
OCI Holdings Co. Ltd.		88		6,212
Orion Corp.		391		27,278
POSCO Holdings, Inc.		64		20,739
S-1 Corp.		475		20,725
Samsung C&T Corp.		741		87,199
Samsung Card Co. Ltd.*		197		5,555
Samsung Electro-Mechanics Co. Ltd.		254		26,705
Samsung Electronics Co. Ltd.		359		19,789
Samsung Engineering Co. Ltd.*		1,708		31,554
Samsung Fire & Marine Insurance Co. Ltd.*		636		142,331
Samsung Life Insurance Co. Ltd.		321		23,359
Samsung SDI Co. Ltd.		21		5,945

	Number of Shares		Value
South Korea (Continued)
Samsung SDS Co. Ltd.		532	$	63,923
Samsung Securities Co. Ltd.		1,709		53,326
Shinhan Financial Group Co. Ltd.		2,407		78,721
Shinsegae, Inc.		32		4,201
SK Hynix, Inc.		103		12,082
SK Square Co. Ltd.*		190		9,974
S-Oil Corp.		126		7,229
Woori Financial Group, Inc.		6,764		75,686
Yuhan Corp.		640		32,394
(Cost $1,789,852)				2,191,196
Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		7,976		327,469
Aena SME SA, 144A		347		65,770
Amadeus IT Group SA		743		43,724
Banco Bilbao Vizcaya Argentaria SA		4,856		48,272
Banco Santander SA		5,741		23,891
Bankinter SA		802		5,093
Cellnex Telecom SA, 144A*		174		6,264
Enagas SA		1,370		19,785
Endesa SA		3,647		65,671
Ferrovial SE		736		27,597
Iberdrola SA		4,631		53,221
Industria de Diseno Textil SA		632		28,047
Mapfre SA		10,730		22,747
Merlin Properties Socimi SA REIT		570		5,400
Naturgy Energy Group SA		860		20,363
Redeia Corp. SA		1,352		21,507
Repsol SA		20,331		323,968
Telefonica SA		25,747		105,681
(Cost $1,105,700)				1,214,470
Sweden — 3.2%
Alfa Laval AB		1,539		57,961
Assa Abloy AB, Class B		3,989		113,878
Atlas Copco AB, Class A		2,517		43,724
Atlas Copco AB, Class B		1,359		20,337
Axfood AB		793		22,179
Boliden AB		4,757		120,609
Electrolux AB, Class B*		1,231		10,540
Epiroc AB, Class A		2,245		40,734
Epiroc AB, Class B		1,462		24,132
Essity AB, Class B		4,795		112,004
Evolution AB, 144A		94		12,186
Getinge AB, Class B		1,166		23,123
H & M Hennes & Mauritz AB, Class B		2,797		37,967
Hexagon AB, Class B		2,086		24,464
Holmen AB, Class B		988		39,702
Husqvarna AB, Class B		1,822		14,062
Indutrade AB		960		25,421
Investment AB Latour, Class B		363		9,212
L E Lundbergforetagen AB, Class B		151		8,216
Lifco AB, Class B		1,417		37,769
Saab AB, Class B		269		21,224
Sagax AB, Class B		129		3,053
Sagax AB, Class D		1,295		3,636

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Sandvik AB		5,199	$	117,019
Securitas AB, Class B		1,680		18,079
Skandinaviska Enskilda Banken AB, Class A		3,990		59,306
Skanska AB, Class B		5,856		108,094
SKF AB, Class B		4,039		88,138
SSAB AB, Class A		2,393		18,732
SSAB AB, Class B		6,321		49,530
Svenska Cellulosa AB SCA, Class B		2,150		30,471
Svenska Handelsbanken AB, Class A		1,721		20,590
Sweco AB, Class B		895		9,549
Swedbank AB, Class A		3,468		76,214
Swedish Orphan Biovitrum AB*		1,145		28,173
Tele2 AB, Class B		6,275		52,711
Telefonaktiebolaget LM Ericsson, Class B		12,939		70,313
Trelleborg AB, Class B		3,150		114,493
Volvo AB, Class A		860		24,003
Volvo AB, Class B		5,775		159,117
(Cost $1,625,382)				1,870,665
Switzerland — 4.3%
ABB Ltd.		1,691		78,198
Adecco Group AG		1,289		51,864
Alcon, Inc.		253		21,601
Bachem Holding AG		182		14,468
Baloise Holding AG		115		18,624
Banque Cantonale Vaudoise		82		9,862
Barry Callebaut AG		10		14,105
Belimo Holding AG		99		47,176
BKW AG		560		78,860
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		7		86,014
Cie Financiere Richemont SA, Class A		217		34,649
Clariant AG*		645		8,014
Coca-Cola HBC AG*		2,477		77,235
DKSH Holding AG		347		25,595
DSM-Firmenich AG		511		54,745
Emmi AG		37		37,817
EMS-Chemie Holding AG		54		37,807
Flughafen Zurich AG		175		37,065
Geberit AG		262		152,698
Georg Fischer AG		1,559		115,967
Givaudan SA		9		37,889
Glencore PLC		9,594		45,528
Helvetia Holding AG		197		27,943
Holcim AG*		3,829		313,521
Julius Baer Group Ltd.		384		20,618
Kuehne + Nagel International AG		382		129,105
Logitech International SA		1,471		130,269
Lonza Group AG		53		27,808
Nestle SA		71		7,399
Novartis AG		235		23,883
Partners Group Holding AG		48		69,175
PSP Swiss Property AG		320		40,884
Roche Holding AG		13		3,424
Sandoz Group AG*		47		1,466
Schindler Holding AG		99		25,274

	Number of Shares		Value
Switzerland (Continued)
Schindler Holding AG Participation Certificates		197	$	52,105
SGS SA		438		42,181
SIG Group AG*		531		10,553
Sika AG		250		72,540
Sonova Holding AG		262		81,021
Straumann Holding AG		134		21,244
Swatch Group AG — Bearer		300		71,069
Swatch Group AG — Registered		693		31,834
Swiss Life Holding AG		43		31,331
Swiss Prime Site AG		372		35,698
Swiss Re AG		167		20,217
Swisscom AG		123		70,597
Tecan Group AG		57		22,320
Temenos AG		89		6,701
UBS Group AG		513		14,687
VAT Group AG, 144A		120		60,344
Zurich Insurance Group AG		16		8,540
(Cost $2,236,353)				2,559,532
United Kingdom — 11.2%
3i Group PLC		27,989		873,788
Admiral Group PLC		1,445		48,731
Amcor PLC CDI		6,885		61,285
Anglo American PLC		109		2,345
Ashtead Group PLC		753		54,102
Associated British Foods PLC		2,353		67,654
AstraZeneca PLC		46		5,809
Auto Trader Group PLC, 144A		7,571		70,908
Aviva PLC		1,846		10,422
B&M European Value Retail SA		28,073		186,717
BAE Systems PLC		4,899		76,967
Barclays PLC		4,270		8,883
Barratt Developments PLC		27,904		164,661
Beazley PLC		714		5,889
Berkeley Group Holdings PLC		3,207		188,352
BP PLC		11,103		64,704
British American Tobacco PLC		295		8,751
BT Group PLC		21,174		27,976
Bunzl PLC		2,541		101,345
Burberry Group PLC		6,258		101,721
Centrica PLC		179,812		286,250
Compass Group PLC		3,252		89,266
ConvaTec Group PLC, 144A		3,102		9,661
Croda International PLC		591		35,630
Diageo PLC		506		18,959
DS Smith PLC		46,323		188,739
Endeavour Mining PLC		1,044		16,838
Entain PLC		1,052		12,150
Ferguson PLC		744		155,144
GSK PLC		8,828		185,886
Haleon PLC		17,396		72,936
Halma PLC		1,103		32,118
Hargreaves Lansdown PLC		3,225		29,715
Howden Joinery Group PLC		17,649		184,629
HSBC Holdings PLC		1,735		13,486
IMI PLC		3,844		84,267

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Imperial Brands PLC		4,407	$	95,020
Informa PLC		6,839		70,090
InterContinental Hotels Group PLC		2,046		216,882
Intermediate Capital Group PLC		934		22,749
International Consolidated Airlines Group SA*		4,448		8,285
Intertek Group PLC		1,511		88,342
ITV PLC		54,026		38,229
J Sainsbury PLC		93,722		295,910
JD Sports Fashion PLC		11,409		17,015
Johnson Matthey PLC		248		4,836
Kingfisher PLC		29,550		87,654
Legal & General Group PLC		2,992		9,163
London Stock Exchange Group PLC		55		6,175
Melrose Industries PLC		2,968		23,840
Mondi PLC		4,231		75,383
National Grid PLC		4,187		54,950
NatWest Group PLC		1,654		5,002
Next PLC		2,378		250,090
Pearson PLC		2,944		35,773
Persimmon PLC		1,670		28,803
Reckitt Benckiser Group PLC		367		23,203
RELX PLC		1,899		83,138
Renishaw PLC		203		11,062
Rightmove PLC		6,090		43,648
Rio Tinto PLC		888		57,051
RS GROUP PLC		724		6,902
Sage Group PLC		3,744		58,939
Schroders PLC		3,204		15,940
Severn Trent PLC		920		29,094
Shell PLC		1,151		35,773
Smith & Nephew PLC		1,852		24,376
Smiths Group PLC		8,589		174,704
Spirax-Sarco Engineering PLC		153		19,983
SSE PLC		2,102		43,221
Standard Chartered PLC		2,258		19,068
Tate & Lyle PLC		8,110		61,604
Taylor Wimpey PLC		124,878		217,754
Tesco PLC		113,771		401,234
Unilever PLC		528		25,824
UNITE Group PLC REIT		1,053		12,787
United Utilities Group PLC		3,133		40,622
Vodafone Group PLC		25,519		22,312
Weir Group PLC		2,275		52,749
Whitbread PLC		1,635		68,312
WPP PLC		6,715		60,071
(Cost $5,848,656)				6,590,246
TOTAL COMMON STOCKS (Cost $52,443,212)				58,398,866
PREFERRED STOCKS — 0.4%
Germany — 0.3%
Bayerische Motoren Werke AG		206		22,582
FUCHS SE		1,903		81,096
Henkel AG & Co. KGaA		506		38,089
Volkswagen AG		36		4,883
(Cost $134,580)				146,650

	Number of Shares		Value
South Korea — 0.1%
Hyundai Motor Co.		188	$	22,688
Hyundai Motor Co.		120		14,374
LG Electronics, Inc.		219		7,220
Mirae Asset Securities Co. Ltd.*		2,996		9,090
Samsung Fire & Marine Insurance Co. Ltd.*		86		14,693
(Cost $49,395)				68,065
Spain — 0.0%
Grifols SA, Class B* (Cost $4,847)		713		3,962
TOTAL PREFERRED STOCKS (Cost $188,822)				218,677
WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.*(d), expires 8/22/28 (Cost $0)		38		0
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) (Cost $290,445)		290,445		290,445
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (e) (Cost $79,730)		79,730		79,730
TOTAL INVESTMENTS — 99.9% (Cost $53,002,209)			$	58,987,718
Other assets and liabilities, net — 0.1%				56,046
NET ASSETS — 100.0%			$	59,043,764

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (b)
		5,858		6,644			(896	)		91			2,523		—		—		1,063		14,220
DWS Group GmbH & Co. KGaA, 144A (b)
		—		27,700			(1,642	)		(331	)		4,746		—		—		743		30,473
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
		—		290,445	(g)		—			—			—		314		—		290,445		290,445
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (e)
		24,747		2,574,189			(2,519,206	)		—			—		3,232		—		79,730		79,730
		30,605		2,898,978			(2,521,744	)		(240	)		7,269		3,546		—		371,981		414,868

* Non-income producing security.

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

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

(c) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $276,396, which is 0.5% of net assets.

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

CDI: Chess Depositary Interests

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MINI TOPIX Index Futures	JPY	1	$	15,776	$	17,913	3/07/2024	$	2,137
MSCI EAFE Futures	USD	3		341,755		343,185	3/15/2024		1,430
Total unrealized appreciation								$	3,567

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

Currency Abbreviations

JPY Japanese Yen

USD U.S. Dollar

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	58,398,866	$	—	$	0	$	58,398,866
Preferred Stocks (a)		218,677		—		—		218,677
Warrants		—		—		0		0
Short-Term Investments (a)		370,175		—		—		370,175
Derivatives (b)
Futures Contracts		3,567		—		—		3,567
TOTAL	$	58,991,285	$	—	$	0	$	58,991,285

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

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

During the period ended February 29, 2024, the amount of transfers from Level 3 to Level 1 was $ 64,772. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 2.0%
Ampol Ltd.		2,163	$	55,492
ANZ Group Holdings Ltd.		27,516		509,740
APA Group (a)		14,563		74,439
Aristocrat Leisure Ltd.		6,048		183,636
ASX Ltd.		1,935		82,869
Atlassian Corp., Class A*		1,425		295,574
Aurizon Holdings Ltd.		14,347		35,593
BHP Group Ltd.		47,872		1,369,380
BlueScope Steel Ltd.		4,565		67,892
Brambles Ltd.		13,185		129,382
CAR Group Ltd.		3,362		80,474
Cochlear Ltd.		700		159,609
Coles Group Ltd.		11,697		128,719
Commonwealth Bank of Australia		15,752		1,194,008
Computershare Ltd.		5,036		84,997
CSL Ltd.		4,560		849,917
Dexus REIT		10,579		50,700
EBOS Group Ltd.		1,840		41,422
Endeavour Group Ltd.		12,216		43,749
Fortescue Ltd.		15,921		268,815
Goodman Group REIT		15,392		299,673
GPT Group REIT		19,635		55,616
IDP Education Ltd. (b)		2,029		25,221
Insurance Australia Group Ltd.		21,567		87,069
Lottery Corp. Ltd.		24,744		81,849
Macquarie Group Ltd.		3,654		463,512
Medibank Pvt Ltd.		27,382		64,009
Mineral Resources Ltd.		1,700		73,823
Mirvac Group REIT		38,903		55,223
National Australia Bank Ltd.		29,925		659,395
Northern Star Resources Ltd.		10,404		87,392
Orica Ltd.		4,548		50,670
Origin Energy Ltd.		17,517		102,542
Pilbara Minerals Ltd. (b)		23,291		63,697
Qantas Airways Ltd.*		7,373		24,629
QBE Insurance Group Ltd.		14,072		158,428
Ramsay Health Care Ltd.		1,810		64,716
REA Group Ltd.		558		70,528
Reece Ltd.		1,153		20,173
Rio Tinto Ltd.		3,516		283,387
Santos Ltd.		31,147		143,592
Scentre Group REIT		45,432		92,003
SEEK Ltd.		3,210		54,826
Seven Group Holdings Ltd.		1,632		40,924
Sonic Healthcare Ltd.		4,592		89,254
South32 Ltd.		38,467		73,891
Stockland REIT		26,221		76,661
Suncorp Group Ltd.		11,667		116,234
Telstra Group Ltd.		33,546		83,442
Transurban Group (a)		29,601		260,979
Treasury Wine Estates Ltd.		7,946		63,899
Vicinity Ltd. REIT		45,331		57,264
Washington H Soul Pattinson & Co. Ltd.		1,986		44,667
Wesfarmers Ltd.		10,486		455,015
Westpac Banking Corp.		32,397		555,862
WiseTech Global Ltd.		1,269		78,070

	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		17,700	$	349,910
Woolworths Group Ltd.		11,218		238,276
(Cost $11,299,953)				11,372,728
Austria — 0.0%
Erste Group Bank AG		3,164		126,343
OMV AG		1,656		73,008
Verbund AG		523		37,920
voestalpine AG		1,006		27,477
(Cost $267,831)				264,748
Belgium — 0.2%
Ageas SA/NV		1,365		57,903
Anheuser-Busch InBev SA/NV		8,156		491,786
D’ieteren Group		265		51,045
Elia Group SA/NV		279		31,007
Groupe Bruxelles Lambert NV		778		58,378
KBC Group NV		2,340		164,342
Lotus Bakeries NV		4		37,659
Sofina SA		121		27,576
Syensqo SA*		726		64,902
UCB SA		1,261		145,329
Umicore SA		1,949		40,685
Warehouses De Pauw CVA REIT		1,397		37,310
(Cost $1,311,683)				1,207,922
Bermuda — 0.1%
Arch Capital Group Ltd.*		3,497		306,302
Everest Group Ltd.		388		143,126
(Cost $260,120)				449,428
Canada — 3.3%
Agnico Eagle Mines Ltd.		4,512		216,527
Air Canada*		1,355		18,102
Alimentation Couche-Tard, Inc.		7,086		439,731
AltaGas Ltd.		3,345		71,741
ARC Resources Ltd.		6,377		108,748
Bank of Montreal		7,026		636,321
Bank of Nova Scotia		11,603		562,977
Barrick Gold Corp.		16,981		247,763
BCE, Inc.		680		25,248
Brookfield Asset Management Ltd., Class A		3,298		134,488
Brookfield Corp.		13,108		541,194
BRP, Inc.		312		20,606
CAE, Inc.*		2,611		48,780
Cameco Corp.		3,815		154,698
Canadian Apartment Properties REIT		758		26,607
Canadian Imperial Bank of Commerce		8,388		397,152
Canadian National Railway Co.		5,219		677,102
Canadian Natural Resources Ltd.		10,001		697,087
Canadian Pacific Kansas City Ltd.		9,078		771,230
Canadian Tire Corp. Ltd., Class A		568		57,832
Canadian Utilities Ltd., Class A		1,200		27,037
CCL Industries, Inc., Class B		1,375		70,131
Cenovus Energy, Inc.		12,907		225,053
CGI, Inc.*		2,047		235,163
Constellation Software, Inc.		195		543,212

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Descartes Systems Group, Inc.*		765	$	66,345
Dollarama, Inc.		2,486		192,414
Element Fleet Management Corp.		3,352		55,976
Emera, Inc.		2,509		88,051
Empire Co. Ltd., Class A		1,245		31,567
Enbridge, Inc.		19,807		681,237
Fairfax Financial Holdings Ltd.		217		231,757
First Quantum Minerals Ltd.		5,412		51,273
FirstService Corp.		387		63,724
Fortis, Inc.		4,377		168,871
Franco-Nevada Corp.		1,790		187,519
George Weston Ltd.		732		95,934
GFL Environmental, Inc.		2,536		91,486
Gildan Activewear, Inc.		1,985		69,164
Great-West Lifeco, Inc.		2,264		69,772
Hydro One Ltd., 144A		3,230		96,327
iA Financial Corp., Inc.		959		59,505
IGM Financial, Inc.		1,077		28,308
Imperial Oil Ltd.		2,077		130,039
Intact Financial Corp.		1,624		270,214
Ivanhoe Mines Ltd., Class A*		5,605		59,631
Keyera Corp.		1,897		46,699
Kinross Gold Corp.		12,491		61,150
Loblaw Cos. Ltd.		1,517		161,772
Lululemon Athletica, Inc.*		1,073		501,188
Lundin Mining Corp.		5,620		44,459
Magna International, Inc.		2,522		139,046
Manulife Financial Corp.		16,191		384,497
MEG Energy Corp.*		2,425		51,938
Metro, Inc.		1,990		107,808
National Bank of Canada		3,140		245,232
Northland Power, Inc.		2,418		41,003
Nutrien Ltd.		4,779		249,600
Onex Corp.		641		47,765
Open Text Corp.		2,252		86,653
Pan American Silver Corp.		3,501		43,467
Parkland Corp.		1,631		52,200
Pembina Pipeline Corp.		4,731		164,740
Power Corp. of Canada		5,477		158,332
Quebecor, Inc., Class B		1,393		32,598
Restaurant Brands International, Inc.		2,668		207,287
RioCan Real Estate Investment Trust REIT		1,386		18,271
Rogers Communications, Inc., Class B		3,568		157,993
Royal Bank of Canada		13,073		1,270,337
Saputo, Inc.		2,155		43,867
Shopify, Inc., Class A*		11,251		860,114
Stantec, Inc.		1,027		85,804
Sun Life Financial, Inc.		5,417		287,874
Suncor Energy, Inc.		12,520		430,425
TC Energy Corp.		9,335		369,449
Teck Resources Ltd., Class B		4,532		174,250
TELUS Corp.		4,388		76,576
TFI International, Inc.		745		110,139
Thomson Reuters Corp.		1,464		231,244
TMX Group Ltd.		2,820		74,016
Toromont Industries Ltd.		784		72,050

	Number of Shares		Value
Canada (Continued)
Toronto-Dominion Bank		16,426	$	986,880
Tourmaline Oil Corp.		2,930		132,680
Waste Connections, Inc.		2,365		393,631
West Fraser Timber Co. Ltd.		382		30,760
Wheaton Precious Metals Corp.		4,157		171,417
WSP Global, Inc.		1,207		191,700
(Cost $17,560,666)				18,740,555
Chile — 0.0%
Antofagasta PLC (Cost $72,609)		3,670		84,375
Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A		16		21,718
A.P. Moller — Maersk A/S, Class B		55		77,817
Carlsberg AS, Class B		872		121,654
Coloplast A/S, Class B		1,103		146,612
Danske Bank A/S		7,010		206,078
Demant A/S*		797		39,929
DSV A/S		1,763		283,071
Genmab A/S*		573		160,546
Novo Nordisk A/S, Class B		30,528		3,632,798
Novozymes A/S, Class B		3,531		199,302
Orsted AS, 144A		1,803		101,218
Pandora A/S		781		126,193
ROCKWOOL A/S, Class B		134		42,895
Tryg A/S		3,365		71,567
Vestas Wind Systems A/S*		9,492		264,491
(Cost $3,449,087)				5,495,889
Finland — 0.3%
Elisa OYJ		1,103		49,726
Fortum OYJ		4,378		54,720
Kesko OYJ, Class B		2,116		40,450
Kone OYJ, Class B		3,140		153,655
Metso Corp.		6,554		70,016
Neste OYJ		3,922		107,675
Nokia OYJ		52,073		183,675
Nordea Bank Abp		28,914		351,692
Orion OYJ, Class B		1,086		42,778
Sampo OYJ, Class A		4,443		198,907
Stora Enso OYJ, Class R		6,713		84,849
UPM-Kymmene OYJ		5,200		174,049
Wartsila OYJ Abp		4,432		68,560
(Cost $1,943,813)				1,580,752
France — 3.3%
Accor SA		1,790		77,656
Aeroports de Paris SA		290		39,448
Air Liquide SA		4,802		976,420
Airbus SE		5,409		895,212
Alstom SA		3,140		41,931
Amundi SA, 144A		854		56,235
Arkema SA		570		59,067
AXA SA		17,435		620,357
BioMerieux		468		51,202
BNP Paribas SA		9,688		580,597
Bollore SE		8,796		60,348

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
France (Continued)
Bouygues SA		1,538	$	60,865
Bureau Veritas SA		3,039		88,366
Capgemini SE		1,496		363,766
Carrefour SA		4,920		82,685
Cie de Saint-Gobain SA		4,172		321,449
Cie Generale des Etablissements Michelin SCA		6,721		248,668
Covivio SA REIT		619		27,812
Credit Agricole SA		10,644		144,210
Danone SA		6,138		392,025
Dassault Aviation SA		202		39,981
Dassault Systemes SE		6,118		285,910
Edenred SE		2,281		113,027
Eiffage SA		773		84,194
Engie SA		16,684		267,858
EssilorLuxottica SA		2,735		580,571
Eurazeo SE		417		35,243
Gecina SA REIT		481		46,482
Getlink SE		3,088		52,765
Hermes International SCA		299		748,401
Ipsen SA		308		33,930
Kering SA		703		323,358
Klepierre SA REIT		1,631		41,442
La Francaise des Jeux SAEM, 144A		764		32,012
Legrand SA		2,407		243,543
L’Oreal SA		2,267		1,083,594
LVMH Moet Hennessy Louis Vuitton SE		2,599		2,370,382
Orange SA		18,986		217,908
Pernod Ricard SA		1,907		318,939
Publicis Groupe SA		2,139		226,333
Remy Cointreau SA		246		26,088
Renault SA		1,766		73,634
Rexel SA		1,886		48,370
Safran SA		3,287		688,996
Sanofi SA		10,976		1,043,929
Sartorius Stedim Biotech		273		75,127
Schneider Electric SE		5,238		1,189,210
SEB SA		129		15,272
Societe Generale SA		7,272		176,511
Sodexo SA		898		71,620
STMicroelectronics NV		6,236		281,572
Teleperformance SE		569		70,533
Thales SA		949		140,745
TotalEnergies SE		20,141		1,285,722
Unibail-Rodamco-Westfield REIT*		1,102		80,591
Veolia Environnement SA		6,453		200,066
Vinci SA		4,886		626,027
Vivendi SE		6,582		73,578
Worldline SA, 144A*		2,243		25,790
(Cost $15,261,840)				18,527,573
Germany — 2.3%
adidas AG		1,560		315,888
Allianz SE		3,706		1,018,053
BASF SE		8,518		433,926
Bayer AG		9,206		279,840
Bayerische Motoren Werke AG		3,140		371,124

	Number of Shares		Value
Germany (Continued)
Bechtle AG		666	$	34,349
Beiersdorf AG		887		127,230
Brenntag SE		1,248		113,957
Carl Zeiss Meditec AG		385		47,391
Commerzbank AG		9,869		114,220
Continental AG		984		78,883
Covestro AG, 144A*		1,800		97,978
Daimler Truck Holding AG		4,794		195,996
Delivery Hero SE, 144A*		1,386		32,045
Deutsche Bank AG (c)		18,744		250,749
Deutsche Boerse AG		1,753		367,261
Deutsche Lufthansa AG*		5,202		40,464
Deutsche Post AG		9,328		433,146
Deutsche Telekom AG		29,793		708,808
E.ON SE		21,827		278,953
Evonik Industries AG		1,952		36,037
Fresenius Medical Care AG		1,811		69,337
Fresenius SE & Co. KGaA		3,735		104,603
GEA Group AG		1,446		58,320
Hannover Rueck SE		514		131,992
Heidelberg Materials AG		1,370		132,984
Henkel AG & Co. KGaA		1,006		67,931
Infineon Technologies AG		12,270		439,435
Knorr-Bremse AG		561		39,266
LEG Immobilien SE*		590		43,429
Mercedes-Benz Group AG		7,697		613,371
Merck KGaA		1,189		203,038
MTU Aero Engines AG		557		133,993
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,327		618,060
Nemetschek SE		503		47,998
Puma SE		1,007		46,281
Rational AG		34		27,963
Rheinmetall AG		370		169,768
RWE AG		6,010		201,615
SAP SE		9,881		1,848,559
Scout24 SE, 144A		500		36,360
Siemens AG		7,115		1,408,547
Siemens Energy AG*		4,797		73,739
Siemens Healthineers AG, 144A*		2,613		156,935
Symrise AG		1,261		129,036
Talanx AG		700		49,995
Volkswagen AG		259		40,710
Vonovia SE		7,201		201,048
Zalando SE, 144A*		1,904		40,219
(Cost $12,036,762)				12,510,830
Hong Kong — 0.6%
AIA Group Ltd.		106,093		861,884
BOC Hong Kong Holdings Ltd.		31,794		83,863
CK Asset Holdings Ltd.		18,937		87,443
CK Hutchison Holdings Ltd.		24,471		124,249
CK Infrastructure Holdings Ltd.		5,867		34,510
CLP Holdings Ltd.		15,011		125,111
ESR Group Ltd., 144A		23,983		32,043
Futu Holdings Ltd., ADR*		576		30,828
Galaxy Entertainment Group Ltd.		18,781		102,556

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Hang Lung Properties Ltd.		25,220	$	27,253
Hang Seng Bank Ltd.		6,323		72,205
Henderson Land Development Co. Ltd.		15,716		45,369
HKT Trust & HKT Ltd. (a)		28,778		35,105
Hong Kong & China Gas Co. Ltd.		90,987		70,430
Hong Kong Exchanges & Clearing Ltd.		11,404		353,680
Hongkong Land Holdings Ltd.		12,100		40,898
Jardine Matheson Holdings Ltd.		1,651		69,193
Link REIT		20,849		103,728
MTR Corp. Ltd.		15,618		51,868
Power Assets Holdings Ltd.		12,996		78,187
Prudential PLC		25,408		249,920
Sino Land Co. Ltd.		35,977		38,832
SITC International Holdings Co. Ltd.		13,739		22,604
Sun Hung Kai Properties Ltd.		13,207		133,187
Swire Pacific Ltd., Class A		2,942		24,389
Swire Properties Ltd.		11,937		24,640
Techtronic Industries Co. Ltd.		13,030		141,055
WH Group Ltd., 144A		97,811		58,970
Wharf Holdings Ltd.		9,318		34,457
Wharf Real Estate Investment Co. Ltd.		12,600		42,087
(Cost $4,515,108)				3,200,544
Ireland — 1.1%
Accenture PLC, Class A		5,928		2,221,696
AerCap Holdings NV*		1,867		144,095
AIB Group PLC		14,643		67,916
Allegion PLC		845		108,050
Aptiv PLC*		2,547		202,461
Bank of Ireland Group PLC		9,531		83,069
CRH PLC		6,523		542,439
DCC PLC		1,011		71,821
Experian PLC		8,247		353,125
Flutter Entertainment PLC*		1,661		359,390
James Hardie Industries PLC CDI*		3,833		151,623
Kerry Group PLC, Class A		1,634		143,475
Kingspan Group PLC		1,454		131,351
Medtronic PLC		12,747		1,062,590
Smurfit Kappa Group PLC		1,894		80,815
Trane Technologies PLC		2,134		601,724
(Cost $5,491,631)				6,325,640
Israel — 0.2%
Azrieli Group Ltd.		475		34,419
Bank Hapoalim BM		11,742		112,370
Bank Leumi Le-Israel BM		12,900		108,066
Check Point Software Technologies Ltd.*		912		146,303
CyberArk Software Ltd.*		410		108,142
Elbit Systems Ltd.		279		62,024
Global-e Online Ltd.*		849		28,756
ICL Group Ltd.		6,749		35,695
Israel Discount Bank Ltd., Class A		10,976		57,222
Mizrahi Tefahot Bank Ltd.		1,519		60,095
Monday.com Ltd.*		367		81,845
Nice Ltd.*		634		155,624
Teva Pharmaceutical Industries Ltd., ADR*		10,729		141,086

	Number of Shares		Value
Israel (Continued)
Wix.com Ltd.*		558	$	78,220
(Cost $1,087,310)				1,209,867
Italy — 0.6%
Amplifon SpA		1,103		36,871
Assicurazioni Generali SpA		10,191		241,738
Banco BPM SpA		11,114		64,633
Davide Campari-Milano NV		5,918		60,020
DiaSorin SpA		193		19,503
Enel SpA		75,461		480,407
Eni SpA		21,004		323,850
Ferrari NV		1,199		505,895
FinecoBank Banca Fineco SpA		5,830		80,628
Infrastrutture Wireless Italiane SpA, 144A		2,522		27,933
Intesa Sanpaolo SpA		132,833		422,324
Leonardo SpA		3,280		70,119
Mediobanca Banca di Credito Finanziario SpA		4,962		67,630
Moncler SpA		1,895		136,698
Nexi SpA, 144A*		5,963		43,712
Poste Italiane SpA, 144A		3,397		39,848
Prysmian SpA		2,612		130,164
Recordati Industria Chimica e Farmaceutica SpA		1,171		65,590
Snam SpA		18,659		87,249
Telecom Italia SpA*		132,745		39,949
Terna — Rete Elettrica Nazionale		11,321		88,746
UniCredit SpA		14,959		500,368
(Cost $2,790,718)				3,533,875
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $57,728)		1,795		44,662
Luxembourg — 0.1%
ArcelorMittal SA		4,594		119,910
Eurofins Scientific SE		1,271		75,978
Tenaris SA		4,350		77,295
(Cost $278,153)				273,183
Macau — 0.0%
Sands China Ltd.* (Cost $89,378)		23,263		66,264
Netherlands — 1.6%
ABN AMRO Bank NV, 144A		4,352		69,936
Adyen NV, 144A*		209		330,207
Aegon Ltd.		17,310		103,888
Akzo Nobel NV		1,721		125,413
Argenx SE*		561		208,352
ASM International NV		405		247,053
ASML Holding NV		3,773		3,554,211
ASR Nederland NV		1,356		62,555
BE Semiconductor Industries NV		721		130,416
Euronext NV, 144A		818		75,463
EXOR NV		763		82,403
Heineken Holding NV		1,228		94,882
Heineken NV		2,688		248,471

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
IMCD NV		582	$	88,740
ING Groep NV		31,016		425,927
JDE Peet’s NV		654		14,961
Koninklijke Ahold Delhaize NV		8,849		263,530
Koninklijke KPN NV		32,989		120,770
Koninklijke Philips NV		7,390		147,962
NN Group NV		2,867		128,010
NXP Semiconductors NV		2,360		589,363
OCI NV		935		24,638
Prosus NV*		13,514		394,707
QIAGEN NV*		2,048		87,841
Randstad NV		1,269		69,953
Stellantis NV		20,262		529,197
Universal Music Group NV		7,634		230,238
Wolters Kluwer NV		2,189		345,494
(Cost $6,568,428)				8,794,581
New Zealand — 0.1%
Auckland International Airport Ltd.		11,351		56,016
Fisher & Paykel Healthcare Corp. Ltd.		4,896		73,081
Mercury NZ Ltd.		6,346		25,827
Meridian Energy Ltd.		11,932		43,472
Spark New Zealand Ltd.		19,728		60,938
Xero Ltd.*		1,353		112,161
(Cost $414,734)				371,495
Norway — 0.2%
Adevinta ASA*		4,038		43,202
Aker BP ASA		2,837		68,976
DNB Bank ASA		8,523		170,713
Equinor ASA		8,712		215,062
Gjensidige Forsikring ASA		1,643		25,980
Kongsberg Gruppen ASA		858		54,762
Mowi ASA		3,760		72,687
Norsk Hydro ASA		14,446		74,334
Orkla ASA		7,621		54,688
Salmar ASA		534		33,927
Telenor ASA		6,921		75,875
Yara International ASA		1,261		39,260
(Cost $1,093,069)				929,466
Portugal — 0.0%
EDP – Energias de Portugal SA		33,312		132,623
Galp Energia SGPS SA		3,516		55,436
Jeronimo Martins SGPS SA		3,072		73,535
(Cost $274,169)				261,594
Singapore — 0.4%
CapitaLand Ascendas REIT		25,179		51,309
CapitaLand Integrated Commercial Trust REIT		65,656		95,705
CapitaLand Investment Ltd.		16,402		33,911
City Developments Ltd.		3,300		13,916
DBS Group Holdings Ltd.		17,307		429,007
Genting Singapore Ltd.		29,608		20,038
Grab Holdings Ltd., Class A*		19,212		58,981
Jardine Cycle & Carriage Ltd.		1,300		24,606
Keppel Ltd.		15,500		83,460

	Number of Shares		Value
Singapore (Continued)
Mapletree Logistics Trust REIT		27,728	$	30,520
Mapletree Pan Asia Commercial Trust REIT		14,100		14,157
Oversea-Chinese Banking Corp. Ltd.		30,185		291,389
Sea Ltd., ADR*		3,350		162,542
Seatrium Ltd.*(b)		465,718		31,172
Sembcorp Industries Ltd.		8,600		32,619
Singapore Airlines Ltd.		14,250		68,569
Singapore Exchange Ltd.		9,131		64,174
Singapore Technologies Engineering Ltd.		23,602		69,862
Singapore Telecommunications Ltd.		78,600		137,372
United Overseas Bank Ltd.		13,101		272,328
Wilmar International Ltd.		20,400		50,370
(Cost $2,360,888)				2,036,007
Spain — 0.7%
Acciona SA		263		29,442
ACS Actividades de Construccion y Servicios SA		2,162		88,765
Aena SME SA, 144A		652		123,579
Amadeus IT Group SA		4,518		265,872
Banco Bilbao Vizcaya Argentaria SA		56,150		558,167
Banco Santander SA		151,463		630,300
CaixaBank SA		32,412		146,261
Cellnex Telecom SA, 144A*		3,979		143,257
EDP Renovaveis SA		2,577		35,124
Enagas SA		2,432		35,121
Endesa SA		2,964		53,373
Ferrovial SE		4,671		175,146
Grifols SA*		3,140		25,770
Iberdrola SA		58,519		672,526
Industria de Diseno Textil SA		10,048		445,920
Redeia Corp. SA		3,658		58,190
Repsol SA		12,252		195,231
Telefonica SA		50,299		206,457
(Cost $3,426,511)				3,888,501
Sweden — 0.9%
Alfa Laval AB		3,047		114,754
Assa Abloy AB, Class B		9,158		261,443
Atlas Copco AB, Class A		25,022		434,668
Atlas Copco AB, Class B		14,644		219,148
Beijer Ref AB		2,868		40,356
Boliden AB		2,538		64,349
Epiroc AB, Class A		6,304		114,383
Epiroc AB, Class B		4,172		68,865
EQT AB		4,284		125,447
Essity AB, Class B		5,220		121,931
Evolution AB, 144A		1,629		211,177
Fastighets AB Balder, Class B*		7,242		45,002
Getinge AB, Class B		2,287		45,353
H & M Hennes & Mauritz AB, Class B		6,645		90,202
Hexagon AB, Class B		21,124		247,732
Holmen AB, Class B		884		35,523
Husqvarna AB, Class B		3,092		23,864
Industrivarden AB, Class A		1,337		45,650

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Industrivarden AB, Class C		1,628	$	55,429
Indutrade AB		2,534		67,100
Investment AB Latour, Class B		1,183		30,022
Investor AB, Class B		15,908		400,335
L E Lundbergforetagen AB, Class B		575		31,286
Lifco AB, Class B		2,416		64,396
Nibe Industrier AB, Class B		14,369		80,236
Saab AB, Class B		751		59,253
Sagax AB, Class B		1,756		41,560
Sandvik AB		9,950		223,954
Securitas AB, Class B		5,900		63,491
Skandinaviska Enskilda Banken AB, Class A		15,079		224,128
Skanska AB, Class B		2,517		46,460
SKF AB, Class B		2,962		64,636
Svenska Cellulosa AB SCA, Class B		5,365		76,036
Svenska Handelsbanken AB, Class A		12,573		150,427
Swedbank AB, Class A		8,598		188,953
Swedish Orphan Biovitrum AB*		1,744		42,911
Tele2 AB, Class B		4,973		41,774
Telefonaktiebolaget LM Ericsson, Class B		28,000		152,157
Telia Co. AB		23,075		55,015
Volvo AB, Class A		2,525		70,473
Volvo AB, Class B		13,917		383,451
Volvo Car AB, Class B*		5,503		20,082
(Cost $4,971,462)				4,943,412
Switzerland — 3.0%
ABB Ltd.		15,003		693,796
Adecco Group AG		1,275		51,301
Alcon, Inc.		4,593		392,143
Avolta AG*		828		32,526
Bachem Holding AG		205		16,297
Baloise Holding AG		470		76,114
Banque Cantonale Vaudoise		279		33,554
Barry Callebaut AG		38		53,598
BKW AG		222		31,262
Chocoladefabriken Lindt & Spruengli AG		1		120,606
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		98,302
Chubb Ltd.		3,737		940,491
Cie Financiere Richemont SA, Class A		5,155		823,114
Clariant AG*		1,432		17,791
Coca-Cola HBC AG*		2,269		70,750
DSM-Firmenich AG		1,868		200,124
EMS-Chemie Holding AG		75		52,510
Garmin Ltd.		1,424		195,586
Geberit AG		355		206,900
Givaudan SA		89		374,678
Glencore PLC		98,383		466,873
Helvetia Holding AG		271		38,440
Holcim AG*		4,792		392,372
Julius Baer Group Ltd.		1,825		97,991
Kuehne + Nagel International AG		485		163,916
Logitech International SA		1,443		127,790
Lonza Group AG		699		366,746

	Number of Shares		Value
Switzerland (Continued)
Nestle SA		25,277	$	2,634,055
Novartis AG		19,293		1,960,741
Partners Group Holding AG		221		318,493
Roche Holding AG		6,679		1,759,348
Roche Holding AG		280		78,033
Sandoz Group AG*		3,810		118,815
Schindler Holding AG		250		63,824
Schindler Holding AG Participation Certificates		308		81,464
SGS SA		1,507		145,129
SIG Group AG*		2,787		55,389
Sika AG		1,492		432,918
Sonova Holding AG		478		147,816
Straumann Holding AG		1,000		158,537
Swatch Group AG — Bearer		286		67,753
Swatch Group AG — Registered		905		41,573
Swiss Life Holding AG		264		192,360
Swiss Prime Site AG		641		61,512
Swiss Re AG		2,874		347,929
Swisscom AG		276		158,413
Temenos AG		564		42,466
UBS Group AG		30,531		874,097
VAT Group AG, 144A		283		142,312
Zurich Insurance Group AG		1,340		715,235
(Cost $16,073,395)				16,733,783
United Kingdom — 3.8%
3i Group PLC		9,590		299,390
abrdn PLC		15,485		30,831
Admiral Group PLC		2,632		88,761
Amcor PLC		12,892		116,802
Anglo American PLC		11,678		251,273
Ashtead Group PLC		3,987		286,463
Associated British Foods PLC		2,916		83,842
AstraZeneca PLC		14,536		1,835,607
Auto Trader Group PLC, 144A		9,388		87,925
Aviva PLC		25,701		145,094
BAE Systems PLC		29,097		457,134
Barclays PLC		136,636		284,249
Barratt Developments PLC		8,712		51,409
Berkeley Group Holdings PLC		1,102		64,722
BP PLC		157,514		917,933
British American Tobacco PLC		18,670		553,810
BT Group PLC		64,238		84,874
Bunzl PLC		3,124		124,597
Burberry Group PLC		3,230		52,502
Centrica PLC		57,073		90,857
CNH Industrial NV		8,932		106,737
Coca-Cola Europacific Partners PLC		1,816		124,632
Compass Group PLC		16,112		442,265
Croda International PLC		1,284		77,409
Diageo PLC		20,877		782,216
Endeavour Mining PLC		2,388		38,514
Entain PLC		5,890		68,024
Ferguson PLC		1,934		408,944
GSK PLC		38,630		813,408
Haleon PLC		52,461		219,952

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Halma PLC		3,233	$	94,142
Hargreaves Lansdown PLC		3,119		28,738
HSBC Holdings PLC		181,025		1,407,130
Imperial Brands PLC		8,321		179,410
Informa PLC		11,835		121,293
InterContinental Hotels Group PLC		1,448		153,492
Intertek Group PLC		1,510		88,284
J Sainsbury PLC		16,636		52,525
JD Sports Fashion PLC		29,214		43,569
Kingfisher PLC		15,920		47,224
Land Securities Group PLC REIT		6,472		50,725
Legal & General Group PLC		65,114		199,408
Liberty Global Ltd., Class C*		2,535		47,024
Lloyds Banking Group PLC		608,937		358,717
London Stock Exchange Group PLC		3,979		446,750
M&G PLC		25,866		73,520
Melrose Industries PLC		12,588		101,112
Mondi PLC		4,564		81,316
National Grid PLC		35,207		462,052
NatWest Group PLC		48,248		145,926
Next PLC		1,040		109,375
Ocado Group PLC*		4,604		29,783
Pearson PLC		4,699		57,098
Pentair PLC		1,621		126,098
Persimmon PLC		2,961		51,070
Phoenix Group Holdings PLC		6,953		43,739
Reckitt Benckiser Group PLC		6,703		423,779
RELX PLC		17,452		764,048
Rentokil Initial PLC		23,150		128,350
Rio Tinto PLC		10,368		666,111
Rolls-Royce Holdings PLC*		79,872		372,917
Sage Group PLC		10,222		160,918
Schroders PLC		9,357		46,552
Segro PLC REIT		11,459		122,541
Severn Trent PLC		2,520		79,692
Shell PLC		61,253		1,903,734
Smith & Nephew PLC		8,147		107,229
Smiths Group PLC		3,021		61,448
Spirax-Sarco Engineering PLC		597		77,972
SSE PLC		9,669		198,812
St James’s Place PLC		5,028		31,992
Standard Chartered PLC		22,393		189,105
Taylor Wimpey PLC		29,729		51,840
Tesco PLC		62,649		220,943
Unilever PLC		23,702		1,159,249
United Utilities Group PLC		7,363		95,467
Vodafone Group PLC		204,833		179,092
Whitbread PLC		1,891		79,009
Willis Towers Watson PLC		957		260,888
Wise PLC, Class A*		6,253		72,596
WPP PLC		11,289		100,988
(Cost $20,002,039)				21,144,968
United States — 73.5%
3M Co.		5,088		468,707
A O Smith Corp.		1,212		100,475
Abbott Laboratories		16,303		1,934,188

	Number of Shares		Value
United States (Continued)
AbbVie, Inc.		16,722	$	2,943,908
Adobe, Inc.*		4,247		2,379,509
Advanced Micro Devices, Inc.*		15,197		2,925,878
AECOM		1,513		134,400
AES Corp.		6,303		95,806
Aflac, Inc.		5,336		430,829
Agilent Technologies, Inc.		2,750		377,740
Air Products and Chemicals, Inc.		2,080		486,803
Airbnb, Inc., Class A*		4,046		637,124
Akamai Technologies, Inc.*		1,517		168,266
Albemarle Corp.		1,059		145,983
Albertsons Cos., Inc., Class A		3,285		66,620
Alexandria Real Estate Equities, Inc. REIT		1,431		178,489
Align Technology, Inc.*		661		199,900
Alliant Energy Corp.		2,414		115,269
Allstate Corp.		2,512		400,714
Ally Financial, Inc.		2,964		109,638
Alnylam Pharmaceuticals, Inc.*		1,078		162,875
Alphabet, Inc., Class A*		55,857		7,733,960
Alphabet, Inc., Class C*		48,310		6,752,772
Altria Group, Inc.		16,820		688,106
Amazon.com, Inc.*		87,531		15,471,980
Ameren Corp.		2,497		177,761
American Electric Power Co., Inc.		4,951		421,776
American Express Co.		5,526		1,212,515
American Financial Group, Inc.		661		84,390
American Homes 4 Rent, Class A REIT		2,864		105,997
American International Group, Inc.		6,963		507,533
American Tower Corp. REIT		4,309		856,888
American Water Works Co., Inc.		1,854		219,773
Ameriprise Financial, Inc.		992		404,101
AMETEK, Inc.		2,115		381,081
Amgen, Inc.		4,955		1,356,828
Amphenol Corp., Class A		5,674		619,828
Analog Devices, Inc.		4,710		903,472
Annaly Capital Management, Inc. REIT		4,516		86,210
ANSYS, Inc.*		835		279,032
Aon PLC, Class A		1,867		589,953
APA Corp.		3,226		96,103
Apollo Global Management, Inc.		3,694		412,989
Apple, Inc.		138,243		24,987,422
Applied Materials, Inc.		7,772		1,566,991
AppLovin Corp., Class A*		1,537		91,790
Archer-Daniels-Midland Co.		5,077		269,639
Ares Management Corp., Class A		1,461		193,772
Arista Networks, Inc.*		2,423		672,479
Arthur J Gallagher & Co.		2,009		490,055
Aspen Technology, Inc.*		279		54,095
Assurant, Inc.		562		101,975
AT&T, Inc.		66,197		1,120,715
Atmos Energy Corp.		1,392		157,171
Autodesk, Inc.*		2,036		525,634
Automatic Data Processing, Inc.		3,911		982,169
AutoZone, Inc.*		166		498,999
AvalonBay Communities, Inc. REIT		1,472		260,588
Avantor, Inc.*		5,653		139,290
Avery Dennison Corp.		772		167,161

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United States (Continued)
Axon Enterprise, Inc.*		662	$	203,479
Baker Hughes Co.		9,575		283,324
Ball Corp.		2,956		189,243
Bank of America Corp.		67,118		2,316,913
Bank of New York Mellon Corp.		7,213		404,577
Bath & Body Works, Inc.		1,972		90,120
Baxter International, Inc.		4,543		185,900
Becton Dickinson and Co.		2,817		663,544
Bentley Systems, Inc., Class B		2,199		112,963
Berkshire Hathaway, Inc., Class B*		12,320		5,043,808
Best Buy Co., Inc.		2,063		166,855
BILL Holdings, Inc.*		899		56,934
Biogen, Inc.*		1,357		294,455
BioMarin Pharmaceutical, Inc.*		1,679		144,864
Bio-Rad Laboratories, Inc., Class A*		238		77,559
Bio-Techne Corp.		1,472		108,295
BlackRock, Inc.		1,407		1,141,555
Blackstone, Inc.		6,682		854,093
Block, Inc.*		5,012		398,304
Boeing Co.*		5,345		1,088,883
Booking Holdings, Inc.*		325		1,127,370
Booz Allen Hamilton Holding Corp.		1,112		164,254
BorgWarner, Inc.		1,879		58,493
Boston Properties, Inc. REIT		1,274		82,453
Boston Scientific Corp.*		13,897		920,120
Bristol-Myers Squibb Co.		19,620		995,715
Broadcom, Inc.		4,193		5,452,955
Broadridge Financial Solutions, Inc.		1,089		221,699
Brookfield Renewable Corp., Class A		1,188		28,221
Brown & Brown, Inc.		2,396		201,767
Brown-Forman Corp., Class B		2,831		170,511
Builders FirstSource, Inc.*		1,103		215,284
Bunge Global SA		1,367		129,004
Burlington Stores, Inc.*		562		115,266
C.H. Robinson Worldwide, Inc.		1,179		87,340
Cadence Design Systems, Inc.*		2,529		769,777
Caesars Entertainment, Inc.*		1,906		82,854
Camden Property Trust REIT		896		84,654
Campbell Soup Co.		1,703		72,616
Capital One Financial Corp.		3,436		472,828
Cardinal Health, Inc.		2,297		257,218
Carlisle Cos., Inc.		458		160,300
Carlyle Group, Inc.		1,754		80,421
CarMax, Inc.*		1,371		108,309
Carnival Corp.*		9,381		148,783
Carrier Global Corp.		7,893		438,693
Catalent, Inc.*		1,532		87,845
Caterpillar, Inc.		4,807		1,605,346
Cboe Global Markets, Inc.		896		172,032
CBRE Group, Inc., Class A*		2,814		258,578
CDW Corp.		1,228		302,346
Celanese Corp.		1,064		161,696
Celsius Holdings, Inc.*		1,447		118,104
Cencora, Inc.		1,572		370,363
Centene Corp.*		5,152		404,071
CenterPoint Energy, Inc.		5,847		160,793
CF Industries Holdings, Inc.		1,884		152,076

	Number of Shares		Value
United States (Continued)
Charles River Laboratories International, Inc.*		486	$	123,536
Charles Schwab Corp.		13,880		926,906
Charter Communications, Inc., Class A*		891		261,892
Cheniere Energy, Inc.		2,283		354,322
Chesapeake Energy Corp. (b)		897		74,254
Chevron Corp.		16,791		2,552,400
Chipotle Mexican Grill, Inc.*		267		717,902
Church & Dwight Co., Inc.		2,210		221,265
Cigna Group		2,772		931,780
Cincinnati Financial Corp.		1,435		163,590
Cintas Corp.		853		536,204
Cisco Systems, Inc.		37,883		1,832,401
Citigroup, Inc.		18,320		1,016,577
Citizens Financial Group, Inc.		4,542		142,573
Cleveland-Cliffs, Inc.*		4,836		100,589
Clorox Co.		1,123		172,167
Cloudflare, Inc., Class A*		2,862		282,021
CME Group, Inc.		3,369		742,359
CMS Energy Corp.		2,485		142,564
Coca-Cola Co.		38,594		2,316,412
Cognizant Technology Solutions Corp., Class A		4,700		371,394
Coinbase Global, Inc., Class A*		1,513		307,986
Colgate-Palmolive Co.		7,623		659,542
Comcast Corp., Class A		37,745		1,617,373
Conagra Brands, Inc.		4,606		129,336
Confluent, Inc., Class A*		1,513		51,245
ConocoPhillips		11,125		1,252,008
Consolidated Edison, Inc.		3,301		287,880
Constellation Brands, Inc., Class A		1,589		394,898
Constellation Energy Corp.		3,100		522,195
Cooper Cos., Inc.		1,824		170,726
Copart, Inc.*		8,278		439,976
Corebridge Financial, Inc.		2,323		57,680
Corning, Inc.		7,554		243,541
Corteva, Inc.		6,712		359,226
CoStar Group, Inc.*		3,807		331,323
Costco Wholesale Corp.		4,180		3,109,460
Coterra Energy, Inc.		7,540		194,381
Crowdstrike Holdings, Inc., Class A*		2,137		692,709
Crown Castle, Inc. REIT		3,970		436,462
Crown Holdings, Inc.		1,218		93,323
CSX Corp.		18,284		693,695
Cummins, Inc.		1,401		376,323
CVS Health Corp.		11,983		891,176
D.R. Horton, Inc.		2,777		414,995
Danaher Corp.		6,581		1,665,914
Darden Restaurants, Inc.		1,178		201,096
Darling Ingredients, Inc.*		1,440		60,926
Datadog, Inc., Class A*		2,643		347,449
DaVita, Inc.*		604		76,690
Dayforce, Inc.*		1,557		108,616
Deckers Outdoor Corp.*		263		235,540
Deere & Co.		2,482		906,054
Dell Technologies, Inc., Class C		2,374		224,723
Delta Air Lines, Inc.		1,184		50,048

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United States (Continued)
Devon Energy Corp.		6,247	$	275,243
Dexcom, Inc.*		3,570		410,800
Diamondback Energy, Inc.		1,516		276,700
Dick’s Sporting Goods, Inc.		543		96,594
Digital Realty Trust, Inc. REIT		2,937		431,181
Discover Financial Services		2,412		291,128
DocuSign, Inc.*		1,812		96,525
Dollar General Corp.		2,115		307,331
Dollar Tree, Inc.*		2,065		302,894
Dominion Energy, Inc.		7,830		374,509
Domino’s Pizza, Inc.		330		147,956
DoorDash, Inc., Class A*		2,420		301,459
Dover Corp.		1,348		222,932
Dow, Inc.		6,712		375,067
DraftKings, Inc., Class A*		3,880		168,082
Dropbox, Inc., Class A*		2,414		57,815
DTE Energy Co.		1,885		204,240
Duke Energy Corp.		7,087		650,799
DuPont de Nemours, Inc.		3,983		275,584
Dynatrace, Inc.*		2,732		135,371
Eastman Chemical Co.		983		86,248
Eaton Corp. PLC		3,711		1,072,479
eBay, Inc.		4,944		233,752
Ecolab, Inc.		2,418		543,663
Edison International		3,581		243,580
Edwards Lifesciences Corp.*		5,792		491,567
Electronic Arts, Inc.		2,405		335,449
Elevance Health, Inc.		2,195		1,100,244
Eli Lilly & Co.		7,568		5,703,850
Emerson Electric Co.		5,474		584,897
Enphase Energy, Inc.*		1,258		159,779
Entegris, Inc.		1,453		195,225
Entergy Corp.		2,261		229,650
EOG Resources, Inc.		5,390		616,939
EPAM Systems, Inc.*		532		161,941
EQT Corp.		3,764		139,833
Equifax, Inc.		1,140		311,893
Equinix, Inc. REIT		872		775,051
Equitable Holdings, Inc.		3,668		125,592
Equity LifeStyle Properties, Inc. REIT		1,797		120,974
Equity Residential REIT		3,484		209,772
Erie Indemnity Co., Class A		270		109,858
Essential Utilities, Inc.		3,028		105,314
Essex Property Trust, Inc. REIT		626		144,856
Estee Lauder Cos., Inc., Class A		2,123		315,435
Etsy, Inc.*		1,168		83,734
Evergy, Inc.		2,106		104,331
Eversource Energy		3,715		218,071
Exact Sciences Corp.*		1,631		93,831
Exelon Corp.		9,275		332,416
Expedia Group, Inc.*		1,268		173,488
Expeditors International of Washington, Inc.		1,324		158,350
Extra Space Storage, Inc. REIT		1,926		271,508
Exxon Mobil Corp.		37,360		3,904,867
F5, Inc.*		559		104,656
FactSet Research Systems, Inc.		365		168,842

	Number of Shares		Value
United States (Continued)
Fair Isaac Corp.*		242	$	307,318
Fastenal Co.		5,287		386,004
FedEx Corp.		2,221		552,962
Fidelity National Financial, Inc.		2,298		116,233
Fidelity National Information Services, Inc.		5,685		393,345
Fifth Third Bancorp		6,342		217,784
First Citizens BancShares, Inc., Class A		85		133,774
First Solar, Inc.*		906		139,424
FirstEnergy Corp.		5,476		200,476
Fiserv, Inc.*		5,604		836,509
FleetCor Technologies, Inc.*		623		173,985
FMC Corp.		1,151		64,905
Ford Motor Co.		36,840		458,290
Fortinet, Inc.*		5,857		404,777
Fortive Corp.		3,265		277,949
Fortune Brands Innovations, Inc.		1,281		104,197
Fox Corp., Class A		2,514		74,892
Fox Corp., Class B		1,391		38,086
Franklin Resources, Inc.		2,954		81,087
Freeport-McMoRan, Inc.		13,889		525,143
Gaming and Leisure Properties, Inc. REIT		2,758		125,434
Gartner, Inc.*		771		358,947
GE HealthCare Technologies, Inc.		3,813		348,051
Gen Digital, Inc.		4,997		107,386
General Dynamics Corp.		2,132		582,569
General Electric Co.		10,238		1,606,240
General Mills, Inc.		5,448		349,653
General Motors Co.		12,734		521,839
Genuine Parts Co.		1,374		205,083
Gilead Sciences, Inc.		11,600		836,360
Global Payments, Inc.		2,399		311,150
Globe Life, Inc.		890		112,968
GoDaddy, Inc., Class A*		1,250		142,688
Goldman Sachs Group, Inc.		3,081		1,198,663
Graco, Inc.		1,488		135,795
Halliburton Co.		8,613		302,058
Hartford Financial Services Group, Inc.		3,005		287,999
Hasbro, Inc.		1,184		59,543
HCA Healthcare, Inc.		1,866		581,632
Healthpeak Properties, Inc. REIT		6,623		110,935
HEICO Corp.		388		75,039
HEICO Corp., Class A		728		113,270
Henry Schein, Inc.*		1,183		90,464
Hershey Co.		1,367		256,887
Hess Corp.		2,508		365,541
Hewlett Packard Enterprise Co.		12,000		182,760
HF Sinclair Corp.		1,501		83,306
Hilton Worldwide Holdings, Inc.		2,489		508,552
Hologic, Inc.*		2,138		157,784
Home Depot, Inc.		9,367		3,565,174
Honeywell International, Inc.		6,224		1,236,896
Hormel Foods Corp.		2,950		104,194
Host Hotels & Resorts, Inc. REIT		6,329		131,263
Howmet Aerospace, Inc.		3,734		248,498
HP, Inc.		8,623		244,290
Hubbell, Inc.		472		179,676

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United States (Continued)
HubSpot, Inc.*		478	$	295,791
Humana, Inc.		1,161		406,722
Huntington Bancshares, Inc.		13,808		180,056
Huntington Ingalls Industries, Inc.		332		96,818
Hyatt Hotels Corp., Class A		317		48,688
IDEX Corp.		747		176,217
IDEXX Laboratories, Inc.*		803		461,910
Illinois Tool Works, Inc.		2,864		750,798
Illumina, Inc.*		1,518		212,262
Incyte Corp.*		1,790		104,464
Ingersoll Rand, Inc.		3,754		342,853
Insulet Corp.*		651		106,764
Intel Corp.		39,905		1,717,910
Intercontinental Exchange, Inc.		5,280		730,858
International Business Machines Corp.		8,448		1,563,133
International Flavors & Fragrances, Inc.		2,369		178,860
International Paper Co.		3,488		123,336
Interpublic Group of Cos., Inc.		3,632		114,045
Intuit, Inc.		2,625		1,740,086
Intuitive Surgical, Inc.*		3,341		1,288,290
Invitation Homes, Inc. REIT		5,674		193,313
IQVIA Holdings, Inc.*		1,661		410,533
Iron Mountain, Inc. REIT		2,820		221,765
J M Smucker Co.		1,011		121,492
Jabil, Inc.		1,218		175,502
Jack Henry & Associates, Inc.		609		105,826
Jacobs Solutions, Inc.		1,009		147,970
Jazz Pharmaceuticals PLC*		560		66,584
JB Hunt Transport Services, Inc.		714		147,305
Johnson & Johnson		22,791		3,678,012
Johnson Controls International PLC		6,333		375,357
JPMorgan Chase & Co.		27,134		5,048,552
Juniper Networks, Inc.		2,516		93,167
Kellanova		2,547		140,467
Kenvue, Inc.		16,206		307,914
Keurig Dr Pepper, Inc.		9,949		297,575
KeyCorp		9,559		136,407
Keysight Technologies, Inc.*		1,665		256,910
Kimberly-Clark Corp.		3,140		380,474
Kimco Realty Corp. REIT		6,246		123,421
Kinder Morgan, Inc.		19,254		334,827
KKR & Co., Inc.		5,560		546,326
KLA Corp.		1,303		889,037
Knight-Swift Transportation Holdings, Inc.		1,372		77,298
Kraft Heinz Co.		8,038		283,581
Kroger Co.		6,654		330,105
L3Harris Technologies, Inc.		1,775		375,697
Laboratory Corp. of America Holdings		897		193,600
Lam Research Corp.		1,260		1,182,195
Lamb Weston Holdings, Inc.		1,276		130,420
Las Vegas Sands Corp.		3,765		205,268
Lattice Semiconductor Corp.*		1,290		98,827
Lear Corp.		556		76,367
Leidos Holdings, Inc.		1,330		170,054
Lennar Corp., Class A		2,309		366,000
Lennox International, Inc.		279		131,468

	Number of Shares		Value
United States (Continued)
Liberty Broadband Corp., Class C*		1,072	$	64,513
Liberty Media Corp.-Liberty Formula One, Class C*		1,967		143,119
Liberty Media Corp.-Liberty SiriusXM*		1,721		49,875
Linde PLC		4,615		2,071,304
Live Nation Entertainment, Inc.*		1,635		158,562
LKQ Corp.		2,219		116,032
Lockheed Martin Corp.		2,049		877,464
Loews Corp.		1,787		134,257
Lowe’s Cos., Inc.		5,369		1,292,157
LPL Financial Holdings, Inc.		759		203,329
LyondellBasell Industries NV, Class A		2,268		227,435
M&T Bank Corp.		1,538		214,920
Manhattan Associates, Inc.*		576		145,918
Marathon Oil Corp.		6,440		156,170
Marathon Petroleum Corp.		3,474		587,905
Markel Group, Inc.*		122		182,083
MarketAxess Holdings, Inc.		309		65,944
Marriott International, Inc., Class A		2,405		600,937
Marsh & McLennan Cos., Inc.		4,605		931,453
Martin Marietta Materials, Inc.		539		311,386
Marvell Technology, Inc.		7,955		570,055
Masco Corp.		2,029		155,746
Mastercard, Inc., Class A		7,878		3,740,159
Match Group, Inc.*		2,517		90,713
McCormick & Co., Inc.		2,371		163,267
McDonald’s Corp.		6,797		1,986,627
McKesson Corp.		1,247		650,198
Merck & Co., Inc.		23,625		3,003,919
Meta Platforms, Inc., Class A		20,890		10,238,816
MetLife, Inc.		5,802		404,631
Mettler-Toledo International, Inc.*		213		265,658
MGM Resorts International*		2,663		115,255
Microchip Technology, Inc.		5,124		431,133
Micron Technology, Inc.		10,116		916,611
Microsoft Corp.		66,438		27,481,414
Mid-America Apartment Communities, Inc. REIT		1,094		137,494
Moderna, Inc.*		3,010		277,642
Molina Healthcare, Inc.*		569		224,135
Molson Coors Beverage Co., Class B		1,709		106,676
Mondelez International, Inc., Class A		12,643		923,824
MongoDB, Inc.*		670		299,879
Monolithic Power Systems, Inc.		430		309,617
Monster Beverage Corp.*		7,200		425,520
Moody’s Corp.		1,568		594,931
Morgan Stanley		11,822		1,017,165
Mosaic Co.		3,106		96,783
Motorola Solutions, Inc.		1,511		499,219
MSCI, Inc.		772		433,069
Nasdaq, Inc.		3,200		179,840
NetApp, Inc.		2,060		183,587
Netflix, Inc.*		4,164		2,510,559
Neurocrine Biosciences, Inc.*		886		115,534
Newmont Corp.		10,605		331,406
News Corp., Class A		3,735		100,397
NextEra Energy, Inc.		19,279		1,064,008

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United States (Continued)
NIKE, Inc., Class B		11,617	$	1,207,355
NiSource, Inc.		3,755		97,855
Nordson Corp.		561		149,030
Norfolk Southern Corp.		2,108		534,125
Northern Trust Corp.		1,942		159,496
Northrop Grumman Corp.		1,370		631,597
NRG Energy, Inc.		2,326		128,674
Nucor Corp.		2,358		453,443
NVIDIA Corp.		23,250		18,393,540
NVR, Inc.*		33		251,644
Occidental Petroleum Corp.		6,247		378,631
Okta, Inc.*		1,410		151,293
Old Dominion Freight Line, Inc.		921		407,524
Omnicom Group, Inc.		1,881		166,262
ON Semiconductor Corp.*		4,194		330,990
ONEOK, Inc.		5,835		438,325
Oracle Corp.		15,386		1,718,308
O’Reilly Automotive, Inc.*		578		628,529
Otis Worldwide Corp.		4,058		386,727
Ovintiv, Inc.		2,255		111,420
Owens Corning		890		133,304
PACCAR, Inc.		5,023		557,000
Packaging Corp. of America		899		162,890
Palantir Technologies, Inc., Class A*		17,084		428,467
Palo Alto Networks, Inc.*		2,914		904,943
Paramount Global, Class B		3,906		43,122
Parker-Hannifin Corp.		1,218		652,178
Paychex, Inc.		3,045		373,378
Paycom Software, Inc.		493		89,918
Paylocity Holding Corp.*		331		55,810
PayPal Holdings, Inc.*		9,464		571,058
PepsiCo, Inc.		13,025		2,153,554
Pfizer, Inc.		53,125		1,411,000
PG&E Corp.		18,618		310,734
Philip Morris International, Inc.		14,514		1,305,679
Phillips 66		4,061		578,733
Pinterest, Inc., Class A*		4,920		180,564
Pioneer Natural Resources Co.		2,202		517,888
PNC Financial Services Group, Inc.		3,812		561,126
Pool Corp.		336		133,768
PPG Industries, Inc.		2,139		302,882
PPL Corp.		6,801		179,342
Principal Financial Group, Inc.		2,194		177,407
Procter & Gamble Co.		22,177		3,524,812
Progressive Corp.		5,444		1,031,965
Prologis, Inc. REIT		8,692		1,158,383
Prudential Financial, Inc.		3,443		375,253
PTC, Inc.*		1,212		221,808
Public Service Enterprise Group, Inc.		4,814		300,394
Public Storage REIT		1,519		431,199
PulteGroup, Inc.		2,009		217,735
Qorvo, Inc.*		968		110,884
QUALCOMM, Inc.		10,506		1,657,742
Quanta Services, Inc.		1,344		324,589
Quest Diagnostics, Inc.		986		123,142
Raymond James Financial, Inc.		1,807		217,418
RB Global, Inc.		1,655		124,935

	Number of Shares		Value
United States (Continued)
Realty Income Corp. REIT		7,784	$	405,624
Regency Centers Corp. REIT		1,519		94,102
Regeneron Pharmaceuticals, Inc.*		996		962,226
Regions Financial Corp.		10,078		187,753
Reliance, Inc.		500		160,610
Repligen Corp.*		450		87,296
Republic Services, Inc.		1,970		361,692
ResMed, Inc.		1,370		237,996
Revvity, Inc.		1,110		121,645
Rivian Automotive, Inc., Class A*(b)		5,917		66,980
Robert Half, Inc.		884		71,074
Robinhood Markets, Inc., Class A*		3,980		64,914
ROBLOX Corp., Class A*		3,985		159,002
Rockwell Automation, Inc.		1,050		299,334
Roku, Inc.*		1,107		69,940
Rollins, Inc.		2,846		125,423
Roper Technologies, Inc.		987		537,649
Ross Stores, Inc.		3,096		461,180
Royal Caribbean Cruises Ltd.*		2,330		287,406
Royalty Pharma PLC, Class A		4,033		122,361
RPM International, Inc.		1,184		136,574
RTX Corp.		13,445		1,205,613
S&P Global, Inc.		3,092		1,324,551
Salesforce, Inc.*		9,089		2,806,865
Samsara, Inc., Class A*		1,744		60,255
SBA Communications Corp. REIT		1,076		225,131
Schlumberger NV		13,366		645,979
Seagate Technology Holdings PLC		1,789		166,466
SEI Investments Co.		1,109		74,580
Sempra		5,808		410,045
ServiceNow, Inc.*		1,910		1,473,259
Sherwin-Williams Co.		2,296		762,341
Simon Property Group, Inc. REIT		3,170		469,604
Sirius XM Holdings, Inc. (b)		7,008		30,975
Skyworks Solutions, Inc.		1,525		160,003
Snap, Inc., Class A*		9,871		108,778
Snap-on, Inc.		475		130,939
Snowflake, Inc., Class A*		2,685		505,532
Southern Co.		10,264		690,254
Southwest Airlines Co.		1,374		47,087
Splunk, Inc.*		1,503		234,799
SS&C Technologies Holdings, Inc.		2,333		148,752
Stanley Black & Decker, Inc.		1,525		136,167
Starbucks Corp.		10,655		1,011,160
State Street Corp.		2,934		216,324
Steel Dynamics, Inc.		1,557		208,358
STERIS PLC		898		209,153
Stryker Corp.		3,228		1,126,798
Sun Communities, Inc. REIT		1,101		147,270
Super Micro Computer, Inc.*		482		417,470
Synchrony Financial		4,209		173,832
Synopsys, Inc.*		1,443		827,892
Sysco Corp.		4,654		376,834
T. Rowe Price Group, Inc.		2,066		234,181
Take-Two Interactive Software, Inc.*		1,677		246,402
Targa Resources Corp.		2,028		199,231
Target Corp.		4,395		672,083

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
United States (Continued)
TE Connectivity Ltd.		2,968	$	426,086
Teledyne Technologies, Inc.*		448		191,417
Teleflex, Inc.		463		103,152
Teradyne, Inc.		1,520		157,457
Tesla, Inc.*		26,937		5,438,042
Texas Instruments, Inc.		8,529		1,427,158
Texas Pacific Land Corp.		65		102,402
Textron, Inc.		1,979		176,270
Thermo Fisher Scientific, Inc.		3,673		2,094,271
TJX Cos., Inc.		10,773		1,068,035
T-Mobile US, Inc.		4,871		795,434
Toast, Inc., Class A*		3,134		72,082
Toro Co.		927		85,571
Tractor Supply Co.		953		242,367
Trade Desk, Inc., Class A*		4,132		352,997
Tradeweb Markets, Inc., Class A		1,005		106,349
TransDigm Group, Inc.		510		600,647
TransUnion		1,906		147,963
Travelers Cos., Inc.		2,111		466,447
Trimble, Inc.*		2,416		147,835
Truist Financial Corp.		12,398		433,682
Twilio, Inc., Class A*		1,548		92,245
Tyler Technologies, Inc.*		435		190,156
Tyson Foods, Inc., Class A		2,586		140,265
Uber Technologies, Inc.*		17,545		1,394,828
UDR, Inc. REIT		2,921		103,696
U-Haul Holding Co.		850		54,035
UiPath, Inc., Class A*		3,437		81,629
Ulta Beauty, Inc.*		452		247,949
Union Pacific Corp.		5,785		1,467,597
United Parcel Service, Inc., Class B		6,745		1,000,014
United Rentals, Inc.		658		456,172
United Therapeutics Corp.*		420		94,769
UnitedHealth Group, Inc.		8,718		4,303,205
Unity Software, Inc.*		2,410		70,661
Universal Health Services, Inc., Class B		553		92,384
US Bancorp		14,644		614,462
Vail Resorts, Inc.		337		77,614
Valero Energy Corp.		3,276		463,423
Veeva Systems, Inc., Class A*		1,430		322,479
Ventas, Inc. REIT		3,691		156,092
Veralto Corp.		2,136		184,593
VeriSign, Inc.*		891		174,003
Verisk Analytics, Inc.		1,338		323,662
Verizon Communications, Inc.		39,296		1,572,626
Vertex Pharmaceuticals, Inc.*		2,436		1,024,923
Vertiv Holdings Co., Class A		3,263		220,644
Viatris, Inc.		11,087		137,146
VICI Properties, Inc. REIT		10,231		306,214
Visa, Inc., Class A		14,912		4,214,728
Vistra Corp.		3,030		165,256
Vulcan Materials Co.		1,293		343,744
W.R. Berkley Corp.		1,761		147,220
W.W. Grainger, Inc.		428		416,641
Walgreens Boots Alliance, Inc.		6,647		141,315
Walmart, Inc.		41,667		2,442,103

	Number of Shares		Value
United States (Continued)
Walt Disney Co.		17,117	$	1,909,915
Warner Bros Discovery, Inc.*		21,666		190,444
Waste Management, Inc.		3,848		791,341
Waters Corp.*		573		193,342
Watsco, Inc.		279		109,959
WEC Energy Group, Inc.		2,891		226,915
Wells Fargo & Co.		34,168		1,899,399
Welltower, Inc. REIT		5,242		483,103
West Pharmaceutical Services, Inc.		677		242,610
Western Digital Corp.*		3,116		185,309
Westinghouse Air Brake Technologies Corp.		1,636		231,150
Westlake Corp.		316		43,832
Westrock Co.		2,428		109,964
Weyerhaeuser Co. REIT		6,918		237,841
Williams Cos., Inc.		11,860		426,248
Williams-Sonoma, Inc.		563		132,603
Workday, Inc., Class A*		1,934		569,872
WP Carey, Inc. REIT		2,168		122,123
Wynn Resorts Ltd.		1,011		106,357
Xcel Energy, Inc.		5,109		269,193
Xylem, Inc.		2,188		277,985
Yum! Brands, Inc.		2,610		361,276
Zebra Technologies Corp., Class A*		445		124,369
Zillow Group, Inc., Class C*		1,280		71,872
Zimmer Biomet Holdings, Inc.		1,885		234,419
Zoetis, Inc.		4,301		853,017
Zoom Video Communications, Inc., Class A*		2,432		172,015
Zscaler, Inc.*		889		215,111
(Cost $326,470,966)				411,350,416
Uruguay — 0.1%
MercadoLibre, Inc.* (Cost $498,354)		436		695,551
TOTAL COMMON STOCKS (Cost $459,928,405)				556,038,609
PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		472		51,741
Dr Ing hc F Porsche AG, 144A		1,026		95,862
Henkel AG & Co. KGaA		1,617		121,719
Porsche Automobil Holding SE		1,443		77,109
Sartorius AG		259		98,041
Volkswagen AG		1,915		259,744
(Cost $842,582)				704,216
WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.*(d), expires 8/22/28 (Cost $0)		214		0

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) (Cost $309,212)		309,212	$	309,212
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (e) (Cost $1,167,020)		1,167,020		1,167,020
TOTAL INVESTMENTS — 99.7% (Cost $462,247,219)			$	558,219,057
Other assets and liabilities, net — 0.3%				1,545,165
NET ASSETS — 100.0%			$	559,764,222

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		211,696		—			(8,757	)		2,616		45,194		—		—		18,744		250,749
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
		—		309,212	(g)		—			—		—		6,385		—		309,212		309,212
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (e)
		820,287		6,646,516			(6,299,783	)		—		—		27,309		—		1,167,020		1,167,020
		1,031,983		6,955,728			(6,308,540	)		2,616		45,194		33,694		—		1,494,976		1,726,981

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $283,214, which is 0.1% of net assets.

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

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

ADR: American Depositary Receipt

CDI: Chess Depositary Interests

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 29, 2024 (Unaudited)

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MINI S&P/TSX 60 Futures	CAD	2	$	90,767	$	95,152	3/14/2024	$	4,385
MSCI EAFE Futures	USD	4		436,213		457,580	3/15/2024		21,367
S&P 500 E-Mini Futures	USD	9		2,184,001		2,296,688	3/15/2024		112,687
Total unrealized appreciation								$	138,439

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

Currency Abbreviations

CAD Canadian Dollar

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	556,038,609	$	—	$	—	$	556,038,609
Preferred Stocks		704,216		—		—		704,216
Warrants		—		—		0		0
Short-Term Investments (a)		1,476,232		—		—		1,476,232
Derivatives (b)
Futures Contracts		138,439		—		—		138,439
TOTAL	$	558,357,496	$	—	$	0	$	558,357,496

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

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

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 12.4%
Alphabet, Inc., Class A*		11,943	$	1,653,628
Alphabet, Inc., Class C*		10,771		1,505,570
AT&T, Inc.		18,994		321,569
Charter Communications, Inc., Class A*		270		79,361
Comcast Corp., Class A		9,618		412,131
Electronic Arts, Inc.		732		102,099
Interpublic Group of Cos., Inc.		550		17,270
Live Nation Entertainment, Inc.*		544		52,757
Meta Platforms, Inc., Class A		7,187		3,522,564
New York Times Co., Class A		442		19,572
News Corp., Class A		987		26,531
Nexstar Media Group, Inc.		102		16,949
Omnicom Group, Inc.		158		13,966
Verizon Communications, Inc.		8,406		336,408
(Cost $6,192,187)				8,080,375
Consumer Discretionary — 12.4%
Advance Auto Parts, Inc.		322		21,748
Airbnb, Inc., Class A*		877		138,101
Amazon.com, Inc.*		1,327		234,560
Aramark		385		11,677
AutoNation, Inc.*		167		25,016
AutoZone, Inc.*		80		240,482
Bath & Body Works, Inc.		977		44,649
Best Buy Co., Inc.		1,762		142,510
Booking Holdings, Inc.*		110		381,571
BorgWarner, Inc.		757		23,565
Brunswick Corp.		170		14,858
Capri Holdings Ltd.*		775		35,751
Chipotle Mexican Grill, Inc.*		65		174,770
D.R. Horton, Inc.		222		33,176
Darden Restaurants, Inc.		497		84,843
Deckers Outdoor Corp.*		99		88,663
Dick’s Sporting Goods, Inc.		284		50,521
Domino’s Pizza, Inc.		108		48,422
eBay, Inc.		336		15,886
Expedia Group, Inc.*		647		88,522
Five Below, Inc.*		153		30,704
Floor & Decor Holdings, Inc., Class A*		264		31,976
Garmin Ltd.		539		74,032
General Motors Co.		2,135		87,492
Gentex Corp.		881		32,183
Genuine Parts Co.		398		59,405
Grand Canyon Education, Inc.*		162		21,838
H&R Block, Inc.		988		48,363
Home Depot, Inc.		2,967		1,129,270
Lear Corp.		217		29,805
Lennar Corp., Class A		1,376		218,110
LKQ Corp.		1,086		56,787
Lowe’s Cos., Inc.		3,292		792,286
Lululemon Athletica, Inc.*		278		129,851
Macy’s, Inc.		1,440		25,114
MGM Resorts International*		873		37,783
Mohawk Industries, Inc.*		166		19,691
Murphy USA, Inc.		165		68,807
NIKE, Inc., Class B		661		68,698

	Number of Shares		Value
Consumer Discretionary (Continued)
NVR, Inc.*		23	$	175,388
O’Reilly Automotive, Inc.*		230		250,107
Penske Automotive Group, Inc.		112		17,192
Phinia, Inc.		157		5,372
Polaris, Inc.		166		15,390
Pool Corp.		86		34,238
PulteGroup, Inc.		760		82,369
Ralph Lauren Corp.		164		30,491
Ross Stores, Inc.		1,142		170,112
Skechers U.S.A., Inc., Class A*		427		26,393
Starbucks Corp.		2,919		277,013
Tapestry, Inc.		1,368		65,021
Tesla, Inc.*		4,326		873,333
Texas Roadhouse, Inc.		224		33,459
Thor Industries, Inc.		494		63,321
TJX Cos., Inc.		4,671		463,083
Toll Brothers, Inc.		442		50,671
TopBuild Corp.*		114		45,871
Tractor Supply Co.		496		126,143
Ulta Beauty, Inc.*		253		138,786
Williams-Sonoma, Inc.		650		153,094
Yum! Brands, Inc.		702		97,171
(Cost $6,913,989)				8,055,504
Consumer Staples — 8.9%
Albertsons Cos., Inc., Class A		2,791		56,602
Altria Group, Inc.		5,120		209,459
Archer-Daniels-Midland Co.		3,230		171,545
BJ’s Wholesale Club Holdings, Inc.*		997		72,821
Casey’s General Stores, Inc.		172		52,372
Clorox Co.		103		15,791
Colgate-Palmolive Co.		552		47,759
Costco Wholesale Corp.		2,213		1,646,229
Dollar General Corp.		265		38,507
Dollar Tree, Inc.*		394		57,792
Estee Lauder Cos., Inc., Class A		657		97,617
Hershey Co.		270		50,738
Kroger Co.		3,233		160,389
Monster Beverage Corp.*		1,711		101,120
Philip Morris International, Inc.		1,308		117,668
Procter & Gamble Co.		5,221		829,826
Sysco Corp.		2,020		163,559
Target Corp.		2,040		311,957
Tyson Foods, Inc., Class A		1,146		62,159
US Foods Holding Corp.*		1,034		52,517
Walgreens Boots Alliance, Inc.		767		16,307
Walmart, Inc.		24,825		1,454,993
(Cost $5,116,637)				5,787,727
Energy — 10.4%
Antero Resources Corp.*		1,150		29,555
APA Corp.		1,702		50,703
Cheniere Energy, Inc.		611		94,827
Chesapeake Energy Corp. (a)		648		53,641
Chevron Corp.		8,341		1,267,915
ConocoPhillips		6,412		721,607
Coterra Energy, Inc.		3,461		89,225

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Devon Energy Corp.		2,956	$	130,241
Diamondback Energy, Inc.		600		109,512
EOG Resources, Inc.		2,696		308,584
EQT Corp.		874		32,469
Exxon Mobil Corp.		21,332		2,229,621
HF Sinclair Corp.		720		39,960
Marathon Oil Corp.		2,495		60,504
Marathon Petroleum Corp.		2,887		488,567
Occidental Petroleum Corp.		2,037		123,463
ONEOK, Inc.		227		17,052
Ovintiv, Inc.		1,157		57,167
Phillips 66		1,657		236,139
Pioneer Natural Resources Co.		926		217,786
Range Resources Corp.		864		27,320
Southwestern Energy Co.*		4,132		28,800
Targa Resources Corp.		217		21,318
Texas Pacific Land Corp.		14		22,056
Valero Energy Corp.		2,261		319,841
(Cost $6,720,146)				6,777,873
Financials — 9.0%
Affiliated Managers Group, Inc.		548		85,658
Allstate Corp.		217		34,616
Aon PLC, Class A		705		222,773
Apollo Global Management, Inc.		225		25,155
Arch Capital Group Ltd.*		222		19,445
Berkshire Hathaway, Inc., Class B*		2,419		990,339
Blackstone, Inc.		605		77,331
Cincinnati Financial Corp.		265		30,210
Coinbase Global, Inc., Class A*		332		67,582
Credit Acceptance Corp.*		53		29,341
Discover Financial Services		115		13,880
Evercore, Inc., Class A		537		100,462
FactSet Research Systems, Inc.		190		87,890
Franklin Resources, Inc.		1,090		29,920
Houlihan Lokey, Inc.		170		21,872
Jack Henry & Associates, Inc.		219		38,056
Janus Henderson Group PLC		496		15,455
Lazard, Inc.		659		25,398
LPL Financial Holdings, Inc.		603		161,538
MarketAxess Holdings, Inc.		164		34,999
Marsh & McLennan Cos., Inc.		2,091		422,947
Mastercard, Inc., Class A		2,182		1,035,926
MGIC Investment Corp.		4,221		83,956
Moody’s Corp.		644		244,346
MSCI, Inc.		346		194,096
PayPal Holdings, Inc.*		2,459		148,376
Progressive Corp.		387		73,360
RLI Corp.		279		40,859
S&P Global, Inc.		250		107,095
SEI Investments Co.		863		58,037
Synchrony Financial		1,142		47,165
T. Rowe Price Group, Inc.		1,984		224,886
Visa, Inc., Class A		3,561		1,006,481
Willis Towers Watson PLC		163		44,435
(Cost $4,935,311)				5,843,885

	Number of Shares		Value
Health Care — 12.1%
Abbott Laboratories		3,348	$	397,207
AbbVie, Inc.		222		39,083
Align Technology, Inc.*		57		17,238
Amgen, Inc.		165		45,182
Biogen, Inc.*		166		36,020
Bio-Rad Laboratories, Inc., Class A*		35		11,406
Bio-Techne Corp.		264		19,422
Bristol-Myers Squibb Co.		865		43,899
Cardinal Health, Inc.		1,926		215,673
Cencora, Inc.		1,196		281,778
Centene Corp.*		3,069		240,702
Chemed Corp.		42		26,297
Cigna Group		1,046		351,602
CVS Health Corp.		5,868		436,403
Edwards Lifesciences Corp.*		1,529		129,766
Elevance Health, Inc.		694		347,868
Eli Lilly & Co.		84		63,309
Enovis Corp.*		262		15,670
Fortrea Holdings, Inc.*		111		4,167
GE HealthCare Technologies, Inc.		1,036		94,566
Gilead Sciences, Inc.		658		47,442
HCA Healthcare, Inc.		552		172,058
Henry Schein, Inc.*		501		38,311
Hologic, Inc.*		1,046		77,195
Humana, Inc.		695		243,472
IDEXX Laboratories, Inc.*		42		24,160
Incyte Corp.*		545		31,806
Intuitive Surgical, Inc.*		573		220,949
Johnson & Johnson		1,923		310,334
Laboratory Corp. of America Holdings		111		23,957
McKesson Corp.		1,421		740,924
Medpace Holdings, Inc.*		61		24,249
Merck & Co., Inc.		5,880		747,642
Mettler-Toledo International, Inc.*		52		64,855
Moderna, Inc.*		2,255		208,001
Molina Healthcare, Inc.*		352		138,656
Pfizer, Inc.		33,300		884,448
Premier, Inc., Class A		430		8,970
Quest Diagnostics, Inc.		338		42,213
Regeneron Pharmaceuticals, Inc.*		164		158,439
Shockwave Medical, Inc.*		56		14,609
Thermo Fisher Scientific, Inc.		53		30,220
United Therapeutics Corp.*		142		32,041
UnitedHealth Group, Inc.		635		313,436
Universal Health Services, Inc., Class B		158		26,395
Vertex Pharmaceuticals, Inc.*		773		325,232
Waters Corp.*		130		43,865
West Pharmaceutical Services, Inc.		164		58,771
(Cost $7,535,509)				7,869,908
Industrials — 8.6%
3M Co.		1,597		147,116
A O Smith Corp.		543		45,015
Acuity Brands, Inc.		155		38,942
Advanced Drainage Systems, Inc.		208		33,954
AGCO Corp.		281		30,826
Alaska Air Group, Inc.*		828		30,959

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
American Airlines Group, Inc.*		2,194	$	34,402
Automatic Data Processing, Inc.		1,262		316,926
Avis Budget Group, Inc.		68		7,347
Builders FirstSource, Inc.*		1,093		213,332
C.H. Robinson Worldwide, Inc.		1,031		76,376
Carlisle Cos., Inc.		175		61,250
Carrier Global Corp.		394		21,898
Caterpillar, Inc.		817		272,845
Cintas Corp.		160		100,578
Clean Harbors, Inc.*		111		20,213
CNH Industrial NV		3,033		36,244
Copart, Inc.*		2,144		113,954
CSX Corp.		3,291		124,861
Cummins, Inc.		173		46,469
Delta Air Lines, Inc.		2,365		99,969
Donaldson Co., Inc.		372		26,643
EMCOR Group, Inc.		230		72,110
Emerson Electric Co.		165		17,630
Expeditors International of Washington, Inc.		1,215		145,314
Fastenal Co.		1,802		131,564
FedEx Corp.		996		247,974
Fortune Brands Innovations, Inc.		521		42,378
FTI Consulting, Inc.*		84		17,378
Genpact Ltd.		392		13,328
Graco, Inc.		485		44,261
Hubbell, Inc.		80		30,454
Illinois Tool Works, Inc.		603		158,076
ITT, Inc.		160		20,182
JB Hunt Transport Services, Inc.		485		100,060
Knight-Swift Transportation Holdings, Inc.		929		52,340
Landstar System, Inc.		276		52,495
Lockheed Martin Corp.		717		307,048
ManpowerGroup, Inc.		262		18,906
Masco Corp.		934		71,694
Nordson Corp.		115		30,550
Old Dominion Freight Line, Inc.		356		157,523
Oshkosh Corp.		274		30,376
Otis Worldwide Corp.		830		79,099
Owens Corning		555		83,128
PACCAR, Inc.		994		110,225
Paychex, Inc.		876		107,415
Paycom Software, Inc.		65		11,855
Quanta Services, Inc.		318		76,800
RB Global, Inc.		390		29,605
Robert Half, Inc.		815		65,526
Rollins, Inc.		382		16,835
Ryder System, Inc.		210		23,961
Saia, Inc.*		76		43,730
Snap-on, Inc.		165		45,484
Southwest Airlines Co.		2,300		78,821
Tetra Tech, Inc.		169		29,967
Textron, Inc.		447		39,814
Trane Technologies PLC		329		92,768
Trex Co., Inc.*		273		25,050
Union Pacific Corp.		926		234,917
United Airlines Holdings, Inc.*		597		27,157

	Number of Shares		Value
Industrials (Continued)
United Parcel Service, Inc., Class B		2,743	$	406,677
United Rentals, Inc.		127		88,045
Vestis Corp.		151		2,833
W.W. Grainger, Inc.		137		133,364
Waste Management, Inc.		166		34,138
Watsco, Inc.		140		55,177
(Cost $4,963,130)				5,604,151
Information Technology — 21.5%
Accenture PLC, Class A		2,173		814,397
Adobe, Inc.*		1,225		686,343
Advanced Micro Devices, Inc.*		928		178,668
Amdocs Ltd.		497		45,326
Analog Devices, Inc.		720		138,110
Apple, Inc.		15,644		2,827,653
Applied Materials, Inc.		3,064		617,764
Arista Networks, Inc.*		603		167,357
Autodesk, Inc.*		377		97,330
Cadence Design Systems, Inc.*		163		49,614
CDW Corp.		210		51,704
Cirrus Logic, Inc.*		219		20,109
Cisco Systems, Inc.		17,894		865,533
Cognex Corp.		332		13,097
Cognizant Technology Solutions Corp., Class A		2,679		211,695
Dropbox, Inc., Class A*		594		14,226
EPAM Systems, Inc.*		142		43,225
F5, Inc.*		155		29,019
Fair Isaac Corp.*		56		71,115
Fortinet, Inc.*		1,419		98,067
Gartner, Inc.*		34		15,829
HP, Inc.		3,904		110,600
Intel Corp.		5,928		255,200
Intuit, Inc.		52		34,470
Keysight Technologies, Inc.*		394		60,794
KLA Corp.		469		319,999
Lam Research Corp.		415		389,374
Lattice Semiconductor Corp.*		220		16,854
Manhattan Associates, Inc.*		105		26,600
Microchip Technology, Inc.		1,036		87,169
Micron Technology, Inc.		6,306		571,387
Microsoft Corp.		8,611		3,561,854
NVIDIA Corp.		218		172,464
ON Semiconductor Corp.*		1,160		91,547
Oracle Corp.		444		49,586
Pure Storage, Inc., Class A*		539		28,378
QUALCOMM, Inc.		2,807		442,917
Salesforce, Inc.*		83		25,632
Skyworks Solutions, Inc.		491		51,516
Teradyne, Inc.		498		51,588
Texas Instruments, Inc.		3,249		543,655
VeriSign, Inc.*		211		41,206
(Cost $11,667,817)				13,988,971
Materials — 3.2%
Albemarle Corp.		391		53,899
Berry Global Group, Inc.		272		15,833

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Celanese Corp.		117	$	17,780
CF Industries Holdings, Inc.		1,928		155,628
Cleveland-Cliffs, Inc.*		2,295		47,736
Corteva, Inc.		727		38,909
Dow, Inc.		2,700		150,876
DuPont de Nemours, Inc.		539		37,293
Eagle Materials, Inc.		155		39,300
Freeport-McMoRan, Inc.		1,581		59,778
Graphic Packaging Holding Co.		927		24,056
Huntsman Corp.		830		21,248
International Paper Co.		1,362		48,160
Louisiana-Pacific Corp.		611		45,196
LyondellBasell Industries NV, Class A		1,970		197,552
Mosaic Co.		3,010		93,792
Nucor Corp.		2,023		389,023
Olin Corp.		1,146		61,655
Packaging Corp. of America		395		71,570
Reliance, Inc.		540		173,459
Steel Dynamics, Inc.		1,698		227,226
United States Steel Corp.		1,638		77,543
Westlake Corp.		161		22,332
Westrock Co.		757		34,285
(Cost $1,845,773)				2,104,129
Real Estate — 1.1%
Apartment Income REIT Corp. REIT		880		26,682
Camden Property Trust REIT		174		16,440
CBRE Group, Inc., Class A*		1,308		120,192
Extra Space Storage, Inc. REIT		216		30,450
Jones Lang LaSalle, Inc.*		118		22,448
Lamar Advertising Co., Class A REIT		157		17,356

	Number of Shares		Value
Real Estate (Continued)
Public Storage REIT		663	$	188,206
Simon Property Group, Inc. REIT		721		106,809
Weyerhaeuser Co. REIT		4,509		155,019
(Cost $607,696)				683,602
Utilities — 0.1%
DTE Energy Co.		152		16,469
UGI Corp.		660		16,157
(Cost $33,198)				32,626
TOTAL COMMON STOCKS (Cost $56,531,393)				64,828,751
EXCHANGE-TRADED FUNDS — 0.0%
iShares Russell 1000 ETF (Cost $2,111)		10		2,798
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $48,826)		48,826		48,826
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $59,003)		59,003		59,003
TOTAL INVESTMENTS — 99.9% (Cost $56,641,333)			$	64,939,378
Other assets and liabilities, net — 0.1%				61,124
NET ASSETS — 100.0%			$	65,000,502

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		48,826	(d)		—			—		—		30		—		48,826		48,826
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		14,718		665,845			(621,560	)		—		—		886		—		59,003		59,003
		14,718		714,671			(621,560	)		—		—		916		—		107,829		107,829

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $47,835, which is 0.1% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Continued)

February 29, 2024 (Unaudited)

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
Micro E-mini NASDAQ 100 futures	USD	3	$	106,616	$108,497		3/15/2024	$	1,881

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	64,828,751	$	—	$	—	$	64,828,751
Exchange-Traded Funds		2,798		—		—		2,798
Short-Term Investments (a)		107,829		—		—		107,829
Derivatives (b)
Futures Contracts		1,881		—		—		1,881
TOTAL	$	64,941,259	$	—	$	—	$	64,941,259

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

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

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 3.4%
Alphabet, Inc., Class A*		1,356	$	187,752
Alphabet, Inc., Class C*		1,212		169,413
AT&T, Inc.		11,148		188,736
Cable One, Inc.		75		34,200
Charter Communications, Inc., Class A*		1,577		463,528
Comcast Corp., Class A		8,925		382,436
Electronic Arts, Inc.		2,980		415,650
Fox Corp., Class A		4,665		138,970
Fox Corp., Class B		2,655		72,694
Frontier Communications Parent, Inc.*		1,514		35,851
IAC, Inc.*		277		15,734
Interpublic Group of Cos., Inc.		9,699		304,549
Iridium Communications, Inc.		188		5,443
Liberty Broadband Corp., Class A*		378		22,737
Liberty Broadband Corp., Class C*		2,582		155,385
Liberty Media Corp.-Liberty Formula One, Class A*		206		13,503
Liberty Media Corp.-Liberty Formula One, Class C*		2,157		156,943
Liberty Media Corp.-Liberty Live, Class A*		515		19,874
Liberty Media Corp.-Liberty Live, Class C*		1,022		40,696
Liberty Media Corp.-Liberty SiriusXM*		1,226		35,529
Liberty Media Corp.-Liberty SiriusXM, Class A*		341		9,937
Live Nation Entertainment, Inc.*		2,018		195,706
Madison Square Garden Sports Corp.*		441		82,992
Match Group, Inc.*		1,103		39,752
Meta Platforms, Inc., Class A		239		117,141
Netflix, Inc.*		57		34,366
New York Times Co., Class A		4,725		209,223
News Corp., Class A		6,208		166,871
News Corp., Class B		2,065		57,799
Nexstar Media Group, Inc.		777		129,114
Omnicom Group, Inc.		3,886		343,483
Paramount Global, Class B		992		10,952
Pinterest, Inc., Class A*		952		34,938
Sirius XM Holdings, Inc. (a)		4,988		22,047
Spotify Technology SA*		143		36,667
TKO Group Holdings, Inc.		2,895		242,398
T-Mobile US, Inc.		329		53,726
Trade Desk, Inc., Class A*		189		16,146
TripAdvisor, Inc.*		1,684		45,165
Verizon Communications, Inc.		7,891		315,798
Walt Disney Co.		729		81,342
(Cost $4,980,764)				5,105,186
Consumer Discretionary — 12.5%
Advance Auto Parts, Inc.		303		20,465
Airbnb, Inc., Class A*		1,031		162,352
Amazon.com, Inc.*		409		72,295
Aptiv PLC*		126		10,016
Aramark		1,985		60,205
AutoNation, Inc.*		1,302		195,040
AutoZone, Inc.*		180		541,084

	Number of Shares		Value
Consumer Discretionary (Continued)
Best Buy Co., Inc.		4,307	$	348,350
Birkenstock Holding PLC*		288		14,403
Booking Holdings, Inc.*		124		430,135
BorgWarner, Inc.		9,193		286,178
Boyd Gaming Corp.		142		9,390
Bright Horizons Family Solutions, Inc.*		728		83,618
Brunswick Corp.		1,976		172,702
Burlington Stores, Inc.*		50		10,255
CarMax, Inc.*		1,285		101,515
Carter’s, Inc.		912		73,826
Chipotle Mexican Grill, Inc.*		135		362,984
Choice Hotels International, Inc.		451		50,485
Churchill Downs, Inc.		89		10,846
Columbia Sportswear Co.		874		72,271
Coupang, Inc.*		1,690		31,299
D.R. Horton, Inc.		5,464		816,540
Darden Restaurants, Inc.		869		148,347
Deckers Outdoor Corp.*		332		297,336
Dick’s Sporting Goods, Inc.		1,079		191,943
Domino’s Pizza, Inc.		833		373,476
eBay, Inc.		5,746		271,671
Expedia Group, Inc.*		1,669		228,353
Five Below, Inc.*		547		109,772
Floor & Decor Holdings, Inc., Class A*		691		83,694
Ford Motor Co.		26,496		329,610
Gap, Inc.		807		15,285
Garmin Ltd.		3,563		489,378
General Motors Co.		3,065		125,604
Gentex Corp.		11,321		413,556
Genuine Parts Co.		2,017		301,057
Grand Canyon Education, Inc.*		1,544		208,131
H&R Block, Inc.		7,476		365,950
Harley-Davidson, Inc.		266		9,648
Hasbro, Inc.		410		20,619
Hilton Worldwide Holdings, Inc.		1,334		272,563
Home Depot, Inc.		195		74,219
Hyatt Hotels Corp., Class A		750		115,192
Las Vegas Sands Corp.		827		45,088
Lear Corp.		1,752		240,637
Leggett & Platt, Inc.		962		19,644
Lennar Corp., Class A		4,126		654,012
Lennar Corp., Class B		229		33,748
Lithia Motors, Inc.		155		46,354
LKQ Corp.		3,661		191,434
Lowe’s Cos., Inc.		1,500		361,005
Lululemon Athletica, Inc.*		343		160,212
Marriott International, Inc., Class A		693		173,160
Mattel, Inc.*		5,469		107,739
McDonald’s Corp.		285		83,300
MGM Resorts International*		576		24,929
Mohawk Industries, Inc.*		179		21,233
Murphy USA, Inc.		1,251		521,680
NIKE, Inc., Class B		855		88,860
NVR, Inc.*		130		991,324
Ollie’s Bargain Outlet Holdings, Inc.*		1,313		105,263
O’Reilly Automotive, Inc.*		519		564,371
Penske Automotive Group, Inc.		933		143,215

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Phinia, Inc.		2,887	$	98,793
Polaris, Inc.		934		86,591
Pool Corp.		1,068		425,192
PulteGroup, Inc.		4,478		485,326
PVH Corp.		193		26,377
Ralph Lauren Corp.		1,611		299,517
RH*		111		30,458
Ross Stores, Inc.		1,680		250,253
Service Corp. International		1,224		89,585
Skechers U.S.A., Inc., Class A*		3,938		243,408
Starbucks Corp.		2,721		258,223
Tapestry, Inc.		2,493		118,492
Tempur Sealy International, Inc.		214		11,657
Texas Roadhouse, Inc.		1,889		282,160
Thor Industries, Inc.		650		83,317
TJX Cos., Inc.		4,030		399,534
Toll Brothers, Inc.		2,958		339,105
TopBuild Corp.*		547		220,102
Tractor Supply Co.		1,491		379,191
Travel + Leisure Co.		1,452		64,890
Ulta Beauty, Inc.*		507		278,120
Vail Resorts, Inc.		503		115,846
Valvoline, Inc.*		5,758		245,521
Whirlpool Corp.		671		72,059
Williams-Sonoma, Inc.		1,877		442,090
Wingstop, Inc.		155		54,413
Wyndham Hotels & Resorts, Inc.		775		59,326
YETI Holdings, Inc.*		457		18,755
Yum! Brands, Inc.		2,091		289,436
(Cost $15,065,676)				18,726,603
Consumer Staples — 5.1%
Albertsons Cos., Inc., Class A		22,635		459,038
Altria Group, Inc.		7,974		326,216
Archer-Daniels-Midland Co.		3,669		194,861
BJ’s Wholesale Club Holdings, Inc.*		5,149		376,083
Boston Beer Co., Inc., Class A*		245		75,494
Brown-Forman Corp., Class B		248		14,937
Bunge Global SA		550		51,904
Campbell Soup Co.		1,115		47,544
Casey’s General Stores, Inc.		2,065		628,772
Church & Dwight Co., Inc.		2,500		250,300
Clorox Co.		982		150,550
Coca-Cola Co.		758		45,495
Colgate-Palmolive Co.		2,226		192,594
Conagra Brands, Inc.		1,630		45,770
Constellation Brands, Inc., Class A		728		180,923
Costco Wholesale Corp.		473		351,860
Darling Ingredients, Inc.*		237		10,027
Dollar General Corp.		440		63,936
Dollar Tree, Inc.*		1,757		257,717
Estee Lauder Cos., Inc., Class A		178		26,447
Flowers Foods, Inc.		3,277		73,470
General Mills, Inc.		1,312		84,204
Grocery Outlet Holding Corp.*		2,446		63,082
Hershey Co.		797		149,772
Hormel Foods Corp.		931		32,883

	Number of Shares		Value
Consumer Staples (Continued)
Ingredion, Inc.		1,787	$	210,205
J M Smucker Co.		526		63,209
Kellanova		1,641		90,501
Kenvue, Inc.		13,789		261,991
Keurig Dr Pepper, Inc.		2,277		68,105
Kimberly-Clark Corp.		1,666		201,869
Kraft Heinz Co.		1,354		47,769
Kroger Co.		11,673		579,098
Lamb Weston Holdings, Inc.		480		49,061
Maplebear, Inc.*		806		26,227
McCormick & Co., Inc.		640		44,070
Molson Coors Beverage Co., Class B		3,284		204,987
Mondelez International, Inc., Class A		2,103		153,666
Monster Beverage Corp.*		3,095		182,915
PepsiCo, Inc.		414		68,451
Philip Morris International, Inc.		606		54,516
Pilgrim’s Pride Corp.*		2,075		66,068
Post Holdings, Inc.*		943		98,223
Procter & Gamble Co.		406		64,530
Reynolds Consumer Products, Inc.		497		14,662
Seaboard Corp.		11		36,163
Spectrum Brands Holdings, Inc.		701		56,374
Sysco Corp.		3,446		279,023
Target Corp.		715		109,338
Tyson Foods, Inc., Class A		3,316		179,860
US Foods Holding Corp.*		2,385		121,134
Walgreens Boots Alliance, Inc.		365		7,760
Walmart, Inc.		1,749		102,509
WK Kellogg Co.		2,387		34,946
(Cost $6,989,540)				7,631,109
Energy — 4.2%
Antero Midstream Corp.		1,101		14,753
Baker Hughes Co.		1,614		47,758
Cheniere Energy, Inc.		3,484		540,717
Chesapeake Energy Corp. (a)		3,299		273,091
Chevron Corp.		736		111,879
ConocoPhillips		1,800		202,572
Coterra Energy, Inc.		32,845		846,744
Devon Energy Corp.		911		40,139
Diamondback Energy, Inc.		419		76,476
DT Midstream, Inc.		910		52,443
EOG Resources, Inc.		1,462		167,341
EQT Corp.		1,824		67,762
Exxon Mobil Corp.		1,329		138,907
Halliburton Co.		402		14,098
Hess Corp.		617		89,928
HF Sinclair Corp.		8,069		447,829
Kinder Morgan, Inc.		4,118		71,612
Marathon Oil Corp.		3,134		75,999
Marathon Petroleum Corp.		5,416		916,550
Occidental Petroleum Corp.		777		47,094
ONEOK, Inc.		867		65,129
Ovintiv, Inc.		335		16,552
Phillips 66		5,326		759,008
Pioneer Natural Resources Co.		2,001		470,615
Range Resources Corp.		472		14,925

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Schlumberger NV		496	$	23,972
Southwestern Energy Co.*		2,252		15,696
TechnipFMC PLC		982		21,300
Valero Energy Corp.		3,925		555,231
Williams Cos., Inc.		2,051		73,713
(Cost $5,206,800)				6,259,833
Financials — 11.1%
Affiliated Managers Group, Inc.		1,761		275,262
Aflac, Inc.		2,583		208,551
Allstate Corp.		252		40,199
Ally Financial, Inc.		1,458		53,931
American Express Co.		701		153,813
American Financial Group, Inc.		429		54,770
American International Group, Inc.		1,862		135,721
Ameriprise Financial, Inc.		410		167,018
Annaly Capital Management, Inc. REIT		6,637		126,700
Aon PLC, Class A		1,065		336,529
Apollo Global Management, Inc.		113		12,633
Arch Capital Group Ltd.*		4,123		361,134
Ares Management Corp., Class A		395		52,389
Arthur J Gallagher & Co.		809		197,339
Assurant, Inc.		544		98,709
Assured Guaranty Ltd.		377		34,533
Axis Capital Holdings Ltd.		781		48,867
Bank of America Corp.		436		15,051
Bank of New York Mellon Corp.		3,960		222,116
Bank OZK		1,513		66,269
BlackRock, Inc.		122		98,984
Blackstone, Inc.		1,736		221,896
Blue Owl Capital, Inc.		1,218		21,875
BOK Financial Corp.		100		8,501
Brown & Brown, Inc.		4,275		359,998
Capital One Financial Corp.		1,313		180,682
Carlyle Group, Inc.		3,287		150,709
Cboe Global Markets, Inc.		1,167		224,064
Charles Schwab Corp.		169		11,286
Chubb Ltd.		680		171,136
Cincinnati Financial Corp.		81		9,234
Citigroup, Inc.		1,959		108,705
Citizens Financial Group, Inc.		735		23,072
CME Group, Inc.		430		94,751
CNA Financial Corp.		251		11,031
Columbia Banking System, Inc.		612		11,077
Comerica, Inc.		846		41,776
Commerce Bancshares, Inc.		307		15,976
Corebridge Financial, Inc.		4,929		122,387
Credit Acceptance Corp.*		184		101,862
Cullen/Frost Bankers, Inc.		70		7,596
Discover Financial Services		1,594		192,396
East West Bancorp, Inc.		1,375		100,183
Equitable Holdings, Inc.		1,440		49,306
Euronet Worldwide, Inc.*		1,071		117,210
Evercore, Inc., Class A		2,247		420,369
Everest Group Ltd.		591		218,008
FactSet Research Systems, Inc.		796		368,214
Fidelity National Financial, Inc.		5,916		299,231

	Number of Shares		Value
Financials (Continued)
Fidelity National Information Services, Inc.		289	$	19,996
Fifth Third Bancorp		2,528		86,812
First American Financial Corp.		1,483		86,622
First Citizens BancShares, Inc., Class A		26		40,919
First Hawaiian, Inc.		551		11,549
First Horizon Corp.		3,432		48,391
Fiserv, Inc.*		1,081		161,361
FleetCor Technologies, Inc.*		629		175,661
FNB Corp.		2,996		39,967
Franklin Resources, Inc.		2,264		62,147
Global Payments, Inc.		1,229		159,401
Globe Life, Inc.		1,033		131,119
Goldman Sachs Group, Inc.		167		64,971
Hanover Insurance Group, Inc.		291		38,258
Hartford Financial Services Group, Inc.		2,478		237,492
Houlihan Lokey, Inc.		1,840		236,734
Huntington Bancshares, Inc.		6,650		86,716
Interactive Brokers Group, Inc., Class A		1,256		136,552
Intercontinental Exchange, Inc.		573		79,315
Invesco Ltd.		1,785		27,507
Jack Henry & Associates, Inc.		740		128,590
Janus Henderson Group PLC		4,644		144,707
Jefferies Financial Group, Inc.		842		35,212
JPMorgan Chase & Co.		199		37,026
KeyCorp		4,698		67,040
Kinsale Capital Group, Inc.		591		305,062
KKR & Co., Inc.		175		17,196
Lazard, Inc.		1,444		55,652
Loews Corp.		2,806		210,815
LPL Financial Holdings, Inc.		1,641		439,608
M&T Bank Corp.		452		63,162
Markel Group, Inc.*		48		71,639
MarketAxess Holdings, Inc.		305		65,090
Marsh & McLennan Cos., Inc.		1,907		385,729
Mastercard, Inc., Class A		121		57,446
MetLife, Inc.		747		52,096
MGIC Investment Corp.		17,674		351,536
Moody’s Corp.		828		314,160
Morgan Stanley		149		12,820
Morningstar, Inc.		187		55,836
MSCI, Inc.		554		310,777
Nasdaq, Inc.		2,422		136,116
NCR Atleos Corp.*		1,238		26,939
New York Community Bancorp, Inc.		1,444		6,917
Northern Trust Corp.		570		46,814
Old Republic International Corp.		8,381		242,714
OneMain Holdings, Inc.		1,040		49,119
PayPal Holdings, Inc.*		2,437		147,049
Pinnacle Financial Partners, Inc.		526		43,511
PNC Financial Services Group, Inc.		507		74,630
Popular, Inc.		1,162		97,236
Primerica, Inc.		795		194,982
Principal Financial Group, Inc.		1,137		91,938
Progressive Corp.		639		121,129
Prosperity Bancshares, Inc.		436		27,211
Prudential Financial, Inc.		587		63,977

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Raymond James Financial, Inc.		285	$	34,291
Regions Financial Corp.		2,918		54,362
Reinsurance Group of America, Inc.		679		120,081
RenaissanceRe Holdings Ltd.		70		15,737
Rithm Capital Corp. REIT		15,257		165,386
RLI Corp.		1,503		220,114
Ryan Specialty Holdings, Inc.*		672		35,199
S&P Global, Inc.		509		218,045
SEI Investments Co.		3,419		229,928
SLM Corp.		1,867		38,890
Starwood Property Trust, Inc. REIT		3,070		62,597
State Street Corp.		2,027		149,451
Stifel Financial Corp.		1,301		98,694
Synchrony Financial		2,701		111,551
Synovus Financial Corp.		614		23,295
T. Rowe Price Group, Inc.		2,381		269,886
TPG, Inc.		1,102		48,874
Tradeweb Markets, Inc., Class A		2,251		238,201
Travelers Cos., Inc.		792		175,000
Truist Financial Corp.		2,297		80,349
Unum Group		2,967		146,718
US Bancorp		2,600		109,096
UWM Holdings Corp.		2,191		13,979
Virtu Financial, Inc., Class A		2,692		48,591
Visa, Inc., Class A		267		75,465
Voya Financial, Inc.		1,133		77,452
W.R. Berkley Corp.		3,419		285,828
Webster Financial Corp.		786		37,445
Wells Fargo & Co.		1,182		65,707
Western Alliance Bancorp		605		34,927
Western Union Co.		8,969		120,274
WEX, Inc.*		313		68,776
White Mountains Insurance Group Ltd.		4		7,062
Willis Towers Watson PLC		552		150,481
Wintrust Financial Corp.		447		43,068
XP, Inc., Class A		591		13,971
Zions Bancorp NA		1,726		68,056
(Cost $13,662,092)				16,662,847
Health Care — 10.2%
Abbott Laboratories		805		95,505
AbbVie, Inc.		427		75,173
Acadia Healthcare Co., Inc.*		247		20,612
Agilent Technologies, Inc.		478		65,658
Align Technology, Inc.*		399		120,666
Amedisys, Inc.*		200		18,604
Amgen, Inc.		451		123,497
Avantor, Inc.*		2,283		56,253
Azenta, Inc.*		371		24,171
Baxter International, Inc.		1,496		61,216
Becton Dickinson and Co.		345		81,265
Biogen, Inc.*		93		20,180
BioMarin Pharmaceutical, Inc.*		138		11,907
Bio-Techne Corp.		295		21,703
Boston Scientific Corp.*		1,338		88,589
Bristol-Myers Squibb Co.		1,054		53,491
Bruker Corp.		520		45,001

	Number of Shares		Value
Health Care (Continued)
Cardinal Health, Inc.		15,862	$	1,776,227
Catalent, Inc.*		352		20,184
Cencora, Inc.		4,910		1,156,796
Centene Corp.*		6,296		493,795
Charles River Laboratories International, Inc.*		339		86,170
Chemed Corp.		456		285,515
Cigna Group		888		298,492
Cooper Cos., Inc.		1,124		105,206
CVS Health Corp.		2,266		168,522
Danaher Corp.		242		61,260
DaVita, Inc.*		1,968		249,877
DENTSPLY SIRONA, Inc.		487		15,915
Dexcom, Inc.*		133		15,304
Edwards Lifesciences Corp.*		3,068		260,381
Elanco Animal Health, Inc.*		1,022		16,240
Elevance Health, Inc.		477		239,096
Eli Lilly & Co.		40		30,147
Encompass Health Corp.		2,836		210,998
Enovis Corp.*		1,960		117,228
Exelixis, Inc.*		7,949		174,083
Fortrea Holdings, Inc.*		4,017		150,798
GE HealthCare Technologies, Inc.		5,966		544,577
Gilead Sciences, Inc.		1,458		105,122
Globus Medical, Inc., Class A*		453		24,457
HCA Healthcare, Inc.		591		184,215
Henry Schein, Inc.*		2,428		185,669
Hologic, Inc.*		1,166		86,051
Humana, Inc.		1,560		546,499
ICON PLC*		807		258,740
IDEXX Laboratories, Inc.*		479		275,535
Incyte Corp.*		441		25,737
Integra LifeSciences Holdings Corp.*		770		28,421
Intuitive Surgical, Inc.*		505		194,728
IQVIA Holdings, Inc.*		488		120,614
Jazz Pharmaceuticals PLC*		380		45,182
Johnson & Johnson		210		33,890
Laboratory Corp. of America Holdings		1,323		285,543
McKesson Corp.		2,981		1,554,323
Medpace Holdings, Inc.*		417		165,766
Medtronic PLC		1,194		99,532
Merck & Co., Inc.		866		110,112
Mettler-Toledo International, Inc.*		34		42,405
Molina Healthcare, Inc.*		1,216		478,995
Neurocrine Biosciences, Inc.*		804		104,842
Perrigo Co. PLC		494		12,972
Pfizer, Inc.		692		18,380
Premier, Inc., Class A		2,551		53,214
QIAGEN NV*		692		29,611
Quest Diagnostics, Inc.		1,745		217,933
Regeneron Pharmaceuticals, Inc.*		274		264,709
Repligen Corp.*		102		19,787
ResMed, Inc.		294		51,074
Revvity, Inc.		206		22,576
Royalty Pharma PLC, Class A		618		18,750
Shockwave Medical, Inc.*		92		24,000
STERIS PLC		835		194,480

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Stryker Corp.		267	$	93,202
Teleflex, Inc.		151		33,641
Thermo Fisher Scientific, Inc.		85		48,465
United Therapeutics Corp.*		386		87,097
UnitedHealth Group, Inc.		64		31,590
Universal Health Services, Inc., Class B		1,419		237,058
Veeva Systems, Inc., Class A*		399		89,979
Vertex Pharmaceuticals, Inc.*		974		409,801
Viatris, Inc.		10,878		134,561
Waters Corp.*		199		67,147
West Pharmaceutical Services, Inc.		1,323		474,110
Zimmer Biomet Holdings, Inc.		504		62,677
Zoetis, Inc.		966		191,587
(Cost $12,573,999)				15,305,081
Industrials — 20.4%
3M Co.		1,055		97,187
A O Smith Corp.		3,928		325,631
Acuity Brands, Inc.		1,188		298,473
Advanced Drainage Systems, Inc.		1,299		212,049
AECOM		1,699		150,922
AGCO Corp.		995		109,152
Alaska Air Group, Inc.*		2,367		88,502
Allegion PLC		625		79,919
Allison Transmission Holdings, Inc.		5,230		393,976
American Airlines Group, Inc.*		3,380		52,998
AMETEK, Inc.		1,341		241,621
Armstrong World Industries, Inc.		1,328		160,170
Automatic Data Processing, Inc.		446		112,004
Axon Enterprise, Inc.*		83		25,512
AZEK Co., Inc.*		1,663		80,007
Boeing Co.*		66		13,446
Booz Allen Hamilton Holding Corp.		1,821		268,980
Broadridge Financial Solutions, Inc.		2,604		530,122
Builders FirstSource, Inc.*		2,089		407,731
BWX Technologies, Inc.		1,522		153,463
C.H. Robinson Worldwide, Inc.		3,852		285,356
CACI International, Inc., Class A*		830		311,126
Carlisle Cos., Inc.		1,097		383,950
Carrier Global Corp.		6,392		355,267
Caterpillar, Inc.		591		197,370
Cintas Corp.		395		248,301
Clarivate PLC*		1,654		11,876
Clean Harbors, Inc.*		1,311		238,733
CNH Industrial NV		4,523		54,050
Concentrix Corp.		148		10,723
Copart, Inc.*		6,482		344,518
Core & Main, Inc., Class A*		7,633		364,323
CSX Corp.		6,148		233,255
Cummins, Inc.		573		153,914
Curtiss-Wright Corp.		491		116,009
Dayforce, Inc.*		496		34,601
Deere & Co.		205		74,835
Delta Air Lines, Inc.		7,330		309,839
Donaldson Co., Inc.		3,232		231,476
Dover Corp.		1,075		177,784
Dun & Bradstreet Holdings, Inc.		2,935		30,935

	Number of Shares		Value
Industrials (Continued)
Eaton Corp. PLC		807	$	233,223
EMCOR Group, Inc.		2,231		699,463
Equifax, Inc.		430		117,644
Esab Corp.		2,073		205,476
Expeditors International of Washington, Inc.		6,018		719,753
Fastenal Co.		9,440		689,214
FedEx Corp.		1,596		397,356
Ferguson PLC		1,986		419,940
Flowserve Corp.		835		35,337
Fortive Corp.		2,387		203,205
Fortune Brands Innovations, Inc.		4,605		374,571
FTI Consulting, Inc.*		924		191,157
Gates Industrial Corp. PLC*		2,291		33,724
Generac Holdings, Inc.*		340		38,253
General Dynamics Corp.		581		158,758
General Electric Co.		786		123,316
Genpact Ltd.		1,223		41,582
Graco, Inc.		3,205		292,488
GXO Logistics, Inc.*		1,441		74,586
Hayward Holdings, Inc.*		1,461		21,608
HEICO Corp.		267		51,638
HEICO Corp., Class A		589		91,643
Hexcel Corp.		457		34,028
Honeywell International, Inc.		307		61,010
Howmet Aerospace, Inc.		2,159		143,681
Hubbell, Inc.		1,040		395,897
Huntington Ingalls Industries, Inc.		575		167,682
IDEX Corp.		244		57,560
Illinois Tool Works, Inc.		1,109		290,724
Ingersoll Rand, Inc.		2,131		194,624
ITT, Inc.		2,101		265,020
Jacobs Solutions, Inc.		2,433		356,799
JB Hunt Transport Services, Inc.		1,416		292,135
Johnson Controls International PLC		1,684		99,811
KBR, Inc.		2,070		124,262
Kirby Corp.*		925		81,141
Knight-Swift Transportation Holdings, Inc.		2,623		147,780
L3Harris Technologies, Inc.		272		57,572
Landstar System, Inc.		2,159		410,642
Leidos Holdings, Inc.		3,487		445,848
Lennox International, Inc.		520		245,029
Lincoln Electric Holdings, Inc.		1,096		281,234
Lockheed Martin Corp.		228		97,639
ManpowerGroup, Inc.		1,806		130,321
Masco Corp.		7,919		607,862
MasTec, Inc.*		128		9,659
MDU Resources Group, Inc.		3,932		85,246
Middleby Corp.*		261		39,714
MSA Safety, Inc.		549		101,098
MSC Industrial Direct Co., Inc., Class A		3,002		303,022
Nordson Corp.		773		205,347
Norfolk Southern Corp.		447		113,261
Northrop Grumman Corp.		112		51,634
nVent Electric PLC		3,568		240,198
Old Dominion Freight Line, Inc.		850		376,108

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Oshkosh Corp.		2,774	$	307,526
Otis Worldwide Corp.		3,128		298,098
Owens Corning		4,138		619,790
PACCAR, Inc.		5,428		601,911
Parker-Hannifin Corp.		128		68,538
Paychex, Inc.		1,589		194,843
Paycom Software, Inc.		1,007		183,667
Paycor HCM, Inc.*		637		13,453
Paylocity Holding Corp.*		81		13,657
Pentair PLC		1,275		99,182
Quanta Services, Inc.		1,650		398,492
RB Global, Inc.		5,348		405,967
RBC Bearings, Inc.*		147		40,106
Regal Rexnord Corp.		1,262		216,420
Republic Services, Inc.		1,544		283,478
Robert Half, Inc.		5,165		415,266
Rockwell Automation, Inc.		1,006		286,790
Rollins, Inc.		4,774		210,390
RTX Corp.		664		59,541
Ryder System, Inc.		2,766		315,601
Saia, Inc.*		452		260,081
Schneider National, Inc., Class B		3,391		79,858
Science Applications International Corp.		2,637		369,075
Sensata Technologies Holding PLC		458		15,764
SiteOne Landscape Supply, Inc.*		848		142,871
Snap-on, Inc.		1,218		335,754
Southwest Airlines Co.		3,420		117,203
SS&C Technologies Holdings, Inc.		3,907		249,110
Stanley Black & Decker, Inc.		925		82,593
Stericycle, Inc.*		1,435		78,050
Tetra Tech, Inc.		509		90,256
Textron, Inc.		1,891		168,431
Timken Co.		1,113		93,481
Toro Co.		422		38,955
Trane Technologies PLC		1,321		372,482
TransDigm Group, Inc.		55		64,776
TransUnion		791		61,405
Trex Co., Inc.*		1,520		139,475
U-Haul Holding Co.*		209		13,455
U-Haul Holding Co.		1,495		95,037
Union Pacific Corp.		334		84,732
United Airlines Holdings, Inc.*		489		22,245
United Parcel Service, Inc., Class B		960		142,330
United Rentals, Inc.		387		268,295
Valmont Industries, Inc.		108		22,888
Veralto Corp.		2,130		184,075
Verisk Analytics, Inc.		1,319		319,066
Vertiv Holdings Co., Class A		393		26,575
Vestis Corp.		4,766		89,410
W.W. Grainger, Inc.		561		546,111
Waste Management, Inc.		1,633		335,826
Watsco, Inc.		1,307		515,115
WESCO International, Inc.		207		30,944
Westinghouse Air Brake Technologies Corp.		1,285		181,558
WillScot Mobile Mini Holdings Corp.*		1,222		58,351
Woodward, Inc.		890		125,926

	Number of Shares		Value
Industrials (Continued)
XPO, Inc.*		991	$	119,237
Xylem, Inc.		563		71,529
(Cost $23,297,407)				30,742,670
Information Technology — 19.1%
Accenture PLC, Class A		499		187,015
Adobe, Inc.*		458		256,608
Advanced Micro Devices, Inc.*		186		35,811
Akamai Technologies, Inc.*		7,164		794,631
Allegro MicroSystems, Inc.*		1,429		44,999
Amdocs Ltd.		6,492		592,070
Amphenol Corp., Class A		6,593		720,219
Analog Devices, Inc.		2,292		439,651
ANSYS, Inc.*		1,455		486,217
Apple, Inc.		2,919		527,609
Applied Materials, Inc.		4,470		901,241
Arista Networks, Inc.*		969		268,936
Arrow Electronics, Inc.*		1,921		225,718
Aspen Technology, Inc.*		69		13,378
Atlassian Corp., Class A*		535		110,970
Autodesk, Inc.*		2,686		693,445
Avnet, Inc.		290		13,511
Bentley Systems, Inc., Class B		343		17,620
Broadcom, Inc.		115		149,556
Cadence Design Systems, Inc.*		2,342		712,858
CCC Intelligent Solutions Holdings, Inc.*		2,859		33,479
CDW Corp.		5,188		1,277,338
Ciena Corp.*		210		11,966
Cirrus Logic, Inc.*		3,145		288,774
Cisco Systems, Inc.		5,590		270,388
Cognex Corp.		840		33,138
Cognizant Technology Solutions Corp., Class A		22,087		1,745,315
Corning, Inc.		9,017		290,708
Crane NXT Co.		1,750		102,235
Crowdstrike Holdings, Inc., Class A*		148		47,974
Datadog, Inc., Class A*		119		15,644
DocuSign, Inc.*		415		22,107
Dolby Laboratories, Inc., Class A		3,782		306,342
DoubleVerify Holdings, Inc.*		2,410		74,445
Dropbox, Inc., Class A*		16,482		394,744
DXC Technology Co.*		2,544		55,612
Dynatrace, Inc.*		1,687		83,591
EPAM Systems, Inc.*		728		221,603
F5, Inc.*		3,201		599,291
Fair Isaac Corp.*		153		194,296
First Solar, Inc.*		62		9,541
Five9, Inc.*		179		10,919
Fortinet, Inc.*		9,593		662,972
Gartner, Inc.*		1,090		507,460
GLOBALFOUNDRIES, Inc.*		325		17,768
Globant SA*		446		99,534
GoDaddy, Inc., Class A*		2,777		316,995
Guidewire Software, Inc.*		925		110,390
Hewlett Packard Enterprise Co.		30,557		465,383
HP, Inc.		6,420		181,879
HubSpot, Inc.*		159		98,391

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Intel Corp.		3,568	$	153,602
International Business Machines Corp.		1,099		203,348
Intuit, Inc.		693		459,383
IPG Photonics Corp.*		1,330		114,846
Jabil, Inc.		7,971		1,148,541
Juniper Networks, Inc.		2,002		74,134
Keysight Technologies, Inc.*		1,537		237,159
KLA Corp.		1,201		819,442
Kyndryl Holdings, Inc.*		1,450		31,857
Lam Research Corp.		873		819,092
Lattice Semiconductor Corp.*		1,996		152,914
Littelfuse, Inc.		439		104,587
Manhattan Associates, Inc.*		1,683		426,354
Marvell Technology, Inc.		1,149		82,337
Microchip Technology, Inc.		6,462		543,713
Micron Technology, Inc.		119		10,783
Microsoft Corp.		1,335		552,209
Monolithic Power Systems, Inc.		697		501,868
Motorola Solutions, Inc.		1,038		342,945
NCR Voyix Corp.*		901		13,164
NetApp, Inc.		4,720		420,646
NVIDIA Corp.		109		86,232
ON Semiconductor Corp.*		1,512		119,327
Oracle Corp.		171		19,097
Palo Alto Networks, Inc.*		688		213,658
PTC, Inc.*		670		122,617
Pure Storage, Inc., Class A*		5,228		275,254
Qorvo, Inc.*		1,125		128,869
QUALCOMM, Inc.		2,297		362,444
Roper Technologies, Inc.		89		48,481
Salesforce, Inc.*		547		168,925
ServiceNow, Inc.*		267		205,948
Skyworks Solutions, Inc.		4,721		495,327
Snowflake, Inc., Class A*		197		37,091
Splunk, Inc.*		230		35,931
Synopsys, Inc.*		1,150		659,790
TD SYNNEX Corp.		3,374		350,559
Teledyne Technologies, Inc.*		142		60,672
Teradata Corp.*		3,033		114,102
Teradyne, Inc.		3,614		374,374
Texas Instruments, Inc.		2,340		391,552
Trimble, Inc.*		795		48,646
Tyler Technologies, Inc.*		509		222,504
Universal Display Corp.		872		152,094
VeriSign, Inc.*		2,691		525,525
Viasat, Inc.*		571		11,175
Vontier Corp.		4,677		201,111
Workday, Inc., Class A*		457		134,660
Zebra Technologies Corp., Class A*		311		86,918
Zoom Video Communications, Inc., Class A*		470		33,243
Zscaler, Inc.*		87		21,051
(Cost $23,208,126)				28,662,386
Materials — 6.7%
Air Products and Chemicals, Inc.		207		48,446
Albemarle Corp.		151		20,815

	Number of Shares		Value
Materials (Continued)
Amcor PLC		9,338	$	84,602
AptarGroup, Inc.		1,453		204,088
Ashland, Inc.		108		10,113
Avery Dennison Corp.		1,371		296,863
Axalta Coating Systems Ltd.*		2,776		90,858
Ball Corp.		994		63,636
Berry Global Group, Inc.		1,678		97,676
Celanese Corp.		370		56,229
CF Industries Holdings, Inc.		2,483		200,428
Cleveland-Cliffs, Inc.*		1,116		23,213
Corteva, Inc.		2,002		107,147
Crown Holdings, Inc.		1,740		133,319
Dow, Inc.		9,049		505,658
DuPont de Nemours, Inc.		3,253		225,075
Eagle Materials, Inc.		1,427		361,816
Eastman Chemical Co.		2,020		177,235
Ecolab, Inc.		921		207,078
Element Solutions, Inc.		2,778		65,283
FMC Corp.		138		7,782
Freeport-McMoRan, Inc.		1,013		38,302
Graphic Packaging Holding Co.		13,423		348,327
Huntsman Corp.		5,942		152,115
International Flavors & Fragrances, Inc.		582		43,941
International Paper Co.		8,150		288,184
Linde PLC		377		169,205
Louisiana-Pacific Corp.		1,645		121,681
LyondellBasell Industries NV, Class A		7,668		768,947
Martin Marietta Materials, Inc.		289		166,958
Mosaic Co.		2,289		71,325
NewMarket Corp.		374		239,985
Newmont Corp.		718		22,437
Nucor Corp.		4,237		814,775
Olin Corp.		3,646		196,155
Packaging Corp. of America		2,635		477,436
PPG Industries, Inc.		898		127,157
Reliance, Inc.		3,713		1,192,690
Royal Gold, Inc.		661		67,838
RPM International, Inc.		1,398		161,259
Scotts Miracle-Gro Co.		487		31,996
Sealed Air Corp.		453		15,796
Sherwin-Williams Co.		508		168,671
Silgan Holdings, Inc.		2,185		95,943
Sonoco Products Co.		1,297		73,514
Southern Copper Corp.		507		40,996
Steel Dynamics, Inc.		4,407		589,745
United States Steel Corp.		1,930		91,366
Vulcan Materials Co.		714		189,817
Westlake Corp.		1,349		187,120
Westrock Co.		2,634		119,294
(Cost $7,834,501)				10,060,335
Real Estate — 3.5%
Agree Realty Corp. REIT		211		11,594
Alexandria Real Estate Equities, Inc. REIT		192		23,948
American Homes 4 Rent, Class A REIT		2,804		103,776
American Tower Corp. REIT		167		33,210
Americold Realty Trust, Inc. REIT		482		12,195

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Apartment Income REIT Corp. REIT		6,802	$	206,237
AvalonBay Communities, Inc. REIT		1,373		243,062
Boston Properties, Inc. REIT		1,152		74,557
Brixmor Property Group, Inc. REIT		3,004		67,920
Camden Property Trust REIT		861		81,347
CBRE Group, Inc., Class A*		4,267		392,095
CoStar Group, Inc.*		1,315		114,444
Cousins Properties, Inc. REIT		590		13,458
Crown Castle, Inc. REIT		404		44,416
CubeSmart REIT		2,682		116,962
Digital Realty Trust, Inc. REIT		518		76,048
EastGroup Properties, Inc. REIT		862		151,445
Equinix, Inc. REIT		109		96,881
Equity LifeStyle Properties, Inc. REIT		2,131		143,459
Equity Residential REIT		1,819		109,522
Essex Property Trust, Inc. REIT		494		114,312
Extra Space Storage, Inc. REIT		896		126,309
Federal Realty Investment Trust REIT		619		62,426
First Industrial Realty Trust, Inc. REIT		2,577		136,581
Gaming and Leisure Properties, Inc. REIT		744		33,837
Healthcare Realty Trust, Inc. REIT		841		11,589
Healthpeak Properties, Inc. REIT		614		10,284
Highwoods Properties, Inc. REIT		625		15,281
Host Hotels & Resorts, Inc. REIT		11,037		228,907
Howard Hughes Holdings, Inc.*		224		17,114
Invitation Homes, Inc. REIT		2,779		94,681
Iron Mountain, Inc. REIT		2,933		230,651
Jones Lang LaSalle, Inc.*		812		154,475
Kilroy Realty Corp. REIT		556		21,067
Kimco Realty Corp. REIT		472		9,327
Lamar Advertising Co., Class A REIT		1,434		158,529
Mid-America Apartment Communities, Inc. REIT		473		59,447
National Storage Affiliates Trust REIT		744		26,643
NNN REIT, Inc. REIT		1,066		43,376
Omega Healthcare Investors, Inc. REIT		1,551		48,267
Prologis, Inc. REIT		715		95,288
Public Storage REIT		1,148		325,883
Rayonier, Inc. REIT		850		29,265
Realty Income Corp. REIT		1,567		81,656
Regency Centers Corp. REIT		1,407		87,164
Rexford Industrial Realty, Inc. REIT		449		22,845
SBA Communications Corp. REIT		256		53,563
Simon Property Group, Inc. REIT		802		118,808
STAG Industrial, Inc. REIT		2,567		95,338
Sun Communities, Inc. REIT		230		30,765
UDR, Inc. REIT		625		22,187
VICI Properties, Inc. REIT		1,699		50,851
Welltower, Inc. REIT		387		35,666
Weyerhaeuser Co. REIT		15,987		549,633
WP Carey, Inc. REIT		595		33,516
(Cost $5,069,463)				5,352,107
Utilities — 3.2%
AES Corp.		836		12,707
Alliant Energy Corp.		1,834		87,573
Ameren Corp.		1,805		128,498
American Electric Power Co., Inc.		1,475		125,655

	Number of Shares		Value
Utilities (Continued)
American Water Works Co., Inc.		464	$	55,003
Atmos Energy Corp.		3,488		393,830
Avangrid, Inc.		348		10,833
Brookfield Renewable Corp., Class A		1,661		39,399
CenterPoint Energy, Inc.		4,792		131,780
Clearway Energy, Inc.		506		11,031
CMS Energy Corp.		2,257		129,484
Consolidated Edison, Inc.		2,996		261,281
Constellation Energy Corp.		447		75,297
Dominion Energy, Inc.		1,438		68,780
DTE Energy Co.		1,617		175,202
Duke Energy Corp.		1,235		113,410
Edison International		3,772		256,571
Entergy Corp.		1,428		145,042
Essential Utilities, Inc.		815		28,346
Evergy, Inc.		1,864		92,343
Eversource Energy		834		48,956
Exelon Corp.		5,778		207,084
FirstEnergy Corp.		3,205		117,335
Hawaiian Electric Industries, Inc.		6,981		85,029
IDACORP, Inc.		845		74,453
National Fuel Gas Co.		1,856		90,461
NextEra Energy, Inc.		574		31,679
NiSource, Inc.		8,165		212,780
NRG Energy, Inc.		7,978		441,343
OGE Energy Corp.		3,524		115,975
Pinnacle West Capital Corp.		2,028		138,573
PPL Corp.		3,539		93,323
Public Service Enterprise Group, Inc.		3,291		205,358
Sempra		1,185		83,661
Southern Co.		2,860		192,335
Vistra Corp.		1,716		93,591
WEC Energy Group, Inc.		1,373		107,767
Xcel Energy, Inc.		2,507		132,094
(Cost $4,811,389)				4,813,862
TOTAL COMMON STOCKS (Cost $122,699,757)				149,322,019
EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell 1000 ETF (a)		300		83,931
Vanguard S&P 500 ETF		750		350,197
(Cost $372,161)				434,128
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $327,111)		327,111		327,111
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $287,137)		287,137		287,137
TOTAL INVESTMENTS — 100.1% (Cost $123,686,166)			$	150,370,395
Other assets and liabilities, net — (0.1%)				(144,136	)
NET ASSETS — 100.0%			$	150,226,259

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		327,111	(d)		—			—		—		1,898		—		327,111		327,111
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		139,790		2,392,579			(2,245,232	)		—		—		5,763		—		287,137		287,137
		139,790		2,719,690			(2,245,232	)		—		—		7,661		—		614,248		614,248

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $319,501, which is 0.2% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
S&P 500 E-Mini Futures	USD	1	$	233,888		$255,188		3/15/2024	$	21,300
Micro E-Mini S&P 500 Futures	USD	4		99,490		102,075		3/15/2024		2,585
Total unrealized appreciation									$	23,885

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	149,322,019	$	—	$	—	$	149,322,019
Exchange-Traded Funds		434,128		—		—		434,128
Short-Term Investments (a)		614,248		—		—		614,248
Derivatives (b)
Futures Contracts		23,885		—		—		23,885
TOTAL	$	150,394,280	$	—	$	—	$	150,394,280

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

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

See Notes to Financial Statements. 47

DBX ETF Trust

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF		Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Xtrackers Russell US Multifactor ETF
Assets
Investment in non-affiliated securities at value	$	58,572,850		$	556,492,076	$	64,831,549	$	149,756,147
Investment in affiliated securities at value		44,693			250,749		—		—
Investment in DWS Government Money Market Series		79,730			1,167,020		59,003		287,137
Investment in DWS Government & Agency Securities Portfolio*		290,445			309,212		48,826		327,111
Foreign currency at value		146,072			743,466		—		—
Deposit with broker for futures contracts		12,500			137,391		5,841		18,172
Receivables:
Investment securities sold		8,651			3,278,272		—		—
Variation margin on futures contracts		—			11,713		1,005		2,300
Dividends		131,009			774,697		112,527		192,394
Interest		326			4,425		162		1,081
Affiliated securities lending income		12			1,173		28		664
Foreign tax reclaim		60,502			185,674		—		—
Total assets	$	59,346,790		$	563,355,868	$	65,058,941	$	150,585,006
Liabilities
Payable upon return of securities loaned	$	290,445		$	309,212	$	48,826	$	327,111
Payables:
Investment securities purchased		535			3,243,354		—		11,921
Investment advisory fees		11,066			39,080		9,613		19,715
Variation margin on futures contracts		980			—		—		—
Total liabilities		303,026			3,591,646		58,439		358,747
Net Assets, at value	$	59,043,764		$	559,764,222	$	65,000,502	$	150,226,259
Net Assets Consist of
Paid-in capital	$	75,013,679		$	466,314,940	$	58,154,007	$	155,068,523
Distributable earnings (loss)		(15,969,915	)		93,449,282		6,846,495		(4,842,264	)
Net Assets, at value	$	59,043,764		$	559,764,222	$	65,000,502	$	150,226,259
Number of Common Shares outstanding		2,050,001			6,210,001		1,375,001		3,000,001
Net Asset Value	$	28.80		$	90.14	$	47.27	$	50.08
Investment in non-affiliated securities at cost	$	52,595,067		$	460,554,297	$	56,533,504	$	123,071,918
Investment in affiliated securities at cost	$	36,967		$	216,690	$	–	$	–
Value of securities loaned	$	276,396		$	283,214	$	47,835	$	319,501
Investment in DWS Government Money Market Series at cost	$	79,730		$	1,167,020	$	59,003	$	287,137
Investment in DWS Government & Agency Securities Portfolio at cost*	$	290,445		$	309,212	$	48,826	$	327,111
Foreign currency at cost	$	146,302		$	737,167	$	—	$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 48

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

	Xtrackers FTSE Developed ex US Multifactor ETF			Xtrackers MSCI Kokusai Equity ETF			Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			Xtrackers Russell US Multifactor ETF
Investment Income
Unaffiliated dividend income*	$	658,721		$	3,892,326		$	496,738		$	1,179,096
Income distributions from affiliated funds		3,232			27,309			886			5,763
Affiliated securities lending income		314			6,385			30			1,898
Affiliated other income (see note 6)		515			2,502			—			500
Total investment income		662,782			3,928,522			497,654			1,187,257
Expenses
Investment advisory fees		99,574			232,715			51,739			115,600
Other expenses		58			58			58			58
Total expenses		99,632			232,773			51,797			115,658
Less fees waived (see note 3):
Waiver		(31,362	)		(550	)		(19	)		(117	)
Net expenses		68,270			232,223			51,778			115,541
Net investment income (loss)		594,512			3,696,299			445,876			1,071,716
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,508,397	)		(1,286,824	)		(13,033	)		(930,339	)
In-kind redemptions		1,549,246			5,024,240			1,865,770			5,843,205
In-kind redemptions in affiliates		(240	)		2,616			—			—
Futures contracts		49,545			143,336			(5	)		9,722
Foreign currency transactions		5,470			1,748			—			—
Net realized gain (loss)		95,624			3,885,116			1,852,732			4,922,588
Net change in unrealized appreciation (depreciation) on:
Investments		3,213,134			55,281,462			5,517,102			10,611,428
Investments in affiliates		7,269			45,194			—			—
Futures contracts		6,813			112,443			1,881			17,499
Foreign currency translations		109			(28,093	)		—			—
Net change in unrealized appreciation (depreciation)		3,227,325			55,411,006			5,518,983			10,628,927
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		3,322,949			59,296,122			7,371,715			15,551,515
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,917,461		$	62,992,421		$	7,817,591		$	16,623,231
*   Unaffiliated foreign tax withheld	$	61,528		$	360,664		$	42		$	554

See Notes to Financial Statements. 49

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	594,512		$	2,211,616		$	3,696,299		$	10,516,535
Net realized gain (loss)		95,624			(5,384,510	)		3,885,116			7,420,412
Net change in net unrealized appreciation (depreciation)		3,227,325			9,700,089			55,411,006			60,585,767
Net increase (decrease) in net assets resulting from operations		3,917,461			6,527,195			62,992,421			78,522,714
Distributions to Shareholders		(1,438,980	)		(2,130,476	)		(4,510,307	)		(10,244,127	)
Fund Shares Transactions
Proceeds from shares sold		4,074,833			6,891,035			—			—
Value of shares redeemed		(7,824,665	)		(16,975,746	)		(18,424,205	)		(50,947,243	)
Net increase (decrease) in net assets resulting from fund share transactions		(3,749,832	)		(10,084,711	)		(18,424,205	)		(50,947,243	)
Total net increase (decrease) in Net Assets		(1,271,351	)		(5,687,992	)		40,057,909			17,331,344
Net Assets
Beginning of period		60,315,115			66,003,107			519,706,313			502,374,969
End of period	$	59,043,764		$	60,315,115		$	559,764,222		$	519,706,313
Changes in Shares Outstanding
Shares outstanding, beginning of period		2,200,001			2,600,001			6,430,001			7,070,001
Shares sold		150,000			250,000			—			—
Shares redeemed		(300,000	)		(650,000	)		(220,000	)		(640,000	)
Shares outstanding, end of period		2,050,001			2,200,001			6,210,001			6,430,001

See Notes to Financial Statements. 50

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF						Xtrackers Russell US Multifactor ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	445,876		$	259,221		$	1,071,716		$	2,526,303
Net realized gain (loss)		1,852,732			594,889			4,922,588			3,947,253
Net change in net unrealized appreciation (depreciation)		5,518,983			2,517,678			10,628,927			5,908,420
Net increase (decrease) in net assets resulting from operations		7,817,591			3,371,788			16,623,231			12,381,976
Distributions to Shareholders		(325,757	)		(210,231	)		(1,115,297	)		(2,664,258	)
Fund Shares Transactions
Proceeds from shares sold		36,288,139			18,421,557			18,456,777			28,235,429
Value of shares redeemed		(7,821,155	)		(3,689,886	)		(18,703,743	)		(48,688,101	)
Net increase (decrease) in net assets resulting from fund share transactions		28,466,984			14,731,671			(246,966	)		(20,452,672	)
Total net increase (decrease) in Net Assets		35,958,818			17,893,228			15,260,968			(10,734,954	)
Net Assets
Beginning of period		29,041,684			11,148,456			134,965,291			145,700,245
End of period	$	65,000,502		$	29,041,684		$	150,226,259		$	134,965,291
Changes in Shares Outstanding
Shares outstanding, beginning of period		675,001			300,001			3,000,001			3,500,001
Shares sold		875,000			475,000			400,000			700,000
Shares redeemed		(175,000	)		(100,000	)		(400,000	)		(1,200,000	)
Shares outstanding, end of period		1,375,001			675,001			3,000,001			3,000,001

See Notes to Financial Statements. 51

DBX ETF Trust

Financial Highlights

Xtrackers FTSE Developed ex US Multifactor ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	27.42		$	25.39		$	32.88		$	27.84		$	26.80		$	28.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.28			0.90			1.01			0.84			0.62			0.83
Net realized and unrealized gain (loss)		1.74			1.98			(7.37	)		5.35			1.32			(2.11	)
Total from investment operations		2.02			2.88			(6.36	)		6.19			1.94			(1.28	)
Less distributions from:
Net investment income		(0.64	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)		(0.76	)
Total distributions		(0.64	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)		(0.76	)
Net Asset Value, end of period	$	28.80		$	27.42		$	25.39		$	32.88		$	27.84		$	26.80
Total Return (%)(b)		7.50	**		11.59			(19.75	)		22.69			7.49			(4.51	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		59			60			66			71			72			72
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.24	*		0.24			0.24			0.24			0.24			0.29
Ratio of net investment income (loss) (%)		2.09	*		3.44			3.45			2.75			2.37			3.05
Portfolio turnover rate (%)(c)		27	**		52			56			53			43			51

Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,									Period Ended 8/31/2020(d)
				2023			2022			2021
Net Asset Value, beginning of period	$	80.83		$	71.06		$	84.95		$	65.83		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.58			1.50			1.53			1.28			0.49
Net realized and unrealized gain (loss)		9.43			9.72			(13.73	)		18.91			15.34
Total from investment operations		10.01			11.22			(12.20	)		20.19			15.83
Less distributions from:
Net investment income		(0.70	)		(1.45	)		(1.69	)		(1.06	)		—
Net realized gains		—			—			—			(0.01	)		—
Total distributions		(0.70	)		(1.45	)		(1.69	)		(1.07	)		—
Net Asset Value, end of period	$	90.14		$	80.83		$	71.06		$	84.95		$	65.83
Total Return (%)(b)		12.48	**		16.02			(14.55	)		30.87			31.66	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		560			520			502			803			132
Ratio of expenses before fee waiver (%)		0.09	*		0.09			0.09			0.09			0.09	*
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.09			0.09			0.09	*
Ratio of net investment income (loss) (%)		1.43	*		2.02			1.93			1.73			2.08	*
Portfolio turnover rate (%)(c)		2	**		2			4			6			7	**

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

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

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

(d) For the period April 8, 2020 (commencement of operations) through August 31, 2020.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 52

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	43.02		$	37.16		$	41.83		$	31.43		$	27.08		$	27.29
Income (loss) from investment operations:
Net investment income (loss)(a)		0.35			0.61			0.53			0.52			0.52			0.51
Net realized and unrealized gain (loss)		4.20			5.85			(4.60	)		10.44			4.42			(0.25	)
Total from investment operations		4.55			6.46			(4.07	)		10.96			4.94			0.26
Less distributions from:
Net investment income		(0.30	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)		(0.47	)
Total distributions		(0.30	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)		(0.47	)
Net Asset Value, end of period	$	47.27		$	43.02		$	37.16		$	41.83		$	31.43		$	27.08
Total Return (%)(b)		10.63	**		17.63			(9.84	)		35.25			18.72			1.03
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		65			29			11			40			101			111
Ratio of expenses before fee waiver (%)		0.19	*		0.19			0.19			0.19			0.19			0.19
Ratio of expenses after fee waiver (%)		0.19	*		0.19			0.19			0.19			0.19			0.19
Ratio of net investment income (loss) (%)		1.63	*		1.55			1.29			1.51			1.85			1.93
Portfolio turnover rate (%)(c)		1	**		34			14			13			22			31
Xtrackers Russell US Multifactor ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	44.99		$	41.63		$	46.33		$	34.84		$	33.88		$	33.93
Income (loss) from investment operations:
Net investment income (loss)(a)		0.36			0.77			0.72			0.56			0.62			0.57
Net realized and unrealized gain (loss)		5.08			3.38			(4.76	)		11.47			0.96			(0.09	)
Total from investment operations		5.44			4.15			(4.04	)		12.03			1.58			0.48
Less distributions from:
Net investment income		(0.35	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)		(0.53	)
Total distributions		(0.35	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)		(0.53	)
Net Asset Value, end of period	$	50.08		$	44.99		$	41.63		$	46.33		$	34.84		$	33.88
Total Return (%)(b)		12.16	**		10.12			(8.80	)		34.85			4.93			1.53
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		150			135			146			206			150			203
Ratio of expenses before fee waiver (%)		0.17	*		0.17			0.17			0.17			0.17			0.17
Ratio of expenses after fee waiver (%)		0.17	*		0.17			0.17			0.17			0.17			0.17
Ratio of net investment income (loss) (%)		1.58	*		1.80			1.60			1.40			1.85			1.77
Portfolio turnover rate (%)(c)		19	**		44			38			39			47			48

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 53

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers FTSE Developed ex US Multifactor ETF

Xtrackers MSCI Kokusai Equity ETF

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Xtrackers Russell US Multifactor ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers FTSE Developed ex US Multifactor ETF	FTSE Developed ex US Comprehensive Factor Index
Xtrackers MSCI Kokusai Equity ETF	MSCI Kokusai Index
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Xtrackers Russell US Multifactor ETF	Russell 1000 2Qual/Val 5% Capped Factor Index Russell 1000 Comprehensive Factor Index

The FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.

The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility

54

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

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

Each Fund is diversified. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

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The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	11,267,957	$	10,104,213	$	21,372,170
Xtrackers MSCI Kokusai Equity ETF		2,162,841		5,270,305		7,433,146
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		267,626		3,163,204		3,430,830
Xtrackers Russell US Multifactor ETF		23,101,573		12,985,749		36,087,322

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	58,017,951	$	1,880,242	$	5,336,717	$	(3,456,475	)
Xtrackers MSCI Kokusai Equity ETF		476,828,382		40,254,580		78,661,885		(38,407,305	)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		26,309,282		2,696,269		3,277,626		(581,357	)
Xtrackers Russell US Multifactor ETF		119,443,940		15,334,455		18,227,862		(2,893,407	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Funds. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the

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value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of February 29, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers FTSE Developed ex US Multifactor ETF
Common Stocks	$	290,445	$	—	$	—	$	—	$	290,445
Gross amount of recognized liabilities for securities lending transactions									$	290,445
Xtrackers MSCI Kokusai Equity ETF
Common Stocks	$	309,212	$	—	$	—	$	—	$	309,212
Gross amount of recognized liabilities for securities lending transactions									$	309,212
Xtrackers Russell 1000 Quality at a Reasonable Price ETF
Common Stocks	$	48,826	$	—	$	—	$	—	$	48,826
Gross amount of recognized liabilities for securities lending transactions									$	48,826
Xtrackers Russell US Multifactor ETF
Common Stocks	$	269,977	$	—	$	—	$	—	$	269,977
Exchange-Traded Funds	$	57,134	$	—	$	—	$	—	$	57,134
Total Borrowings	$	327,111	$	—	$	—	$	—	$	327,111
Gross amount of recognized liabilities for securities lending transactions									$	327,111

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the

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

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

A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Multifactor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	3,567	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI Kokusai Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	138,439	Unrealized depreciation on futures contracts*	$	—
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	1,881	Unrealized depreciation on futures contracts*	$	—
Xtrackers Russell US Multifactor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	23,885	Unrealized depreciation on futures contracts*	$	—

* Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	49,545
Xtrackers MSCI Kokusai Equity ETF		143,336
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(5	)
Xtrackers Russell US Multifactor ETF		9,722

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	6,813
Xtrackers MSCI Kokusai Equity ETF		112,443
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		1,881
Xtrackers Russell US Multifactor ETF		17,499

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Notes to Financial Statements (Unaudited) (Continued)

For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	376,469
Xtrackers MSCI Kokusai Equity ETF		2,285,035
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		15,500
Xtrackers Russell US Multifactor ETF		246,188

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

3. Investment Advisory and Other Agreements

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

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

	Unitary Advisory Fee
Xtrackers FTSE Developed ex US Multifactor ETF		0.35	%
Xtrackers MSCI Kokusai Equity ETF		0.09	%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		0.19	%
Xtrackers Russell US Multifactor ETF		0.17	%

The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $31,295 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	67
Xtrackers MSCI Kokusai Equity ETF		550
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		19
Xtrackers Russell US Multifactor ETF		117

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

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

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

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

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

	Securities Lending Agent Fees
Xtrackers FTSE Developed ex US Multifactor ETF	$	5
Xtrackers MSCI Kokusai Equity ETF		469
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		1
Xtrackers Russell US Multifactor ETF		153

4. Investment Portfolio Transactions

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	18,676,819	$	15,444,361
Xtrackers MSCI Kokusai Equity ETF		8,967,709		9,139,398
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		422,717		470,794
Xtrackers Russell US Multifactor ETF		26,389,228		26,563,817

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	—	$	7,753,218
Xtrackers MSCI Kokusai Equity ETF		—		18,421,112
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		36,256,008		7,735,817
Xtrackers Russell US Multifactor ETF		18,457,635		18,685,047

5. Fund Share Transactions

As of February 29, 2024 there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

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6. Payments by Affiliates

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

DBX Advisors LLC	Amounts
Xtrackers FTSE Developed ex US Multifactor ETF	$	343
Xtrackers MSCI Kokusai Equity ETF		1,668
Xtrackers Russell US Multifactor ETF		333
Deutsche Bank AG	Amounts
Xtrackers FTSE Developed ex US Multifactor ETF	$	172
Xtrackers MSCI Kokusai Equity ETF		834
Xtrackers Russell US Multifactor ETF		167

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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Liquidity Risk Management (Unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

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

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

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

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

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

65

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)(Continued)

the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

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

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

— Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

— Xtrackers Russell US Multifactor ETF

The Board considered, however, the following additional factors in connection with those Funds:

— The advisory fees and total expenses for each of Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF were almost equivalent to the average of its respective Peer Group.

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

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a

66

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)(Continued)

day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

67

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

68

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region, generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY

R-045855-9 (4/24) DBX005917 (4/25)

February 29, 2024

Semi-Annual Report

DBX ETF Trust

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers High Beta High Yield Bond ETF		1
Xtrackers Low Beta High Yield Bond ETF		2
Xtrackers Risk Managed USD High Yield Strategy ETF		3
Xtrackers Short Duration High Yield Bond ETF		4
Xtrackers USD High Yield BB-B ex Financials ETF		5
Xtrackers USD High Yield Corporate Bond ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		9
Xtrackers Low Beta High Yield Bond ETF		19
Xtrackers Risk Managed USD High Yield Strategy ETF		28
Xtrackers Short Duration High Yield Bond ETF		30
Xtrackers USD High Yield BB-B ex Financials ETF		42
Xtrackers USD High Yield Corporate Bond ETF		65
Statements of Assets and Liabilities		82
Statements of Operations		84
Statements of Changes in Net Assets		86
Financial Highlights		89
Notes to Financial Statements		92
Other Information		101
Liquidity Risk Management		102
Board Consideration in Approval of Investment Advisory Contracts		103
Additional Information		108

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers High Beta High Yield Bond ETF (HYUP)

The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		0.9%
BB		47.9%
B		38.9%
CCC		12.3%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of February 29, 2024

United States	82.4%
Canada	6.3%
Luxembourg	2.6%
Other	8.7%
Total	100.0%

Sector Diversification* as of February 29, 2024

Communications	25.9%
Consumer, Cyclical	18.0%
Energy	13.2%
Consumer, Non-cyclical	13.1%
Financial	11.6%
Industrial	7.1%
Basic Materials	4.7%
Technology	3.8%
Utilities	2.5%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		6.3%
BB		80.5%
B		12.6%
CCC		0.5%
Total		99.9%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of February 29, 2024

United States	89.2%
Canada	5.1%
Other	5.7%
Total	100.0%

Sector Diversification* as of February 29, 2024

Consumer, Cyclical	22.5%
Consumer, Non-cyclical	21.8%
Financial	12.5%
Industrial	12.0%
Energy	11.0%
Communications	6.4%
Technology	6.2%
Utilities	3.9%
Basic Materials	3.7%
Total	100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

The Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		3.4%
BB		63.1%
B		26.7%
CCC		6.8%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Sector Diversification* as of February 29, 2024

Consumer, Cyclical	20.1%
Communications	17.1%
Consumer, Non-cyclical	17.0%
Energy	12.0%
Financial	12.0%
Industrial	9.5%
Technology	4.9%
Basic Materials	4.2%
Utilities	3.1%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		3.7%
BB		58.8%
B		28.1%
CCC		7.8%
CC		0.3%
Total		98.7%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of February 29, 2024

United States	82.4%
Canada	6.6%
Other	11.0%
Total	100.0%

Sector Diversification* as of February 29, 2024

Consumer, Cyclical	21.0%
Communications	17.3%
Consumer, Non-cyclical	16.5%
Financial	13.3%
Energy	11.1%
Industrial	10.0%
Basic Materials	4.0%
Utilities	3.5%
Technology	3.2%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of February 29, 2024: 2.6 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers USD High Yield BB-B ex Financials ETF (BHYB)

The Xtrackers USD High Yield BB-B ex Financial ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the “Underlying Index”). The Underlying Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		5.4%
BB		67.5%
B		27.1%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of February 29, 2024

United States	85.0%
Canada	5.0%
United Kingdom	2.3%
Luxembourg	2.2%
Other	5.5%
Total	100.0%

Sector Diversification* as of February 29, 2024

Consumer, Cyclical	22.6%
Consumer, Non-cyclical	16.0%
Communications	15.5%
Energy	14.8%
Industrial	12.2%
Basic Materials	5.5%
Financial	4.8%
Technology	4.5%
Utilities	3.9%
Diversified	0.2%
Total	100.0%

Modified duration to worst as of February 29, 2024: 3.7 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.

Quality* as of February 29, 2024

Description	% of Market Value
BBB		3.5%
BB		63.5%
B		26.4%
CCC		6.6%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of February 29, 2024

United States	85.4%
Canada	5.7%
Other	8.9%
Total	100.0%

Sector Diversification* as of February 29, 2024

Consumer, Cyclical	20.1%
Consumer, Non-cyclical	17.1%
Communications	16.9%
Financial	12.0%
Energy	12.0%
Industrial	9.6%
Technology	4.9%
Basic Materials	4.2%
Utilities	3.1%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 65.

6

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2023 to February 29, 2024) except Xtrackers USD High Yield BB-B ex Financials ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 29, 2024.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

7

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,067.30		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,049.10		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers Risk Managed USD High Yield Strategy ETF (2)
Actual	$	1,000.00	$	1,057.30		0.21	%	$	1.07
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82		0.21	%	$	1.06
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	1,056.30		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers USD High Yield BB-B ex Financials ETF
Actual (3)(4)	$	1,000.00	$	1,086.40		0.21	%	$	0.75
Hypothetical (5% return before expenses) (4)	$	1,000.00	$	1,023.82		0.21	%	$	1.06
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,058.20		0.09	%	$	0.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42		0.09	%	$	0.45

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 126 (the number of days in the period October 27, 2023 (commencement of operations) to February 29, 2024), then divided by 366.

(4) Includes excise tax expense. Excluding this expense, the expense ratio would have been 0.20%.

8

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

February 29, 2024 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.6%
Basic Materials — 4.6%
Chemicals — 2.1%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	23,000	$	14,617
144A, 7.50%, 9/30/29		10,000		5,470
Chemours Co. 5.375%, 5/15/27		13,000		11,890
144A, 5.75%, 11/15/28		25,000		21,953
144A, 4.625%, 11/15/29		18,000		14,824
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		13,000		10,565
144A, 12.00%, 2/15/31		17,000		17,397
INEOS Finance PLC 144A, 6.75%, 5/15/28		15,000		14,684
144A, 7.50%, 4/15/29		14,000		13,914
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29		15,000		15,798
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		17,000		16,622
144A, 5.25%, 6/1/27		29,000		26,905
144A, 8.50%, 11/15/28		10,000		10,571
144A, 4.25%, 5/15/29		13,000		10,769
144A, 9.00%, 2/15/30		16,000		16,071
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		19,000		17,298
Tronox, Inc., 144A, 4.625%, 3/15/29 (a)		27,000		23,935
(Cost $291,671)				263,283
Forest Products & Paper — 0.2%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $22,688)		24,000		20,710
Iron/Steel — 0.8%
ATI, Inc., 7.25%, 8/15/30		10,000		10,289
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		18,000		18,178
144A, 8.00%, 11/1/27		18,000		18,355
144A, 9.25%, 10/1/28		30,000		31,500
144A, 8.50%, 5/1/30		16,000		16,452
(Cost $93,118)				94,774
Mining — 1.5%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		20,000		20,000
144A, 6.875%, 3/1/26 (a)		28,000		28,000
144A, 6.875%, 10/15/27		49,000		46,647
144A, 8.625%, 6/1/31		36,000		34,426
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		15,000		14,734
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		15,000		13,853
144A, 4.50%, 6/1/31		20,000		17,113
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		15,000		12,463
(Cost $192,588)				187,236

	Principal Amount		Value
Communications — 25.3%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27	$	32,000	$	29,957
144A, 7.75%, 4/15/28		25,000		21,640
144A, 9.00%, 9/15/28 (a)		25,000		26,093
144A, 7.50%, 6/1/29		32,000		26,514
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		5,000		4,814
144A, 4.25%, 1/15/29		17,000		15,284
144A, 4.625%, 3/15/30		13,000		11,550
Stagwell Global LLC, 144A, 5.625%, 8/15/29		34,000		30,389
(Cost $174,666)				166,241
Internet — 0.8%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		30,000		30,779
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		15,000		16,305
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		45,000		47,922
(Cost $91,625)				95,006
Media — 14.7%
Altice Financing SA 144A, 5.00%, 1/15/28		32,000		28,344
144A, 5.75%, 8/15/29		59,000		50,878
AMC Networks, Inc. 4.75%, 8/1/25		27,000		25,774
4.25%, 2/15/29		26,000		16,854
Cable One, Inc., 144A, 4.00%, 11/15/30		15,000		11,348
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.00%, 2/1/28		80,000		73,899
144A, 5.375%, 6/1/29		30,000		27,161
144A, 6.375%, 9/1/29		20,000		18,805
144A, 4.75%, 3/1/30		50,000		42,581
144A, 4.50%, 8/15/30		55,000		45,673
144A, 4.25%, 2/1/31		56,000		45,093
144A, 7.375%, 3/1/31 (a)		32,000		31,026
144A, 4.75%, 2/1/32		35,000		28,276
4.50%, 5/1/32		60,000		47,458
144A, 4.50%, 6/1/33		45,000		34,663
144A, 4.25%, 1/15/34		35,000		26,202
CSC Holdings LLC 144A, 5.50%, 4/15/27		38,000		34,132
144A, 5.375%, 2/1/28		22,000		19,199
144A, 7.50%, 4/1/28		30,000		21,360
144A, 11.25%, 5/15/28		28,000		28,917
144A, 11.75%, 1/31/29		49,000		51,251
144A, 6.50%, 2/1/29		51,000		44,508
144A, 5.75%, 1/15/30		62,000		36,518
144A, 4.125%, 12/1/30		31,000		23,108
144A, 4.625%, 12/1/30		65,000		36,211
144A, 3.375%, 2/15/31		27,000		19,081
144A, 4.50%, 11/15/31		41,000		30,481
144A, 5.00%, 11/15/31		14,000		7,645
DISH DBS Corp. 7.75%, 7/1/26		54,000		34,480

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Media (Continued)
144A, 5.25%, 12/1/26	$	76,000	$	60,848
7.375%, 7/1/28		23,000		11,244
144A, 5.75%, 12/1/28		70,000		48,606
5.125%, 6/1/29		43,000		18,383
DISH Network Corp., 144A, 11.75%, 11/15/27		101,000		105,424
Gray Television, Inc. 144A, 5.875%, 7/15/26		27,000		25,650
144A, 7.00%, 5/15/27 (a)		17,000		15,383
144A, 4.75%, 10/15/30		20,000		12,908
iHeartCommunications, Inc. 6.375%, 5/1/26		22,000		18,755
8.375%, 5/1/27		27,000		16,232
144A, 5.25%, 8/15/27		19,000		14,106
144A, 4.75%, 1/15/28		11,000		7,931
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		23,000		21,389
144A, 8.00%, 8/1/29		16,000		14,615
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		50,000		47,438
144A, 4.75%, 11/1/28 (a)		29,000		25,784
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		25,000		19,714
144A, 6.50%, 9/15/28		29,000		13,989
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		13,000		9,445
144A, 4.125%, 12/1/30		21,000		15,364
Sirius XM Radio, Inc. 144A, 5.50%, 7/1/29		40,000		37,865
144A, 4.125%, 7/1/30		40,000		34,453
144A, 3.875%, 9/1/31		40,000		33,103
TEGNA, Inc. 4.625%, 3/15/28		30,000		27,047
5.00%, 9/15/29		30,000		26,431
Univision Communications, Inc. 144A, 6.625%, 6/1/27		44,000		42,686
144A, 8.00%, 8/15/28		40,000		40,248
144A, 4.50%, 5/1/29		30,000		26,334
144A, 7.375%, 6/30/30		21,000		20,303
VTR Finance NV, 144A, 6.375%, 7/15/28		13,000		5,697
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		16,000		15,647
144A, 5.125%, 2/28/30		13,000		11,134
Ziggo BV, 144A, 4.875%, 1/15/30		30,000		26,754
(Cost $2,041,690)				1,811,836
Telecommunications — 8.4%
Altice France Holding SA 144A, 10.50%, 5/15/27		43,000		28,134
144A, 6.00%, 2/15/28		31,000		15,683
Altice France SA 144A, 8.125%, 2/1/27		51,000		46,918
144A, 5.50%, 1/15/28		26,000		21,243
144A, 5.125%, 1/15/29		15,000		11,354
144A, 5.125%, 7/15/29		68,000		51,433
144A, 5.50%, 10/15/29		52,000		39,437
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		33,000		31,137

	Principal Amount		Value
Telecommunications (Continued)
CommScope Technologies LLC 144A, 6.00%, 6/15/25 (a)	$	37,000	$	30,191
144A, 5.00%, 3/15/27		19,000		6,820
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		38,000		34,245
144A, 8.25%, 3/1/27		25,000		10,973
144A, 7.125%, 7/1/28		15,000		6,016
144A, 4.75%, 9/1/29		37,000		25,383
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		12,000		9,922
144A, 6.50%, 10/1/28		20,000		17,200
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		30,000		29,019
144A, 5.00%, 5/1/28		45,000		41,693
144A, 6.75%, 5/1/29		25,000		22,475
5.875%, 11/1/29		20,000		17,151
144A, 6.00%, 1/15/30		30,000		25,684
144A, 8.75%, 5/15/30		30,000		30,630
144A, 8.625%, 3/15/31		20,000		20,282
Hughes Satellite Systems Corp. 5.25%, 8/1/26		25,000		21,384
6.625%, 8/1/26 (a)		19,000		12,540
Iliad Holding SASU, 144A, 7.00%, 10/15/28		23,000		22,775
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		80,000		74,631
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		10,000		8,100
144A, 4.625%, 9/15/27		30,000		18,600
144A, 4.25%, 7/1/28		32,000		15,360
144A, 3.625%, 1/15/29		22,000		9,460
144A, 3.875%, 11/15/29 (a)		20,000		11,800
144A, 10.50%, 5/15/30 (a)		26,000		26,780
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		15,000		10,034
144A, 4.00%, 2/15/27		35,000		21,211
144A, 4.50%, 1/15/29		12,000		3,791
Millicom International Cellular SA 144A, 5.125%, 1/15/28		7,200		6,870
144A, 6.25%, 3/25/29		18,000		17,494
144A, 4.50%, 4/27/31		22,000		19,002
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		12,000		11,517
Viasat, Inc. 144A, 5.625%, 9/15/25		18,000		17,488
144A, 5.625%, 4/15/27		24,000		22,555
144A, 6.50%, 7/15/28		10,000		7,419
144A, 7.50%, 5/30/31		20,000		14,075
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		40,000		37,388
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		39,000		32,513
144A, 6.125%, 3/1/28		30,000		22,832
(Cost $1,234,582)				1,038,642
Consumer, Cyclical — 17.6%
Airlines — 1.4%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		15,645

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Airlines (Continued)
American Airlines, Inc. 144A, 7.25%, 2/15/28	$	25,000	$	25,231
144A, 8.50%, 5/15/29		20,000		21,037
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		33,000		31,185
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		15,000		10,862
144A, 8.00%, 9/20/25 (a)		14,000		10,138
United Airlines, Inc., 144A, 4.625%, 4/15/29		60,000		55,403
(Cost $178,172)				169,501
Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		26,000		25,120
144A, 9.00%, 2/15/31 (a)		18,000		18,059
(Cost $42,901)				43,179
Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25
(Cost $27,764)		28,000		28,415
Auto Parts & Equipment — 1.8%
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		13,000		12,851
6.875%, 7/1/28		10,000		9,672
5.00%, 10/1/29		20,000		17,361
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		45,000		45,318
Dana, Inc. 5.375%, 11/15/27		10,000		9,663
5.625%, 6/15/28		10,000		9,692
4.25%, 9/1/30		15,000		12,953
Goodyear Tire & Rubber Co. 5.00%, 7/15/29 (a)		22,000		20,274
5.25%, 4/30/31 (a)		14,000		12,694
5.25%, 7/15/31		16,000		14,455
5.625%, 4/30/33		13,000		11,638
Tenneco, Inc., 144A, 8.00%, 11/17/28		51,000		46,523
(Cost $228,524)				223,094
Entertainment — 2.3%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29 (a)		25,000		17,307
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		10,000		10,352
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/29		35,000		31,977
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		17,000		16,760
144A, 5.25%, 7/15/28		20,000		18,705
Light & Wonder International, Inc. 144A, 7.25%, 11/15/29		11,000		11,267
144A, 7.50%, 9/1/31		20,000		20,851

	Principal Amount		Value
Entertainment (Continued)
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31	$	9,000	$	9,011
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		29,000		27,369
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		15,000		14,353
144A, 4.125%, 7/1/29 (a)		10,000		8,408
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29 (a)		19,000		13,700
144A, 5.875%, 9/1/31		21,000		14,901
Six Flags Entertainment Corp., 144A, 7.25%, 5/15/31 (a)		25,000		25,178
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		20,000		18,880
144A, 7.125%, 2/15/31		24,000		24,799
(Cost $304,597)				283,818
Food Service — 0.2%
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		16,000		14,995
144A, 10.50%, 5/15/29		16,000		14,542
(Cost $31,116)				29,537
Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		9,002
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		18,000		17,456
144A, 4.875%, 2/15/30		15,000		13,339
Mattamy Group Corp., 144A, 4.625%, 3/1/30		18,000		16,176
(Cost $59,522)				55,973
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $21,042)		21,000		17,489
Housewares — 1.0%
Newell Brands, Inc. 4.875%, 6/1/25		10,000		9,799
5.20%, 4/1/26		55,000		53,466
6.375%, 9/15/27 (a)		15,000		14,578
6.625%, 9/15/29		15,000		14,386
Scotts Miracle-Gro Co. 4.50%, 10/15/29		10,000		8,885
4.00%, 4/1/31		15,000		12,738
4.375%, 2/1/32		10,000		8,372
(Cost $122,330)				122,224
Leisure Time — 3.2%
Carnival Corp. 144A, 7.625%, 3/1/26 (a)		32,000		32,440
144A, 5.75%, 3/1/27		78,000		77,087
144A, 6.00%, 5/1/29		59,000		57,693
144A, 10.50%, 6/1/30		29,000		31,663
Life Time, Inc., 144A, 8.00%, 4/15/26 (a)		10,000		10,100

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Leisure Time (Continued)
NCL Corp. Ltd. 144A, 5.875%, 3/15/26	$	40,000	$	39,100
144A, 8.375%, 2/1/28		20,000		21,010
144A, 8.125%, 1/15/29		18,000		18,952
144A, 7.75%, 2/15/29 (a)		17,000		17,439
Royal Caribbean Cruises Ltd., 144A, 9.25%, 1/15/29		29,000		31,216
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		21,000		20,545
144A, 7.00%, 2/15/29		13,000		13,007
144A, 9.125%, 7/15/31		22,000		23,832
(Cost $377,666)				394,084
Lodging — 1.7%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 6.625%, 1/15/32		25,000		25,017
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a)		13,000		11,804
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		26,000		25,439
144A, 5.25%, 4/26/26		10,000		9,608
144A, 5.625%, 7/17/27		16,000		15,181
144A, 5.75%, 7/21/28		23,000		21,618
144A, 5.375%, 12/4/29		34,000		30,622
Station Casinos LLC, 144A, 4.625%, 12/1/31		13,000		11,570
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		15,000		14,238
144A, 5.00%, 1/15/29		32,000		27,935
Travel + Leisure Co., 144A, 4.50%, 12/1/29		19,000		17,415
(Cost $216,882)				210,447
Retail — 4.8%
Asbury Automotive Group, Inc., 144A, 5.00%, 2/15/32		16,000		14,222
Bath & Body Works, Inc. 7.50%, 6/15/29 (a)		19,000		19,634
144A, 6.625%, 10/1/30		25,000		25,164
eG Global Finance PLC, 144A, 12.00%, 11/30/28		30,000		31,710
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		17,000		16,843
144A, 5.875%, 4/1/29		25,000		23,758
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		25,000		22,712
144A, 6.75%, 1/15/30		36,000		31,831
FirstCash, Inc., 144A, 6.875%, 3/1/32		10,000		9,914
Gap, Inc. 144A, 3.625%, 10/1/29		19,000		16,071
144A, 3.875%, 10/1/31		24,000		19,388
Kohl’s Corp., 4.625%, 5/1/31		15,000		11,830
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		19,000		17,137

	Principal Amount		Value
Retail (Continued)
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29	$	13,000	$	12,533
144A, 6.125%, 3/15/32		10,000		9,317
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		20,000		15,553
144A, 7.875%, 5/1/29		32,000		20,704
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		32,000		31,416
Nordstrom, Inc. 4.375%, 4/1/30		15,000		13,271
4.25%, 8/1/31		11,000		9,269
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		31,000		30,658
QVC, Inc. 4.75%, 2/15/27		15,000		13,534
4.375%, 9/1/28		13,000		10,677
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		17,000		15,021
144A, 4.875%, 11/15/31		17,000		14,625
SRS Distribution, Inc. 144A, 6.125%, 7/1/29		12,000		11,200
144A, 6.00%, 12/1/29		25,000		23,297
Staples, Inc. 144A, 7.50%, 4/15/26		54,000		51,970
144A, 10.75%, 4/15/27		28,000		25,653
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		17,000		15,288
(Cost $618,049)				584,200
Consumer, Non-cyclical — 12.8%
Agriculture — 0.2%
Vector Group Ltd., 144A, 5.75%, 2/1/29 (Cost $28,776)		29,000		26,598
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $18,990)		19,000		17,253
Commercial Services — 3.6%
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		15,000		15,074
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		24,000		23,864
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		14,000		13,969
144A, 9.75%, 7/15/27		33,000		32,921
144A, 6.00%, 6/1/29 (a)		25,000		20,726
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		36,000		32,053
APX Group, Inc., 144A, 5.75%, 7/15/29		23,000		21,896
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 8.00%, 2/15/31		15,000		14,499
Garda World Security Corp. 144A, 4.625%, 2/15/27		14,000		13,387

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
144A, 9.50%, 11/1/27	$	20,000	$	20,095
144A, 7.75%, 2/15/28		10,000		10,165
144A, 6.00%, 6/1/29		16,000		14,019
Hertz Corp. 144A, 4.625%, 12/1/26		20,000		17,725
144A, 5.00%, 12/1/29		24,000		18,413
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		28,000		24,461
144A, 5.75%, 11/1/28 (a)		28,000		22,367
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		35,000		34,559
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		25,000		22,036
144A, 11.25%, 12/15/27		17,000		15,991
Sotheby’s, 144A, 7.375%, 10/15/27		20,000		19,237
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		28,000		28,794
(Cost $457,618)				436,251
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29 (Cost $12,956)		13,000		11,859
Food — 1.1%
B&G Foods, Inc. 5.25%, 9/15/27 (a)		14,000		13,033
144A, 8.00%, 9/15/28		15,000		15,635
Post Holdings, Inc. 144A, 5.50%, 12/15/29		32,000		30,643
144A, 4.625%, 4/15/30		42,000		38,246
144A, 4.50%, 9/15/31		28,000		24,948
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		11,477
(Cost $140,590)				133,982
Healthcare-Products — 0.3%
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28 (Cost $40,348)		40,000		41,850
Healthcare-Services — 4.3%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26 (a)		47,000		46,576
144A, 5.625%, 3/15/27		50,000		45,805
144A, 8.00%, 12/15/27		24,000		22,982
144A, 6.875%, 4/1/28		19,000		12,289
144A, 6.00%, 1/15/29		23,000		19,804
144A, 6.875%, 4/15/29		38,000		24,294
144A, 6.125%, 4/1/30		34,000		21,307
144A, 5.25%, 5/15/30		41,000		32,753
144A, 4.75%, 2/15/31		28,000		21,332
144A, 10.875%, 1/15/32		15,000		15,293
DaVita, Inc. 144A, 4.625%, 6/1/30		81,000		71,327
144A, 3.75%, 2/15/31		38,000		31,228
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		22,000		20,432

	Principal Amount		Value
Healthcare-Services (Continued)
LifePoint Health, Inc. 144A, 5.375%, 1/15/29	$	13,000	$	10,381
144A, 9.875%, 8/15/30		23,000		23,891
144A, 11.00%, 10/15/30		30,000		31,772
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,704
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		36,000		36,027
Star Parent, Inc., 144A, 9.00%, 10/1/30		26,000		27,472
(Cost $587,680)				527,669
Household Products/Wares — 0.1%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31 (Cost $9,973)		10,000		8,758
Pharmaceuticals — 3.0%
AdaptHealth LLC 144A, 4.625%, 8/1/29		13,000		10,835
144A, 5.125%, 3/1/30 (a)		16,000		13,396
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		17,000		16,001
144A, 8.50%, 1/31/27 (a)		20,000		11,404
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		49,000		45,646
144A, 9.00%, 12/15/25		28,000		26,665
144A, 6.125%, 2/1/27		26,000		16,672
144A, 5.75%, 8/15/27		13,000		7,850
144A, 5.00%, 1/30/28		12,000		5,490
144A, 4.875%, 6/1/28		45,000		25,692
144A, 11.00%, 9/30/28		47,000		31,725
144A, 5.00%, 2/15/29		15,000		6,626
144A, 6.25%, 2/15/29		23,000		10,553
144A, 5.25%, 1/30/30		17,000		7,352
144A, 5.25%, 2/15/31		11,000		4,758
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		12,237
Grifols SA, 144A, 4.75%, 10/15/28		19,000		15,844
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		20,000		19,422
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		16,000		11,461
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31		55,000		47,180
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		11,000		9,842
144A, 6.625%, 4/1/30 (a)		16,000		15,476
(Cost $469,671)				372,127
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28 (Cost $15,241)		15,000		16,122

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Energy — 12.9%
Energy-Alternate Sources — 0.1%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a) (Cost $8,608)	$	10,000	$	8,426
Oil & Gas — 5.5%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 8.25%, 12/31/28		15,000		15,243
Baytex Energy Corp. 144A, 8.75%, 4/1/27		12,000		12,458
144A, 8.50%, 4/30/30		20,000		20,812
Civitas Resources, Inc. 144A, 8.375%, 7/1/28		35,000		36,669
144A, 8.625%, 11/1/30		30,000		32,127
144A, 8.75%, 7/1/31		40,000		42,589
CNX Resources Corp. 144A, 7.375%, 1/15/31		11,000		11,100
144A, 7.25%, 3/1/32		10,000		9,972
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		32,000		29,560
144A, 5.875%, 1/15/30		28,000		24,518
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		20,000		19,944
144A, 9.25%, 2/15/28		22,000		23,044
CVR Energy, Inc. 144A, 5.75%, 2/15/28		11,000		10,219
144A, 8.50%, 1/15/29		10,000		10,071
Energean PLC, 144A, 6.50%, 4/30/27		16,000		14,631
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		21,306
144A, 7.75%, 5/1/27		14,000		13,321
144A, 7.50%, 3/1/28		10,000		9,305
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,699
144A, REGS, 6.50%, 6/30/27		17,000		16,318
144A, REGS, 6.75%, 6/30/30		14,000		12,837
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29		10,000		10,476
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		19,000		19,256
144A, 8.75%, 6/15/31		15,000		15,694
Parkland Corp., 144A, 4.625%, 5/1/30		21,000		19,203
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		29,000		28,229
144A, 7.875%, 9/15/30		20,000		20,509
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		20,000		20,461
Talos Production, Inc. 144A, 9.00%, 2/1/29		15,000		15,343
144A, 9.375%, 2/1/31		16,000		16,543
Transocean, Inc. 144A, 7.50%, 1/15/26		15,000		14,841
144A, 11.50%, 1/30/27		23,000		23,937
144A, 8.00%, 2/1/27		19,000		18,563
Tullow Oil PLC, 144A, 7.00%, 3/1/25		16,000		15,039

	Principal Amount		Value
Oil & Gas (Continued)
Vital Energy, Inc. 10.125%, 1/15/28	$	25,000	$	26,185
9.75%, 10/15/30		13,000		13,936
(Cost $672,925)				679,958
Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,934
144A, 6.25%, 4/1/28		21,000		20,493
CGG SA, 144A, 8.75%, 4/1/27		16,000		14,291
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,987
6.875%, 9/1/27		19,000		18,920
Weatherford International Ltd., 144A, 8.625%, 4/30/30		41,000		42,540
(Cost $132,243)				131,165
Pipelines — 6.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,625
144A, 5.75%, 1/15/28		17,000		16,681
144A, 6.625%, 2/1/32		20,000		19,931
Buckeye Partners LP 144A, 4.125%, 3/1/25		20,000		19,575
144A, 4.50%, 3/1/28		13,000		12,098
EQM Midstream Partners LP 144A, 7.50%, 6/1/27		13,000		13,310
144A, 7.50%, 6/1/30		13,000		13,831
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		25,000		25,197
7.75%, 2/1/28		28,000		28,025
8.25%, 1/15/29		18,000		18,315
8.875%, 4/15/30		10,000		10,378
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		10,000		10,011
144A, 8.25%, 1/15/32		10,000		10,263
ITT Holdings LLC, 144A, 6.50%, 8/1/29		36,000		31,988
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		31,864
144A, 6.50%, 9/30/26		43,000		41,564
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		25,000		25,257
144A, 8.375%, 2/15/32		33,000		33,548
NuStar Logistics LP 6.00%, 6/1/26		15,000		14,841
6.375%, 10/1/30		15,000		15,056
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		11,000		10,866
144A, 5.50%, 1/15/28		22,000		20,926
144A, 7.375%, 2/15/29		20,000		19,971

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
144A, 6.00%, 12/31/30	$	19,000	$	17,687
144A, 6.00%, 9/1/31		14,000		12,836
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		63,000		64,053
144A, 9.50%, 2/1/29		78,000		83,213
144A, 8.375%, 6/1/31		63,000		63,770
144A, 9.875%, 2/1/32		57,000		60,050
(Cost $764,480)				762,730
Financial — 11.3%
Banks — 0.5%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		15,000		14,900
144A, 6.625%, 1/15/27		14,000		13,358
144A, 12.00%, 10/1/28		22,000		23,863
144A, 12.25%, 10/1/30		13,000		14,320
(Cost $62,062)				66,441
Diversified Financial Services — 4.0%
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29		25,000		25,603
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		11,000		11,564
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		30,000		25,378
144A, 3.625%, 10/1/31		19,000		14,894
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		15,000		15,886
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28*		20,000		5,475
Enova International, Inc., 144A, 11.25%, 12/15/28		10,000		10,482
goeasy Ltd., 144A, 9.25%, 12/1/28		10,000		10,620
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		23,418
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		10,192
144A, 6.125%, 4/1/28		16,000		13,079
Nationstar Mortgage Holdings, Inc. 144A, 5.50%, 8/15/28		25,000		23,634
144A, 5.125%, 12/15/30		19,000		16,983
144A, 5.75%, 11/15/31		16,000		14,673
144A, 7.125%, 2/1/32		20,000		19,687
Navient Corp. 4.875%, 3/15/28		13,000		11,883
5.50%, 3/15/29		22,000		19,937
9.375%, 7/25/30		15,000		15,693
11.50%, 3/15/31		17,000		18,617
OneMain Finance Corp. 3.875%, 9/15/28		15,000		13,123
9.00%, 1/15/29		30,000		31,537
5.375%, 11/15/29		22,000		20,442
7.875%, 3/15/30		22,000		22,392
4.00%, 9/15/30		22,000		18,562
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		15,000		15,594

	Principal Amount		Value
Diversified Financial Services (Continued)
PennyMac Financial Services, Inc., 144A, 5.75%, 9/15/31	$	13,000	$	11,965
PRA Group, Inc., 144A, 8.375%, 2/1/28		10,000		9,781
Synchrony Financial, 7.25%, 2/2/33		20,000		19,457
United Wholesale Mortgage LLC, 144A, 5.50%, 4/15/29		22,000		20,564
(Cost $511,197)				491,115
Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26		12,000		12,488
144A, 6.00%, 8/1/29		13,000		11,715
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 6.75%, 10/15/27		38,000		36,952
144A, 5.875%, 11/1/29		12,000		10,994
AssuredPartners, Inc. 144A, 5.625%, 1/15/29		14,000		12,893
144A, 7.50%, 2/15/32		8,000		7,867
USI, Inc., 144A, 7.50%, 1/15/32		20,000		19,950
(Cost $113,371)				112,859
Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 (Cost $20,438)		20,000		20,925
Real Estate — 0.9%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		18,200		16,516
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		20,000		19,719
144A, 8.875%, 9/1/31		10,000		10,420
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,788
4.75%, 2/1/30		12,000		9,507
5.00%, 3/1/31		24,000		18,683
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		20,000		14,900
144A, 5.25%, 4/15/30		7,000		4,911
(Cost $123,740)				108,444
Real Estate Investment Trusts — 3.6%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		15,000		13,203
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		28,000		27,032
144A, 4.50%, 4/1/27		19,000		16,725
Diversified Healthcare Trust 9.75%, 6/15/25		15,000		14,948
4.75%, 2/15/28		13,000		10,361
4.375%, 3/1/31		15,000		11,416
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		15,000		12,683

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.75%, 6/15/29	$	17,000	$	15,278
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		10,000		8,917
5.00%, 10/15/27 (a)		41,000		33,597
4.625%, 8/1/29		25,000		18,653
3.50%, 3/15/31 (a)		34,000		22,795
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		11,000		9,276
Office Properties Income Trust, 3.45%, 10/15/31		12,000		5,295
Service Properties Trust 4.75%, 10/1/26		15,000		13,892
4.95%, 2/15/27		21,000		19,304
5.50%, 12/15/27		16,000		15,081
3.95%, 1/15/28		7,000		5,928
4.95%, 10/1/29		11,000		9,062
4.375%, 2/15/30		10,000		7,719
144A, 8.625%, 11/15/31		25,000		26,425
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		20,000		14,623
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		68,000		70,457
144A, 4.75%, 4/15/28		15,000		13,051
144A, 6.50%, 2/15/29		30,000		23,129
(Cost $458,896)				438,850
REITS — 0.3%
Hudson Pacific Properties LP 3.95%, 11/1/27		8,000		6,917
4.65%, 4/1/29		15,000		12,512
3.25%, 1/15/30		10,000		7,520
Vornado Realty LP, 2.15%, 6/1/26		12,000		10,774
(Cost $39,471)				37,723
Venture Capital — 0.9%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.375%, 12/15/25		25,000		24,801
6.25%, 5/15/26		30,000		29,261
5.25%, 5/15/27		40,000		36,795
4.375%, 2/1/29		25,000		21,125
(Cost $105,175)				111,982
Industrial — 6.9%
Aerospace/Defense — 1.5%
Bombardier, Inc. 144A, 7.875%, 4/15/27		55,000		55,105
144A, 7.50%, 2/1/29		18,000		18,272
144A, 8.75%, 11/15/30		23,000		24,122
Spirit AeroSystems, Inc. 4.60%, 6/15/28		21,000		18,457
144A, 9.75%, 11/15/30		35,000		37,541

	Principal Amount		Value
Aerospace/Defense (Continued)
Triumph Group, Inc., 144A, 9.00%, 3/15/28	$	35,000	$	36,630
(Cost $189,540)				190,127
Building Materials — 0.5%
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		36,000		34,957
144A, 8.875%, 11/15/31		30,000		31,823
(Cost $66,239)				66,780
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		15,000		13,730
144A, 4.375%, 3/31/29		21,000		18,628
(Cost $34,622)				32,358
Engineering & Construction — 0.5%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		40,000		42,587
IHS Holding Ltd. 144A, 5.625%, 11/29/26		7,000		6,152
144A, 6.25%, 11/29/28		16,000		13,098
(Cost $61,017)				61,837
Environmental Control — 0.2%
Covanta Holding Corp., 5.00%, 9/1/30		8,000		6,957
Madison IAQ LLC, 144A, 5.875%, 6/30/29		24,000		21,451
(Cost $29,732)				28,408
Machinery-Diversified — 0.7%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		14,000		14,572
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		14,000		13,737
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,792
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		46,000		44,252
(Cost $82,389)				82,353
Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc., 144A, 7.75%, 7/15/28 (Cost $10,168)		10,000		10,311
Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,772
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		20,000		19,807
144A, 4.125%, 8/15/26		35,000		32,332
144A, 5.25%, 8/15/27		29,000		21,067
144A, 5.25%, 8/15/27		20,000		14,529

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
LABL, Inc. 144A, 6.75%, 7/15/26	$	21,000	$	20,384
144A, 10.50%, 7/15/27		22,000		21,384
144A, 5.875%, 11/1/28		13,000		11,669
144A, 8.25%, 11/1/29		11,000		9,315
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		70,000		70,976
144A, 9.25%, 4/15/27		38,000		36,997
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		16,000		15,977
144A, 7.25%, 5/15/31		20,000		20,295
(Cost $334,699)				317,504
Transportation — 0.5%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		18,000		15,942
Seaspan Corp., 144A, 5.50%, 8/1/29		21,000		17,931
XPO, Inc. 144A, 7.125%, 6/1/31		12,000		12,269
144A, 7.125%, 2/1/32		15,000		15,262
(Cost $63,305)				61,404
Technology — 3.7%
Computers — 1.0%
CA Magnum Holdings, 144A, SR SECURED, 10/31/26		18,000		17,347
McAfee Corp., 144A, 7.375%, 2/15/30		55,000		48,606
NCR Atleos Corp., 144A, 9.50%, 4/1/29		35,000		37,056
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,803
(Cost $119,645)				117,812
Office/Business Equipment — 0.1%
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (Cost $17,544)		19,000		17,205
Semiconductors — 0.1%
ams-OSRAM AG, 144A, 12.25%, 3/30/29 (Cost $11,111)		10,000		10,156
Software — 2.5%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a)		69,000		61,842
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		23,000		20,887
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		112,000		104,371
144A, 9.00%, 9/30/29		103,000		96,253
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		16,000		15,445
RingCentral, Inc., 144A, 8.50%, 8/15/30		13,000		13,451
(Cost $304,504)				312,249

	Principal Amount		Value
Utilities — 2.4%
Electric — 1.9%
Calpine Corp. 144A, 5.125%, 3/15/28	$	37,000	$	35,221
144A, 4.625%, 2/1/29		19,000		17,506
144A, 5.00%, 2/1/31		23,000		20,586
Drax Finco PLC, 144A, 6.625%, 11/1/25		15,000		14,826
NRG Energy, Inc. 5.75%, 1/15/28		21,000		20,707
144A, 3.375%, 2/15/29		15,000		13,106
144A, 5.25%, 6/15/29		20,000		18,975
144A, 3.625%, 2/15/31		30,000		25,258
PG&E Corp., 5.25%, 7/1/30		26,000		24,468
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		35,000		36,958
TransAlta Corp., 7.75%, 11/15/29		10,000		10,407
(Cost $247,751)				238,018
Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		20,000		19,651
5.875%, 8/20/26		18,000		17,460
5.75%, 5/20/27		18,000		17,034
144A, 9.375%, 6/1/28		10,000		10,158
(Cost $64,993)				64,303
TOTAL CORPORATE BONDS
(Cost $12,802,901)				12,013,601
	Number of Shares
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $737,865)		737,865		737,865
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $116,884)		116,884		116,884
TOTAL INVESTMENTS — 104.6% (Cost $13,657,650)			$	12,868,350
Other assets and liabilities, net — (4.6%)				(569,850	)
NET ASSETS — 100.0%			$	12,298,500

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		737,865	(d)		—			—		—		1,329		—		737,865		737,865
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		203,368		683,609			(770,093	)		—		—		3,010		—		116,884		116,884
		203,368		1,421,474			(770,093	)		—		—		4,339		—		854,749		854,749

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $721,132, which is 5.9% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	12,013,601	$	—	$	12,013,601
Short-Term Investments (a)		854,749		—		—		854,749
TOTAL	$	854,749	$	12,013,601	$	—	$	12,868,350

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

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

February 29, 2024 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.1%
Basic Materials — 3.5%
Chemicals — 1.7%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	241,000	$	202,150
Avient Corp. 144A, 5.75%, 5/15/25		334,000		332,368
144A, 7.125%, 8/1/30		372,000		380,608
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		257,000		266,946
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		359,000		319,386
Methanex Corp. 5.125%, 10/15/27		359,000		345,445
5.25%, 12/15/29		379,000		360,715
Olin Corp. 5.125%, 9/15/27		277,000		268,950
5.625%, 8/1/29		344,000		336,891
5.00%, 2/1/30		265,000		247,939
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		555,000		507,833
(Cost $3,670,830)				3,569,231
Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		426,000		429,674
5.875%, 6/1/27 (a)		285,000		282,294
144A, 6.75%, 4/15/30		385,000		382,664
United States Steel Corp., 6.875%, 3/1/29		254,000		257,211
(Cost $1,352,384)				1,351,843
Mining — 1.2%
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		308,000		295,190
144A, 5.875%, 4/15/30		415,000		406,625
144A, 4.375%, 4/1/31		765,000		686,327
144A, 6.125%, 4/15/32		411,000		406,561
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		305,000		294,272
Nexa Resources SA 144A, 5.375%, 5/4/27		372,000		359,238
144A, 6.50%, 1/18/28		257,000		257,900
(Cost $2,775,729)				2,706,113
Communications — 6.2%
Advertising — 0.5%
Lamar Media Corp. 3.75%, 2/15/28		305,000		283,159
4.00%, 2/15/30		282,000		251,906
3.625%, 1/15/31		282,000		243,716
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/31		231,000		241,241
(Cost $1,108,435)				1,020,022

	Principal Amount		Value
Internet — 2.8%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	565,000	$	559,892
144A, 6.75%, 9/30/27		492,000		494,976
144A, 7.125%, 9/30/30		318,000		325,158
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		312,000		302,164
144A, 3.50%, 3/1/29		431,000		384,144
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		241,000		230,071
144A, 4.625%, 6/1/28		272,000		255,961
144A, 4.125%, 8/1/30		266,000		235,201
144A, 3.625%, 10/1/31		257,000		216,744
MercadoLibre, Inc. 2.375%, 1/14/26		205,000		193,214
3.125%, 1/14/31		341,000		285,737
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		770,000		784,161
144A, 7.50%, 9/15/27		626,000		640,901
144A, 6.25%, 1/15/28		272,000		272,596
144A, 4.50%, 8/15/29		770,000		722,417
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		236,000		211,848
(Cost $6,233,015)				6,115,185
Media — 2.6%
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		411,000		404,173
144A, 5.125%, 5/1/27		1,691,000		1,600,312
News Corp. 144A, 3.875%, 5/15/29		503,000		455,038
144A, 5.125%, 2/15/32		263,000		245,257
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		513,000		478,847
144A, 5.00%, 8/1/27		785,000		748,754
144A, 4.00%, 7/15/28		1,057,000		953,346
TEGNA, Inc., 144A, 4.75%, 3/15/26		282,000		272,776
Videotron Ltd. 144A, 5.125%, 4/15/27		308,000		302,067
144A, 3.625%, 6/15/29		272,000		244,566
(Cost $6,121,117)				5,705,136
Telecommunications — 0.3%
Iliad Holding SASU, 144A, 6.50%, 10/15/26 (Cost $620,803)		621,000		614,415
Consumer, Cyclical — 21.9%
Airlines — 1.1%
Air Canada, 144A, 3.875%, 8/15/26		626,000		593,592
Delta Air Lines, Inc. 7.375%, 1/15/26		414,000		427,382
4.375%, 4/19/28 (a)		230,000		220,759
3.75%, 10/28/29		234,000		212,957

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc., 144A, 4.375%, 4/15/26	$	1,057,000	$	1,018,467
(Cost $2,609,494)				2,473,157
Apparel — 0.1%
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)
(Cost $220,945)		257,000		222,938
Auto Manufacturers — 0.4%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		205,000		196,762
144A, 5.875%, 6/1/29		257,000		253,375
144A, 3.75%, 1/30/31		528,000		456,686
(Cost $960,939)				906,823
Auto Parts & Equipment — 2.1%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		408,000		395,867
144A, 7.00%, 4/15/28		257,000		262,286
144A, 8.25%, 4/15/31		257,000		270,798
Clarios Global LP, 144A, 6.75%, 5/15/25		291,000		291,050
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		461,000		460,144
144A, 6.75%, 5/15/28		385,000		389,990
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		371,000		375,057
5.00%, 5/31/26		477,000		465,006
4.875%, 3/15/27		379,000		364,113
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		553,000		545,119
144A, 6.875%, 4/14/28		338,000		345,362
144A, 7.125%, 4/14/30		308,000		321,144
(Cost $4,501,401)				4,485,936
Distribution/Wholesale — 0.9%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		365,000		341,333
144A, 3.875%, 11/15/29		214,000		191,312
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		672,000		607,026
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		302,000		309,459
144A, 7.75%, 3/15/31		411,000		432,578
(Cost $1,921,229)				1,881,708
Entertainment — 4.8%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		795,000		795,535
144A, 8.125%, 7/1/27		827,000		849,702
144A, 7.00%, 2/15/30		1,027,000		1,052,931
144A, 6.50%, 2/15/32		755,000		761,122
Cedar Fair LP,5.25%, 7/15/29		283,000		267,493
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		556,000		554,603
5.375%, 4/15/27 (a)		228,000		225,740

	Principal Amount		Value
Entertainment (Continued)
Churchill Downs, Inc. 144A, 5.50%, 4/1/27	$	308,000	$	302,737
144A, 4.75%, 1/15/28		369,000		349,356
144A, 5.75%, 4/1/30		616,000		592,272
144A, 6.75%, 5/1/31		323,000		323,596
International Game Technology PLC 144A, 4.125%, 4/15/26		385,000		371,894
144A, 6.25%, 1/15/27		385,000		386,889
144A, 5.25%, 1/15/29		385,000		372,453
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		379,000		381,029
Live Nation Entertainment, Inc. 144A, 6.50%, 5/15/27		616,000		621,804
144A, 4.75%, 10/15/27		488,000		467,646
144A, 3.75%, 1/15/28		257,000		237,185
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		310,000		303,659
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		308,000		309,304
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		277,000		245,537
144A, 3.875%, 7/15/30		305,000		269,402
144A, 3.00%, 2/15/31		411,000		343,584
(Cost $10,619,509)				10,385,473
Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		283,000		281,435
144A, 5.00%, 2/1/28		640,000		613,986
(Cost $904,031)				895,421
Home Builders — 0.5%
Mattamy Group Corp., 144A, 5.25%, 12/15/27		263,000		253,859
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		257,000		255,852
144A, 5.75%, 1/15/28		231,000		226,585
144A, 5.125%, 8/1/30		257,000		242,836
(Cost $995,649)				979,132
Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29 (Cost $378,889)		422,000		378,660
Leisure Time — 2.9%
Carnival Corp. 144A, 4.00%, 8/1/28		1,235,000		1,140,145
144A, 7.00%, 8/15/29		260,000		269,887
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,062,000		1,159,305
Life Time, Inc., 144A, 5.75%, 1/15/26		475,000		471,484
NCL Corp. Ltd., 144A, 5.875%, 2/15/27		513,000		507,381
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		338,000		325,845
144A, 5.50%, 8/31/26		519,000		513,563
144A, 5.375%, 7/15/27		519,000		509,569

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Leisure Time (Continued)
144A, 11.625%, 8/15/27	$	35,000	$	37,884
3.70%, 3/15/28		285,000		263,277
144A, 5.50%, 4/1/28		784,000		772,279
144A, 7.25%, 1/15/30		369,000		383,932
(Cost $6,297,140)				6,354,551
Lodging — 3.4%
Boyd Gaming Corp. 4.75%, 12/1/27		558,000		537,058
144A, 4.75%, 6/15/31		462,000		420,117
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		257,000		256,404
144A, 5.75%, 5/1/28		257,000		256,505
144A, 3.75%, 5/1/29		411,000		373,633
4.875%, 1/15/30		553,000		526,196
144A, 4.00%, 5/1/31		585,000		520,306
144A, 3.625%, 2/15/32		770,000		658,454
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		437,000		405,267
144A, 4.875%, 7/1/31		257,000		227,018
MGM Resorts International 6.75%, 5/1/25		316,000		316,642
5.75%, 6/15/25		457,000		456,646
4.625%, 9/1/26		214,000		207,655
5.50%, 4/15/27		376,000		368,608
4.75%, 10/15/28 (a)		385,000		361,704
Station Casinos LLC, 144A, 4.50%, 2/15/28		355,000		331,273
Travel + Leisure Co. 144A, 6.625%, 7/31/26		334,000		337,823
6.00%, 4/1/27		205,000		204,424
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)		462,000		452,578
(Cost $7,453,568)				7,218,311
Retail — 5.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		257,000		256,275
144A, 3.875%, 1/15/28		796,000		743,285
144A, 4.375%, 1/15/28		405,000		380,525
144A, 3.50%, 2/15/29 (a)		385,000		347,462
144A, 4.00%, 10/15/30		1,502,000		1,320,609
Advance Auto Parts, Inc., 3.90%, 4/15/30		250,000		223,441
Asbury Automotive Group, Inc. 4.50%, 3/1/28		204,000		190,431
144A, 4.625%, 11/15/29		439,000		400,262
4.75%, 3/1/30		228,000		207,732
Bath & Body Works, Inc., 5.25%, 2/1/28		247,000		240,048
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		308,000		309,915
FirstCash, Inc. 144A, 4.625%, 9/1/28		257,000		238,031
144A, 5.625%, 1/1/30		302,000		286,451

	Principal Amount		Value
Retail (Continued)
Lithia Motors, Inc. 144A, 4.625%, 12/15/27	$	205,000	$	195,501
144A, 3.875%, 6/1/29 (a)		410,000		366,302
144A, 4.375%, 1/15/31		282,000		250,439
Macy’s Retail Holdings LLC, 144A, 5.875%, 3/15/30		218,000		204,603
Murphy Oil USA, Inc. 4.75%, 9/15/29		257,000		239,874
144A, 3.75%, 2/15/31		257,000		219,548
Penske Automotive Group, Inc. 3.50%, 9/1/25		282,000		273,849
3.75%, 6/15/29		277,000		245,608
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		616,000		578,144
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		337,000		314,704
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		750,000		715,638
3.20%, 4/15/30		260,000		224,672
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		411,000		390,275
3.625%, 3/15/31		543,000		477,978
4.625%, 1/31/32		565,000		519,181
5.375%, 4/1/32		563,000		541,122
(Cost $11,389,007)				10,901,905
Consumer, Non-cyclical — 21.2%
Agriculture — 0.4%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		297,000		291,632
144A, 6.00%, 6/15/30		513,000		505,869
(Cost $817,205)				797,501
Commercial Services — 5.1%
ADT Security Corp., 144A, 4.125%, 8/1/29 (a)		528,000		477,695
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		300,000		296,985
APX Group, Inc., 144A, 6.75%, 2/15/27		308,000		308,711
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		180,000		171,692
144A, 4.75%, 4/1/28 (a)		307,000		278,478
144A, 5.375%, 3/1/29		301,000		274,378
Block, Inc. 2.75%, 6/1/26		613,000		572,502
3.50%, 6/1/31		513,000		438,109
Brink’s Co. 144A, 5.50%, 7/15/25		205,000		204,052
144A, 4.625%, 10/15/27		298,000		281,907
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		616,000		603,592
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		693,000		688,345
144A, 3.375%, 8/31/27		523,000		479,358

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
Service Corp. International 4.625%, 12/15/27	$	282,000	$	270,788
5.125%, 6/1/29		395,000		386,429
3.375%, 8/15/30		436,000		374,637
4.00%, 5/15/31		441,000		387,907
United Rentals North America, Inc. 5.50%, 5/15/27		307,000		305,283
3.875%, 11/15/27		395,000		372,361
4.875%, 1/15/28		867,000		837,791
5.25%, 1/15/30		391,000		378,933
4.00%, 7/15/30		382,000		346,137
3.875%, 2/15/31		595,000		526,376
3.75%, 1/15/32		385,000		333,549
Valvoline, Inc. 144A, 4.25%, 2/15/30		308,000		306,342
144A, 3.625%, 6/15/31		275,000		232,678
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		270,000		269,756
144A, 4.625%, 8/15/28		257,000		241,594
144A, 7.375%, 10/1/31		287,000		297,899
(Cost $11,469,087)				10,944,264
Cosmetics/Personal Care — 0.5%
Coty, Inc., 144A, 5.00%, 4/15/26		377,000		369,817
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		380,000		386,458
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		385,000		376,218
(Cost $1,142,440)				1,132,493
Food — 4.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		385,000		366,166
144A, 7.50%, 3/15/26		308,000		313,781
144A, 4.625%, 1/15/27		693,000		668,791
144A, 5.875%, 2/15/28		435,000		429,011
144A, 6.50%, 2/15/28		385,000		387,673
144A, 3.50%, 3/15/29		713,000		635,951
144A, 4.875%, 2/15/30		513,000		482,034
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		257,000		249,153
144A, 4.125%, 1/31/30		498,000		451,693
144A, 4.375%, 1/31/32		387,000		346,075
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		574,000		562,783
144A, 4.25%, 8/1/29		513,000		466,073
Pilgrim’s Pride Corp. 3.50%, 3/1/32		464,000		388,069
6.25%, 7/1/33		513,000		519,132
6.875%, 5/15/34		270,000		284,681
Post Holdings, Inc. 144A, 5.75%, 3/1/27		236,000		238,261
144A, 5.625%, 1/15/28		483,000		474,596
144A, 6.25%, 2/15/32		490,000		493,146

	Principal Amount		Value
Food (Continued)
US Foods, Inc. 144A, 6.875%, 9/15/28	$	257,000	$	261,819
144A, 4.75%, 2/15/29		455,000		427,575
144A, 4.625%, 6/1/30		292,000		267,831
144A, 7.25%, 1/15/32		257,000		265,646
(Cost $9,159,795)				8,979,940
Healthcare-Products — 2.6%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		806,000		761,741
144A, 3.875%, 11/1/29		411,000		368,813
Hologic, Inc. 144A, 4.625%, 2/1/28		205,000		196,623
144A, 3.25%, 2/15/29		503,000		448,977
Medline Borrower LP 144A, 3.875%, 4/1/29		2,346,000		2,105,531
144A, 5.25%, 10/1/29		1,323,000		1,225,007
Teleflex, Inc. 4.625%, 11/15/27		257,000		245,676
144A, 4.25%, 6/1/28		257,000		240,206
(Cost $5,670,691)				5,592,574
Healthcare-Services — 5.8%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		257,000		253,279
144A, 3.125%, 2/15/29		282,000		272,585
144A, 3.50%, 4/1/30		329,000		317,144
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		257,000		241,326
144A, 3.75%, 3/15/29		257,000		232,104
144A, 4.00%, 3/15/31		257,000		226,859
Encompass Health Corp. 4.50%, 2/1/28		411,000		389,288
4.75%, 2/1/30		411,000		381,572
4.625%, 4/1/31		224,000		202,896
IQVIA, Inc. 144A, 5.00%, 10/15/26		539,000		527,464
144A, 5.00%, 5/15/27		565,000		550,736
144A, 6.50%, 5/15/30		257,000		260,883
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		411,000		383,256
144A, 3.875%, 11/15/30		334,000		293,289
144A, 3.875%, 5/15/32		405,000		348,615
Select Medical Corp., 144A, 6.25%, 8/15/26		669,000		667,926
Tenet Healthcare Corp. 4.875%, 1/1/26		928,000		927,621
6.25%, 2/1/27		690,000		688,935
5.125%, 11/1/27		694,000		680,187
4.625%, 6/15/28		292,000		278,219
6.125%, 10/1/28 (a)		1,123,000		1,111,225
4.25%, 6/1/29		699,000		643,495
4.375%, 1/15/30		894,000		819,659
6.125%, 6/15/30		1,247,000		1,236,538
144A, 6.75%, 5/15/31		611,000		617,110
(Cost $12,905,747)				12,552,211

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Household Products/Wares — 0.2%
Central Garden & Pet Co., 4.125%, 10/15/30	$	257,000	$	228,547
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		243,000		231,002
(Cost $459,503)				459,549
Pharmaceuticals — 2.4%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		770,000		710,132
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		1,078,000		987,551
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		374,000		361,347
4.65%, 6/15/30		405,000		362,953
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		205,000		198,337
144A, 3.75%, 4/1/31		308,000		266,358
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/26		1,764,000		1,635,927
6.75%, 3/1/28		642,000		650,205
(Cost $5,362,583)				5,172,810
Energy — 10.7%
Oil & Gas — 5.4%
Antero Resources Corp. 144A, 7.625%, 2/1/29		209,000		215,438
144A, 5.375%, 3/1/30		308,000		293,818
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		306,000		306,033
144A, 5.875%, 6/30/29		225,000		209,359
Callon Petroleum Co. 144A, 8.00%, 8/1/28		332,000		346,994
144A, 7.50%, 6/15/30		315,000		332,095
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		225,000		226,877
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		277,000		274,818
144A, 5.875%, 2/1/29		257,000		254,444
144A, 6.75%, 4/15/29		488,000		490,318
Civitas Resources, Inc., 144A, 5.00%, 10/15/26		255,000		247,300
CNX Resources Corp., 144A, 6.00%, 1/15/29		258,000		248,200
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		446,000		444,203
Matador Resources Co. 5.875%, 9/15/26		359,000		355,739
144A, 6.875%, 4/15/28		257,000		261,218
Murphy Oil Corp., 5.875%, 12/1/27		238,000		236,531
Parkland Corp. 144A, 5.875%, 7/15/27		287,000		281,927
144A, 4.50%, 10/1/29		421,000		385,091

	Principal Amount		Value
Oil & Gas (Continued)
Permian Resources Operating LLC 144A, 8.00%, 4/15/27	$	282,000	$	291,075
144A, 5.875%, 7/1/29		349,000		341,342
144A, 9.875%, 7/15/31		257,000		284,873
144A, 7.00%, 1/15/32		517,000		531,167
Range Resources Corp. 4.875%, 5/15/25		353,000		348,398
8.25%, 1/15/29		308,000		321,571
144A, 4.75%, 2/15/30		257,000		239,010
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		359,000		331,060
SM Energy Co. 6.75%, 9/15/26		222,000		220,949
6.625%, 1/15/27		211,000		210,328
6.50%, 7/15/28		205,000		205,422
Southwestern Energy Co. 5.375%, 2/1/29		357,000		345,306
5.375%, 3/15/30		616,000		589,352
4.75%, 2/1/32		590,000		536,349
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		338,000		337,064
144A, 7.00%, 9/15/28		257,000		263,483
4.50%, 5/15/29		411,000		380,036
4.50%, 4/30/30		410,000		373,437
(Cost $11,646,000)				11,560,625
Pipelines — 5.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		282,000		288,227
144A, 5.375%, 6/15/29		385,000		366,559
Buckeye Partners LP 3.95%, 12/1/26		315,000		298,179
4.125%, 12/1/27		205,000		190,978
CQP Holdco LP / BIP-V Chinook Holdco LLC 144A, 5.50%, 6/15/31		729,000		679,858
144A, 7.50%, 12/15/33		270,000		275,529
DT Midstream, Inc. 144A, 4.125%, 6/15/29		565,000		516,800
144A, 4.375%, 6/15/31		537,000		483,881
EnLink Midstream LLC 144A, 5.625%, 1/15/28		272,000		268,250
5.375%, 6/1/29		272,000		263,872
144A, 6.50%, 9/1/30		513,000		526,282
EnLink Midstream Partners LP 4.15%, 6/1/25		216,000		210,759
4.85%, 7/15/26		282,000		275,203
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		205,000		204,881
4.125%, 12/1/26		257,000		246,587
144A, 6.50%, 7/1/27		524,000		529,652
5.50%, 7/15/28		436,000		428,020
144A, 4.50%, 1/15/29		401,000		376,240
144A, 4.75%, 1/15/31		582,000		541,734
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		408,000		402,604
144A, 5.125%, 6/15/28		282,000		271,177

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
144A, 4.25%, 2/15/30	$	415,000	$	378,271
144A, 5.50%, 10/15/30		205,000		197,196
NuStar Logistics LP 5.75%, 10/1/25		308,000		305,455
5.625%, 4/28/27		282,000		279,356
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		205,000		198,928
144A, 4.95%, 7/15/29		282,000		263,974
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		642,000		576,846
144A, 6.25%, 1/15/30		523,000		522,560
144A, 4.125%, 8/15/31		642,000		563,955
144A, 3.875%, 11/1/33		659,000		553,233
(Cost $12,003,102)				11,485,046
Financial — 12.1%
Diversified Financial Services — 4.6%
AG Issuer LLC, 144A, 6.25%, 3/1/28		257,000		248,917
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		257,000		264,793
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		256,000		268,365
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26		250,000		243,165
144A, 6.00%, 1/15/27		342,000		336,557
Navient Corp. 6.75%, 6/25/25		257,000		258,750
6.75%, 6/15/26		261,000		262,309
5.00%, 3/15/27		369,000		350,261
NFP Corp. 144A, 4.875%, 8/15/28		282,000		281,554
144A, 6.875%, 8/15/28		1,129,000		1,147,559
OneMain Finance Corp. 6.875%, 3/15/25		641,000		647,929
7.125%, 3/15/26		856,000		870,567
3.50%, 1/15/27		385,000		354,871
6.625%, 1/15/28		375,000		373,182
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		334,000		329,010
144A, 4.25%, 2/15/29		347,000		313,251
144A, 7.875%, 12/15/29		397,000		406,722
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		590,000		543,464
144A, 3.625%, 3/1/29		405,000		359,635
144A, 3.875%, 3/1/31 (a)		642,000		551,703
144A, 4.00%, 10/15/33		443,000		368,153
SLM Corp. 4.20%, 10/29/25		257,000		249,460
3.125%, 11/2/26		287,000		263,961
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		441,000		433,869
144A, 5.75%, 6/15/27		271,000		263,178
(Cost $10,226,938)				9,991,185
Insurance — 2.4%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		359,000		318,805

	Principal Amount		Value
Insurance (Continued)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27	$	385,000	$	355,790
144A, 6.75%, 4/15/28		642,000		638,183
144A, 7.00%, 1/15/31		390,000		388,750
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		380,000		380,486
HUB International Ltd. 144A, 5.625%, 12/1/29		298,000		276,930
144A, 7.25%, 6/15/30		1,697,000		1,732,243
144A, 7.375%, 1/31/32		1,000,000		1,003,793
(Cost $5,116,142)				5,094,980
Real Estate — 0.5%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		385,000		363,642
144A, 4.125%, 2/1/29		352,000		312,934
144A, 4.375%, 2/1/31		340,000		290,111
(Cost $1,051,704)				966,687
Real Estate Investment Trusts — 4.1%
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		513,000		492,566
144A, 5.25%, 3/15/28		444,000		428,398
144A, 5.00%, 7/15/28		257,000		243,547
144A, 7.00%, 2/15/29		513,000		521,242
144A, 4.875%, 9/15/29		513,000		477,543
144A, 5.25%, 7/15/30		672,000		629,456
144A, 4.50%, 2/15/31		565,000		500,500
144A, 5.625%, 7/15/32		348,000		323,828
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		343,000		316,027
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		334,000		335,338
144A, 5.875%, 10/1/28		372,000		361,922
144A, 4.875%, 5/15/29		385,000		354,084
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		359,000		343,166
144A, 7.25%, 7/15/28		205,000		210,140
144A, 4.50%, 2/15/29		308,000		286,563
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		257,000		242,518
144A, 4.00%, 9/15/29		257,000		224,564
SBA Communications Corp. 3.875%, 2/15/27		803,000		758,460
3.125%, 2/1/29		779,000		689,948
Service Properties Trust, 7.50%, 9/15/25		376,000		381,199
Starwood Property Trust, Inc. 4.75%, 3/15/25		257,000		253,830
144A, 3.625%, 7/15/26		205,000		191,409
144A, 4.375%, 1/15/27		293,000		275,063
(Cost $9,042,899)				8,841,311
Venture Capital — 0.5%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		205,000		203,100

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Venture Capital (Continued)
144A, 3.375%, 6/15/26	$	513,000	$	480,398
144A, 8.00%, 6/15/27		420,000		436,617
(Cost $1,157,471)				1,120,115
Industrial — 11.7%
Aerospace/Defense — 3.2%
Bombardier, Inc. 144A, 7.125%, 6/15/26		516,000		520,672
144A, 6.00%, 2/15/28		380,000		369,269
Rolls-Royce PLC 144A, 3.625%, 10/14/25		513,000		495,876
144A, 5.75%, 10/15/27		564,000		561,787
Spirit AeroSystems, Inc., 144A, 9.375%, 11/30/29		465,000		503,411
TransDigm, Inc. 7.50%, 3/15/27		311,000		310,968
5.50%, 11/15/27		1,167,000		1,128,003
144A, 6.75%, 8/15/28		939,000		951,400
4.625%, 1/15/29		545,000		500,245
4.875%, 5/1/29		356,000		327,364
144A, 6.875%, 12/15/30		638,000		646,236
144A, 7.125%, 12/1/31		450,000		462,181
(Cost $6,764,717)				6,777,412
Building Materials — 1.9%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		282,000		266,553
144A, 4.25%, 2/1/32		695,000		611,357
144A, 6.375%, 6/15/32		350,000		350,371
Standard Industries, Inc. 144A, 5.00%, 2/15/27		466,000		449,208
144A, 4.75%, 1/15/28		506,000		477,984
144A, 4.375%, 7/15/30		838,000		747,928
144A, 3.375%, 1/15/31		580,000		481,192
Summit Materials LLC / Summit Materials Finance Corp. 144A, 5.25%, 1/15/29		384,000		372,100
144A, 7.25%, 1/15/31		415,000		431,014
(Cost $4,223,259)				4,187,707
Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		800,000		805,468
144A, 7.25%, 6/15/28		710,000		726,221
(Cost $1,533,825)				1,531,689
Electronics — 0.8%
Sensata Technologies BV 144A, 5.00%, 10/1/25		359,000		355,970
144A, 4.00%, 4/15/29		533,000		483,891
144A, 5.875%, 9/1/30		277,000		270,034
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		231,000		210,687
144A, 3.75%, 2/15/31		375,000		321,022
(Cost $1,800,343)				1,641,604
Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28 (Cost $298,855)		318,000		300,931

	Principal Amount		Value
Environmental Control — 1.6%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31	$	257,000	$	255,676
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		257,000		252,708
144A, 3.75%, 8/1/25		395,000		383,880
144A, 5.125%, 12/15/26		257,000		251,644
144A, 4.00%, 8/1/28		385,000		353,333
144A, 3.50%, 9/1/28		382,000		346,692
144A, 4.75%, 6/15/29		385,000		360,817
144A, 4.375%, 8/15/29		312,000		284,503
144A, 6.75%, 1/15/31		530,000		542,779
Madison IAQ LLC, 144A, 4.125%, 6/30/28		360,000		328,301
(Cost $3,438,269)				3,360,333
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc. 5.75%, 6/15/25		205,000		203,668
6.25%, 2/15/29		250,000		250,347
(Cost $456,369)				454,015
Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		308,000		302,749
144A, 3.25%, 9/1/28		312,000		270,807
Ball Corp. 6.875%, 3/15/28		385,000		394,687
6.00%, 6/15/29		533,000		536,250
2.875%, 8/15/30		667,000		565,325
3.125%, 9/15/31 (a)		466,000		393,044
Berry Global, Inc., 144A, 5.625%, 7/15/27		257,000		253,657
Crown Americas LLC, 5.25%, 4/1/30		257,000		247,794
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		227,000		207,832
144A, 3.75%, 2/1/30		214,000		190,666
OI European Group BV, 144A, 4.75%, 2/15/30		205,000		188,918
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		513,000		478,419
Sealed Air Corp. 144A, 5.50%, 9/15/25		205,000		204,805
144A, 4.00%, 12/1/27		218,000		202,992
144A, 6.125%, 2/1/28		398,000		397,108
144A, 5.00%, 4/15/29		198,000		187,747
144A, 7.25%, 2/15/31		236,000		243,937
Silgan Holdings, Inc., 4.125%, 2/1/28		293,000		273,849
(Cost $5,855,094)				5,540,586
Trucking & Leasing — 0.6%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		334,000		334,487

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Trucking & Leasing (Continued)
144A, 9.75%, 8/1/27	$	205,000	$	212,685
144A, 5.50%, 5/1/28		513,000		491,896
144A, 7.875%, 12/1/30		257,000		269,684
(Cost $1,282,120)				1,308,752
Technology — 6.0%
Computers — 1.8%
NCR Voyix Corp. 144A, 5.00%, 10/1/28		334,000		310,805
144A, 5.125%, 4/15/29		616,000		571,919
144A, 5.25%, 10/1/30		230,000		208,029
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		270,000		259,733
Seagate HDD Cayman 4.875%, 6/1/27		259,000		251,069
4.091%, 6/1/29		284,000		259,430
144A, 8.25%, 12/15/29		257,000		275,593
144A, 8.50%, 7/15/31		257,000		278,087
9.625%, 12/1/32		385,600		436,114
Western Digital Corp., 4.75%, 2/15/26		1,211,000		1,184,703
(Cost $4,023,940)				4,035,482
Office/Business Equipment — 0.2%
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (Cost $380,998)		389,000		382,952
Semiconductors — 0.9%
Entegris, Inc. 144A, 4.375%, 4/15/28		205,000		191,755
144A, 4.75%, 4/15/29		850,000		802,318
144A, 3.625%, 5/1/29		199,000		176,297
144A, 5.95%, 6/15/30		459,000		450,409
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		359,000		328,625
(Cost $1,966,282)				1,949,404
Software — 3.1%
Alteryx, Inc., 144A, 8.75%, 3/15/28		235,000		238,500
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		308,000		308,517
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		483,000		441,407
Fair Isaac Corp. 144A, 5.25%, 5/15/26		205,000		203,011
144A, 4.00%, 6/15/28		462,000		429,628
Open Text Corp. 144A, 3.875%, 2/15/28		462,000		424,996
144A, 3.875%, 12/1/29		436,000		385,750
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		477,000		421,653
144A, 4.125%, 12/1/31		349,000		299,028
PTC, Inc., 144A, 4.00%, 2/15/28		257,000		240,033
ROBLOX Corp., 144A, 3.875%, 5/1/30		533,000		467,209

	Principal Amount		Value
Software (Continued)
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27	$	1,047,000	$	1,020,558
Twilio, Inc. 3.625%, 3/15/29		257,000		229,046
3.875%, 3/15/31		257,000		223,848
UKG, Inc., 144A, 6.875%, 2/1/31		1,300,000		1,314,449
(Cost $6,890,341)				6,647,633
Utilities — 3.8%
Electric — 3.8%
Calpine Corp. 144A, 5.25%, 6/1/26		216,000		212,991
144A, 4.50%, 2/15/28		642,000		605,355
144A, 3.75%, 3/1/31		482,000		413,659
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		436,000		408,165
144A, 3.75%, 2/15/31		476,000		401,913
DPL, Inc., 4.125%, 7/1/25		212,000		206,379
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		790,000		751,143
2.65%, 3/1/30		308,000		263,609
Series B, 2.25%, 9/1/30		261,000		215,083
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		297,000		277,666
144A, 4.50%, 9/15/27		282,000		263,408
144A, 7.25%, 1/15/29		390,000		396,759
PG&E Corp., 5.00%, 7/1/28		515,000		491,694
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		523,000		515,519
144A, 5.625%, 2/15/27		667,000		650,678
144A, 5.00%, 7/31/27		687,000		659,266
144A, 4.375%, 5/1/29		642,000		586,311
144A, 7.75%, 10/15/31		740,000		766,090
(Cost $8,486,125)				8,085,688
TOTAL CORPORATE BONDS
(Cost $214,765,958)				209,061,439
	Number of Shares
SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $4,254,324)		4,254,324		4,254,324
CASH EQUIVALENTS — 2.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $5,226,220)		5,226,220		5,226,220
TOTAL INVESTMENTS — 101.5% (Cost $224,246,502)			$	218,541,983
Other assets and liabilities, net — (1.5%)				(3,212,050	)
NET ASSETS — 100.0%			$	215,329,933

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		4,254,324	(d)		—			—		—		11,443		—		4,254,324		4,254,324
CASH EQUIVALENTS — 2.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		3,360,237		16,978,821			(15,112,838	)		—		—		38,501		—		5,226,220		5,226,220
		3,360,237		21,233,145			(15,112,838	)		—		—		49,944		—		9,480,544		9,480,544

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $4,162,522, which is 1.9% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

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

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	209,061,439	$	—	$	209,061,439
Short-Term Investments (a)		9,480,544		—		—		9,480,544
TOTAL	$	9,480,544	$	209,061,439	$	—	$	218,541,983

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

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF (a)		22,975	$	940,500
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		1,169,869		41,530,350
(Cost $45,195,482)				42,470,850
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $420,500)		420,500		420,500
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $239,157)		239,157		239,157
TOTAL INVESTMENTS — 101.0% (Cost $45,855,139)			$	43,130,507
Other assets and liabilities, net — (1.0%)				(436,414	)
NET ASSETS — 100.0%			$	42,694,093

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF (a)
		967,365		—		(49,497	)		(2,454	)		25,086		36,878		—		22,975		940,500
Xtrackers USD High Yield Corporate Bond ETF (a)(b)
		42,650,693		—		(2,200,245	)		(63,146	)		1,143,048		1,296,321		—		1,169,869		41,530,350
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		6,535,150		—		(6,114,650	)(e)		—			—		4,120		—		420,500		420,500
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		311,422		65,356		(137,621	)		—			—		7,679		—		239,157		239,157
		50,464,630		65,356		(8,502,013	)		(65,600	)		1,168,134		1,344,998		—		1,852,501		43,130,507

(a) Affiliated fund advised by DBX Advisors LLC.

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $411,800, which is 1.0% of net assets.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	42,470,850	$	—	$	—	$	42,470,850
Short-Term Investments (a)		659,657		—		—		659,657
TOTAL	$	43,130,507	$	—	$	—	$	43,130,507

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

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

February 29, 2024 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.4%
Basic Materials — 3.9%
Chemicals — 1.6%
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28	$	161,000	$	102,318
Avient Corp., 144A, 5.75%, 5/15/25		130,000		129,365
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		85,000		75,621
Chemours Co. 5.375%, 5/15/27		105,000		96,034
144A, 5.75%, 11/15/28		160,000		140,500
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		103,000		83,708
INEOS Finance PLC, 144A, 6.75%, 5/15/28		94,000		92,018
Methanex Corp., 5.125%, 10/15/27		146,000		140,487
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		112,000		109,510
144A, 5.25%, 6/1/27		205,000		190,193
144A, 8.50%, 11/15/28		100,000		105,711
Olin Corp., 5.125%, 9/15/27		98,000		95,152
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		236,000		215,944
(Cost $1,587,321)				1,576,561
Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $132,110)		153,000		132,024
Iron/Steel — 0.8%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		200,000		201,725
5.875%, 6/1/27		130,000		128,766
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		113,000		114,120
144A, 8.00%, 11/1/27		122,000		124,403
144A, 9.25%, 10/1/28		221,000		232,050
(Cost $792,397)				801,064
Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		214,000		214,000
144A, 6.875%, 3/1/26 (a)		195,000		195,000
144A, 6.875%, 10/15/27		323,000		307,488
FMG Resources August 2006 Pty Ltd., 144A, 4.50%, 9/15/27		115,000		110,217
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		125,000		120,603
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/28		98,000		90,508
Nexa Resources SA 144A, 5.375%, 5/4/27		137,000		132,300
144A, 6.50%, 1/18/28		94,000		94,329
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		100,000		83,087
(Cost $1,327,539)				1,347,532

	Principal Amount		Value
Communications — 16.8%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27	$	252,000	$	235,907
144A, 7.75%, 4/15/28		195,000		168,795
144A, 9.00%, 9/15/28 (a)		150,000		156,554
Lamar Media Corp., 3.75%, 2/15/28		115,000		106,765
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		124,000		119,386
144A, 4.25%, 1/15/29		100,000		89,908
(Cost $844,983)				877,315
Internet — 2.0%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		200,000		205,195
Gen Digital, Inc. 144A, 5.00%, 4/15/25		226,000		223,957
144A, 6.75%, 9/30/27		176,000		177,064
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		120,000		116,217
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		88,000		84,009
144A, 4.625%, 6/1/28		88,000		82,811
MercadoLibre, Inc., 2.375%, 1/14/26		75,000		70,688
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		105,000		114,137
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		328,000		349,296
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		274,000		279,039
144A, 7.50%, 9/15/27		234,000		239,570
144A, 6.25%, 1/15/28		98,000		98,215
(Cost $2,009,778)				2,040,198
Media — 8.9%
Altice Financing SA, 144A, 5.00%, 1/15/28		234,000		207,266
AMC Networks, Inc. 4.75%, 8/1/25		151,000		144,145
4.25%, 2/15/29		184,000		119,273
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		170,000		167,176
144A, 5.125%, 5/1/27		635,000		600,945
144A, 5.00%, 2/1/28		493,000		455,405
CSC Holdings LLC 144A, 5.50%, 4/15/27		256,000		229,939
144A, 5.375%, 2/1/28		181,000		157,952
144A, 7.50%, 4/1/28		216,000		153,792
144A, 11.25%, 5/15/28		195,000		201,388
144A, 11.75%, 1/31/29		420,000		439,298
144A, 6.50%, 2/1/29		293,000		255,704
DISH DBS Corp. 5.875%, 11/15/24 (a)		392,000		370,820
7.75%, 7/1/26		391,000		249,657

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Media (Continued)
144A, 5.25%, 12/1/26	$	539,000	$	431,537
7.375%, 7/1/28		195,000		95,333
144A, 5.75%, 12/1/28		478,000		331,911
DISH Network Corp., 144A, 11.75%, 11/15/27		684,000		713,962
Gray Television, Inc. 144A, 5.875%, 7/15/26		124,000		117,800
144A, 7.00%, 5/15/27 (a)		150,000		135,734
iHeartCommunications, Inc. 6.375%, 5/1/26 (a)		156,000		132,990
8.375%, 5/1/27		167,000		100,398
144A, 5.25%, 8/15/27		152,000		112,851
144A, 4.75%, 1/15/28		105,000		75,708
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		165,000		153,446
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		335,000		317,834
144A, 4.75%, 11/1/28 (a)		192,000		170,710
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		156,000		123,013
144A, 6.50%, 9/15/28		205,000		98,887
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		220,000		205,354
144A, 5.00%, 8/1/27		293,000		279,471
144A, 4.00%, 7/15/28		367,000		331,010
TEGNA, Inc. 144A, 4.75%, 3/15/26		102,000		98,664
4.625%, 3/15/28		195,000		175,802
Univision Communications, Inc. 144A, 6.625%, 6/1/27		293,000		284,252
144A, 8.00%, 8/15/28		285,000		286,767
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		120,696
144A, 5.125%, 4/15/27		125,000		122,592
VTR Finance NV, 144A, 6.375%, 7/15/28		95,000		41,631
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		103,660
(Cost $9,297,881)				8,914,773
Telecommunications — 5.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		317,000		207,410
144A, 6.00%, 2/15/28		212,000		107,249
Altice France SA 144A, 8.125%, 2/1/27		312,000		287,029
144A, 5.50%, 1/15/28		214,000		174,845
144A, 5.125%, 1/15/29		100,000		75,692
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		218,000		205,695
CommScope Technologies LLC 144A, 6.00%, 6/15/25		263,000		214,603
144A, 5.00%, 3/15/27		138,000		49,538
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		280,000		252,334
144A, 8.25%, 3/1/27		174,000		76,375
144A, 7.125%, 7/1/28		125,000		50,129

	Principal Amount		Value
Telecommunications (Continued)
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28	$	78,000	$	64,491
144A, 6.50%, 10/1/28		155,000		133,300
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		225,000		217,643
144A, 5.00%, 5/1/28		302,000		279,806
Hughes Satellite Systems Corp. 5.25%, 8/1/26		154,000		131,725
6.625%, 8/1/26		133,000		87,780
Iliad Holding SASU 144A, 6.50%, 10/15/26		221,000		218,656
144A, 7.00%, 10/15/28		167,000		165,369
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27 (a)		138,000		111,784
144A, 4.625%, 9/15/27		197,000		122,140
144A, 4.25%, 7/1/28		259,000		124,320
144A, 3.625%, 1/15/29		165,000		70,950
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		85,000		56,859
144A, 4.00%, 2/15/27		222,000		134,539
144A, 4.50%, 1/15/29		60,000		18,957
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		88,200		84,152
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		82,000		78,700
Telecom Italia SpA, 144A, 5.303%, 5/30/24		304,000		303,157
Viasat, Inc. 144A, 5.625%, 9/15/25		66,000		64,121
144A, 5.625%, 4/15/27		89,000		83,641
144A, 6.50%, 7/15/28		90,000		66,771
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		273,000		255,173
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		299,000		249,267
144A, 6.125%, 3/1/28		211,000		160,588
(Cost $5,426,437)				4,984,788
Consumer, Cyclical — 20.5%
Airlines — 1.7%
Air Canada, 144A, 3.875%, 8/15/26		253,000		239,902
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		95,000		92,894
American Airlines, Inc., 144A, 7.25%, 2/15/28		140,000		141,293
Delta Air Lines, Inc. 2.90%, 10/28/24		200,000		196,166
7.375%, 1/15/26		170,000		175,495
4.375%, 4/19/28		71,000		68,147
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		232,252		219,476
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25 (a)		121,000		87,620
144A, 8.00%, 9/20/25		100,000		72,413

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc., 144A, 4.375%, 4/15/26	$	390,000	$	375,782
(Cost $1,755,971)				1,669,188
Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26 (Cost $169,071)		170,000		164,248
Auto Manufacturers — 0.3%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		81,000		77,745
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		223,000		226,309
(Cost $297,582)				304,054
Auto Parts & Equipment — 2.3%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		155,000		150,390
144A, 7.00%, 4/15/28		104,000		106,139
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		98,000		96,877
6.875%, 7/1/28		75,000		72,541
Clarios Global LP, 144A, 6.75%, 5/15/25		88,000		88,015
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		150,000		149,721
144A, 8.50%, 5/15/27		315,000		317,223
144A, 6.75%, 5/15/28		150,000		151,944
Dana, Inc. 5.375%, 11/15/27		86,000		83,103
5.625%, 6/15/28		78,000		75,598
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		156,000		157,706
5.00%, 5/31/26		176,000		171,575
4.875%, 3/15/27		133,000		127,776
Tenneco, Inc., 144A, 8.00%, 11/17/28		371,000		338,432
ZF North America Capital, Inc., 144A, 6.875%, 4/14/28		165,000		168,594
(Cost $2,223,192)				2,255,634
Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		130,000		121,571
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		244,000		220,408
Ritchie Bros Holdings, Inc., 144A, 6.75%, 3/15/28		99,000		101,445
(Cost $443,970)				443,424
Entertainment — 3.4%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		178,000		123,226
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		360,000		360,242
144A, 8.125%, 7/1/27		315,000		323,647

	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25	$	202,000	$	201,492
5.375%, 4/15/27		97,000		96,039
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		122,000		119,915
144A, 4.75%, 1/15/28		135,000		127,813
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		78,000		76,899
144A, 5.25%, 7/15/28		144,000		134,678
International Game Technology PLC 144A, 6.50%, 2/15/25		128,000		128,273
144A, 4.125%, 4/15/26		207,000		199,953
144A, 6.25%, 1/15/27		150,000		150,736
144A, 5.25%, 1/15/29		100,000		96,741
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		130,000		130,696
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		135,967
144A, 6.50%, 5/15/27		263,000		265,478
144A, 4.75%, 10/15/27		198,000		189,741
144A, 3.75%, 1/15/28		80,000		73,832
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		229,000		216,120
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		65,068
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		86,000		84,241
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		119,000		119,504
(Cost $3,412,844)				3,420,301
Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		126,000		125,303
144A, 5.00%, 2/1/28		220,000		211,058
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		85,000		79,658
(Cost $406,248)				416,019
Home Builders — 0.4%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		120,000		116,373
Mattamy Group Corp., 144A, 5.25%, 12/15/27		102,000		98,455
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		98,000		97,562
144A, 5.75%, 1/15/28		80,000		78,471
(Cost $374,825)				390,861
Housewares — 0.6%
Newell Brands, Inc. 4.875%, 6/1/25		87,000		85,254
5.20%, 4/1/26		388,000		377,175
6.375%, 9/15/27		98,000		95,240
(Cost $578,371)				557,669

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Leisure Time — 4.5%
Carnival Corp. 144A, 7.625%, 3/1/26	$	260,000	$	263,572
144A, 5.75%, 3/1/27		538,000		531,705
144A, 4.00%, 8/1/28		470,000		433,901
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		400,000		436,649
Life Time, Inc. 144A, 5.75%, 1/15/26		203,000		201,497
144A, 8.00%, 4/15/26		100,000		101,003
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		114,000		112,341
144A, 5.875%, 3/15/26		290,000		283,475
144A, 5.875%, 2/15/27		175,000		173,083
144A, 8.375%, 2/1/28		150,000		157,573
144A, 8.125%, 1/15/29		150,000		157,933
144A, 7.75%, 2/15/29		92,000		94,378
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		175,000		168,707
144A, 5.50%, 8/31/26		204,000		201,863
144A, 5.375%, 7/15/27		195,000		191,457
144A, 11.625%, 8/15/27		232,000		251,120
3.70%, 3/15/28		103,000		95,149
144A, 5.50%, 4/1/28		338,000		332,947
144A, 9.25%, 1/15/29		100,000		107,643
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		155,000		151,640
144A, 7.00%, 2/15/29		50,000		50,025
(Cost $4,367,235)				4,497,661
Lodging — 2.3%
Boyd Gaming Corp., 4.75%, 12/1/27		196,000		188,644
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		81,000		80,812
144A, 5.75%, 5/1/28		98,000		97,811
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		190,000		185,902
144A, 5.25%, 4/26/26		85,000		81,669
144A, 5.625%, 7/17/27		117,000		111,012
144A, 5.75%, 7/21/28		156,000		146,627
MGM Resorts International 6.75%, 5/1/25		151,000		151,307
5.75%, 6/15/25		161,000		160,875
4.625%, 9/1/26		78,000		75,687
5.50%, 4/15/27		132,000		129,405
4.75%, 10/15/28 (a)		140,000		131,529
Station Casinos LLC, 144A, 4.50%, 2/15/28		135,000		125,977
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		104,000		98,719
144A, 5.00%, 1/15/29		220,000		192,052
Travel + Leisure Co. 144A, 6.625%, 7/31/26		127,000		128,454
6.00%, 4/1/27		73,000		72,795
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)		157,000		153,798
(Cost $2,278,105)				2,313,075

	Principal Amount		Value
Retail — 4.0%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25	$	70,000	$	69,803
144A, 3.875%, 1/15/28		324,000		302,543
144A, 4.375%, 1/15/28		184,000		172,881
144A, 3.50%, 2/15/29		100,000		90,250
Asbury Automotive Group, Inc., 4.50%, 3/1/28		110,000		102,683
Bath & Body Works, Inc., 5.25%, 2/1/28		100,000		97,185
eG Global Finance PLC, 144A, 12.00%, 11/30/28		215,000		227,255
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		113,000		111,956
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 4.625%, 1/15/29		200,000		181,698
FirstCash, Inc., 144A, 4.625%, 9/1/28		122,000		112,995
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		130,000		117,256
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		71,525
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		166,000		129,091
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		215,000		211,076
Penske Automotive Group, Inc., 3.50%, 9/1/25		100,000		97,110
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		228,000		213,988
144A, 7.75%, 2/15/29		193,000		190,872
QVC, Inc. 4.85%, 4/1/24		60,000		59,904
4.45%, 2/15/25		114,000		110,788
4.75%, 2/15/27 (a)		118,000		106,467
4.375%, 9/1/28		106,000		87,057
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		133,000		124,201
Staples, Inc. 144A, 7.50%, 4/15/26		360,000		346,469
144A, 10.75%, 4/15/27		193,000		176,825
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		240,000		236,649
3.45%, 6/1/26		290,000		276,713
(Cost $3,960,016)				4,025,240
Consumer, Non-cyclical — 16.1%
Agriculture — 0.3%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		90,000		88,373
Vector Group Ltd. 144A, 10.50%, 11/1/26		94,000		94,671
144A, 5.75%, 2/1/29		151,000		138,494
(Cost $320,243)				321,538

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services — 4.4%
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26	$	59,000	$	58,407
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		137,000		137,673
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		268,000		267,407
144A, 9.75%, 7/15/27		210,000		209,498
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		226,000		201,222
APX Group, Inc., 144A, 6.75%, 2/15/27		98,000		98,226
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		39,000		37,200
144A, 4.75%, 4/1/28 (a)		94,000		85,267
Block, Inc., 2.75%, 6/1/26		229,000		213,871
Brink’s Co. 144A, 5.50%, 7/15/25		75,000		74,653
144A, 4.625%, 10/15/27		116,000		109,736
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		91,794
144A, 9.50%, 11/1/27		133,000		133,632
144A, 7.75%, 2/15/28		88,000		89,456
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		239,000		234,186
Hertz Corp., 144A, 4.625%, 12/1/26		99,000		87,739
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		203,000		177,343
144A, 5.75%, 11/1/28 (a)		191,000		152,574
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		263,000		261,233
144A, 3.375%, 8/31/27		194,000		177,812
144A, 6.25%, 1/15/28 (a)		261,000		257,710
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		167,000		147,203
144A, 11.25%, 12/15/27		107,000		100,647
Service Corp. International, 4.625%, 12/15/27		113,000		108,507
Sotheby’s, 144A, 7.375%, 10/15/27		145,000		139,467
United Rentals North America, Inc. 5.50%, 5/15/27		72,000		71,597
3.875%, 11/15/27		146,000		137,632
4.875%, 1/15/28		326,000		315,017
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		110,000		109,900
144A, 4.625%, 8/15/28		106,000		99,646
(Cost $4,356,185)				4,386,255
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 5.00%, 4/15/26		129,000		126,542

	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28	$	152,000	$	148,533
(Cost $273,905)				275,075
Food — 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		201,000		191,167
144A, 7.50%, 3/15/26		110,000		112,065
144A, 4.625%, 1/15/27		271,000		261,533
144A, 5.875%, 2/15/28		130,000		128,210
144A, 6.50%, 2/15/28		146,000		147,014
B&G Foods, Inc. 5.25%, 9/15/27		107,000		99,610
144A, 8.00%, 9/15/28		105,000		109,442
Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/28		107,000		103,733
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		207,000		202,955
Post Holdings, Inc. 144A, 5.75%, 3/1/27		90,000		90,862
144A, 5.625%, 1/15/28		184,000		180,799
Sigma Holdco BV, 144A, 7.875%, 5/15/26		91,000		87,030
US Foods, Inc. 144A, 6.875%, 9/15/28		105,000		106,969
144A, 4.75%, 2/15/29		130,000		122,164
(Cost $1,929,502)				1,943,553
Healthcare-Products — 1.0%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		359,000		339,287
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		274,000		286,672
Hologic, Inc. 144A, 4.625%, 2/1/28		85,000		81,527
144A, 3.25%, 2/15/29		126,000		112,467
Teleflex, Inc. 4.625%, 11/15/27		100,000		95,594
144A, 4.25%, 6/1/28		98,000		91,596
(Cost $991,040)				1,007,143
Healthcare-Services — 4.3%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		107,000		105,451
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28		91,000		85,450
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		226,000		223,960
144A, 5.625%, 3/15/27		371,000		339,875
144A, 8.00%, 12/15/27		130,000		124,484
144A, 6.875%, 4/1/28		141,000		91,199
144A, 6.00%, 1/15/29		128,000		110,213
Encompass Health Corp., 4.50%, 2/1/28		147,000		139,235
IQVIA, Inc. 144A, 5.00%, 10/15/26		195,000		190,826
144A, 5.00%, 5/15/27		237,000		231,017

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27	$	114,000	$	105,877
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		95,000		75,859
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a)		89,000		86,971
Molina Healthcare, Inc., 144A, 4.375%, 6/15/28		161,000		150,132
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		254,000		254,189
Select Medical Corp., 144A, 6.25%, 8/15/26		267,000		266,571
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		145,000		133,458
Tenet Healthcare Corp. 4.875%, 1/1/26		408,000		407,833
6.25%, 2/1/27		293,000		292,548
5.125%, 11/1/27		300,000		294,029
4.625%, 6/15/28		106,000		100,997
6.125%, 10/1/28 (a)		488,000		482,883
(Cost $4,262,836)				4,293,057
Pharmaceuticals — 3.9%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		176,000		165,660
144A, 8.50%, 1/31/27 (a)		125,000		71,274
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		328,000		305,550
144A, 9.00%, 12/15/25		165,000		157,134
144A, 6.125%, 2/1/27		195,000		125,044
144A, 5.75%, 8/15/27		99,000		59,779
144A, 5.00%, 1/30/28		77,000		35,227
144A, 4.875%, 6/1/28		325,000		185,555
144A, 11.00%, 9/30/28		350,000		236,250
144A, 6.25%, 2/15/29		197,000		90,388
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		108,000		101,664
Grifols SA, 144A, 4.75%, 10/15/28 (a)		125,000		104,238
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		120,000		116,529
Jazz Securities DAC, 144A, 4.375%, 1/15/29		293,000		270,219
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		410,000		375,599
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		80,000		78,698
4.375%, 3/15/26		165,000		159,418
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		72,000		69,660
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		190,000		189,911
7.125%, 1/31/25		71,000		71,423

	Principal Amount		Value
Pharmaceuticals (Continued)
3.15%, 10/1/26	$	690,000	$	639,903
6.75%, 3/1/28		242,000		245,093
(Cost $3,971,137)				3,854,216
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28 (Cost $93,487)		92,000		98,885
Energy — 10.8%
Energy-Alternate Sources — 0.1%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a)
(Cost $73,240)		85,000		71,617
Oil & Gas — 5.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		152,000		152,016
144A, 8.25%, 12/31/28		110,000		111,781
Baytex Energy Corp., 144A, 8.75%, 4/1/27		70,000		72,671
Callon Petroleum Co., 144A, 8.00%, 8/1/28		121,000		126,465
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		78,000		78,650
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		104,000		103,181
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		71,000		68,856
144A, 8.375%, 7/1/28		273,000		286,015
CNX Resources Corp., 144A, 6.00%, 1/15/29		90,000		86,581
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		145,000		144,594
144A, 9.25%, 2/15/28		203,000		212,636
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		166,327
CVR Energy, Inc. 144A, 5.75%, 2/15/28		75,000		69,678
144A, 8.50%, 1/15/29		100,000		100,705
Energean PLC, 144A, 6.50%, 4/30/27		98,000		89,616
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		200,000		193,694
144A, 7.75%, 5/1/27		111,000		105,614
144A, 7.50%, 3/1/28		30,000		27,914
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		142,000		139,330
144A, REGS, 6.50%, 6/30/27		123,000		118,062
Matador Resources Co. 5.875%, 9/15/26		167,000		165,483
144A, 6.875%, 4/15/28		138,000		140,265
Murphy Oil Corp., 5.875%, 12/1/27		73,000		72,550

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Northern Oil & Gas, Inc., 144A, 8.125%, 3/1/28	$	124,000	$	125,670
Parkland Corp., 144A, 5.875%, 7/15/27		98,000		96,268
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		161,000		156,720
Permian Resources Operating LLC, 144A, 8.00%, 4/15/27		96,000		99,089
Puma International Financing SA, 144A, 5.00%, 1/24/26		200,000		189,473
Range Resources Corp., 4.875%, 5/15/25		111,000		109,553
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		120,000		122,768
SM Energy Co. 6.75%, 9/15/26		75,000		74,645
6.625%, 1/15/27		97,000		96,691
6.50%, 7/15/28		69,000		69,142
Southwestern Energy Co., 5.375%, 2/1/29		200,000		193,448
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		100,000		99,723
144A, 7.00%, 9/15/28		118,000		120,977
Talos Production, Inc., 144A, 9.00%, 2/1/29		95,000		97,171
Transocean, Inc. 144A, 7.50%, 1/15/26		95,000		93,992
144A, 11.50%, 1/30/27		135,000		140,502
144A, 8.00%, 2/1/27		120,000		117,240
Tullow Oil PLC, 144A, 7.00%, 3/1/25		103,000		96,815
Vital Energy, Inc., 10.125%, 1/15/28		151,000		158,158
(Cost $5,000,272)				5,090,729
Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		85,000		84,651
144A, 6.25%, 4/1/28		156,000		152,237
CGG SA, 144A, 8.75%, 4/1/27		103,000		91,996
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		142,000		141,906
6.875%, 9/1/27		142,000		141,400
(Cost $613,432)				612,190
Pipelines — 5.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		121,000		123,672
144A, 5.75%, 3/1/27		144,000		140,999
144A, 5.75%, 1/15/28		120,000		117,747
Buckeye Partners LP 144A, 4.125%, 3/1/25		85,000		83,194
3.95%, 12/1/26		122,000		115,485

	Principal Amount		Value
Pipelines (Continued)
4.125%, 12/1/27	$	110,000	$	102,476
144A, 4.50%, 3/1/28		106,000		98,643
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		107,000		105,525
EnLink Midstream Partners LP 4.15%, 6/1/25		80,000		78,059
4.85%, 7/15/26		91,000		88,807
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		108,000		107,937
4.125%, 12/1/26		102,000		97,867
144A, 7.50%, 6/1/27		119,000		121,837
144A, 6.50%, 7/1/27		204,000		206,200
5.50%, 7/15/28		165,000		161,980
144A, 4.50%, 1/15/29		136,000		127,603
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		196,000		197,545
7.75%, 2/1/28		133,000		133,119
8.25%, 1/15/29		117,000		119,046
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		162,000		159,858
144A, 5.125%, 6/15/28		97,000		93,277
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		242,000		240,975
144A, 6.50%, 9/30/26		301,000		290,951
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 8.125%, 2/15/29		158,000		159,624
NuStar Logistics LP 5.75%, 10/1/25		110,000		109,091
6.00%, 6/1/26		106,000		104,876
5.625%, 4/28/27		107,000		105,997
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		78,000		75,690
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		79,000		78,039
144A, 5.50%, 1/15/28		152,000		144,576
144A, 7.375%, 2/15/29		120,000		119,824
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		439,000		446,336
144A, 9.50%, 2/1/29		560,000		597,430
(Cost $5,044,270)				5,054,285
Financial — 13.0%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		98,000		97,348
144A, 6.625%, 1/15/27		99,000		94,460
144A, 12.00%, 10/1/28		156,000		169,211
(Cost $346,188)				361,019
Diversified Financial Services — 4.7%
AG Issuer LLC, 144A, 6.25%, 3/1/28		95,000		92,012
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		100,000		103,032

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Diversified Financial Services (Continued)
Coinbase Global, Inc., 144A, 3.375%, 10/1/28	$	206,000	$	174,262
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		110,000		116,501
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28 *		140,000		38,325
Enova International, Inc., 144A, 11.25%, 12/15/28		80,000		83,853
goeasy Ltd., 144A, 9.25%, 12/1/28		63,000		66,906
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		189,000		170,235
LD Holdings Group LLC 144A, 6.50%, 11/1/25		98,000		90,798
144A, 6.125%, 4/1/28		121,000		98,907
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		98,000		102,733
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26		98,000		95,321
144A, 6.00%, 1/15/27		104,000		102,345
144A, 5.50%, 8/15/28		183,000		173,002
Navient Corp. 5.875%, 10/25/24		110,000		109,817
6.75%, 6/25/25		92,000		92,626
6.75%, 6/15/26		91,000		91,457
5.00%, 3/15/27		137,000		130,043
4.875%, 3/15/28		98,000		89,580
NFP Corp. 144A, 4.875%, 8/15/28		99,000		98,844
144A, 6.875%, 8/15/28		410,000		416,740
OneMain Finance Corp. 6.875%, 3/15/25		286,000		289,092
7.125%, 3/15/26		313,000		318,326
3.50%, 1/15/27		145,000		133,653
6.625%, 1/15/28		154,000		153,253
3.875%, 9/15/28		110,000		96,239
9.00%, 1/15/29		150,000		157,683
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		81,000		84,209
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		149,000		146,774
144A, 4.25%, 2/15/29		87,000		78,538
PRA Group, Inc., 144A, 8.375%, 2/1/28		78,000		76,294
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		210,000		193,436
SLM Corp. 4.20%, 10/29/25		84,000		81,535
3.125%, 11/2/26		102,000		93,812
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		176,000		173,154
144A, 5.75%, 6/15/27		105,000		101,969
(Cost $4,632,226)				4,715,306

	Principal Amount		Value
Insurance — 1.1%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26	$	89,000	$	92,619
144A, 4.25%, 2/15/29		135,000		119,885
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		146,000		134,923
144A, 6.75%, 10/15/27		248,000		241,163
144A, 6.75%, 4/15/28		264,000		262,431
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		146,000		146,186
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		110,000		101,301
(Cost $1,094,337)				1,098,508
Investment Companies — 0.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 (Cost $154,190)		150,000		156,938
Real Estate — 0.5%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		130,000		128,173
Howard Hughes Corp. 144A, 5.375%, 8/1/28		167,000		157,735
144A, 4.125%, 2/1/29		117,000		104,015
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29		110,000		81,950
(Cost $463,682)				471,873
Real Estate Investment Trusts — 4.8%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		87,000		76,575
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		187,000		180,535
144A, 4.50%, 4/1/27		142,000		124,997
Diversified Healthcare Trust 9.75%, 6/15/25		98,000		97,663
4.75%, 2/15/28		95,000		75,714
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		95,000		80,328
Hudson Pacific Properties LP, 3.95%, 11/1/27		80,000		69,175
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		189,000		181,472
144A, 5.25%, 3/15/28		161,000		155,342
144A, 5.00%, 7/15/28		98,000		92,870
144A, 7.00%, 2/15/29		122,000		123,960
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		117,000		107,799
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		99,000		88,281
5.00%, 10/15/27 (a)		273,000		223,708

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28	$	106,000	$	89,386
Office Properties Income Trust, 4.50%, 2/1/25		127,000		103,036
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		132,000		132,529
144A, 5.875%, 10/1/28		149,000		144,964
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		137,000		130,958
144A, 7.25%, 7/15/28		68,000		69,705
144A, 4.50%, 2/15/29		75,000		69,780
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		86,816
SBA Communications Corp. 3.875%, 2/15/27		292,000		275,804
3.125%, 2/1/29		258,000		228,507
Service Properties Trust 7.50%, 9/15/25		136,000		137,881
4.75%, 10/1/26		93,000		86,130
4.95%, 2/15/27		80,000		73,539
5.50%, 12/15/27		88,000		82,946
3.95%, 1/15/28		80,000		67,744
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		97,000		95,149
4.75%, 3/15/25		100,000		98,766
144A, 3.625%, 7/15/26		77,000		71,895
144A, 4.375%, 1/15/27		92,000		86,368
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		508,000		526,355
144A, 4.75%, 4/15/28		134,000		116,585
144A, 6.50%, 2/15/29		195,000		150,337
Vornado Realty LP 3.50%, 1/15/25		88,000		85,504
2.15%, 6/1/26		78,000		70,033
(Cost $4,760,291)				4,759,136
Venture Capital — 1.4%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		71,000		70,342
144A, 3.375%, 6/15/26 (a)		253,000		236,921
144A, 8.00%, 6/15/27		110,000		114,352
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		211,000		209,866
6.375%, 12/15/25		146,000		144,834
6.25%, 5/15/26		258,000		251,647
5.25%, 5/15/27		262,000		241,009
4.375%, 2/1/29		132,000		111,539
(Cost $1,406,339)				1,380,510

	Principal Amount		Value
Industrial — 9.7%
Aerospace/Defense — 2.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26	$	198,000	$	199,793
144A, 7.875%, 4/15/27		312,000		312,593
144A, 6.00%, 2/15/28		146,000		141,877
144A, 7.50%, 2/1/29		104,000		105,572
Rolls-Royce PLC 144A, 3.625%, 10/14/25		249,000		240,688
144A, 5.75%, 10/15/27		181,000		180,290
Spirit AeroSystems, Inc., 4.60%, 6/15/28		134,000		117,774
TransDigm, Inc. 7.50%, 3/15/27		80,000		79,992
5.50%, 11/15/27		555,000		536,454
144A, 6.75%, 8/15/28		375,000		379,952
4.625%, 1/15/29		234,000		214,784
Triumph Group, Inc. 7.75%, 8/15/25		85,000		84,875
144A, 9.00%, 3/15/28		259,000		271,065
(Cost $2,821,344)				2,865,709
Building Materials — 0.8%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		158,000		137,062
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		215,000		208,769
Standard Industries, Inc. 144A, 5.00%, 2/15/27		150,000		144,595
144A, 4.75%, 1/15/28		220,000		207,819
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		140,000		135,662
(Cost $838,635)				833,907
Electrical Components & Equipment — 0.7%
Energizer Holdings, Inc., 144A, 4.75%, 6/15/28		123,000		112,592
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		264,000		265,804
144A, 7.25%, 6/15/28		333,000		340,608
(Cost $715,306)				719,004
Electronics — 0.2%
Sensata Technologies BV, 144A, 5.00%, 10/1/25
(Cost $141,383)		143,000		141,793
Engineering & Construction — 0.3%
Fluor Corp., 4.25%, 9/15/28		110,000		104,096
IHS Holding Ltd. 144A, 5.625%, 11/29/26		87,000		76,463
144A, 6.25%, 11/29/28		100,000		81,859
(Cost $259,418)				262,418

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Environmental Control — 0.7%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25	$	114,000	$	112,096
144A, 3.75%, 8/1/25		150,000		145,777
144A, 5.125%, 12/15/26		98,000		95,958
144A, 4.00%, 8/1/28		143,000		131,238
144A, 3.50%, 9/1/28		135,000		122,522
Madison IAQ LLC, 144A, 4.125%, 6/30/28		133,000		121,289
(Cost $727,590)				728,880
Machinery-Diversified — 0.5%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		98,000		102,001
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		70,000		68,546
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		305,000		293,410
(Cost $460,321)				463,957
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc. 5.75%, 6/15/25		94,000		93,389
6.25%, 2/15/29		69,000		69,096
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		70,000		72,175
(Cost $234,699)				234,660
Packaging & Containers — 2.9%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		100,000		98,295
144A, 3.25%, 9/1/28		111,000		96,345
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		137,000		135,676
144A, 4.125%, 8/15/26		203,000		187,525
144A, 5.25%, 8/15/27		206,000		149,648
144A, 5.25%, 8/15/27		156,000		113,326
Ball Corp., 6.875%, 3/15/28		159,000		163,001
Berry Global, Inc., 144A, 5.625%, 7/15/27		130,000		128,309
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28		87,000		79,654
LABL, Inc. 144A, 6.75%, 7/15/26		137,000		132,981
144A, 10.50%, 7/15/27		120,000		116,640
144A, 5.875%, 11/1/28		109,000		97,838
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		460,000		466,413
144A, 9.25%, 4/15/27		268,000		260,928
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		120,000		119,826
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		183,000		170,664
Sealed Air Corp. 144A, 5.50%, 9/15/25		60,000		59,943

	Principal Amount		Value
Packaging & Containers (Continued)
144A, 4.00%, 12/1/27	$	100,000	$	93,115
144A, 6.125%, 2/1/28		149,000		148,666
Silgan Holdings, Inc., 4.125%, 2/1/28		115,000		107,483
(Cost $2,930,706)				2,926,276
Transportation — 0.1%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (Cost $106,640)		117,000		103,623
Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		166,000		166,242
144A, 9.75%, 8/1/27		65,000		67,437
144A, 5.50%, 5/1/28		195,000		186,978
(Cost $411,595)				420,657
Technology — 3.1%
Computers — 1.1%
CA Magnum Holdings, 144A, , SR SECURED, 10/31/26		150,000		144,553
NCR Voyix Corp., 144A, 5.00%, 10/1/28		135,000		125,625
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		86,000		82,730
144A, 8.25%, 2/1/28		107,000		105,593
Seagate HDD Cayman 4.75%, 1/1/25		101,000		99,648
4.875%, 6/1/27		114,000		110,509
Western Digital Corp., 4.75%, 2/15/26		449,000		439,250
(Cost $1,097,162)				1,107,908
Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		180,000		177,201
144A, 5.50%, 8/15/28		139,000		125,867
(Cost $299,505)				303,068
Semiconductors — 0.2%
Entegris, Inc., 144A, 4.375%, 4/15/28		70,000		65,477
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		136,000		124,493
(Cost $186,488)				189,970
Software — 1.5%
Alteryx, Inc., 144A, 8.75%, 3/15/28		92,000		93,370
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		120,000		120,202
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		180,000		164,500
Fair Isaac Corp. 144A, 5.25%, 5/15/26		68,000		67,340
144A, 4.00%, 6/15/28		174,000		161,808

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Software (Continued)
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)	$	98,000	$	94,602
Open Text Corp., 144A, 3.875%, 2/15/28		164,000		150,864
PTC, Inc. 144A, 3.625%, 2/15/25		112,000		109,424
144A, 4.00%, 2/15/28		98,000		91,530
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		441,000		429,862
(Cost $1,462,917)				1,483,502
Utilities — 3.4%
Electric — 2.9%
Calpine Corp. 144A, 5.25%, 6/1/26		73,000		71,983
144A, 4.50%, 2/15/28		244,000		230,073
144A, 5.125%, 3/15/28		280,000		266,537
144A, 4.625%, 2/1/29		80,000		73,709
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		160,000		149,785
DPL, Inc., 4.125%, 7/1/25		126,000		122,659
Drax Finco PLC, 144A, 6.625%, 11/1/25		92,000		90,930
FirstEnergy Corp., Series B, 4.15%, 7/15/27		302,000		287,146
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		150,000		148,234
144A, 3.875%, 10/15/26		90,000		84,141
144A, 4.50%, 9/15/27		102,000		95,275
144A, 7.25%, 1/15/29		161,000		163,790
NRG Energy, Inc. 5.75%, 1/15/28		160,000		157,768
144A, 3.375%, 2/15/29		60,000		52,425
PG&E Corp., 5.00%, 7/1/28		204,000		194,768

	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	226,000	$	222,767
144A, 5.625%, 2/15/27		225,000		219,494
144A, 5.00%, 7/31/27		254,000		243,746
(Cost $2,879,129)				2,875,230
Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		160,000		157,208
5.875%, 8/20/26		150,000		145,497
5.75%, 5/20/27		103,000		97,474
144A, 9.375%, 6/1/28		88,000		89,389
(Cost $500,574)				489,568
TOTAL CORPORATE BONDS (Cost $97,546,090)				97,233,592
	Number of Shares
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $3,673,787)		3,673,787		3,673,787
CASH EQUIVALENTS — 2.9%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $2,886,494)		2,886,494		2,886,494
TOTAL INVESTMENTS —104.0% (Cost $104,106,371)			$	103,793,873
Other assets and liabilities, net — (4.0%)				(3,976,670	)
NET ASSETS — 100.0%			$	99,817,203

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		3,673,787	(d)		—			—		—		6,628		—		3,673,787		3,673,787
CASH EQUIVALENTS — 2.9%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		1,126,201		14,597,865			(12,837,572	)		—		—		21,868		—		2,886,494		2,886,494
		1,126,201		18,271,652			(12,837,572	)		—		—		28,496		—		6,560,281		6,560,281

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $3,596,146, which is 3.6% of net assets.

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

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

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 29, 2024 (Unaudited)

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	97,233,592	$	—	$	97,233,592
Short-Term Investments (a)		6,560,281		—		—		6,560,281
TOTAL	$	6,560,281	$	97,233,592	$	—	$	103,793,873

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

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF

February 29, 2024 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 96.9%
Basic Materials — 5.3%
Chemicals — 2.7%
Ashland, Inc. 144A, 3.375%, 9/1/31	$	288,000	$	241,283
6.875%, 5/15/43		172,000		177,592
Avient Corp. 144A, 5.75%, 5/15/25		420,000		417,544
144A, 7.125%, 8/1/30		483,000		493,583
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		306,000		317,460
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		439,000		390,135
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		406,000		391,975
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		326,000		335,357
Chemours Co. 5.375%, 5/15/27		303,000		276,787
144A, 5.75%, 11/15/28		549,000		481,499
144A, 4.625%, 11/15/29		380,000		312,465
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		329,000		266,901
144A, 12.00%, 2/15/31		379,000		387,368
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		337,000		318,660
Element Solutions, Inc., 144A, 3.875%, 9/1/28		490,000		444,100
HB Fuller Co. 4.00%, 2/15/27		184,000		174,939
4.25%, 10/15/28		184,000		170,418
Herens Holdco SARL, 144A, 4.75%, 5/15/28		214,000		186,899
INEOS Finance PLC 144A, 6.75%, 5/15/28		260,000		254,254
144A, 7.50%, 4/15/29		455,000		451,633
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29		245,000		257,727
Ingevity Corp., 144A, 3.875%, 11/1/28		337,000		297,402
Mativ Holdings, Inc., 144A, 6.875%, 10/1/26		214,000		207,312
Methanex Corp. 5.125%, 10/15/27		429,000		412,295
5.25%, 12/15/29		429,000		407,903
5.65%, 12/1/44		212,000		179,678
Minerals Technologies, Inc., 144A, 5.00%, 7/1/28		245,000		232,444
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		306,000		298,829
144A, 5.25%, 6/1/27		699,000		647,423
144A, 8.50%, 11/15/28		245,000		258,685
144A, 4.25%, 5/15/29		352,000		291,154
144A, 9.00%, 2/15/30		400,000		401,279
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A, 5.00%, 1/27/30		214,000		196,253

	Principal Amount		Value
Chemicals (Continued)
Olin Corp. 5.125%, 9/15/27	$	306,000	$	296,759
5.625%, 8/1/29		430,000		420,699
5.00%, 2/1/30		316,000		295,343
Olympus Water US Holding Corp. 144A, 7.125%, 10/1/27		197,000		196,032
144A, 4.25%, 10/1/28		499,000		446,854
144A, 9.75%, 11/15/28		1,132,000		1,202,803
Rain Carbon, Inc., 144A, 12.25%, 9/1/29		276,000		276,036
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		724,000		661,555
SCIL IV LLC / SCIL USA Holdings LLC, 144A, 5.375%, 11/1/26		465,000		450,543
SK Invictus Intermediate II SARL, 144A, 5.00%, 10/30/29		413,000		350,636
SNF Group SACA 144A, 3.125%, 3/15/27		214,000		198,463
144A, 3.375%, 3/15/30		214,000		184,589
TPC Group, Inc., 144A, 13.00%, 12/16/27		214,000		218,119
Tronox, Inc., 144A, 4.625%, 3/15/29		715,000		632,869
WR Grace Holdings LLC 144A, 4.875%, 6/15/27		455,000		432,241
144A, 7.375%, 3/1/31		214,000		216,983
(Cost $16,879,735)				17,059,760
Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy, 144A, 4.875%, 2/4/28		187,000		170,170
Domtar Corp., 144A, 6.75%, 10/1/28		393,000		363,052
Mercer International, Inc. 5.50%, 1/15/26		184,000		177,564
5.125%, 2/1/29		581,000		500,544
(Cost $1,169,940)				1,211,330
Iron/Steel — 1.1%
ATI, Inc. 5.875%, 12/1/27		214,000		209,656
4.875%, 10/1/29		199,000		182,726
7.25%, 8/15/30		260,000		267,246
5.125%, 10/1/31		219,000		200,466
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		441,000		443,626
Carpenter Technology Corp. 6.375%, 7/15/28		245,000		243,934
7.625%, 3/15/30		184,000		190,033
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		552,000		556,151
5.875%, 6/1/27		340,000		336,391
144A, 4.625%, 3/1/29		226,000		207,481
144A, 6.75%, 4/15/30		500,000		496,341
144A, 4.875%, 3/1/31		199,000		179,154

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Iron/Steel (Continued)
Commercial Metals Co. 4.125%, 1/15/30	$	184,000	$	168,320
3.875%, 2/15/31		184,000		160,639
4.375%, 3/15/32		184,000		164,243
Infrabuild Australia Pty Ltd., 144A, 14.50%, 11/15/28		234,000		236,745
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		429,000		432,810
144A, 8.00%, 11/1/27		383,000		390,089
144A, 9.25%, 10/1/28		690,000		723,638
144A, 8.50%, 5/1/30		383,000		393,347
TMS International Corp., 144A, 6.25%, 4/15/29		214,000		186,180
United States Steel Corp. 6.875%, 3/1/29		291,000		294,342
6.65%, 6/1/37		168,000		173,696
(Cost $6,728,343)				6,837,254
Mining — 1.3%
Arsenal AIC Parent LLC 144A, 8.00%, 10/1/30		429,000		449,378
144A, 11.50%, 10/1/31		313,000		344,300
Century Aluminum Co., 144A, 7.50%, 4/1/28		153,000		146,880
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		306,000		298,500
Constellium SE 144A, 5.875%, 2/15/26		153,000		151,747
144A, 5.625%, 6/15/28		199,000		191,845
144A, 3.75%, 4/15/29		306,000		272,591
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		306,000		286,591
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		367,000		351,297
144A, 5.875%, 4/15/30		429,000		419,855
144A, 4.375%, 4/1/31		949,000		850,446
144A, 6.125%, 4/15/32		533,000		526,878
Hecla Mining Co., 7.25%, 2/15/28		291,000		290,297
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		367,000		353,657
144A, 6.125%, 4/1/29		367,000		360,110
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		306,000		282,143
144A, 4.50%, 6/1/31		337,000		287,952
New Gold, Inc., 144A, 7.50%, 7/15/27		245,000		242,625
Novelis Corp. 144A, 3.25%, 11/15/26		459,000		425,654
144A, 4.75%, 1/30/30		1,061,000		968,914
144A, 3.875%, 8/15/31		459,000		388,432
Perenti Finance Pty Ltd., 144A, 6.50%, 10/7/25		265,000		261,356
Taseko Mines Ltd., 144A, 7.00%, 2/15/26		245,000		241,243
(Cost $8,304,649)				8,392,691

	Principal Amount		Value
Communications — 15.1%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28	$	458,000	$	426,283
Clear Channel International BV, 144A, 6.625%, 8/1/25		230,000		230,060
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		791,000		739,617
144A, 9.00%, 9/15/28		499,000		520,457
Lamar Media Corp. 3.75%, 2/15/28		364,000		337,610
4.875%, 1/15/29		245,000		232,137
4.00%, 2/15/30		337,000		300,772
3.625%, 1/15/31		362,000		312,580
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		398,000		382,888
144A, 4.25%, 1/15/29		306,000		274,834
144A, 4.625%, 3/15/30		317,000		281,371
144A, 7.375%, 2/15/31		276,000		288,053
Stagwell Global LLC, 144A, 5.625%, 8/15/29		696,000		621,389
Summer BC Bidco B LLC, 144A, 5.50%, 10/31/26		260,000		251,007
(Cost $5,137,573)				5,199,058
Internet — 1.9%
ANGI Group LLC, 144A, 3.875%, 8/15/28		356,000		305,945
Arches Buyer, Inc., 144A, 4.25%, 6/1/28		582,000		497,207
Cablevision Lightpath LLC, 144A, 3.875%, 9/15/27		276,000		250,177
Cars.com, Inc., 144A, 6.375%, 11/1/28		245,000		235,902
Cogent Communications Group, Inc. 144A, 3.50%, 5/1/26		306,000		290,064
144A, 7.00%, 6/15/27		276,000		275,619
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		658,000		674,269
Gen Digital, Inc. 144A, 5.00%, 4/15/25		674,000		667,260
144A, 6.75%, 9/30/27		564,000		566,898
144A, 7.125%, 9/30/30		376,000		384,131
Getty Images, Inc., 144A, 9.75%, 3/1/27		200,000		199,390
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		367,000		355,072
144A, 3.50%, 3/1/29		490,000		436,285
GrubHub Holdings, Inc., 144A, 5.50%, 7/1/27		306,000		266,768
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28		276,000		247,710
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		276,000		263,255
144A, 4.625%, 6/1/28		306,000		287,692
144A, 5.625%, 2/15/29		214,000		205,440

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Internet (Continued)
144A, 4.125%, 8/1/30	$	306,000	$	270,330
144A, 3.625%, 10/1/31		327,000		275,497
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		315,000		342,027
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, 4.75%, 4/30/27		214,000		205,440
Rakuten Group, Inc. 144A, 5.125%, Perpetual		481,000		408,864
144A, 6.25%, Perpetual		633,000		452,595
144A, 11.25%, 2/15/27		1,100,000		1,164,820
TripAdvisor, Inc., 144A, 7.00%, 7/15/25		306,000		306,364
Uber Technologies, Inc. 144A, 7.50%, 9/15/27		823,000		841,927
144A, 6.25%, 1/15/28		306,000		306,383
144A, 4.50%, 8/15/29		949,000		888,576
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		282,000		252,897
(Cost $11,949,794)				12,124,804
Media — 8.0%
Altice Financing SA 144A, 5.00%, 1/15/28		759,000		671,519
144A, 5.75%, 8/15/29		1,297,000		1,117,068
AMC Networks, Inc. 4.75%, 8/1/25		490,000		467,305
4.25%, 2/15/29		612,000		396,086
Block Communications, Inc., 144A, 4.875%, 3/1/28		184,000		162,756
Cable One, Inc., 144A, 4.00%, 11/15/30		398,000		300,729
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		361,000		354,695
144A, 5.125%, 5/1/27		1,619,000		1,530,222
144A, 5.00%, 2/1/28		1,363,000		1,257,703
144A, 5.375%, 6/1/29		759,000		686,415
144A, 6.375%, 9/1/29		771,000		724,367
144A, 4.75%, 3/1/30		1,624,000		1,381,512
144A, 4.50%, 8/15/30		1,519,000		1,260,041
144A, 4.25%, 2/1/31		1,604,000		1,290,157
144A, 7.375%, 3/1/31		576,000		558,103
144A, 4.75%, 2/1/32		628,000		506,655
4.50%, 5/1/32		1,541,000		1,217,397
144A, 4.50%, 6/1/33		921,000		708,477
144A, 4.25%, 1/15/34		1,065,000		796,256
CSC Holdings LLC 144A, 5.50%, 4/15/27		829,000		743,674
144A, 5.375%, 2/1/28		616,000		536,924
144A, 11.25%, 5/15/28		633,000		653,110
144A, 11.75%, 1/31/29		1,257,000		1,313,970
144A, 6.50%, 2/1/29		1,107,000		964,939
144A, 4.125%, 12/1/30		696,000		518,228
144A, 3.375%, 2/15/31		633,000		446,854
144A, 4.50%, 11/15/31		921,000		683,843

	Principal Amount		Value
Media (Continued)
Directv Financing LLC, 144A, 8.875%, 2/1/30	$	460,000	$	463,066
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		2,339,000		2,207,711
DISH Network Corp., 144A, 11.75%, 11/15/27		2,214,000		2,308,268
Gannett Holdings LLC, 144A, 6.00%, 11/1/26		183,000		165,366
GCI LLC, 144A, 4.75%, 10/15/28		367,000		329,298
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		823,000		532,403
Gray Television, Inc. 144A, 5.875%, 7/15/26		429,000		407,112
144A, 7.00%, 5/15/27		459,000		414,798
144A, 4.75%, 10/15/30		502,000		323,461
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		744,000		703,080
144A, 5.125%, 7/15/29		502,000		421,841
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		519,000		482,159
Midcontinent Communications / Midcontinent Finance Corp., 144A, 5.375%, 8/15/27		264,000		250,140
News Corp. 144A, 3.875%, 5/15/29		666,000		601,940
144A, 5.125%, 2/15/32		306,000		285,070
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		1,084,000		1,027,285
144A, 4.75%, 11/1/28		626,000		555,857
Paramount Global 6.25%, 2/28/57		398,000		327,900
6.375%, 3/30/62		666,000		577,755
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		321,000		253,906
144A, 5.375%, 1/15/31		240,000		136,868
Scripps Escrow, Inc., 144A, 5.875%, 7/15/27		267,000		216,732
Sinclair Television Group, Inc., 144A, 4.125%, 12/1/30		450,000		328,838
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		633,000		590,228
144A, 5.00%, 8/1/27		949,000		904,043
144A, 4.00%, 7/15/28		1,265,000		1,139,658
144A, 5.50%, 7/1/29		791,000		748,013
144A, 4.125%, 7/1/30		949,000		816,480
144A, 3.875%, 9/1/31		919,000		759,623
Sunrise FinCo I BV, 144A, 4.875%, 7/15/31		790,000		699,150
Sunrise HoldCo IV BV, 144A, 5.50%, 1/15/28		287,000		277,622
TEGNA, Inc. 144A, 4.75%, 3/15/26		337,000		325,626
4.625%, 3/15/28		666,000		597,935
5.00%, 9/15/29		696,000		612,480
Townsquare Media, Inc., 144A, 6.875%, 2/1/26		308,000		297,130

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Media (Continued)
Univision Communications, Inc. 144A, 6.625%, 6/1/27	$	919,000	$	890,876
144A, 8.00%, 8/15/28		767,000		771,096
144A, 4.50%, 5/1/29		699,000		612,974
144A, 7.375%, 6/30/30		599,000		578,556
Urban One, Inc., 144A, 7.375%, 2/1/28		400,000		343,084
Videotron Ltd. 144A, 5.125%, 4/15/27		377,000		369,403
144A, 3.625%, 6/15/29		306,000		274,886
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		566,000		488,637
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		871,000		816,187
144A, 4.50%, 8/15/30		507,000		443,123
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		313,000		288,739
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		965,000		823,692
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		383,000		374,288
144A, 5.125%, 2/28/30		306,000		261,821
Ziggo BV, 144A, 4.875%, 1/15/30		661,000		588,826
(Cost $50,591,934)				50,264,035
Telecommunications — 4.4%
Altice France SA 144A, 8.125%, 2/1/27		1,107,000		1,017,250
144A, 5.50%, 1/15/28		696,000		567,884
144A, 5.125%, 1/15/29		291,000		219,976
144A, 5.125%, 7/15/29		1,551,000		1,171,230
144A, 5.50%, 10/15/29		1,265,000		957,819
British Telecommunications PLC 144A, 4.25%, 11/23/81		306,000		286,399
144A, 4.875%, 11/23/81		306,000		269,205
Ciena Corp., 144A, 4.00%, 1/31/30		245,000		219,275
CommScope, Inc. 144A, 6.00%, 3/1/26		949,000		854,100
144A, 4.75%, 9/1/29		784,000		537,040
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		1,313,000		1,288,286
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		245,000		202,372
144A, 6.50%, 10/1/28		475,000		407,312
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		777,000		750,972
144A, 5.00%, 5/1/28		980,000		906,945
144A, 8.75%, 5/15/30		735,000		749,678
144A, 8.625%, 3/15/31		430,000		435,763
Frontier Florida LLC, Series E, 6.86%, 2/1/28		184,000		177,100
GoTo Group, Inc., 144A, 5.50%, 5/1/28		230,000		198,087
Hughes Satellite Systems Corp., 5.25%, 8/1/26		459,000		392,156

	Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU 144A, 7.00%, 10/15/28	$	569,000	$	563,001
144A, 6.50%, 10/15/2026 10/15/2026 10/15/2026 10/15/2026 10/15/2026		759,000		750,355
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		1,898,000		1,765,866
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		459,000		369,509
144A, 10.50%, 5/15/30		620,000		635,500
Millicom International Cellular SA 144A, 5.125%, 1/15/28		275,400		262,571
144A, 6.25%, 3/25/29		460,800		447,552
144A, 4.50%, 4/27/31		487,000		420,259
Qwest Corp., 7.25%, 9/15/25		83,000		80,300
Rogers Communications, Inc., 144A, 5.25%, 3/15/82		459,000		438,218
Telecom Italia Capital SA 6.375%, 11/15/33		627,000		601,774
6.00%, 9/30/34		665,000		616,975
7.20%, 7/18/36		602,000		598,367
7.721%, 6/4/38		617,000		631,950
United States Cellular Corp., 6.70%, 12/15/33		319,000		313,867
Viasat, Inc. 144A, 5.625%, 9/15/25		429,000		416,375
144A, 5.625%, 4/15/27		367,000		344,521
144A, 6.50%, 7/15/28		245,000		181,516
144A, 7.50%, 5/30/31		479,000		336,497
Viavi Solutions, Inc., 144A, 3.75%, 10/1/29		245,000		213,054
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		877,000		743,743
144A, 4.75%, 7/15/31		906,000		783,441
Vodafone Group PLC 7.00%, 4/4/79		1,265,000		1,296,278
3.25%, 6/4/81		306,000		283,988
4.125%, 6/4/81		604,000		515,849
5.125%, 6/4/81		601,000		445,205
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		886,000		827,190
Zayo Group Holdings, Inc., 144A, 4.00%, 3/1/27		935,000		778,388
(Cost $26,859,005)				27,270,958
Consumer, Cyclical — 21.9%
Airlines — 1.7%
Air Canada, 144A, 3.875%, 8/15/26		759,000		718,814
Allegiant Travel Co., 144A, 7.25%, 8/15/27		337,000		328,071
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		295,000		288,207
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		1,735,500		1,719,591
144A, 5.75%, 4/20/29		1,897,000		1,855,169

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Airlines (Continued)
American Airlines, Inc. 144A, 7.25%, 2/15/28	$	500,000	$	504,161
144A, 8.50%, 5/15/29		633,000		665,446
Delta Air Lines, Inc. 7.375%, 1/15/26		537,000		553,781
4.375%, 4/19/28		251,000		240,646
3.75%, 10/28/29		290,000		263,590
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		759,000		716,306
United Airlines, Inc. 144A, 4.375%, 4/15/26		1,265,000		1,217,518
144A, 4.625%, 4/15/29		1,265,000		1,166,842
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A, 7.875%, 5/1/27		313,000		264,968
144A, 6.375%, 2/1/30		644,000		470,120
(Cost $10,931,595)				10,973,230
Apparel — 0.4%
Crocs, Inc. 144A, 4.25%, 3/15/29		214,000		192,067
144A, 4.125%, 8/15/31		214,000		182,071
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		599,000		578,049
144A, 9.00%, 2/15/31		367,000		367,813
Kontoor Brands, Inc., 144A, 4.125%, 11/15/29		245,000		219,098
Levi Strauss & Co., 144A, 3.50%, 3/1/31		316,000		273,836
Under Armour, Inc., 3.25%, 6/15/26		367,000		345,584
William Carter Co., 144A, 5.625%, 3/15/27		306,000		300,209
(Cost $2,427,081)				2,458,727
Auto Manufacturers — 0.5%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		245,000		234,916
144A, 5.875%, 6/1/29		306,000		301,417
144A, 3.75%, 1/30/31		666,000		575,481
Jaguar Land Rover Automotive PLC 144A, 7.75%, 10/15/25		428,000		431,800
144A, 4.50%, 10/1/27		306,000		287,964
144A, 5.875%, 1/15/28		339,000		333,802
144A, 5.50%, 7/15/29		260,000		249,976
JB Poindexter & Co., Inc., 144A, 8.75%, 12/15/31		380,000		389,288
Wabash National Corp., 144A, 4.50%, 10/15/28		245,000		224,175
(Cost $2,994,621)				3,028,819
Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		530,000		513,709
144A, 7.00%, 4/15/28		306,000		311,966
144A, 8.25%, 4/15/31		306,000		322,169

	Principal Amount		Value
Auto Parts & Equipment (Continued)
American Axle & Manufacturing, Inc. 6.50%, 4/1/27	$	306,000	$	302,244
6.875%, 7/1/28		245,000		236,746
5.00%, 10/1/29		376,000		326,023
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		610,000		608,345
144A, 8.50%, 5/15/27		730,000		733,783
144A, 6.75%, 5/15/28		570,000		576,900
Dana, Inc. 5.375%, 11/15/27		245,000		236,493
5.625%, 6/15/28		245,000		237,167
4.25%, 9/1/30		245,000		211,291
4.50%, 2/15/32		247,000		207,458
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		450,000		454,500
5.00%, 5/31/26		651,000		633,947
4.875%, 3/15/27		429,000		411,740
5.00%, 7/15/29		527,000		485,070
5.25%, 4/30/31		337,000		305,202
5.25%, 7/15/31		379,000		342,040
5.625%, 4/30/33		276,000		246,786
IHO Verwaltungs GmbH 144A, 4.75%, 9/15/26, 4.75% Cash or 5.50% PIK		306,000		294,220
144A, 6.00%, 5/15/27, 6.00% Cash or 6.75% PIK		275,000		269,892
144A, 6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK		245,000		241,478
Tenneco, Inc., 144A, 8.00%, 11/17/28		1,182,000		1,077,098
Titan International, Inc., 7.00%, 4/30/28		244,000		242,277
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		760,000		748,436
144A, 6.875%, 4/14/28		367,000		374,711
144A, 7.125%, 4/14/30		367,000		382,388
(Cost $11,181,402)				11,334,079
Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		429,000		400,735
144A, 3.875%, 11/15/29		245,000		218,807
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		269,000		271,063
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		791,000		713,749
Resideo Funding, Inc., 144A, 4.00%, 9/1/29		184,000		162,873
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		337,000		344,903
144A, 7.75%, 3/15/31		533,000		560,316
Verde Purchaser LLC, 144A, 10.50%, 11/30/30		429,000		448,305

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Distribution/Wholesale (Continued)
Windsor Holdings III LLC, 144A, 8.50%, 6/15/30	$	533,000	$	551,480
(Cost $3,633,403)				3,672,231
Entertainment — 3.8%
Affinity Interactive, 144A, 6.875%, 12/15/27		334,000		308,085
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		245,000		253,385
Boyne USA, Inc., 144A, 4.75%, 5/15/29		423,000		388,895
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		350,000		350,017
144A, 8.125%, 7/1/27		1,037,000		1,064,777
144A, 4.625%, 10/15/29		1,039,000		948,603
144A, 7.00%, 2/15/30		1,265,000		1,295,941
144A, 6.50%, 2/15/32		565,000		569,228
CCM Merger, Inc., 144A, 6.375%, 5/1/26		162,000		159,809
Cedar Fair LP, 5.25%, 7/15/29		356,000		336,271
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		662,000		659,781
5.375%, 4/15/27		316,000		312,622
6.50%, 10/1/28		184,000		184,311
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		367,000		360,439
144A, 4.75%, 1/15/28		429,000		405,805
144A, 5.75%, 4/1/30		755,000		725,446
144A, 6.75%, 5/1/31		376,000		376,224
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		248,000		244,294
144A, 5.25%, 7/15/28		469,000		438,093
Empire Resorts, Inc., 144A, 7.75%, 11/1/26		184,000		169,216
Everi Holdings, Inc., 144A, 5.00%, 7/15/29		245,000		242,856
Golden Entertainment, Inc., 144A, 7.625%, 4/15/26		383,000		381,305
International Game Technology PLC 144A, 4.125%, 4/15/26		459,000		442,966
144A, 6.25%, 1/15/27		500,000		502,111
144A, 5.25%, 1/15/29		459,000		443,671
Jacobs Entertainment, Inc., 144A, 6.75%, 2/15/29		306,000		291,762
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		439,000		441,073
144A, 7.25%, 11/15/29		306,000		313,135
144A, 7.50%, 9/1/31		337,000		351,101
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		452,000		341,652
Live Nation Entertainment, Inc. 144A, 5.625%, 3/15/26		184,000		181,692
144A, 6.50%, 5/15/27		759,000		765,533

	Principal Amount		Value
Entertainment (Continued)
144A, 4.75%, 10/15/27	$	632,000	$	605,086
144A, 3.75%, 1/15/28		306,000		281,642
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31		300,000		300,155
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		245,000		242,165
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		459,000		420,902
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		743,000		700,278
Odeon Finco PLC, 144A, 12.75%, 11/1/27		245,000		250,170
Ontario Gaming GTA LP, 144A, 8.00%, 8/1/30		245,000		249,878
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		265,000		253,317
144A, 4.125%, 7/1/29		245,000		205,800
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		449,000		323,343
144A, 5.875%, 9/1/31		492,000		348,513
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 144A, 4.875%, 11/1/26		214,000		205,979
Resorts World Las Vegas LLC / RWLV Capital, Inc. 144A, 4.625%, 4/16/29		680,000		620,160
144A, 8.45%, 7/27/30		200,000		212,984
144A, 4.625%, 4/6/31		200,000		170,859
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		490,000		459,375
SeaWorld Parks & Entertainment, Inc., 144A, 5.25%, 8/15/29		444,000		414,032
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27		306,000		299,498
144A, 7.25%, 5/15/31		533,000		536,331
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		224,000		224,520
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		214,000		202,547
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		367,000		368,325
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		331,000		293,141
144A, 3.875%, 7/15/30		338,000		298,285
144A, 3.00%, 2/15/31		485,000		405,080
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		459,000		432,977
144A, 7.125%, 2/15/31		627,000		647,492
(Cost $23,889,957)				24,222,933

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Food Service — 0.2%
Aramark Services, Inc. 144A, 5.00%, 4/1/25	$	338,000	$	335,844
144A, 5.00%, 2/1/28		727,000		696,701
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		260,000		243,425
(Cost $1,263,145)				1,275,970
Home Builders — 1.3%
Adams Homes, Inc., 144A, 9.25%, 10/15/28		153,000		156,482
Ashton Woods USA LLC / Ashton Woods Finance Co. 144A, 6.625%, 1/15/28		153,000		152,063
144A, 4.625%, 8/1/29		214,000		194,311
144A, 4.625%, 4/1/30		245,000		220,246
Beazer Homes USA, Inc. 5.875%, 10/15/27		219,000		212,872
7.25%, 10/15/29		214,000		214,608
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		367,000		355,567
144A, 5.00%, 6/15/29		214,000		191,479
144A, 4.875%, 2/15/30		343,000		304,630
Century Communities, Inc. 6.75%, 6/1/27		303,000		303,470
144A, 3.875%, 8/15/29		356,000		314,151
Dream Finders Homes, Inc., 144A, 8.25%, 8/15/28		184,000		191,209
Empire Communities Corp., 144A, 7.00%, 12/15/25		291,000		287,694
Forestar Group, Inc. 144A, 3.85%, 5/15/26		245,000		232,730
144A, 5.00%, 3/1/28		184,000		173,920
Installed Building Products, Inc., 144A, 5.75%, 2/1/28		184,000		180,824
KB Home 6.875%, 6/15/27		184,000		189,062
4.80%, 11/15/29		184,000		172,500
7.25%, 7/15/30		214,000		219,871
4.00%, 6/15/31		237,000		205,773
LGI Homes, Inc. 144A, 8.75%, 12/15/28		245,000		256,791
144A, 4.00%, 7/15/29		184,000		157,785
M/I Homes, Inc. 4.95%, 2/1/28		244,000		232,278
3.95%, 2/15/30		184,000		164,191
Mattamy Group Corp. 144A, 5.25%, 12/15/27		316,000		304,659
144A, 4.625%, 3/1/30		367,000		329,341
Shea Homes LP / Shea Homes Funding Corp. 4.75%, 2/15/28		275,000		262,300
4.75%, 4/1/29		183,000		171,871
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		306,000		304,290
144A, 5.75%, 1/15/28		276,000		270,429
144A, 5.125%, 8/1/30		364,000		343,562

	Principal Amount		Value
Home Builders (Continued)
Thor Industries, Inc., 144A, 4.00%, 10/15/29	$	306,000	$	270,810
Tri Pointe Homes, Inc. 5.25%, 6/1/27		184,000		179,400
5.70%, 6/15/28		214,000		210,428
Winnebago Industries, Inc., 144A, 6.25%, 7/15/28		184,000		181,096
(Cost $7,942,208)				8,112,693
Home Furnishings — 0.1%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		490,000		439,208
144A, 3.875%, 10/15/31		502,000		417,537
(Cost $848,250)				856,745
Housewares — 0.6%
CD&R Smokey Buyer, Inc., 144A, 6.75%, 7/15/25		429,000		427,306
Newell Brands, Inc. 4.875%, 6/1/25		306,000		299,524
5.20%, 4/1/26		1,336,000		1,297,338
6.375%, 9/15/27		306,000		296,424
6.625%, 9/15/29		306,000		292,908
6.375%, 4/1/36		257,000		225,725
6.50%, 4/1/46		428,000		341,466
Scotts Miracle-Gro Co. 5.25%, 12/15/26		153,000		148,410
4.50%, 10/15/29		252,000		223,650
4.00%, 4/1/31		338,000		286,698
4.375%, 2/1/32		245,000		204,873
(Cost $4,028,384)				4,044,322
Leisure Time — 3.0%
Acushnet Co., 144A, 7.375%, 10/15/28		214,000		220,687
Amer Sports Co., 144A, 6.75%, 2/16/31		502,000		499,595
Carnival Corp. 144A, 7.625%, 3/1/26		855,000		866,124
144A, 5.75%, 3/1/27		1,671,000		1,650,069
144A, 4.00%, 8/1/28		1,522,000		1,403,831
144A, 6.00%, 5/1/29		1,265,000		1,236,174
144A, 7.00%, 8/15/29		306,000		317,412
144A, 10.50%, 6/1/30		633,000		690,623
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,284,000		1,400,798
Life Time, Inc. 144A, 5.75%, 1/15/26		616,000		610,830
144A, 8.00%, 4/15/26		291,000		293,663
Lindblad Expeditions Holdings, Inc., 144A, 9.00%, 5/15/28		168,000		177,240
Lindblad Expeditions LLC, 144A, 6.75%, 2/15/27		221,000		221,909
NCL Corp. Ltd. 144A, 5.875%, 2/15/27		633,000		625,607
144A, 8.375%, 2/1/28		367,000		385,263
144A, 8.125%, 1/15/29		526,000		553,395

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26	$	398,000	$	383,342
144A, 5.50%, 8/31/26		612,000		604,998
144A, 5.375%, 7/15/27		662,000		649,286
144A, 11.625%, 8/15/27		166,000		179,554
7.50%, 10/15/27		184,000		192,864
3.70%, 3/15/28		358,000		330,393
144A, 5.50%, 4/1/28		949,000		933,882
144A, 9.25%, 1/15/29		712,000		765,893
144A, 7.25%, 1/15/30		429,000		446,021
144A, 6.25%, 3/15/32		780,000		782,083
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		517,000		505,367
144A, 7.00%, 2/15/29		313,000		312,863
144A, 9.125%, 7/15/31		440,000		476,335
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/29		214,000		206,510
Vista Outdoor, Inc., 144A, 4.50%, 3/15/29		306,000		302,175
VOC Escrow Ltd., 144A, 5.00%, 2/15/28		413,000		396,658
(Cost $18,326,674)				18,621,444
Lodging — 1.9%
Boyd Gaming Corp. 4.75%, 12/1/27		666,000		639,756
144A, 4.75%, 6/15/31		599,000		544,111
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26		410,000		382,508
Hilton Domestic Operating Co., Inc. 144A, 5.75%, 5/1/28		306,000		305,156
144A, 3.75%, 5/1/29		490,000		445,080
4.875%, 1/15/30		732,000		695,979
144A, 4.00%, 5/1/31		674,000		598,837
144A, 3.625%, 2/15/32		914,000		780,794
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		567,000		525,320
144A, 4.875%, 7/1/31		306,000		269,929
144A, 6.625%, 1/15/32		550,000		549,999
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		367,000		358,067
Marriott Ownership Resorts, Inc. 4.75%, 1/15/28		214,000		198,876
144A, 4.50%, 6/15/29		306,000		277,571
MGM Resorts International 6.75%, 5/1/25		519,000		519,722
5.75%, 6/15/25		463,000		462,347
4.625%, 9/1/26		245,000		237,527
5.50%, 4/15/27		413,000		404,490
4.75%, 10/15/28		519,000		487,152
Station Casinos LLC 144A, 4.50%, 2/15/28		423,000		394,412
144A, 4.625%, 12/1/31		295,000		262,279

	Principal Amount		Value
Lodging (Continued)
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 144A, 5.875%, 5/15/25	$	193,000	$	191,053
Travel + Leisure Co. 6.60%, 10/1/25		214,000		216,404
144A, 6.625%, 7/31/26		398,000		402,219
6.00%, 4/1/27		245,000		244,104
144A, 4.50%, 12/1/29		408,000		373,655
144A, 4.625%, 3/1/30		244,000		220,210
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/28		306,000		284,505
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27		600,000		587,143
(Cost $11,712,814)				11,859,205
Office Furnishings — 0.1%
Interface, Inc., 144A, 5.50%, 12/1/28		184,000		172,567
Steelcase, Inc., 5.125%, 1/18/29		326,000		306,878
(Cost $465,003)				479,445
Retail — 5.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		306,000		304,869
144A, 3.875%, 1/15/28		1,019,000		950,502
144A, 4.375%, 1/15/28		469,000		440,240
144A, 3.50%, 2/15/29		459,000		413,836
144A, 4.00%, 10/15/30		1,851,000		1,625,926
Academy Ltd., 144A, 6.00%, 11/15/27		245,000		242,528
Advance Auto Parts, Inc. 1.75%, 10/1/27		250,000		216,011
5.95%, 3/9/28		188,000		187,815
3.90%, 4/15/30		313,000		279,539
3.50%, 3/15/32		219,000		183,684
Arko Corp., 144A, 5.125%, 11/15/29		276,000		239,292
Asbury Automotive Group, Inc. 4.50%, 3/1/28		248,000		231,260
144A, 4.625%, 11/15/29		490,000		446,363
4.75%, 3/1/30		273,000		248,438
144A, 5.00%, 2/15/32		428,000		379,978
Bath & Body Works, Inc. 144A, 9.375%, 7/1/25		192,000		200,091
6.694%, 1/15/27		182,000		184,374
5.25%, 2/1/28		292,000		283,504
7.50%, 6/15/29		306,000		315,061
144A, 6.625%, 10/1/30		593,000		596,256
6.95%, 3/1/33		201,000		195,677
6.875%, 11/1/35		508,000		508,255
6.75%, 7/1/36		375,000		368,555
Beacon Roofing Supply, Inc. 144A, 4.50%, 11/15/26		184,000		177,428
144A, 4.125%, 5/15/29		214,000		192,463
144A, 6.50%, 8/1/30		367,000		368,987

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC, 144A, 5.125%, 4/15/29	$	184,000	$	169,642
BlueLinx Holdings, Inc., 144A, 6.00%, 11/15/29		184,000		175,582
Brinker International, Inc., 144A, 8.25%, 7/15/30		214,000		224,274
CEC Entertainment LLC, 144A, 6.75%, 5/1/26		398,000		394,071
Dave & Buster’s, Inc., 144A, 7.625%, 11/1/25		269,000		269,702
eG Global Finance PLC, 144A, 12.00%, 11/30/28		696,000		734,802
Evergreen Acqco 1 LP / TVI, Inc., 144A, 9.75%, 4/26/28		303,000		319,698
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		398,000		394,032
144A, 5.875%, 4/1/29		549,000		521,140
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 4.625%, 1/15/29		666,000		604,368
Foot Locker, Inc., 144A, 4.00%, 10/1/29		245,000		207,329
Gap, Inc. 144A, 3.625%, 10/1/29		481,000		406,293
144A, 3.875%, 10/1/31		459,000		370,252
Global Auto Holdings Ltd. / AAG FH UK Ltd. 144A, 8.375%, 1/15/29		320,000		305,094
144A, 8.75%, 1/15/32		320,000		303,899
Group 1 Automotive, Inc., 144A, 4.00%, 8/15/28		459,000		418,976
GYP Holdings III Corp., 144A, 4.625%, 5/1/29		214,000		199,437
IRB Holding Corp., 144A, 7.00%, 6/15/25		203,000		203,254
Ken Garff Automotive LLC, 144A, 4.875%, 9/15/28		245,000		225,396
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		459,000		447,289
Kohl’s Corp. 4.25%, 7/17/25		146,000		141,858
4.625%, 5/1/31		306,000		240,975
5.55%, 7/17/45		291,000		196,486
LCM Investments Holdings II LLC 144A, 4.875%, 5/1/29		666,000		598,101
144A, 8.25%, 8/1/31		456,000		465,392
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		245,000		233,418
144A, 3.875%, 6/1/29		521,000		464,992
144A, 4.375%, 1/15/31		337,000		299,014
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A, 7.75%, 2/15/26		530,000		525,030
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		306,000		294,699

	Principal Amount		Value
Retail (Continued)
144A, 5.875%, 3/15/30	$	260,000	$	243,750
144A, 6.125%, 3/15/32		266,000		247,585
4.50%, 12/15/34		235,000		193,581
5.125%, 1/15/42		153,000		119,340
4.30%, 2/15/43		163,000		121,435
Marks & Spencer PLC, 144A, 7.125%, 12/1/37		184,000		187,970
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		552,000		428,572
Murphy Oil USA, Inc. 5.625%, 5/1/27		184,000		181,241
4.75%, 9/15/29		306,000		285,310
144A, 3.75%, 2/15/31		306,000		261,109
Nordstrom, Inc. 4.00%, 3/15/27		214,000		200,625
6.95%, 3/15/28		184,000		185,840
4.375%, 4/1/30		310,000		273,885
4.25%, 8/1/31		260,000		218,795
5.00%, 1/15/44		626,000		447,277
Papa John’s International, Inc., 144A, 3.875%, 9/15/29		245,000		217,131
Patrick Industries, Inc. 144A, 7.50%, 10/15/27		184,000		184,690
144A, 4.75%, 5/1/29		214,000		195,840
Penske Automotive Group, Inc. 3.50%, 9/1/25		347,000		336,660
3.75%, 6/15/29		306,000		271,036
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		799,000		748,907
144A, 7.75%, 2/15/29		727,000		718,397
QVC, Inc. 4.75%, 2/15/27		402,000		362,283
4.375%, 9/1/28		316,000		259,193
5.45%, 8/15/34		225,000		160,533
5.95%, 3/15/43		184,000		126,642
Raising Cane’s Restaurants LLC, 144A, 9.375%, 5/1/29		306,000		325,955
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 3/1/32		376,000		374,919
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		214,000		214,454
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		398,000		351,211
144A, 4.875%, 11/15/31		306,000		262,921
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		444,000		434,250
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		398,000		371,207
Staples, Inc., 144A, 7.50%, 4/15/26		1,265,000		1,216,189
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875%, 3/1/27		214,000		210,790
144A, 5.00%, 6/1/31		398,000		357,540

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29	$	367,000	$	332,135
Victoria’s Secret & Co., 144A, 4.625%, 7/15/29		367,000		309,573
Walgreen Co., 4.40%, 9/15/42		157,000		128,206
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		900,000		858,494
3.20%, 4/15/30		313,000		270,264
4.50%, 11/18/34		170,000		150,712
4.80%, 11/18/44		501,000		417,435
4.65%, 6/1/46		190,000		159,915
4.10%, 4/15/50		440,000		320,573
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		533,000		505,636
3.625%, 3/15/31		624,000		548,748
4.625%, 1/31/32		696,000		638,935
5.375%, 4/1/32		633,000		607,813
6.875%, 11/15/37		199,000		216,098
5.35%, 11/1/43		174,000		166,801
(Cost $36,419,047)				37,063,828
Consumer, Non-cyclical — 15.5%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		386,000		378,613
144A, 6.00%, 6/15/30		633,000		623,786
Turning Point Brands, Inc., 144A, 5.625%, 2/15/26		153,000		149,964
Vector Group Ltd., 144A, 5.75%, 2/1/29		583,000		534,099
(Cost $1,663,963)				1,686,462
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $417,539)		459,000		416,428
Commercial Services — 4.6%
ADT Security Corp. 144A, 4.125%, 8/1/29		616,000		556,710
144A, 4.875%, 7/15/32		441,000		396,900
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		248,000		236,054
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		346,000		342,159
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		276,000		275,977
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		580,000		575,986
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A, 6.625%, 7/15/26		466,000		464,589
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		775,000		689,053

	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28	$	524,000	$	464,185
Alta Equipment Group, Inc., 144A, 5.625%, 4/15/26		193,000		186,637
AMN Healthcare, Inc. 144A, 4.625%, 10/1/27		306,000		287,931
144A, 4.00%, 4/15/29		214,000		187,785
APi Group DE, Inc. 144A, 4.125%, 7/15/29		206,000		185,400
144A, 4.75%, 10/15/29		184,000		170,660
APX Group, Inc. 144A, 6.75%, 2/15/27		367,000		367,503
144A, 5.75%, 7/15/29		533,000		506,846
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		245,000		233,448
144A, 5.75%, 7/15/27		214,000		203,297
144A, 4.75%, 4/1/28		306,000		277,196
144A, 5.375%, 3/1/29		386,000		351,422
144A, 8.00%, 2/15/31		306,000		295,420
Brink’s Co. 144A, 5.50%, 7/15/25		245,000		243,651
144A, 4.625%, 10/15/27		377,000		356,262
Carriage Services, Inc., 144A, 4.25%, 5/15/29		245,000		213,055
CoreCivic, Inc., 8.25%, 4/15/26		363,000		370,957
CoreLogic, Inc., 144A, 4.50%, 5/1/28		474,000		419,789
Garda World Security Corp. 144A, 4.625%, 2/15/27		399,000		381,106
144A, 7.75%, 2/15/28		245,000		248,813
GEO Group, Inc., 10.50%, 6/30/28		170,000		173,232
Graham Holdings Co., 144A, 5.75%, 6/1/26		245,000		242,492
Grand Canyon University, 5.125%, 10/1/28		249,000		223,988
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		759,000		742,831
Hertz Corp. 144A, 4.625%, 12/1/26		306,000		270,874
144A, 5.00%, 12/1/29		607,000		465,028
Korn Ferry, 144A, 4.625%, 12/15/27		245,000		231,533
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 144A, 5.00%, 2/1/26		245,000		243,541
Matthews International Corp., 144A, 5.25%, 12/1/25		184,000		180,912
MPH Acquisition Holdings LLC, 144A, 5.50%, 9/1/28		685,000		597,662
Neptune Bidco US, Inc., 144A, 9.29%, 4/15/29		1,651,000		1,553,553
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		573,000		534,632

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
Port of Newcastle Investments Financing Pty Ltd., 144A, 5.90%, 11/24/31	$	184,000	$	163,070
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		853,000		846,549
144A, 3.375%, 8/31/27		666,000		609,717
144A, 6.25%, 1/15/28		822,000		811,054
RR Donnelley & Sons Co., 144A, 9.75%, 7/31/28		175,000		178,788
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		560,000		492,893
144A, 11.25%, 12/15/27		346,000		325,240
Service Corp. International 4.625%, 12/15/27		337,000		323,292
5.125%, 6/1/29		459,000		447,892
3.375%, 8/15/30		521,000		447,289
4.00%, 5/15/31		531,000		466,570
Sotheby’s, 144A, 7.375%, 10/15/27		517,000		496,591
Sotheby’s/Bidfair Holdings, Inc., 144A, 5.875%, 6/1/29		184,000		161,567
TriNet Group, Inc. 144A, 3.50%, 3/1/29		306,000		270,945
144A, 7.125%, 8/15/31		245,000		249,566
United Rentals North America, Inc. 5.50%, 5/15/27		336,000		333,763
3.875%, 11/15/27		459,000		432,213
4.875%, 1/15/28		1,102,000		1,063,755
5.25%, 1/15/30		469,000		454,107
4.00%, 7/15/30		459,000		415,523
3.875%, 2/15/31		706,000		623,927
3.75%, 1/15/32		459,000		397,193
Upbound Group, Inc., 144A, 6.375%, 2/15/29		276,000		264,165
Valvoline, Inc. 144A, 4.25%, 2/15/30		367,000		364,679
144A, 3.625%, 6/15/31		328,000		277,162
VT Topco, Inc., 144A, 8.50%, 8/15/30		306,000		319,143
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		784,000		805,560
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		567,000		549,990
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		322,000		321,391
144A, 4.625%, 8/15/28		306,000		287,340
144A, 7.375%, 10/1/31		356,000		369,297
ZipRecruiter, Inc., 144A, 5.00%, 1/15/30		337,000		296,654
(Cost $28,646,528)				28,815,954
Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		398,000		390,040
144A, 6.50%, 4/15/26		198,000		197,717

	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC 144A, 4.75%, 1/15/29	$	306,000	$	286,493
144A, 6.625%, 7/15/30		499,000		507,109
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		459,000		448,103
144A, 4.125%, 4/1/29		306,000		278,824
(Cost $2,091,195)				2,108,286
Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		459,000		436,140
144A, 7.50%, 3/15/26		367,000		373,578
144A, 4.625%, 1/15/27		846,000		815,579
144A, 5.875%, 2/15/28		470,000		463,188
144A, 6.50%, 2/15/28		500,000		503,104
144A, 3.50%, 3/15/29		854,000		760,878
144A, 4.875%, 2/15/30		633,000		594,199
B&G Foods, Inc., 144A, 8.00%, 9/15/28		337,000		350,837
C&S Group Enterprises LLC, 144A, 5.00%, 12/15/28		261,000		206,771
Chobani LLC / Chobani Finance Corp., Inc., 144A, 4.625%, 11/15/28		260,000		240,496
Fiesta Purchaser, Inc., 144A, 7.875%, 3/1/31		300,000		309,349
Ingles Markets, Inc., 144A, 4.00%, 6/15/31		214,000		185,464
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 144A, 9.00%, 2/15/29		474,000		475,391
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		306,000		296,370
144A, 4.125%, 1/31/30		646,000		585,324
144A, 4.375%, 1/31/32		429,000		383,284
Performance Food Group, Inc. 144A, 6.875%, 5/1/25		168,000		168,433
144A, 5.50%, 10/15/27		699,000		684,553
144A, 4.25%, 8/1/29		616,000		559,053
Pilgrim’s Pride Corp. 4.25%, 4/15/31		601,000		537,154
3.50%, 3/1/32		545,000		455,369
6.25%, 7/1/33		633,000		639,776
6.875%, 5/15/34		316,000		332,787
Post Holdings, Inc. 144A, 5.625%, 1/15/28		595,000		584,082
144A, 5.50%, 12/15/29		781,000		747,276
144A, 4.625%, 4/15/30		876,000		797,051
144A, 4.50%, 9/15/31		648,000		576,915
Safeway, Inc., 7.25%, 2/1/31		160,000		169,765
SEG Holding LLC / SEG Finance Corp., 144A, 5.625%, 10/15/28		199,000		203,732
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A, 4.625%, 3/1/29		521,000		456,529

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Food (Continued)
US Foods, Inc. 144A, 6.875%, 9/15/28	$	306,000	$	311,355
144A, 4.75%, 2/15/29		599,000		562,323
144A, 4.625%, 6/1/30		306,000		280,393
144A, 7.25%, 1/15/32		306,000		315,912
(Cost $15,268,027)				15,362,410
Healthcare-Products — 1.3%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		999,000		942,940
144A, 3.875%, 11/1/29		490,000		439,187
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		886,000		925,870
Embecta Corp., 144A, 5.00%, 2/15/30		306,000		243,882
Garden Spinco Corp., 144A, 8.625%, 7/20/30		214,000		226,862
Hologic, Inc. 144A, 4.625%, 2/1/28		245,000		234,736
144A, 3.25%, 2/15/29		632,000		563,496
Medline Borrower LP 144A, 3.875%, 4/1/29		2,846,000		2,551,818
144A, 5.25%, 10/1/29		1,581,000		1,462,403
Teleflex, Inc. 4.625%, 11/15/27		306,000		292,192
144A, 4.25%, 6/1/28		306,000		285,678
(Cost $8,165,799)				8,169,064
Healthcare-Services — 4.6%
Acadia Healthcare Co., Inc. 144A, 5.50%, 7/1/28		276,000		266,807
144A, 5.00%, 4/15/29		291,000		274,995
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		306,000		301,276
144A, 3.125%, 2/15/29		337,000		325,451
144A, 3.50%, 4/1/30		426,000		410,315
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		306,000		286,997
144A, 3.75%, 3/15/29		306,000		276,051
144A, 4.00%, 3/15/31		328,000		289,299
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		700,000		693,042
144A, 5.625%, 3/15/27		1,191,000		1,089,677
144A, 8.00%, 12/15/27		429,000		410,274
144A, 6.00%, 1/15/29		436,000		374,960
144A, 5.25%, 5/15/30		971,000		774,691
144A, 4.75%, 2/15/31		648,000		493,102
144A, 10.875%, 1/15/32		592,000		602,834
DaVita, Inc. 144A, 4.625%, 6/1/30		1,739,000		1,529,706
144A, 3.75%, 2/15/31		949,000		778,728
Encompass Health Corp. 5.75%, 9/15/25		214,000		213,242
4.50%, 2/1/28		533,000		504,359
4.75%, 2/1/30		483,000		448,069
4.625%, 4/1/31		245,000		221,765

	Principal Amount		Value
Healthcare-Services (Continued)
Fortrea Holdings, Inc., 144A, 7.50%, 7/1/30	$	349,000	$	356,852
HealthEquity, Inc., 144A, 4.50%, 10/1/29		367,000		337,315
Heartland Dental LLC / Heartland Dental Finance Corp., 144A, 10.50%, 4/30/28		429,000		450,450
IQVIA, Inc. 144A, 5.00%, 10/15/26		643,000		628,495
144A, 5.00%, 5/15/27		674,000		656,165
144A, 6.50%, 5/15/30		313,000		317,338
Kedrion SpA, 144A, 6.50%, 9/1/29		527,000		472,224
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		367,000		340,435
LifePoint Health, Inc. 144A, 9.875%, 8/15/30		533,000		552,981
144A, 11.00%, 10/15/30		696,000		736,231
ModivCare Escrow Issuer, Inc., 144A, 5.00%, 10/1/29		306,000		225,675
ModivCare, Inc., 144A, 5.875%, 11/15/25		306,000		298,780
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		490,000		456,416
144A, 3.875%, 11/15/30		398,000		349,136
144A, 3.875%, 5/15/32		518,000		445,554
Pediatrix Medical Group, Inc., 144A, 5.375%, 2/15/30		245,000		220,200
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/25		582,000		580,545
Select Medical Corp., 144A, 6.25%, 8/15/26		750,000		748,109
Star Parent, Inc., 144A, 9.00%, 10/1/30		633,000		668,049
Tenet Healthcare Corp. 4.875%, 1/1/26		916,000		915,053
6.25%, 2/1/27		819,000		817,056
5.125%, 11/1/27		919,000		899,578
4.625%, 6/15/28		368,000		350,251
6.125%, 10/1/28		1,581,000		1,563,214
4.25%, 6/1/29		886,000		814,843
4.375%, 1/15/30		917,000		839,875
6.125%, 6/15/30		1,265,000		1,252,805
144A, 6.75%, 5/15/31		833,000		840,289
6.875%, 11/15/31		227,000		232,391
Toledo Hospital Series B, 5.325%, 11/15/28		260,000		242,775
4.982%, 11/15/45		171,000		117,722
6.015%, 11/15/48		245,000		197,837
US Acute Care Solutions LLC, 144A, 6.375%, 3/1/26		455,000		411,807
(Cost $28,426,946)				28,902,086
Household Products/Wares — 0.3%
ACCO Brands Corp., 144A, 4.25%, 3/15/29		352,000		312,058
Central Garden & Pet Co. 5.125%, 2/1/28		184,000		177,335
4.125%, 10/15/30		306,000		271,841
144A, 4.125%, 4/30/31		245,000		214,367

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Household Products/Wares (Continued)
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26	$	291,000	$	279,724
Spectrum Brands, Inc. 144A, 5.00%, 10/1/29		183,000		177,510
144A, 3.875%, 3/15/31		262,000		248,838
(Cost $1,643,178)				1,681,673
Pharmaceuticals — 1.6%
180 Medical, Inc., 144A, 3.875%, 10/15/29		306,000		273,870
AdaptHealth LLC 144A, 6.125%, 8/1/28		219,000		200,245
144A, 4.625%, 8/1/29		306,000		254,745
144A, 5.125%, 3/1/30		367,000		306,904
Bausch Health Cos., Inc., 144A, 5.50%, 11/1/25		1,063,000		989,238
BellRing Brands, Inc., 144A, 7.00%, 3/15/30		559,000		570,415
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		306,000		287,640
Elanco Animal Health, Inc., 6.65%, 8/28/28		447,000		450,332
Grifols SA, 144A, 4.75%, 10/15/28		432,000		359,770
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		367,000		355,990
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		390,000		278,951
Jazz Securities DAC, 144A, 4.375%, 1/15/29		949,000		874,298
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 14.75%, 11/14/28		492,000		533,900
Option Care Health, Inc., 144A, 4.375%, 10/31/29		306,000		279,439
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		1,328,000		1,214,935
144A, 5.125%, 4/30/31		1,255,000		1,075,685
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		293,000		261,785
144A, 6.625%, 4/1/30		338,000		326,604
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		429,000		414,060
4.65%, 6/15/30		459,000		410,854
4.90%, 12/15/44		206,000		160,805
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		251,000		242,607
144A, 3.75%, 4/1/31		367,000		317,055
(Cost $10,343,157)				10,440,127

	Principal Amount		Value
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28	$	306,000	$	328,567
Stena International SA 144A, 7.25%, 1/15/31		480,000		477,257
144A, 7.625%, 2/15/31		160,000		160,883
(Cost $957,336)				966,707
Energy — 14.4%
Coal — 0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 144A, 7.50%, 5/1/25		224,000		224,499
SunCoke Energy, Inc., 144A, 4.875%, 6/30/29		306,000		274,635
(Cost $491,129)				499,134
Energy-Alternate Sources — 0.2%
Sunnova Energy Corp., 144A, 5.875%, 9/1/26		254,000		206,464
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		429,000		405,370
144A, 4.75%, 1/15/30		459,000		414,977
Topaz Solar Farms LLC, 144A, 5.75%, 9/30/39		331,000		328,567
(Cost $1,354,387)				1,355,378
Oil & Gas — 7.0%
Aethon United BR LP / Aethon United Finance Corp., 144A, 8.25%, 2/15/26		500,000		502,069
Antero Resources Corp. 144A, 7.625%, 2/1/29		249,000		256,454
144A, 5.375%, 3/1/30		367,000		349,752
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		366,000		365,752
144A, 9.00%, 11/1/27		213,000		269,725
144A, 8.25%, 12/31/28		314,000		318,828
144A, 5.875%, 6/30/29		245,000		227,780
Baytex Energy Corp. 144A, 8.75%, 4/1/27		251,000		260,375
144A, 8.50%, 4/30/30		533,000		554,218
Berry Petroleum Co. LLC, 144A, 7.00%, 2/15/26		245,000		240,018
Borr IHC Ltd / Borr Finance LLC 144A, 10.00%, 11/15/28		668,000		688,875
144A, 10.375%, 11/15/30		315,000		325,941
California Resources Corp., 144A, 7.125%, 2/1/26		336,000		337,771
Callon Petroleum Co. 6.375%, 7/1/26		196,000		196,329
144A, 8.00%, 8/1/28		398,000		415,718
144A, 7.50%, 6/15/30		367,000		386,630
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		316,000		313,234
144A, 5.875%, 2/1/29		306,000		302,695
144A, 6.75%, 4/15/29		632,000		634,363

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Chord Energy Corp., 144A, 6.375%, 6/1/26	$	245,000	$	245,306
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		739,000		737,257
144A, 6.375%, 6/15/26		398,000		400,481
144A, 8.375%, 1/15/29		696,000		730,918
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		245,000		237,392
144A, 8.375%, 7/1/28		854,000		893,646
144A, 8.625%, 11/1/30		633,000		677,361
144A, 8.75%, 7/1/31		854,000		908,204
CNX Resources Corp. 144A, 6.00%, 1/15/29		316,000		303,721
144A, 7.375%, 1/15/31		328,000		330,668
144A, 7.25%, 3/1/32		251,000		250,128
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		773,000		713,045
144A, 5.875%, 1/15/30		623,000		544,758
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		429,000		427,434
144A, 9.25%, 2/15/28		632,000		661,383
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		592,000		589,070
144A, 5.00%, 5/1/29		230,000		226,263
CVR Energy, Inc. 144A, 5.75%, 2/15/28		245,000		227,411
144A, 8.50%, 1/15/29		380,000		382,375
Diamond Foreign Asset Co. / Diamond Finance LLC, 144A, 8.50%, 10/1/30		337,000		345,095
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		429,000		428,311
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		603,000		607,884
Energean PLC, 144A, 6.50%, 4/30/27		276,000		251,022
EnQuest PLC, 144A, 11.625%, 11/1/27		187,000		182,621
Greenfire Resources Ltd., 144A, 12.00%, 10/1/28		210,000		220,038
Gulfport Energy Corp., 144A, 8.00%, 5/17/26		271,000		275,787
Harbour Energy PLC, 144A, 5.50%, 10/15/26		306,000		298,243
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		367,000		364,313
144A, 5.75%, 2/1/29		367,000		354,918
144A, 6.00%, 4/15/30		306,000		297,077
144A, 6.00%, 2/1/31		394,000		379,944
144A, 6.25%, 4/15/32		306,000		296,055
144A, 8.375%, 11/1/33		376,000		403,918
Ithaca Energy North Sea PLC, 144A, 9.00%, 7/15/26		383,000		385,796
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A, 6.00%, 8/1/26		245,000		240,170

	Principal Amount		Value
Oil & Gas (Continued)
Matador Resources Co. 5.875%, 9/15/26	$	428,000	$	423,822
144A, 6.875%, 4/15/28		306,000		310,725
MEG Energy Corp., 144A, 5.875%, 2/1/29		367,000		357,810
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		416,000		413,585
144A, 10.50%, 5/15/27		316,000		323,816
Murphy Oil Corp. 5.875%, 12/1/27		271,000		269,101
6.375%, 7/15/28		228,000		228,311
5.875%, 12/1/42		230,000		202,572
Nabors Industries, Inc. 144A, 7.375%, 5/15/27		429,000		427,421
144A, 9.125%, 1/31/30		433,000		443,825
Noble Finance II LLC, 144A, 8.00%, 4/15/30		367,000		377,329
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		432,000		437,456
144A, 8.75%, 6/15/31		306,000		319,770
Parkland Corp. 144A, 5.875%, 7/15/27		306,000		300,303
144A, 4.50%, 10/1/29		490,000		447,738
144A, 4.625%, 5/1/30		502,000		458,557
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		550,000		534,875
144A, 7.875%, 9/15/30		306,000		313,552
Permian Resources Operating LLC 144A, 5.375%, 1/15/26		177,000		174,114
144A, 7.75%, 2/15/26		184,000		186,199
144A, 6.875%, 4/1/27		218,000		217,401
144A, 8.00%, 4/15/27		337,000		347,535
144A, 5.875%, 7/1/29		429,000		419,201
144A, 9.875%, 7/15/31		306,000		338,895
144A, 7.00%, 1/15/32		666,000		683,834
Precision Drilling Corp. 144A, 7.125%, 1/15/26		167,000		166,785
144A, 6.875%, 1/15/29		245,000		242,002
Range Resources Corp. 4.875%, 5/15/25		422,000		416,167
8.25%, 1/15/29		367,000		382,879
144A, 4.75%, 2/15/30		316,000		293,566
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		429,000		395,087
Seadrill Finance Ltd., 144A, 8.375%, 8/1/30		352,000		361,739
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		367,000		375,111
SM Energy Co. 5.625%, 6/1/25		214,000		212,395
6.75%, 9/15/26		257,000		255,564
6.625%, 1/15/27		255,000		253,970
6.50%, 7/15/28		245,000		245,306
Southwestern Energy Co. 8.375%, 9/15/28		186,000		193,441
5.375%, 2/1/29		426,000		411,690

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
5.375%, 3/15/30	$	779,000	$	744,553
4.75%, 2/1/32		727,000		660,360
Strathcona Resources Ltd/Alberta, 144A, 6.875%, 8/1/26		306,000		304,088
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		367,000		365,648
5.875%, 3/15/28		264,000		261,164
144A, 7.00%, 9/15/28		336,000		344,128
4.50%, 5/15/29		490,000		452,636
4.50%, 4/30/30		501,000		455,851
Talos Production, Inc. 144A, 9.00%, 2/1/29		426,000		435,399
144A, 9.375%, 2/1/31		378,000		390,442
Teine Energy Ltd., 144A, 6.875%, 4/15/29		245,000		232,510
Transocean Aquila Ltd., 144A, 8.00%, 9/30/28		199,000		202,731
Transocean Poseidon Ltd., 144A, 6.875%, 2/1/27		294,975		293,974
Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/28		322,000		330,453
Transocean, Inc., 144A, 8.75%, 2/15/30		727,200		746,706
Valaris Ltd., 144A, 8.375%, 4/30/30		696,000		713,670
Vermilion Energy, Inc. 144A, 5.625%, 3/15/25		184,000		183,152
144A, 6.875%, 5/1/30		245,000		236,119
Viper Energy, Inc. 144A, 5.375%, 11/1/27		264,000		256,105
144A, 7.375%, 11/1/31		245,000		252,267
Vital Energy, Inc. 10.125%, 1/15/28		429,000		449,002
144A, 7.75%, 7/31/29		183,000		182,022
9.75%, 10/15/30		342,000		366,323
W&T Offshore, Inc., 144A, 11.75%, 2/1/26		168,000		172,820
(Cost $43,315,048)				43,960,112
Oil & Gas Services — 0.8%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		306,000		304,460
144A, 6.25%, 4/1/28		533,000		519,712
Bristow Group, Inc., 144A, 6.875%, 3/1/28		245,000		239,855
CGG SA, 144A, 8.75%, 4/1/27		306,000		272,946
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		214,000		214,214
Enerflex Ltd., 144A, 9.00%, 10/15/27		383,000		385,554
Helix Energy Solutions Group, Inc., 144A, 9.75%, 3/1/29		188,000		198,677
Kodiak Gas Services LLC, 144A, 7.25%, 2/15/29		400,000		407,230

	Principal Amount		Value
Oil & Gas Services (Continued)
Oceaneering International, Inc., 6.00%, 2/1/28	$	184,000	$	180,934
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		444,000		443,395
6.875%, 9/1/27		500,000		497,431
Weatherford International Ltd., 144A, 8.625%, 4/30/30		1,012,000		1,049,191
Welltec International ApS, 144A, 8.25%, 10/15/26		179,000		181,835
(Cost $4,841,886)				4,895,434
Pipelines — 6.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		448,000		457,612
144A, 5.75%, 3/1/27		398,000		389,418
144A, 5.75%, 1/15/28		398,000		390,173
144A, 5.375%, 6/15/29		459,000		436,558
144A, 6.625%, 2/1/32		380,000		378,446
Blue Racer Midstream LLC / Blue Racer Finance Corp. 144A, 7.625%, 12/15/25		367,000		370,217
144A, 6.625%, 7/15/26		184,000		182,613
Buckeye Partners LP 144A, 4.125%, 3/1/25		306,000		299,236
3.95%, 12/1/26		367,000		347,072
4.125%, 12/1/27		245,000		228,022
144A, 4.50%, 3/1/28		313,000		290,999
5.85%, 11/15/43		245,000		201,843
5.60%, 10/15/44		184,000		143,060
Cheniere Energy Partners LP, 5.95%, 6/30/33		878,000		883,766
CNX Midstream Partners LP, 144A, 4.75%, 4/15/30		245,000		214,339
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		886,000		825,442
Delek Logistics Partners LP / Delek Logistics Finance Corp., 144A, 7.125%, 6/1/28		245,000		234,588
DT Midstream, Inc. 144A, 4.125%, 6/15/29		716,000		654,242
144A, 4.375%, 6/15/31		584,000		525,767
Energy Transfer LP, 8.00%, 5/15/54		502,000		521,578
EnLink Midstream LLC 144A, 5.625%, 1/15/28		306,000		301,505
5.375%, 6/1/29		305,000		295,593
144A, 6.50%, 9/1/30		627,000		642,716
EnLink Midstream Partners LP 4.15%, 6/1/25		258,000		251,530
4.85%, 7/15/26		301,000		293,479
5.60%, 4/1/44		214,000		193,948
5.05%, 4/1/45		276,000		234,746
5.45%, 6/1/47		319,000		280,720
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		245,000		244,664
4.125%, 12/1/26		306,000		293,334

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
144A, 7.50%, 6/1/27	$	300,000	$	306,931
144A, 6.50%, 7/1/27		599,000		604,991
5.50%, 7/15/28		567,000		556,093
144A, 4.50%, 1/15/29		533,000		499,645
144A, 6.375%, 4/1/29		200,000		200,574
144A, 7.50%, 6/1/30		316,000		335,863
144A, 4.75%, 1/15/31		696,000		647,220
6.50%, 7/15/48		358,000		363,383
Genesis Energy LP / Genesis Energy Finance Corp. 6.25%, 5/15/26		229,000		226,936
8.00%, 1/15/27		641,000		645,435
7.75%, 2/1/28		416,000		416,003
8.25%, 1/15/29		380,000		386,338
8.875%, 4/15/30		306,000		317,260
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		245,000		245,078
6.875%, 1/15/29		214,000		210,921
144A, 8.25%, 1/15/32		285,000		292,325
Harvest Midstream I LP, 144A, 7.50%, 9/1/28		533,000		537,306
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		529,000		521,515
144A, 5.125%, 6/15/28		337,000		323,769
144A, 4.25%, 2/15/30		459,000		417,961
144A, 5.50%, 10/15/30		245,000		235,446
Howard Midstream Energy Partners LLC 144A, 6.75%, 1/15/27		245,000		244,068
144A, 8.875%, 7/15/28		337,000		355,114
ITT Holdings LLC, 144A, 6.50%, 8/1/29		772,000		685,211
Kinetik Holdings LP 144A, 6.625%, 12/15/28		506,000		512,226
144A, 5.875%, 6/15/30		653,000		636,292
Martin Midstream Partners LP / Martin Midstream Finance Corp., 144A, 11.50%, 2/15/28		245,000		257,250
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		811,000		806,815
144A, 6.50%, 9/30/26		949,000		916,296
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		564,000		569,317
144A, 8.375%, 2/15/32		813,000		825,831
Northriver Midstream Finance LP, 144A, 5.625%, 2/15/26		322,000		315,668
NuStar Logistics LP 5.75%, 10/1/25		367,000		363,672
6.00%, 6/1/26		306,000		302,496
5.625%, 4/28/27		337,000		333,532
6.375%, 10/1/30		424,000		425,200
Prairie Acquiror LP, 144A, 9.00%, 8/1/29		280,000		282,131
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		245,000		237,545
144A, 4.95%, 7/15/29		345,000		322,621
144A, 4.80%, 5/15/30		214,000		198,218
144A, 7.50%, 7/15/38		153,000		155,302
144A, 6.875%, 4/15/40		306,000		301,314

	Principal Amount		Value
Pipelines (Continued)
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26	$	523,000	$	517,415
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		263,000		259,581
144A, 5.50%, 1/15/28		573,000		544,350
144A, 7.375%, 2/15/29		450,000		448,992
144A, 6.00%, 12/31/30		444,000		412,887
144A, 6.00%, 9/1/31		286,000		261,986
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		791,000		709,929
144A, 6.25%, 1/15/30		633,000		631,998
144A, 4.125%, 8/15/31		791,000		694,229
144A, 3.875%, 11/1/33		791,000		663,423
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		1,423,000		1,445,635
144A, 9.50%, 2/1/29		1,888,000		2,013,011
144A, 8.375%, 6/1/31		1,423,000		1,439,309
144A, 9.875%, 2/1/32		1,224,000		1,288,726
(Cost $39,135,259)				39,675,809
Financial — 4.6%
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		392,000		355,230
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		398,000		392,058
144A, 8.875%, 9/1/31		245,000		255,106
Five Point Operating Co. LP / Five Point Capital Corp., 144A, 10.50%, 1/15/28		321,561		328,844
Greystar Real Estate Partners LLC, 144A, 7.75%, 9/1/30		245,000		254,174
Howard Hughes Corp. 144A, 5.375%, 8/1/28		478,000		450,807
144A, 4.125%, 2/1/29		418,000		371,054
144A, 4.375%, 2/1/31		415,000		353,536
Hunt Cos., Inc., 144A, 5.25%, 4/15/29		389,000		355,905
Kennedy-Wilson, Inc. 4.75%, 3/1/29		367,000		297,270
4.75%, 2/1/30		367,000		290,389
5.00%, 3/1/31		422,000		328,105
Newmark Group, Inc., 144A, 7.50%, 1/12/29		380,000		386,391
(Cost $4,357,750)				4,418,869
Real Estate Investment Trusts — 3.7%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		306,000		253,117
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		224,000		196,135
Brandywine Operating Partnership LP 3.95%, 11/15/27		276,000		242,561
7.80%, 3/15/28		214,000		211,983
4.55%, 10/1/29		244,000		203,556

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26	$	593,000	$	571,942
144A, 4.50%, 4/1/27		446,000		392,077
CTR Partnership LP / CareTrust Capital Corp., 144A, 3.875%, 6/30/28		245,000		221,575
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		306,000		258,568
Hudson Pacific Properties LP 3.95%, 11/1/27		252,000		217,602
5.95%, 2/15/28		222,000		199,226
4.65%, 4/1/29		317,000		264,013
3.25%, 1/15/30		254,000		190,690
Iron Mountain Information Management Services, Inc., 144A, 5.00%, 7/15/32		467,000		417,514
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		612,000		586,965
144A, 5.25%, 3/15/28		517,000		498,282
144A, 5.00%, 7/15/28		306,000		289,702
144A, 7.00%, 2/15/29		612,000		621,229
144A, 4.875%, 9/15/29		633,000		588,660
144A, 5.25%, 7/15/30		815,000		762,661
144A, 4.50%, 2/15/31		696,000		615,915
144A, 5.625%, 7/15/32		367,000		341,091
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 5.25%, 10/1/25		201,000		198,008
144A, 4.25%, 2/1/27		375,000		345,063
144A, 4.75%, 6/15/29		390,000		350,003
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		306,000		272,469
5.00%, 10/15/27		872,000		713,351
4.625%, 8/1/29		551,000		410,429
3.50%, 3/15/31		837,000		560,538
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		306,000		257,649
Office Properties Income Trust, 144A, 9.00%, 3/31/29		188,000		175,310
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		398,000		399,278
144A, 5.875%, 10/1/28		444,000		431,581
144A, 4.875%, 5/15/29		459,000		421,706
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		458,000		437,390
144A, 7.25%, 7/15/28		245,000		250,923
144A, 4.50%, 2/15/29		367,000		341,137
Rithm Capital Corp., 144A, 6.25%, 10/15/25		337,000		332,646
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		306,000		288,481
144A, 4.00%, 9/15/29		356,000		310,738

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
SBA Communications Corp. 3.875%, 2/15/27	$	946,000	$	892,634
3.125%, 2/1/29		949,000		839,860
Service Properties Trust 4.50%, 3/15/25		214,000		209,080
7.50%, 9/15/25		490,000		496,428
5.25%, 2/15/26		214,000		207,832
4.75%, 10/1/26		276,000		255,322
4.95%, 2/15/27		245,000		224,949
5.50%, 12/15/27		276,000		259,825
3.95%, 1/15/28		245,000		207,225
4.95%, 10/1/29		260,000		213,927
4.375%, 2/15/30		245,000		188,855
144A, 8.625%, 11/15/31		706,000		745,615
Starwood Property Trust, Inc. 4.75%, 3/15/25		306,000		301,936
144A, 3.625%, 7/15/26		245,000		228,462
144A, 4.375%, 1/15/27		306,000		286,875
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		1,645,000		1,702,736
144A, 4.75%, 4/15/28		349,000		303,287
Vornado Realty LP 3.50%, 1/15/25		135,000		131,140
2.15%, 6/1/26		253,000		227,038
3.40%, 6/1/31		215,000		166,879
XHR LP 144A, 6.375%, 8/15/25		285,000		285,342
144A, 4.875%, 6/1/29		306,000		282,593
(Cost $23,053,212)				23,299,604
Venture Capital — 0.2%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		245,000		242,510
144A, 3.375%, 6/15/26		666,000		622,766
144A, 8.00%, 6/15/27		378,000		392,483
144A, 3.75%, 9/15/30		290,000		238,589
(Cost $1,492,224)				1,496,348
Industrial — 11.8%
Aerospace/Defense — 2.6%
AAR Escrow Issuer LLC, 144A, 6.75%, 3/15/29		300,000		302,836
Bombardier, Inc. 144A, 7.125%, 6/15/26		612,000		617,125
144A, 7.875%, 4/15/27		1,092,000		1,093,393
144A, 6.00%, 2/15/28		459,000		445,586
144A, 7.50%, 2/1/29		499,000		506,133
144A, 8.75%, 11/15/30		459,000		480,807
144A, 7.45%, 5/1/34		323,000		357,293
Moog, Inc., 144A, 4.25%, 12/15/27		306,000		286,371
Rolls-Royce PLC 144A, 3.625%, 10/14/25		633,000		609,497
144A, 5.75%, 10/15/27		684,000		680,645
Spirit AeroSystems, Inc. 3.85%, 6/15/26		184,000		174,890

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Aerospace/Defense (Continued)
144A, 9.375%, 11/30/29	$	599,000	$	647,731
144A, 9.75%, 11/15/30		759,000		813,160
TransDigm, Inc. 5.50%, 11/15/27		1,723,000		1,663,675
144A, 6.75%, 8/15/28		1,286,000		1,301,375
4.625%, 1/15/29		785,000		719,853
144A, 6.375%, 3/1/29		1,350,000		1,356,102
4.875%, 5/1/29		459,000		421,606
144A, 6.875%, 12/15/30		898,000		908,695
144A, 7.125%, 12/1/31		652,000		668,835
144A, 6.625%, 3/1/32		1,400,000		1,408,747
Triumph Group, Inc., 144A, 9.00%, 3/15/28		759,000		793,408
(Cost $16,213,348)				16,257,763
Building Materials — 2.0%
AmeriTex HoldCo Intermediate LLC, 144A, 10.25%, 10/15/28		325,000		340,438
Boise Cascade Co., 144A, 4.875%, 7/1/30		245,000		226,069
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		337,000		318,221
144A, 4.25%, 2/1/32		815,000		716,079
144A, 6.375%, 6/15/32		429,000		428,932
Camelot Return Merger Sub, Inc., 144A, 8.75%, 8/1/28		473,000		485,416
Eco Material Technologies, Inc., 144A, 7.875%, 1/31/27		408,000		407,088
Emerald Debt Merger Sub LLC, 144A, 6.625%, 12/15/30		1,740,000		1,746,090
Griffon Corp., 5.75%, 3/1/28		618,000		597,915
James Hardie International Finance DAC, 144A, 5.00%, 1/15/28		245,000		236,263
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		245,000		233,056
Knife River Corp., 144A, 7.75%, 5/1/31		260,000		269,264
Louisiana-Pacific Corp., 144A, 3.625%, 3/15/29		214,000		191,982
Masonite International Corp. 144A, 5.375%, 2/1/28		306,000		304,853
144A, 3.50%, 2/15/30		230,000		203,000
MIWD Holdco II LLC / MIWD Finance Corp., 144A, 5.50%, 2/1/30		306,000		279,208
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28		358,000		341,135
PGT Innovations, Inc., 144A, 4.375%, 10/1/29		352,000		354,364
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		696,000		675,008
144A, 8.875%, 11/15/31		696,000		737,610
Standard Industries, Inc. 144A, 5.00%, 2/15/27		533,000		513,170
144A, 4.75%, 1/15/28		612,000		577,384
144A, 4.375%, 7/15/30		1,012,000		902,284
144A, 3.375%, 1/15/31		690,000		571,732

	Principal Amount		Value
Building Materials (Continued)
Summit Materials LLC / Summit Materials Finance Corp. 144A, 6.50%, 3/15/27	$	184,000	$	184,000
144A, 5.25%, 1/15/29		429,000		415,281
144A, 7.25%, 1/15/31		506,000		525,078
(Cost $12,616,267)				12,780,920
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 6.50%, 12/31/27		184,000		182,456
144A, 4.75%, 6/15/28		358,000		327,337
144A, 4.375%, 3/31/29		485,000		429,700
EnerSys 144A, 4.375%, 12/15/27		184,000		173,190
144A, 6.625%, 1/15/32		200,000		200,827
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		969,000		974,790
144A, 7.25%, 6/15/28		851,000		869,668
(Cost $3,145,290)				3,157,968
Electronics — 0.7%
Atkore, Inc., 144A, 4.25%, 6/1/31		251,000		220,493
Coherent Corp., 144A, 5.00%, 12/15/29		560,000		522,200
Imola Merger Corp., 144A, 4.75%, 5/15/29		1,265,000		1,172,149
Sensata Technologies BV 144A, 5.00%, 10/1/25		428,000		424,009
144A, 4.00%, 4/15/29		666,000		604,014
144A, 5.875%, 9/1/30		306,000		298,026
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		276,000		251,488
144A, 3.75%, 2/15/31		459,000		392,514
TTM Technologies, Inc., 144A, 4.00%, 3/1/29		306,000		272,370
(Cost $4,134,919)				4,157,263
Engineering & Construction — 0.9%
AECOM, 5.125%, 3/15/27		690,000		675,894
Arcosa, Inc., 144A, 4.375%, 4/15/29		245,000		226,134
Artera Services LLC, 144A, 8.50%, 2/15/31		350,000		357,544
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par, 144A, 4.05%, 4/27/26		230,000		213,325
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		868,000		923,054
Brundage-Bone Concrete Pumping Holdings, Inc., 144A, 6.00%, 2/1/26		230,000		226,951
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		380,000		295,709
Dycom Industries, Inc., 144A, 4.50%, 4/15/29		306,000		281,591

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Engineering & Construction (Continued)
Fluor Corp., 4.25%, 9/15/28	$	367,000	$	346,925
Global Infrastructure Solutions, Inc. 144A, 5.625%, 6/1/29		245,000		221,595
144A, 7.50%, 4/15/32		184,000		176,640
HTA Group Ltd/Mauritius, 144A, 7.00%, 12/18/25		398,000		393,345
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28		199,000		197,658
TopBuild Corp. 144A, 3.625%, 3/15/29		245,000		219,437
144A, 4.125%, 2/15/32		306,000		268,004
VM Consolidated, Inc., 144A, 5.50%, 4/15/29		231,000		217,707
Weekley Homes LLC / Weekley Finance Corp., 144A, 4.875%, 9/15/28		245,000		227,382
(Cost $5,361,391)				5,468,895
Environmental Control — 0.9%
Clean Harbors, Inc. 144A, 4.875%, 7/15/27		334,000		322,260
144A, 5.125%, 7/15/29		184,000		177,371
144A, 6.375%, 2/1/31		306,000		304,204
Covanta Holding Corp. 144A, 4.875%, 12/1/29		515,000		450,056
5.00%, 9/1/30		245,000		212,537
Enviri Corp., 144A, 5.75%, 7/31/27		291,000		271,922
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		306,000		300,593
144A, 3.75%, 8/1/25		459,000		445,642
144A, 5.125%, 12/15/26		313,000		306,162
144A, 4.00%, 8/1/28		505,000		463,020
144A, 3.50%, 9/1/28		459,000		416,109
144A, 4.75%, 6/15/29		459,000		429,778
144A, 4.375%, 8/15/29		337,000		307,031
144A, 6.75%, 1/15/31		627,000		641,334
Madison IAQ LLC, 144A, 4.125%, 6/30/28		429,000		390,801
Stericycle, Inc., 144A, 3.875%, 1/15/29		306,000		275,375
(Cost $5,656,688)				5,714,195
Machinery-Construction & Mining — 0.2%
BWX Technologies, Inc. 144A, 4.125%, 6/30/28		245,000		227,877
144A, 4.125%, 4/15/29		245,000		227,363
Manitowoc Co., Inc., 144A, 9.00%, 4/1/26		184,000		183,770
Terex Corp., 144A, 5.00%, 5/15/29		367,000		342,705
Vertiv Group Corp., 144A, 4.125%, 11/15/28		567,000		523,136
(Cost $1,485,578)				1,504,851
Machinery-Diversified — 0.4%
ATS Corp., 144A, 4.125%, 12/15/28		214,000		195,307

	Principal Amount		Value
Machinery-Diversified (Continued)
Chart Industries, Inc. 144A, 7.50%, 1/1/30	$	923,000	$	952,085
144A, 9.50%, 1/1/31		312,000		335,203
Mueller Water Products, Inc., 144A, 4.00%, 6/15/29		276,000		250,993
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		987,000		948,059
(Cost $2,665,244)				2,681,647
Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc. 144A, 5.00%, 9/30/27		214,000		206,743
144A, 6.375%, 6/15/30		306,000		305,990
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29		306,000		278,777
(Cost $783,142)				791,510
Miscellaneous Manufacturing — 0.5%
Amsted Industries, Inc. 144A, 5.625%, 7/1/27		245,000		240,178
144A, 4.625%, 5/15/30		245,000		223,066
Calderys Financing LLC, 144A, 11.25%, 6/1/28		337,000		360,793
Enpro Industries, Inc., 5.75%, 10/15/26		212,000		208,747
Gates Global LLC / Gates Corp., 144A, 6.25%, 1/15/26		250,000		249,148
Hillenbrand, Inc. 5.75%, 6/15/25		245,000		243,177
5.00%, 9/15/26		230,000		225,007
6.25%, 2/15/29		313,000		313,043
3.75%, 3/1/31		214,000		182,435
LSB Industries, Inc., 144A, 6.25%, 10/15/28		352,000		333,791
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		245,000		252,461
(Cost $2,791,785)				2,831,846
Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		367,000		360,358
144A, 3.25%, 9/1/28		367,000		318,061
144A, 4.00%, 9/1/29		669,000		543,336
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		429,000		424,504
144A, 4.125%, 8/15/26		769,000		709,433
Ball Corp. 6.875%, 3/15/28		499,000		511,124
6.00%, 6/15/29		612,000		614,966
2.875%, 8/15/30		822,000		695,953
3.125%, 9/15/31		551,000		464,194
Berry Global, Inc. 144A, 4.50%, 2/15/26		178,000		172,529
144A, 5.625%, 7/15/27		366,000		360,842

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28	$	273,000	$	263,899
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		168,000		155,400
Clydesdale Acquisition Holdings, Inc., 144A, 6.625%, 4/15/29		306,000		304,232
Crown Americas LLC, 5.25%, 4/1/30		306,000		294,739
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		245,000		235,141
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26		536,000		524,396
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		314,000		330,586
Graphic Packaging International LLC 144A, 4.75%, 7/15/27		184,000		177,974
144A, 3.50%, 3/15/28		276,000		252,391
144A, 3.50%, 3/1/29		214,000		190,783
144A, 3.75%, 2/1/30		251,000		223,347
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		420,000		390,503
LABL, Inc. 144A, 6.75%, 7/15/26		429,000		416,064
144A, 5.875%, 11/1/28		306,000		274,091
144A, 9.50%, 11/1/28		224,000		224,053
Mauser Packaging Solutions Holding Co., 144A, 7.875%, 8/15/26		1,739,000		1,762,158
OI European Group BV, 144A, 4.75%, 2/15/30		245,000		225,547
Owens-Brockway Glass Container, Inc. 144A, 6.375%, 8/15/25		184,000		185,995
144A, 6.625%, 5/13/27		375,000		374,170
144A, 7.25%, 5/15/31		452,000		458,097
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28		306,000		283,603
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		666,000		620,379
Sealed Air Corp. 144A, 5.50%, 9/15/25		245,000		244,535
144A, 4.00%, 12/1/27		260,000		241,834
144A, 6.125%, 2/1/28		555,000		553,301
144A, 5.00%, 4/15/29		260,000		246,295
144A, 7.25%, 2/15/31		260,000		268,420
144A, 6.875%, 7/15/33		266,000		275,284
Silgan Holdings, Inc., 4.125%, 2/1/28		349,000		325,822
TriMas Corp., 144A, 4.125%, 4/15/29		245,000		223,327
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		664,000		647,531
(Cost $16,234,495)				16,369,197

	Principal Amount		Value
Transportation — 0.4%
Danaos Corp., 144A, 8.50%, 3/1/28	$	161,000	$	165,221
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		383,000		333,210
GN Bondco LLC, 144A, 9.50%, 10/15/31		473,000		468,270
Rand Parent LLC, 144A, 8.50%, 2/15/30		566,000		549,681
RXO, Inc., 144A, 7.50%, 11/15/27		217,000		224,052
XPO CNW, Inc., 6.70%, 5/1/34		183,000		189,345
XPO, Inc. 144A, 7.125%, 6/1/31		276,000		281,877
144A, 7.125%, 2/1/32		370,000		376,162
(Cost $2,562,003)				2,587,818
Technology — 4.4%
Computers — 1.3%
ASGN, Inc., 144A, 4.625%, 5/15/28		337,000		314,287
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29		318,000		291,786
Crane NXT Co., 4.20%, 3/15/48		221,000		159,797
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		459,000		405,043
KBR, Inc., 144A, 4.75%, 9/30/28		153,000		140,373
NCR Atleos Corp., 144A, 9.50%, 4/1/29		874,000		924,513
NCR Voyix Corp. 144A, 5.00%, 10/1/28		398,000		369,893
144A, 5.125%, 4/15/29		785,000		727,832
144A, 5.25%, 10/1/30		276,000		249,314
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		322,000		309,482
Science Applications International Corp., 144A, 4.875%, 4/1/28		245,000		232,003
Seagate HDD Cayman 4.875%, 6/1/27		309,000		299,231
4.091%, 6/1/29		226,000		206,230
144A, 8.25%, 12/15/29		349,000		373,956
4.125%, 1/15/31		169,000		148,442
144A, 8.50%, 7/15/31		349,000		377,345
9.625%, 12/1/32		547,000		618,165
5.75%, 12/1/34		300,000		288,360
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A, 5.75%, 6/1/25		184,000		182,188
Unisys Corp., 144A, 6.875%, 11/1/27		297,000		266,863
Western Digital Corp., 4.75%, 2/15/26		1,455,000		1,421,992
(Cost $8,200,301)				8,307,095

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Office/Business Equipment — 0.3%
Pitney Bowes, Inc. 144A, 6.875%, 3/15/27	$	233,000	$	209,117
144A, 7.25%, 3/15/29		244,000		211,280
Xerox Corp. 4.80%, 3/1/35		153,000		116,075
6.75%, 12/15/39		214,000		183,049
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		459,000		451,435
144A, 5.50%, 8/15/28		518,000		468,428
(Cost $1,572,146)				1,639,384
Semiconductors — 0.5%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		322,000		323,711
ams-OSRAM AG, 144A, 12.25%, 3/30/29		244,000		247,508
Entegris, Inc. 144A, 4.375%, 4/15/28		245,000		228,934
144A, 4.75%, 4/15/29		1,012,000		954,243
144A, 3.625%, 5/1/29		245,000		216,825
144A, 5.95%, 6/15/30		596,000		584,410
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		429,000		392,333
Synaptics, Inc., 144A, 4.00%, 6/15/29		245,000		219,423
(Cost $3,184,047)				3,167,387
Software — 2.3%
Alteryx, Inc., 144A, 8.75%, 3/15/28		276,000		279,900
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		379,000		379,375
Camelot Finance SA, 144A, 4.50%, 11/1/26		429,000		409,837
Capstone Borrower, Inc., 144A, 8.00%, 6/15/30		245,000		253,220
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 144A, 8.00%, 6/15/29		503,000		515,545
Central Parent, Inc. / CDK Global, Inc., 144A, 7.25%, 6/15/29		500,000		503,313
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		578,000		527,619
144A, 4.875%, 7/1/29		578,000		524,195
Cloud Software Group, Inc., 144A, 6.50%, 3/31/29		2,530,000		2,356,083
Consensus Cloud Solutions, Inc. 144A, 6.00%, 10/15/26		187,000		177,589
144A, 6.50%, 10/15/28		291,000		258,879
Dun & Bradstreet Corp., 144A, 5.00%, 12/15/29		282,000		259,440
Elastic NV, 144A, 4.125%, 7/15/29		352,000		316,178
Fair Isaac Corp. 144A, 5.25%, 5/15/26		245,000		242,402
144A, 4.00%, 6/15/28		564,000		523,908

	Principal Amount		Value
Software (Continued)
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A, 4.625%, 5/1/28	$	214,000	$	190,846
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		306,000		295,045
Open Text Corp. 144A, 3.875%, 2/15/28		564,000		518,248
144A, 3.875%, 12/1/29		521,000		460,492
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		564,000		497,940
144A, 4.125%, 12/1/31		398,000		340,656
PTC, Inc., 144A, 4.00%, 2/15/28		306,000		285,495
RingCentral, Inc., 144A, 8.50%, 8/15/30		268,000		277,083
ROBLOX Corp., 144A, 3.875%, 5/1/30		666,000		583,303
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		1,315,000		1,280,547
Twilio, Inc. 3.625%, 3/15/29		336,000		299,129
3.875%, 3/15/31		306,000		266,240
UKG, Inc., 144A, 6.875%, 2/1/31		1,500,000		1,515,600
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A, 3.875%, 2/1/29		398,000		356,580
(Cost $14,640,209)				14,694,687
Utilities — 3.8%
Electric — 3.5%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		459,000		397,174
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		245,000		223,880
Calpine Corp. 144A, 5.25%, 6/1/26		257,000		253,195
144A, 4.50%, 2/15/28		784,000		738,486
144A, 5.125%, 3/15/28		886,000		842,269
144A, 4.625%, 2/1/29		398,000		366,271
144A, 5.00%, 2/1/31		567,000		506,752
144A, 3.75%, 3/1/31		514,000		440,603
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		567,000		530,056
144A, 3.75%, 2/15/31		616,000		519,451
144A, 3.75%, 1/15/32		214,000		179,002
DPL, Inc. 4.125%, 7/1/25		254,000		246,319
4.35%, 4/15/29		262,000		237,411
Drax Finco PLC, 144A, 6.625%, 11/1/25		306,000		302,175
Edison International 8.125%, 6/15/53		306,000		314,045
7.875%, 6/15/54		285,000		290,541
Electricite de France SA, 144A, 9.125%, Perpetual		948,000		1,051,863
Emera, Inc., Series 16-A, 6.75%, 6/15/76		759,000		743,736

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Electric (Continued)
FirstEnergy Corp. 2.05%, 3/1/25	$	184,000	$	177,214
Series A, 1.60%, 1/15/26		188,000		173,909
Series B, 4.15%, 7/15/27		1,012,000		961,146
2.65%, 3/1/30		367,000		313,724
Series B, 2.25%, 9/1/30		348,000		286,406
Series C, 7.375%, 11/15/31		284,000		329,639
Series C, 5.10%, 7/15/47		384,000		330,868
Series C, 3.40%, 3/1/50		480,000		320,703
Leeward Renewable Energy Operations LLC, 144A, 4.25%, 7/1/29		230,000		198,003
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		306,000		285,727
144A, 4.50%, 9/15/27		337,000		314,401
144A, 7.25%, 1/15/29		474,000		481,817
NRG Energy, Inc. 6.625%, 1/15/27		230,000		229,964
5.75%, 1/15/28		547,000		538,797
144A, 3.375%, 2/15/29		306,000		267,087
144A, 5.25%, 6/15/29		449,000		425,509
144A, 3.625%, 2/15/31		687,000		577,652
144A, 3.875%, 2/15/32		294,000		245,595
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		391,000		358,647
PG&E Corp. 5.00%, 7/1/28		633,000		603,743
5.25%, 7/1/30		633,000		595,057
Pike Corp. 144A, 5.50%, 9/1/28		400,000		379,426
144A, 8.625%, 1/31/31		310,000		327,376
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		759,000		800,776
TransAlta Corp. 7.75%, 11/15/29		245,000		254,739
6.50%, 3/15/40		184,000		181,389

	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	612,000	$	602,622
144A, 5.625%, 2/15/27		822,000		800,997
144A, 5.00%, 7/31/27		822,000		787,899
144A, 4.375%, 5/1/29		791,000		721,516
144A, 7.75%, 10/15/31		917,000		948,542
(Cost $21,928,684)				22,004,119
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		429,000		421,063
5.875%, 8/20/26		413,000		400,253
5.75%, 5/20/27		322,000		304,417
144A, 9.375%, 6/1/28		306,000		310,590
(Cost $1,441,309)				1,436,323
Water — 0.1%
Solaris Midstream Holdings LLC, 144A, 7.625%, 4/1/26
(Cost $242,059)		245,000		244,814
TOTAL CORPORATE BONDS (Cost $604,208,025)				610,311,128
	Number of Shares
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $12,640,713)		12,640,713		12,640,713
TOTAL INVESTMENTS — 98.9% (Cost $616,848,738)			$	622,951,841
Other assets and liabilities, net — 1.1%				6,708,359
NET ASSETS — 100.0%			$	629,660,200

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 10/27/2023 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		—		24,463,327		(11,822,614	)		—		—		49,885		—		12,640,713		12,640,713

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

Perpetual: Callable security with no stated maturity date.

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT: Real Estate Investment Trust

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

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	610,311,128	$	—	$	610,311,128
Short-Term Investments (a)		12,640,713		—		—		12,640,713
TOTAL	$	12,640,713	$	610,311,128	$	—	$	622,951,841

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

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

February 29, 2024 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.6%
Basic Materials — 4.1%
Chemicals — 1.9%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	1,859,000	$	1,559,325
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,217,000		2,044,455
144A, 7.50%, 9/30/29		1,609,000		880,143
Avient Corp. 144A, 5.75%, 5/15/25		2,728,000		2,714,666
144A, 7.125%, 8/1/30		2,986,000		3,055,096
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		2,068,000		2,148,030
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,846,000		2,531,958
Chemours Co. 5.375%, 5/15/27		2,015,000		1,842,939
144A, 5.75%, 11/15/28 (a)		3,147,000		2,763,466
144A, 4.625%, 11/15/29		2,619,000		2,156,857
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		2,125,000		1,726,977
144A, 12.00%, 2/15/31		2,400,000		2,455,992
INEOS Finance PLC 144A, 6.75%, 5/15/28		1,856,000		1,816,874
144A, 7.50%, 4/15/29		2,750,000		2,733,088
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29 (a)		1,566,000		1,649,304
Methanex Corp. 5.125%, 10/15/27		3,038,000		2,923,287
5.25%, 12/15/29 (a)		2,712,000		2,581,156
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		2,011,000		1,966,296
144A, 5.25%, 6/1/27		4,369,000		4,053,440
144A, 8.50%, 11/15/28		1,499,000		1,584,602
144A, 4.25%, 5/15/29		2,370,000		1,963,349
144A, 9.00%, 2/15/30		2,500,000		2,511,120
Olin Corp. 5.125%, 9/15/27		2,016,000		1,957,415
5.625%, 8/1/29		2,760,000		2,702,965
5.00%, 2/1/30		2,166,000		2,026,550
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,155,000		3,801,887
144A, 6.625%, 5/1/29		2,815,000		2,562,844
Tronox, Inc., 144A, 4.625%, 3/15/29 (a)		4,323,000		3,832,236
(Cost $72,269,064)				66,546,317
Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $3,449,542)		3,507,000		3,026,192
Iron/Steel — 0.7%
ATI, Inc., 7.25%, 8/15/30		1,772,000		1,823,299
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,334,000		3,362,753
5.875%, 6/1/27 (a)		2,232,000		2,210,808
144A, 6.75%, 4/15/30		3,016,000		2,997,699
Metinvest BV, 144A, 7.75%, 10/17/29		600,000		426,648

	Principal Amount		Value
Iron/Steel (Continued)
Mineral Resources Ltd. 144A, 8.125%, 5/1/27	$	2,798,000	$	2,825,742
144A, 8.00%, 11/1/27		2,514,000		2,563,526
144A, 9.25%, 10/1/28		4,424,000		4,645,200
144A, 8.50%, 5/1/30		2,578,000		2,650,776
United States Steel Corp., 6.875%, 3/1/29		1,908,000		1,932,127
(Cost $25,327,246)				25,438,578
Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		4,546,000		4,546,000
144A, 6.875%, 3/1/26 (a)		4,127,000		4,127,000
144A, 6.875%, 10/15/27		6,088,000		5,795,628
144A, 8.625%, 6/1/31 (a)		5,227,000		4,998,403
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		2,688,000		2,576,199
144A, 5.875%, 4/15/30		2,679,000		2,624,935
144A, 4.375%, 4/1/31		6,033,000		5,412,565
144A, 6.125%, 4/15/32		3,150,000		3,115,977
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,398,000		2,313,656
144A, 6.125%, 4/1/29		2,685,000		2,637,465
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,016,000		1,861,878
144A, 4.50%, 6/1/31		2,212,000		1,892,710
Nexa Resources SA 144A, 5.375%, 5/4/27		3,037,000		2,932,812
144A, 6.50%, 1/18/28		2,012,000		2,019,044
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		1,835,000		1,524,647
(Cost $49,691,063)				48,378,919
Communications — 16.5%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27 (a)		5,027,000		4,705,979
144A, 7.75%, 4/15/28 (a)		4,022,000		3,481,499
144A, 9.00%, 9/15/28 (a)		3,022,000		3,154,046
144A, 7.50%, 6/1/29 (a)		4,192,000		3,473,323
Lamar Media Corp. 3.75%, 2/15/28		2,468,000		2,291,267
4.00%, 2/15/30		2,265,000		2,023,291
3.625%, 1/15/31 (a)		2,069,000		1,788,113
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		2,681,000		2,581,240
144A, 4.25%, 1/15/29		2,038,000		1,832,315
144A, 4.625%, 3/15/30 (a)		2,009,000		1,784,935
144A, 7.375%, 2/15/31		1,613,000		1,684,512
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,501,000		4,022,994
(Cost $35,595,315)				32,823,514
Internet — 1.8%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		4,182,000		4,290,627

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Internet (Continued)
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	4,453,000	$	4,412,745
144A, 6.75%, 9/30/27		3,620,000		3,641,896
144A, 7.125%, 9/30/30		2,475,000		2,530,711
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		2,518,000		2,438,620
144A, 3.50%, 3/1/29		3,357,000		2,992,049
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,848,000		1,764,197
144A, 4.625%, 6/1/28		2,053,000		1,931,945
144A, 4.125%, 8/1/30		2,048,000		1,810,872
144A, 3.625%, 10/1/31		1,842,000		1,553,469
MercadoLibre, Inc. 2.375%, 1/14/26		1,370,000		1,291,233
3.125%, 1/14/31		2,534,000		2,123,337
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		2,071,000		2,251,208
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		7,100,000		7,560,986
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		5,974,000		6,083,868
144A, 7.50%, 9/15/27		4,906,000		5,022,778
144A, 6.25%, 1/15/28		2,018,000		2,022,419
144A, 4.50%, 8/15/29		5,883,000		5,519,452
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		1,852,000		1,662,465
(Cost $62,044,372)				60,904,877
Media — 9.3%
Altice Financing SA 144A, 5.00%, 1/15/28		4,881,000		4,323,351
144A, 5.75%, 8/15/29		8,245,000		7,110,039
AMC Networks, Inc. 4.75%, 8/1/25		3,098,000		2,957,364
4.25%, 2/15/29 (a)		4,022,000		2,607,161
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,643,000		1,999,430
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		3,016,000		2,965,905
144A, 5.125%, 5/1/27		13,071,000		12,370,001
144A, 5.00%, 2/1/28		10,130,000		9,357,501
144A, 5.375%, 6/1/29		5,911,000		5,351,599
144A, 6.375%, 9/1/29		6,033,000		5,672,388
144A, 4.75%, 3/1/30		12,265,000		10,445,119
144A, 4.50%, 8/15/30		11,056,000		9,181,013
144A, 4.25%, 2/1/31		12,065,000		9,715,190
144A, 7.375%, 3/1/31 (a)		4,424,000		4,289,305
144A, 4.75%, 2/1/32		4,826,000		3,898,925
4.50%, 5/1/32		11,638,000		9,205,362
144A, 4.50%, 6/1/33		7,036,000		5,419,775
144A, 4.25%, 1/15/34		8,044,000		6,022,083
CSC Holdings LLC 144A, 5.50%, 4/15/27		5,371,000		4,824,222
144A, 5.375%, 2/1/28		3,996,000		3,487,169
144A, 7.50%, 4/1/28		4,206,000		2,994,672
144A, 11.25%, 5/15/28		3,991,000		4,121,745

	Principal Amount		Value
Media (Continued)
144A, 11.75%, 1/31/29	$	8,245,000	$	8,623,833
144A, 6.50%, 2/1/29		7,038,000		6,142,133
144A, 5.75%, 1/15/30		9,049,000		5,329,861
144A, 4.125%, 12/1/30		4,424,000		3,297,716
144A, 4.625%, 12/1/30 (a)		9,351,000		5,209,442
144A, 3.375%, 2/15/31		4,022,000		2,842,408
144A, 4.50%, 11/15/31		6,033,000		4,485,143
144A, 5.00%, 11/15/31		2,011,000		1,098,107
DISH DBS Corp. 7.75%, 7/1/26		8,043,000		5,135,536
144A, 5.25%, 12/1/26		11,060,000		8,854,913
7.375%, 7/1/28		4,018,000		1,964,340
144A, 5.75%, 12/1/28		10,054,000		6,981,246
5.125%, 6/1/29		6,032,000		2,578,680
DISH Network Corp., 144A, 11.75%, 11/15/27		14,076,000		14,692,575
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,713,000		2,577,350
144A, 7.00%, 5/15/27 (a)		3,004,000		2,718,290
144A, 4.75%, 10/15/30		3,217,000		2,076,235
iHeartCommunications, Inc. 6.375%, 5/1/26 (a)		3,227,587		2,751,518
8.375%, 5/1/27		3,686,151		2,216,059
144A, 5.25%, 8/15/27 (a)		3,016,000		2,239,199
144A, 4.75%, 1/15/28		1,998,000		1,440,618
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,332,000		3,098,677
144A, 8.00%, 8/1/29		2,570,000		2,347,489
News Corp. 144A, 3.875%, 5/15/29		3,997,000		3,615,881
144A, 5.125%, 2/15/32		2,148,000		2,003,085
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		6,925,000		6,570,159
144A, 4.75%, 11/1/28 (a)		4,022,000		3,576,023
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26 (a)		3,574,000		2,818,252
144A, 6.50%, 9/15/28		4,022,000		1,940,112
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30 (a)		1,952,000		1,418,187
144A, 4.125%, 12/1/30		3,018,000		2,208,044
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,022,000		3,754,235
144A, 5.00%, 8/1/27		6,180,000		5,894,653
144A, 4.00%, 7/15/28		8,044,000		7,255,171
144A, 5.50%, 7/1/29		5,067,000		4,796,574
144A, 4.125%, 7/1/30		5,888,000		5,071,469
144A, 3.875%, 9/1/31		6,033,000		4,992,826
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,154,000		2,083,543
4.625%, 3/15/28		3,903,000		3,518,750
5.00%, 9/15/29		4,424,000		3,897,632
Univision Communications, Inc. 144A, 6.625%, 6/1/27		6,033,000		5,852,870
144A, 8.00%, 8/15/28		5,793,000		5,828,917
144A, 4.50%, 5/1/29		4,223,000		3,706,927
144A, 7.375%, 6/30/30 (a)		3,684,000		3,561,675

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.125%, 4/15/27	$	2,413,500	$	2,367,010
144A, 3.625%, 6/15/29 (a)		1,952,000		1,755,121
VTR Finance NV, 144A, 6.375%, 7/15/28		1,943,000		851,466
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,514,000		2,458,496
144A, 5.125%, 2/28/30		2,072,000		1,774,522
Ziggo BV, 144A, 4.875%, 1/15/30		3,986,000		3,554,700
(Cost $378,896,437)				324,146,987
Telecommunications — 4.5%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,282,000		4,110,246
144A, 6.00%, 2/15/28		4,422,000		2,237,052
Altice France SA 144A, 8.125%, 2/1/27		7,038,000		6,474,711
144A, 5.50%, 1/15/28		4,424,000		3,614,545
144A, 5.125%, 1/15/29		1,922,000		1,454,794
144A, 5.125%, 7/15/29		10,054,000		7,604,493
144A, 5.50%, 10/15/29		8,044,000		6,100,603
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		4,907,000		4,630,024
CommScope Technologies LLC 144A, 6.00%, 6/15/25 (a)		5,126,000		4,182,713
144A, 5.00%, 3/15/27 (a)		3,016,000		1,082,654
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		6,033,000		5,436,909
144A, 8.25%, 3/1/27 (a)		3,487,000		1,530,584
144A, 7.125%, 7/1/28 (a)		2,580,000		1,034,670
144A, 4.75%, 9/1/29 (a)		5,027,000		3,448,648
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,609,000		1,330,345
144A, 6.50%, 10/1/28		3,016,000		2,593,760
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,754,000		4,598,550
144A, 5.00%, 5/1/28		6,195,000		5,739,724
144A, 6.75%, 5/1/29		4,022,000		3,615,709
5.875%, 11/1/29		3,055,189		2,619,992
144A, 6.00%, 1/15/30 (a)		3,970,000		3,398,853
144A, 8.75%, 5/15/30		4,826,000		4,927,324
144A, 8.625%, 3/15/31		3,016,000		3,058,504
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,016,000		2,579,751
6.625%, 8/1/26 (a)		3,015,500		1,990,230
Iliad Holding SASU 144A, 6.50%, 10/15/26		4,826,000		4,774,823
144A, 7.00%, 10/15/28		3,436,000		3,402,434
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		12,065,000		11,255,225
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27 (a)		2,983,000		2,416,319
144A, 4.625%, 9/15/27		4,022,000		2,493,640
144A, 4.25%, 7/1/28		4,826,000		2,316,480
144A, 3.625%, 1/15/29		3,378,000		1,452,540
144A, 3.875%, 11/15/29 (a)		3,016,000		1,779,440
144A, 10.50%, 5/15/30 (a)		3,767,000		3,880,010

	Principal Amount		Value
Telecommunications (Continued)
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26	$	1,612,000	$	1,078,313
144A, 4.00%, 2/15/27 (a)		4,996,000		3,027,726
144A, 4.50%, 1/15/29		1,695,000		535,535
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,751,400		1,671,020
144A, 6.25%, 3/25/29		2,428,200		2,359,907
144A, 4.50%, 4/27/31		3,194,000		2,758,818
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,039,000		1,956,951
Viasat, Inc. 144A, 5.625%, 9/15/25		2,828,000		2,747,501
144A, 5.625%, 4/15/27		2,440,000		2,293,075
144A, 6.50%, 7/15/28		1,609,000		1,193,717
144A, 7.50%, 5/30/31		2,950,000		2,076,063
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		5,630,000		5,262,351
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		5,942,000		4,953,667
144A, 6.125%, 3/1/28		4,344,000		3,306,138
(Cost $188,923,452)				158,387,081
Consumer, Cyclical — 19.6%
Airlines — 1.2%
Air Canada, 144A, 3.875%, 8/15/26		4,826,000		4,576,155
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		1,959,000		1,915,571
American Airlines, Inc. 144A, 7.25%, 2/15/28 (a)		3,114,000		3,142,751
144A, 8.50%, 5/15/29		3,972,000		4,178,079
Delta Air Lines, Inc. 7.375%, 1/15/26		3,389,000		3,498,549
4.375%, 4/19/28 (a)		1,688,000		1,620,176
3.75%, 10/28/29 (a)		1,699,000		1,546,217
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		4,836,858		4,570,783
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25 (a)		2,414,868		1,748,678
144A, 8.00%, 9/20/25		2,050,366		1,484,732
United Airlines, Inc. 144A, 4.375%, 4/15/26		8,044,000		7,750,753
144A, 4.625%, 4/15/29		7,769,000		7,173,777
(Cost $45,977,057)				43,206,221
Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		3,620,000		3,497,511
144A, 9.00%, 2/15/31 (a)		2,490,000		2,498,105
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)		1,998,000		1,733,195
(Cost $7,871,571)				7,728,811
Auto Manufacturers — 0.4%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,622,000		1,556,821
144A, 5.875%, 6/1/29		2,067,000		2,037,843

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Auto Manufacturers (Continued)
144A, 3.75%, 1/30/31	$	3,878,000	$	3,354,219
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		4,986,000		5,059,987
(Cost $12,505,961)				12,008,870
Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		3,195,000		3,099,985
144A, 7.00%, 4/15/28 (a)		2,023,000		2,064,609
144A, 8.25%, 4/15/31 (a)		2,067,000		2,177,977
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		2,011,000		1,987,957
6.875%, 7/1/28		1,545,000		1,494,339
5.00%, 10/1/29 (a)		2,485,000		2,157,097
Clarios Global LP, 144A, 6.75%, 5/15/25		1,798,000		1,798,307
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		3,591,000		3,584,330
144A, 8.50%, 5/15/27		6,582,000		6,628,449
144A, 6.75%, 5/15/28		3,152,000		3,192,850
Dana, Inc. 5.375%, 11/15/27		1,620,000		1,565,428
5.625%, 6/15/28		1,624,000		1,573,993
4.25%, 9/1/30		1,679,000		1,449,804
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,220,000		3,255,211
5.00%, 5/31/26		3,620,000		3,528,977
4.875%, 3/15/27 (a)		2,918,000		2,803,385
5.00%, 7/15/29 (a)		3,149,000		2,901,996
5.25%, 4/30/31 (a)		2,248,000		2,038,314
5.25%, 7/15/31 (a)		2,465,000		2,227,017
5.625%, 4/30/33		1,810,000		1,620,355
Tenneco, Inc., 144A, 8.00%, 11/17/28		7,642,000		6,971,147
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		4,333,000		4,271,252
144A, 6.875%, 4/14/28		2,413,000		2,465,560
144A, 7.125%, 4/14/30		2,470,000		2,575,405
(Cost $68,941,088)				67,433,744
Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,887,000		2,699,805
144A, 3.875%, 11/15/29		1,627,000		1,454,506
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,027,000		4,540,954
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		2,212,000		2,266,636
144A, 7.75%, 3/15/31		3,301,000		3,474,303
(Cost $15,145,241)				14,436,204
Entertainment — 3.4%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29 (a)		3,861,000		2,672,897
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		1,624,000		1,681,101

	Principal Amount		Value
Entertainment (Continued)
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25	$	2,471,000	$	2,472,663
144A, 8.125%, 7/1/27		6,723,000		6,907,553
144A, 4.625%, 10/15/29 (a)		4,876,000		4,454,815
144A, 7.00%, 2/15/30		8,420,000		8,632,597
144A, 6.50%, 2/15/32		5,700,000		5,746,215
Cedar Fair LP, 5.25%, 7/15/29		2,085,000		1,970,754
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,216,000		4,205,407
5.375%, 4/15/27 (a)		2,011,000		1,991,069
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,413,000		2,371,769
144A, 4.75%, 1/15/28		2,847,000		2,695,435
144A, 5.75%, 4/1/30		4,971,000		4,779,521
144A, 6.75%, 5/1/31		2,315,000		2,319,273
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,628,000		1,605,012
144A, 5.25%, 7/15/28 (a)		2,958,000		2,766,514
International Game Technology PLC 144A, 4.125%, 4/15/26		3,016,000		2,913,330
144A, 6.25%, 1/15/27		3,092,000		3,107,170
144A, 5.25%, 1/15/29 (a)		3,097,000		2,996,066
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		2,815,000		2,830,069
144A, 7.25%, 11/15/29		2,011,000		2,059,709
144A, 7.50%, 9/1/31		2,264,000		2,360,342
Live Nation Entertainment, Inc. 144A, 6.50%, 5/15/27		4,826,000		4,871,471
144A, 4.75%, 10/15/27		3,847,000		3,686,542
144A, 3.75%, 1/15/28		2,107,000		1,944,550
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31		2,000,000		2,002,484
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		4,726,000		4,460,186
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,602,000		1,532,914
144A, 4.125%, 7/1/29 (a)		1,660,000		1,395,778
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29 (a)		3,016,000		2,174,642
144A, 5.875%, 9/1/31 (a)		2,956,000		2,097,415
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27 (a)		2,008,000		1,966,926
144A, 7.25%, 5/15/31 (a)		3,217,000		3,239,905
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,397,000		2,407,151
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,218,000		1,966,072
144A, 3.875%, 7/15/30		2,208,000		1,950,293
144A, 3.00%, 2/15/31 (a)		3,032,000		2,534,665
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,087,000		2,914,188
144A, 7.125%, 2/15/31		3,923,000		4,053,668
(Cost $124,019,732)				118,738,131

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Food Service — 0.3%
Aramark Services, Inc. 144A, 5.00%, 4/1/25	$	2,189,000	$	2,176,895
144A, 5.00%, 2/1/28		4,846,000		4,649,029
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,832,000		1,716,859
144A, 10.50%, 5/15/29		2,715,000		2,467,655
(Cost $11,618,712)				11,010,438
Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,672,000		1,505,204
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,423,000		2,349,770
144A, 4.875%, 2/15/30		1,954,000		1,737,634
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,088,000		2,015,430
144A, 4.625%, 3/1/30		2,443,000		2,195,433
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,053,000		2,043,827
144A, 5.75%, 1/15/28		1,858,000		1,822,487
144A, 5.125%, 8/1/30		1,894,000		1,789,617
(Cost $16,572,166)				15,459,402
Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,321,000		2,979,928
144A, 3.875%, 10/15/31		3,071,000		2,557,504
(Cost $6,229,045)				5,537,432
Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,011,000		1,970,635
5.20%, 4/1/26		7,983,000		7,760,284
6.375%, 9/15/27 (a)		2,163,000		2,102,071
6.625%, 9/15/29 (a)		2,011,000		1,928,734
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,670,000		1,483,828
4.00%, 4/1/31		1,910,000		1,621,991
4.375%, 2/1/32		1,655,000		1,385,566
(Cost $19,556,874)				18,253,109
Leisure Time — 3.2%
Carnival Corp. 144A, 7.625%, 3/1/26 (a)		5,582,000		5,658,698
144A, 5.75%, 3/1/27		11,153,000		11,022,500
144A, 4.00%, 8/1/28		9,353,000		8,634,636
144A, 6.00%, 5/1/29 (a)		8,044,000		7,865,729
144A, 7.00%, 8/15/29		2,044,000		2,121,729
144A, 10.50%, 6/1/30		4,022,000		4,391,369
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,164,000		8,912,018
Life Time, Inc. 144A, 5.75%, 1/15/26		3,817,000		3,788,744
144A, 8.00%, 4/15/26 (a)		1,855,000		1,873,606
NCL Corp. Ltd. 144A, 5.875%, 3/15/26		5,731,000		5,602,053
144A, 5.875%, 2/15/27		4,022,000		3,977,945

	Principal Amount		Value
Leisure Time (Continued)
144A, 8.375%, 2/1/28	$	2,418,000	$	2,540,070
144A, 8.125%, 1/15/29		3,205,000		3,374,503
144A, 7.75%, 2/15/29 (a)		2,413,000		2,475,366
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		2,623,000		2,528,676
144A, 5.50%, 8/31/26		4,022,000		3,979,864
144A, 5.375%, 7/15/27		4,101,000		4,026,481
144A, 11.625%, 8/15/27		5,596,000		6,057,187
3.70%, 3/15/28		2,056,000		1,899,292
144A, 5.50%, 4/1/28		5,771,000		5,684,724
144A, 9.25%, 1/15/29		4,197,000		4,517,764
144A, 7.25%, 1/15/30		2,918,000		3,036,077
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		3,339,000		3,266,611
144A, 7.00%, 2/15/29		2,068,000		2,069,037
144A, 9.125%, 7/15/31		2,896,000		3,137,146
(Cost $113,037,790)				112,441,825
Lodging — 2.5%
Boyd Gaming Corp. 4.75%, 12/1/27		4,126,000		3,971,148
144A, 4.75%, 6/15/31		3,662,000		3,330,021
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,184,000		2,178,937
144A, 5.75%, 5/1/28		2,011,000		2,007,123
144A, 3.75%, 5/1/29		3,272,000		2,974,516
4.875%, 1/15/30		4,187,000		3,984,058
144A, 4.00%, 5/1/31		4,471,000		3,976,564
144A, 3.625%, 2/15/32		5,750,000		4,917,027
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,524,000		3,268,106
144A, 4.875%, 7/1/31		1,845,000		1,629,756
144A, 6.625%, 1/15/32		3,747,000		3,749,556
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a)		2,001,000		1,816,828
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,022,000		3,935,245
144A, 5.25%, 4/26/26		2,011,000		1,932,183
144A, 5.625%, 7/17/27		2,413,000		2,289,502
144A, 5.75%, 7/21/28		3,527,000		3,315,077
144A, 5.375%, 12/4/29		4,584,000		4,128,612
MGM Resorts International 6.75%, 5/1/25		3,189,000		3,195,480
5.75%, 6/15/25		2,715,000		2,712,897
4.625%, 9/1/26		1,624,000		1,575,846
5.50%, 4/15/27		2,782,000		2,727,308
4.75%, 10/15/28 (a)		3,084,000		2,897,390
Station Casinos LLC 144A, 4.50%, 2/15/28		2,841,000		2,651,113
144A, 4.625%, 12/1/31		1,908,000		1,698,053
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		2,074,000		1,968,693
144A, 5.00%, 1/15/29		4,352,000		3,799,146
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,582,000		2,611,551
6.00%, 4/1/27		1,907,000		1,901,644
144A, 4.50%, 12/1/29		2,456,000		2,251,108

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Lodging (Continued)
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25	$	25,000	$	25,009
144A, 5.25%, 5/15/27 (a)		3,715,000		3,639,238
(Cost $91,642,095)				87,058,735
Retail — 4.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		2,003,000		1,997,350
144A, 3.875%, 1/15/28		6,234,000		5,821,152
144A, 4.375%, 1/15/28		2,997,000		2,815,889
144A, 3.50%, 2/15/29 (a)		3,094,000		2,792,331
144A, 4.00%, 10/15/30		11,663,000		10,254,505
Advance Auto Parts, Inc., 3.90%, 4/15/30		2,000,000		1,787,530
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,535,000		1,432,899
144A, 4.625%, 11/15/29 (a)		3,252,000		2,965,041
4.75%, 3/1/30		1,927,000		1,755,699
144A, 5.00%, 2/15/32		2,319,000		2,061,309
Bath & Body Works, Inc. 5.25%, 2/1/28		1,939,000		1,884,424
7.50%, 6/15/29 (a)		2,131,000		2,202,090
144A, 6.625%, 10/1/30		3,802,000		3,826,964
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		2,473,000		2,488,380
eG Global Finance PLC, 144A, 12.00%, 11/30/28		4,424,000		4,676,168
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,614,000		2,589,860
144A, 5.875%, 4/1/29		3,438,000		3,267,145
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,114,000		3,737,528
144A, 6.75%, 1/15/30		5,027,000		4,444,844
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,148,000		1,989,459
144A, 5.625%, 1/1/30		2,269,000		2,152,173
144A, 6.875%, 3/1/32		1,800,000		1,784,463
Gap, Inc. 144A, 3.625%, 10/1/29		3,016,000		2,551,110
144A, 3.875%, 10/1/31		3,009,000		2,430,741
Kohl’s Corp., 4.625%, 5/1/31		2,057,000		1,622,335
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		2,920,000		2,633,749
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,649,000		1,572,588
144A, 3.875%, 6/1/29 (a)		3,198,000		2,857,157
144A, 4.375%, 1/15/31		2,100,000		1,864,970
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29 (a)		2,074,000		1,999,409
144A, 5.875%, 3/15/30		1,709,000		1,603,973
144A, 6.125%, 3/15/32		1,707,000		1,590,455
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,419,000		2,658,813
144A, 7.875%, 5/1/29		4,612,000		2,983,934

	Principal Amount		Value
Retail (Continued)
Murphy Oil USA, Inc. 4.75%, 9/15/29	$	2,058,000	$	1,920,855
144A, 3.75%, 2/15/31		1,904,000		1,626,532
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,396,000		4,315,766
Nordstrom, Inc. 4.375%, 4/1/30 (a)		2,011,000		1,779,132
4.25%, 8/1/31		1,770,000		1,491,464
Penske Automotive Group, Inc. 3.50%, 9/1/25		2,212,000		2,148,067
3.75%, 6/15/29		2,018,000		1,789,305
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		4,826,000		4,529,418
144A, 7.75%, 2/15/29		4,734,000		4,681,792
QVC, Inc. 4.75%, 2/15/27 (a)		2,298,000		2,073,408
4.375%, 9/1/28		1,982,000		1,627,799
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29 (a)		2,693,000		2,379,426
144A, 4.875%, 11/15/31 (a)		1,943,000		1,671,602
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,683,000		2,505,493
144A, 6.125%, 7/1/29		1,792,000		1,672,581
144A, 6.00%, 12/1/29		3,396,000		3,164,648
Staples, Inc. 144A, 7.50%, 4/15/26		8,044,000		7,741,663
144A, 10.75%, 4/15/27		3,819,000		3,498,930
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,691,000		2,419,979
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		5,821,000		5,554,305
3.20%, 4/15/30 (a)		2,098,000		1,812,926
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,191,000		3,030,094
3.625%, 3/15/31		4,033,000		3,550,064
4.625%, 1/31/32		4,511,000		4,145,180
5.375%, 4/1/32		4,112,000		3,952,208
(Cost $181,486,731)				170,179,074
Consumer, Non-cyclical — 16.7%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,011,000		1,974,655
144A, 6.00%, 6/15/30		4,139,000		4,081,463
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,801,000		2,820,999
144A, 5.75%, 2/1/29		3,519,000		3,227,547
(Cost $12,485,903)				12,104,664
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,008,553)		3,067,000		2,785,005
Commercial Services — 4.3%
ADT Security Corp., 144A, 4.125%, 8/1/29 (a)		3,850,000		3,483,191

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26	$	2,272,000	$	2,249,166
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		1,810,000		1,818,897
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		3,800,000		3,778,452
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26 (a)		4,652,000		4,641,702
144A, 9.75%, 7/15/27		4,223,000		4,212,915
144A, 6.00%, 6/1/29 (a)		3,861,000		3,201,000
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		4,929,000		4,388,587
APX Group, Inc. 144A, 6.75%, 2/15/27		2,398,000		2,403,539
144A, 5.75%, 7/15/29		3,347,000		3,186,414
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		1,250,000		1,192,306
144A, 4.75%, 4/1/28 (a)		2,106,000		1,910,344
144A, 5.375%, 3/1/29		2,415,000		2,201,404
144A, 8.00%, 2/15/31		2,011,000		1,943,784
Block, Inc. 2.75%, 6/1/26		4,022,000		3,756,287
3.50%, 6/1/31 (a)		4,142,000		3,537,324
Brink’s Co. 144A, 5.50%, 7/15/25		1,609,000		1,601,562
144A, 4.625%, 10/15/27		2,291,000		2,167,280
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,303,000		2,202,092
144A, 9.50%, 11/1/27		2,431,000		2,442,545
144A, 7.75%, 2/15/28		1,607,000		1,633,593
144A, 6.00%, 6/1/29		2,073,000		1,816,386
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		4,826,000		4,728,788
Hertz Corp. 144A, 4.625%, 12/1/26		2,011,000		1,782,249
144A, 5.00%, 12/1/29 (a)		4,022,000		3,085,756
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,223,000		3,689,255
144A, 5.75%, 11/1/28 (a)		3,941,000		3,148,130
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		5,425,000		5,388,557
144A, 3.375%, 8/31/27		4,131,000		3,786,290
144A, 6.25%, 1/15/28 (a)		5,228,500		5,162,586
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		3,431,000		3,024,273
144A, 11.25%, 12/15/27		2,263,000		2,128,634
Service Corp. International 4.625%, 12/15/27		2,219,000		2,130,771
5.125%, 6/1/29		3,240,000		3,169,692
3.375%, 8/15/30		3,468,000		2,979,914
4.00%, 5/15/31		3,003,000		2,641,461
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		3,077,000		2,959,580

	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 5.50%, 5/15/27	$	1,919,000	$	1,908,265
3.875%, 11/15/27		3,006,000		2,833,716
4.875%, 1/15/28 (a)		6,452,000		6,234,634
5.25%, 1/15/30		3,094,000		2,998,517
4.00%, 7/15/30		3,109,000		2,817,123
3.875%, 2/15/31		4,400,000		3,892,526
3.75%, 1/15/32		3,099,000		2,684,851
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		2,262,000		2,249,821
144A, 3.625%, 6/15/31		2,226,000		1,883,424
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		5,000,000		5,141,725
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		2,285,000		2,282,932
144A, 4.625%, 8/15/28		2,079,000		1,954,374
144A, 7.375%, 10/1/31		2,062,000		2,140,305
(Cost $157,535,371)				148,596,919
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 5.00%, 4/15/26		2,212,000		2,169,850
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		3,194,000		3,248,282
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,022,000		2,953,068
144A, 4.125%, 4/1/29		2,048,000		1,868,186
(Cost $10,477,796)				10,239,386
Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,029,000		2,880,823
144A, 7.50%, 3/15/26		2,690,000		2,740,486
144A, 4.625%, 1/15/27		5,429,000		5,239,349
144A, 5.875%, 2/15/28		3,016,000		2,974,477
144A, 6.50%, 2/15/28 (a)		3,019,000		3,039,964
144A, 3.50%, 3/15/29		5,503,000		4,908,331
144A, 4.875%, 2/15/30		3,895,000		3,659,891
B&G Foods, Inc. 5.25%, 9/15/27 (a)		2,248,000		2,092,745
144A, 8.00%, 9/15/28 (a)		2,361,000		2,460,889
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,048,000		1,985,470
144A, 4.125%, 1/31/30		3,977,000		3,607,193
144A, 4.375%, 1/31/32		2,608,000		2,332,205
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,263,000		4,179,690
144A, 4.25%, 8/1/29		4,107,000		3,731,308
Pilgrim’s Pride Corp. 3.50%, 3/1/32		3,606,000		3,015,896
6.25%, 7/1/33		4,082,000		4,130,796
6.875%, 5/15/34		1,828,000		1,927,397
Post Holdings, Inc. 144A, 5.75%, 3/1/27		1,844,000		1,861,666
144A, 5.625%, 1/15/28		3,887,000		3,819,370
144A, 5.50%, 12/15/29		4,964,000		4,753,522

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Food (Continued)
144A, 4.625%, 4/15/30	$	5,691,000	$	5,182,397
144A, 4.50%, 9/15/31		4,262,000		3,797,402
144A, 6.25%, 2/15/32		3,300,000		3,321,184
Sigma Holdco BV, 144A, 7.875%, 5/15/26		1,960,000		1,874,497
US Foods, Inc. 144A, 6.875%, 9/15/28		2,043,000		2,081,306
144A, 4.75%, 2/15/29		3,722,000		3,497,656
144A, 4.625%, 6/1/30		1,686,000		1,546,451
144A, 7.25%, 1/15/32		2,048,000		2,116,897
(Cost $92,430,127)				88,759,258
Healthcare-Products — 1.4%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		6,420,000		6,067,468
144A, 3.875%, 11/1/29		3,038,000		2,726,168
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		5,682,000		5,944,792
Hologic, Inc. 144A, 4.625%, 2/1/28		1,810,000		1,736,037
144A, 3.25%, 2/15/29		3,561,000		3,178,540
Medline Borrower LP 144A, 3.875%, 4/1/29		18,098,000		16,242,921
144A, 5.25%, 10/1/29		10,054,000		9,309,310
Teleflex, Inc. 4.625%, 11/15/27		2,067,000		1,975,928
144A, 4.25%, 6/1/28		2,073,000		1,937,536
(Cost $49,506,106)				49,118,700
Healthcare-Services — 5.0%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,011,000		1,981,885
144A, 3.125%, 2/15/29		2,198,000		2,124,620
144A, 3.50%, 4/1/30		2,698,000		2,600,777
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,073,000		1,946,568
144A, 3.75%, 3/15/29		2,002,000		1,808,064
144A, 4.00%, 3/15/31		2,031,000		1,792,804
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26 (a)		4,488,000		4,447,495
144A, 5.625%, 3/15/27		7,641,000		6,999,964
144A, 8.00%, 12/15/27		2,751,000		2,634,275
144A, 6.875%, 4/1/28		3,040,000		1,966,285
144A, 6.00%, 1/15/29 (a)		2,590,000		2,230,081
144A, 6.875%, 4/15/29		5,005,000		3,199,742
144A, 6.125%, 4/1/30		4,936,000		3,093,342
144A, 5.25%, 5/15/30		6,172,000		4,930,523
144A, 4.75%, 2/15/31		4,247,000		3,235,683
144A, 10.875%, 1/15/32		4,022,000		4,100,634
DaVita, Inc. 144A, 4.625%, 6/1/30		11,060,000		9,739,292
144A, 3.75%, 2/15/31		6,033,000		4,957,784
Encompass Health Corp. 4.50%, 2/1/28		3,302,000		3,127,568
4.75%, 2/1/30		3,296,000		3,060,005
4.625%, 4/1/31		1,428,000		1,293,465

	Principal Amount		Value
Healthcare-Services (Continued)
IQVIA, Inc. 144A, 5.00%, 10/15/26	$	4,223,000	$	4,132,615
144A, 5.00%, 5/15/27		4,424,000		4,312,308
144A, 6.50%, 5/15/30		1,842,000		1,869,833
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		2,498,000		2,320,005
LifePoint Health, Inc. 144A, 5.375%, 1/15/29		2,011,000		1,605,823
144A, 9.875%, 8/15/30		3,229,000		3,354,085
144A, 11.00%, 10/15/30		4,424,000		4,685,250
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a)		2,011,000		1,965,149
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,372,000		3,144,375
144A, 3.875%, 11/15/30		2,663,000		2,338,410
144A, 3.875%, 5/15/32		2,895,000		2,491,955
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,101,000		5,104,795
Select Medical Corp., 144A, 6.25%, 8/15/26		4,927,000		4,919,087
Star Parent, Inc., 144A, 9.00%, 10/1/30		4,022,000		4,249,722
Tenet Healthcare Corp. 4.875%, 1/1/26		7,836,000		7,832,797
6.25%, 2/1/27		6,243,000		6,233,365
5.125%, 11/1/27		6,033,000		5,912,919
4.625%, 6/15/28		2,453,000		2,337,230
6.125%, 10/1/28 (a)		10,054,000		9,948,584
4.25%, 6/1/29		5,414,000		4,984,090
4.375%, 1/15/30		5,715,000		5,239,764
6.125%, 6/15/30		8,276,000		8,206,564
144A, 6.75%, 5/15/31		5,678,000		5,734,780
(Cost $186,166,714)				174,194,361
Household Products/Wares — 0.1%
Central Garden & Pet Co. 4.125%, 10/15/30		2,052,000		1,824,820
144A, 4.125%, 4/30/31		1,437,000		1,258,605
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31 (a)		1,683,000		1,599,902
(Cost $5,095,431)				4,683,327
Pharmaceuticals — 2.7%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,084,000		1,736,941
144A, 5.125%, 3/1/30 (a)		2,468,000		2,066,321
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		2,421,000		2,278,760
144A, 8.50%, 1/31/27 (a)		2,584,000		1,473,366
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		6,653,000		6,197,636
144A, 9.00%, 12/15/25		3,380,000		3,218,875
144A, 6.125%, 2/1/27 (a)		4,051,000		2,597,704
144A, 5.75%, 8/15/27		1,981,000		1,196,191
144A, 5.00%, 1/30/28		1,757,000		803,817
144A, 4.875%, 6/1/28		6,435,000		3,673,993
144A, 11.00%, 9/30/28		7,135,000		4,816,125

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Pharmaceuticals (Continued)
144A, 5.00%, 2/15/29	$	1,818,000	$	803,069
144A, 6.25%, 2/15/29 (a)		3,301,000		1,514,565
144A, 5.25%, 1/30/30		3,132,000		1,354,517
144A, 5.25%, 2/15/31		1,861,000		804,886
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,006,000		1,888,318
Grifols SA, 144A, 4.75%, 10/15/28 (a)		2,843,000		2,370,778
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,620,000		2,544,217
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,413,000		1,728,504
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,219,000		5,735,465
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		8,429,000		7,721,768
144A, 5.125%, 4/30/31		8,044,000		6,900,223
Owens & Minor, Inc. 144A, 4.50%, 3/31/29 (a)		1,948,000		1,742,851
144A, 6.625%, 4/1/30 (a)		2,312,000		2,236,351
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		2,815,000		2,719,766
4.65%, 6/15/30		2,937,000		2,632,083
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,643,000		1,589,603
144A, 3.75%, 4/1/31		2,453,000		2,121,354
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/26		13,531,000		12,548,598
6.75%, 3/1/28		5,026,000		5,090,232
(Cost $113,944,996)				94,106,877
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $2,068,331)		2,011,000		2,161,493
Energy — 11.7%
Energy-Alternate Sources — 0.0%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a)
(Cost $1,432,948)		1,648,000		1,388,530
Oil & Gas — 5.4%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,637,000		1,687,429
144A, 5.375%, 3/1/30		2,453,000		2,340,046
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,401,000		2,401,258
144A, 8.25%, 12/31/28		2,062,000		2,095,384
144A, 5.875%, 6/30/29		1,548,000		1,440,390
Baytex Energy Corp. 144A, 8.75%, 4/1/27		1,648,000		1,710,873
144A, 8.50%, 4/30/30		3,217,000		3,347,687
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,614,000		2,732,056
144A, 7.50%, 6/15/30		2,485,000		2,619,858

	Principal Amount		Value
Oil & Gas (Continued)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25	$	1,585,000	$	1,598,219
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,010,000		1,994,167
144A, 5.875%, 2/1/29		2,059,000		2,038,523
144A, 6.75%, 4/15/29		3,871,000		3,889,386
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		1,609,000		1,560,417
144A, 8.375%, 7/1/28		5,445,000		5,704,585
144A, 8.625%, 11/1/30		4,092,000		4,382,086
144A, 8.75%, 7/1/31		5,429,000		5,780,370
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,083,000		2,003,881
144A, 7.375%, 1/15/31		2,067,000		2,085,890
144A, 7.25%, 3/1/32		1,520,000		1,515,699
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		4,922,000		4,546,766
144A, 5.875%, 1/15/30 (a)		3,934,000		3,444,729
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		2,583,000		2,575,768
144A, 9.25%, 2/15/28		4,019,000		4,209,772
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		3,402,000		3,388,290
CVR Energy, Inc. 144A, 5.75%, 2/15/28		1,627,000		1,511,540
144A, 8.50%, 1/15/29		2,366,000		2,382,692
Energean PLC, 144A, 6.50%, 4/30/27		1,798,000		1,644,181
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,587,000		2,505,432
144A, 7.75%, 5/1/27		1,609,000		1,530,923
144A, 7.50%, 3/1/28		1,798,000		1,672,985
Leviathan Bond Ltd.144A, REGS, 6.125%, 6/30/25		2,415,429		2,370,012
144A, REGS, 6.50%, 6/30/27		2,527,289		2,425,831
144A, REGS, 6.75%, 6/30/30		2,240,059		2,053,986
Matador Resources Co. 5.875%, 9/15/26		2,812,000		2,786,461
144A, 6.875%, 4/15/28		2,048,000		2,081,612
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29		2,000,000		2,095,158
Murphy Oil Corp., 5.875%, 12/1/27		1,783,000		1,771,997
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		2,835,000		2,873,187
144A, 8.75%, 6/15/31		1,899,000		1,986,829
Parkland Corp. 144A, 5.875%, 7/15/27		2,011,000		1,975,452
144A, 4.50%, 10/1/29		3,263,000		2,984,682
144A, 4.625%, 5/1/30		3,127,000		2,859,376
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		3,324,000		3,235,631
144A, 7.875%, 9/15/30		2,073,000		2,125,810
Permian Resources Operating LLC 144A, 8.00%, 4/15/27		2,212,000		2,283,187
144A, 5.875%, 7/1/29		2,867,000		2,804,091
144A, 9.875%, 7/15/31		2,063,000		2,286,743
144A, 7.00%, 1/15/32		3,738,000		3,840,432

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Puma International Financing SA, 144A, 5.00%, 1/24/26	$	3,016,000	$	2,857,246
Range Resources Corp. 4.875%, 5/15/25		2,733,000		2,697,368
8.25%, 1/15/29		2,533,000		2,644,610
144A, 4.75%, 2/15/30		2,059,000		1,914,870
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		2,815,000		2,595,918
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		2,428,000		2,484,003
SM Energy Co. 6.75%, 9/15/26		1,686,000		1,678,014
6.625%, 1/15/27		1,689,000		1,683,621
6.50%, 7/15/28		1,652,000		1,655,403
Southwestern Energy Co. 5.375%, 2/1/29		2,880,000		2,785,658
5.375%, 3/15/30		4,962,000		4,747,345
4.75%, 2/1/32		4,336,000		3,941,709
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,413,000		2,406,316
144A, 7.00%, 9/15/28		2,129,000		2,182,706
4.50%, 5/15/29		3,319,000		3,068,955
4.50%, 4/30/30		2,933,000		2,671,439
Talos Production, Inc. 144A, 9.00%, 2/1/29		2,500,000		2,557,133
144A, 9.375%, 2/1/31		2,500,000		2,584,910
Transocean, Inc. 144A, 7.50%, 1/15/26		2,289,000		2,264,713
144A, 11.50%, 1/30/27		2,922,000		3,041,086
144A, 8.00%, 2/1/27		2,462,000		2,405,374
Tullow Oil PLC, 144A, 7.00%, 3/1/25		2,029,000		1,907,164
Vital Energy, Inc. 10.125%, 1/15/28 (a)		2,816,000		2,949,493
9.75%, 10/15/30		2,142,000		2,296,222
(Cost $191,524,564)				189,203,035
Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,011,000		2,002,749
144A, 6.25%, 4/1/28		3,247,000		3,168,678
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,034,000		1,816,697
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		2,956,000		2,954,044
6.875%, 9/1/27		3,016,000		3,003,248
Weatherford International Ltd., 144A, 8.625%, 4/30/30		6,322,000		6,559,423
(Cost $19,838,950)				19,504,839
Pipelines — 5.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26		2,985,000		3,050,909
144A, 5.75%, 3/1/27		2,614,000		2,559,531
144A, 5.75%, 1/15/28		2,656,000		2,606,130

	Principal Amount		Value
Pipelines (Continued)
144A, 5.375%, 6/15/29	$	2,668,000	$	2,540,209
144A, 6.625%, 2/1/32		2,473,000		2,464,431
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,024,000		1,980,991
3.95%, 12/1/26		2,553,000		2,416,670
4.125%, 12/1/27		1,654,000		1,540,866
144A, 4.50%, 3/1/28		2,052,000		1,909,588
CQP Holdco LP / BIP-V Chinook Holdco LLC 144A, 5.50%, 6/15/31		5,630,000		5,250,484
144A, 7.50%, 12/15/33 (a)		2,097,000		2,139,945
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,424,000		4,046,592
144A, 4.375%, 6/15/31		4,070,000		3,667,400
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,058,000		2,029,623
5.375%, 6/1/29		2,022,000		1,961,580
144A, 6.50%, 9/1/30		3,861,000		3,960,965
EnLink Midstream Partners LP 4.15%, 6/1/25		1,697,000		1,655,826
4.85%, 7/15/26		1,975,000		1,927,399
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,609,000		1,608,066
4.125%, 12/1/26		2,062,000		1,978,456
144A, 7.50%, 6/1/27		1,998,000		2,045,636
144A, 6.50%, 7/1/27		3,722,000		3,762,146
5.50%, 7/15/28		3,440,000		3,377,041
144A, 4.50%, 1/15/29		3,239,000		3,039,007
144A, 7.50%, 6/1/30		2,049,000		2,179,984
144A, 4.75%, 1/15/31		4,190,000		3,900,111
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		3,946,000		3,977,107
7.75%, 2/1/28		2,732,000		2,734,451
8.25%, 1/15/29		2,408,000		2,450,102
8.875%, 4/15/30		2,006,000		2,081,782
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		1,600,000		1,601,760
144A, 8.25%, 1/15/32		1,810,000		1,857,652
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,197,000		3,154,720
144A, 5.125%, 6/15/28		2,278,000		2,190,570
144A, 4.25%, 2/15/30		2,796,000		2,548,540
144A, 5.50%, 10/15/30		1,649,000		1,586,223
ITT Holdings LLC, 144A, 6.50%, 8/1/29		4,907,000		4,360,184
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,027,000		5,005,708
144A, 6.50%, 9/30/26 (a)		6,032,000		5,830,611
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		3,600,000		3,636,997
144A, 8.375%, 2/15/32		5,200,000		5,286,278
NuStar Logistics LP 5.75%, 10/1/25		2,111,000		2,093,557
6.00%, 6/1/26		1,748,000		1,729,463
5.625%, 4/28/27		2,533,000		2,509,253
6.375%, 10/1/30		2,501,000		2,510,379

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25	$	1,610,000	$	1,562,313
144A, 4.95%, 7/15/29		2,284,000		2,138,003
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		1,729,000		1,707,975
144A, 5.50%, 1/15/28		3,194,000		3,038,005
144A, 7.375%, 2/15/29		3,064,000		3,059,499
144A, 6.00%, 12/31/30		2,958,000		2,753,577
144A, 6.00%, 9/1/31		1,829,000		1,676,907
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,152,000		4,629,143
144A, 6.25%, 1/15/30		4,101,000		4,097,545
144A, 4.125%, 8/15/31		5,086,000		4,467,717
144A, 3.875%, 11/1/33		4,923,000		4,132,880
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		9,001,000		9,151,421
144A, 9.50%, 2/1/29		12,065,000		12,871,406
144A, 8.375%, 6/1/31		9,049,000		9,159,633
144A, 9.875%, 2/1/32		8,044,000		8,474,402
(Cost $205,998,391)				199,665,349
Financial — 11.7%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		2,016,000		2,002,593
144A, 6.625%, 1/15/27		2,152,000		2,053,302
144A, 12.00%, 10/1/28		3,217,000		3,489,435
144A, 12.25%, 10/1/30		2,079,000		2,290,037
(Cost $9,393,389)				9,835,367
Diversified Financial Services — 4.3%
AG Issuer LLC, 144A, 6.25%, 3/1/28		2,029,000		1,965,183
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		2,011,000		2,071,978
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29		3,615,000		3,702,266
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		2,690,000		2,827,863
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,120,000		3,485,236
144A, 3.625%, 10/1/31		2,937,000		2,302,260
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		2,516,000		2,664,696
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28*		2,744,000		751,170
Enova International, Inc., 144A, 11.25%, 12/15/28		1,627,000		1,705,353
goeasy Ltd., 144A, 9.25%, 12/1/28		2,200,000		2,336,400
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		3,994,000		3,597,443
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,009,000		1,861,368
144A, 6.125%, 4/1/28		2,413,000		1,972,422
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		2,011,000		2,108,131

	Principal Amount		Value
Diversified Financial Services (Continued)
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26	$	2,011,000	$	1,956,023
144A, 6.00%, 1/15/27		2,378,000		2,340,154
144A, 5.50%, 8/15/28		3,397,000		3,211,416
144A, 5.125%, 12/15/30		2,692,000		2,406,260
144A, 5.75%, 11/15/31		2,413,000		2,212,815
144A, 7.125%, 2/1/32		3,900,000		3,838,922
Navient Corp. 6.75%, 6/25/25		2,023,000		2,036,775
6.75%, 6/15/26		1,956,000		1,965,811
5.00%, 3/15/27		2,648,000		2,513,530
4.875%, 3/15/28		1,966,000		1,797,091
5.50%, 3/15/29		3,049,000		2,763,150
9.375%, 7/25/30		2,033,000		2,126,910
11.50%, 3/15/31		2,093,000		2,292,080
NFP Corp. 144A, 4.875%, 8/15/28		2,355,000		2,351,279
144A, 6.875%, 8/15/28		8,587,000		8,728,160
OneMain Finance Corp. 6.875%, 3/15/25		5,210,000		5,266,320
7.125%, 3/15/26		6,435,000		6,544,504
3.50%, 1/15/27		3,034,000		2,796,570
6.625%, 1/15/28		3,186,000		3,170,554
3.875%, 9/15/28		2,318,000		2,028,015
9.00%, 1/15/29		3,620,000		3,805,417
5.375%, 11/15/29		3,024,000		2,809,804
7.875%, 3/15/30		2,815,000		2,865,231
4.00%, 9/15/30		3,276,000		2,764,064
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27 (a)		1,646,000		1,711,210
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,614,000		2,574,943
144A, 4.25%, 2/15/29		2,497,000		2,254,143
144A, 7.875%, 12/15/29		3,076,000		3,151,328
144A, 5.75%, 9/15/31		1,998,000		1,838,893
PRA Group, Inc., 144A, 8.375%, 2/1/28		1,623,000		1,587,497
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,625,000		4,260,203
144A, 3.625%, 3/1/29		3,038,000		2,697,705
144A, 3.875%, 3/1/31		5,096,000		4,379,248
144A, 4.00%, 10/15/33		3,357,000		2,789,818
SLM Corp. 4.20%, 10/29/25		2,011,000		1,951,997
3.125%, 11/2/26		2,077,000		1,910,270
Synchrony Financial, 7.25%, 2/2/33		3,016,000		2,934,065
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,217,000		3,164,984
144A, 5.75%, 6/15/27		2,100,000		2,039,383
144A, 5.50%, 4/15/29		2,820,000		2,635,885
(Cost $156,743,193)				149,824,196
Insurance — 1.7%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26		1,752,000		1,823,251
144A, 4.25%, 2/15/29		2,887,000		2,563,757
144A, 6.00%, 8/1/29		2,091,000		1,884,222

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Insurance (Continued)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27	$	3,131,000	$	2,893,453
144A, 6.75%, 10/15/27		5,272,000		5,126,651
144A, 6.75%, 4/15/28		5,166,000		5,135,288
144A, 5.875%, 11/1/29		1,765,000		1,617,084
144A, 7.00%, 1/15/31		3,027,000		3,017,298
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		2,900,000		2,903,704
AssuredPartners, Inc. 144A, 5.625%, 1/15/29		2,275,000		2,095,080
144A, 7.50%, 2/15/32		1,900,000		1,868,375
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 144A, 7.25%, 2/15/31		3,900,000		3,908,522
HUB International Ltd. 144A, 5.625%, 12/1/29		2,273,000		2,112,290
144A, 7.25%, 6/15/30		13,110,000		13,382,268
144A, 7.375%, 1/31/32		7,500,000		7,528,448
USI, Inc., 144A, 7.50%, 1/15/32		2,637,000		2,630,408
(Cost $61,302,992)				60,490,099
Investment Companies — 0.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $2,885,259)		2,815,000		2,945,194
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		2,601,197		2,360,534
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		2,687,000		2,649,234
144A, 8.875%, 9/1/31		1,507,000		1,570,256
Howard Hughes Corp. 144A, 5.375%, 8/1/28		2,982,000		2,816,574
144A, 4.125%, 2/1/29		2,587,000		2,299,882
144A, 4.375%, 2/1/31		2,648,000		2,259,453
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,460,000		1,995,146
4.75%, 2/1/30		2,482,000		1,966,427
5.00%, 3/1/31		2,413,000		1,878,460
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		2,317,000		1,726,165
144A, 5.25%, 4/15/30		1,839,000		1,290,247
(Cost $25,637,401)				22,812,378
Real Estate Investment Trusts — 3.9%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		1,813,000		1,595,756
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		3,802,000		3,670,561
144A, 4.50%, 4/1/27		2,922,000		2,572,123
Diversified Healthcare Trust 9.75%, 6/15/25		2,011,000		2,004,080
4.75%, 2/15/28		1,936,000		1,542,970
4.375%, 3/1/31		2,042,000		1,554,085

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27	$	2,086,000	$	1,763,839
Hudson Pacific Properties LP 3.95%, 11/1/27		1,602,000		1,385,239
4.65%, 4/1/29		2,011,000		1,677,400
3.25%, 1/15/30		1,627,000		1,223,461
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		3,812,000		3,660,162
144A, 5.25%, 3/15/28		3,417,000		3,296,928
144A, 5.00%, 7/15/28		2,078,000		1,969,222
144A, 7.00%, 2/15/29		4,131,000		4,197,366
144A, 4.875%, 9/15/29		4,101,000		3,817,551
144A, 5.25%, 7/15/30		5,191,000		4,862,359
144A, 4.50%, 2/15/31		4,292,000		3,802,026
144A, 5.625%, 7/15/32		2,480,000		2,307,737
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,458,000		2,264,708
144A, 4.75%, 6/15/29		2,521,000		2,265,632
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		2,011,000		1,793,260
5.00%, 10/15/27 (a)		5,630,000		4,613,462
4.625%, 8/1/29 (a)		3,620,000		2,700,954
3.50%, 3/15/31 (a)		5,228,000		3,505,026
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		2,027,000		1,709,298
Office Properties Income Trust, 3.45%, 10/15/31		1,609,000		710,028
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,711,000		2,721,858
144A, 5.875%, 10/1/28		2,992,000		2,910,947
144A, 4.875%, 5/15/29		2,875,000		2,644,138
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,940,500		2,810,809
144A, 7.25%, 7/15/28		1,659,000		1,700,595
144A, 4.50%, 2/15/29		2,161,000		2,010,594
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,011,000		1,897,680
144A, 4.00%, 9/15/29		2,133,000		1,863,794
SBA Communications Corp. 3.875%, 2/15/27		6,200,000		5,856,103
3.125%, 2/1/29		5,725,000		5,070,544
Service Properties Trust 7.50%, 9/15/25		3,217,000		3,261,485
4.75%, 10/1/26		1,749,000		1,619,799
4.95%, 2/15/27		1,602,000		1,472,621
5.50%, 12/15/27		1,851,000		1,744,687
3.95%, 1/15/28		1,615,000		1,367,585
4.95%, 10/1/29		1,686,000		1,388,979
4.375%, 2/15/30		1,609,000		1,241,943
144A, 8.625%, 11/15/31		4,124,000		4,359,097

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Starwood Property Trust, Inc. 4.75%, 3/15/25	$	1,962,000	$	1,937,799
144A, 3.625%, 7/15/26		1,609,000		1,502,331
144A, 4.375%, 1/15/27 (a)		1,989,000		1,867,233
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		2,815,000		2,058,215
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		10,457,000		10,834,839
144A, 4.75%, 4/15/28		2,278,000		1,981,955
144A, 6.50%, 2/15/29		4,464,000		3,441,560
Vornado Realty LP, 2.15%, 6/1/26		1,609,000		1,444,650
(Cost $148,157,542)				137,477,073
Venture Capital — 0.7%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,425,000		1,411,795
144A, 3.375%, 6/15/26 (a)		4,034,000		3,777,633
144A, 8.00%, 6/15/27 (a)		2,994,000		3,112,455
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.375%, 12/15/25		3,006,000		2,981,996
6.25%, 5/15/26		5,019,000		4,895,413
5.25%, 5/15/27		5,738,000		5,278,271
4.375%, 2/1/29		2,944,000		2,487,665
(Cost $25,125,196)				23,945,228
Industrial — 9.3%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 7.125%, 6/15/26		3,836,000		3,870,731
144A, 7.875%, 4/15/27		7,278,000		7,291,835
144A, 6.00%, 2/15/28		3,054,000		2,967,754
144A, 7.50%, 2/1/29 (a)		3,073,000		3,119,447
144A, 8.75%, 11/15/30		3,004,000		3,150,475
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,127,000		3,989,241
144A, 5.75%, 10/15/27		3,800,000		3,785,088
Spirit AeroSystems, Inc. 4.60%, 6/15/28		2,828,000		2,485,557
144A, 9.375%, 11/30/29		3,620,000		3,919,026
144A, 9.75%, 11/15/30		4,977,000		5,338,365
TransDigm, Inc. 7.50%, 3/15/27		2,668,000		2,667,728
5.50%, 11/15/27		10,921,000		10,556,060
144A, 6.75%, 8/15/28		8,657,000		8,771,324
4.625%, 1/15/29		4,976,000		4,567,371
4.875%, 5/1/29		3,107,000		2,857,076
144A, 6.875%, 12/15/30		5,950,000		6,026,815
144A, 7.125%, 12/1/31		4,167,000		4,279,801
Triumph Group, Inc. 7.75%, 8/15/25		1,150,000		1,148,304
144A, 9.00%, 3/15/28		4,806,000		5,029,883
(Cost $87,131,720)				85,821,881

	Principal Amount		Value
Building Materials — 1.2%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30	$	2,255,000	$	2,131,476
144A, 4.25%, 2/1/32		5,301,000		4,663,025
144A, 6.375%, 6/15/32		2,591,000		2,593,751
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		4,503,000		4,372,499
144A, 8.875%, 11/15/31		4,296,000		4,557,064
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,419,000		3,295,801
144A, 4.75%, 1/15/28		4,055,000		3,830,484
144A, 4.375%, 7/15/30		6,435,000		5,743,337
144A, 3.375%, 1/15/31		4,336,000		3,597,328
Summit Materials LLC / Summit Materials Finance Corp. 144A, 5.25%, 1/15/29		2,868,000		2,779,121
144A, 7.25%, 1/15/31		3,307,000		3,434,610
(Cost $42,918,201)				40,998,496
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,481,000		2,271,052
144A, 4.375%, 3/31/29		2,998,000		2,659,346
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,299,000		6,342,054
144A, 7.25%, 6/15/28		5,602,000		5,729,985
(Cost $17,494,787)				17,002,437
Electronics — 0.4%
Sensata Technologies BV 144A, 5.00%, 10/1/25		2,810,000		2,786,285
144A, 4.00%, 4/15/29		4,043,000		3,670,489
144A, 5.875%, 9/1/30		2,042,000		1,990,646
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,669,000		1,522,235
144A, 3.75%, 2/15/31		3,038,000		2,600,710
(Cost $13,555,817)				12,570,365
Engineering & Construction — 0.3%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		5,471,000		5,824,846
Fluor Corp., 4.25%, 9/15/28		2,453,000		2,321,335
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,011,000		1,767,448
144A, 6.25%, 11/29/28		1,980,000		1,620,804
(Cost $11,412,318)				11,534,433
Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,063,000		2,052,374
Covanta Holding Corp., 5.00%, 9/1/30		1,654,000		1,438,443
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		1,998,000		1,964,633
144A, 3.75%, 8/1/25		3,027,000		2,941,782
144A, 5.125%, 12/15/26		2,002,000		1,960,275
144A, 4.00%, 8/1/28		2,701,000		2,478,835
144A, 3.50%, 9/1/28		3,016,000		2,737,230
144A, 4.75%, 6/15/29		3,087,000		2,893,095
144A, 4.375%, 8/15/29		2,223,000		2,027,087
144A, 6.75%, 1/15/31		4,117,000		4,216,265

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Environmental Control (Continued)
Madison IAQ LLC 144A, 4.125%, 6/30/28	$	2,800,000	$	2,553,456
144A, 5.875%, 6/30/29		4,100,000		3,664,464
(Cost $32,137,230)				30,927,939
Machinery-Diversified — 0.4%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		2,009,000		2,091,019
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		2,035,000		1,996,764
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26		2,000,000		2,001,600
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		1,560,000		1,527,599
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,436,000		6,191,439
(Cost $13,928,666)				13,808,421
Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc. 5.75%, 6/15/25		1,725,000		1,713,791
6.25%, 2/15/29		1,700,000		1,702,358
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		1,602,000		1,651,789
(Cost $5,066,565)				5,067,938
Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,418,000		2,376,776
144A, 3.25%, 9/1/28		2,482,000		2,154,301
144A, 4.00%, 9/1/29 (a)		4,126,000		3,355,702
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		2,977,000		2,948,223
144A, 4.125%, 8/15/26 (a)		4,886,000		4,513,540
144A, 5.25%, 8/15/27		4,022,000		2,921,768
144A, 5.25%, 8/15/27		3,217,000		2,336,978
Ball Corp. 6.875%, 3/15/28		3,016,000		3,091,886
6.00%, 6/15/29		4,022,000		4,046,522
2.875%, 8/15/30		5,334,000		4,520,905
3.125%, 9/15/31 (a)		3,257,000		2,747,089
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,214,000		2,185,199
Crown Americas LLC, 5.25%, 4/1/30		2,049,000		1,975,605
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,832,000		1,677,304
144A, 3.75%, 2/1/30		1,415,000		1,260,715
LABL, Inc. 144A, 6.75%, 7/15/26		2,815,000		2,732,413
144A, 10.50%, 7/15/27 (a)		2,710,000		2,634,111
144A, 5.875%, 11/1/28		1,981,000		1,778,143
144A, 8.25%, 11/1/29		1,888,000		1,598,900
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		11,060,000		11,214,199
144A, 9.25%, 4/15/27 (a)		5,403,000		5,260,432

	Principal Amount		Value
Packaging & Containers (Continued)
OI European Group BV, 144A, 4.75%, 2/15/30	$	1,309,000	$	1,206,309
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		2,426,000		2,422,489
144A, 7.25%, 5/15/31		2,923,000		2,966,085
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,218,000		3,933,665
Sealed Air Corp. 144A, 5.50%, 9/15/25		1,809,000		1,807,281
144A, 4.00%, 12/1/27		1,757,000		1,636,038
144A, 6.125%, 2/1/28		3,117,000		3,110,017
144A, 5.00%, 4/15/29		1,757,000		1,666,019
144A, 7.25%, 2/15/31		1,471,000		1,520,475
Silgan Holdings, Inc., 4.125%, 2/1/28		2,304,000		2,153,406
(Cost $94,878,303)				89,752,495
Transportation — 0.2%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (a)		2,368,000		2,097,267
Seaspan Corp., 144A, 5.50%, 8/1/29		3,019,000		2,577,803
XPO, Inc. 144A, 7.125%, 6/1/31		1,857,000		1,898,595
144A, 7.125%, 2/1/32		2,450,000		2,492,846
(Cost $9,505,208)				9,066,511
Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		2,631,000		2,634,838
144A, 9.75%, 8/1/27		1,665,000		1,727,421
144A, 5.50%, 5/1/28		4,122,000		3,952,426
144A, 7.875%, 12/1/30		1,806,000		1,895,130
(Cost $10,362,679)				10,209,815
Technology — 4.8%
Computers — 1.4%
CA Magnum Holdings, 144A, 5.375%, 10/31/26		3,900,000		3,758,391
McAfee Corp., 144A, 7.375%, 2/15/30		8,124,000		7,179,568
NCR Atleos Corp., 144A, 9.50%, 4/1/29		5,429,000		5,747,954
NCR Voyix Corp. 144A, 5.00%, 10/1/28		2,642,000		2,458,524
144A, 5.125%, 4/15/29		4,668,000		4,333,959
144A, 5.25%, 10/1/30		1,810,000		1,637,100
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,111,000		2,030,727
144A, 8.25%, 2/1/28		2,212,000		2,182,911
Seagate HDD Cayman 4.875%, 6/1/27		2,079,000		2,015,339
4.091%, 6/1/29		2,031,000		1,855,287
144A, 8.25%, 12/15/29		2,068,000		2,217,614
144A, 8.50%, 7/15/31 (a)		2,038,000		2,205,223
9.625%, 12/1/32		2,868,495		3,244,268
Western Digital Corp., 4.75%, 2/15/26		9,267,000		9,065,762
(Cost $51,379,605)				49,932,627

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Principal Amount		Value
Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25	$	3,016,000	$	2,969,109
144A, 5.50%, 8/15/28		3,138,000		2,841,510
(Cost $6,187,215)				5,810,619
Semiconductors — 0.5%
ams-OSRAM AG, 144A, 12.25%, 3/30/29		1,607,000		1,632,109
Entegris, Inc. 144A, 4.375%, 4/15/28		1,865,000		1,744,499
144A, 4.75%, 4/15/29		6,218,000		5,869,188
144A, 3.625%, 5/1/29		1,590,000		1,408,605
144A, 5.95%, 6/15/30		3,690,000		3,620,939
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		2,837,000		2,596,962
(Cost $17,221,623)				16,872,302
Software — 2.7%
Alteryx, Inc., 144A, 8.75%, 3/15/28		1,802,000		1,828,835
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a)		9,451,000		8,470,569
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,388,000		2,392,012
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,434,000		3,138,284
144A, 4.875%, 7/1/29 (a)		3,815,000		3,464,484
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		16,087,000		14,991,202
144A, 9.00%, 9/30/29		15,434,000		14,423,055
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,607,000		1,591,412
144A, 4.00%, 6/15/28		3,494,000		3,249,174
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,002,000		1,932,582
Open Text Corp. 144A, 3.875%, 2/15/28		3,515,000		3,233,466
144A, 3.875%, 12/1/29		3,503,000		3,099,270
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,687,000		3,259,189
144A, 4.125%, 12/1/31		2,554,000		2,188,303
PTC, Inc., 144A, 4.00%, 2/15/28		2,202,000		2,056,624
RingCentral, Inc., 144A, 8.50%, 8/15/30		1,635,000		1,691,694
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,097,000		3,591,287
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,044,000		7,840,847
Twilio, Inc. 3.625%, 3/15/29 (a)		2,043,000		1,820,783
3.875%, 3/15/31		2,036,000		1,773,363
UKG, Inc., 144A, 6.875%, 2/1/31		9,900,000		10,010,039
(Cost $98,704,447)				96,046,474
Utilities — 3.1%
Electric — 2.8%
Calpine Corp. 144A, 5.25%, 6/1/26		1,689,000		1,665,469
144A, 4.50%, 2/15/28		5,156,000		4,861,703

	Principal Amount		Value
Electric (Continued)
144A, 5.125%, 3/15/28	$	5,630,000	$	5,359,292
144A, 4.625%, 2/1/29		2,667,000		2,457,280
144A, 5.00%, 2/1/31		3,411,000		3,053,039
144A, 3.75%, 3/1/31		3,430,000		2,943,673
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,507,000		3,283,107
144A, 3.75%, 2/15/31		3,630,000		3,065,009
DPL, Inc., 4.125%, 7/1/25		1,631,000		1,587,753
Drax Finco PLC, 144A, 6.625%, 11/1/25		1,963,000		1,940,160
FirstEnergy Corp. Series B, 4.15%, 7/15/27		6,216,000		5,910,257
2.65%, 3/1/30		2,468,000		2,112,296
Series B, 2.25%, 9/1/30		1,649,000		1,358,895
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		2,081,000		1,945,533
144A, 4.50%, 9/15/27		2,264,000		2,114,738
144A, 7.25%, 1/15/29		3,089,000		3,142,535
NRG Energy, Inc. 5.75%, 1/15/28		3,302,000		3,255,930
144A, 3.375%, 2/15/29		2,063,000		1,802,552
144A, 5.25%, 6/15/29		2,984,000		2,831,027
144A, 3.625%, 2/15/31		4,005,000		3,371,961
PG&E Corp. 5.00%, 7/1/28		4,022,000		3,839,984
5.25%, 7/1/30		4,072,000		3,832,131
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		4,942,000		5,218,463
TransAlta Corp., 7.75%, 11/15/29		1,664,000		1,731,708
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,022,000		3,964,468
144A, 5.625%, 2/15/27		5,228,000		5,100,067
144A, 5.00%, 7/31/27		5,391,000		5,173,365
144A, 4.375%, 5/1/29		5,027,000		4,590,945
144A, 7.75%, 10/15/31		5,680,000		5,880,260
(Cost $103,019,780)				97,393,600
Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		2,815,000		2,765,877
5.875%, 8/20/26		2,717,000		2,635,434
5.75%, 5/20/27		2,109,000		1,995,843
144A, 9.375%, 6/1/28		2,013,000		2,044,786
(Cost $9,932,503)				9,441,940
TOTAL CORPORATE BONDS (Cost $3,636,396,374)				3,409,244,032
	Number of Shares
SECURITIES LENDING COLLATERAL — 6.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b) (c) (Cost $230,680,677)		230,680,677		230,680,677

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $57,656,658)		57,656,658	$	57,656,658
TOTAL INVESTMENTS —105.9% (Cost $3,924,733,709)			$	3,697,581,367
Other assets and liabilities, net — (5.9%)				(206,122,074	)
NET ASSETS — 100.0%			$	3,491,459,293

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 6.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		230,680,677	(d)		—			—		—		504,162		—		230,680,677		230,680,677
CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		49,189,697		242,248,661			(233,781,700	)		—		—		648,266		—		57,656,658		57,656,658
		49,189,697		472,929,338			(233,781,700	)		—		—		1,152,428		—		288,337,335		288,337,335

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $225,651,638, which is 6.5% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	3,409,244,032	$	—	$	3,409,244,032
Short-Term Investments (a)		288,337,335		—		—		288,337,335
TOTAL	$	288,337,335	$	3,409,244,032	$	—	$	3,697,581,367

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

See Notes to Financial Statements. 80

This Page is Intentionally Left Blank

81

DBX ETF Trust

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	12,013,601		$	209,061,439		$	—		$	97,233,592
Investment in affiliated securities at value		—			—			42,470,850			—
Investment in DWS Government Money Market Series		116,884			5,226,220			239,157			2,886,494
Investment in DWS Government & Agency Securities Portfolio*		737,865			4,254,324			420,500			3,673,787
Cash		—			389,846			—			34,244
Foreign currency at value		3			471			—			86
Receivables:
Investment securities sold		411,612			6,574,024			—			3,033,802
Capital shares		—			2,290,031			—			—
Dividends		—			—			82			—
Interest		232,854			2,845,080			994			1,576,593
Affiliated securities lending income		380			1,372			2			1,562
Total assets	$	13,513,199		$	230,642,807		$	43,131,585		$	108,440,160
Liabilities
Due to custodian	$	2,512		$	—		$	—		$	—
Payable upon return of securities loaned		737,865			4,254,324			420,500			3,673,787
Payables:
Investment securities purchased		472,395			11,024,957			—			4,933,704
Investment advisory fees		1,927			33,593			16,992			15,466
Total liabilities		1,214,699			15,312,874			437,492			8,622,957
Net Assets, at value	$	12,298,500		$	215,329,933		$	42,694,093		$	99,817,203
Net Assets Consist of
Paid-in capital	$	24,958,877		$	288,093,086		$	45,494,656		$	103,414,059
Distributable earnings (loss)		(12,660,377	)		(72,763,153	)		(2,800,563	)		(3,596,856	)
Net Assets, at value	$	12,298,500		$	215,329,933		$	42,694,093		$	99,817,203
Number of Common Shares outstanding		300,001			4,700,001			1,850,001			2,250,001
Net Asset Value	$	40.99		$	45.81		$	23.08		$	44.36
Investment in non-affiliated securities at cost	$	12,802,901		$	214,765,958		$	—		$	97,546,090
Investment in affiliated securities at cost	$	—		$	—		$	45,195,482		$	—
Value of securities loaned	$	721,132		$	4,162,522		$	411,800		$	3,596,146
Investment in DWS Government Money Market Series at cost	$	116,884		$	5,226,220		$	239,157		$	2,886,494
Investment in DWS Government & Agency Securities Portfolio at cost*	$	737,865		$	4,254,324		$	420,500		$	3,673,787
Foreign currency at cost	$	3		$	442		$	—		$	84

* Represents collateral on securities loaned.

See Notes to Financial Statements. 82

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 29, 2024 (Unaudited)

	Xtrackers USD High Yield BB-B ex Financials ETF		Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	610,311,128	$	3,409,244,032
Investment in DWS Government Money Market Series		12,640,713		57,656,658
Investment in DWS Government & Agency Securities Portfolio*		—		230,680,677
Cash		506,294		3,031,789
Foreign currency at value		—		7,405
Receivables:
Investment securities sold		14,895,312		136,691,498
Capital shares		—		10,641,123
Interest		9,508,733		56,638,077
Affiliated securities lending income		—		101,661
Total assets	$	647,862,180	$	3,904,692,920
Liabilities
Payable upon return of securities loaned	$	—	$	230,680,677
Payables:
Investment securities purchased		18,103,335		111,477,811
Capital shares		—		70,940,125
Investment advisory fees		98,645		135,014
Total liabilities		18,201,980		413,233,627
Net Assets, at value	$	629,660,200	$	3,491,459,293
Net Assets Consist of
Paid-in capital	$	619,301,201	$	4,079,296,049
Distributable earnings (loss)		10,358,999		(587,836,756	)
Net Assets, at value	$	629,660,200	$	3,491,459,293
Number of Common Shares outstanding		11,750,001		98,387,501
Net Asset Value	$	53.59	$	35.49
Investment in non-affiliated securities at cost	$	604,208,025	$	3,636,396,374
Value of securities loaned	$	—	$	225,651,638
Investment in DWS Government Money Market Series at cost	$	12,640,713	$	57,656,658
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	230,680,677
Foreign currency at cost	$	—	$	7,178

* Represents collateral on securities loaned.

See Notes to Financial Statements. 83

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Investment Income
Unaffiliated interest income	$	467,586		$	5,739,429		$	—		$	3,363,581
Affiliated dividend income		—			—			1,333,199			—
Income distributions from affiliated funds		3,010			38,501			7,679			21,868
Affiliated securities lending income		1,329			11,443			4,120			6,628
Affiliated other income (see note 6)		—			2,730			—			549
Total investment income		471,925			5,792,103			1,344,998			3,392,626
Expenses
Investment advisory fees		20,793			270,207			64,365			91,416
Other expenses		58			2,150			58			173
Total expenses		20,851			272,357			64,423			91,589
Less fees waived (see note 3):
Waiver		(8,972	)		(54,823	)		(20,398	)		(415	)
Net expenses		11,879			217,534			44,025			91,174
Net investment income (loss)		460,046			5,574,569			1,300,973			3,301,452
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(96,486	)		(2,306,372	)		—			(365,556	)
In-kind redemptions		—			50,829			—			137,646
In-kind redemptions in affiliates		—			—			(65,600	)		—
Net realized gain (loss)		(96,486	)		(2,255,543	)		(65,600	)		(227,910	)
Net change in unrealized appreciation (depreciation) on:
Investments		418,902			7,333,811			—			2,000,137
Investments in affiliates		—			—			1,168,134			—
Foreign currency translations		—			(2	)		—			—
Net change in unrealized appreciation (depreciation)		418,902			7,333,809			1,168,134			2,000,137
Net realized and unrealized gain (loss) on investments and foreign currency transactions		322,416			5,078,266			1,102,534			1,772,227
Net Increase (Decrease) in Net Assets Resulting from Operations	$	782,462		$	10,652,835		$	2,403,507		$	5,073,679

See Notes to Financial Statements. 84

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 29, 2024 (Unaudited)

	Xtrackers USD High Yield BB-B ex Financials ETF(1)			Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	10,584,708		$	98,571,811
Income distributions from affiliated funds		49,885			648,266
Affiliated securities lending income		—			504,162
Affiliated other income (see note 6)		—			43,823
Total investment income		10,634,593			99,768,062
Expenses
Investment advisory fees		291,779			3,269,028
Excise tax expense		42,337			—
Other expenses		—			4,150
Total expenses		334,116			3,273,178
Less fees waived (see note 3):
Waiver		(950	)		(1,776,790	)
Net expenses		333,166			1,496,388
Net investment income (loss)		10,301,427			98,271,674
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(264,918	)		(28,236,195	)
In-kind redemptions		—			(70,721,319	)
Foreign currency transactions		—			(1	)
Net realized gain (loss)		(264,918	)		(98,957,515	)
Net change in unrealized appreciation (depreciation) on:
Investments		6,103,103			159,532,394
Foreign currency translations		—			5
Net change in unrealized appreciation (depreciation)		6,103,103			159,532,399
Net realized and unrealized gain (loss) on investments and foreign currency transactions		5,838,185			60,574,884
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,139,612		$	158,846,558

(1) For the period October 27, 2023 (commencement of operations) through February 29, 2024.

See Notes to Financial Statements. 85

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	460,046		$	955,857		$	5,574,569		$	40,419,959
Net realized gain (loss)		(96,486	)		(871,494	)		(2,255,543	)		(89,042,061	)
Net change in net unrealized appreciation (depreciation)		418,902			981,672			7,333,809			90,607,924
Net increase (decrease) in net assets resulting from operations		782,462			1,066,035			10,652,835			41,985,822
Distributions to Shareholders		(463,019	)		(974,644	)		(6,780,799	)		(44,403,017	)
Fund Shares Transactions
Proceeds from shares sold		—			1,901,084			11,353,752			223,270,378
Value of shares redeemed		—			(1,965,874	)		(22,903,959	)		(1,438,511,784	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(64,790	)		(11,550,207	)		(1,215,241,406	)
Total net increase (decrease) in Net Assets		319,443			26,601			(7,678,171	)		(1,217,658,601	)
Net Assets
Beginning of period		11,979,057			11,952,456			223,008,104			1,440,666,705
End of period	$	12,298,500		$	11,979,057		$	215,329,933		$	223,008,104
Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			300,001			4,950,001			31,950,001
Shares sold		—			50,000			250,000			4,950,000
Shares redeemed		—			(50,000	)		(500,000	)		(31,950,000	)
Shares outstanding, end of period		300,001			300,001			4,700,001			4,950,001

See Notes to Financial Statements. 86

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,300,973		$	2,659,209		$	3,301,452		$	4,766,172
Net realized gain (loss)		(65,600	)		(288,554	)		(227,910	)		(4,050,667	)
Net change in net unrealized appreciation (depreciation)		1,168,134			868,253			2,000,137			4,643,666
Net increase (decrease) in net assets resulting from operations		2,403,507			3,238,908			5,073,679			5,359,171
Distributions to Shareholders		(1,356,056	)		(2,798,892	)		(3,246,555	)		(4,721,603	)
Fund Shares Transactions
Proceeds from shares sold		—			1,679,445			19,705,523			25,919,023
Value of shares redeemed		(2,279,395	)		(7,782,030	)		(4,416,723	)		(29,934,486	)
Net increase (decrease) in net assets resulting from fund share transactions		(2,279,395	)		(6,102,585	)		15,288,800			(4,015,463	)
Total net increase (decrease) in Net Assets		(1,231,944	)		(5,662,569	)		17,115,924			(3,377,895	)
Net Assets
Beginning of period		43,926,037			49,588,606			82,701,279			86,079,174
End of period	$	42,694,093		$	43,926,037		$	99,817,203		$	82,701,279
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,950,001			2,225,001			1,900,001			2,000,001
Shares sold		—			75,000			450,000			600,000
Shares redeemed		(100,000	)		(350,000	)		(100,000	)		(700,000	)
Shares outstanding, end of period		1,850,001			1,950,001			2,250,001			1,900,001

See Notes to Financial Statements. 87

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers USD High Yield BB-B ex Financials ETF			Xtrackers USD High Yield Corporate Bond ETF
	For the Period October 27, 2023(1) to February 29, 2024 (Unaudited)			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	10,301,427		$	98,271,674		$	216,469,674
Net realized gain (loss)		(264,918	)		(98,957,515	)		(151,014,625	)
Net change in net unrealized appreciation (depreciation)		6,103,103			159,532,399			187,819,556
Net increase (decrease) in net assets resulting from operations		16,139,612			158,846,558			253,274,605
Distributions to Shareholders		(5,780,613	)		(102,296,774	)		(218,918,420	)
Fund Shares Transactions
Proceeds from shares sold		619,301,151			1,604,693,654			6,278,010,067
Value of shares redeemed		—			(2,028,947,121	)		(6,068,454,467	)
Net increase (decrease) in net assets resulting from fund share transactions		619,301,151			(424,253,467	)		209,555,600
Total net increase (decrease) in Net Assets		629,660,150			(367,703,683	)		243,911,785
Net Assets
Beginning of period		50			3,859,162,976			3,615,251,191
End of period	$	629,660,200		$	3,491,459,293		$	3,859,162,976
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			111,587,501			105,187,501
Shares sold		11,750,000			46,400,000			183,900,000
Shares redeemed		—			(59,600,000	)		(177,500,000	)
Shares outstanding, end of period		11,750,001			98,387,501			111,587,501

(1) Commencement of Operations.

See Notes to Financial Statements. 88

DBX ETF Trust

Financial Highlights

Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	39.93		$	39.84		$	48.35		$	46.55		$	48.61		$	49.17
Income (loss) from investment operations:
Net investment income (loss)(a)		1.53			2.90			2.51			2.60			3.01	(b)		3.32
Net realized and unrealized gain (loss)		1.07			0.15			(8.37	)		2.65			(1.95	)(b)		(0.58	)
Total from investment operations		2.60			3.05			(5.86	)		5.25			1.06			2.74
Less distributions from:
Net investment income		(1.54	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)
Total distributions		(1.54	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)
Net Asset Value, end of period	$	40.99		$	39.93		$	39.84		$	48.35		$	46.55		$	48.61
Total Return (%)(c)		6.73	**		8.11			(12.56	)		11.67			2.46			5.90
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		12			12			12			19			7			151
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.31
Ratio of net investment income (loss) (%)		7.74	*		7.40			5.61			5.45			6.50	(b)		6.91
Portfolio turnover rate (%)(d)		24	**		58			55			98			98			51
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	45.05		$	45.09		$	51.05		$	50.50		$	50.62		$	49.16
Income (loss) from investment operations:
Net investment income (loss)(a)		1.16			2.24			1.69			1.45			2.02	(b)		2.29
Net realized and unrealized gain (loss)		1.01			0.14			(5.87	)		1.07			0.12	(b)		1.44
Total from investment operations		2.17			2.38			(4.18	)		2.52			2.14			3.73
Less distributions from:
Net investment income		(1.41	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)
Total distributions		(1.41	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)
Net Asset Value, end of period	$	45.81		$	45.05		$	45.09		$	51.05		$	50.50		$	50.62
Total Return (%)(c)		4.91	**		5.44			(8.36	)		5.12			4.42			7.84
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		215			223			1,441			750			38			144
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.24
Ratio of net investment income (loss) (%)		5.17	*		4.97			3.53			2.89			4.09	(b)		4.66
Portfolio turnover rate (%)(d)		25	**		52			68			88			111			55

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

(b) The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.04 and $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and $0.23, and decrease to the ratio of net investment income to average net assets of 0.08% and 0.47%, for Xtrackers High Beta High Yield Bond ETF and Xtrackers Low Beta High Yield Bond ETF respectively. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 89

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Year Ended 8/31/2023			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	22.53		$	22.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.68			1.28			0.58
Net realized and unrealized gain (loss)		0.57			0.29			(2.84	)
Total from investment operations		1.25			1.57			(2.26	)
Less distributions from:
Net investment income		(0.70	)		(1.33	)		(0.45	)
Total distributions		(0.70	)		(1.33	)		(0.45	)
Net Asset Value, end of period	$	23.08		$	22.53		$	22.29
Total Return (%)(c)		5.73	**		7.27			(9.12	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		43			44			50
Ratio of expenses before fee waiver (%)(d)		0.30	*		0.30			0.30	*
Ratio of expenses after fee waiver (%)(d)		0.21	*		0.15			0.15	*
Ratio of net investment income (loss) (%)		6.07	*		5.74			4.54	*
Portfolio turnover rate (%)(e)		0	(f)**		0	(f)		0	(f)**
Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	43.53		$	43.04		$	47.89		$	46.57		$	49.13		$	49.69
Income (loss) from investment operations:
Net investment income (loss)(b)		1.56			2.71			2.04			2.34			2.69	(g)		2.83
Net realized and unrealized gain (loss)		0.82			0.45			(4.76	)		1.67			(2.47	)(g)		(0.54	)
Total from investment operations		2.38			3.16			(2.72	)		4.01			0.22			2.29
Less distributions from:
Net investment income		(1.55	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)
Total distributions		(1.55	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)
Net Asset Value, end of period	$	44.36		$	43.53		$	43.04		$	47.89		$	46.57		$	49.13
Total Return (%)(c)		5.63	**		7.65			(5.84	)		8.86			0.61			4.79
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		100			83			86			77			37			22
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		7.21	*		6.30			4.48			4.95			6.13	(g)		5.78
Portfolio turnover rate (%)(e)		24	**		49			46			52			150			45

(a) For the period February 10, 2022 (commencement of operations) through August 31, 2022.

(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) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

(f) Amount is less than 0.5%.

(g) The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.10, increase to net realized and unrealized gain (loss) from investments per share by $0.10 and decrease to the ratio of net investment income to average net assets of 0.22% for Xtrackers Short Duration High Yield Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 90

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers USD High Yield BB-B ex Financials ETF Selected Per Share Data	Period Ended 2/29/2024(a) (Unaudited)
Net Asset Value, beginning of period	$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.26
Net realized and unrealized gain (loss)		3.05
Total from investment operations		4.31
Less distributions from:
Net investment income		(0.72	)
Total distributions		(0.72	)
Net Asset Value, end of period	$	53.59
Total Return (%)(c)		8.64	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		630
Ratio of expenses before fee waiver (%)(d)		0.21	*
Ratio of expenses after fee waiver (%)(d)		0.21	*
Ratio of net investment income (loss) (%)		7.03	*
Portfolio turnover rate (%)(e)		14	**
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
				2023			2022			2021			2020(f)			2019(f)
Net Asset Value, beginning of period	$	34.58		$	34.37		$	40.31		$	39.06	(e)	$	40.19		$	39.90
Income (loss) from investment operations:
Net investment income (loss)(b)		1.04			1.94			1.61			1.70			2.03	(g)		2.39
Net realized and unrealized gain (loss)		0.94			0.25			(5.80	)		1.79			(0.95	)(g)		0.24
Total from investment operations		1.98			2.19			(4.19	)		3.49			1.08			2.63
Less distributions from:
Net investment income		(1.07	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)
Total distributions		(1.07	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)
Net Asset Value, end of period	$	35.49		$	34.58		$	34.37		$	40.31		$	39.06		$	40.19
Total Return (%)(c)		5.82	**		6.63			(10.67	)		8.31			2.91			6.87
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3,491			3,859			3,615			6,666			6,209			3,062
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.09	*		0.15			0.15			0.15			0.15			0.17
Ratio of net investment income (loss) (%)		6.03	*		5.69			4.24			4.27			5.27	(g)		6.06
Portfolio turnover rate (%)(e)		14	**		26			24			37			54			29

(a) For the period October 27, 2023 (commencement of operations) through February 29, 2024.

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

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

(d) Includes excise tax expense. Excluding this expense, the ratio of expenses would have been 0.20%.

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

(f) On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split. Net asset value and per share information through April 12, 2021 have been updated to reflect the effect of the split. Shareholders received 5 shares for every 4 shares owned and net asset value per share decreased correspondingly.

(g) The Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 to amend the amortization period to the earliest call date for purchased callable debt securities held at a premium. Effective September 1, 2019, the Fund adopted ASU 2017-08 and the effect of this change for the year ended August 31, 2020 was a decrease to net investment income per share by $0.12, increase to net realized and unrealized gain (loss) from investments per share by $0.12 and decrease to the ratio of net investment income to average net assets of 0.32% for Xtrackers USD High Yield Corporate Bond ETF. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 91

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Risk Managed USD High Yield Strategy ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield BB-B ex Financials ETF

Xtrackers USD High Yield Corporate Bond ETF

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

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers USD High Yield BB-B ex Financials ETF offers shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers High Beta High Yield Bond ETF	Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF	Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF	Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield BB-B ex Financials ETF	ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index
Xtrackers USD High Yield Corporate Bond ETF	Solactive USD High Yield Corporates Total Market Index

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade

92

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

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

Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

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

2. Significant Accounting Policies

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

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

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

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

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

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated

93

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

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

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

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

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

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The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,996,574	$	8,798,776	$	11,795,350
Xtrackers Low Beta High Yield Bond ETF		35,194,222		29,211,972		64,406,194
Xtrackers Short Duration High Yield Bond ETF		1,232,714		1,965,125		3,197,839
Xtrackers USD High Yield Corporate Bond ETF		38,381,756		204,480,505		242,862,261

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,110,287	$	(1,257,311	)	$	72,690	$	(1,330,001)
Xtrackers Low Beta High Yield Bond ETF		236,606,089		(14,135,013	)		205,631		(14,340,644	)
Xtrackers Risk Managed USD High Yield Strategy ETF		54,357,396		(3,892,766	)		—		(3,892,766	)
Xtrackers Short Duration High Yield Bond ETF		84,833,666		(2,735,437	)		475,301		(3,210,738	)
Xtrackers USD High Yield Corporate Bond ETF		4,246,916,206		(421,103,737	)		4,824,790		(425,928,527	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF.

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Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of February 29, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	737,865	$	—	$	—	$	—	$	737,865
Gross amount of recognized liabilities for securities lending transactions									$	737,865
Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	4,254,324	$	—	$	—	$	—	$	4,254,324
Gross amount of recognized liabilities for securities lending transactions									$	4,254,324
Xtrackers Risk Managed USD HighYield Strategy ETF
Exchange-Traded Funds	$	420,500	$	—	$	—	$	—	$	420,500
Gross amount of recognized liabilities for securities lending transactions									$	420,500
Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	3,673,787	$	—	$	—	$	—	$	3,673,787
Gross amount of recognized liabilities for securities lending transactions									$	3,673,787
Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	230,680,677	$	—	$	—	$	—	$	230,680,677
Gross amount of recognized liabilities for securities lending transactions									$	230,680,677

As of February 29, 2024, Xtrackers USD High Yield BB-B ex Financials ETF had no securities on loan.

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the

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1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

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

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

	Unitary Advisory Fee
Xtrackers High Beta High Yield Bond ETF		0.35	%
Xtrackers Low Beta High Yield Bond ETF		0.25	%
Xtrackers Risk Managed USD High Yield Strategy ETF		0.30	%
Xtrackers Short Duration High Yield Bond ETF		0.20	%
Xtrackers USD High Yield BB-B ex Financials ETF		0.20	%
Xtrackers USD High Yield Corporate Bond ETF		0.20	%

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $8,911 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $54,041 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 29, 2024, the Advisor waived $20,247 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until December 20, 2024, the Advisor has contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $1,763,788 of expenses to the Fund.

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The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	61
Xtrackers Low Beta High Yield Bond ETF		782
Xtrackers Risk Managed USD High Yield Strategy ETF		151
Xtrackers Short Duration High Yield Bond ETF		415
Xtrackers USD High Yield BB-B ex Financials ETF		950
Xtrackers USD High Yield Corporate Bond ETF		13,002

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

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

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

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

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

	Securities Lending Agent Fees
Xtrackers High Beta High Yield Bond ETF	$	111
Xtrackers Low Beta High Yield Bond ETF		899
Xtrackers Short Duration High Yield Bond ETF		542
Xtrackers USD High Yield Corporate Bond ETF		40,881

4. Investment Portfolio Transactions

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	2,814,086	$	2,807,247
Xtrackers Low Beta High Yield Bond ETF		53,317,303		57,131,425
Xtrackers Risk Managed USD High Yield Strategy ETF		—		—
Xtrackers Short Duration High Yield Bond ETF		24,360,258		21,468,962
Xtrackers USD High Yield BB-B ex Financials ETF		48,579,465		53,760,332
Xtrackers USD High Yield Corporate Bond ETF		475,815,722		465,387,214

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For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	—	$	—
Xtrackers Low Beta High Yield Bond ETF		11,113,338		22,357,506
Xtrackers Risk Managed USD High Yield Strategy ETF		—		2,249,742
Xtrackers Short Duration High Yield Bond ETF		14,902,728		4,304,584
Xtrackers USD High Yield BB-B ex Financials ETF		607,898,388		—
Xtrackers USD High Yield Corporate Bond ETF		1,560,868,628		1,995,280,552

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees During the period ended February 29, 2024, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	709,672	$	1,249,476	$	(9,600	)
Xtrackers Low Beta High Yield Bond ETF		1,249,476		709,672		(35,928	)

5. Fund Share Transactions

As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

DBX Advisors LLC	Amounts
Xtrackers Low Beta High Yield Bond ETF	$	1,820
Xtrackers Short Duration High Yield Bond ETF		366
Xtrackers USD High Yield Corporate Bond ETF		29,215

Deutsche Bank AG	Amounts
Xtrackers Low Beta High Yield Bond ETF	$	910
Xtrackers Short Duration High Yield Bond ETF		183
Xtrackers USD High Yield Corporate Bond ETF		14,608

7. Investing in High-Yield Debt Securities

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

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 29, 2024.

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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Liquidity Risk Management (Unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, and Xtrackers USD High Yield Corporate Bond ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

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

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

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

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

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

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Contracts (Unaudited) (Continued)

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

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

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

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

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

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

• Xtrackers Risk Managed USD High Yield Strategy ETF

The Board considered, however, the following additional factors in connection with this Fund:

• Xtrackers Risk Managed USD High Yield Strategy ETF’s advisory fees and total expenses were below the average and equal to the median of its Peer Group.

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

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including

104

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

Xtrackers USD High Yield BB-B ex Financials ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers USD High Yield BB-B ex Financials ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate

105

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

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

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

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

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

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

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

106

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

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

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

107

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

108

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM and BHYB are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

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

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.

ICE Data Indices, LLC, is used with permission. “ICE^®” is a trade mark of ICE Data Indices, LLC or its affiliates and BofA^® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (“Index”) for use by DBX Advisors LLC in connection with Xtrackers USD High Yield BB-B ex Financials ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.

Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-050032-8 (4/24) DBX005918 (4/25)

February 29, 2024

Semi-Annual Report

DBX ETF Trust

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

Xtrackers RREEF Global Natural Resources ETF (NRES)

DBX ETF Trust

Table of Contents

Portfolio Summary
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1
Xtrackers MSCI EAFE ESG Leaders Equity ETF	2
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	3
Xtrackers MSCI USA Climate Action Equity ETF	4
Xtrackers MSCI USA ESG Leaders Equity ETF	5
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	6
Xtrackers RREEF Global Natural Resources ETF	7
Fees and Expenses	8
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	10
Xtrackers MSCI EAFE ESG Leaders Equity ETF	28
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	34
Xtrackers MSCI USA Climate Action Equity ETF	42
Xtrackers MSCI USA ESG Leaders Equity ETF	47
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	51
Xtrackers RREEF Global Natural Resources ETF	56
Statements of Assets and Liabilities	58
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	66
Notes to Financial Statements	70
Other Information	81
Liquidity Risk Management	82
Board Considerations in Approval of Investment Advisory Contracts	84
Additional Information	90

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (25.9% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		9.6%
Tencent Holdings Ltd. (China)		4.0%
Samsung Electronics Co. Ltd. (South Korea)		3.0%
Alibaba Group Holding Ltd. (China)		1.6%
Infosys Ltd. (India)		1.6%
PDD Holdings, Inc. (Ireland)		1.5%
ICICI Bank Ltd. (India)		1.2%
SK Hynix, Inc. (South Korea)		1.2%
Tata Consultancy Services Ltd. (India)		1.1%
China Construction Bank Corp. (China)		1.1%

Country Diversification* as of February 29, 2024

China	24.2%
Taiwan	19.8%
India	17.1%
South Korea	11.2%
Brazil	4.7%
Saudi Arabia	3.3%
Mexico	2.8%
South Africa	2.8%
Indonesia	2.1%
United Arab Emirates	2.1%
Other	9.9%
Total	100.0%

Sector Diversification* as of February 29, 2024

Financials	29.0%
Information Technology	26.7%
Communication Services	11.4%
Consumer Discretionary	10.8%
Health Care	5.3%
Industrials	5.3%
Consumer Staples	4.9%
Materials	3.4%
Real Estate	1.8%
Utilities	1.4%
Energy	0.0%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 10.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (25.2% of Net Assets)

Description	% of Net Assets
Novo Nordisk A/S (Denmark)		4.7%
ASML Holding NV (Netherlands)		4.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.1%
Novartis AG (Switzerland)		2.5%
AstraZeneca PLC (United Kingdom)		2.4%
HSBC Holdings PLC (United Kingdom)		1.8%
TotalEnergies SE (France)		1.7%
Schneider Electric SE (France)		1.5%
Unilever PLC (United Kingdom)		1.5%
Tokyo Electron Ltd. (Japan)		1.4%

Country Diversification* as of February 29, 2024

Japan	26.3%
France	13.5%
United Kingdom	12.6%
Switzerland	9.0%
Netherlands	7.3%
Denmark	6.6%
Australia	5.8%
Germany	4.9%
Sweden	3.1%
Hong Kong	2.1%
Other	8.8%
Total	100.0%

Sector Diversification* as of February 29, 2024

Financials	18.0%
Industrials	16.2%
Health Care	13.9%
Consumer Discretionary	12.7%
Information Technology	10.3%
Consumer Staples	8.5%
Materials	7.3%
Communication Services	4.2%
Energy	3.3%
Utilities	3.0%
Real Estate	2.6%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (35.7% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		14.4%
Tencent Holdings Ltd. (China)		6.3%
Alibaba Group Holding Ltd. (China)		4.0%
Reliance Industries Ltd. (India)		2.9%
Infosys Ltd. (India)		1.8%
China Construction Bank Corp. (China)		1.6%
MediaTek, Inc. (Taiwan)		1.4%
Tata Consultancy Services Ltd. (India)		1.2%
NetEase, Inc. (China)		1.2%
PT Bank Central Asia Tbk (Indonesia)		0.9%

Country Diversification* as of February 29, 2024

China	24.8%
Taiwan	22.7%
India	16.5%
South Korea	6.3%
South Africa	4.4%
Brazil	4.3%
Mexico	3.0%
Saudi Arabia	2.3%
Indonesia	2.2%
Malaysia	2.1%
Thailand	2.1%
United Arab Emirates	2.0%
Other	7.3%
Total	100.0%

Sector Diversification* as of February 29, 2024

Information Technology	21.9%
Financials	21.7%
Communication Services	13.7%
Consumer Discretionary	11.6%
Industrials	7.1%
Materials	5.8%
Consumer Staples	5.4%
Energy	4.9%
Health Care	3.6%
Utilities	2.5%
Real Estate	1.8%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 34.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA Climate Action Equity ETF, (the Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (35.1% of Net Assets)

Description	% of Net Assets
NVIDIA Corp.		6.1%
Amazon.com, Inc.		5.1%
Microsoft Corp.		4.9%
Alphabet, Inc.		4.5%
Apple, Inc.		3.9%
Meta Platforms, Inc.		3.4%
Eli Lilly & Co.		1.9%
Broadcom, Inc.		1.8%
Tesla, Inc.		1.8%
JPMorgan Chase & Co.		1.7%

Sector Diversification* as of February 29, 2024

Information Technology	27.4%
Health Care	13.6%
Financials	12.7%
Consumer Discretionary	12.2%
Communication Services	11.4%
Industrials	6.8%
Consumer Staples	5.3%
Energy	4.0%
Materials	2.3%
Real Estate	2.3%
Utilities	2.0%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers MSCI USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (41.5% of Net Assets)

Description	% of Net Assets
Microsoft Corp.		12.7%
NVIDIA Corp.		8.5%
Alphabet, Inc.		6.7%
Eli Lilly & Co.		2.6%
Tesla, Inc.		2.5%
Visa, Inc.		1.9%
Mastercard, Inc.		1.7%
Johnson & Johnson		1.7%
Home Depot, Inc.		1.6%
Procter & Gamble Co.		1.6%

Sector Diversification* as of February 29, 2024

Information Technology	33.1%
Health Care	12.3%
Financials	12.1%
Consumer Discretionary	9.8%
Communication Services	9.6%
Industrials	9.1%
Consumer Staples	5.6%
Materials	2.8%
Real Estate	2.4%
Energy	2.2%
Utilities	1.0%
Total	100.0%

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

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

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF , (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (33.4% of Net Assets)

Description	% of Net Assets
Apple, Inc.		8.0%
Microsoft Corp.		6.7%
NVIDIA Corp.		5.9%
Alphabet, Inc.		3.6%
Meta Platforms, Inc.		2.6%
Eli Lilly & Co.		1.6%
Broadcom, Inc.		1.5%
JPMorgan Chase & Co.		1.3%
UnitedHealth Group, Inc.		1.1%
Visa, Inc.		1.1%

Sector Diversification* as of February 29, 2024

Information Technology	36.2%
Health Care	17.7%
Financials	12.5%
Communication Services	9.7%
Consumer Discretionary	6.3%
Consumer Staples	5.2%
Industrials	4.9%
Real Estate	4.7%
Materials	1.8%
Utilities	1.0%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 51.

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers RREEF Global Natural Resources ETF (NRES)

Xtrackers RREEF Global Natural Resources ETF (the “fund”) seeks total return from both capital appreciation and current income. The fund is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

Ten Largest Equity Holdings as of February 29, 2024 (36.8%
of Net Assets)

Description	% of Net Assets
TotalEnergies SE (France)		4.8%
Nutrien Ltd. (Canada)		4.7%
BHP Group Ltd. (Australia)		4.1%
Shell PLC (United Kingdom)		3.9%
Chevron Corp. (United States)		3.7%
Glencore PLC (Switzerland)		3.4%
Cenovus Energy, Inc. (Canada)		3.2%
Corteva, Inc. (United States)		3.1%
Vale SA (Brazil)		3.1%
Teck Resources Ltd. (Canada)		2.8%

Country Diversification* as of February 29, 2024

United States	37.9%
Canada	20.6%
United Kingdom	9.7%
Australia	5.8%
Switzerland	5.4%
Brazil	5.2%
France	4.9%
Finland	3.8%
Ireland	2.0%
Other	4.7%
Total	100.0%

Sector Diversification* as of February 29, 2024

Metals & Mining	33.6%
Oil, Gas & Consumable Fuels	32.0%
Containers & Packaging	12.2%
Chemicals	11.7%
Paper & Forest Products	4.7%
Food Products	3.6%
Energy Equipment & Services	1.6%
Specialized REITs	0.6%
Total	100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.

7

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (Seprember 1, 2023 to February 29, 2024) except Xtrackers RREEF Global Natural Resources ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to Febreuary 29, 2024).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Actual	$	1,000.00	$	1,049.50		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,093.30		0.14	%	$	0.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.17		0.14	%	$	0.70
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,025.10		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers MSCI USA Climate Action Equity ETF
Actual	$	1,000.00	$	1,147.80		0.07	%	$	0.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.52		0.07	%	$	0.35
Xtrackers MSCI USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,149.60		0.09	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42		0.09	%	$	0.45
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Actual	$	1,000.00	$	1,148.00		0.10	%	$	0.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.37		0.10	%	$	0.50

8

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers RREEF Global Natural Resources ETF
Actual (2)	$	1,000.00	$	999.30		0.43	%	$	0.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.73		0.43	%	$	2.16

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 3 (the number of days in the period February 27, 2024 (commencement of operations) to February 29, 2024), then divided by 366.

9

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.2%
Brazil — 3.6%
Ambev SA		501,816	$	1,270,535
Atacadao SA		62,902		153,057
B3 SA — Brasil Bolsa Balcao		637,314		1,645,666
Banco Bradesco SA		180,773		447,507
Banco BTG Pactual S.A		176,874		1,295,411
Banco do Brasil SA		101,242		1,178,965
Banco Santander Brasil SA		46,415		267,169
BB Seguridade Participacoes SA		84,945		569,987
Caixa Seguridade Participacoes S/A		69,650		201,437
CCR SA		135,765		376,529
Centrais Eletricas Brasileiras SA		132,487		1,159,910
Cia de Saneamento Basico do Estado de Sao Paulo		21,563		343,539
Cia Energetica de Minas Gerais		8,011		24,217
Companhia Paranaense de Energia		75,626		139,725
CPFL Energia SA		3,173		22,600
Energisa SA		23,547		240,937
Engie Brasil Energia SA		29,210		247,030
Equatorial Energia SA		36,350		250,056
Hapvida Participacoes e Investimentos SA, 144A*		354,769		262,043
Hypera SA		49,859		329,941
Itau Unibanco Holding SA		62,709		369,920
Klabin SA		86,092		391,071
Localiza Rent a Car SA*		298		3,179
Localiza Rent a Car SA		61,945		660,760
Lojas Renner SA		125,558		399,267
Magazine Luiza SA*		327,396		140,351
Multiplan Empreendimentos Imobiliarios SA		41,877		222,590
Natura & Co. Holding SA*		59,953		196,801
NU Holdings Ltd., Class A*		159,820		1,770,806
Pagseguro Digital Ltd., Class A*		26,990		375,701
Porto Seguro SA		7,866		45,214
Raia Drogasil SA		147,272		789,616
Rede D’Or Sao Luiz SA, 144A		119,347		608,187
Rumo SA		142,824		653,087
Sendas Distribuidora SA		131,323		375,311
StoneCo Ltd., Class A*		32,315		556,141
Suzano SA		82,323		933,634
Telefonica Brasil SA		52,554		576,241
TIM SA		101,014		369,401
TOTVS SA		56,812		350,912
WEG SA		89,793		663,058
XP, Inc., Series BDR		12,196		286,917
XP, Inc., Class A		33,304		787,307
(Cost $19,610,841)				21,951,733
Chile — 0.4%
Banco de Chile		4,882,765		565,523
Banco de Credito e Inversiones SA		12,937		358,538
Banco Santander Chile		7,633,143		370,837
Cencosud SA		142,508		255,685
Cia Sud Americana de Vapores SA		2,538,964		177,095
Empresas CMPC SA		57,343		101,698
Enel Americas SA		1,380,974		140,666

	Number of Shares		Value
Chile (Continued)
Falabella SA*		95,078	$	240,887
Latam Airlines Group SA*		5,124,806		64,390
(Cost $2,165,095)				2,275,319
China — 24.2%
360 Security Technology, Inc., Class A*		89,854		109,367
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		35,511		96,007
3peak, Inc., Class A		4,432		67,816
Accelink Technologies Co. Ltd., Class A		12,850		53,538
Advanced Micro-Fabrication Equipment, Inc., China, Class A		6,558		133,604
AECC Aero-Engine Control Co. Ltd., Class A		10,600		26,025
Agricultural Bank of China Ltd., Class A		653,632		380,100
Agricultural Bank of China Ltd., Class H		3,147,665		1,294,640
Aier Eye Hospital Group Co. Ltd., Class A		92,761		188,605
Air China Ltd., Class A*		25,796		26,780
Air China Ltd., Class H*		78,902		42,329
Aisino Corp., Class A		49,950		71,058
Akeso, Inc., 144A*		46,827		281,723
Alibaba Group Holding Ltd.		1,061,993		9,889,037
Amlogic Shanghai Co. Ltd., Class A		9,766		75,835
Angang Steel Co. Ltd., Class A		41,100		14,432
Angel Yeast Co. Ltd., Class A		7,987		37,334
Anjoy Foods Group Co. Ltd., Class A		2,425		29,382
Anker Innovations Technology Co. Ltd., Class A		4,250		48,191
ANTA Sports Products Ltd.		90,648		888,672
Apeloa Pharmaceutical Co. Ltd., Class A		33,200		64,416
APT Medical, Inc., Class A		1,090		68,991
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		14,225		44,539
ASR Microelectronics Co. Ltd., Class A*		9,207		65,475
Asymchem Laboratories Tianjin Co. Ltd., Class A		3,802		53,611
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		10,258		89,951
Autobio Diagnostics Co. Ltd., Class A		11,575		106,605
Autohome, Inc., ADR		10,220		265,618
Avary Holding Shenzhen Co. Ltd., Class A		5,636		16,489
AVIC Industry-Finance Holdings Co. Ltd., Class A		198,759		91,583
BAIC BluePark New Energy Technology Co. Ltd., Class A*		97,300		80,349
Baidu, Inc., ADR*		31,416		3,183,383
Bank of Beijing Co. Ltd., Class A		230,278		165,552
Bank of Changsha Co. Ltd., Class A		41,125		44,463
Bank of Chengdu Co. Ltd., Class A		54,075		99,290
Bank of China Ltd., Class A		314,613		195,180
Bank of China Ltd., Class H		9,338,974		3,674,131
Bank of Chongqing Co. Ltd., Class A		74,050		74,510
Bank of Communications Co. Ltd., Class A		268,998		234,082
Bank of Communications Co. Ltd., Class H		827,147		543,063

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Bank of Guiyang Co. Ltd., Class A		98,575	$	75,382
Bank of Hangzhou Co. Ltd., Class A		68,852		105,878
Bank of Jiangsu Co. Ltd., Class A		162,586		173,073
Bank of Nanjing Co. Ltd., Class A		99,396		120,706
Bank of Ningbo Co. Ltd., Class A		59,835		185,021
Bank of Shanghai Co. Ltd., Class A		140,018		126,896
Bank of Suzhou Co. Ltd., Class A		85,100		83,739
Bank of Zhengzhou Co. Ltd., Class A*		189,835		55,065
Baoshan Iron & Steel Co. Ltd., Class A		7,256		6,717
BBMG Corp., Class A		74,605		20,191
Beijing Dabeinong Technology Group Co. Ltd., Class A		28,838		21,052
Beijing Easpring Material Technology Co. Ltd., Class A		7,675		37,111
Beijing E-Hualu Information Technology Co. Ltd., Class A*		22,950		82,432
Beijing Enlight Media Co. Ltd., Class A		79,925		100,721
Beijing Kingsoft Office Software, Inc., Class A		5,134		193,062
Beijing New Building Materials PLC, Class A		1,200		4,678
Beijing Originwater Technology Co. Ltd., Class A		62,800		44,364
Beijing Roborock Technology Co. Ltd., Class A		1,096		49,553
Beijing Shiji Information Technology Co. Ltd., Class A*		68,409		76,429
Beijing Tiantan Biological Products Corp. Ltd., Class A		24,024		94,359
Beijing Tongrentang Co. Ltd., Class A		14,100		87,082
Beijing Ultrapower Software Co. Ltd., Class A		56,775		85,573
Beijing United Information Technology Co. Ltd., Class A		11,320		33,071
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		10,127		103,375
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		392,959		275,416
Bethel Automotive Safety Systems Co. Ltd., Class A		9,100		79,693
Betta Pharmaceuticals Co. Ltd., Class A		11,509		69,211
BGI Genomics Co. Ltd., Class A		11,875		72,879
Bilibili, Inc., Class Z*		32,903		322,146
Bloomage Biotechnology Corp. Ltd., Class A		4,360		38,685
BOC International China Co. Ltd., Class A		65,730		99,618
BOE Technology Group Co. Ltd., Class A		109,022		60,372
BTG Hotels Group Co. Ltd., Class A*		33,775		71,626
By-health Co. Ltd., Class A		18,075		42,395
Caida Securities Co. Ltd., Class A		54,100		58,265
Caitong Securities Co. Ltd., Class A		92,850		102,834
Cathay Biotech, Inc., Class A		6,719		45,031
CECEP Solar Energy Co. Ltd., Class A		74,275		56,078
CECEP Wind-Power Corp., Class A		175,925		73,249
CETC Cyberspace Security Technology Co. Ltd., Class A		16,585		46,795
CGN Power Co. Ltd., Class A		140,539		75,290

	Number of Shares		Value
China (Continued)
CGN Power Co. Ltd., Class H, 144A		1,390,021	$	422,574
Changchun High & New Technology Industry Group, Inc., Class A		5,462		97,410
Changjiang Securities Co. Ltd., Class A		108,450		82,783
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,337		84,540
Chaozhou Three-Circle Group Co. Ltd., Class A		25,850		90,983
Chengxin Lithium Group Co. Ltd., Class A		21,125		64,238
Chifeng Jilong Gold Mining Co. Ltd., Class A*		21,025		37,701
China Baoan Group Co. Ltd., Class A		41,712		68,890
China Cinda Asset Management Co. Ltd., Class H		1,273,608		122,012
China CITIC Bank Corp. Ltd., Class A		85,825		76,591
China CITIC Bank Corp. Ltd., Class H		1,199,668		639,002
China Construction Bank Corp., Class A		65,096		63,242
China Construction Bank Corp., Class H		10,471,016		6,526,997
China Eastern Airlines Corp. Ltd., Class A*		27,208		14,387
China Eastern Airlines Corp. Ltd., Class H*		115,558		29,226
China Energy Engineering Corp. Ltd., Class A		101,150		30,604
China Energy Engineering Corp. Ltd., Class H		351,738		32,349
China Enterprise Co. Ltd., Class A		188,450		82,387
China Everbright Bank Co. Ltd., Class A		367,450		164,212
China Everbright Bank Co. Ltd., Class H		930,899		291,322
China Feihe Ltd., 144A		233,691		116,416
China Film Co. Ltd., Class A*		48,225		81,187
China Galaxy Securities Co. Ltd., Class A		60,525		102,062
China Galaxy Securities Co. Ltd., Class H		378,319		199,095
China Great Wall Securities Co. Ltd., Class A		83,975		92,305
China Greatwall Technology Group Co. Ltd., Class A		53,624		77,252
China International Capital Corp. Ltd., Class A		29,303		141,935
China International Capital Corp. Ltd., Class H, 144A		220,443		276,793
China Jushi Co. Ltd., Class A		25,875		35,983
China Lesso Group Holdings Ltd.		30,183		14,381
China Life Insurance Co. Ltd., Class H		727,202		896,370
China Literature Ltd., 144A*		61,064		188,368
China Merchants Bank Co. Ltd., Class A		138,394		615,405
China Merchants Bank Co. Ltd., Class H		424,198		1,655,330
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		65,725		96,235
China Merchants Securities Co. Ltd., Class A		83,669		163,732
China Merchants Securities Co. Ltd., Class H, 144A		145,795		116,021
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		78,852		103,090

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class A		290,938	$	163,130
China Minsheng Banking Corp. Ltd., Class H		906,325		319,520
China National Chemical Engineering Co. Ltd., Class A		10,701		10,366
China National Medicines Corp. Ltd., Class A		7,975		34,865
China National Software & Service Co. Ltd., Class A		20,900		93,459
China Pacific Insurance Group Co. Ltd., Class A		12,385		44,038
China Pacific Insurance Group Co. Ltd., Class H		225,968		431,223
China Railway Signal & Communication Corp. Ltd., Class A		47,311		32,043
China Railway Signal & Communication Corp. Ltd., Class H, 144A		98,070		35,576
China Rare Earth Resources And Technology Co. Ltd., Class A		7,775		30,095
China Resources Microelectronics Ltd., Class A		7,857		46,726
China Resources Mixc Lifestyle Services Ltd., 144A		74,047		224,161
China Resources Pharmaceutical Group Ltd., 144A		22,148		14,994
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,425		87,179
China Science Publishing & Media Ltd., Class A		19,850		70,526
China South Publishing & Media Group Co. Ltd., Class A		29,300		50,424
China Southern Airlines Co. Ltd., Class A*		33,400		27,442
China Southern Airlines Co. Ltd., Class H*		88,273		32,811
China Three Gorges Renewables Group Co. Ltd., Class A		249,595		160,040
China Tourism Group Duty Free Corp. Ltd., Class A		13,375		161,682
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		14,219		139,669
China Tower Corp. Ltd., Class H, 144A		3,058,388		371,126
China United Network Communications Ltd., Class A		222,467		148,203
China Vanke Co. Ltd., Class A		65,852		91,760
China Vanke Co. Ltd., Class H		147,185		113,931
China Yangtze Power Co. Ltd., Class A		213,927		743,745
China Zhenhua Group Science & Technology Co. Ltd., Class A		11,534		91,821
China Zheshang Bank Co. Ltd., Class A		219,758		84,789
China Zheshang Bank Co. Ltd., Class H		302,375		83,427
Chinalin Securities Co. Ltd., Class A		25,350		45,632
Chongqing Brewery Co. Ltd., Class A		8,600		78,179
Chongqing Rural Commercial Bank Co. Ltd., Class A		63,625		39,560
Chongqing Rural Commercial Bank Co. Ltd., Class H		289,729		116,946

	Number of Shares		Value
China (Continued)
Chongqing Taiji Industry Group Co. Ltd., Class A*		8,800	$	46,337
Chongqing Zhifei Biological Products Co. Ltd., Class A		18,910		140,383
CITIC Securities Co. Ltd., Class A		111,446		329,454
CITIC Securities Co. Ltd., Class H		242,496		449,755
CNGR Advanced Material Co. Ltd., Class A		4,300		28,294
CNPC Capital Co. Ltd., Class A		34,500		29,687
Contemporary Amperex Technology Co. Ltd., Class A		1,380		31,317
COSCO SHIPPING Development Co. Ltd., Class A		90,525		30,907
COSCO SHIPPING Holdings Co. Ltd., Class A		20,876		30,422
Country Garden Holdings Co. Ltd.*		1,425,412		116,527
Country Garden Services Holdings Co. Ltd.		88,033		67,356
CRRC Corp. Ltd., Class A		8,100		7,172
CSC Financial Co. Ltd., Class A		41,800		135,171
CSC Financial Co. Ltd., Class H, 144A		192,413		155,330
DaShenLin Pharmaceutical Group Co. Ltd., Class A		9,036		29,835
DHC Software Co. Ltd., Class A		91,675		73,414
Do-Fluoride New Materials Co. Ltd., Class A		7,920		14,531
Dong-E-E-Jiao Co. Ltd., Class A		13,225		106,622
Dongfeng Motor Group Co. Ltd., Class H		71,455		30,576
Dongxing Securities Co. Ltd., Class A		82,625		97,358
East Buy Holding Ltd., 144A*		44,995		139,086
East Money Information Co. Ltd., Class A		102,767		200,250
Eastroc Beverage Group Co. Ltd., Class A		3,825		95,014
Easyhome New Retail Group Co. Ltd., Class A		127,059		53,432
Ecovacs Robotics Co. Ltd., Class A		5,740		29,739
ENN Energy Holdings Ltd.		13,833		113,702
Eve Energy Co. Ltd., Class A		8,807		46,826
Everbright Securities Co. Ltd., Class A		59,309		139,028
Fangda Carbon New Material Co. Ltd., Class A*		38,700		26,479
First Capital Securities Co. Ltd., Class A		112,325		89,327
Focus Media Information Technology Co. Ltd., Class A		133,917		117,092
Foshan Haitian Flavouring & Food Co. Ltd., Class A		28,260		159,474
Founder Securities Co. Ltd., Class A		99,710		105,450
Foxconn Industrial Internet Co. Ltd., Class A		8,457		21,937
Fujian Sunner Development Co. Ltd., Class A		12,460		28,170
Full Truck Alliance Co. Ltd., ADR*		82,356		543,550
Fuyao Glass Industry Group Co. Ltd., Class A		8,281		49,753
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		49,369		247,513

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Gan & Lee Pharmaceuticals Co. Ltd., Class A*		13,700	$	81,589
Ganfeng Lithium Group Co. Ltd., Class A		9,197		51,121
Ganfeng Lithium Group Co. Ltd., Class H, 144A		26,056		86,534
G-bits Network Technology Xiamen Co. Ltd., Class A		2,550		76,653
GEM Co. Ltd., Class A		39,841		29,638
Gemdale Corp., Class A		84,146		50,334
Genscript Biotech Corp.*		130,418		263,541
GF Securities Co. Ltd., Class A		70,313		138,377
GF Securities Co. Ltd., Class H		183,543		197,872
Giant Biogene Holding Co. Ltd., 144A*		28,933		132,307
Giant Network Group Co. Ltd., Class A		31,725		49,842
GigaDevice Semiconductor, Inc., Class A		8,479		86,223
Ginlong Technologies Co. Ltd., Class A		6,750		61,015
Glodon Co. Ltd., Class A		39,475		75,003
GoerTek, Inc., Class A		13,863		32,016
Goldwind Science & Technology Co. Ltd., Class A		5,487		5,818
Goldwind Science & Technology Co. Ltd., Class H		38,146		14,520
GoodWe Technologies Co. Ltd., Class A		4,563		68,699
Gree Electric Appliances, Inc. of Zhuhai, Class A		15,996		86,693
Greenland Holdings Corp. Ltd., Class A*		87,500		26,717
Greentown China Holdings Ltd.		117,158		94,130
GRG Banking Equipment Co. Ltd., Class A		28,900		46,246
Guangdong Haid Group Co. Ltd., Class A		4,970		29,743
Guangdong Kinlong Hardware Products Co. Ltd., Class A		4,671		24,252
Guangzhou Automobile Group Co. Ltd., Class H		38,903		16,846
Guangzhou Baiyun International Airport Co. Ltd., Class A*		73,425		103,230
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		10,332		42,416
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		9,826		25,604
Guangzhou Haige Communications Group, Inc. Co., Class A		41,375		66,381
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		8,646		72,357
Guangzhou Port Co. Ltd., Class A		150,975		66,003
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		5,575		30,362
Guangzhou Tinci Materials Technology Co. Ltd., Class A		15,260		43,713
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		105,300		90,024
Guolian Securities Co. Ltd., Class A*		63,575		96,793
Guolian Securities Co. Ltd., Class H*		213,837		87,952
Guosen Securities Co. Ltd., Class A		82,306		98,467
Guotai Junan Securities Co. Ltd., Class A		59,426		124,456
Guotai Junan Securities Co. Ltd., Class H, 144A		123,148		141,728

	Number of Shares		Value
China (Continued)
Guoyuan Securities Co. Ltd., Class A		98,850	$	95,760
H World Group Ltd., ADR		13,779		503,760
Haidilao International Holding Ltd., 144A		139,866		256,192
Haier Smart Home Co. Ltd., Class H		131,478		401,380
Hainan Airlines Holding Co. Ltd., Class A*		264,425		52,479
Hainan Airport Infrastructure Co. Ltd., Class A*		197,350		102,712
Haisco Pharmaceutical Group Co. Ltd., Class A*		23,450		81,364
Haitian International Holdings Ltd.		17,650		44,729
Haitong Securities Co. Ltd., Class A		90,527		114,835
Haitong Securities Co. Ltd., Class H		320,654		159,328
Hang Zhou Great Star Industrial Co. Ltd., Class A		15,800		47,738
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		76,700		80,476
Hangzhou Chang Chuan Technology Co. Ltd., Class A		18,459		74,269
Hangzhou First Applied Material Co. Ltd., Class A		32,226		124,427
Hangzhou Lion Microelectronics Co. Ltd., Class A		19,100		62,772
Hangzhou Oxygen Plant Group Co. Ltd., Class A		6,950		27,008
Hangzhou Robam Appliances Co. Ltd., Class A		5,400		18,736
Hangzhou Silan Microelectronics Co. Ltd., Class A		26,964		78,213
Hangzhou Tigermed Consulting Co. Ltd., Class A		12,530		78,342
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		21,963		76,447
Hansoh Pharmaceutical Group Co. Ltd., 144A		162,149		285,824
Haohua Chemical Science & Technology Co. Ltd., Class A		7,975		37,632
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		24,125		83,974
Hefei Meiya Optoelectronic Technology, Inc., Class A		10,825		28,981
Heilongjiang Agriculture Co. Ltd., Class A		26,200		45,198
Henan Shuanghui Investment & Development Co. Ltd., Class A		10,300		41,770
Hengan International Group Co. Ltd.		3,321		10,266
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		14,300		28,480
Hengtong Optic-electric Co. Ltd., Class A		17,200		29,219
Hithink RoyalFlush Information Network Co. Ltd., Class A		5,842		111,136
Hongta Securities Co. Ltd., Class A		80,075		86,129
Hoshine Silicon Industry Co. Ltd., Class A		9,975		73,374
Hoyuan Green Energy Co. Ltd., Class A		7,930		30,607
Hua Hong Semiconductor Ltd., 144A*		71,607		153,663
Huaan Securities Co. Ltd., Class A		132,000		88,302

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Huadong Medicine Co. Ltd., Class A		17,725	$	82,853
Huafon Chemical Co. Ltd., Class A		13,000		12,305
Huagong Tech Co. Ltd., Class A		7,975		35,120
Hualan Biological Engineering, Inc., Class A		32,500		88,994
Huali Industrial Group Co. Ltd., Class A		7,650		61,516
Huaneng Lancang River Hydropower, Inc., Class A		88,217		113,619
Huatai Securities Co. Ltd., Class A		63,785		128,716
Huatai Securities Co. Ltd., Class H, 144A		148,653		175,829
Huaxi Securities Co. Ltd., Class A		80,800		88,255
Huaxia Bank Co. Ltd., Class A		122,502		107,791
Huayu Automotive Systems Co. Ltd., Class A		15,456		37,475
Hubei Feilihua Quartz Glass Co. Ltd., Class A		15,925		66,284
Huizhou Desay Sv Automotive Co. Ltd., Class A		4,164		59,294
Humanwell Healthcare Group Co. Ltd., Class A		23,650		72,211
Hundsun Technologies, Inc., Class A		28,133		95,348
Hygeia Healthcare Holdings Co. Ltd., 144A		48,106		180,963
IEIT Systems Co. Ltd., Class A		9,366		48,603
Iflytek Co. Ltd., Class A		21,165		145,080
Imeik Technology Development Co. Ltd., Class A		2,825		128,209
Industrial & Commercial Bank of China Ltd., Class A		447,142		330,768
Industrial & Commercial Bank of China Ltd., Class H		7,626,153		3,935,425
Industrial Bank Co. Ltd., Class A		155,765		359,944
Industrial Securities Co. Ltd., Class A		77,800		62,735
Ingenic Semiconductor Co. Ltd., Class A		8,780		79,876
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		11,402		44,863
Innovent Biologics, Inc., 144A*		147,728		799,137
iQIYI, Inc., ADR*		34,655		127,877
iRay Technology Co. Ltd., Class A		2,558		87,892
Isoftstone Information Technology Group Co. Ltd., Class A*		16,025		101,129
Jafron Biomedical Co. Ltd., Class A		25,673		71,511
Jason Furniture Hangzhou Co. Ltd., Class A		6,100		31,790
JCET Group Co. Ltd., Class A		11,542		41,905
JD Health International, Inc., 144A*		110,906		422,159
JD Logistics, Inc., 144A*		116,121		115,249
JD.com, Inc., ADR		74,067		1,675,396
JD.com, Inc., Class A		17,186		195,485
Jiangsu Eastern Shenghong Co. Ltd., Class A		13,209		19,249
Jiangsu Hengli Hydraulic Co. Ltd., Class A		5,050		39,817
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		37,262		220,513
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		21,325		74,583

	Number of Shares		Value
China (Continued)
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		23,875	$	34,494
Jiangsu Yangnong Chemical Co. Ltd., Class A		4,405		33,454
Jiangsu Yoke Technology Co. Ltd., Class A		4,825		33,784
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,350		86,229
Jiangxi Special Electric Motor Co. Ltd., Class A*		10,700		15,504
Jinko Solar Co. Ltd., Class A		25,260		30,956
Joinn Laboratories China Co. Ltd., Class A		13,070		33,014
Joinn Laboratories China Co. Ltd., Class H, 144A		59,427		74,997
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		5,814		20,423
Juewei Food Co. Ltd., Class A		5,500		17,160
Juneyao Airlines Co. Ltd., Class A*		16,800		31,081
Kanzhun Ltd., ADR		31,508		493,100
KE Holdings, Inc., ADR		63,589		864,174
Keda Industrial Group Co. Ltd., Class A		16,500		27,526
Kingdee International Software Group Co. Ltd.*		249,966		270,120
Kingnet Network Co. Ltd., Class A		45,100		78,242
Kingsoft Corp. Ltd.		129,279		360,815
Kuaishou Technology, 144A*		192,229		1,092,657
Kuang-Chi Technologies Co. Ltd., Class A*		46,775		96,273
Kunlun Tech Co. Ltd., Class A*		20,850		116,820
LB Group Co. Ltd., Class A		10,801		28,152
Lenovo Group Ltd.		856,817		948,881
Lens Technology Co. Ltd., Class A		15,713		26,387
Lepu Medical Technology Beijing Co. Ltd., Class A		31,925		66,861
Li Auto, Inc., Class A*		112,294		2,543,139
Li Ning Co. Ltd.		185,851		463,393
Liaoning Port Co. Ltd., Class A		228,150		46,863
Livzon Pharmaceutical Group, Inc., Class A		6,525		34,856
Livzon Pharmaceutical Group, Inc., Class H		23,352		81,730
Longfor Group Holdings Ltd., 144A		170,711		215,438
LONGi Green Energy Technology Co. Ltd., Class A		43,758		128,992
Longshine Technology Group Co. Ltd., Class A		40,425		71,758
Lufax Holding Ltd., ADR		37,621		117,378
Luxshare Precision Industry Co. Ltd., Class A		36,028		137,907
Mango Excellent Media Co. Ltd., Class A		28,935		99,512
Maxscend Microelectronics Co. Ltd., Class A		6,141		91,622
MeiHua Holdings Group Co. Ltd., Class A		31,200		46,766
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		87,925		68,092

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Meituan, Class B, 144A*		512,163	$	5,220,546
Metallurgical Corp. of China Ltd., Class A		74,492		34,427
Metallurgical Corp. of China Ltd., Class H		96,349		19,445
Microport Scientific Corp.*		118,500		116,248
Ming Yang Smart Energy Group Ltd., Class A		31,584		44,711
MINISO Group Holding Ltd.		47,622		221,723
Minth Group Ltd.		27,622		46,996
Montage Technology Co. Ltd., Class A		13,999		101,419
Muyuan Foods Co. Ltd., Class A		17,250		92,148
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		41,700		83,108
Nanjing Securities Co. Ltd., Class A		86,250		99,833
NARI Technology Co. Ltd., Class A		35,833		115,278
National Silicon Industry Group Co. Ltd., Class A*		44,089		94,294
NAURA Technology Group Co. Ltd., Class A		4,093		161,363
NavInfo Co. Ltd., Class A*		76,231		77,762
NetEase, Inc.		200,242		4,506,775
New China Life Insurance Co. Ltd., Class A		7,330		33,368
New Hope Liuhe Co. Ltd., Class A*		12,878		15,836
New Oriental Education & Technology Group, Inc., ADR*		10,820		1,011,995
Ninestar Corp., Class A		25,409		82,625
Ningbo Deye Technology Co. Ltd., Class A		6,965		80,909
Ningbo Orient Wires & Cables Co. Ltd., Class A		3,675		19,780
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		4,358		18,780
Ningbo Shanshan Co. Ltd., Class A		17,775		28,222
Ningbo Tuopu Group Co. Ltd., Class A		9,775		79,662
Ningbo Zhoushan Port Co. Ltd., Class A		87,700		43,088
NIO, Inc., ADR*(a)		150,651		866,243
Nongfu Spring Co. Ltd., Class H, 144A		213,501		1,210,843
Offcn Education Technology Co. Ltd., Class A*		167,564		81,163
Onewo, Inc., Class H		40,011		98,126
Oppein Home Group, Inc., Class A		3,541		34,146
Orient Securities Co. Ltd., Class A		88,630		108,370
Orient Securities Co. Ltd., Class H, 144A		218,056		92,751
Ovctek China, Inc., Class A		26,602		76,019
Pacific Securities Co. Ltd., Class A*		185,475		88,294
People.cn Co. Ltd., Class A		26,625		98,071
People’s Insurance Co. Group of China Ltd., Class A		45,629		33,247
People’s Insurance Co. Group of China Ltd., Class H		35,824		11,943
Perfect World Co. Ltd., Class A		45,625		74,213
Pharmaron Beijing Co. Ltd., Class A		14,132		45,797
Pharmaron Beijing Co. Ltd., Class H, 144A		64,107		86,144
PICC Property & Casualty Co. Ltd., Class H		315,933		432,608
Ping An Bank Co. Ltd., Class A		90,858		133,540

	Number of Shares		Value
China (Continued)
Ping An Insurance Group Co. of China Ltd., Class A		79,017	$	470,467
Ping An Insurance Group Co. of China Ltd., Class H		691,003		3,098,074
Poly Developments and Holdings Group Co. Ltd., Class A		93,538		126,833
Poly Property Services Co. Ltd., Class H		5,472		19,676
Pop Mart International Group Ltd., 144A		82,915		207,372
Postal Savings Bank of China Co. Ltd., Class A		21,073		14,185
Postal Savings Bank of China Co. Ltd., Class H, 144A		1,043,757		550,623
Qi An Xin Technology Group, Inc., Class A*		17,251		83,774
Qinghai Salt Lake Industry Co. Ltd., Class A*		32,352		72,514
Raytron Technology Co. Ltd., Class A		14,053		75,694
Red Star Macalline Group Corp. Ltd., Class A		54,200		26,855
Remegen Co. Ltd., Class A*		11,993		83,557
Remegen Co. Ltd., Class H, 144A*		31,496		90,520
Rockchip Electronics Co. Ltd., Class A		3,400		25,406
SAIC Motor Corp. Ltd., Class A		7,588		15,755
Sanan Optoelectronics Co. Ltd., Class A		53,375		92,153
Sangfor Technologies, Inc., Class A*		10,462		92,057
Sany Heavy Industry Co. Ltd., Class A		3,412		6,601
Satellite Chemical Co. Ltd., Class A*		19,724		45,414
SDIC Capital Co. Ltd., Class A		102,425		98,086
Sealand Securities Co. Ltd., Class A		180,900		89,380
Seazen Holdings Co. Ltd., Class A*		15,315		22,127
SenseTime Group, Inc., Class B, 144A*		2,138,756		245,872
Seres Group Co. Ltd., Class A*		10,625		135,562
SG Micro Corp., Class A		8,471		83,167
Shandong Gold Mining Co. Ltd., Class A		2,225		6,698
Shandong Gold Mining Co. Ltd., Class H, 144A		27,491		43,683
Shandong Hi-speed Co. Ltd., Class A		72,400		82,295
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		11,900		45,418
Shandong Linglong Tyre Co. Ltd., Class A		5,644		17,358
Shandong Sinocera Functional Material Co. Ltd., Class A		16,550		46,789
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		229,567		149,256
Shanghai Aiko Solar Energy Co. Ltd., Class A		32,900		69,085
Shanghai Baosight Software Co. Ltd., Class A		18,243		118,493
Shanghai Baosight Software Co. Ltd., Class B		77,926		175,333
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		2,760		107,745
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		24,371		83,139
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		75,411		136,396

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		14,185	$	73,098
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		61,761		109,341
Shanghai International Airport Co. Ltd., Class A*		26,301		128,416
Shanghai International Port Group Co. Ltd., Class A		110,575		83,331
Shanghai Jinjiang International Hotels Co. Ltd., Class A		18,757		75,650
Shanghai Junshi Biosciences Co. Ltd., Class A*		16,996		74,067
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		40,706		64,994
Shanghai Lingang Holdings Corp. Ltd., Class A		56,325		83,566
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		59,300		75,388
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		253,900		102,576
Shanghai M&G Stationery, Inc., Class A		14,300		70,694
Shanghai MicroPort MedBot Group Co. Ltd.*		63,004		116,853
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		9,500		23,904
Shanghai Pudong Development Bank Co. Ltd., Class A		218,331		216,657
Shanghai Putailai New Energy Technology Co. Ltd., Class A		13,036		33,941
Shanghai RAAS Blood Products Co. Ltd., Class A		98,200		98,128
Shanghai Rural Commercial Bank Co. Ltd., Class A		88,152		78,912
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		71,510		65,602
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		37,875		104,606
Shanxi Securities Co. Ltd., Class A		112,575		84,682
Shengyi Technology Co. Ltd., Class A		14,625		34,811
Shennan Circuits Co. Ltd., Class A		3,350		32,639
Shenwan Hongyuan Group Co. Ltd., Class A		256,727		163,188
Shenzhen Capchem Technology Co. Ltd., Class A		4,332		24,458
Shenzhen Dynanonic Co. Ltd., Class A		2,040		12,126
Shenzhen Goodix Technology Co. Ltd., Class A*		4,925		43,267
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		20,825		25,752
Shenzhen Inovance Technology Co. Ltd., Class A		17,743		155,655
Shenzhen Kaifa Technology Co. Ltd., Class A		14,300		28,341
Shenzhen Kangtai Biological Products Co. Ltd., Class A		14,624		49,259
Shenzhen Kedali Industry Co. Ltd., Class A		2,000		20,241

	Number of Shares		Value
China (Continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		10,066	$	403,995
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		11,065		124,375
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		176,739		75,305
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		23,100		93,615
Shenzhen SC New Energy Technology Corp., Class A		9,350		84,024
Shenzhen Sunlord Electronics Co. Ltd., Class A		14,525		55,296
Shenzhen Transsion Holdings Co. Ltd., Class A		4,632		102,023
Shenzhou International Group Holdings Ltd.		91,504		754,469
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		26,450		78,778
Shuangliang Eco-Energy Systems Co. Ltd., Class A		24,300		27,520
Sichuan Chuantou Energy Co. Ltd., Class A		48,379		105,148
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		7,575		28,859
Sichuan Swellfun Co. Ltd., Class A		10,850		75,624
Sinolink Securities Co. Ltd., Class A		84,185		106,323
Sinoma Science & Technology Co. Ltd., Class A		6,082		13,210
Sinomine Resource Group Co. Ltd., Class A		15,675		81,625
Sinopharm Group Co. Ltd., Class H		121,834		341,592
Sinotrans Ltd., Class H		65,423		27,911
Skshu Paint Co. Ltd., Class A*		11,025		59,216
Smoore International Holdings Ltd., 144A		243,938		170,440
Songcheng Performance Development Co. Ltd., Class A		57,925		86,824
SooChow Securities Co. Ltd., Class A		97,075		98,352
Southwest Securities Co. Ltd., Class A		170,400		102,165
Spring Airlines Co. Ltd., Class A*		4,525		36,029
StarPower Semiconductor Ltd., Class A		3,600		75,720
Sungrow Power Supply Co. Ltd., Class A		8,156		98,718
Sunny Optical Technology Group Co. Ltd.		49,436		320,783
Sunresin New Materials Co. Ltd., Class A		8,900		62,131
Sunwoda Electronic Co. Ltd., Class A		15,372		30,338
SUPCON Technology Co. Ltd., Class A		15,471		98,728
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		11,450		23,789
Suzhou Maxwell Technologies Co. Ltd., Class A		5,354		90,320
TAL Education Group, ADR*		32,833		483,630
TangShan Port Group Co. Ltd., Class A		134,225		81,221
Tasly Pharmaceutical Group Co. Ltd., Class A		25,409		59,491
TCL Technology Group Corp., Class A*		41,024		25,792
Tencent Holdings Ltd.		682,216		24,155,717

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Tencent Music Entertainment Group, ADR*		63,181	$	661,505
Thunder Software Technology Co. Ltd., Class A		9,921		83,524
Tianfeng Securities Co. Ltd., Class A*		209,775		90,836
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		13,900		57,855
Tianqi Lithium Corp., Class A		4,293		31,954
Tianqi Lithium Corp., Class H		7,233		36,725
Tianshui Huatian Technology Co. Ltd., Class A		27,450		31,164
Toly Bread Co. Ltd., Class A		15,240		14,827
Tongcheng Travel Holdings Ltd.*		141,576		357,340
TongFu Microelectronics Co. Ltd., Class A		11,150		34,354
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		51,350		74,047
Topchoice Medical Corp., Class A*		7,965		72,694
Topsports International Holdings Ltd., 144A		267,121		181,520
TravelSky Technology Ltd., Class H		147,054		176,191
Trip.com Group Ltd., ADR*		64,272		2,858,176
Tsinghua Tongfang Co. Ltd., Class A*		82,775		77,545
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		11,503		114,292
Uni-President China Holdings Ltd.		52,856		31,732
Unisplendour Corp. Ltd., Class A*		21,950		67,325
Universal Scientific Industrial Shanghai Co. Ltd., Class A		12,400		24,834
Venustech Group, Inc., Class A		26,825		82,054
Vipshop Holdings Ltd., ADR*		24,128		464,464
Walvax Biotechnology Co. Ltd., Class A		30,920		78,960
Wanda Film Holding Co. Ltd., Class A*		25,814		42,813
Wangfujing Group Co. Ltd., Class A		33,650		70,614
Weibo Corp., ADR		15,874		144,771
Weichai Power Co. Ltd., Class A		33,663		78,864
Weichai Power Co. Ltd., Class H		144,186		283,628
Weihai Guangwei Composites Co. Ltd., Class A		20,230		76,762
Western Mining Co. Ltd., Class A		2,550		5,893
Western Securities Co. Ltd., Class A		101,806		112,611
Western Superconducting Technologies Co. Ltd., Class A		8,110		45,045
Will Semiconductor Co. Ltd., Class A		10,093		134,475
Wingtech Technology Co. Ltd., Class A*		7,051		37,333
Winner Medical Co. Ltd., Class A		9,225		45,669
Winning Health Technology Group Co. Ltd., Class A		89,800		88,364
WUS Printed Circuit Kunshan Co. Ltd., Class A		15,800		57,891
WuXi AppTec Co. Ltd., Class A		19,675		148,766
WuXi AppTec Co. Ltd., Class H, 144A		48,773		303,398
Wuxi Autowell Technology Co. Ltd., Class A		2,422		29,349
Wuxi Biologics Cayman, Inc., 144A*		430,904		1,047,978
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		8,300		26,149

	Number of Shares		Value
China (Continued)
WuXi XDC Cayman, Inc.*		25,228	$	58,649
Xiamen C & D, Inc., Class A		30,524		44,100
Xiamen Faratronic Co. Ltd., Class A		5,825		84,296
Xiaomi Corp., Class B, 144A*		1,749,645		2,954,515
Xinhu Zhongbao Co. Ltd., Class A		226,000		70,574
Xinyi Solar Holdings Ltd.		472,857		287,502
XPeng, Inc., Class A*		112,817		517,337
Yadea Group Holdings Ltd., 144A		74,149		116,308
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		5,100		28,136
Yealink Network Technology Corp. Ltd., Class A		21,371		87,023
Yifeng Pharmacy Chain Co. Ltd., Class A		13,953		76,260
Yihai Kerry Arawana Holdings Co. Ltd., Class A		9,434		42,344
Yintai Gold Co. Ltd., Class A		42,331		88,008
Yonghui Superstores Co. Ltd., Class A*		71,700		26,271
YongXing Special Materials Technology Co. Ltd., Class A		2,480		18,996
Yonyou Network Technology Co. Ltd., Class A		48,050		84,493
Youngor Fashion Co. Ltd., Class A		47,350		48,301
YTO Express Group Co. Ltd., Class A		14,230		25,181
Yunda Holding Co. Ltd., Class A		10,218		10,225
Yunnan Baiyao Group Co. Ltd., Class A		16,322		112,880
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		9,950		90,534
Yunnan Energy New Material Co. Ltd., Class A		13,402		85,357
Yunnan Yuntianhua Co. Ltd., Class A		12,500		31,644
Zai Lab Ltd., ADR*		8,618		180,806
Zangge Mining Co. Ltd., Class A		19,313		78,509
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		4,559		141,099
Zhaojin Mining Industry Co. Ltd., Class H		136,079		141,662
Zhefu Holding Group Co. Ltd., Class A		95,375		45,005
Zhejiang Century Huatong Group Co. Ltd., Class A*		113,386		76,952
Zhejiang China Commodities City Group Co. Ltd., Class A		97,025		110,689
Zhejiang Chint Electrics Co. Ltd., Class A		16,904		48,282
Zhejiang Dahua Technology Co. Ltd., Class A		42,118		108,199
Zhejiang Dingli Machinery Co. Ltd., Class A		3,900		31,951
Zhejiang Expressway Co. Ltd., Class H		271,981		207,752
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		39,309		75,997
Zhejiang Huayou Cobalt Co. Ltd., Class A		9,548		36,706
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		17,500		89,865
Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A*		95,275		60,165
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		26,205		74,375
Zhejiang Juhua Co. Ltd., Class A		5,100		14,447

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Zhejiang Leapmotor Technology Co. Ltd., 144A*		57,376	$	200,810
Zhejiang NHU Co. Ltd., Class A		33,616		83,979
Zhejiang Supor Co. Ltd., Class A		4,300		32,990
Zhejiang Weiming Environment Protection Co. Ltd., Class A		20,000		49,686
Zhejiang Weixing New Building Materials Co. Ltd., Class A		13,600		29,728
Zheshang Securities Co. Ltd., Class A		74,581		105,993
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		86,255		136,619
Zhongsheng Group Holdings Ltd.		34,989		64,179
Zhongtai Securities Co. Ltd., Class A		108,450		104,608
Zhuhai Huafa Properties Co. Ltd., Class A		80,584		80,749
Zhuzhou CRRC Times Electric Co. Ltd., Class H		33,684		98,959
Zhuzhou Kibing Group Co. Ltd., Class A		12,080		10,881
Zijin Mining Group Co. Ltd., Class A		32,536		59,199
Zijin Mining Group Co. Ltd., Class H		344,691		557,402
ZTE Corp., Class A		15,937		66,046
ZTE Corp., Class H		48,471		109,340
ZTO Express Cayman, Inc., ADR		29,398		564,148
(Cost $204,279,267)				146,384,204
Colombia — 0.1%
Bancolombia SA		29,385		246,509
Ecopetrol SA		100,132		58,397
Interconexion Electrica SA ESP		29,401		125,194
(Cost $427,288)				430,100
Czech Republic — 0.1%
CEZ AS		7,630		261,344
Komercni Banka AS		7,433		259,364
(Cost $611,530)				520,708
Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		13,456		29,177
Commercial International Bank — Egypt (CIB)		214,569		507,605
EFG Holding S.A.E.*		173,352		105,526
Misr Fertilizers Production Co. SAE		46,335		94,544
Telecom Egypt Co.		60,174		75,169
(Cost $703,153)				812,021
Greece — 0.4%
Alpha Services and Holdings SA*		239,368		449,939
Eurobank Ergasias Services and Holdings SA*		271,227		561,041
Hellenic Telecommunications Organization SA		25,505		385,300
JUMBO SA		8,279		242,255
National Bank of Greece SA*		65,790		515,734
Piraeus Financial Holdings SA*		55,010		242,283
Star Bulk Carriers Corp.		2,179		52,013
Terna Energy SA		11,100		199,277
(Cost $2,096,794)				2,647,842

	Number of Shares		Value
Hong Kong — 0.6%
Beijing Enterprises Water Group Ltd.		333,786	$	78,450
BOC Hong Kong Holdings Ltd.		422,857		1,115,368
C&D International Investment Group Ltd.		93,668		152,428
China Jinmao Holdings Group Ltd.		1,015,981		83,056
China Medical System Holdings Ltd.		154,580		253,921
China Merchants Port Holdings Co. Ltd.		134,525		166,850
China Overseas Land & Investment Ltd.		267,782		398,143
China Resources Land Ltd.		205,388		632,262
China Ruyi Holdings Ltd.*		791,407		155,677
China State Construction International Holdings Ltd.		151,041		168,428
China Taiping Insurance Holdings Co. Ltd.		3,945		3,442
Far East Horizon Ltd.		256,300		205,923
Want Want China Holdings Ltd.		233,912		129,075
Yuexiu Property Co. Ltd.		187,059		124,964
(Cost $4,756,067)				3,667,987
Hungary — 0.3%
OTP Bank Nyrt		24,995		1,197,907
Richter Gedeon Nyrt		17,185		457,322
(Cost $1,863,141)				1,655,229
India — 17.1%
ABB India Ltd.		2,421		158,982
Adani Green Energy Ltd.*		44,005		1,005,734
Adani Ports & Special Economic Zone Ltd.		83,648		1,332,154
Adani Wilmar Ltd.*		15,530		71,482
Aditya Birla Capital Ltd.*		64,200		142,196
Alkem Laboratories Ltd.		3,743		231,459
APL Apollo Tubes Ltd.		10,187		190,130
Apollo Hospitals Enterprise Ltd.		12,126		892,322
Ashok Leyland Ltd.		27,181		55,695
Asian Paints Ltd.		28,879		982,843
Astral Ltd.		11,686		291,614
AU Small Finance Bank Ltd., 144A		44,522		305,982
Aurobindo Pharma Ltd.		33,977		421,290
Avenue Supermarts Ltd., 144A*		17,262		815,860
Axis Bank Ltd.		236,542		3,067,026
Axis Bank Ltd., GDR		5,528		360,426
Bajaj Auto Ltd.		3,971		378,792
Bajaj Finance Ltd.		18,502		1,449,378
Bajaj Finserv Ltd.		45,705		878,533
Bajaj Holdings & Investment Ltd.		3,183		351,236
Bandhan Bank Ltd., 144A		58,966		139,101
Bank of Baroda		72,820		233,128
Bank of India		57,327		90,883
Berger Paints India Ltd.		24,425		178,718
Bharat Forge Ltd.		20,395		283,113
Bharti Airtel Ltd.		272,438		3,690,992
Biocon Ltd.		60,678		202,342
Bosch Ltd.		702		242,061
Britannia Industries Ltd.		5,588		334,621
Canara Bank		15,804		107,585
CG Power & Industrial Solutions Ltd.		39,826		212,900
Cholamandalam Investment and Finance Co. Ltd.		32,624		428,554

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
India (Continued)
Cipla Ltd.		64,138	$	1,145,091
Colgate-Palmolive India Ltd.		15,890		484,224
Container Corp. Of India Ltd.		22,398		264,023
Cummins India Ltd.		11,566		382,015
Dabur India Ltd.		48,874		317,206
Deepak Nitrite Ltd.		7,234		193,059
Delhivery Ltd.*		41,123		234,638
Divi’s Laboratories Ltd.		15,163		638,001
DLF Ltd.		42,880		466,054
Dr. Reddy’s Laboratories Ltd.		17,241		1,335,812
Eicher Motors Ltd.		5,810		265,736
Embassy Office Parks REIT		63,239		285,092
FSN E-Commerce Ventures Ltd.*		125,724		237,904
Gland Pharma Ltd., 144A*		8,013		170,661
Godrej Consumer Products Ltd.		44,773		679,131
Godrej Properties Ltd.*		9,782		282,909
Grasim Industries Ltd.		3,803		100,510
Gujarat Fluorochemicals Ltd.		1,588		70,895
HCL Technologies Ltd.		121,000		2,428,063
HDFC Asset Management Co. Ltd., 144A		10,625		480,914
HDFC Bank Ltd.		310,428		5,254,153
HDFC Life Insurance Co. Ltd., 144A		108,665		762,734
Hero MotoCorp Ltd.		4,711		251,498
Hindalco Industries Ltd.		41,561		252,550
Hindustan Unilever Ltd.		101,417		2,950,546
Honeywell Automation India Ltd.		271		123,971
ICICI Bank Ltd.		575,144		7,298,527
ICICI Lombard General Insurance Co. Ltd., 144A		28,391		586,113
ICICI Prudential Life Insurance Co. Ltd., 144A		40,799		262,091
IDFC First Bank Ltd.*		306,679		299,776
Indian Hotels Co. Ltd.		85,659		606,107
Indian Railway Catering & Tourism Corp. Ltd.		33,694		376,860
Indian Railway Finance Corp. Ltd., 144A		255,381		451,988
IndusInd Bank Ltd.		64,783		1,152,349
Info Edge India Ltd.		6,929		440,206
Infosys Ltd.		481,622		9,722,908
InterGlobe Aviation Ltd., 144A*		2,704		102,900
JSW Steel Ltd.		35,035		338,070
Jubilant Foodworks Ltd.		34,953		195,555
Kotak Mahindra Bank Ltd.		122,610		2,498,225
L&T Technology Services Ltd., 144A		3,334		213,212
Life Insurance Corp. Of India		22,733		280,419
Linde India Ltd.		2,410		156,478
LTIMindtree Ltd., 144A		8,739		558,686
Lupin Ltd.		28,965		566,279
Macrotech Developers Ltd., 144A		25,625		360,117
Mahindra & Mahindra Financial Services Ltd.		75,728		258,831
Mahindra & Mahindra Ltd.		34,956		814,665
Marico Ltd.		69,158		435,885
Maruti Suzuki India Ltd.		7,863		1,070,481
Max Financial Services Ltd.*		21,682		253,570
Max Healthcare Institute Ltd.		73,476		703,025
Mphasis Ltd.		7,690		242,744

	Number of Shares		Value
India (Continued)
Muthoot Finance Ltd.		11,372	$	178,810
Nestle India Ltd.		25,765		806,731
NHPC Ltd.		315,448		335,359
NMDC Ltd.		68,836		187,539
Oberoi Realty Ltd.		10,762		174,475
One 97 Communications Ltd.*		34,103		165,875
Oracle Financial Services Software Ltd.		3,853		356,553
Page Industries Ltd.		669		276,823
Patanjali Foods Ltd.		1,615		29,951
PB Fintech Ltd.*		28,156		396,416
Persistent Systems Ltd.		5,057		526,359
PI Industries Ltd.		6,107		270,504
Pidilite Industries Ltd.		11,101		366,301
Power Finance Corp. Ltd.		111,742		540,003
Power Grid Corp. of India Ltd.		309,002		1,054,090
Procter & Gamble Hygiene & Health Care Ltd.		1,398		265,438
Punjab National Bank		116,234		170,812
Rail Vikas Nigam Ltd.		27,362		80,601
REC Ltd.		98,838		526,933
Samvardhana Motherson International Ltd.		126,890		182,416
SBI Cards & Payment Services Ltd.		27,613		239,660
SBI Life Insurance Co. Ltd., 144A		29,189		546,544
Schaeffler India Ltd.		3,715		129,610
Shriram Finance Ltd.		17,624		518,329
Sona Blw Precision Forgings Ltd., 144A		31,982		265,892
SRF Ltd.		13,271		382,471
State Bank of India		189,719		1,711,713
Sun Pharmaceutical Industries Ltd.		123,531		2,350,875
Supreme Industries Ltd.		5,382		269,411
Suzlon Energy Ltd.*		641,223		349,936
Tata Communications Ltd.		13,321		308,974
Tata Consultancy Services Ltd.		136,638		6,748,331
Tata Consumer Products Ltd.		43,937		630,603
Tata Elxsi Ltd.		3,579		337,156
Tata Motors Ltd.		103,770		1,189,179
Tata Motors Ltd., Class A		15,177		115,727
Tata Steel Ltd.		160,360		272,404
Tech Mahindra Ltd.		88,492		1,359,511
Thermax Ltd.		2,380		104,402
Titan Co. Ltd.		25,819		1,128,589
Torrent Pharmaceuticals Ltd.		12,288		395,110
Trent Ltd.		18,068		845,870
Tube Investments of India Ltd.		7,695		323,762
TVS Motor Co. Ltd.*		16,595		428,143
UltraTech Cement Ltd.		4,375		521,963
Union Bank of India Ltd.		9,229		16,284
United Spirits Ltd.		21,434		301,374
UPL Ltd.		37,045		209,851
Varun Beverages Ltd.		45,691		776,154
Vedant Fashions Ltd.		3,896		48,357
Vodafone Idea Ltd.*		1,255,014		206,605
Voltas Ltd.		24,817		331,956
Wipro Ltd.		201,770		1,261,971
WNS Holdings Ltd., ADR*		4,769		275,171
Yes Bank Ltd.*		1,324,024		390,423

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
India (Continued)
Zomato Ltd.*		383,944	$	766,117
Zydus Lifesciences Ltd.		22,998		261,249
(Cost $84,455,183)				103,042,255
Indonesia — 2.1%
Aneka Tambang Tbk		228,348		21,215
GoTo Gojek Tokopedia Tbk PT*		79,889,150		360,937
PT Astra International Tbk		598,214		198,897
PT Bank Central Asia Tbk		5,875,696		3,692,173
PT Bank Mandiri Persero Tbk		4,030,953		1,795,525
PT Bank Negara Indonesia Persero Tbk		1,768,884		675,361
PT Bank Rakyat Indonesia Persero Tbk		7,882,665		3,072,308
PT Barito Pacific Tbk		1,797,090		111,496
PT Chandra Asri Pacific Tbk		510,609		148,813
PT Charoen Pokphand Indonesia Tbk		191,889		59,099
PT Dayamitra Telekomunikasi		2,497,872		100,932
PT Elang Mahkota Teknologi Tbk		3,065,184		91,673
PT Indocement Tunggal Prakarsa Tbk		10,606		6,125
PT Indofood CBP Sukses Makmur Tbk		117,490		86,351
PT Indosat Tbk		215,293		156,521
PT Kalbe Farma Tbk		1,884,064		178,635
PT Merdeka Copper Gold Tbk*		286,704		41,231
PT Sarana Menara Nusantara Tbk		2,848,662		166,769
PT Sumber Alfaria Trijaya Tbk		1,359,476		237,898
PT Telkom Indonesia Persero Tbk		5,457,824		1,389,201
PT Tower Bersama Infrastructure Tbk		1,150,474		136,168
PT Unilever Indonesia Tbk		795,607		138,212
(Cost $11,021,131)				12,865,540
Ireland — 1.5%
PDD Holdings, Inc., ADR* (Cost $7,684,825)		71,920		8,956,917
Kazakhstan — 0.0%
Polymetal International PLC* (b) (Cost $548,412)		28,889		0
Kuwait — 0.8%
Agility Public Warehousing Co. KSC*		149,001		291,076
Boubyan Bank KSCP		116,182		242,825
Gulf Bank KSCP		275,212		263,896
Kuwait Finance House KSCP		705,079		1,856,376
Mabanee Co KPSC		79,285		210,808
Mobile Telecommunications Co. KSCP		224,760		367,477
National Bank of Kuwait SAKP		513,113		1,634,489
(Cost $4,434,747)				4,866,947
Malaysia — 1.2%
AMMB Holdings Bhd		244,300		223,425
Axiata Group Bhd		524,352		307,175
Celcomdigi Bhd		265,300		243,189
CIMB Group Holdings Bhd		758,404		1,032,407
Gamuda Bhd		247,078		275,428
Hong Leong Bank Bhd		71,800		298,366
IHH Healthcare Bhd		291,000		377,126
Inari Amertron Bhd		207,900		138,877
Kuala Lumpur Kepong Bhd		764		3,606
Malayan Banking Bhd		543,756		1,091,981
Malaysia Airports Holdings Bhd		98,162		175,411

	Number of Shares		Value
Malaysia (Continued)
Maxis Bhd		306,800	$	240,501
MR DIY Group M Bhd, 144A		215,850		70,957
Nestle Malaysia Bhd		5,519		145,258
Petronas Chemicals Group Bhd		23,900		35,254
PPB Group Bhd		44,600		146,427
Press Metal Aluminium Holdings Bhd		119,600		117,949
Public Bank Bhd		1,366,200		1,266,733
QL Resources Bhd		41,500		50,809
RHB Bank Bhd		267,275		315,402
Sime Darby Bhd		137,300		78,408
Telekom Malaysia Bhd		310,600		395,981
TIME dotCom Bhd		155,200		179,876
(Cost $7,066,091)				7,210,546
Mexico — 2.8%
Alfa SAB de CV, Class A		234,075		174,324
America Movil SAB de CV, Series B		3,643,150		3,406,948
Arca Continental SAB de CV		54,803		589,598
Cemex SAB de CV, Series CPO*		182,187		139,097
Coca-Cola Femsa SAB de CV		61,678		601,222
El Puerto de Liverpool SAB de CV, Class C1		20,652		150,886
Fibra Uno Administracion SA de CV REIT		235,019		424,140
Fomento Economico Mexicano SAB de CV		141,408		1,763,447
Gruma SAB de CV, Class B		4,564		81,171
Grupo Aeroportuario del Pacifico SAB de CV, Class B		27,617		407,252
Grupo Aeroportuario del Sureste SAB de CV, Class B		14,708		430,980
Grupo Bimbo SAB de CV, Series A		148,839		621,816
Grupo Carso SAB de CV, Series A1		35,527		306,965
Grupo Comercial Chedraui SA de CV		41,576		318,839
Grupo Elektra SAB DE CV		5,463		380,510
Grupo Financiero Banorte SAB de CV, Class O		319,945		3,303,589
Grupo Financiero Inbursa SAB de CV, Class O*		124,814		378,176
Grupo Mexico SAB de CV, Series B		205,843		997,946
Industrias Penoles SAB de CV*		6,169		77,203
Kimberly-Clark de Mexico SAB de CV, Class A		151,145		335,474
Orbia Advance Corp. SAB de CV		3,167		5,849
Wal-Mart de Mexico SAB de CV		564,925		2,259,170
(Cost $15,203,670)				17,154,602
Philippines — 0.6%
Ayala Land, Inc.		500,200		311,429
Bank of the Philippine Islands		236,124		525,467
BDO Unibank, Inc.		228,218		621,140
International Container Terminal Services, Inc.		71,210		366,089
JG Summit Holdings, Inc.		158,540		115,630
Jollibee Foods Corp.		37,050		180,455
Metropolitan Bank & Trust Co.		124,550		137,367
PLDT, Inc.		11,225		262,180
SM Investments Corp.		34,770		581,407

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Philippines (Continued)
SM Prime Holdings, Inc.		892,700	$	501,811
Universal Robina Corp.		35,650		74,198
(Cost $3,520,881)				3,677,173
Qatar — 0.8%
Commercial Bank PSQC		245,610		341,061
Dukhan Bank		186,833		213,465
Industries Qatar QSC		109,827		389,115
Masraf Al Rayan QSC		560,429		389,422
Mesaieed Petrochemical Holding Co.		118,348		61,433
Ooredoo QPSC		66,253		206,893
Qatar International Islamic Bank QSC		120,205		376,693
Qatar Islamic Bank SAQ		119,442		661,015
Qatar National Bank QPSC		496,898		2,078,483
(Cost $4,959,217)				4,717,580
Russia — 0.0%
Alrosa PJSC* (b)		246,725		0
MMC Norilsk Nickel PJSC* (b)		5,593		0
Mobile TeleSystems PJSC, ADR* (b)		25,457		0
Mobile TeleSystems PJSC* (b)		32,151		0
Novolipetsk Steel PJSC* (b)		121,611		0
PIK Group PJSC* (b)		21,692		0
Polyus PJSC* (b)		2,793		0
Sberbank of Russia PJSC* (b)		989,954		0
United Co. RUSAL International PJSC* (b)		255,320		0
Yandex NV, Class A* (b)		28,401		0
(Cost $9,710,782)				0
Saudi Arabia — 3.3%
Advanced Petrochemical Co.		6,290		64,153
Al Rajhi Bank		220,358		5,229,411
Alinma Bank		92,928		1,089,029
Almarai Co. JSC		22,998		360,580
Arab National Bank		64,447		478,588
Arabian Internet & Communications Services Co.		2,958		289,309
Bank AlBilad		48,678		641,200
Banque Saudi Fransi		56,068		569,605
Bupa Arabia for Cooperative Insurance Co.		6,649		407,063
Co. for Cooperative Insurance		5,415		233,909
Dr Sulaiman Al Habib Medical Services Group Co.		6,511		571,880
Etihad Etisalat Co.		37,740		556,495
Jarir Marketing Co.		61,209		254,283
Mouwasat Medical Services Co.		8,485		279,191
Nahdi Medical Co.		4,970		188,182
Riyad Bank		104,711		868,334
Sahara International Petrochemical Co.		18,411		150,467
Saudi Awwal Bank		70,997		780,904
Saudi Basic Industries Corp.		85,124		1,788,596
Saudi Industrial Investment Group		8,980		49,566
Saudi Kayan Petrochemical Co.*		33,469		86,120
Saudi National Bank		201,384		2,274,115
Saudi Telecom Co.		206,850		2,341,355
Savola Group		9,112		128,773

	Number of Shares		Value
Saudi Arabia (Continued)
Yanbu National Petrochemical Co.		26,531	$	264,935
(Cost $17,334,817)				19,946,043
Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $182,850)		23,259		171,424
South Africa — 2.8%
Absa Group Ltd.		96,329		821,298
Anglo American Platinum Ltd.		3,084		118,466
Aspen Pharmacare Holdings Ltd.		43,304		442,414
Bid Corp. Ltd.		37,764		883,284
Bidvest Group Ltd.		24,993		304,417
Capitec Bank Holdings Ltd.		10,803		1,136,273
Clicks Group Ltd.		29,386		459,683
Discovery Ltd.		63,578		450,394
FirstRand Ltd.		534,980		1,806,529
Gold Fields Ltd.		100,651		1,321,114
Impala Platinum Holdings Ltd.		38,867		131,247
Investec Ltd.		26,802		168,521
MTN Group Ltd.		190,672		829,927
MultiChoice Group*		45,235		246,197
Naspers Ltd., Class N		20,436		3,361,097
Nedbank Group Ltd.		38,427		439,060
Northam Platinum Holdings Ltd.		12,828		73,342
OUTsurance Group Ltd.		105,074		228,072
Pepkor Holdings Ltd., 144A		133,762		130,180
Sanlam Ltd.		181,903		697,411
Shoprite Holdings Ltd.		30,923		416,234
Sibanye Stillwater Ltd.		107,500		111,346
Standard Bank Group Ltd.		142,357		1,497,647
Vodacom Group Ltd.		76,746		376,134
Woolworths Holdings Ltd.		94,632		316,546
(Cost $19,360,155)				16,766,833
South Korea — 10.7%
Alteogen, Inc.*		2,944		355,066
Amorepacific Corp.		1,963		176,310
AMOREPACIFIC Group		2,089		41,808
Celltrion Pharm, Inc.*		2,185		181,974
Celltrion, Inc.		17,241		2,326,680
Cheil Worldwide, Inc.		5,809		80,705
Chunbo Co. Ltd.*		1,142		77,443
CJ CheilJedang Corp.		224		50,381
CJ Corp.*		914		66,511
CJ ENM Co. Ltd.*		1,942		115,797
CJ Logistics Corp.*		353		32,978
CosmoAM&T Co. Ltd.*		2,173		289,004
Coway Co. Ltd.		3,728		151,740
Daewoo Engineering & Construction Co. Ltd.*		8,982		26,846
DB Insurance Co. Ltd.*		1,161		86,142
DL E&C Co. Ltd.		604		16,783
Dongsuh Cos., Inc.		2,907		38,182
Doosan Co. Ltd.*		772		52,758
Doosan Enerbility Co. Ltd.*		19,898		242,673
Doosan Fuel Cell Co. Ltd.*		3,835		57,168
Ecopro BM Co. Ltd.*		2,942		588,798

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Ecopro Co. Ltd.*		1,486	$	689,658
E-MART, Inc.*		703		39,067
F&F Co. Ltd. / New		1,113		60,515
Fila Holdings Corp.		5,130		147,936
Green Cross Corp.		365		32,317
GS Engineering & Construction Corp.*		3,654		43,768
Hana Financial Group, Inc.		32,738		1,391,537
Hanjin Kal Corp.		2,399		113,861
Hankook Tire & Technology Co. Ltd.		47		1,913
Hanmi Pharm. Co. Ltd.		838		210,192
Hanmi Science Co. Ltd.		3,234		100,061
Hanmi Semiconductor Co. Ltd.*		5,017		319,497
Hanon Systems		16,452		76,231
Hansol Chemical Co. Ltd.*		821		104,999
Hanssem Co. Ltd.		1,144		41,581
Hanwha Solutions Corp.		11,051		230,298
HD Hyundai Infracore Co. Ltd.*		4,330		26,176
HLB, Inc.*		9,572		585,850
HMM Co. Ltd.*		5,919		81,211
Hugel, Inc.*		997		137,690
HYBE Co. Ltd.		1,696		253,585
Hyosung Advanced Materials Corp.		152		38,068
Hyundai Autoever Corp.*		683		76,578
Hyundai Department Store Co. Ltd.		1,154		45,411
Hyundai Engineering & Construction Co. Ltd.*		2,320		60,457
Hyundai Glovis Co. Ltd.*		751		107,439
Hyundai Mobis Co. Ltd.		2,968		540,508
Hyundai Motor Co.		8,397		1,579,640
Industrial Bank of Korea*		34,699		364,814
JYP Entertainment Corp.*		3,279		181,483
Kakao Corp.		34,924		1,397,904
Kakao Games Corp.*		6,025		106,103
KakaoBank Corp.		16,285		347,934
Kakaopay Corp.*		4,568		151,112
KB Financial Group, Inc.		41,741		1,990,503
KCC Corp.		109		21,733
KEPCO Engineering & Construction Co., Inc.*		2,410		128,319
KEPCO Plant Service & Engineering Co. Ltd.*		2,035		56,850
Kia Corp.*		9,226		862,599
KIWOOM Securities Co. Ltd.*		1,892		178,600
Korea Investment Holdings Co. Ltd.*		4,440		236,738
Korea Zinc Co. Ltd.		242		81,327
Korean Air Lines Co. Ltd.		3,240		55,963
Krafton, Inc.*		2,163		368,730
KT Corp.		9,202		270,200
KT&G Corp.		11,946		834,318
Kum Yang Co. Ltd.*		2,926		212,045
Kumho Petrochemical Co. Ltd.*		26		2,888
L&F Co. Ltd.*		1,761		224,423
LEENO Industrial, Inc.		1,068		166,825
LG Chem Ltd.		3,236		1,100,862
LG Corp.		4,126		290,332
LG Display Co. Ltd.		11,173		95,486
LG Electronics, Inc.		4,971		354,271

	Number of Shares		Value
South Korea (Continued)
LG Energy Solution Ltd.*		3,709	$	1,118,326
LG H&H Co. Ltd.		545		130,561
LG Innotek Co. Ltd.		1,697		257,430
LG Uplus Corp.		26,651		206,547
Lotte Energy Materials Corp.		2,949		77,069
Lotte Shopping Co. Ltd.		1,388		80,887
Meritz Financial Group, Inc.		10,245		639,351
Mirae Asset Securities Co. Ltd.*		40,470		274,136
NAVER Corp.		15,394		2,254,303
NCSoft Corp.		1,310		190,853
Netmarble Corp., 144A*		2,673		123,854
NH Investment & Securities Co. Ltd.*		23,989		211,498
OCI Holdings Co. Ltd.		342		24,142
Orion Corp.		941		65,650
Pan Ocean Co. Ltd.		4,830		17,646
Pearl Abyss Corp.*		4,559		103,909
Posco DX Co. Ltd.*		4,223		171,571
POSCO Future M Co. Ltd.*		1,803		429,221
S-1 Corp.		1,147		50,046
Samsung Biologics Co. Ltd., 144A*		2,048		1,190,412
Samsung C&T Corp.		5,471		643,816
Samsung Card Co. Ltd.*		5,334		150,414
Samsung Electro-Mechanics Co. Ltd.		6,502		683,599
Samsung Electronics Co. Ltd.		322,732		17,789,523
Samsung Engineering Co. Ltd.*		13,710		253,279
Samsung Fire & Marine Insurance Co. Ltd.*		1,518		339,715
Samsung Life Insurance Co. Ltd.		5,001		363,921
Samsung SDI Co. Ltd.		5,888		1,666,999
Samsung SDS Co. Ltd.		4,183		502,613
Samsung Securities Co. Ltd.		9,531		297,396
SD Biosensor, Inc.*		4,740		44,673
Shinhan Financial Group Co. Ltd.		49,140		1,607,125
Shinsegae, Inc.		834		109,480
SK Biopharmaceuticals Co. Ltd.*		3,771		274,414
SK Bioscience Co. Ltd.*		4,118		189,881
SK Chemicals Co. Ltd.		193		9,841
SK Hynix, Inc.		59,900		7,026,419
SK IE Technology Co. Ltd., 144A*		4,133		227,507
SK Innovation Co. Ltd.*		1,494		131,381
SK Networks Co. Ltd.*		3,361		16,532
SK Square Co. Ltd.*		12,014		630,654
SK Telecom Co. Ltd.		12,735		504,006
SKC Co. Ltd.*		872		54,222
Soulbrain Co. Ltd.		184		37,585
SSANGYONG C&E Co. Ltd.		5,733		30,051
Studio Dragon Corp.*		2,907		98,676
Wemade Co. Ltd.*		2,555		89,318
Woori Financial Group, Inc.		71,929		804,853
Yuhan Corp.		7,044		356,538
(Cost $63,556,881)				64,825,996
Taiwan — 19.8%
Accton Technology Corp.		47,944		787,198
Acer, Inc.		86,239		123,181
Advantech Co. Ltd.		51,906		640,420
Airtac International Group		9,970		381,648

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Alchip Technologies Ltd.		7,040	$	922,052
ASE Technology Holding Co. Ltd.		389,603		1,713,245
Asia Cement Corp.		820		1,049
Asia Vital Components Co. Ltd.		17,925		301,685
ASMedia Technology, Inc.		3,720		277,151
ASPEED Technology, Inc.		3,504		303,182
Asustek Computer, Inc.		78,591		1,131,271
AUO Corp.*		667,479		369,537
Catcher Technology Co. Ltd.		28,875		179,958
Cathay Financial Holding Co. Ltd.*		1,491,331		2,125,452
Chailease Holding Co. Ltd.		180,017		993,782
Chang Hwa Commercial Bank Ltd.		710,559		400,131
Chicony Electronics Co. Ltd.		40,100		237,864
China Airlines Ltd.		173		109
China Development Financial Holding Corp.*		1,921,976		763,087
China Steel Corp.		578,465		450,189
Chroma ATE, Inc.		33,772		248,940
Chunghwa Telecom Co. Ltd.		437,374		1,667,333
Compal Electronics, Inc.		497		574
CTBC Financial Holding Co. Ltd.		1,944,304		1,808,397
Delta Electronics, Inc.		215,498		2,007,756
E Ink Holdings, Inc.		85,975		669,098
E.Sun Financial Holding Co. Ltd.		1,706,640		1,363,282
Eclat Textile Co. Ltd.		27,588		471,299
Elite Material Co. Ltd.		28,125		440,433
eMemory Technology, Inc.		6,705		574,845
Eva Airways Corp.		54,441		54,166
Evergreen Marine Corp. Taiwan Ltd.		16,299		85,338
Far Eastern New Century Corp.		133,773		137,965
Far EasTone Telecommunications Co. Ltd.		193,147		480,889
Feng TAY Enterprise Co. Ltd.		70,164		367,362
First Financial Holding Co. Ltd.		1,161,892		996,133
Formosa Chemicals & Fibre Corp.		200,697		363,178
Formosa Plastics Corp.		318,404		722,238
Formosa Sumco Technology Corp.		6,343		31,404
Foxconn Technology Co. Ltd.		79,473		124,956
Fubon Financial Holding Co. Ltd.		913,150		1,964,416
Giant Manufacturing Co. Ltd.		32,633		210,605
Global Unichip Corp.		8,197		412,320
Globalwafers Co. Ltd.		17,593		310,568
Gold Circuit Electronics Ltd.		14,525		118,095
Highwealth Construction Corp.		178,903		224,694
Hiwin Technologies Corp.		736		5,588
Hon Hai Precision Industry Co. Ltd.		1,208,545		3,938,061
Hotai Motor Co. Ltd.		23,676		502,589
Hua Nan Financial Holdings Co. Ltd.		904,759		629,706
Innolux Corp.*		657,503		315,132
Inventec Corp.		374,268		651,220
Largan Precision Co. Ltd.		6,513		533,658
Lite-On Technology Corp.		167,498		580,238
Lotes Co. Ltd.		9,541		309,386
Macronix International Co. Ltd.		22,773		20,497
MediaTek, Inc.		100,984		3,641,999
Mega Financial Holding Co. Ltd.		1,273,497		1,559,162
Merida Industry Co. Ltd.		22,410		147,819

	Number of Shares		Value
Taiwan (Continued)
Micro-Star International Co. Ltd.		63,911	$	386,181
momo.com, Inc.		7,632		107,323
Nan Ya Plastics Corp.		333,461		629,799
Nan Ya Printed Circuit Board Corp.		16,787		112,322
Nanya Technology Corp.		137,242		292,203
Nien Made Enterprise Co. Ltd.		10,675		124,786
Novatek Microelectronics Corp.		63,738		1,211,868
Oneness Biotech Co. Ltd.		44,511		248,539
Pegatron Corp.		124,483		336,712
PharmaEssentia Corp.*		29,251		303,989
Phison Electronics Corp.		11,915		236,721
Polaris Group*		31,094		69,449
Pou Chen Corp.		170,141		164,169
Powerchip Semiconductor Manufacturing Corp.		187,338		163,575
Powertech Technology, Inc.		81,138		400,434
Quanta Computer, Inc.		241,363		1,771,500
Realtek Semiconductor Corp.		31,352		564,365
Ruentex Development Co. Ltd.*		136,207		156,634
Ruentex Industries Ltd.*		82,352		154,233
Shanghai Commercial & Savings Bank Ltd.		440,966		627,769
Shin Kong Financial Holding Co. Ltd.*		1,590,655		417,170
Sino-American Silicon Products, Inc.		29,278		171,818
SinoPac Financial Holdings Co. Ltd.		1,052,997		669,585
Synnex Technology International Corp.		47,104		115,936
TA Chen Stainless Pipe		93		106
Taishin Financial Holding Co. Ltd.		1,541,226		848,395
Taiwan Business Bank		750,180		332,258
Taiwan Cement Corp.		159,726		162,205
Taiwan Cooperative Financial Holding Co. Ltd.		798,115		655,217
Taiwan Fertilizer Co. Ltd.		850		1,791
Taiwan High Speed Rail Corp.		320,405		306,118
Taiwan Mobile Co. Ltd.		268,149		839,835
Taiwan Semiconductor Manufacturing Co. Ltd.		2,655,330		57,962,881
Tatung Co. Ltd.*		142,114		233,339
Teco Electric and Machinery Co. Ltd.		4,051		6,305
Tripod Technology Corp.		12,276		80,780
Unimicron Technology Corp.		110,771		629,032
Uni-President Enterprises Corp.		270,713		656,881
United Microelectronics Corp.		1,293,049		1,998,306
Vanguard International Semiconductor Corp.		106,575		243,430
VisEra Technologies Co. Ltd.		15,424		149,802
Voltronic Power Technology Corp.		4,613		234,229
Walsin Lihwa Corp.		624		730
Walsin Technology Corp.		21,383		75,765
Wan Hai Lines Ltd.		1,039		1,657
Win Semiconductors Corp.		53,164		255,649
Winbond Electronics Corp.		121,943		107,825
Wistron Corp.		225,687		824,652
Wiwynn Corp.		6,837		503,969
WPG Holdings Ltd.		25,122		73,754
WT Microelectronics Co. Ltd.		36,700		199,119
Yageo Corp.		28,079		495,676

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Yang Ming Marine Transport Corp.		2,038	$	3,214
Yuanta Financial Holding Co. Ltd.		1,309,494		1,137,177
Yulon Finance Corp.		45,403		237,720
Yulon Motor Co. Ltd.		25,497		57,028
Zhen Ding Technology Holding Ltd.		48,125		153,010
(Cost $106,436,568)				119,698,465
Thailand — 1.8%
Advanced Info Service PCL, NVDR		134,400		753,225
Airports of Thailand PCL, NVDR		370,300		655,627
Asset World Corp. PCL		381,900		41,102
Asset World Corp. PCL, NVDR (a)		1,344,300		144,681
Bangkok Bank PCL		67,900		268,836
Bangkok Bank PCL, NVDR (a)		59,700		238,034
Bangkok Dusit Medical Services PCL, NVDR		625,900		497,369
Bangkok Expressway & Metro PCL		526,600		118,197
Bangkok Expressway & Metro PCL, NVDR		866,600		194,511
Bangkok Life Assurance PCL, NVDR		53,300		26,602
Berli Jucker PCL, NVDR (a)		73,300		49,459
BTS Group Holdings PCL, NVDR		1,035,100		148,634
Bumrungrad Hospital PCL, NVDR		74,600		465,925
Carabao Group PCL, NVDR		43,400		84,101
Central Pattana PCL, NVDR		193,700		349,702
Central Retail Corp. PCL		88,500		85,749
Central Retail Corp. PCL, NVDR		217,300		210,544
Charoen Pokphand Foods PCL, NVDR		370,300		195,139
Com7 PCL, Class F		106,300		59,574
Com7 PCL, NVDR		118,700		68,509
CP ALL PCL, NVDR		586,200		939,816
CP Axtra PCL		19,600		18,171
CP Axtra PCL, NVDR		195,500		181,246
Delta Electronics Thailand PCL, NVDR*		47,700		94,762
Energy Absolute PCL, NVDR		282,100		277,263
Home Product Center PCL, NVDR		641,800		200,423
Indorama Ventures PCL, NVDR		29,700		19,295
Intouch Holdings PCL, Class F		3,400		6,423
Intouch Holdings PCL, NVDR		151,700		286,566
JMT Network Services PCL		93,500		58,397
JMT Network Services PCL, NVDR		144,800		90,437
Kasikornbank PCL, NVDR		151,300		518,887
KCE Electronics PCL, NVDR		58,700		61,785
Krung Thai Bank PCL, NVDR		384,600		172,649
Krungthai Card PCL		72,400		86,299
Krungthai Card PCL, NVDR		118,000		140,652
Land & Houses PCL, NVDR		849,900		180,099
Minor International PCL, NVDR		371,083		328,506
Muangthai Capital PCL		600		765
Muangthai Capital PCL, NVDR		152,500		194,532
Ngern Tid Lor PCL		80,400		50,439
Ngern Tid Lor PCL, NVDR		232,200		145,671
Osotspa PCL, NVDR (a)		130,400		73,808
PTT Global Chemical PCL, NVDR		148,900		157,764
Siam Global House PCL, NVDR		140,009		66,364
Srisawad Corp. PCL, NVDR		187,700		198,874
Thai Beverage PCL		551,200		207,018

	Number of Shares		Value
Thailand (Continued)
Thai Life Insurance PCL		182,600	$	45,822
Thai Life Insurance PCL, NVDR		218,200		54,755
Tisco Financial Group PCL, NVDR (a)		92,800		260,042
TMBThanachart Bank PCL, NVDR		4,453,777		228,494
TOA Paint Thailand PCL		58,500		32,622
True Corp. PCL*		299,400		58,853
True Corp. PCL, NVDR*		1,699,369		334,046
WHA Corp. PCL, NVDR		1,655,400		212,320
(Cost $12,191,009)				10,639,385
Turkey — 0.8%
Akbank TAS		222,412		296,219
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		12,616		49,018
Aydem Yenilenebilir Enerji AS*		96,331		89,482
Bera Holding AS		80,219		51,955
BIM Birlesik Magazalar AS		41,539		516,581
Borusan Yatirim ve Pazarlama AS		1,247		172,652
Bosch Fren Sistemleri Sanayi ve Ticaret AS		3,149		129,622
Celebi Hava Servisi AS		2,151		93,840
Deva Holding AS		21,533		53,626
Dogus Otomotiv Servis Ve Ticaret AS		11,259		96,380
Eczacibasi Yatirim Holding Ortakligi AS		4,088		34,995
Ege Endustri Ve Ticaret AS		106		58,959
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		50,671		87,157
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		318,750		113,330
Girisim Elektrik Taahhut Ticaret VE Sanayi AS*		13,268		32,937
Haci Omer Sabanci Holding AS		21,539		54,848
Hektas Ticaret TAS*		177,054		108,320
Investco Holding AS*		6,851		82,950
Is Gayrimenkul Yatirim Ortakligi AS REIT*		167,626		92,941
Is Yatirim Menkul Degerler AS		100,608		119,816
Kiler Holding AS*		82,995		164,822
Koza Altin Isletmeleri AS		168,095		123,299
Logo Yazilim Sanayi Ve Ticaret AS		28,254		97,197
Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A		13,814		62,787
MLP Saglik Hizmetleri AS, 144A*		17,625		96,537
Pegasus Hava Tasimaciligi AS*		684		18,787
Penta Teknoloji Urunleri Dagitim Ticaret AS*		55,037		36,562
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		46,222		50,279
Sasa Polyester Sanayi AS*		149,476		189,408
Selcuk Ecza Deposu Ticaret Ve Sanayi AS		15,152		29,193
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS*		16,991		35,403
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		66,908		80,196
Turk Hava Yollari AO*		22,101		199,456
Turk Telekomunikasyon AS*		95,380		98,069

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Turkey (Continued)
Turkcell Iletisim Hizmetleri AS		150,757	$	323,295
Turkiye Is Bankasi AS, Class C		677,210		240,778
Turkiye Sigorta AS		51,437		82,709
Turkiye Sinai Kalkinma Bankasi AS*		174,967		46,404
Verusa Holding AS		11,525		98,565
Ziraat Gayrimenkul Yatirim Ortakligi AS		417,878		93,026
(Cost $3,449,656)				4,502,400
United Arab Emirates — 2.1%
Abu Dhabi Commercial Bank PJSC		337,606		787,738
Abu Dhabi Islamic Bank PJSC		136,904		418,961
Aldar Properties PJSC		275,268		414,450
Alpha Dhabi Holding PJSC*		136,125		597,439
Borouge PLC		234,180		151,746
Dubai Islamic Bank PJSC		207,384		363,624
Emaar Properties PJSC		435,638		963,103
Emirates NBD Bank PJSC		272,986		1,360,136
Emirates Telecommunications Group Co. PJSC		403,505		1,988,467
First Abu Dhabi Bank PJSC		501,009		1,860,590
International Holding Co. PJSC*		32,236		3,510,686
Multiply Group PJSC*		414,673		256,285
(Cost $10,531,808)				12,673,225
United States — 0.2%
BeiGene Ltd., ADR*		4,313		714,448
BeiGene Ltd., Class A*		2,911		53,338
Parade Technologies Ltd.		7,858		252,325
(Cost $1,244,874)				1,020,111
TOTAL COMMON STOCKS (Cost $619,406,733)				593,080,585
PREFERRED STOCKS — 1.8%
Brazil — 1.1%
Banco Bradesco SA		589,163		1,630,421
Centrais Eletricas Brasileiras SA, Class B		30,819		297,171
Cia Energetica de Minas Gerais		128,823		310,348
Companhia Paranaense de Energia		107,621		221,365
Itau Unibanco Holding SA		544,258		3,717,734
Itausa SA		383,928		795,882
(Cost $6,025,722)				6,972,921
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $495,960)		9,835		488,183
Colombia — 0.1%
Bancolombia SA (Cost $477,212)		63,384		517,842
Russia — 0.0%
Sberbank of Russia PJSC (b) (Cost $275,893)		71,636		0
South Korea — 0.5%
Doosan Co. Ltd.*		1,109		42,225
Hyundai Motor Co.		281		33,658
Hyundai Motor Co. — 2nd Preferred		1,153		139,146

	Number of Shares		Value
South Korea (Continued)
LG Chem Ltd.		558	$	125,713
Samsung Electronics Co. Ltd.		54,327		2,594,771
Samsung SDI Co. Ltd.		523		90,139
(Cost $3,096,837)				3,025,652
TOTAL PREFERRED STOCKS (Cost $10,371,624)				11,004,598
RIGHTS — 0.0%
Brazil — 0.0%
Magazine Luiza SA* , expires 3/15/24 (Cost $0)		25,893		938
South Korea — 0.0%
LG Display Co. Ltd.* , expires 3/14/24 (Cost $0)		8,821		8,678
TOTAL RIGHTS (Cost $0)				9,616
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		400		0
BTS Group Holdings PCL*, expires 11/20/26		800		2
(Cost $0)				2
TOTAL WARRANTS (Cost $0)				2
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $1,498,996)		1,498,996		1,498,996
TOTAL INVESTMENTS — 100.2%
(Cost $631,277,353)			$	605,593,797
Other assets and liabilities, net — (0.2%)				(1,418,035	)
NET ASSETS — 100.0%			$	604,175,762

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		1,498,996	(e)		—			—		—		5,670		—		1,498,996		1,498,996
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		1,488,084		110,405,101			(111,893,185	)		—		—		108,404		—		—		—
		1,488,084		111,904,097			(111,893,185	)		—		—		114,074		—		1,498,996		1,498,996

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $1,379,004, which is 0.2% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

JSC: Joint Stock Company

KSC: Kuwait Shareholding Company

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

PSQC: Public Shareholders Qatari Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

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

Securities are listed in country of domicile.

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	49	$	2,497,780	$	2,491,160	3/15/2024	$	(6,620	)

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	593,080,585		$	—	$	0	$	593,080,585
Preferred Stocks (a)		11,004,598			—		0		11,004,598
Rights (a)		—			9,616		—		9,616
Warrants		2			—		—		2
Short-Term Investments (a)		1,498,996			—		—		1,498,996
TOTAL	$	605,584,181		$	9,616	$	0	$	605,593,797
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(6,620	)	$	—	$	—	$	(6,620	)
TOTAL	$	(6,620	)	$	—	$	—	$	(6,620	)

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

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

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Australia — 5.8%
ANZ Group Holdings Ltd.		17,870	$	331,046
APA Group (a)		7,750		39,614
Aristocrat Leisure Ltd.		3,462		105,117
ASX Ltd.		1,113		47,666
Aurizon Holdings Ltd.		10,499		26,047
BlueScope Steel Ltd.		2,699		40,140
Brambles Ltd.		8,110		79,582
Cochlear Ltd.		383		87,329
Coles Group Ltd.		7,916		87,111
Computershare Ltd.		3,284		55,427
Dexus REIT		6,382		30,586
EBOS Group Ltd.		886		19,945
Endeavour Group Ltd.		8,514		30,491
Fortescue Ltd.		10,286		173,672
Goodman Group REIT		10,054		195,745
GPT Group REIT		10,588		29,991
IDP Education Ltd. (b)		1,511		18,782
Macquarie Group Ltd.		2,185		277,169
Mineral Resources Ltd.		1,010		43,859
Mirvac Group REIT		22,038		31,283
Northern Star Resources Ltd.		6,752		56,716
Orica Ltd.		2,597		28,934
Pilbara Minerals Ltd.		15,703		42,945
QBE Insurance Group Ltd.		8,724		98,218
Ramsay Health Care Ltd.		1,048		37,471
REA Group Ltd.		315		39,814
Scentre Group REIT		31,173		63,128
SEEK Ltd.		2,050		35,013
Sonic Healthcare Ltd.		2,604		50,614
Stockland REIT		14,536		42,498
Suncorp Group Ltd.		7,418		73,903
Telstra Group Ltd.		23,681		58,904
Transurban Group (a)		17,961		158,354
Vicinity Ltd. REIT		21,528		27,195
Woodside Energy Group Ltd.		11,078		219,000
(Cost $2,617,903)				2,783,309
Austria — 0.1%
OMV AG		865		38,135
Verbund AG		408		29,582
(Cost $80,146)				67,717
Belgium — 0.3%
KBC Group NV		1,456		102,257
Umicore SA		1,232		25,718
(Cost $150,659)				127,975
Chile — 0.1%
Antofagasta PLC (Cost $43,973)		2,234		51,361
Denmark — 6.6%
A.P. Moller — Maersk A/S, Class A		20		27,147
A.P. Moller — Maersk A/S, Class B		23		32,542
Coloplast A/S, Class B		741		98,494
DSV A/S		1,034		166,021
Genmab A/S*		382		107,031

	Number of Shares		Value
Denmark (Continued)
Novo Nordisk A/S, Class B		19,216	$	2,286,683
Novozymes A/S, Class B		2,197		124,006
Orsted AS, 144A		1,108		62,202
Pandora A/S		510		82,405
ROCKWOOL A/S, Class B		55		17,606
Vestas Wind Systems A/S*		5,889		164,095
(Cost $1,913,125)				3,168,232
Finland — 1.0%
Elisa OYJ		882		39,763
Kesko OYJ, Class B		1,625		31,064
Metso Corp.		3,812		40,723
Neste OYJ		2,469		67,784
Nokia OYJ		31,428		110,855
Stora Enso OYJ, Class R		3,313		41,875
UPM-Kymmene OYJ		3,094		103,559
Wartsila OYJ Abp		2,797		43,268
(Cost $553,762)				478,891
France — 13.5%
Aeroports de Paris SA		205		27,885
AXA SA		10,643		378,690
BNP Paribas SA		6,065		363,472
Bouygues SA		1,150		45,510
Carrefour SA		3,453		58,030
Cie Generale des Etablissements Michelin SCA		3,945		145,960
Credit Agricole SA		6,405		86,778
Danone SA		3,796		242,445
Dassault Systemes SE		3,894		181,977
Eiffage SA		402		43,785
Gecina SA REIT		265		25,609
Getlink SE		2,053		35,080
Hermes International SCA		187		468,064
Kering SA		433		199,166
Klepierre SA REIT		1,291		32,803
L’Oreal SA		1,416		676,828
LVMH Moet Hennessy Louis Vuitton SE		1,626		1,482,971
Orange SA		11,056		126,893
Schneider Electric SE		3,201		726,740
Societe Generale SA		4,242		102,965
STMicroelectronics NV		3,996		180,430
Teleperformance SE		343		42,518
TotalEnergies SE		12,781		815,889
Worldline SA, 144A*		1,382		15,890
(Cost $5,646,520)				6,506,378
Germany — 4.6%
adidas AG		948		191,962
Bayerische Motoren Werke AG		1,902		224,802
Beiersdorf AG		577		82,764
Brenntag SE		784		71,589
Commerzbank AG		6,213		71,907
Covestro AG, 144A*		1,135		61,781
Deutsche Boerse AG		1,131		236,949
Deutsche Lufthansa AG*		3,510		27,303
Deutsche Post AG		5,875		272,806
Evonik Industries AG		1,448		26,732

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Germany (Continued)
GEA Group AG		992	$	40,009
Heidelberg Materials AG		764		74,161
Henkel AG & Co. KGaA		605		40,853
Knorr-Bremse AG		414		28,977
LEG Immobilien SE*		430		31,651
Merck KGaA		753		128,585
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		809		376,798
Puma SE		621		28,541
Symrise AG		775		79,304
Vonovia SE		4,285		119,635
Zalando SE, 144A*		1,311		27,693
(Cost $2,024,706)				2,244,802
Hong Kong — 2.1%
AIA Group Ltd.		66,888		543,388
BOC Hong Kong Holdings Ltd.		21,542		56,821
CK Infrastructure Holdings Ltd.		3,709		21,817
Hang Seng Bank Ltd.		4,420		50,473
HKT Trust & HKT Ltd. (a)		20,672		25,217
Hong Kong & China Gas Co. Ltd.		65,542		50,734
MTR Corp. Ltd.		9,231		30,657
Prudential PLC		16,053		157,901
Sino Land Co. Ltd.		24,034		25,941
Swire Pacific Ltd., Class A		2,763		22,905
Swire Properties Ltd.		5,685		11,735
WH Group Ltd., 144A		47,870		28,861
(Cost $1,321,538)				1,026,450
Ireland — 1.5%
CRH PLC		4,085		339,700
DCC PLC		557		39,569
James Hardie Industries PLC CDI*		2,595		102,651
Kerry Group PLC, Class A		931		81,747
Kingspan Group PLC		899		81,214
Smurfit Kappa Group PLC		1,497		63,876
(Cost $510,564)				708,757
Israel — 0.2%
Bank Leumi Le-Israel BM (Cost $71,190)		8,902		74,574
Italy — 1.7%
Assicurazioni Generali SpA		5,922		140,474
Enel SpA		48,103		306,238
FinecoBank Banca Fineco SpA		3,550		49,096
Mediobanca Banca di Credito Finanziario SpA		3,175		43,274
Moncler SpA		1,225		88,367
Nexi SpA, 144A*		3,404		24,953
Poste Italiane SpA, 144A		2,639		30,957
Prysmian SpA		1,481		73,803
Terna — Rete Elettrica Nazionale		8,256		64,719
(Cost $789,563)				821,881
Japan — 26.2%
Advantest Corp.		4,500		207,757
Aeon Co. Ltd.		3,800		90,766
Ajinomoto Co., Inc.		2,700		99,272

	Number of Shares		Value
Japan (Continued)
ANA Holdings, Inc.*		800	$	17,446
Asahi Kasei Corp.		7,200		50,102
Astellas Pharma, Inc.		10,400		114,756
Azbil Corp.		600		17,603
Bandai Namco Holdings, Inc.		3,500		67,652
Bridgestone Corp.		3,300		142,125
Brother Industries Ltd.		1,500		25,150
Dai Nippon Printing Co. Ltd.		1,165		33,992
Daifuku Co. Ltd.		1,848		43,783
Daiichi Sankyo Co. Ltd.		11,000		365,564
Daikin Industries Ltd.		1,571		222,262
Daiwa House Industry Co. Ltd.		3,400		98,363
Daiwa Securities Group, Inc.		7,900		58,167
Denso Corp.		11,100		204,245
Eisai Co. Ltd.		1,508		63,012
FANUC Corp.		5,625		164,312
Fast Retailing Co. Ltd.		1,042		301,175
Fuji Electric Co. Ltd.		700		42,560
FUJIFILM Holdings Corp.		2,250		143,160
Fujitsu Ltd.		1,051		164,212
Hankyu Hanshin Holdings, Inc.		1,300		37,497
Hirose Electric Co. Ltd.		221		23,500
Hitachi Construction Machinery Co. Ltd.		600		17,334
Hitachi Ltd.		5,500		465,407
Hoya Corp.		2,099		273,261
Hulic Co. Ltd.		2,300		22,943
Ibiden Co. Ltd.		700		32,276
Inpex Corp.		5,700		76,587
Isuzu Motors Ltd.		3,300		47,007
ITOCHU Corp.		7,000		304,750
JFE Holdings, Inc.		3,400		55,769
JSR Corp.		1,100		29,560
Kao Corp.		2,784		105,951
KDDI Corp.		8,902		270,861
Kikkoman Corp.		800		52,387
Koito Manufacturing Co. Ltd.		1,200		15,189
Komatsu Ltd.		5,500		159,705
Kubota Corp.		6,000		87,954
Kyowa Kirin Co. Ltd.		1,700		33,751
LY Corp.		15,800		43,588
Marubeni Corp.		8,600		142,041
MatsukiyoCocokara & Co.		1,900		31,495
Mazda Motor Corp.		3,200		37,587
McDonald’s Holdings Co. Japan Ltd.		500		23,285
MEIJI Holdings Co. Ltd.		1,300		29,332
Mitsubishi Chemical Group Corp.		7,700		44,167
Mitsubishi Estate Co. Ltd.		6,500		99,908
Mitsui Chemicals, Inc.		900		24,943
Mitsui Fudosan Co. Ltd.		5,300		143,805
Mizuho Financial Group, Inc.		14,300		267,617
MS&AD Insurance Group Holdings, Inc.		2,500		123,772
NEC Corp.		1,500		101,122
Nintendo Co. Ltd.		6,120		343,476
NIPPON EXPRESS HOLDINGS, Inc.		450		23,809
Nippon Paint Holdings Co. Ltd.		5,550		41,179
Nippon Prologis REIT, Inc. REIT		15		25,115
Nissin Foods Holdings Co. Ltd.		1,200		35,093

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Nitori Holdings Co. Ltd.		442	$	64,911
Nitto Denko Corp.		850		78,088
Nomura Holdings, Inc.		17,100		97,205
Nomura Real Estate Holdings, Inc.		700		17,412
Nomura Research Institute Ltd.		2,300		64,603
NTT Data Group Corp.		3,500		56,930
Omron Corp.		1,013		37,577
Ono Pharmaceutical Co. Ltd.		2,300		38,233
Oriental Land Co. Ltd.		6,425		230,222
ORIX Corp.		6,800		142,524
Osaka Gas Co. Ltd.		2,300		46,009
Pan Pacific International Holdings Corp.		2,300		54,169
Panasonic Holdings Corp.		12,900		122,432
Rakuten Group, Inc.*		8,800		48,213
Recruit Holdings Co. Ltd.		8,500		343,249
Renesas Electronics Corp.		8,600		141,035
Ricoh Co. Ltd.		3,200		26,619
SCSK Corp.		800		14,752
Secom Co. Ltd.		1,200		87,553
Seiko Epson Corp.		1,800		29,116
Sekisui Chemical Co. Ltd.		2,200		31,000
Sekisui House Ltd.		3,600		80,337
Seven & i Holdings Co. Ltd.		13,500		201,143
SG Holdings Co. Ltd.		2,000		25,095
Sharp Corp.*		1,600		8,718
Shimadzu Corp.		1,340		36,555
Shimizu Corp.		3,100		17,995
Shin-Etsu Chemical Co. Ltd.		10,575		451,276
Shionogi & Co. Ltd.		1,400		70,005
SoftBank Corp.		17,100		225,361
Sompo Holdings, Inc.		1,740		102,096
Sony Group Corp.		7,433		642,882
Subaru Corp.		3,500		79,602
Sumitomo Electric Industries Ltd.		4,100		60,828
Sumitomo Metal Mining Co. Ltd.		1,553		40,509
Sumitomo Mitsui Financial Group, Inc.		7,453		415,500
Sumitomo Mitsui Trust Holdings, Inc.		3,800		77,158
Suntory Beverage & Food Ltd.		700		23,020
Sysmex Corp.		1,000		56,257
T&D Holdings, Inc.		2,900		50,436
TDK Corp.		2,325		120,949
Terumo Corp.		3,950		154,020
TIS, Inc.		1,300		29,315
Tobu Railway Co. Ltd.		1,000		25,570
Tokio Marine Holdings, Inc.		10,600		309,919
Tokyo Electron Ltd.		2,775		683,599
Tokyo Gas Co. Ltd.		2,100		46,007
Tokyu Corp.		3,200		39,842
Toray Industries, Inc.		8,300		38,292
TOTO Ltd.		700		18,937
Unicharm Corp.		2,400		79,792
USS Co. Ltd.		1,100		19,149
West Japan Railway Co.		1,250		52,040
Yamaha Corp.		919		20,085
Yamaha Motor Co. Ltd.		5,400		48,328
Yamato Holdings Co. Ltd.		1,600		24,320
Yaskawa Electric Corp.		1,372		56,092

	Number of Shares		Value
Japan (Continued)
Yokogawa Electric Corp.		1,279	$	27,038
ZOZO, Inc.		900		20,409
(Cost $10,883,496)				12,680,787
Luxembourg — 0.1%
Tenaris SA (Cost $34,527)		2,733		48,562
Netherlands — 7.3%
Akzo Nobel NV		1,002		73,018
ASML Holding NV		2,373		2,235,394
ING Groep NV		19,511		267,935
JDE Peet’s NV		550		12,582
Koninklijke Ahold Delhaize NV		5,705		169,899
Koninklijke KPN NV		19,797		72,475
NN Group NV		1,642		73,315
Prosus NV*		8,697		254,015
Universal Music Group NV		4,773		143,951
Wolters Kluwer NV		1,461		230,592
(Cost $2,341,851)				3,533,176
New Zealand — 0.3%
Mercury NZ Ltd.		3,759		15,298
Meridian Energy Ltd.		7,158		26,079
Spark New Zealand Ltd.		10,726		33,132
Xero Ltd.*		824		68,308
(Cost $137,481)				142,817
Norway — 1.0%
Aker BP ASA		1,828		44,444
DNB Bank ASA		5,448		109,122
Equinor ASA		5,335		131,698
Gjensidige Forsikring ASA		1,141		18,042
Mowi ASA		2,618		50,610
Norsk Hydro ASA		7,858		40,435
Orkla ASA		4,284		30,742
Salmar ASA		430		27,319
Telenor ASA		3,709		40,662
(Cost $556,474)				493,074
Portugal — 0.2%
Galp Energia SGPS SA		2,868		45,219
Jeronimo Martins SGPS SA		1,691		40,478
(Cost $70,334)				85,697
Singapore — 0.7%
CapitaLand Integrated Commercial Trust REIT (b)		32,865		47,907
CapitaLand Investment Ltd.		15,100		31,220
City Developments Ltd.		2,900		12,229
Keppel Ltd.		8,700		46,845
Singapore Exchange Ltd.		5,100		35,843
United Overseas Bank Ltd.		7,500		155,901
(Cost $331,477)				329,945
Spain — 1.6%
ACS Actividades de Construccion y Servicios SA		1,300		53,374
Amadeus IT Group SA		2,626		154,533

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Spain (Continued)
Iberdrola SA		36,138	$	415,314
Redeia Corp. SA		2,333		37,112
Repsol SA		7,144		113,837
(Cost $755,889)				774,170
Sweden — 3.1%
Alfa Laval AB		1,681		63,309
Assa Abloy AB, Class B		5,868		167,520
Atlas Copco AB, Class A		15,697		272,679
Atlas Copco AB, Class B		9,015		134,910
Beijer Ref AB		2,410		33,911
Boliden AB		1,587		40,237
Epiroc AB, Class A		3,833		69,548
Epiroc AB, Class B		2,267		37,420
EQT AB		2,069		60,586
Essity AB, Class B		3,568		83,343
H & M Hennes & Mauritz AB, Class B		3,845		52,193
Holmen AB, Class B		537		21,579
Husqvarna AB, Class B		2,369		18,284
Nibe Industrier AB, Class B		8,871		49,536
Sandvik AB		6,223		140,067
SKF AB, Class B		1,989		43,404
Svenska Cellulosa AB SCA, Class B		3,560		50,454
Svenska Handelsbanken AB, Class A		8,511		101,828
Tele2 AB, Class B		3,151		26,469
Telia Co. AB		14,391		34,310
(Cost $1,379,617)				1,501,587
Switzerland — 9.0%
ABB Ltd.		9,393		434,368
Baloise Holding AG		273		44,211
Banque Cantonale Vaudoise		174		20,926
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		12		147,453
Clariant AG*		1,226		15,232
Coca-Cola HBC AG*		1,304		40,660
DSM-Firmenich AG		1,107		118,596
Geberit AG		201		117,146
Givaudan SA		54		227,333
Julius Baer Group Ltd.		1,179		63,305
Kuehne + Nagel International AG		320		108,151
Logitech International SA		962		85,193
Lonza Group AG		441		231,380
Novartis AG		12,072		1,226,873
SGS SA		879		84,651
SIG Group AG*		1,794		35,654
Sika AG		902		261,724
Sonova Holding AG		306		94,627
Swiss Life Holding AG		174		126,783
Swiss Re AG		1,766		213,793
Swisscom AG		151		86,668
Temenos AG		377		28,386
VAT Group AG, 144A		157		78,950
Zurich Insurance Group AG		861		459,565
(Cost $3,814,462)				4,351,628
United Kingdom — 12.5%
3i Group PLC		5,804		181,195

	Number of Shares		Value
United Kingdom (Continued)
abrdn PLC		11,746	$	23,387
Admiral Group PLC		1,552		52,339
Anglo American PLC		7,515		161,699
Ashtead Group PLC		2,554		183,503
Associated British Foods PLC		2,076		59,690
AstraZeneca PLC		9,128		1,152,684
Auto Trader Group PLC, 144A		5,244		49,114
Barratt Developments PLC		5,685		33,547
Berkeley Group Holdings PLC		636		37,353
BT Group PLC		37,863		50,026
Burberry Group PLC		2,220		36,085
Coca-Cola Europacific Partners PLC		1,197		82,150
Croda International PLC		813		49,014
Endeavour Mining PLC		1,034		16,677
HSBC Holdings PLC		112,776		876,622
Informa PLC		8,051		82,512
Intertek Group PLC		938		54,841
J Sainsbury PLC		9,691		30,598
Kingfisher PLC		11,105		32,941
Legal & General Group PLC		35,020		107,247
Lloyds Banking Group PLC		375,520		221,214
Mondi PLC		2,577		45,914
National Grid PLC		21,736		285,260
Ocado Group PLC*		3,580		23,159
Phoenix Group Holdings PLC		4,387		27,597
Reckitt Benckiser Group PLC		4,252		268,821
RELX PLC		11,086		485,345
Sage Group PLC		6,016		94,706
Schroders PLC		4,378		21,781
Segro PLC REIT		6,864		73,403
Spirax-Sarco Engineering PLC		426		55,638
St James’s Place PLC		3,119		19,845
Taylor Wimpey PLC		21,071		36,742
Tesco PLC		41,686		147,013
Unilever PLC		14,787		723,222
Vodafone Group PLC		133,876		117,052
WPP PLC		6,278		56,161
(Cost $6,069,165)				6,056,097
TOTAL COMMON STOCKS (Cost $42,098,422)				48,057,867
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		339		37,161
Henkel AG & Co. KGaA		987		74,296
(Cost $112,176)				111,457
EXCHANGE-TRADED FUNDS — 0.0%
iShares ESG Aware MSCI EAFE ETF (b) (Cost $687)		10		773
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $99,674)		99,674		99,674

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $15,377)		15,377	$	15,377
TOTAL INVESTMENTS — 100.0% (Cost $42,326,336)			$	48,285,148
Other assets and liabilities, net — 0.0%				16,940
NET ASSETS — 100.0%			$	48,302,088

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		99,674	(e)		—			—		—		370		—		99,674		99,674
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		11,252		479,408			(475,283	)		—		—		763		—		15,377		15,377
		11,252		579,082			(475,283	)		—		—		1,133		—		115,051		115,051

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $96,283, which is 0.2% of net assets.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

CDI: Chess Depositary Interests

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO STOXX 50 Futures	EUR	1	$	49,774	$	52,960	3/15/2024	$	3,186
Micro EURO STOXX 50 Futures	EUR	5		26,350		26,480	3/15/2024		130
MINI TOPIX Index Futures	JPY	2		31,553		35,826	3/07/2024		4,273
Total unrealized appreciation								$	7,589

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

Currency Abbreviations

EUR Euro

JPY Japanese Yen

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	48,057,867	$	—	$	—	$	48,057,867
Preferred Stocks		111,457		—		—		111,457
Exchange-Traded Funds		773		—		—		773
Short-Term Investments (a)		115,051		—		—		115,051
Derivatives (b)
Futures Contracts		7,589		—		—		7,589
TOTAL	$	48,292,737	$	—	$	—	$	48,292,737

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

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

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.4%
Brazil — 2.8%
Atacadao SA		4,126	$	10,040
Banco Santander Brasil SA		2,487		14,315
CCR SA		7,060		19,580
Cia de Saneamento Basico do Estado de Sao Paulo		2,297		36,596
Cia Siderurgica Nacional SA		4,500		15,233
Cosan SA		8,349		28,566
Energisa SA		1,404		14,366
Equatorial Energia SA		7,217		49,647
Hapvida Participacoes e Investimentos SA, 144A*		33,365		24,644
Klabin SA		5,133		23,317
Localiza Rent a Car SA		6,266		66,839
Localiza Rent a Car SA*		22		235
Lojas Renner SA		6,576		20,911
Magazine Luiza SA*		20,440		8,762
Natura & Co. Holding SA*		6,237		20,473
PRIO SA		5,351		47,074
Raia Drogasil SA		9,006		48,287
Rede D’Or Sao Luiz SA, 144A		3,812		19,426
Rumo SA		9,072		41,483
Telefonica Brasil SA		2,834		31,074
TIM SA		5,043		18,442
TOTVS SA		3,923		24,231
Ultrapar Participacoes SA		4,964		29,333
WEG SA		11,310		83,516
(Cost $625,203)				696,390
Chile — 0.3%
Cencosud SA		8,783		15,758
Empresas CMPC SA		7,977		14,147
Empresas Copec SA		2,668		17,106
Enel Americas SA		145,631		14,834
Falabella SA*		5,724		14,502
(Cost $86,272)				76,347
China — 24.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		2,704
AAC Technologies Holdings, Inc.		4,879		12,128
Agricultural Bank of China Ltd., Class A		35,800		20,818
Agricultural Bank of China Ltd., Class H		186,363		76,651
Aier Eye Hospital Group Co. Ltd., Class A		4,300		8,743
Air China Ltd., Class A*		4,800		4,983
Air China Ltd., Class H*		13,956		7,487
Alibaba Group Holding Ltd.		109,161		1,016,482
Angel Yeast Co. Ltd., Class A		200		935
Anhui Conch Cement Co. Ltd., Class A		1,700		5,648
Anhui Conch Cement Co. Ltd., Class H		8,533		18,660
Anjoy Foods Group Co. Ltd., Class A		100		1,212
Baidu, Inc., Class A*		15,290		194,426
Beijing Tongrentang Co. Ltd., Class A		600		3,706
BYD Co. Ltd., Class A		777		20,619
BYD Co. Ltd., Class H		7,038		173,774
By-health Co. Ltd., Class A		300		704
CECEP Solar Energy Co. Ltd., Class A		1,600		1,208

	Number of Shares		Value
China (Continued)
China Baoan Group Co. Ltd., Class A		900	$	1,486
China Construction Bank Corp., Class H		643,580		401,169
China Eastern Airlines Corp. Ltd., Class A*		7,100		3,754
China Feihe Ltd., 144A		24,804		12,356
China Jushi Co. Ltd., Class A		1,828		2,542
China Literature Ltd., 144A*		2,801		8,640
China Mengniu Dairy Co. Ltd.*		21,414		53,830
China Merchants Bank Co. Ltd., Class A		8,134		36,170
China Merchants Bank Co. Ltd., Class H		26,168		102,114
China Resources Pharmaceutical Group Ltd., 144A		11,070		7,494
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		3,052
China Southern Airlines Co. Ltd., Class A*		3,674		3,019
China Three Gorges Renewables Group Co. Ltd., Class A		12,810		8,214
China Tourism Group Duty Free Corp. Ltd., Class A		800		9,671
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		764		7,505
China Vanke Co. Ltd., Class A		4,385		6,110
China Vanke Co. Ltd., Class H		15,367		11,895
China Yangtze Power Co. Ltd., Class A		10,100		35,114
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		5,939
CITIC Ltd.		39,068		39,473
CMOC Group Ltd., Class A		8,624		7,361
CMOC Group Ltd., Class H		25,630		15,845
CNGR Advanced Material Co. Ltd., Class A		300		1,974
Contemporary Amperex Technology Co. Ltd., Class A		1,795		40,734
Country Garden Services Holdings Co. Ltd.		15,205		11,634
CSPC Pharmaceutical Group Ltd.		60,443		47,250
East Buy Holding Ltd., 144A*		2,796		8,643
Ecovacs Robotics Co. Ltd., Class A		200		1,036
ENN Energy Holdings Ltd.		5,489		45,118
ENN Natural Gas Co. Ltd., Class A		1,200		3,119
Fosun International Ltd.		17,016		9,824
Ganfeng Lithium Group Co. Ltd., Class A		664		3,691
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,798		9,292
GEM Co. Ltd., Class A		1,200		893
Genscript Biotech Corp.*		7,910		15,984
Goldwind Science & Technology Co. Ltd., Class A		1,700		1,803
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,232
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		1,674
Haier Smart Home Co. Ltd., Class A		2,700		9,027
Haier Smart Home Co. Ltd., Class H		16,422		50,134
Haitian International Holdings Ltd.		3,835		9,719
Hangzhou Robam Appliances Co. Ltd., Class A		400		1,388

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Hangzhou Tigermed Consulting Co. Ltd., Class A		200	$	1,250
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,839		13,818
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,642		6,659
Huadong Medicine Co. Ltd., Class A		600		2,805
Huatai Securities Co. Ltd., Class A		3,356		6,772
Huatai Securities Co. Ltd., Class H, 144A		9,778		11,566
Hygeia Healthcare Holdings Co. Ltd., 144A		2,198		8,268
Industrial & Commercial Bank of China Ltd., Class A		26,500		19,603
Industrial & Commercial Bank of China Ltd., Class H		433,460		223,684
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,650		10,427
Innovent Biologics, Inc., 144A*		7,822		42,313
JD Logistics, Inc., 144A*		13,209		13,110
JD.com, Inc., Class A		15,595		177,388
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,600		2,332
Jiangsu Expressway Co. Ltd., Class H		7,064		7,264
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,700		15,978
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,500		2,725
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		800		1,341
Kanzhun Ltd., ADR		1,513		23,678
Kingdee International Software Group Co. Ltd.*		18,914		20,439
Kuaishou Technology, 144A*		15,828		89,969
Kuang-Chi Technologies Co. Ltd., Class A*		1,100		2,264
Lenovo Group Ltd.		53,308		59,036
Li Auto, Inc., Class A*		7,854		177,871
Livzon Pharmaceutical Group, Inc., Class A		300		1,603
Longfor Group Holdings Ltd., 144A		13,294		16,777
Ming Yang Smart Energy Group Ltd., Class A		900		1,274
MINISO Group Holding Ltd.		2,664		12,403
NetEase, Inc.		12,907		290,493
NIO, Inc., ADR* (a)		9,477		54,493
Nongfu Spring Co. Ltd., Class H, 144A		13,667		77,511
Offshore Oil Engineering Co. Ltd., Class A		1,800		1,546
Perfect World Co. Ltd., Class A		1,000		1,627
Pharmaron Beijing Co. Ltd., Class A		750		2,430
Pop Mart International Group Ltd., 144A		3,220		8,053
Postal Savings Bank of China Co. Ltd., Class A		12,284		8,269
Postal Savings Bank of China Co. Ltd., Class H, 144A		55,065		29,049
Sany Heavy Equipment International Holdings Co. Ltd.		6,439		5,001
SF Holding Co. Ltd., Class A		2,188		11,646

	Number of Shares		Value
China (Continued)
Shandong Nanshan Aluminum Co. Ltd., Class A		4,300	$	1,850
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		17,011		11,060
Shanghai Electric Group Co. Ltd., Class A*		4,200		2,472
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		826		2,818
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,817		6,904
Shanghai M&G Stationery, Inc., Class A		400		1,977
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,278		3,216
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,091		8,194
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,052		2,739
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,600		1,468
Shenzhen Inovance Technology Co. Ltd., Class A		624		5,474
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		448		17,980
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		200		2,248
Sinopharm Group Co. Ltd., Class H		8,868		24,864
Sinotruk Hong Kong Ltd.		4,708		12,448
Skshu Paint Co. Ltd., Class A*		196		1,053
Sungrow Power Supply Co. Ltd., Class A		670		8,109
Sunwoda Electronic Co. Ltd., Class A		800		1,579
TCL Technology Group Corp., Class A*		7,900		4,967
Tencent Holdings Ltd.		44,393		1,571,855
Tianqi Lithium Corp., Class A		600		4,466
Tongcheng Travel Holdings Ltd.*		8,100		20,444
Topchoice Medical Corp., Class A*		100		913
Vipshop Holdings Ltd., ADR*		2,362		45,468
Weichai Power Co. Ltd., Class A		2,700		6,325
Weichai Power Co. Ltd., Class H		13,000		25,572
Western Mining Co. Ltd., Class A		1,000		2,311
WuXi AppTec Co. Ltd., Class A		1,088		8,226
WuXi AppTec Co. Ltd., Class H, 144A		2,489		15,483
Wuxi Biologics Cayman, Inc., 144A*		25,939		63,085
XPeng, Inc., Class A*		7,334		33,631
Yadea Group Holdings Ltd., 144A		8,450		13,254
Yihai Kerry Arawana Holdings Co. Ltd., Class A		700		3,142
Yum China Holdings, Inc.		2,709		116,189
Yunnan Baiyao Group Co. Ltd., Class A		806		5,574
Yunnan Energy New Material Co. Ltd., Class A		358		2,280
Zai Lab Ltd.*		6,241		13,584
Zangge Mining Co. Ltd., Class A		800		3,252
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		300		9,285
Zhejiang Chint Electrics Co. Ltd., Class A		912		2,605
Zhejiang Expressway Co. Ltd., Class H		11,942		9,122
Zhejiang Weixing New Building Materials Co. Ltd., Class A		800		1,749

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
China (Continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800	$	4,219
ZTO Express Cayman, Inc., ADR		2,885		55,363
(Cost $8,553,344)				6,249,362
Colombia — 0.1%
Bancolombia SA		1,711		14,353
Interconexion Electrica SA ESP		2,679		11,408
(Cost $30,945)				25,761
Czech Republic — 0.1%
Komercni Banka AS		454		15,842
Moneta Money Bank AS, 144A		2,257		9,941
(Cost $22,281)				25,783
Egypt — 0.2%
Commercial International Bank — Egypt (CIB) (Cost $26,611)		17,245		40,796
Greece — 0.5%
Alpha Services and Holdings SA*		14,485		27,227
Eurobank Ergasias Services and Holdings SA*		17,815		36,851
Hellenic Telecommunications Organization SA		1,363		20,591
Motor Oil Hellas Corinth Refineries SA		446		12,742
Mytilineos SA		629		24,504
(Cost $74,352)				121,915
Hong Kong — 1.4%
Alibaba Health Information Technology Ltd.*		36,842		16,188
Beijing Enterprises Water Group Ltd.		28,772		6,762
Bosideng International Holdings Ltd.		26,391		13,316
China Medical System Holdings Ltd.		9,149		15,029
China Merchants Port Holdings Co. Ltd.		7,436		9,223
China Overseas Land & Investment Ltd.		25,691		38,198
China Resources Gas Group Ltd.		6,347		19,214
China Resources Land Ltd.		21,826		67,189
China Ruyi Holdings Ltd.*		41,857		8,234
Chow Tai Fook Jewellery Group Ltd.		13,756		20,593
Far East Horizon Ltd.		10,270		8,251
Geely Automobile Holdings Ltd.		41,613		45,500
Kunlun Energy Co. Ltd.		26,615		22,743
Orient Overseas International Ltd.		836		12,996
Sino Biopharmaceutical Ltd.		68,556		27,409
Vinda International Holdings Ltd.		1,942		5,767
Want Want China Holdings Ltd.		32,681		18,034
(Cost $508,039)				354,646
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		2,959		23,534
OTP Bank Nyrt		1,479		70,882
Richter Gedeon Nyrt		973		25,893
(Cost $104,626)				120,309
India — 16.5%
ABB India Ltd.		366		24,035
Adani Green Energy Ltd.*		2,144		49,001

	Number of Shares		Value
India (Continued)
Ashok Leyland Ltd.		9,600	$	19,671
Asian Paints Ltd.		2,599		88,452
Astral Ltd.		795		19,839
AU Small Finance Bank Ltd., 144A		1,191		8,185
Axis Bank Ltd.		15,442		200,222
Bajaj Finance Ltd.		1,867		146,254
Berger Paints India Ltd.		1,947		14,246
Bharti Airtel Ltd.		15,158		205,361
Britannia Industries Ltd.		747		44,732
Cipla Ltd.		3,420		61,059
Colgate-Palmolive India Ltd.		919		28,005
Cummins India Ltd.		958		31,642
Dabur India Ltd.		4,232		27,467
DLF Ltd.		4,907		53,333
Eicher Motors Ltd.		942		43,085
GAIL India Ltd.		14,638		32,174
GMR Airports Infrastructure Ltd.*		14,178		14,363
Grasim Industries Ltd.		1,710		45,194
Havells India Ltd.		1,700		31,397
HCL Technologies Ltd.		6,300		126,420
Hero MotoCorp Ltd.		824		43,989
Hindalco Industries Ltd.		8,530		51,834
Hindustan Unilever Ltd.		5,567		161,962
ICICI Prudential Life Insurance Co. Ltd., 144A		2,296		14,749
Indian Hotels Co. Ltd.		5,952		42,115
Indraprastha Gas Ltd.		1,998		10,265
Info Edge India Ltd.		483		30,686
Infosys Ltd.		15,068		304,190
Infosys Ltd., ADR		7,118		142,075
InterGlobe Aviation Ltd., 144A*		1,015		38,626
Kotak Mahindra Bank Ltd.		7,395		150,676
Lupin Ltd.		1,463		28,602
Mahindra & Mahindra Ltd.		6,160		143,562
Marico Ltd.		3,537		22,293
Max Healthcare Institute Ltd.		5,022		48,051
Nestle India Ltd.		2,221		69,542
PI Industries Ltd.		568		25,159
Pidilite Industries Ltd.		1,000		32,997
Power Grid Corp. of India Ltd.		31,262		106,643
Reliance Industries Ltd.		20,401		718,841
Shree Cement Ltd.		63		19,378
Shriram Finance Ltd.		1,899		55,850
Siemens Ltd.		617		34,819
Supreme Industries Ltd.		429		21,475
Suzlon Energy Ltd.*		55,479		30,277
Tata Consultancy Services Ltd.		6,046		298,602
Torrent Pharmaceuticals Ltd.		733		23,569
TVS Motor Co. Ltd.*		1,672		43,137
UPL Ltd.		3,029		17,159
Vedanta Ltd.		6,423		20,764
Zomato Ltd.*		40,661		81,134
(Cost $3,211,254)				4,147,158
Indonesia — 2.2%
Aneka Tambang Tbk		64,114		5,956
PT Bank Central Asia Tbk		366,793		230,486

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Bank Rakyat Indonesia Persero Tbk		461,814	$	179,994
PT Barito Pacific Tbk		202,106		12,539
PT Kalbe Farma Tbk		142,363		13,498
PT Merdeka Copper Gold Tbk*		66,750		9,599
PT Sarana Menara Nusantara Tbk		140,658		8,235
PT Telkom Indonesia Persero Tbk		333,840		84,974
PT Unilever Indonesia Tbk		51,759		8,992
(Cost $525,333)				554,273
Kazakhstan — 0.0%
Polymetal International PLC* (b) (Cost $40,174)		2,070		0
Kuwait — 0.6%
Kuwait Finance House KSCP (Cost $129,010)		56,593		149,002
Malaysia — 2.1%
AMMB Holdings Bhd		11,100		10,151
Axiata Group Bhd		17,983		10,535
Celcomdigi Bhd		23,200		21,266
CIMB Group Holdings Bhd		43,073		58,635
Gamuda Bhd		12,859		14,334
IHH Healthcare Bhd		15,200		19,699
Kuala Lumpur Kepong Bhd		2,670		12,603
Malayan Banking Bhd		36,653		73,607
Malaysia Airports Holdings Bhd		6,328		11,308
Maxis Bhd		17,000		13,326
MISC Bhd		7,600		12,171
MR DIY Group M Bhd, 144A		23,100		7,594
Nestle Malaysia Bhd		500		13,160
Petronas Chemicals Group Bhd		18,300		26,994
Petronas Dagangan Bhd		1,900		9,145
Petronas Gas Bhd		5,300		20,036
PPB Group Bhd		4,700		15,431
Press Metal Aluminium Holdings Bhd		25,400		25,049
Public Bank Bhd		98,175		91,027
QL Resources Bhd		7,400		9,060
RHB Bank Bhd		11,057		13,048
Sime Darby Bhd		20,200		11,536
Telekom Malaysia Bhd		8,500		10,837
YTL Corp. Bhd		21,100		11,872
YTL Power International Bhd		15,900		13,235
(Cost $531,042)				535,659
Mexico — 3.0%
America Movil SAB de CV, Series B		127,765		119,482
Arca Continental SAB de CV		3,394		36,514
Cemex SAB de CV, Series CPO*		103,001		78,640
Fibra Uno Administracion SA de CV REIT		18,492		33,373
Fomento Economico Mexicano SAB de CV		12,841		160,135
Gruma SAB de CV, Class B		1,247		22,178
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,277		37,419
Grupo Bimbo SAB de CV, Series A		8,796		36,748
Grupo Financiero Banorte SAB de CV, Class O		17,620		181,935
Industrias Penoles SAB de CV*		1,366		17,095

	Number of Shares		Value
Mexico (Continued)
Orbia Advance Corp. SAB de CV		5,347	$	9,875
Prologis Property Mexico SA de CV REIT		4,884		21,924
(Cost $580,704)				755,318
Netherlands — 0.1%
NEPI Rockcastle NV* (Cost $24,867)		3,824		27,279
Peru — 0.3%
Credicorp Ltd. (Cost $62,469)		454		77,579
Philippines — 0.5%
Ayala Corp.		1,710		20,624
JG Summit Holdings, Inc.		17,770		12,960
PLDT, Inc.		515		12,029
SM Investments Corp.		1,632		27,290
SM Prime Holdings, Inc.		69,500		39,068
Universal Robina Corp.		5,810		12,092
(Cost $139,899)				124,063
Poland — 1.2%
Allegro.eu SA, 144A*		3,390		27,411
CD Projekt SA		442		12,159
KGHM Polska Miedz SA		926		25,031
mBank SA*		103		17,950
ORLEN SA		3,960		61,546
Powszechna Kasa Oszczednosci Bank Polski SA		6,004		83,649
Powszechny Zaklad Ubezpieczen SA		3,894		47,954
Santander Bank Polska SA		250		34,448
(Cost $240,944)				310,148
Qatar — 0.7%
Qatar Fuel QSC		3,952		16,238
Qatar Gas Transport Co. Ltd.		17,822		19,579
Qatar National Bank QPSC		31,185		130,444
(Cost $196,976)				166,261
Russia — 0.0%
Gazprom PJSC* (b)		68,905		0
LUKOIL PJSC* (b)		2,409		0
Mobile TeleSystems PJSC, ADR* (b)		2,662		0
Moscow Exchange MICEX-RTS PJSC* (b)		8,602		0
Novatek PJSC* (b)		5,300		0
Novolipetsk Steel PJSC* (b)		8,462		0
PhosAgro PJSC* (b)		267		0
PhosAgro PJSC, GDR* (b)		300		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		193		0
(Cost $634,818)				0
Saudi Arabia — 2.3%
ACWA Power Co.		657		46,249
Alinma Bank		6,433		75,389
Bank AlBilad		3,183		41,927
Dr Sulaiman Al Habib Medical Services Group Co.		611		53,666
Sahara International Petrochemical Co.		2,442		19,958

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Arabian Oil Co., 144A		18,046	$	152,537
Saudi Basic Industries Corp.		6,101		128,192
Saudi Electricity Co.		5,739		30,605
Savola Group		1,773		25,056
(Cost $550,678)				573,579
Singapore — 0.1%
BOC Aviation Ltd., 144A (Cost $11,623)		1,457		10,738
South Africa — 4.4%
Absa Group Ltd.		5,708		48,666
Anglo American Platinum Ltd.		454		17,440
Aspen Pharmacare Holdings Ltd.		2,580		26,358
Bid Corp. Ltd.		2,121		49,609
Bidvest Group Ltd.		1,999		24,348
Capitec Bank Holdings Ltd.		585		61,531
Clicks Group Ltd.		1,595		24,951
Discovery Ltd.		3,532		25,021
FirstRand Ltd.		32,884		111,043
Gold Fields Ltd.		6,199		81,366
Impala Platinum Holdings Ltd.		5,889		19,886
Kumba Iron Ore Ltd.		440		12,316
MTN Group Ltd.		11,506		50,082
Naspers Ltd., Class N		1,223		201,146
Nedbank Group Ltd.		3,039		34,723
Northam Platinum Holdings Ltd.		2,332		13,333
Old Mutual Ltd.		32,825		20,430
Sanlam Ltd.		12,032		46,130
Sasol Ltd.		3,929		29,642
Shoprite Holdings Ltd.		3,426		46,115
Sibanye Stillwater Ltd.		19,424		20,119
Standard Bank Group Ltd.		9,108		95,820
Vodacom Group Ltd.		4,310		21,123
Woolworths Holdings Ltd.		6,649		22,241
(Cost $1,350,812)				1,103,439
South Korea — 6.3%
Amorepacific Corp.		202		18,143
CJ CheilJedang Corp.		47		10,571
Coway Co. Ltd.		375		15,264
Doosan Bobcat, Inc.		381		13,433
Doosan Enerbility Co. Ltd.*		3,022		36,856
Hana Financial Group, Inc.		1,977		84,033
Hanon Systems		1,245		5,769
Hanwha Solutions Corp.		772		16,088
HD Hyundai Co. Ltd.		305		16,194
HMM Co. Ltd.*		1,658		22,748
Hyundai Engineering & Construction Co. Ltd.*		524		13,655
Hyundai Glovis Co. Ltd.*		130		18,598
Kakao Corp.		2,113		84,577
KB Financial Group, Inc.		2,600		123,986
Korea Zinc Co. Ltd.		55		18,483
Korean Air Lines Co. Ltd.		1,048		18,102
Kumho Petrochemical Co. Ltd.*		119		13,217
LG Chem Ltd.		335		113,964
LG Corp.		651		45,809

	Number of Shares		Value
South Korea (Continued)
LG Display Co. Ltd.		1,599	$	13,665
LG Electronics, Inc.		716		51,028
LG Energy Solution Ltd.*		302		91,058
LG H&H Co. Ltd.		67		16,051
LG Uplus Corp.		1,461		11,323
Lotte Chemical Corp.		134		12,317
Mirae Asset Securities Co. Ltd.*		1,883		12,755
NAVER Corp.		890		130,332
NCSoft Corp.		98		14,278
Netmarble Corp., 144A*		150		6,950
POSCO Future M Co. Ltd.*		209		49,754
Samsung Engineering Co. Ltd.*		992		18,326
Samsung SDI Co. Ltd.		374		105,886
Samsung SDS Co. Ltd.		270		32,442
Samsung Securities Co. Ltd.		429		13,386
Shinhan Financial Group Co. Ltd.		2,862		93,602
SK Biopharmaceuticals Co. Ltd.*		211		15,354
SK Bioscience Co. Ltd.*		184		8,484
SK IE Technology Co. Ltd., 144A*		164		9,028
SK Innovation Co. Ltd.*		413		36,319
SK Square Co. Ltd.*		688		36,115
SK, Inc.		243		35,001
SKC Co. Ltd.*		130		8,084
Woori Financial Group, Inc.		4,041		45,217
Yuhan Corp.		376		19,032
(Cost $1,868,076)				1,575,277
Taiwan — 22.7%
Acer, Inc.		18,941		27,055
Airtac International Group		1,106		42,337
AUO Corp.*		43,513		24,090
Cathay Financial Holding Co. Ltd.*		64,095		91,348
China Airlines Ltd.		21,022		13,301
China Steel Corp.		79,930		62,205
Chunghwa Telecom Co. Ltd.		26,058		99,337
CTBC Financial Holding Co. Ltd.		119,403		111,057
Delta Electronics, Inc.		13,377		124,631
E.Sun Financial Holding Co. Ltd.		95,725		76,466
Eva Airways Corp.		17,784		17,694
Evergreen Marine Corp. Taiwan Ltd.		6,987		36,582
Far Eastern New Century Corp.		20,050		20,678
Far EasTone Telecommunications Co. Ltd.		12,313		30,656
First Financial Holding Co. Ltd.		72,930		62,526
Fubon Financial Holding Co. Ltd.		51,438		110,656
Hotai Motor Co. Ltd.		2,140		45,428
Hua Nan Financial Holdings Co. Ltd.		62,065		43,197
Lite-On Technology Corp.		14,000		48,498
MediaTek, Inc.		10,034		361,877
Mega Financial Holding Co. Ltd.		79,519		97,356
Nan Ya Plastics Corp.		30,034		56,724
PharmaEssentia Corp.*		1,000		10,392
President Chain Store Corp.		3,406		29,039
SinoPac Financial Holdings Co. Ltd.		73,005		46,423
Taishin Financial Holding Co. Ltd.		77,541		42,684
Taiwan Cooperative Financial Holding Co. Ltd.		69,274		56,871
Taiwan High Speed Rail Corp.		13,623		13,016

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Taiwan Mobile Co. Ltd.		12,023	$	37,656
Taiwan Semiconductor Manufacturing Co. Ltd.		165,722		3,617,526
Uni-President Enterprises Corp.		32,748		79,463
United Microelectronics Corp.		75,869		117,250
Voltronic Power Technology Corp.		425		21,580
Wan Hai Lines Ltd.		4,523		7,212
Yang Ming Marine Transport Corp.		11,041		17,412
(Cost $3,982,992)				5,700,223
Thailand — 2.1%
Advanced Info Service PCL, NVDR		8,200		45,956
Airports of Thailand PCL, NVDR		28,400		50,283
Asset World Corp. PCL, NVDR		57,700		6,210
Bangkok Dusit Medical Services PCL, NVDR		75,200		59,757
Bangkok Expressway & Metro PCL		51,100		11,470
BTS Group Holdings PCL, NVDR		46,900		6,735
Bumrungrad Hospital PCL, NVDR		4,100		25,607
Central Retail Corp. PCL, NVDR		12,600		12,208
Charoen Pokphand Foods PCL, NVDR		21,200		11,172
CP ALL PCL, NVDR		39,700		63,648
Delta Electronics Thailand PCL, NVDR*		21,000		41,719
Energy Absolute PCL, NVDR		12,200		11,991
Home Product Center PCL, NVDR		39,700		12,398
Indorama Ventures PCL, NVDR		12,500		8,121
Intouch Holdings PCL, NVDR		7,300		13,790
Kasikornbank PCL, NVDR		4,200		14,404
Minor International PCL, NVDR		21,054		18,638
Muangthai Capital PCL, NVDR		5,200		6,633
PTT Exploration & Production PCL, NVDR		9,500		39,997
PTT Global Chemical PCL, NVDR		15,500		16,423
PTT Oil & Retail Business PCL, NVDR		20,200		10,194
SCG Packaging PCL, NVDR		8,900		6,948
Siam Cement PCL, NVDR		5,300		39,752
(Cost $649,462)				534,054
Turkey — 0.5%
Haci Omer Sabanci Holding AS		7,273		18,520
KOC Holding AS		5,324		28,684
Turk Hava Yollari AO*		3,870		34,926
Turkiye Is Bankasi AS, Class C		57,832		20,562
Turkiye Sise ve Cam Fabrikalari AS		9,393		15,389
Yapi ve Kredi Bankasi AS		23,098		17,091
(Cost $75,694)				135,172
United Arab Emirates — 2.0%
Abu Dhabi Commercial Bank PJSC		19,923		46,486
Abu Dhabi Islamic Bank PJSC		9,395		28,751
Aldar Properties PJSC		26,719		40,229
Emaar Properties PJSC		43,697		96,605
Emirates NBD Bank PJSC		12,390		61,732
Emirates Telecommunications Group Co. PJSC		23,575		116,177
First Abu Dhabi Bank PJSC		29,993		111,385
(Cost $470,582)				501,365
TOTAL COMMON STOCKS (Cost $25,309,082)				24,691,896

	Number of Shares		Value
PREFERRED STOCKS — 1.8%
Brazil — 1.5%
Banco Bradesco SA		36,072	$	99,824
Cia Energetica de Minas Gerais		9,478		22,833
Gerdau SA		7,809		33,791
Itau Unibanco Holding SA		32,069		219,058
(Cost $344,581)				375,506
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $60,597)		969		48,098
Colombia — 0.1%
Bancolombia SA (Cost $21,437)		3,129		25,564
South Korea — 0.0%
LG Chem Ltd. (Cost $11,393)		53		11,940
TOTAL PREFERRED STOCKS (Cost $438,008)				461,108
RIGHTS — 0.0%
Brazil — 0.0%
Magazine Luiza SA* , expires 3/15/24 (Cost $0)		1,957		71
South Korea — 0.0%
LG Display Co. Ltd.* , expires 3/14/24 (Cost $0)		508		500
TOTAL RIGHTS (Cost $0)				571
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,050		2
BTS Group Holdings PCL*, expires 11/20/26		6,100		15
TOTAL WARRANTS (Cost $0)				17
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $49,042)		49,042		49,042
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $32,554)		32,554		32,554
TOTAL INVESTMENTS — 100.5% (Cost $25,828,686)			$	25,235,188
Other assets and liabilities, net — (0.5%)				(127,555	)
NET ASSETS — 100.0%			$	25,107,633

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (e)
		2,689		34,856			(37,982	)		468		(31	)		400		—		—		—
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		49,042	(f)		—			—		—			3		—		49,042		49,042
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		191,969		921,671			(1,081,086	)		—		—			1,011		—		32,554		32,554
		194,658		1,005,569			(1,119,068	)		468		(31	)		1,414		—		81,596		81,596

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $46,312, which is 0.2% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Affiliated fund advised by DBX Advisors LLC.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI Emerging Markets Index Future	USD	1	$	49,275	$	50,840	3/15/2024	$	1,565

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	24,691,896	$	—	$	0	$	24,691,896
Preferred Stocks (a)		461,108		—		—		461,108
Rights (a)		—		571		—		571
Warrants		17		—		—		17
Short-Term Investments (a)		81,596		—		—		81,596
Derivatives (b)
Futures Contracts		1,565		—		—		1,565
TOTAL	$	25,236,182	$	571	$	0	$	25,236,753

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

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

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 11.4%
Alphabet, Inc., Class A*		342,797	$	47,463,673
Alphabet, Inc., Class C*		299,957		41,927,989
AT&T, Inc.		444,703		7,528,822
Charter Communications, Inc., Class A*		6,055		1,779,746
Comcast Corp., Class A		249,605		10,695,574
Liberty Global Ltd., Class C*		12,220		226,681
Liberty Media Corp.-Liberty Formula One, Class C*		12,111		881,196
Match Group, Inc.*		17,094		616,068
Meta Platforms, Inc., Class A		137,998		67,636,960
Netflix, Inc.*		27,357		16,494,082
Pinterest, Inc., Class A*		35,855		1,315,879
Snap, Inc., Class A*		64,552		711,363
Take-Two Interactive Software, Inc.*		10,626		1,561,278
T-Mobile US, Inc.		32,792		5,354,934
Verizon Communications, Inc.		260,174		10,412,163
Walt Disney Co.		113,994		12,719,451
(Cost $169,354,038)				227,325,859
Consumer Discretionary — 12.1%
Airbnb, Inc., Class A*		27,135		4,272,948
Amazon.com, Inc.*		578,229		102,207,758
Booking Holdings, Inc.*		2,166		7,513,486
Caesars Entertainment, Inc.*		13,176		572,761
Chipotle Mexican Grill, Inc.*		1,759		4,729,546
Darden Restaurants, Inc.		7,419		1,266,498
Deckers Outdoor Corp.*		1,680		1,504,591
eBay, Inc.		33,019		1,561,138
Etsy, Inc.*		7,634		547,281
Ford Motor Co.		243,222		3,025,682
Garmin Ltd.		9,665		1,327,488
General Motors Co.		85,053		3,485,472
Hasbro, Inc.		8,136		409,159
Hilton Worldwide Holdings, Inc.		16,018		3,272,798
Home Depot, Inc.		62,019		23,605,052
Hyatt Hotels Corp., Class A (a)		2,942		451,862
Las Vegas Sands Corp.		23,460		1,279,039
Lululemon Athletica, Inc.*		7,020		3,278,972
Marriott International, Inc., Class A		15,676		3,916,962
McDonald’s Corp.		45,057		13,169,260
MercadoLibre, Inc.*		2,872		4,581,702
MGM Resorts International*		17,313		749,307
NIKE, Inc., Class B		75,856		7,883,714
Starbucks Corp.		70,837		6,722,431
Tesla, Inc.*		177,840		35,902,339
Ulta Beauty, Inc.*		3,190		1,749,906
Vail Resorts, Inc.		2,316		533,398
Wynn Resorts Ltd.		6,364		669,493
Yum! Brands, Inc.		17,273		2,390,929
(Cost $212,552,470)				242,580,972
Consumer Staples — 5.3%
Bunge Global SA		9,467		893,401
Campbell Soup Co.		11,840		504,858
Church & Dwight Co., Inc.		15,294		1,531,235

	Number of Shares		Value
Consumer Staples (Continued)
Clorox Co.		7,718	$	1,183,247
Coca-Cola Co.		255,347		15,325,927
Colgate-Palmolive Co.		48,427		4,189,904
Constellation Brands, Inc., Class A		10,285		2,556,028
Estee Lauder Cos., Inc., Class A		14,387		2,137,620
General Mills, Inc.		35,847		2,300,660
Hershey Co.		9,415		1,769,267
Kellanova		16,968		935,785
Keurig Dr Pepper, Inc.		64,734		1,936,194
Kimberly-Clark Corp.		20,818		2,522,517
McCormick & Co., Inc.		15,688		1,080,276
Mondelez International, Inc., Class A		84,616		6,182,891
Monster Beverage Corp.*		48,461		2,864,045
PepsiCo, Inc.		85,455		14,129,130
Procter & Gamble Co.		146,525		23,288,683
Target Corp.		28,468		4,353,327
Walgreens Boots Alliance, Inc.		45,518		967,713
Walmart, Inc.		274,732		16,102,042
(Cost $107,100,912)				106,754,750
Energy — 4.0%
Baker Hughes Co.		62,415		1,846,860
Chevron Corp.		111,095		16,887,551
ConocoPhillips		74,116		8,341,015
Diamondback Energy, Inc.		10,653		1,944,385
EOG Resources, Inc.		36,258		4,150,091
Exxon Mobil Corp.		248,423		25,965,172
Halliburton Co.		56,669		1,987,382
Hess Corp.		17,187		2,505,005
Kinder Morgan, Inc.		124,130		2,158,621
Marathon Oil Corp.		38,295		928,654
Occidental Petroleum Corp.		40,884		2,477,979
ONEOK, Inc.		35,942		2,699,963
Pioneer Natural Resources Co.		14,424		3,392,380
Schlumberger NV		87,961		4,251,155
(Cost $79,645,413)				79,536,213
Financials — 12.6%
American Express Co.		36,208		7,944,759
American International Group, Inc.		43,637		3,180,701
Annaly Capital Management, Inc. REIT		30,717		586,388
Aon PLC, Class A		12,447		3,933,128
Apollo Global Management, Inc.		24,516		2,740,889
Arch Capital Group Ltd.*		23,397		2,049,343
Ares Management Corp., Class A		10,406		1,380,148
Arthur J Gallagher & Co.		13,167		3,211,826
Bank of America Corp.		442,330		15,269,232
Bank of New York Mellon Corp.		48,187		2,702,809
BlackRock, Inc.		9,371		7,603,067
Blackstone, Inc.		44,181		5,647,215
Block, Inc.*		34,020		2,703,569
Cboe Global Markets, Inc.		6,903		1,325,376
Charles Schwab Corp.		93,192		6,223,362
Chubb Ltd.		25,514		6,421,108
FactSet Research Systems, Inc.		2,319		1,072,723
Fidelity National Information Services, Inc.		36,727		2,541,141
Fiserv, Inc.*		37,724		5,631,061

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Global Payments, Inc.		16,017	$	2,077,405
Goldman Sachs Group, Inc.		20,505		7,977,470
Hartford Financial Services Group, Inc.		18,859		1,807,447
Intercontinental Exchange, Inc.		35,495		4,913,218
Jack Henry & Associates, Inc.		4,367		758,854
JPMorgan Chase & Co.		179,881		33,468,659
MarketAxess Holdings, Inc.		2,272		484,868
Marsh & McLennan Cos., Inc.		30,650		6,199,575
Mastercard, Inc., Class A		52,057		24,714,581
Moody’s Corp.		10,210		3,873,878
Morgan Stanley		77,012		6,626,112
Nasdaq, Inc.		21,266		1,195,149
Northern Trust Corp.		12,889		1,058,574
PayPal Holdings, Inc.*		64,510		3,892,533
PNC Financial Services Group, Inc.		24,509		3,607,725
Progressive Corp.		36,162		6,854,869
S&P Global, Inc.		20,145		8,629,715
T. Rowe Price Group, Inc.		13,904		1,576,018
Tradeweb Markets, Inc., Class A		6,908		731,005
Travelers Cos., Inc.		14,230		3,144,261
US Bancorp		96,843		4,063,532
Visa, Inc., Class A		98,367		27,802,449
W.R. Berkley Corp.		13,147		1,099,089
Wells Fargo & Co.		226,332		12,581,796
Willis Towers Watson PLC		6,106		1,664,557
(Cost $206,712,323)				252,971,184
Health Care — 13.6%
Abbott Laboratories		107,910		12,802,442
AbbVie, Inc.		109,763		19,323,776
Agilent Technologies, Inc.		18,120		2,488,963
Amgen, Inc.		33,219		9,096,359
Biogen, Inc.*		9,010		1,955,080
Boston Scientific Corp.*		90,718		6,006,439
Bristol-Myers Squibb Co.		129,263		6,560,097
Charles River Laboratories International, Inc.*		3,172		806,291
Cigna Group		18,166		6,106,319
CVS Health Corp.		79,583		5,918,588
Danaher Corp.		43,638		11,046,523
DaVita, Inc.*		3,451		438,173
Edwards Lifesciences Corp.*		37,595		3,190,688
Elevance Health, Inc.		14,438		7,237,047
Eli Lilly & Co.		50,156		37,801,574
Gilead Sciences, Inc.		77,072		5,556,891
IDEXX Laboratories, Inc.*		5,159		2,967,612
Illumina, Inc.*		9,717		1,358,728
Incyte Corp.*		11,911		695,126
IQVIA Holdings, Inc.*		11,340		2,802,794
Johnson & Johnson		149,664		24,152,776
Laboratory Corp. of America Holdings		5,586		1,205,626
McKesson Corp.		8,215		4,283,383
Merck & Co., Inc.		157,546		20,031,974
Mettler-Toledo International, Inc.*		1,382		1,723,658
Pfizer, Inc.		349,059		9,271,007
Regeneron Pharmaceuticals, Inc.*		6,701		6,473,769
Repligen Corp.*		3,144		609,905

	Number of Shares		Value
Health Care (Continued)
Revvity, Inc.		7,722	$	846,254
Thermo Fisher Scientific, Inc.		24,023		13,697,434
UnitedHealth Group, Inc.		57,503		28,383,481
Vertex Pharmaceuticals, Inc.*		15,865		6,675,040
Waters Corp.*		3,625		1,223,148
West Pharmaceutical Services, Inc.		4,599		1,648,098
Zimmer Biomet Holdings, Inc.		13,038		1,621,406
Zoetis, Inc.		28,366		5,625,829
(Cost $247,443,346)				271,632,298
Industrials — 6.8%
3M Co.		34,226		3,152,899
AECOM		8,202		728,584
Allegion PLC		5,582		713,770
AMETEK, Inc.		14,426		2,599,277
Automatic Data Processing, Inc.		25,603		6,429,681
Booz Allen Hamilton Holding Corp.		8,288		1,224,220
Broadridge Financial Solutions, Inc.		7,061		1,437,478
Carlisle Cos., Inc.		3,075		1,076,250
Cintas Corp.		5,655		3,554,790
Copart, Inc.*		52,570		2,794,095
CSX Corp.		124,102		4,708,430
Cummins, Inc.		8,764		2,354,098
Dayforce, Inc.*		9,258		645,838
Deere & Co.		16,939		6,183,582
Dover Corp.		8,636		1,428,222
Eaton Corp. PLC		24,561		7,098,129
Emerson Electric Co.		35,423		3,784,948
Equifax, Inc.		7,613		2,082,841
Expeditors International of Washington, Inc.		9,263		1,107,855
FedEx Corp.		14,691		3,657,618
Fortive Corp.		21,910		1,865,198
Graco, Inc.		10,598		967,173
Hubbell, Inc.		3,334		1,269,154
IDEX Corp.		4,581		1,080,658
Illinois Tool Works, Inc.		18,604		4,877,039
JB Hunt Transport Services, Inc.		5,148		1,062,084
Johnson Controls International PLC		41,935		2,485,487
Norfolk Southern Corp.		14,117		3,576,965
Old Dominion Freight Line, Inc.		6,028		2,667,269
Owens Corning		5,723		857,191
PACCAR, Inc.		32,898		3,648,059
Paychex, Inc.		20,125		2,467,728
Paycom Software, Inc.		3,245		591,856
Quanta Services, Inc.		9,049		2,185,424
Republic Services, Inc.		13,698		2,514,953
Robert Half, Inc.		6,738		541,735
Rockwell Automation, Inc.		6,982		1,990,429
Stanley Black & Decker, Inc.		9,751		870,667
Trane Technologies PLC		14,086		3,971,829
TransUnion		11,960		928,455
Uber Technologies, Inc.*		115,190		9,157,605
Union Pacific Corp.		37,716		9,568,172
United Parcel Service, Inc., Class B		44,617		6,614,916
Verisk Analytics, Inc.		9,269		2,242,171
Waste Connections, Inc.		15,830		2,634,745

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Waste Management, Inc.		25,052	$	5,151,944
Westinghouse Air Brake Technologies Corp.		11,313		1,598,414
Xylem, Inc.		14,860		1,887,963
(Cost $111,567,431)				136,037,888
Information Technology — 27.3%
Accenture PLC, Class A		38,989		14,612,297
Adobe, Inc.*		28,092		15,739,386
Advanced Micro Devices, Inc.*		100,480		19,345,414
Akamai Technologies, Inc.*		9,495		1,053,185
Analog Devices, Inc.		30,677		5,884,462
ANSYS, Inc.*		5,476		1,829,915
Apple, Inc.		435,360		78,691,320
Aspen Technology, Inc.*		1,943		376,728
Atlassian Corp., Class A*		9,636		1,998,699
Autodesk, Inc.*		13,235		3,416,880
Bentley Systems, Inc., Class B		13,111		673,512
Broadcom, Inc.		27,650		35,958,549
Cadence Design Systems, Inc.*		16,906		5,145,848
Cisco Systems, Inc.		252,638		12,220,100
Cloudflare, Inc., Class A*		18,412		1,814,318
Cognizant Technology Solutions Corp., Class A		31,901		2,520,817
Confluent, Inc., Class A*		11,155		377,820
Datadog, Inc., Class A*		16,982		2,232,454
Dell Technologies, Inc., Class C		16,132		1,527,055
Dropbox, Inc., Class A*		16,442		393,786
Enphase Energy, Inc.*		8,332		1,058,247
EPAM Systems, Inc.*		3,533		1,075,445
First Solar, Inc.*		6,274		965,506
Fortinet, Inc.*		41,264		2,851,755
Gartner, Inc.*		4,781		2,225,842
Gen Digital, Inc.		36,060		774,929
Hewlett Packard Enterprise Co.		77,007		1,172,817
HubSpot, Inc.*		3,068		1,898,509
International Business Machines Corp.		56,321		10,421,075
Intuit, Inc.		17,268		11,446,785
Microsoft Corp.		235,191		97,284,405
NVIDIA Corp.		153,564		121,487,552
Okta, Inc.*		9,597		1,029,758
Oracle Corp.		102,517		11,449,099
Palo Alto Networks, Inc.*		19,612		6,090,507
PTC, Inc.*		7,469		1,366,902
QUALCOMM, Inc.		69,021		10,890,824
Roper Technologies, Inc.		6,679		3,638,252
Salesforce, Inc.*		60,178		18,584,170
ServiceNow, Inc.*		12,749		9,833,814
Snowflake, Inc., Class A*		17,269		3,251,407
Splunk, Inc.*		10,128		1,582,196
Synopsys, Inc.*		9,491		5,445,271
Texas Instruments, Inc.		56,475		9,449,962
Trimble, Inc.*		15,458		945,875
Workday, Inc., Class A*		12,995		3,829,107
Zscaler, Inc.*		5,654		1,368,098
(Cost $388,795,174)				547,230,654

	Number of Shares		Value
Materials — 2.3%
Albemarle Corp.		7,171	$	988,522
Avery Dennison Corp.		4,987		1,079,835
Ball Corp.		19,512		1,249,158
Corteva, Inc.		43,812		2,344,818
Crown Holdings, Inc.		7,452		570,972
DuPont de Nemours, Inc.		28,272		1,956,140
Ecolab, Inc.		16,071		3,613,404
FMC Corp.		7,773		438,320
Freeport-McMoRan, Inc.		88,476		3,345,278
Linde PLC		30,208		13,557,955
Newmont Corp.		71,238		2,226,188
Nucor Corp.		15,491		2,978,919
PPG Industries, Inc.		14,435		2,043,996
RPM International, Inc.		8,141		939,064
Sherwin-Williams Co.		15,102		5,014,317
Steel Dynamics, Inc.		9,653		1,291,764
Vulcan Materials Co.		8,205		2,181,299
(Cost $40,124,543)				45,819,949
Real Estate — 2.3%
Alexandria Real Estate Equities, Inc. REIT		10,212		1,273,743
American Tower Corp. REIT		28,835		5,734,128
AvalonBay Communities, Inc. REIT		8,792		1,556,448
CBRE Group, Inc., Class A*		19,283		1,771,915
Crown Castle, Inc. REIT		26,915		2,959,035
Digital Realty Trust, Inc. REIT		19,111		2,805,686
Equinix, Inc. REIT		5,836		5,187,153
Equity Residential REIT		22,193		1,336,241
Essex Property Trust, Inc. REIT		4,035		933,699
Healthpeak Properties, Inc. REIT		43,794		733,549
Kimco Realty Corp. REIT		41,916		828,260
Prologis, Inc. REIT		57,465		7,658,361
Realty Income Corp. REIT		51,450		2,681,059
Regency Centers Corp. REIT		10,366		642,174
Simon Property Group, Inc. REIT		20,296		3,006,649
VICI Properties, Inc. REIT		62,701		1,876,641
Welltower, Inc. REIT		34,417		3,171,871
Weyerhaeuser Co. REIT		44,989		1,546,722
(Cost $42,514,887)				45,703,334
Utilities — 2.0%
Alliant Energy Corp.		15,627		746,189
American Electric Power Co., Inc.		32,708		2,786,395
American Water Works Co., Inc.		11,906		1,411,337
Consolidated Edison, Inc.		21,353		1,862,195
Constellation Energy Corp.		19,819		3,338,511
Dominion Energy, Inc.		51,865		2,480,703
Duke Energy Corp.		47,692		4,379,556
Edison International		23,703		1,612,278
Essential Utilities, Inc.		15,449		537,316
Eversource Energy		21,676		1,272,381
Exelon Corp.		61,616		2,208,318
NextEra Energy, Inc.		127,571		7,040,644
Public Service Enterprise Group, Inc.		30,759		1,919,362
Sempra		38,962		2,750,717
Southern Co.		67,401		4,532,717

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
Xcel Energy, Inc.		34,190	$	1,801,471
(Cost $45,658,772)				40,680,090
TOTAL COMMON STOCKS (Cost $1,651,469,309)				1,996,273,191
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $569,800)		569,800		569,800

	Number of Shares		Value
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $3,285,510)		3,285,510	$	3,285,510
TOTAL INVESTMENTS — 99.9% (Cost $1,655,324,619)			$	2,000,128,501
Other assets and liabilities, net — 0.1%				2,242,837
NET ASSETS — 100.0%			$	2,002,371,338

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		565,175		4,625	(d)		—			—		—		4,712		—		569,800		569,800
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		6,190,253		24,946,448			(27,851,191	)		—		—		92,937		—		3,285,510		3,285,510
		6,755,428		24,951,073			(27,851,191	)		—		—		97,649		—		3,855,310		3,855,310

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $551,889, which is 0.03% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	22	$	4,785,796	$	4,950,880	3/15/2024	$	165,084
S&P 500 E-Mini Futures	USD	1		233,888		255,188	3/15/2024		21,300
S&P Mid 400 E-Mini Futures	USD	2		556,970		578,520	3/15/2024		21,550
Total unrealized appreciation								$	207,934

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,996,273,191	$	—	$	—	$	1,996,273,191
Short-Term Investments (a)		3,855,310		—		—		3,855,310
Derivatives (b)
Futures Contracts		207,934		—		—		207,934
TOTAL	$	2,000,336,435	$	—	$	—	$	2,000,336,435

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

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

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 9.6%
Alphabet, Inc., Class A*		268,901	$	37,232,033
Alphabet, Inc., Class C*		237,921		33,256,597
Comcast Corp., Class A		183,838		7,877,458
Electronic Arts, Inc.		11,780		1,643,075
Fox Corp., Class A		13,263		395,105
Fox Corp., Class B		6,374		174,520
Interpublic Group of Cos., Inc.		17,937		563,222
Liberty Global Ltd., Class C*		8,438		156,525
Omnicom Group, Inc.		9,017		797,013
Sirius XM Holdings, Inc.		35,043		154,890
Snap, Inc., Class A*		47,716		525,830
Take-Two Interactive Software, Inc.*		7,695		1,130,626
Verizon Communications, Inc.		191,614		7,668,392
Walt Disney Co.		83,946		9,366,695
(Cost $98,269,168)				100,941,981
Consumer Discretionary — 9.7%
Aptiv PLC*		12,980		1,031,780
AutoZone, Inc.*		806		2,422,852
Best Buy Co., Inc.		8,893		719,266
Booking Holdings, Inc.*		1,613		5,595,223
BorgWarner, Inc.		10,898		339,255
Burlington Stores, Inc.*		3,076		630,888
CarMax, Inc.*		7,186		567,694
Deckers Outdoor Corp.*		1,191		1,066,648
eBay, Inc.		24,018		1,135,571
Genuine Parts Co.		6,392		954,070
Hasbro, Inc.		6,170		310,289
Hilton Worldwide Holdings, Inc.		12,091		2,470,433
Home Depot, Inc.		45,553		17,337,927
Lear Corp.		2,807		385,541
LKQ Corp.		11,738		613,780
Lowe’s Cos., Inc.		26,298		6,329,140
Lululemon Athletica, Inc.*		5,215		2,435,874
McDonald’s Corp.		33,214		9,707,788
MercadoLibre, Inc.*		2,084		3,324,605
NIKE, Inc., Class B		55,607		5,779,236
NVR, Inc.*		149		1,136,210
Pool Corp.		1,767		703,478
PulteGroup, Inc.		9,953		1,078,706
Rivian Automotive, Inc., Class A* (a)		29,107		329,491
Tesla, Inc.*		130,967		26,439,618
TJX Cos., Inc.		51,991		5,154,388
Tractor Supply Co.		5,019		1,276,432
Ulta Beauty, Inc.*		2,293		1,257,848
Vail Resorts, Inc.		1,936		445,880
Yum! Brands, Inc.		12,568		1,739,663
(Cost $108,427,915)				102,719,574
Consumer Staples — 5.6%
Bunge Global SA		6,845		645,963
Campbell Soup Co.		8,789		374,763
Church & Dwight Co., Inc.		11,338		1,135,160
Clorox Co.		5,595		857,769
Coca-Cola Co.		188,042		11,286,281
Colgate-Palmolive Co.		35,835		3,100,444

	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		21,486	$	603,327
Darling Ingredients, Inc.*		7,174		303,532
General Mills, Inc.		26,608		1,707,701
Hormel Foods Corp.		13,376		472,440
J M Smucker Co.		4,833		580,782
Kellanova		12,808		706,361
Keurig Dr Pepper, Inc.		47,627		1,424,524
Kimberly-Clark Corp.		15,672		1,898,976
Kroger Co.		30,781		1,527,045
Lamb Weston Holdings, Inc.		6,671		681,843
McCormick & Co., Inc.		11,281		776,810
PepsiCo, Inc.		62,946		10,407,492
Procter & Gamble Co.		107,905		17,150,421
Target Corp.		21,016		3,213,767
(Cost $60,593,298)				58,855,401
Energy — 2.1%
Baker Hughes Co.		45,612		1,349,659
Cheniere Energy, Inc.		10,976		1,703,475
Halliburton Co.		41,285		1,447,865
HF Sinclair Corp.		7,566		419,913
Kinder Morgan, Inc.		91,363		1,588,802
Marathon Petroleum Corp.		17,391		2,943,079
ONEOK, Inc.		26,289		1,974,830
Phillips 66		20,468		2,916,895
Schlumberger NV		64,657		3,124,873
Targa Resources Corp.		9,723		955,187
Valero Energy Corp.		15,591		2,205,503
Williams Cos., Inc.		54,966		1,975,478
(Cost $19,159,826)				22,605,559
Financials — 12.1%
Aflac, Inc.		26,305		2,123,866
Allstate Corp.		11,944		1,905,307
Ally Financial, Inc.		11,989		443,473
American Express Co.		26,699		5,858,294
Ameriprise Financial, Inc.		4,730		1,926,813
Annaly Capital Management, Inc. REIT		22,232		424,409
Arch Capital Group Ltd.*		16,874		1,477,994
Assurant, Inc.		2,465		447,274
Bank of New York Mellon Corp.		35,222		1,975,602
BlackRock, Inc.		6,846		5,554,434
Cboe Global Markets, Inc.		4,997		959,424
Charles Schwab Corp.		68,491		4,573,829
Citizens Financial Group, Inc.		20,810		653,226
Discover Financial Services		11,643		1,405,310
Equitable Holdings, Inc.		16,191		554,380
FactSet Research Systems, Inc.		1,718		794,712
Fidelity National Information Services, Inc.		26,675		1,845,643
Fiserv, Inc.*		27,476		4,101,342
Franklin Resources, Inc.		14,233		390,696
Hartford Financial Services Group, Inc.		14,098		1,351,152
Huntington Bancshares, Inc.		66,755		870,485
Intercontinental Exchange, Inc.		25,799		3,571,098
LPL Financial Holdings, Inc.		3,566		955,296
MarketAxess Holdings, Inc.		1,630		347,858
Marsh & McLennan Cos., Inc.		22,567		4,564,627

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Mastercard, Inc., Class A		38,475	$	18,266,391
Moody’s Corp.		7,451		2,827,058
Morgan Stanley		56,518		4,862,809
Nasdaq, Inc.		15,785		887,117
Northern Trust Corp.		9,436		774,979
PNC Financial Services Group, Inc.		18,123		2,667,706
Principal Financial Group, Inc.		10,956		885,902
Progressive Corp.		26,675		5,056,513
Prudential Financial, Inc.		16,523		1,800,842
Raymond James Financial, Inc.		9,030		1,086,490
Regions Financial Corp.		43,338		807,387
S&P Global, Inc.		14,743		6,315,606
State Street Corp.		15,183		1,119,443
Synchrony Financial		19,131		790,110
T. Rowe Price Group, Inc.		10,132		1,148,462
Travelers Cos., Inc.		10,423		2,303,066
Truist Financial Corp.		60,810		2,127,134
US Bancorp		70,068		2,940,053
Visa, Inc., Class A		72,463		20,480,942
Willis Towers Watson PLC		4,713		1,284,811
(Cost $111,031,502)				127,509,365
Health Care — 12.3%
Agilent Technologies, Inc.		13,402		1,840,899
Align Technology, Inc.*		3,275		990,425
Amgen, Inc.		24,443		6,693,227
Avantor, Inc.*		30,173		743,463
Biogen, Inc.*		6,523		1,415,426
Bio-Techne Corp.		7,108		522,936
Bristol-Myers Squibb Co.		93,188		4,729,291
Cencora, Inc.		7,718		1,818,361
Cigna Group		13,436		4,516,377
Cooper Cos., Inc.		8,972		839,779
Danaher Corp.		32,134		8,134,401
DaVita, Inc.*		2,421		307,394
Dexcom, Inc.*		17,464		2,009,582
Edwards Lifesciences Corp.*		27,566		2,339,526
Elevance Health, Inc.		10,760		5,393,450
Eli Lilly & Co.		36,938		27,839,432
Gilead Sciences, Inc.		56,828		4,097,299
HCA Healthcare, Inc.		9,194		2,865,770
Hologic, Inc.*		11,198		826,412
Humana, Inc.		5,652		1,980,009
IDEXX Laboratories, Inc.*		3,750		2,157,112
Illumina, Inc.*		7,167		1,002,162
Insulet Corp.*		3,299		541,036
Jazz Pharmaceuticals PLC*		2,843		338,033
Johnson & Johnson		110,212		17,786,013
Laboratory Corp. of America Holdings		4,012		865,910
Merck & Co., Inc.		115,856		14,731,090
Mettler-Toledo International, Inc.*		1,054		1,314,570
Molina Healthcare, Inc.*		2,646		1,042,286
Quest Diagnostics, Inc.		5,085		635,066
Repligen Corp.*		2,419		469,262
STERIS PLC		4,546		1,058,809
Teleflex, Inc.		2,086		464,740
Waters Corp.*		2,677		903,273
West Pharmaceutical Services, Inc.		3,390		1,214,840

	Number of Shares		Value
Health Care (Continued)
Zimmer Biomet Holdings, Inc.		9,445	$	1,174,580
Zoetis, Inc.		20,892		4,143,510
(Cost $113,716,461)				129,745,751
Industrials — 9.1%
3M Co.		25,320		2,332,478
AECOM		5,938		527,473
Allegion PLC		3,785		483,988
Automatic Data Processing, Inc.		18,733		4,704,418
Axon Enterprise, Inc.*		3,355		1,031,226
Broadridge Financial Solutions, Inc.		5,371		1,093,428
Builders FirstSource, Inc.*		5,757		1,123,651
C.H. Robinson Worldwide, Inc.		5,277		390,920
Carrier Global Corp.		37,696		2,095,144
Caterpillar, Inc.		23,265		7,769,579
Cintas Corp.		4,237		2,663,421
CSX Corp.		91,734		3,480,388
Cummins, Inc.		6,382		1,714,269
Dayforce, Inc.*		6,498		453,301
Delta Air Lines, Inc.		6,829		288,662
Dover Corp.		6,382		1,055,455
Eaton Corp. PLC		18,249		5,273,961
Emerson Electric Co.		26,208		2,800,325
Expeditors International of Washington, Inc.		6,980		834,808
Fastenal Co.		25,726		1,878,255
Ferguson PLC		9,251		1,956,124
Fortive Corp.		16,111		1,371,529
Fortune Brands Innovations, Inc.		5,866		477,140
Graco, Inc.		7,499		684,359
IDEX Corp.		3,359		792,388
Illinois Tool Works, Inc.		13,799		3,617,408
Ingersoll Rand, Inc.		18,696		1,707,506
JB Hunt Transport Services, Inc.		3,970		819,051
Johnson Controls International PLC		31,097		1,843,119
Knight-Swift Transportation Holdings, Inc.		7,272		409,705
Lennox International, Inc.		1,535		723,307
Masco Corp.		10,208		783,566
Norfolk Southern Corp.		10,371		2,627,804
Old Dominion Freight Line, Inc.		4,564		2,019,479
Otis Worldwide Corp.		18,689		1,781,062
Owens Corning		4,150		621,587
Paychex, Inc.		14,849		1,820,784
Paylocity Holding Corp.*		2,058		346,999
Pentair PLC		7,702		599,139
Quanta Services, Inc.		6,465		1,561,362
Robert Half, Inc.		4,873		391,789
Rockwell Automation, Inc.		5,142		1,465,881
Toro Co.		4,619		426,380
Trane Technologies PLC		10,327		2,911,904
TransUnion		8,584		666,376
Union Pacific Corp.		27,924		7,084,040
United Parcel Service, Inc., Class B		33,114		4,909,482
United Rentals, Inc.		3,157		2,188,653
W.W. Grainger, Inc.		2,051		1,996,566
Waste Management, Inc.		18,344		3,772,444

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Xylem, Inc.		10,793	$	1,371,251
(Cost $79,686,510)				95,743,334
Information Technology — 32.9%
Accenture PLC, Class A		28,607		10,721,331
Adobe, Inc.*		20,805		11,656,625
Akamai Technologies, Inc.*		6,941		769,896
ANSYS, Inc.*		3,895		1,301,592
Applied Materials, Inc.		38,064		7,674,464
Autodesk, Inc.*		9,693		2,502,442
Cadence Design Systems, Inc.*		12,406		3,776,138
DocuSign, Inc.*		9,072		483,265
Fair Isaac Corp.*		1,097		1,393,091
Gartner, Inc.*		3,585		1,669,033
Gen Digital, Inc.		26,753		574,922
Hewlett Packard Enterprise Co.		60,344		919,039
HP, Inc.		43,150		1,222,439
HubSpot, Inc.*		2,192		1,356,432
Intel Corp.		193,025		8,309,726
International Business Machines Corp.		41,827		7,739,250
Intuit, Inc.		12,824		8,500,901
Keysight Technologies, Inc.*		8,139		1,255,848
Lam Research Corp.		6,050		5,676,413
Marvell Technology, Inc.		39,391		2,822,759
Microsoft Corp.		323,209		133,692,171
NetApp, Inc.		9,484		845,214
NVIDIA Corp.		113,073		89,454,312
NXP Semiconductors NV		11,810		2,949,311
PTC, Inc.*		5,462		999,601
Salesforce, Inc.*		44,270		13,671,461
Seagate Technology Holdings PLC		9,028		840,055
ServiceNow, Inc.*		9,358		7,218,200
Splunk, Inc.*		7,339		1,146,499
Synopsys, Inc.*		6,952		3,988,571
Texas Instruments, Inc.		41,599		6,960,761
Trimble, Inc.*		11,637		712,068
Twilio, Inc., Class A*		7,926		472,310
Western Digital Corp.*		14,983		891,039
Workday, Inc., Class A*		9,452		2,785,126
Zscaler, Inc.*		4,110		994,497
(Cost $224,993,856)				347,946,802
Materials — 2.8%
Amcor PLC		69,812		632,497
Avery Dennison Corp.		3,661		792,716
Ball Corp.		14,255		912,605
Ecolab, Inc.		11,632		2,615,339
International Flavors & Fragrances, Inc.		11,824		892,712
International Paper Co.		15,043		531,920
Linde PLC		22,232		9,978,166
LyondellBasell Industries NV, Class A		11,689		1,172,173
Martin Marietta Materials, Inc.		2,866		1,655,717
Newmont Corp.		52,143		1,629,469
Nucor Corp.		11,404		2,192,989
PPG Industries, Inc.		10,663		1,509,881
Sherwin-Williams Co.		11,180		3,712,095
Steel Dynamics, Inc.		7,040		942,093

	Number of Shares		Value
Materials (Continued)
Westrock Co.		12,089	$	547,511
(Cost $27,429,699)				29,717,883
Real Estate — 2.4%
American Tower Corp. REIT		21,329		4,241,485
Boston Properties, Inc. REIT		6,772		438,284
CBRE Group, Inc., Class A*		14,288		1,312,924
Crown Castle, Inc. REIT		19,587		2,153,395
Digital Realty Trust, Inc. REIT		13,856		2,034,199
Equinix, Inc. REIT		4,264		3,789,928
Healthpeak Properties, Inc. REIT		32,249		540,171
Iron Mountain, Inc. REIT		13,122		1,031,914
Prologis, Inc. REIT		42,084		5,608,535
SBA Communications Corp. REIT		4,916		1,028,575
Welltower, Inc. REIT		25,376		2,338,652
Weyerhaeuser Co. REIT		33,151		1,139,731
(Cost $27,894,616)				25,657,793
Utilities — 1.0%
American Water Works Co., Inc.		8,788		1,041,730
Atmos Energy Corp.		6,714		758,078
CMS Energy Corp.		13,308		763,480
Consolidated Edison, Inc.		15,640		1,363,964
Edison International		17,306		1,177,154
Essential Utilities, Inc.		12,092		420,560
Eversource Energy		15,683		920,592
Exelon Corp.		45,088		1,615,954
NRG Energy, Inc.		10,368		573,558
Sempra		28,507		2,012,594
(Cost $12,069,426)				10,647,664
TOTAL COMMON STOCKS (Cost $883,272,277)				1,052,091,107
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $307,803)		307,803		307,803
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $2,185,111)		2,185,111		2,185,111
TOTAL INVESTMENTS — 99.8% (Cost $885,765,191)			$	1,054,584,021
Other assets and liabilities, net — 0.2%				1,948,729
NET ASSETS — 100.0%			$	1,056,532,750

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

Value ($) at  8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
—		307,803	(d)		—			—		—		24,343		—		307,803		307,803
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
4,273,305		13,368,051			(15,456,245	)		—		—		88,004		—		2,185,111		2,185,111
4,273,305		13,675,854			(15,456,245	)		—		—		112,347		—		2,492,914		2,492,914

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $296,015, which is 0.03% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	15	$	3,261,645	$	3,375,600	3/15/2024	$	113,955
MSCI USA ESG Leaders GTR Index Futures	USD	2		105,760		116,540	3/15/2024		10,780
S&P 500 E-Mini Futures	USD	1		233,888		255,188	3/15/2024		21,300
S&P Mid 400 E-Mini Futures	USD	1		267,450		289,260	3/15/2024		21,810
Total unrealized appreciation								$	167,845

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,052,091,107	$	—	$	—	$	1,052,091,107
Short-Term Investments (a)		2,492,914		—		—		2,492,914
Derivatives (b)
Futures Contracts		167,845		—		—		167,845
TOTAL	$	1,054,751,866	$	—	$	—	$	1,054,751,866

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

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

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 9.7%
Alphabet, Inc., Class A*		25,047	$	3,468,008
Alphabet, Inc., Class C*		20,939		2,926,853
AT&T, Inc.		31,901		540,084
Charter Communications, Inc., Class A*		508		149,316
Comcast Corp., Class A		17,564		752,617
Electronic Arts, Inc.		1,466		204,478
Fox Corp., Class A		1,839		54,784
Fox Corp., Class B		1,180		32,308
Liberty Broadband Corp., Class A*		668		40,180
Liberty Broadband Corp., Class C*		1,141		68,665
Live Nation Entertainment, Inc.*		933		90,482
Match Group, Inc.*		2,355		84,874
Meta Platforms, Inc., Class A		9,289		4,552,818
Netflix, Inc.*		1,906		1,149,165
Omnicom Group, Inc.		1,094		96,699
Pinterest, Inc., Class A*		3,694		135,570
ROBLOX Corp., Class A*		3,123		124,608
Sirius XM Holdings, Inc. (a)		9,659		42,693
Snap, Inc., Class A*		7,105		78,297
Spotify Technology SA*		809		207,436
Take-Two Interactive Software, Inc.*		1,004		147,518
T-Mobile US, Inc.		2,191		357,790
Trade Desk, Inc., Class A*		2,555		218,274
Verizon Communications, Inc.		18,420		737,168
Walt Disney Co.		7,803		870,659
Warner Bros Discovery, Inc.*		12,054		105,955
Warner Music Group Corp., Class A		1,592		55,609
(Cost $12,621,292)				17,292,908
Consumer Discretionary — 6.3%
Airbnb, Inc., Class A*		2,146		337,931
Aptiv PLC*		2,881		229,011
AutoZone, Inc.*		149		447,897
Best Buy Co., Inc.		1,511		122,210
Booking Holdings, Inc.*		157		544,606
Chipotle Mexican Grill, Inc.*		132		354,918
D.R. Horton, Inc.		2,068		309,042
Domino’s Pizza, Inc.		177		79,358
DoorDash, Inc., Class A*		3,087		384,548
eBay, Inc.		6,707		317,107
Expedia Group, Inc.*		809		110,687
Ford Motor Co.		6,926		86,159
Garmin Ltd.		2,083		286,100
General Motors Co.		4,267		174,862
Genuine Parts Co.		1,804		269,265
Home Depot, Inc.		4,333		1,649,183
Lennar Corp., Class A		1,952		309,412
Lennar Corp., Class B		879		129,538
LKQ Corp.		4,865		254,391
Lowe’s Cos., Inc.		2,669		642,348
Lululemon Athletica, Inc.*		861		402,164
McDonald’s Corp.		3,069		897,007
MercadoLibre, Inc.*		309		492,948
NIKE, Inc., Class B		6,813		708,075
NVR, Inc.*		32		244,018
O’Reilly Automotive, Inc.*		455		494,776

	Number of Shares		Value
Consumer Discretionary (Continued)
PulteGroup, Inc.		1,623	$	175,901
Tractor Supply Co.		701		178,278
Ulta Beauty, Inc.*		593		325,296
Yum China Holdings, Inc.		2,283		97,918
Yum! Brands, Inc.		829		114,750
(Cost $8,919,127)				11,169,704
Consumer Staples — 5.1%
Archer-Daniels-Midland Co.		12		637
Campbell Soup Co.		4,147		176,828
Church & Dwight Co., Inc.		2,915		291,850
Clorox Co.		1,781		273,045
Coca-Cola Co.		19,005		1,140,680
Colgate-Palmolive Co.		4,866		421,006
Conagra Brands, Inc.		5,768		161,966
Estee Lauder Cos., Inc., Class A		2,338		347,380
General Mills, Inc.		4,904		314,739
Hershey Co.		1,574		295,786
Hormel Foods Corp.		3,991		140,962
J M Smucker Co.		1,575		189,268
Kellanova		3,945		217,567
Keurig Dr Pepper, Inc.		9,097		272,091
Kimberly-Clark Corp.		2,737		331,642
Kraft Heinz Co.		6,817		240,504
McCormick & Co., Inc.		3,834		264,009
Mondelez International, Inc., Class A		7,835		572,504
PepsiCo, Inc.		6,711		1,109,597
Procter & Gamble Co.		10,629		1,689,373
Sysco Corp.		4,198		339,912
Target Corp.		2,558		391,169
Tyson Foods, Inc., Class A		33		1,790
(Cost $9,420,714)				9,184,305
Financials — 12.4%
Aflac, Inc.		2,582		208,471
Allstate Corp.		791		126,180
American Express Co.		2,736		600,333
American International Group, Inc.		2,793		203,582
Ameriprise Financial, Inc.		424		172,721
Aon PLC, Class A		966		305,246
Apollo Global Management, Inc.		2,109		235,786
Arch Capital Group Ltd.*		1,705		149,341
Ares Management Corp., Class A		1,113		147,617
Arthur J Gallagher & Co.		1,043		254,419
Bank of America Corp.		29,572		1,020,825
Bank of New York Mellon Corp.		4,021		225,538
BlackRock, Inc.		670		543,598
Block, Inc.*		3,039		241,509
Capital One Financial Corp.		1,194		164,306
Cboe Global Markets, Inc.		672		129,024
Charles Schwab Corp.		6,477		432,534
Chubb Ltd.		1,817		457,284
Cincinnati Financial Corp.		865		98,610
Citigroup, Inc.		8,649		479,933
Citizens Financial Group, Inc.		1,527		47,933
CME Group, Inc.		1,739		383,189
Coinbase Global, Inc., Class A*		847		172,415

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Discover Financial Services		1,384	$	167,049
Everest Group Ltd.		99		36,519
Fidelity National Financial, Inc.		688		34,799
Fidelity National Information Services, Inc.		3,285		227,289
Fifth Third Bancorp		2,764		94,916
Fiserv, Inc.*		2,900		432,883
FleetCor Technologies, Inc.*		468		130,698
Franklin Resources, Inc.		2,641		72,496
Global Payments, Inc.		1,465		190,011
Globe Life, Inc.		604		76,666
Goldman Sachs Group, Inc.		1,509		587,077
Hartford Financial Services Group, Inc.		1,080		103,507
Huntington Bancshares, Inc.		9,447		123,189
Interactive Brokers Group, Inc., Class A		977		106,219
Intercontinental Exchange, Inc.		2,725		377,195
JPMorgan Chase & Co.		12,340		2,295,980
KeyCorp		3,844		54,854
KKR & Co., Inc.		3,396		333,691
M&T Bank Corp.		656		91,669
Markel Group, Inc.*		58		86,564
Marsh & McLennan Cos., Inc.		2,187		442,365
Mastercard, Inc., Class A		3,608		1,712,934
MetLife, Inc.		2,222		154,962
Moody’s Corp.		798		302,777
Morgan Stanley		5,896		507,292
MSCI, Inc.		419		235,046
Nasdaq, Inc.		2,336		131,283
Northern Trust Corp.		1,407		115,557
PayPal Holdings, Inc.*		5,316		320,767
PNC Financial Services Group, Inc.		1,794		264,077
Principal Financial Group, Inc.		906		73,259
Progressive Corp.		2,429		460,441
Prudential Financial, Inc.		1,232		134,276
Raymond James Financial, Inc.		1,214		146,069
Regions Financial Corp.		2,623		48,867
Rocket Cos., Inc., Class A*		4,387		55,101
S&P Global, Inc.		1,461		625,863
State Street Corp.		1,865		137,506
Synchrony Financial		2,681		110,725
T. Rowe Price Group, Inc.		1,349		152,909
Travelers Cos., Inc.		907		200,411
Truist Financial Corp.		5,592		195,608
US Bancorp		6,210		260,572
Visa, Inc., Class A		6,770		1,913,473
W.R. Berkley Corp.		1,024		85,606
Wells Fargo & Co.		15,339		852,695
Willis Towers Watson PLC		576		157,023
(Cost $17,834,832)				22,221,129
Health Care — 17.6%
Abbott Laboratories		8,847		1,049,608
AbbVie, Inc.		8,526		1,501,002
Agilent Technologies, Inc.		2,729		374,856
Align Technology, Inc.*		947		286,392
Alnylam Pharmaceuticals, Inc.*		1,522		229,959
Amgen, Inc.		2,863		783,975

	Number of Shares		Value
Health Care (Continued)
Avantor, Inc.*		9,820	$	241,965
Baxter International, Inc.		6,452		264,016
Becton Dickinson and Co.		1,988		468,274
Biogen, Inc.*		1,379		299,229
BioMarin Pharmaceutical, Inc.*		2,902		250,385
Boston Scientific Corp.*		9,325		617,408
Bristol-Myers Squibb Co.		12,378		628,184
Cardinal Health, Inc.		373		41,769
Cencora, Inc.		1,227		289,081
Centene Corp.*		1,880		147,448
Cigna Group		1,212		407,402
Cooper Cos., Inc.		2,792		261,331
CVS Health Corp.		7,703		572,872
Danaher Corp.		3,618		915,861
Dexcom, Inc.*		3,146		362,010
Edwards Lifesciences Corp.*		5,051		428,678
Elevance Health, Inc.		1,001		501,751
Eli Lilly & Co.		3,827		2,884,333
GE HealthCare Technologies, Inc.		3,779		344,947
Gilead Sciences, Inc.		7,573		546,013
HCA Healthcare, Inc.		907		282,712
Henry Schein, Inc.*		2,774		212,128
Hologic, Inc.*		3,583		264,425
Humana, Inc.		616		215,797
IDEXX Laboratories, Inc.*		693		398,634
Illumina, Inc.*		2,073		289,868
Incyte Corp.*		3,728		217,566
Intuitive Surgical, Inc.*		1,969		759,246
IQVIA Holdings, Inc.*		897		221,703
Johnson & Johnson		11,211		1,809,231
Laboratory Corp. of America Holdings		543		117,196
McKesson Corp.		798		416,085
Medtronic PLC		7,778		648,374
Merck & Co., Inc.		12,201		1,551,357
Mettler-Toledo International, Inc.*		256		319,288
Moderna, Inc.*		3,085		284,560
Pfizer, Inc.		30,221		802,670
Quest Diagnostics, Inc.		649		81,054
Regeneron Pharmaceuticals, Inc.*		649		626,993
ResMed, Inc.		1,697		294,803
Royalty Pharma PLC, Class A		8,459		256,646
STERIS PLC		1,266		294,864
Stryker Corp.		1,935		675,451
Thermo Fisher Scientific, Inc.		1,953		1,113,562
UnitedHealth Group, Inc.		3,912		1,930,963
Veeva Systems, Inc., Class A*		873		196,870
Vertex Pharmaceuticals, Inc.*		1,538		647,098
Viatris, Inc.		19,779		244,666
Waters Corp.*		870		293,555
West Pharmaceutical Services, Inc.		825		295,647
Zimmer Biomet Holdings, Inc.		2,440		303,438
Zoetis, Inc.		2,895		574,165
(Cost $28,496,965)				31,339,364
Industrials — 4.9%
A O Smith Corp.		6		497
Automatic Data Processing, Inc.		1,940		487,192

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Broadridge Financial Solutions, Inc.		698	$	142,099
C.H. Robinson Worldwide, Inc.		43		3,185
Carrier Global Corp.		16		889
Cintas Corp.		441		277,217
Copart, Inc.*		7,826		415,952
Deere & Co.		1,346		491,357
Delta Air Lines, Inc.		4,406		186,242
Dover Corp.		1,148		189,856
Equifax, Inc.		691		189,051
Expeditors International of Washington, Inc.		1,657		198,177
Fastenal Co.		5,370		392,064
FedEx Corp.		1,482		368,973
Ferguson PLC		1,782		376,804
JB Hunt Transport Services, Inc.		1,242		256,237
Johnson Controls International PLC		2,854		169,157
Masco Corp.		2,014		154,595
Old Dominion Freight Line, Inc.		873		386,285
Otis Worldwide Corp.		3,361		320,303
PACCAR, Inc.		155		17,188
Paychex, Inc.		1,764		216,302
Paycom Software, Inc.		462		84,264
Rollins, Inc.		2,351		103,609
Snap-on, Inc.		707		194,892
Southwest Airlines Co.		5,120		175,462
SS&C Technologies Holdings, Inc.		1,640		104,566
Stanley Black & Decker, Inc.		1,351		120,631
Trane Technologies PLC		5		1,410
TransUnion		1,466		113,806
Uber Technologies, Inc.*		10,383		825,448
United Airlines Holdings, Inc.*		2,298		104,536
United Parcel Service, Inc., Class B		4,057		601,491
Verisk Analytics, Inc.		813		196,665
W.W. Grainger, Inc.		265		257,967
Waste Management, Inc.		2,596		533,867
Westinghouse Air Brake Technologies Corp.		838		118,401
(Cost $7,232,493)				8,776,637
Information Technology — 36.0%
Accenture PLC, Class A		2,792		1,046,386
Adobe, Inc.*		1,972		1,104,872
Advanced Micro Devices, Inc.*		7,874		1,515,981
Akamai Technologies, Inc.*		1,042		115,579
Amdocs Ltd.		1,051		95,851
Analog Devices, Inc.		3,136		601,548
Apple, Inc.		79,474		14,364,925
Applied Materials, Inc.		4,602		927,855
Arista Networks, Inc.*		1,765		489,858
Atlassian Corp., Class A*		856		177,552
Autodesk, Inc.*		1,107		285,794
Broadcom, Inc.		2,101		2,732,330
Cadence Design Systems, Inc.*		1,319		401,477
CDW Corp.		712		175,302
Cisco Systems, Inc.		20,562		994,584
Cloudflare, Inc., Class A*		1,813		178,653
Cognizant Technology Solutions Corp., Class A		2,757		217,858

	Number of Shares		Value
Information Technology (Continued)
Corning, Inc.		8,374	$	269,978
Crowdstrike Holdings, Inc., Class A*		1,096		355,268
Datadog, Inc., Class A*		1,612		211,914
Enphase Energy, Inc.*		2,226		282,724
EPAM Systems, Inc.*		389		118,412
Fair Isaac Corp.*		144		182,867
Fortinet, Inc.*		3,625		250,524
Gartner, Inc.*		421		196,001
Gen Digital, Inc.		4,844		104,098
GLOBALFOUNDRIES, Inc.* (a)		3,344		182,816
HP, Inc.		6,400		181,312
HubSpot, Inc.*		283		175,123
Intel Corp.		21,302		917,051
Intuit, Inc.		1,212		803,423
Keysight Technologies, Inc.*		1,889		291,473
KLA Corp.		913		622,940
Lam Research Corp.		807		757,168
Marvell Technology, Inc.		5,454		390,834
Microchip Technology, Inc.		4,387		369,122
Micron Technology, Inc.		6,718		608,718
Microsoft Corp.		28,702		11,872,295
MongoDB, Inc.*		421		188,431
Motorola Solutions, Inc.		1,305		431,159
NetApp, Inc.		3,119		277,965
NVIDIA Corp.		13,318		10,536,136
Okta, Inc.*		1,242		133,267
ON Semiconductor Corp.*		3,745		295,555
Oracle Corp.		6,981		779,638
Palo Alto Networks, Inc.*		1,455		451,850
QUALCOMM, Inc.		6,011		948,476
Salesforce, Inc.*		4,073		1,257,824
Seagate Technology Holdings PLC		2,593		241,279
ServiceNow, Inc.*		922		711,175
Skyworks Solutions, Inc.		2,343		245,828
Snowflake, Inc., Class A*		1,397		263,027
Splunk, Inc.*		945		147,628
Synopsys, Inc.*		729		418,249
TE Connectivity Ltd.		2,732		392,206
Teradyne, Inc.		2,192		227,069
Texas Instruments, Inc.		4,854		812,220
Twilio, Inc., Class A*		1,433		85,392
Unity Software, Inc.*		2,410		70,661
VeriSign, Inc.*		623		121,666
Western Digital Corp.*		2,560		152,243
Workday, Inc., Class A*		1,049		309,098
Zoom Video Communications, Inc., Class A*		1,747		123,565
Zscaler, Inc.*		596		144,214
(Cost $44,333,213)				64,336,287
Materials — 1.8%
Ball Corp.		3,403		217,860
Corteva, Inc.		6,601		353,286
CRH PLC		3,492		294,411
Ecolab, Inc.		1,984		446,083
International Flavors & Fragrances, Inc.		2,947		222,498
International Paper Co.		93		3,288

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Martin Marietta Materials, Inc.		482	$	278,456
Mosaic Co.		3,419		106,536
Nucor Corp.		413		79,420
Packaging Corp. of America		1,211		219,421
PPG Industries, Inc.		1,879		266,066
Sherwin-Williams Co.		1,511		501,697
Southern Copper Corp.		2,346		189,698
(Cost $2,697,724)				3,178,720
Real Estate — 4.7%
Alexandria Real Estate Equities, Inc. REIT		2,157		269,043
American Tower Corp. REIT		2,849		566,552
AvalonBay Communities, Inc. REIT		1,672		295,994
CBRE Group, Inc., Class A*		8		735
CoStar Group, Inc.*		2,310		201,039
Crown Castle, Inc. REIT		3,559		391,276
Digital Realty Trust, Inc. REIT		2,645		388,312
Equinix, Inc. REIT		623		553,735
Equity Residential REIT		4,672		281,301
Essex Property Trust, Inc. REIT		1,066		246,672
Extra Space Storage, Inc. REIT		2,124		299,420
Healthpeak Properties, Inc. REIT		11,962		200,364
Invitation Homes, Inc. REIT		8,213		279,817
Iron Mountain, Inc. REIT		4,129		324,705
Mid-America Apartment Communities, Inc. REIT		1,918		241,054
Prologis, Inc. REIT		5,296		705,798
Public Storage REIT		1,328		376,979
Realty Income Corp. REIT		6,230		324,645
SBA Communications Corp. REIT		1,269		265,513
Simon Property Group, Inc. REIT		2,681		397,163
UDR, Inc. REIT		6,443		228,727
Ventas, Inc. REIT		5,707		241,349
VICI Properties, Inc. REIT		10,576		316,540
Welltower, Inc. REIT		4,503		414,997

	Number of Shares		Value
Real Estate (Continued)
Weyerhaeuser Co. REIT		7,936	$	272,840
WP Carey, Inc. REIT		3,893		219,293
(Cost $8,440,953)				8,303,863
Utilities — 1.0%
American Water Works Co., Inc.		7,354		871,743
Edison International		13,067		888,818
(Cost $1,908,798)				1,760,561
TOTAL COMMON STOCKS (Cost $141,906,111)				177,563,478
EXCHANGE-TRADED FUNDS — 0.3%
iShares Paris-Aligned Climate MSCI USA ETF (a)		4,800		268,512
Vanguard Mid-Cap ETF (a)		300		72,168
Xtrackers MSCI USA Climate Action Equity ETF (b)		3,400		108,621
(Cost $401,470)				449,301
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $388,400)		388,400		388,400
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $267,018)		267,018		267,018
TOTAL INVESTMENTS — 100.1% (Cost $142,962,999)			$	178,668,197
Other assets and liabilities, net — (0.1%)				(199,256	)
NET ASSETS — 100.0%			$	178,468,941

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

Value ($) at  8/31/2023	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers MSCI USA Climate Action Equity ETF (b)
—		101,335			—			—		7,286		—		—		3,400		108,621
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
67,850		320,550	(e)		—			—		—		3,446		—		388,400		388,400
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
334,935		2,297,032			(2,364,949	)		—		—		11,026		—		267,018		267,018
402,785		2,718,917			(2,364,949	)		—		7,286		14,472		—		658,818		764,039

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $382,806, which is 0.2% of net assets.

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Continued)

February 29, 2024 (Unaudited)

(b) Affiliated fund advised by DBX Advisors LLC.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	1	$	211,422	$	225,040	3/15/2024	$	13,618
Micro E-Mini S&P 500 Futures	USD	7		176,012		178,631	3/15/2024		2,619
Total unrealized appreciation								$	16,237

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	177,563,478	$	—	$	—	$	177,563,478
Exchange-Traded Funds		449,301		—		—		449,301
Short-Term Investments (a)		655,418		—		—		655,418
Derivatives (b)
Futures Contracts		16,237		—		—		16,237
TOTAL	$	178,684,434	$	—	$	—	$	178,684,434

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

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

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.4%
Australia — 5.7%
BHP Group Ltd.		14,400	$	411,912
Rio Tinto Ltd.		1,982		159,748
(Cost $574,453)				571,660
Brazil — 5.1%
Petroleo Brasileiro SA, ADR		7,393		122,132
Suzano SA, ADR		7,374		83,695
Vale SA, ADR		22,912		307,250
(Cost $524,769)				513,077
Canada — 20.3%
Agnico Eagle Mines Ltd.		5,503		264,084
Barrick Gold Corp.		16,094		234,822
Cenovus Energy, Inc.		18,240		318,042
First Quantum Minerals Ltd.		5,296		50,174
Franco-Nevada Corp.		1,119		117,225
Imperial Oil Ltd.		880		55,096
Ivanhoe Mines Ltd., Class A*		10,289		109,463
Nutrien Ltd.		8,951		467,496
Teck Resources Ltd., Class B		7,185		276,255
Wheaton Precious Metals Corp.		3,359		138,511
(Cost $2,038,202)				2,031,168
Finland — 3.8%
Stora Enso OYJ, Class R		15,771		199,338
UPM-Kymmene OYJ		5,290		177,061
(Cost $369,860)				376,399
France — 4.8%
TotalEnergies SE (Cost $485,494)		7,525		480,366
Ireland — 1.9%
Smurfit Kappa Group PLC (Cost $188,069)		4,540		193,718
Israel — 0.2%
ICL Group Ltd. (Cost $23,051)		4,525		23,932
Italy — 0.7%
Eni SpA (Cost $69,755)		4,480		69,075
Japan — 1.4%
Nippon Steel Corp. (Cost $142,257)		5,800		143,963
Norway — 1.3%
Norsk Hydro ASA (Cost $129,794)		24,335		125,219
Singapore — 1.0%
Wilmar International Ltd. (Cost $96,136)		38,400		94,815
Switzerland — 5.3%
Glencore PLC		71,577		339,666

	Number of Shares		Value
Switzerland (Continued)
SIG Group AG*		9,475	$	188,306
(Cost $528,506)				527,972
United Kingdom — 9.6%
Amcor PLC		21,218		192,235
Anglo American PLC		3,261		70,166
BP PLC		28,540		166,321
DS Smith PLC		34,250		139,549
Shell PLC		12,415		385,856
(Cost $960,916)				954,127
United States — 37.3%
Archer-Daniels-Midland Co.		1,133		60,174
Avery Dennison Corp.		269		58,246
CF Industries Holdings, Inc.		1,647		132,946
Chesapeake Energy Corp.		608		50,330
Chevron Corp.		2,400		364,824
Cleveland-Cliffs, Inc.*		5,119		106,475
ConocoPhillips		2,429		273,360
Corteva, Inc.		5,814		311,165
Darling Ingredients, Inc.*		3,680		155,701
Diamondback Energy, Inc.		323		58,954
Exxon Mobil Corp.		2,525		263,913
FMC Corp.		1,471		82,950
Freeport-McMoRan, Inc.		4,465		168,822
Graphic Packaging Holding Co.		3,887		100,868
Hess Corp.		574		83,660
Ingredion, Inc.		333		39,171
International Paper Co.		3,197		113,046
Marathon Petroleum Corp.		1,264		213,907
Mosaic Co.		4,575		142,557
Nucor Corp.		783		150,571
Phillips 66		656		93,486
Pioneer Natural Resources Co.		622		146,288
Reliance, Inc.		391		125,597
Schlumberger NV		3,217		155,478
Sealed Air Corp.		1,550		54,048
Silgan Holdings, Inc.		1,133		49,750
Westrock Co.		2,608		118,116
Weyerhaeuser Co. REIT		1,584		54,458
(Cost $3,728,355)				3,728,861
TOTAL COMMON STOCKS (Cost $9,859,617)				9,834,352
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $138,884)		138,884		138,884
TOTAL INVESTMENTS — 99.8% (Cost $9,998,501)			$	9,973,236
Other assets and liabilities, net — 0.2%				20,236
NET ASSETS — 100.0%			$	9,993,472

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

February 29, 2024 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

Value ($) at 2/27/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
—		2,632,403		(2,493,519	)		—		—		382		—		138,884		138,884

* Non-income producing security.

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

ADR: American Depositary Receipt

REIT: Real Estate Investment Trust

Securities are listed in country of domicile.

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	9,834,352	$	—	$	—	$	9,834,352
Short-Term Investments (a)		138,884		—		—		138,884
TOTAL	$	9,973,236	$	—	$	—	$	9,973,236

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

See Notes to Financial Statements. 57

DBX ETF Trust

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF		Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA Climate Action Equity ETF
Assets
Investment in non-affiliated securities at value	$	604,094,801		$	48,170,097	$	25,153,592		$	1,996,273,191
Investment in DWS Government Money Market Series		—			15,377		32,554			3,285,510
Investment in DWS Government & Agency Securities Portfolio*		1,498,996			99,674		49,042			569,800
Foreign currency at value		2,567,687			36,776		10,140			—
Deposit with broker for futures contracts		78,869			7,338		1,611			251,900
Receivables:
Investment securities sold		21,755,982			384,732		436,168			30,399,950
Capital shares		439,743			—		—			11,168,603
Variation margin on futures contracts		464			136		10			—
Dividends		1,262,029			56,073		40,686			2,786,897
Interest		5,855			55		130			11,921
Affiliated securities lending income		1,941			22		3			2,575
Foreign tax reclaim		4,594			60,955		—			1,805
Total assets	$	631,710,961		$	48,831,235	$	25,723,936		$	2,044,752,152
Liabilities
Due to custodian	$	12,871,670		$	—	$	—		$	—
Payable upon return of securities loaned		1,498,996			99,674		49,042			569,800
Payables:
Investment securities purchased		9,340,118			424,201		463,078			17,800,823
Capital shares		1,342,142			—		—			23,897,932
Investment advisory fees		82,139			5,272		3,993			109,198
Variation margin on futures contracts		—			—		—			3,061
Deferred foreign tax		2,400,134			—		100,190			—
Total liabilities		27,535,199			529,147		616,303			42,380,814
Net Assets, at value	$	604,175,762		$	48,302,088	$	25,107,633		$	2,002,371,338
Net Assets Consist of
Paid-in capital	$	722,372,464		$	44,940,953	$	29,794,589		$	1,503,112,875
Distributable earnings (loss)		(118,196,702	)		3,361,135		(4,686,956	)		499,258,463
Net Assets, at value	$	604,175,762		$	48,302,088	$	25,107,633		$	2,002,371,338
Number of Common Shares outstanding		21,750,001			1,600,001		1,050,001			62,750,001
Net Asset Value	$	27.78		$	30.19	$	23.91		$	31.91
Investment in non-affiliated securities at cost	$	629,778,357		$	42,211,285	$	25,747,090		$	1,651,469,309
Value of securities loaned	$	1,379,004		$	96,283	$	46,312		$	551,889
Investment in DWS Government Money Market Series at cost	$	—		$	15,377	$	32,554		$	3,285,510
Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,498,996		$	99,674	$	49,042		$	569,800
Foreign currency at cost	$	2,567,622		$	36,865	$	14,344		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 58

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 29, 2024 (Unaudited)

	Xtrackers MSCI USA ESG Leaders Equity ETF		Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Xtrackers RREEF Global Natural Resources ETF
Assets
Investment in non-affiliated securities at value	$	1,052,091,107	$	177,904,158	$	9,834,352
Investment in affiliated securities at value		—		108,621		—
Investment in DWS Government Money Market Series		2,185,111		267,018		138,884
Investment in DWS Government & Agency Securities Portfolio*		307,803		388,400		—
Foreign currency at value		—		—		30,695
Deposit with broker for futures contracts		174,055		18,436		—
Receivables:
Investment securities sold		3,716,157		—		32,814
Capital shares		—		—		17,339
Variation margin on futures contracts		—		1,866		—
Dividends		1,373,818		183,920		4,821
Interest		8,120		1,166		382
Affiliated securities lending income		2,932		1,909		—
Foreign tax reclaim		1,253		—		—
Total assets	$	1,059,860,356	$	178,875,494	$	10,059,287
Liabilities
Payable upon return of securities loaned	$	307,803	$	388,400	$	—
Payables:
Investment securities purchased		2,924,303		4,239		65,639
Investment advisory fees		73,774		13,914		176
Variation margin on futures contracts		21,726		—		—
Total liabilities		3,327,606		406,553		65,815
Net Assets, at value	$	1,056,532,750	$	178,468,941	$	9,993,472
Net Assets Consist of
Paid-in capital	$	889,703,694	$	140,136,007	$	10,013,980
Distributable earnings (loss)		166,829,056		38,332,934		(20,508	)
Net Assets, at value	$	1,056,532,750	$	178,468,941	$	9,993,472
Number of Common Shares outstanding		22,150,001		5,400,001		400,001
Net Asset Value	$	47.70	$	33.05	$	24.98
Investment in non-affiliated securities at cost	$	883,272,277	$	142,206,246	$	9,859,617
Investment in affiliated securities at cost	$	—	$	101,335	$	—
Value of securities loaned	$	296,015	$	382,806	$	—
Investment in DWS Government Money Market Series at cost	$	2,185,111	$	267,018	$	138,884
Investment in DWS Government & Agency Securities Portfolio at cost*	$	307,803	$	388,400	$	—
Foreign currency at cost	$	—	$	—	$	30,676

* Represents collateral on securities loaned.

See Notes to Financial Statements. 59

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited) 

	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA Climate Action Equity ETF
Investment Income
Unaffiliated dividend income*	$	4,352,167		$	358,190		$	188,284		$	16,176,213
Affiliated dividend income		—			—			400			—
Income distributions from affiliated funds		108,404			763			1,011			92,937
Affiliated securities lending income		5,670			370			3			4,712
Affiliated other income (see note 6)		10,148			—			—			—
Unaffiliated securities lending income, net of borrower rebates		—			—			—			6,000
Total investment income		4,476,389			359,323			189,698			16,279,862
Expenses
Investment advisory fees		472,149			31,047			24,329			739,273
Other expenses		58			58			58			30
Total expenses		472,207			31,105			24,387			739,303
Less fees waived (see note 3):
Waiver		(1,844	)		(18	)		(31	)		(1,842	)
Net expenses		470,363			31,087			24,356			737,461
Net investment income (loss)		4,006,026			328,236			165,342			15,542,401
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(34,898,085	)		(138,757	)		(444,036	)		(11,783,082	)
Investments in affiliates		—			—			468			—
In-kind redemptions		4,755,980			—			—			162,690,143
Futures contracts		158,477			10,282			(199	)		377,697
Foreign currency transactions		(415,997	)		2,546			(26,907	)		—
Net realized gain (loss)		(30,399,625	)		(125,929	)		(470,674	)		151,284,758
Net change in unrealized appreciation (depreciation) on:
Investments***		60,910,601			3,996,509			894,914			121,448,490
Investments in affiliates		—			—			(31	)		—
Futures contracts		36,368			5,934			1,030			64,746
Foreign currency translations		(5,851	)		(211	)		24,641			—
Net change in unrealized appreciation (depreciation)		60,941,118			4,002,232			920,554			121,513,236
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		30,541,493			3,876,303			449,880			272,797,994
Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,547,519		$	4,204,539		$	615,222		$	288,340,395
*   Unaffiliated foreign tax withheld	$	624,632		$	32,041		$	29,409		$	—
** Including foreign taxes	$	768,779		$	—		$	4,549		$	—
*** Including change in deferred foreign taxes	$	2,017,175		$	—		$	75,484		$	—

See Notes to Financial Statements. 60

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 29, 2024 (Unaudited) 

	Xtrackers MSCI USA ESG Leaders Equity ETF			Xtrackers Net Zero Pathway Paris Aligned US Equity ETF			Xtrackers RREEF Global Natural Resources ETF(1)
Investment Income
Unaffiliated dividend income*	$	8,224,664		$	1,148,555		$	4,820
Income distributions from affiliated funds		88,004			11,026			382
Affiliated securities lending income		24,343			3,446			—
Affiliated other income (see note 6)		8,669			—			—
Unaffiliated securities lending income, net of borrower rebates		—			1,139			—
Total investment income		8,345,680			1,164,166			5,202
Expenses
Investment advisory fees		568,533			78,003			184
Other expenses		58			58			—
Total expenses		568,591			78,061			184
Less fees waived (see note 3):
Waiver		(58,597	)		(228	)		(8	)
Net expenses		509,994			77,833			176
Net investment income (loss)		7,835,686			1,086,333			5,026
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(2,498,927	)		(331,179	)		(193	)
In-kind redemptions		83,683,455			3,212,238			—
Futures contracts		328,101			52,310			—
Foreign currency transactions		—			—			(87	)
Net realized gain (loss)		81,512,629			2,933,369			(280	)
Net change in unrealized appreciation (depreciation) on:
Investments		57,222,483			19,287,076			(25,265	)
Investments in affiliates		—			7,286			—
Futures contracts		55,578			15,007			—
Foreign currency translations		—			—			11
Net change in unrealized appreciation (depreciation)		57,278,061			19,309,369			(25,254	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		138,790,690			22,242,738			(25,534	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	146,626,376		$	23,329,071		$	(20,508	)
*   Unaffiliated foreign tax withheld	$	3,119		$	—		$	569

(1) For the period February 27, 2024 (commencement of operations) through February 29, 2024.

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	4,006,026		$	11,115,481		$	328,236		$	1,044,986
Net realized gain (loss)		(30,399,625	)		(18,487,055	)		(125,929	)		(735,306	)
Net change in net unrealized appreciation (depreciation)		60,941,118			17,309,303			4,002,232			5,026,694
Net increase (decrease) in net assets resulting from operations		34,547,519			9,937,729			4,204,539			5,336,374
Distributions to Shareholders		(8,720,560	)		(12,833,632	)		(417,296	)		(957,399	)
Fund Shares Transactions
Proceeds from shares sold		326,530,249			2,359,527			1,331,290			13,833,465
Value of shares redeemed		(240,426,282	)		—			—			(4,135,077	)
Net increase (decrease) in net assets resulting from fund share transactions		86,103,967			2,359,527			1,331,290			9,698,388
Total net increase (decrease) in Net Assets		111,930,926			(536,376	)		5,118,533			14,077,363
Net Assets
Beginning of period		492,244,836			492,781,212			43,183,555			29,106,192
End of period	$	604,175,762		$	492,244,836		$	48,302,088		$	43,183,555
Changes in Shares Outstanding
Shares outstanding, beginning of period		18,400,001			18,300,001			1,550,001			1,200,001
Shares sold		12,100,000			100,000			50,000			500,000
Shares redeemed		(8,750,000	)		—			—			(150,000	)
Shares outstanding, end of period		21,750,001			18,400,001			1,600,001			1,550,001

See Notes to Financial Statements. 62

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA Climate Action Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Period April 4, 2023(1) to August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	165,342		$	539,869		$	15,542,401		$	13,732,996
Net realized gain (loss)		(470,674	)		(1,939,343	)		151,284,758			24,723,533
Net change in net unrealized appreciation (depreciation)		920,554			1,411,821			121,513,236			223,498,580
Net increase (decrease) in net assets resulting from operations		615,222			12,347			288,340,395			261,955,109
Distributions to Shareholders		(494,593	)		(495,191	)		(20,927,635	)		(6,700,040	)
Fund Shares Transactions
Proceeds from shares sold		—			4,573,005			367,790,930			2,206,770,268
Value of shares redeemed		—			(2,277,610	)		(907,956,805	)		(186,900,909	)
Net increase (decrease) in net assets resulting from fund share transactions		—			2,295,395			(540,165,875	)		2,019,869,359
Total net increase (decrease) in Net Assets		120,629			1,812,551			(272,753,115	)		2,275,124,428
Net Assets
Beginning of period		24,987,004			23,174,453			2,275,124,453			25
End of period	$	25,107,633		$	24,987,004		$	2,002,371,338		$	2,275,124,453
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,050,001			950,001			81,100,001			1
Shares sold		—			200,000			12,800,000			88,350,000
Shares redeemed		—			(100,000	)		(31,150,000	)		(7,250,000	)
Shares outstanding, end of period		1,050,001			1,050,001			62,750,001			81,100,001

(1) Commencement of Operations.

See Notes to Financial Statements. 63

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI USA ESG Leaders Equity ETF						Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	7,835,686		$	36,167,624		$	1,086,333		$	1,476,161
Net realized gain (loss)		81,512,629			502,735,282			2,933,369			1,416,539
Net change in net unrealized appreciation (depreciation)		57,278,061			(225,613,355	)		19,309,369			14,860,113
Net increase (decrease) in net assets resulting from operations		146,626,376			313,289,551			23,329,071			17,752,813
Distributions to Shareholders		(9,442,729	)		(41,345,101	)		(1,135,554	)		(1,268,208	)
Fund Shares Transactions
Proceeds from shares sold		63,685,161			240,179,457			16,494,603			64,054,316
Value of shares redeemed		(427,228,149	)		(2,288,923,620	)		(8,115,143	)		(8,280,393	)
Net increase (decrease) in net assets resulting from fund share transactions		(363,542,988	)		(2,048,744,163	)		8,379,460			55,773,923
Total net increase (decrease) in Net Assets		(226,359,341	)		(1,776,799,713	)		30,572,977			72,258,528
Net Assets
Beginning of period		1,282,892,091			3,059,691,804			147,895,964			75,637,436
End of period	$	1,056,532,750		$	1,282,892,091		$	178,468,941		$	147,895,964
Changes in Shares Outstanding
Shares outstanding, beginning of period		30,650,001			85,300,001			5,100,001			3,000,001
Shares sold		1,500,000			6,650,000			550,000			2,400,000
Shares redeemed		(10,000,000	)		(61,300,000	)		(250,000	)		(300,000	)
Shares outstanding, end of period		22,150,001			30,650,001			5,400,001			5,100,001

See Notes to Financial Statements. 64

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers RREEF Global Natural Resources ETF
	For the Period February 27, 2024(1) to February 29, 2024 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,026
Net realized gain (loss)		(280	)
Net change in net unrealized appreciation (depreciation)		(25,254	)
Net increase (decrease) in net assets resulting from operations		(20,508	)
Fund Shares Transactions
Proceeds from shares sold		10,013,955
Value of shares redeemed		—
Net increase (decrease) in net assets resulting from fund share transactions		10,013,955
Total net increase (decrease) in Net Assets		9,993,447
Net Assets
Beginning of period		25
End of period	$	9,993,472
Changes in Shares Outstanding
Shares outstanding, beginning of period		1
Shares sold		400,000
Shares redeemed		—
Shares outstanding, end of period		400,001

(1) Commencement of Operations.

See Notes to Financial Statements. 65

DBX ETF Trust

Financial Highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(a)
				2023			2022			2021			2020
Net Asset Value, beginning of period	$	26.75		$	26.93		$	34.69		$	27.90		$	25.42		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.17			0.60			0.70			0.57			0.68			0.60
Net realized and unrealized gain (loss)		1.15			(0.08	)		(7.88	)		6.86			2.53			0.27
Total from investment operations		1.32			0.52			(7.18	)		7.43			3.21			0.87
Less distributions from:
Net investment income		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)
Total distributions		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)
Net Asset Value, end of period	$	27.78		$	26.75		$	26.93		$	34.69		$	27.90		$	25.42
Total Return (%)(c)		4.95	**		2.01			(20.81	)		26.80			12.74			3.44	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		604			492			493			496			8			8
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		1.27	*		2.30			2.30			1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		37	**		16			33			17			13			10	**
Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(e)
				2023			2022			2021			2020
Net Asset Value, beginning of period	$	27.86		$	24.26		$	31.79		$	25.96		$	24.10		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.78			0.85			0.72			0.59			0.78
Net realized and unrealized gain (loss)		2.38			3.51			(7.57	)		5.80			1.83			(1.01	)
Total from investment operations		2.59			4.29			(6.72	)		6.52			2.42			(0.23	)
Less distributions from:
Net investment income		(0.26	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			—			—			(0.01	)
Total distributions		(0.26	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.67	)
Net Asset Value, end of period	$	30.19		$	27.86		$	24.26		$	31.79		$	25.96		$	24.10
Total Return (%)(c)		9.33	**		17.79			(21.40	)		25.28			10.12			(0.91	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		48			43			29			19			12			7
Ratio of expenses before fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		1.48	*		2.92			3.04			2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		3	**		25			22			22			16			10	**

(a) For the period December 6, 2018 (commencement of operations) through August 31, 2019.

(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) For the period September 6, 2018 (commencement of operations) through August 31, 2019.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 66

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(a)
				2023			2022			2021			2020
Net Asset Value, beginning of period	$	23.80		$	24.39		$	33.60		$	28.57		$	24.70		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.53			0.64			0.49			0.86			0.50
Net realized and unrealized gain (loss)		0.42			(0.65	)		(9.14	)		4.77			4.07			(0.53	)
Total from investment operations		0.58			(0.12	)		(8.50	)		5.26			4.93			(0.03	)
Less distributions from:
Net investment income		(0.47	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)		(0.27	)
Net realized gains		—			—			—			—			(0.00	)(c)		—
Total distributions		(0.47	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)		(0.27	)
Net Asset Value, end of period	$	23.91		$	23.80		$	24.39		$	33.60		$	28.57		$	24.70
Total Return (%)(d)		2.51	**		(0.51	)		(25.55	)		18.43			20.32			(0.17	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		25			25			23			25			9			7
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20	*
Ratio of net investment income (loss) (%)		1.36	*		2.21			2.22			1.48			3.38			2.68	*
Portfolio turnover rate (%)(e)		3	**		23			24			26			17			16	**
Xtrackers MSCI USA Climate Action Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Period Ended 8/31/2023(f)
Net Asset Value, beginning of period	$	28.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.17
Net realized and unrealized gain (loss)		3.91			2.96
Total from investment operations		4.12			3.13
Less distributions from:
Net investment income		(0.22	)		(0.08	)
Net realized gains		(0.04	)		—
Total distributions		(0.26	)		(0.08	)
Net Asset Value, end of period	$	31.91		$	28.05
Total Return (%)(d)		14.78	**		12.55	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,002			2,275
Ratio of expenses before fee waiver (%)		0.07	*		0.07	*
Ratio of expenses after fee waiver (%)		0.07	*		0.07	*
Ratio of net investment income (loss) (%)		1.47	*		1.57	*
Portfolio turnover rate (%)(e)		16	**		7	**

(a) For the period December 6, 2018 (commencement of operations) through August 31, 2019.

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

(c) Amount represents less than $0.005.

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

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

(f) For the period April 4, 2023 (commencement of operations) through August 31, 2023.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 67

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(a)
				2023			2022			2021			2020
Net Asset Value, beginning of period	$	41.86		$	35.87		$	41.89		$	31.84		$	26.69		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.29			0.57			0.53			0.50			0.51			0.24
Net realized and unrealized gain (loss)		5.92			6.04			(6.04	)		10.05			5.10			1.57
Total from investment operations		6.21			6.61			(5.51	)		10.55			5.61			1.81
Less distributions from:
Net investment income		(0.37	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)		(0.12	)
Total distributions		(0.37	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)		(0.12	)
Net Asset Value, end of period	$	47.70		$	41.86		$	35.87		$	41.89		$	31.84		$	26.69
Total Return (%)(c)		14.96	**		18.68			(13.29	)		33.48			21.42			7.23	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,057			1,283			3,060			3,889			2,666			1,341
Ratio of expenses before fee waiver (%)		0.10	*		0.10			0.10			0.10			0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.09			0.09			0.09			0.10	*
Ratio of net investment income (loss) (%)		1.38	*		1.56			1.32			1.39			1.83			1.89	*
Portfolio turnover rate (%)(d)		1	**		6			6			12			9			5	**
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Year Ended 8/31/2023			Period Ended 8/31/2022(e)
Net Asset Value, beginning of period	$	29.00		$	25.21		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.39			0.07
Net realized and unrealized gain (loss)		4.06			3.74			0.14
Total from investment operations		4.27			4.13			0.21
Less distributions from:
Net investment income		(0.22	)		(0.34	)		—
Net realized gains		—			(0.00	)(f)		—
Total distributions		(0.22	)		(0.34	)		—
Net Asset Value, end of period	$	33.05		$	29.00		$	25.21
Total Return (%)(c)		14.80	**		16.60			0.84	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		178			148			76
Ratio of expenses before fee waiver (%)		0.10	*		0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10	*
Ratio of net investment income (loss) (%)		1.39	*		1.49			1.50	*
Portfolio turnover rate (%)(d)		5	**		8			11	**

(a) For the period March 7, 2019 (commencement of operations) through August 31, 2019.

(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) For the period June 28, 2022 (commencement of operations) through August 31, 2022.

(f) Amount represents less than $0.005.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 68

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers RREEF Global Natural Resources ETF Selected Per Share Data	Period Ended 2/29/2024(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.02
Net realized and unrealized gain (loss)		(0.04	)
Total from investment operations		(0.02	)
Net Asset Value, end of period	$	24.98
Total Return (%)(c)		(0.07	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10
Ratio of expenses before fee waiver (%)		0.45	*
Ratio of expenses after fee waiver (%)		0.43	*
Ratio of net investment income (loss) (%)		0.10	**
Portfolio turnover rate (%)(d)		1	**

(a) For the period February 27, 2024 (commencement of operations) through February 29, 2024.

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 69

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA ESG Leaders Equity ETF

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Xtrackers RREEF Global Natural Resources ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except Xtrackers RREEF Global Natural Resources ETF which offers shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers RREEF Global Natural Resources ETF which lots consists of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF	MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA Climate Action Equity ETF	MSCI USA Climate Action Index
Xtrackers MSCI USA ESG Leaders Equity ETF	MSCI USA ESG Leaders Index
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	Solactive ISS ESG United States Net Zero Pathway Enhanced Index

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”) is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

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The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

The MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Xtrackers RREEF Global Resources ETF “NRES” seeks total return from both capital appreciation and current income. NRES is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, NRES invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported

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amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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

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

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

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

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

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

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

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers RREEF Global Natural Resources ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	36,954,462	$	17,646,907	$	54,601,369
Xtrackers MSCI EAFE ESG Leaders Equity ETF		564,063		1,075,552		1,639,615
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		883,141		1,690,761		2,573,902
Xtrackers MSCI USA ESG Leaders Equity ETF		16,442,851		48,838,132		65,280,983
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		327,541		145,797		473,338

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As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	585,327,607	$	(94,253,323	)	$	30,786,427	$	(125,039,750	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		41,969,941		1,022,418			3,464,406		(2,441,988	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		27,678,329		(2,528,641	)		1,978,563		(4,507,204	)
Xtrackers MSCI USA Climate Action Equity ETF		2,050,985,369		222,033,739			273,621,602		(51,587,863	)
Xtrackers MSCI USA ESG Leaders Equity ETF		1,189,746,928		91,391,193			172,814,725		(81,423,532	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		131,638,257		16,196,671			20,425,088		(4,228,417	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified

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amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of February 29, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	1,498,996	$	—	$	—	$	—	$	1,498,996
Gross amount of recognized liabilities for securities lending transactions									$	1,498,996
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	52,424	$	—	$	—	$	—	$	52,424
Exchange-Traded Funds		47,250		—		—		—		47,250
Total Borrowings	$	99,674	$	—	$	—	$	—	$	99,674
Gross amount of recognized liabilities for securities lending transactions									$	99,674
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	49,042	$	—	$	—	$	—	$	49,042
Gross amount of recognized liabilities for securities lending transactions									$	49,042
Xtrackers MSCI USA Climate Action Equity ETF
Common Stocks	$	569,800	$	—	$	—	$	—	$	569,800
Gross amount of recognized liabilities for securities lending transactions									$	569,800
Xtrackers MSCI USA ESG Leaders Equity ETF
Common Stocks	$	307,803	$	—	$	—	$	—	$	307,803
Gross amount of recognized liabilities for securities lending transactions									$	307,803
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	157,366	$	—	$	—	$	—	$	157,366
Exchange-Traded Funds		231,034		—		—		—		231,034
Total Borrowings	$	388,400	$	—	$	—	$	—	$	388,400
Gross amount of recognized liabilities for securities lending transactions									$	388,400

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Derivatives

Futures Contracts Each Fund may enter into futures contracts. For each fund, except, Xtrackers RREEF Global Natural Resources ETF, these futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. For Xtrackers RREEF Global Natural Resources ETF these futures will be used for liquidity purposes. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	6,620
Xtrackers MSCI EAFE ESG Leaders Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	7,589	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	1,565	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI USA Climate Action Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	207,934	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI USA ESG Leaders Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	167,845	Unrealized depreciation on futures contracts*	$	—
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	16,237	Unrealized depreciation on futures contracts*	$	—

* Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	158,477
Xtrackers MSCI EAFE ESG Leaders Equity ETF		10,282
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(199	)
Xtrackers MSCI USA Climate Action Equity ETF		377,697
Xtrackers MSCI USA ESG Leaders Equity ETF		328,101
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		52,310

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	36,368
Xtrackers MSCI EAFE ESG Leaders Equity ETF		5,934
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		1,030
Xtrackers MSCI USA Climate Action Equity ETF		64,746
Xtrackers MSCI USA ESG Leaders Equity ETF		55,578
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		15,007

For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,712,913
Xtrackers MSCI EAFE ESG Leaders Equity ETF		184,658
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		49,089
Xtrackers MSCI USA Climate Action Equity ETF		6,554,303
Xtrackers MSCI USA ESG Leaders Equity ETF		3,770,711
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		461,327

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

3. Investment Advisory and Other Agreements

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

RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF. The Sub-Advisor is responsible for day-to-day management of the Fund, subject to supervision of the Advisor.

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

	Unitary Advisory Fee
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		0.15	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%
Xtrackers MSCI USA Climate Action Equity ETF		0.07	%
Xtrackers MSCI USA ESG Leaders Equity ETF		0.10	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%
Xtrackers RREEF Global Natural Resources ETF		0.45	%

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 29, 2024, the Advisor waived $56,853 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,844
Xtrackers MSCI EAFE ESG Leaders Equity ETF		18
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		31
Xtrackers MSCI USA Climate Action Equity ETF		1,842
Xtrackers MSCI USA ESG Leaders Equity ETF		1,744
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		228
Xtrackers RREEF Global Natural Resources ETF		8

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

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

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

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

Affiliated Securities Lending Agent Fees Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

	Securities Lending Agent Fees
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	480
Xtrackers Emerging Markets ESG Leaders Equity ETF		—
Xtrackers MSCI USA ESG Leaders Equity ETF		1,937

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4. Investment Portfolio Transactions

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	332,011,150	$	229,021,880
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,283,833		1,253,302
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		827,670		1,158,524
Xtrackers MSCI USA Climate Action Equity ETF		340,185,858		345,899,411
Xtrackers MSCI USA ESG Leaders Equity ETF		12,699,015		12,357,079
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		8,234,169		8,157,213
Xtrackers RREEF Global Natural Resources ETF		2,512,544		32,654

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	55,195,999	$	77,243,657
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,295,474		—
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		—		—
Xtrackers MSCI USA Climate Action Equity ETF		367,792,421		904,382,344
Xtrackers MSCI USA ESG Leaders Equity ETF		63,616,293		427,114,037
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		16,487,652		8,150,476
Xtrackers RREEF Global Natural Resources ETF		7,379,920		—

5. Fund Share Transactions

As of February 29, 2024, here were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index or portfolio and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

DBX Advisors LLC	Amounts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	6,765
Xtrackers MSCI USA ESG Leaders Equity ETF		5,779
Deutsche Bank AG	Amounts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,383
Xtrackers MSCI USA ESG Leaders Equity ETF		2,890

7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments.

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Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 29, 2024.

9. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2024, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers RREEF Global Natural Resources ETF		99	%

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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Liquidity Risk Management (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January 2023. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-RN was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and

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has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

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

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

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the

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Contracts (Unaudited) (Continued)

Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

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

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

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

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

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Contracts (Unaudited) (Continued)

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

Xtrackers RREEF Global Natural Resources ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 14, 2023 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with DBX Advisors LLC (“DBX” or the “Advisor”) and the Investment Sub-Advisory Agreement between DBX and RREEF America L.L.C. (“RREEF” or the “Sub-Advisor”) with respect to Xtrackers RREEF Global Natural Resources ETF (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the performance of RREEF with respect to its management of other funds, as well as RREEF’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by RREEF from its relationship with the Fund; and (4) the extent to which economies of scale would be realized, and if the Fund’s’ shareholders would benefit from those economies.

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

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Contracts (Unaudited) (Continued)

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

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

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

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

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

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

Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.

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

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

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

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that RREEF would provide to the Fund, the Board reviewed in detail the nature, extent and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Advisor. The Board considered that these services include, among other things, furnishing a continuous target allocation representing RREEF’s recommendations as to the securities to be purchased, sold or retained by the Fund, which RREEF continually reviews and adjusts as necessary on an ongoing daily basis.

The Board also considered RREEF’s operational capabilities and resources, and its experience in serving as an investment sub-advisor to funds with similar strategies. The Board considered the professional experience, qualifications and performance of RREEF’s senior management and key professional personnel, as well as RREEF’s depth and breadth of experience in managing investment portfolios with similar strategies and their techniques for implementing such strategies. In addition, the Board considered RREEF’s operational capabilities and resources.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to RREEF.

RREEF’s Financial Resources. The Board considered RREEF’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that RREEF has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee. The Board considered that the fee to be paid to RREEF in respect of the Fund would be paid by the Advisor and not the Fund. Based on its review, the Board concluded that the fees agreed upon with RREEF are reasonable in light of the nature and quality of investment advisory services rendered for the Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Fund, the fact that the sub-advisory fee is paid by the Advisor and not the Fund, and fees paid by comparable funds to advisors.

Costs of Services and Profitability. The Board considered the anticipated expenses of RREEF in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Sub-Advisor at this time. The Board considered whether RREEF would benefit in other ways from its

88

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the RREEF related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Sub-Advisor until a new fund achieves scale.

Economies of Scale. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisor’s can share benefits of economies of scale.

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

89

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

90

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on a fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. EMSG, USCA, USNZ and NRES are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. There are special risks associated with natural resources investments, this means that the fund is more vulnerable to the price movements that particularly affect one or more of the various industries and sub-industries within the natural resources sector. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Nasdaq Stock Market, as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 Sub-Advisor RREEF America L.L.C. 222 S. Riverside Plaza Chicago, IL 60606	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-094866-2 (4/24) DBX005919 (4/25)

February 29, 2024

Semi-Annual Report

DBX ETF Trust

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 Growth ESG ETF (SNPG)

Xtrackers S&P 500 Value ESG ETF (SNPV)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers S&P 500 ESG ETF		1
Xtrackers S&P 500 Growth ESG ETF		2
Xtrackers S&P 500 Value ESG ETF		3
Xtrackers S&P ESG Dividend Aristocrats ETF		4
Xtrackers S&P MidCap 400 ESG ETF		5
Xtrackers S&P SmallCap 600 ESG ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers S&P 500 ESG ETF		8
Xtrackers S&P 500 Growth ESG ETF		13
Xtrackers S&P 500 Value ESG ETF		15
Xtrackers S&P ESG Dividend Aristocrats ETF		19
Xtrackers S&P MidCap 400 ESG ETF		21
Xtrackers S&P SmallCap 600 ESG ETF		25
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		40
Other Information		50
Liquidity Risk Management		51
Board Considerations in Approval of Investment Advisory Contracts		52
Additional Information		55

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (42.0% of Net Assets)

Description	% of Net Assets
Microsoft Corp.		9.6%
Apple, Inc.		8.3%
NVIDIA Corp.		6.1%
Amazon.com, Inc.		5.0%
Alphabet, Inc.		4.8%
Eli Lilly & Co.		1.9%
Tesla, Inc.		1.8%
JPMorgan Chase & Co.		1.7%
UnitedHealth Group, Inc.		1.4%
Visa, Inc.		1.4%

Sector Diversification* as of February 29, 2024

Information Technology	32.9%
Health Care	12.8%
Financials	12.7%
Consumer Discretionary	11.9%
Communication Services	8.2%
Industrials	6.9%
Consumer Staples	5.7%
Energy	3.3%
Real Estate	2.3%
Materials	2.1%
Utilities	1.2%
Total	100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P Growth ESG ETF (SNPG)

Xtrackers S&P 500 Growth ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (62.5% of Net Assets)

Description	% of Net Assets
NVIDIA Corp.		11.2%
Amazon.com, Inc.		9.6%
Microsoft Corp.		8.8%
Alphabet, Inc.		8.0%
Apple, Inc.		7.8%
Eli Lilly & Co.		4.8%
Tesla, Inc.		4.1%
Advanced Micro Devices, Inc.		2.9%
Visa, Inc.		2.7%
Mastercard, Inc.		2.6%

Sector Diversification* as of February 29, 2024

Information Technology	40.5%
Consumer Discretionary	18.0%
Health Care	11.2%
Communication Services	8.0%
Financials	7.9%
Consumer Staples	5.0%
Industrials	4.6%
Energy	2.8%
Materials	1.4%
Real Estate	0.6%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P Value ESG ETF (SNPV)

Xtrackers S&P 500 Value ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (23.7% of Net Assets)

Description	% of Net Assets
JPMorgan Chase & Co.		5.2%
Walmart, Inc.		2.4%
Home Depot, Inc.		2.3%
Bank of America Corp.		2.3%
Procter & Gamble Co.		2.2%
Abbott Laboratories		2.0%
Walt Disney Co.		2.0%
Cisco Systems, Inc.		1.9%
Intel Corp.		1.7%
Comcast Corp.		1.7%

Sector Diversification* as of February 29, 2024

Financials	26.4%
Health Care	11.4%
Consumer Staples	11.3%
Industrials	10.6%
Consumer Discretionary	8.5%
Information Technology	8.3%
Communication Services	7.7%
Real Estate	5.8%
Materials	4.0%
Utilities	3.5%
Energy	2.5%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P ESG Dividend Aristocrats ETF (the “Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (22.0% of Net Assets)

Description	% of Net Assets
Best Buy Co., Inc.		2.4%
Realty Income Corp.		2.4%
Amcor PLC		2.3%
Eversource Energy		2.3%
UGI Corp.		2.3%
T. Rowe Price Group, Inc.		2.2%
Edison International		2.1%
International Business Machines Corp.		2.0%
Chevron Corp.		2.0%
AbbVie, Inc.		2.0%

Sector Diversification* as of February 29, 2024

Consumer Staples	18.3%
Industrials	15.5%
Materials	12.6%
Utilities	11.5%
Consumer Discretionary	9.2%
Financials	8.4%
Health Care	7.6%
Information Technology	6.8%
Real Estate	6.1%
Energy	4.0%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P MidCap 400 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (10.1% of Net Assets)

Description	% of Net Assets
Deckers Outdoor Corp.		1.4%
Carlisle Cos., Inc.		1.1%
Manhattan Associates, Inc.		1.0%
Saia, Inc.		1.0%
Lennox International, Inc.		1.0%
Williams-Sonoma, Inc.		1.0%
RPM International, Inc.		0.9%
EMCOR Group, Inc.		0.9%
Lincoln Electric Holdings, Inc.		0.9%
iShares ESG Screened S&P Mid-Cap ETF		0.9%

Sector Diversification* as of February 29, 2024

Industrials	23.7%
Consumer Discretionary	17.8%
Financials	16.5%
Health Care	9.7%
Information Technology	8.0%
Materials	6.8%
Real Estate	6.2%
Energy	4.3%
Consumer Staples	4.0%
Communication Services	1.5%
Utilities	1.5%
Total	100.0%

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

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

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

Xtrackers S&P SmallCap 600 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 29, 2024 (9.3% of Net Assets)

Description	% of Net Assets
Fabrinet		1.1%
Applied Industrial Technologies, Inc.		1.1%
Cytokinetics, Inc.		1.0%
Ensign Group, Inc.		1.0%
SPS Commerce, Inc.		1.0%
Abercrombie & Fitch Co.		0.9%
Meritage Homes Corp.		0.8%
Academy Sports & Outdoors, Inc.		0.8%
AAON, Inc.		0.8%
SPDR Portfolio S&P 600 Small Cap ETF		0.8%

Sector Diversification* as of February 29, 2024

Industrials	19.2%
Financials	18.2%
Consumer Discretionary	16.4%
Information Technology	12.3%
Health Care	10.1%
Real Estate	7.7%
Materials	5.4%
Energy	4.5%
Consumer Staples	3.1%
Communication Services	1.6%
Utilities	1.5%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.

6

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers S&P 500 ESG ETF
Actual	$	1,000.00	$	1,130.40		0.10	%	$	0.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.37		0.10	%	$	0.50
Xtrackers S&P 500 Growth ESG ETF
Actual	$	1,000.00	$	1,150.10		0.15	%	$	0.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75
Xtrackers S&P 500 Value ESG ETF
Actual	$	1,000.00	$	1,121.10		0.15	%	$	0.79
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75
Xtrackers S&P ESG Dividend Aristocrats ETF
Actual	$	1,000.00	$	1,043.10		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75
Xtrackers S&P MidCap 400 ESG ETF
Actual	$	1,000.00	$	1,081.80		0.15	%	$	0.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75
Xtrackers S&P SmallCap 600 ESG ETF
Actual	$	1,000.00	$	1,092.30		0.15	%	$	0.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.15	%	$	0.75

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

7

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 8.2%
Alphabet, Inc., Class A*		207,241	$	28,694,589
Alphabet, Inc., Class C*		174,367		24,373,019
AT&T, Inc.		247,756		4,194,509
Charter Communications, Inc., Class A*		3,531		1,037,867
Comcast Corp., Class A		140,740		6,030,709
Electronic Arts, Inc.		8,606		1,200,365
Fox Corp., Class A		9,980		297,304
Fox Corp., Class B		4,659		127,563
Interpublic Group of Cos., Inc.		14,377		451,438
Match Group, Inc.*		9,232		332,721
Netflix, Inc.*		15,328		9,241,558
News Corp., Class A		13,322		358,095
News Corp., Class B		4,108		114,983
Omnicom Group, Inc.		7,081		625,890
Paramount Global, Class B		16,749		184,909
Verizon Communications, Inc.		145,862		5,837,397
Walt Disney Co.		63,479		7,082,987
Warner Bros Discovery, Inc.*		76,787		674,958
(Cost $90,567,972)				90,860,861
Consumer Discretionary — 11.8%
Amazon.com, Inc.*		318,018		56,212,862
Aptiv PLC*		9,419		748,716
Best Buy Co., Inc.		6,755		546,344
BorgWarner, Inc.		7,984		248,542
Caesars Entertainment, Inc.*		7,797		338,936
Darden Restaurants, Inc.		4,257		726,713
eBay, Inc.		18,848		891,133
Etsy, Inc.*		3,790		271,705
Ford Motor Co.		135,733		1,688,519
General Motors Co.		48,221		1,976,097
Hasbro, Inc.		4,772		239,984
Hilton Worldwide Holdings, Inc.		9,243		1,888,530
Home Depot, Inc.		35,114		13,364,740
Las Vegas Sands Corp.		11,467		625,181
Lowe’s Cos., Inc.		20,014		4,816,769
Marriott International, Inc., Class A		8,516		2,127,893
McDonald’s Corp.		25,488		7,449,633
MGM Resorts International*		10,523		455,435
Mohawk Industries, Inc.*		2,015		239,019
NIKE, Inc., Class B		42,775		4,445,606
Norwegian Cruise Line Holdings Ltd.*		13,898		269,482
PulteGroup, Inc.		7,750		839,945
Ralph Lauren Corp.		1,383		257,127
Royal Caribbean Cruises Ltd.*		8,223		1,014,307
Starbucks Corp.		39,996		3,795,620
Tapestry, Inc.		8,198		389,651
Tesla, Inc.*		96,772		19,536,331
TJX Cos., Inc.		40,237		3,989,096
Tractor Supply Co.		3,841		976,843
VF Corp.		11,747		191,946
Whirlpool Corp.		1,900		204,041
Yum! Brands, Inc.		9,747		1,349,180
(Cost $120,176,467)				132,115,926

	Number of Shares		Value
Consumer Staples — 5.7%
Archer-Daniels-Midland Co.		19,061	$	1,012,330
Brown-Forman Corp., Class B		6,744		406,191
Campbell Soup Co.		7,390		315,110
Coca-Cola Co.		136,220		8,175,924
Colgate-Palmolive Co.		28,888		2,499,390
Conagra Brands, Inc.		16,288		457,367
Constellation Brands, Inc., Class A		5,735		1,425,262
Dollar General Corp.		7,747		1,125,717
Dollar Tree, Inc.*		7,216		1,058,443
Estee Lauder Cos., Inc., Class A		8,075		1,199,784
General Mills, Inc.		20,524		1,317,230
Hershey Co.		5,144		966,661
Hormel Foods Corp.		10,645		375,981
J M Smucker Co.		3,719		446,912
Kellanova		8,735		481,735
Keurig Dr Pepper, Inc.		35,086		1,049,422
Kraft Heinz Co.		27,429		967,695
Kroger Co.		22,571		1,119,747
McCormick & Co., Inc.		8,663		596,534
Molson Coors Beverage Co., Class B		6,893		430,261
Mondelez International, Inc., Class A		47,382		3,462,203
PepsiCo, Inc.		47,892		7,918,463
Procter & Gamble Co.		82,392		13,095,385
Sysco Corp.		17,871		1,447,015
Target Corp.		15,961		2,440,756
Tyson Foods, Inc., Class A		9,725		527,484
Walgreens Boots Alliance, Inc.		24,580		522,571
Walmart, Inc.		149,500		8,762,195
(Cost $65,148,359)				63,603,768
Energy — 3.3%
APA Corp.		11,057		329,388
Baker Hughes Co.		34,881		1,032,129
Chevron Corp.		61,419		9,336,302
ConocoPhillips		41,838		4,708,448
Devon Energy Corp.		22,430		988,266
EOG Resources, Inc.		20,302		2,323,767
EQT Corp.		14,237		528,905
Halliburton Co.		31,281		1,097,025
Hess Corp.		9,604		1,399,783
Kinder Morgan, Inc.		68,798		1,196,397
Marathon Oil Corp.		21,695		526,104
Marathon Petroleum Corp.		13,226		2,238,236
ONEOK, Inc.		20,306		1,525,387
Phillips 66		15,581		2,220,448
Pioneer Natural Resources Co.		8,216		1,932,321
Schlumberger NV		49,352		2,385,182
Valero Energy Corp.		11,831		1,673,613
Williams Cos., Inc.		42,135		1,514,332
(Cost $34,133,290)				36,956,033
Financials — 12.6%
Aflac, Inc.		18,843		1,521,384
Allstate Corp.		9,083		1,448,920
American Express Co.		20,308		4,455,981
American International Group, Inc.		23,836		1,737,406
Ameriprise Financial, Inc.		3,527		1,436,759

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Arch Capital Group Ltd.*		12,884	$	1,128,509
Arthur J Gallagher & Co.		7,329		1,787,763
Assurant, Inc.		2,055		372,880
Bank of America Corp.		242,108		8,357,568
Bank of New York Mellon Corp.		26,336		1,477,186
BlackRock, Inc.		4,889		3,966,641
Capital One Financial Corp.		13,308		1,831,314
Cboe Global Markets, Inc.		3,847		738,624
Charles Schwab Corp.		51,847		3,462,343
Chubb Ltd.		14,420		3,629,081
Citigroup, Inc.		67,312		3,735,143
CME Group, Inc.		12,499		2,754,155
Discover Financial Services		8,720		1,052,504
Everest Group Ltd.		1,480		545,942
FactSet Research Systems, Inc.		1,396		645,762
Fidelity National Information Services, Inc.		20,632		1,427,528
Fifth Third Bancorp		23,069		792,189
Franklin Resources, Inc.		10,147		278,535
Globe Life, Inc.		3,299		418,742
Goldman Sachs Group, Inc.		11,314		4,401,712
Hartford Financial Services Group, Inc.		10,987		1,052,994
Intercontinental Exchange, Inc.		19,962		2,763,140
Invesco Ltd.		16,776		258,518
JPMorgan Chase & Co.		101,100		18,810,666
M&T Bank Corp.		5,856		818,317
MarketAxess Holdings, Inc.		1,385		295,573
Mastercard, Inc., Class A		29,010		13,772,788
MetLife, Inc.		21,371		1,490,413
Moody’s Corp.		5,392		2,045,833
Morgan Stanley		44,579		3,835,577
MSCI, Inc.		2,798		1,569,594
Nasdaq, Inc.		11,468		644,502
Northern Trust Corp.		7,222		593,143
PayPal Holdings, Inc.*		38,376		2,315,608
PNC Financial Services Group, Inc.		13,933		2,050,938
Principal Financial Group, Inc.		8,260		667,904
Progressive Corp.		20,269		3,842,192
Prudential Financial, Inc.		12,242		1,334,255
Raymond James Financial, Inc.		6,637		798,564
Regions Financial Corp.		32,763		610,375
S&P Global, Inc.		11,429		4,895,955
State Street Corp.		11,128		820,467
Synchrony Financial		14,753		609,299
T. Rowe Price Group, Inc.		7,822		886,624
Travelers Cos., Inc.		7,986		1,764,586
Truist Financial Corp.		45,597		1,594,983
Visa, Inc., Class A		55,739		15,754,071
W.R. Berkley Corp.		7,660		640,376
Willis Towers Watson PLC		3,705		1,010,020
(Cost $125,576,079)				140,951,846
Health Care — 12.8%
Abbott Laboratories		60,676		7,198,601
AbbVie, Inc.		61,807		10,881,122
Agilent Technologies, Inc.		10,223		1,404,231
Amgen, Inc.		18,592		5,091,047

	Number of Shares		Value
Health Care (Continued)
Baxter International, Inc.		17,410	$	712,417
Becton Dickinson and Co.		10,106		2,380,468
Biogen, Inc.*		4,960		1,076,270
Bio-Rad Laboratories, Inc., Class A*		668		217,688
Boston Scientific Corp.*		51,079		3,381,941
Bristol-Myers Squibb Co.		71,440		3,625,580
Cardinal Health, Inc.		8,982		1,005,804
Cencora, Inc.		5,651		1,331,376
Centene Corp.*		19,097		1,497,778
Cigna Group		10,196		3,427,283
CVS Health Corp.		44,604		3,317,200
DaVita, Inc.*		2,276		288,984
Edwards Lifesciences Corp.*		21,530		1,827,251
Elevance Health, Inc.		8,265		4,142,831
Eli Lilly & Co.		27,857		20,995,264
Gilead Sciences, Inc.		43,456		3,133,178
Henry Schein, Inc.*		4,893		374,168
Hologic, Inc.*		8,615		635,787
Humana, Inc.		4,344		1,521,790
IDEXX Laboratories, Inc.*		2,882		1,657,813
Illumina, Inc.*		5,422		758,158
Laboratory Corp. of America Holdings		3,017		651,159
Medtronic PLC		46,698		3,892,745
Merck & Co., Inc.		88,683		11,276,044
Mettler-Toledo International, Inc.*		782		975,326
Moderna, Inc.*		11,509		1,061,590
Pfizer, Inc.		197,102		5,235,029
Quest Diagnostics, Inc.		3,843		479,952
Regeneron Pharmaceuticals, Inc.*		3,765		3,637,329
Teleflex, Inc.		1,529		340,646
Thermo Fisher Scientific, Inc.		13,467		7,678,614
UnitedHealth Group, Inc.		32,380		15,982,768
Vertex Pharmaceuticals, Inc.*		8,988		3,781,611
Viatris, Inc.		44,259		547,484
Waters Corp.*		2,029		684,625
Zimmer Biomet Holdings, Inc.		7,272		904,346
Zoetis, Inc.		16,235		3,219,888
(Cost $131,125,001)				142,233,186
Industrials — 6.9%
American Airlines Group, Inc.*		23,944		375,442
Automatic Data Processing, Inc.		14,388		3,613,258
Broadridge Financial Solutions, Inc.		4,129		840,582
C.H. Robinson Worldwide, Inc.		3,885		287,801
Carrier Global Corp.		29,546		1,642,167
Caterpillar, Inc.		17,811		5,948,161
Cintas Corp.		2,961		1,861,314
CSX Corp.		68,879		2,613,269
Cummins, Inc.		4,925		1,322,904
Deere & Co.		9,441		3,446,437
Dover Corp.		4,847		801,597
Eaton Corp. PLC		13,848		4,002,072
Emerson Electric Co.		19,833		2,119,156
Expeditors International of Washington, Inc.		5,307		634,717
Fortive Corp.		12,290		1,046,248
Generac Holdings, Inc.*		2,317		260,686

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
General Electric Co.		37,894	$	5,945,190
IDEX Corp.		2,780		655,802
Illinois Tool Works, Inc.		9,639		2,526,864
Ingersoll Rand, Inc.		13,852		1,265,103
JB Hunt Transport Services, Inc.		2,861		590,253
Johnson Controls International PLC		23,619		1,399,898
Nordson Corp.		1,881		499,688
Norfolk Southern Corp.		7,858		1,991,060
Otis Worldwide Corp.		14,257		1,358,692
PACCAR, Inc.		18,167		2,014,539
Parker-Hannifin Corp.		4,480		2,398,816
Paychex, Inc.		11,126		1,364,270
Pentair PLC		5,934		461,606
Quanta Services, Inc.		4,928		1,190,161
Republic Services, Inc.		7,110		1,305,396
Robert Half, Inc.		3,967		318,947
Rockwell Automation, Inc.		3,912		1,115,233
Stanley Black & Decker, Inc.		5,851		522,436
Trane Technologies PLC		8,061		2,272,960
Union Pacific Corp.		21,229		5,385,585
United Parcel Service, Inc., Class B		25,405		3,766,545
United Rentals, Inc.		2,400		1,663,848
Verisk Analytics, Inc.		5,066		1,225,465
Waste Management, Inc.		12,905		2,653,913
Westinghouse Air Brake Technologies Corp.		6,303		890,551
Xylem, Inc.		8,275		1,051,339
(Cost $62,910,974)				76,649,971
Information Technology — 32.8%
Adobe, Inc.*		15,917		8,917,977
Advanced Micro Devices, Inc.*		56,546		10,886,801
Apple, Inc.		511,389		92,433,562
Applied Materials, Inc.		29,334		5,914,321
Arista Networks, Inc.*		8,607		2,388,787
Autodesk, Inc.*		7,552		1,949,700
Cisco Systems, Inc.		142,510		6,893,209
Corning, Inc.		25,970		837,273
F5, Inc.*		1,990		372,568
Fortinet, Inc.*		22,539		1,557,670
Gen Digital, Inc.		21,009		451,483
Hewlett Packard Enterprise Co.		47,907		729,624
HP, Inc.		29,740		842,534
Intel Corp.		147,581		6,353,362
Intuit, Inc.		9,737		6,454,560
Juniper Networks, Inc.		11,880		439,916
Keysight Technologies, Inc.*		6,192		955,425
KLA Corp.		4,809		3,281,181
Lam Research Corp.		4,645		4,358,171
Micron Technology, Inc.		37,931		3,436,928
Microsoft Corp.		259,909		107,508,759
Motorola Solutions, Inc.		5,805		1,917,914
NVIDIA Corp.		86,405		68,356,724
NXP Semiconductors NV		9,033		2,255,811
ON Semiconductor Corp.*		14,986		1,182,695
QUALCOMM, Inc.		38,800		6,122,252
Salesforce, Inc.*		34,156		10,548,056

	Number of Shares		Value
Information Technology (Continued)
Seagate Technology Holdings PLC		6,624	$	616,363
TE Connectivity Ltd.		10,914		1,566,814
Texas Instruments, Inc.		31,561		5,281,102
Tyler Technologies, Inc.*		1,491		651,776
Zebra Technologies Corp., Class A*		1,813		506,697
(Cost $270,523,070)				365,970,015
Materials — 2.1%
Air Products and Chemicals, Inc.		7,711		1,804,683
Albemarle Corp.		3,971		547,402
Amcor PLC		51,340		465,140
Ball Corp.		10,904		698,074
CF Industries Holdings, Inc.		6,771		546,555
Corteva, Inc.		24,626		1,317,984
Dow, Inc.		24,866		1,389,512
Ecolab, Inc.		8,798		1,978,142
FMC Corp.		4,680		263,905
Freeport-McMoRan, Inc.		49,650		1,877,267
International Flavors & Fragrances, Inc.		9,127		689,089
International Paper Co.		12,076		427,007
Linde PLC		16,962		7,612,885
LyondellBasell Industries NV, Class A		8,660		868,425
Mosaic Co.		11,512		358,714
Newmont Corp.		40,805		1,275,156
PPG Industries, Inc.		8,149		1,153,898
Westrock Co.		8,237		373,054
(Cost $24,391,857)				23,646,892
Real Estate — 2.3%
Alexandria Real Estate Equities, Inc. REIT		5,401		673,667
American Tower Corp. REIT		16,229		3,227,299
AvalonBay Communities, Inc. REIT		4,803		850,275
Boston Properties, Inc. REIT		5,172		334,732
CBRE Group, Inc., Class A*		10,965		1,007,574
Digital Realty Trust, Inc. REIT		10,676		1,567,344
Equinix, Inc. REIT		3,259		2,896,664
Equity Residential REIT		12,612		759,368
Essex Property Trust, Inc. REIT		2,372		548,881
Extra Space Storage, Inc. REIT		7,343		1,035,143
Federal Realty Investment Trust REIT		2,564		258,579
Healthpeak Properties, Inc. REIT		24,770		414,897
Host Hotels & Resorts, Inc. REIT		26,044		540,153
Iron Mountain, Inc. REIT		9,928		780,738
Kimco Realty Corp. REIT		22,045		435,609
Prologis, Inc. REIT		32,137		4,282,898
Regency Centers Corp. REIT		5,168		320,158
SBA Communications Corp. REIT		3,775		789,843
Simon Property Group, Inc. REIT		11,358		1,682,574
UDR, Inc. REIT		11,027		391,458
Ventas, Inc. REIT		14,447		610,964
Welltower, Inc. REIT		19,297		1,778,411
Weyerhaeuser Co. REIT		25,363		871,980
(Cost $27,149,508)				26,059,209
Utilities — 1.2%
American Water Works Co., Inc.		6,714		795,877
CenterPoint Energy, Inc.		21,936		603,240

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
Constellation Energy Corp.		11,349	$	1,911,739
Edison International		13,285		903,646
Entergy Corp.		7,359		747,454
Eversource Energy		12,033		706,337
Exelon Corp.		34,469		1,235,369
NextEra Energy, Inc.		71,896		3,967,940
Public Service Enterprise Group, Inc.		17,229		1,075,090
Sempra		21,833		1,541,410
(Cost $14,912,088)				13,488,102
TOTAL COMMON STOCKS (Cost $966,614,665)				1,112,535,809
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $2,432,826)		2,432,826		2,432,826
TOTAL INVESTMENTS — 99.9% (Cost $969,047,491)			$	1,114,968,635
Other assets and liabilities, net — 0.1%				1,308,269
NET ASSETS — 100.0%			$	1,116,276,904

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b)
		—		—		(0	)(c)		—		—		40		—		—		—
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		1,432,502		9,110,710		(8,110,386	)		—		—		38,923		—		2,432,826		2,432,826
		1,432,502		9,110,710		(8,110,386	)		—		—		38,963		—		2,432,826		2,432,826

* Non-income producing security

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

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
E-Mini S&P 500 ESG Futures	USD	15	$	3,214,621	$	3,375,600	3/15/2024	$	160,979

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 29, 2024 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,112,535,809	$	—	$	—	$	1,112,535,809
Short-Term Investments (a)		2,432,826		—		—		2,432,826
Derivatives (b)
Futures Contracts		160,979		—		—		160,979
TOTAL	$	1,115,129,614	$	—	$	—	$	1,115,129,614

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

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

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 8.0%
Alphabet, Inc., Class A*		2,335	$	323,304
Alphabet, Inc., Class C*		1,965		274,668
(Cost $491,942)				597,972
Consumer Discretionary — 17.9%
Amazon.com, Inc.*		4,080		721,181
Etsy, Inc.*		39		2,796
Hilton Worldwide Holdings, Inc.		178		36,369
Home Depot, Inc.		257		97,817
McDonald’s Corp.		221		64,594
Starbucks Corp.		468		44,413
Tesla, Inc.*		1,514		305,646
TJX Cos., Inc.		516		51,156
Tractor Supply Co.		32		8,138
Yum! Brands, Inc.		89		12,320
(Cost $1,097,357)				1,344,430
Consumer Staples — 5.0%
Coca-Cola Co.		1,053		63,201
Colgate-Palmolive Co.		223		19,294
Costco Wholesale Corp.		129		95,962
Hershey Co.		40		7,517
Mondelez International, Inc., Class A		397		29,009
PepsiCo, Inc.		343		56,711
Procter & Gamble Co.		638		101,404
(Cost $351,943)				373,098
Energy — 2.8%
APA Corp.		200		5,958
ConocoPhillips		569		64,035
EOG Resources, Inc.		267		30,561
Hess Corp.		192		27,984
Marathon Oil Corp.		215		5,214
Marathon Petroleum Corp.		145		24,538
ONEOK, Inc.		251		18,855
Pioneer Natural Resources Co.		81		19,051
Williams Cos., Inc.		329		11,824
(Cost $196,046)				208,020
Financials — 7.9%
American Express Co.		280		61,437
Arch Capital Group Ltd.*		259		22,686
Arthur J Gallagher & Co.		76		18,539
Cboe Global Markets, Inc.		44		8,448
FactSet Research Systems, Inc.		12		5,551
Mastercard, Inc., Class A		412		195,601
Moody’s Corp.		51		19,350
MSCI, Inc.		31		17,390
Progressive Corp.		203		38,481
Visa, Inc., Class A		730		206,327
(Cost $503,333)				593,810
Health Care — 11.2%
AbbVie, Inc.		453		79,751
Eli Lilly & Co.		475		357,998
IDEXX Laboratories, Inc.*		32		18,407
IQVIA Holdings, Inc.*		48		11,864

	Number of Shares		Value
Health Care (Continued)
Merck & Co., Inc.		703	$	89,387
Mettler-Toledo International, Inc.*		6		7,483
Regeneron Pharmaceuticals, Inc.*		45		43,474
Thermo Fisher Scientific, Inc.		102		58,158
UnitedHealth Group, Inc.		243		119,945
Vertex Pharmaceuticals, Inc.*		114		47,964
Waters Corp.*		15		5,061
(Cost $650,273)				839,492
Industrials — 4.5%
Automatic Data Processing, Inc.		111		27,875
Broadridge Financial Solutions, Inc.		47		9,568
Caterpillar, Inc.		205		68,462
Cintas Corp.		32		20,116
CSX Corp.		686		26,027
Deere & Co.		106		38,695
Illinois Tool Works, Inc.		88		23,069
Paychex, Inc.		89		10,913
Quanta Services, Inc.		70		16,906
Republic Services, Inc.		80		14,688
Union Pacific Corp.		190		48,201
Verisk Analytics, Inc.		55		13,305
Waste Management, Inc.		120		24,678
(Cost $287,748)				342,503
Information Technology — 40.2%
Adobe, Inc.*		315		176,488
Advanced Micro Devices, Inc.*		1,120		215,634
Apple, Inc.		3,260		589,245
Applied Materials, Inc.		581		117,141
Arista Networks, Inc.*		175		48,569
Autodesk, Inc.*		77		19,879
Fortinet, Inc.*		442		30,547
Lam Research Corp.		91		85,381
Microsoft Corp.		1,593		658,929
Motorola Solutions, Inc.		67		22,136
NVIDIA Corp.		1,060		838,587
ON Semiconductor Corp.*		132		10,417
QUALCOMM, Inc.		394		62,169
ServiceNow, Inc.*		142		109,530
Texas Instruments, Inc.		233		38,988
(Cost $2,252,200)				3,023,640
Materials — 1.4%
CF Industries Holdings, Inc.		72		5,812
Freeport-McMoRan, Inc.		498		18,829
Linde PLC		175		78,544
(Cost $85,883)				103,185
Real Estate — 0.5%
American Tower Corp. REIT		133		26,448
Iron Mountain, Inc. REIT		114		8,965
SBA Communications Corp. REIT		30		6,277
(Cost $40,744)				41,690
TOTAL COMMON STOCKS (Cost $5,957,469)				7,467,840

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.3%
SPDR Portfolio S&P 500 Growth ETF		150	$	10,761
Vanguard S&P 500 Growth ETF		25		7,459
(Cost $16,464)				18,220
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $20,847)		20,847		20,847
TOTAL INVESTMENTS — 99.9% (Cost $5,994,780)			$	7,506,907
Other assets and liabilities, net — 0.1%				4,104
NET ASSETS — 100.0%			$	7,511,011

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		1,630		94,141		(74,924	)		—		—		126		—		20,847		20,847

* Non-income producing security.

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

REIT: Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	7,467,840	$	—	$	—	$	7,467,840
Exchange-Traded Funds		18,220		—		—		18,220
Short-Term Investments (a)		20,847		—		—		20,847
TOTAL	$	7,506,907	$	—	$	—	$	7,506,907

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

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 7.6%
AT&T, Inc.		4,044	$	68,465
Charter Communications, Inc., Class A*		31		9,112
Comcast Corp., Class A		2,286		97,955
Electronic Arts, Inc.		78		10,880
Fox Corp., Class A		141		4,201
Fox Corp., Class B		93		2,546
Interpublic Group of Cos., Inc.		218		6,845
Match Group, Inc.*		155		5,586
News Corp., Class A		216		5,806
News Corp., Class B		83		2,323
Omnicom Group, Inc.		113		9,988
Paramount Global, Class B		274		3,025
Verizon Communications, Inc.		2,400		96,048
Walt Disney Co.		1,035		115,485
Warner Bros Discovery, Inc.*		1,275		11,207
(Cost $430,139)				449,472
Consumer Discretionary — 8.4%
Aptiv PLC*		162		12,877
Best Buy Co., Inc.		110		8,897
BorgWarner, Inc.		134		4,171
Caesars Entertainment, Inc.*		53		2,304
Carnival Corp.*		190		3,013
Darden Restaurants, Inc.		36		6,146
eBay, Inc.		295		13,948
Etsy, Inc.*		38		2,724
General Motors Co.		779		31,923
Hasbro, Inc.		74		3,722
Home Depot, Inc.		358		136,258
Las Vegas Sands Corp.		82		4,471
Lowe’s Cos., Inc.		328		78,940
McDonald’s Corp.		231		67,517
MGM Resorts International*		55		2,380
Mohawk Industries, Inc.*		30		3,559
NIKE, Inc., Class B		397		41,260
Ralph Lauren Corp.		10		1,859
Starbucks Corp.		262		24,864
Tapestry, Inc.		130		6,179
TJX Cos., Inc.		228		22,604
VF Corp.		188		3,072
Whirlpool Corp.		31		3,329
Yum! Brands, Inc.		86		11,904
(Cost $457,097)				497,921
Consumer Staples — 11.3%
Archer-Daniels-Midland Co.		303		16,092
Brown-Forman Corp., Class B		104		6,264
Bunge Global SA		83		7,833
Campbell Soup Co.		112		4,776
Coca-Cola Co.		1,349		80,967
Colgate-Palmolive Co.		286		24,745
Conagra Brands, Inc.		272		7,638
Constellation Brands, Inc., Class A		92		22,864
Estee Lauder Cos., Inc., Class A		132		19,613
General Mills, Inc.		330		21,179
Hormel Foods Corp.		165		5,828

	Number of Shares		Value
Consumer Staples (Continued)
J M Smucker Co.		60	$	7,210
Kellanova		150		8,272
Keurig Dr Pepper, Inc.		572		17,109
Kraft Heinz Co.		466		16,440
Kroger Co.		387		19,199
McCormick & Co., Inc.		143		9,847
Molson Coors Beverage Co., Class B		105		6,554
Mondelez International, Inc., Class A		457		33,393
Procter & Gamble Co.		817		129,854
Target Corp.		265		40,524
Tyson Foods, Inc., Class A		162		8,787
Walgreens Boots Alliance, Inc.		408		8,674
Walmart, Inc.		2,433		142,598
(Cost $650,172)				666,260
Energy — 2.5%
Baker Hughes Co.		572		16,926
Halliburton Co.		509		17,851
Kinder Morgan, Inc.		1,129		19,633
Marathon Petroleum Corp.		97		16,415
Phillips 66		253		36,055
Schlumberger NV		812		39,244
(Cost $141,194)				146,124
Financials — 26.2%
Aflac, Inc.		302		24,384
Allstate Corp.		149		23,768
American Express Co.		101		22,161
American International Group, Inc.		399		29,083
Arthur J Gallagher & Co.		58		14,148
Assurant, Inc.		30		5,444
Bank of America Corp.		3,914		135,111
Bank of New York Mellon Corp.		437		24,511
BlackRock, Inc.		79		64,096
Capital One Financial Corp.		217		29,861
Cboe Global Markets, Inc.		25		4,800
Charles Schwab Corp.		846		56,496
Chubb Ltd.		232		58,387
Citigroup, Inc.		1,088		60,373
CME Group, Inc.		131		28,866
Discover Financial Services		65		7,846
FactSet Research Systems, Inc.		11		5,088
Fidelity National Information Services, Inc.		337		23,317
Fifth Third Bancorp		398		13,667
Fiserv, Inc.*		164		24,480
Franklin Resources, Inc.		160		4,392
Global Payments, Inc.		152		19,714
Globe Life, Inc.		49		6,220
Goldman Sachs Group, Inc.		184		71,585
Hartford Financial Services Group, Inc.		176		16,868
Intercontinental Exchange, Inc.		329		45,540
Invesco Ltd.		256		3,945
JPMorgan Chase & Co.		1,650		306,999
M&T Bank Corp.		94		13,136
MarketAxess Holdings, Inc.		22		4,695
MetLife, Inc.		353		24,618
Moody’s Corp.		47		17,833

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Morgan Stanley		718	$	61,777
MSCI, Inc.		19		10,658
Nasdaq, Inc.		194		10,903
Northern Trust Corp.		118		9,691
PayPal Holdings, Inc.*		619		37,350
PNC Financial Services Group, Inc.		226		33,267
Principal Financial Group, Inc.		125		10,108
Prudential Financial, Inc.		205		22,343
Regions Financial Corp.		529		9,855
S&P Global, Inc.		104		44,552
State Street Corp.		175		12,903
Synchrony Financial		235		9,706
T. Rowe Price Group, Inc.		131		14,849
Travelers Cos., Inc.		130		28,725
Truist Financial Corp.		758		26,515
Willis Towers Watson PLC		59		16,084
(Cost $1,420,058)				1,550,718
Health Care — 11.4%
Abbott Laboratories		987		117,098
Agilent Technologies, Inc.		166		22,802
Baxter International, Inc.		291		11,908
Becton Dickinson and Co.		167		39,337
Biogen, Inc.*		82		17,793
Bio-Rad Laboratories, Inc., Class A*		12		3,911
Bio-Techne Corp.		90		6,621
Boston Scientific Corp.*		375		24,829
Cardinal Health, Inc.		144		16,125
Catalent, Inc.*		102		5,849
Cencora, Inc.		95		22,382
Centene Corp.*		304		23,843
Cigna Group		166		55,799
CVS Health Corp.		730		54,290
DaVita, Inc.*		14		1,778
Edwards Lifesciences Corp.*		219		18,586
Henry Schein, Inc.*		74		5,659
Humana, Inc.		70		24,522
IDEXX Laboratories, Inc.*		22		12,655
Illumina, Inc.*		91		12,724
IQVIA Holdings, Inc.*		65		16,065
Medtronic PLC		753		62,770
Mettler-Toledo International, Inc.*		8		9,978
Quest Diagnostics, Inc.		64		7,993
Stryker Corp.		69		24,086
Teleflex, Inc.		27		6,015
Viatris, Inc.		682		8,436
Zimmer Biomet Holdings, Inc.		119		14,799
Zoetis, Inc.		117		23,205
(Cost $659,198)				671,858
Industrials — 10.5%
American Airlines Group, Inc.*		372		5,833
Broadridge Financial Solutions, Inc.		29		5,904
C.H. Robinson Worldwide, Inc.		66		4,889
Carrier Global Corp.		248		13,784
Caterpillar, Inc.		122		40,743
Cintas Corp.		22		13,829
CSX Corp.		562		21,322

	Number of Shares		Value
Industrials (Continued)
Cummins, Inc.		81	$	21,757
Dover Corp.		80		13,230
Eaton Corp. PLC		86		24,854
Emerson Electric Co.		324		34,619
Generac Holdings, Inc.*		14		1,575
General Electric Co.		353		55,382
IDEX Corp.		43		10,144
Illinois Tool Works, Inc.		85		22,283
Ingersoll Rand, Inc.		53		4,841
Johnson Controls International PLC		387		22,938
Nordson Corp.		31		8,235
Norfolk Southern Corp.		129		32,686
Otis Worldwide Corp.		142		13,533
PACCAR, Inc.		80		8,871
Parker-Hannifin Corp.		16		8,567
Paychex, Inc.		110		13,488
Pentair PLC		31		2,412
Republic Services, Inc.		50		9,180
Robert Half, Inc.		60		4,824
Rockwell Automation, Inc.		34		9,693
Stanley Black & Decker, Inc.		87		7,768
Trane Technologies PLC		40		11,279
Union Pacific Corp.		191		48,455
United Parcel Service, Inc., Class B		409		60,638
Verisk Analytics, Inc.		38		9,192
Waste Management, Inc.		111		22,827
Westinghouse Air Brake Technologies Corp.		102		14,412
Xylem, Inc.		141		17,914
(Cost $552,003)				621,901
Information Technology — 8.3%
Akamai Technologies, Inc.*		50		5,546
Analog Devices, Inc.		116		22,251
Autodesk, Inc.*		58		14,974
Cisco Systems, Inc.		2,303		111,396
Corning, Inc.		448		14,444
Gen Digital, Inc.		321		6,898
Hewlett Packard Enterprise Co.		737		11,224
HP, Inc.		508		14,392
Intel Corp.		2,400		103,320
Keysight Technologies, Inc.*		101		15,584
Microchip Technology, Inc.		126		10,602
Micron Technology, Inc.		624		56,541
Motorola Solutions, Inc.		41		13,546
NXP Semiconductors NV		37		9,240
TE Connectivity Ltd.		109		15,648
Teradyne, Inc.		87		9,012
Texas Instruments, Inc.		325		54,382
(Cost $453,499)				489,000
Materials — 3.9%
Amcor PLC		822		7,447
Ball Corp.		179		11,460
Corteva, Inc.		401		21,462
Dow, Inc.		399		22,296
Ecolab, Inc.		70		15,739
International Flavors & Fragrances, Inc.		145		10,948

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Linde PLC		132	$	59,244
LyondellBasell Industries NV, Class A		147		14,741
Newmont Corp.		655		20,469
PPG Industries, Inc.		134		18,974
Sherwin-Williams Co.		67		22,246
Westrock Co.		146		6,612
(Cost $213,239)				231,638
Real Estate — 5.8%
Alexandria Real Estate Equities, Inc. REIT		89		11,101
American Tower Corp. REIT		156		31,022
AvalonBay Communities, Inc. REIT		83		14,694
Boston Properties, Inc. REIT		82		5,307
CBRE Group, Inc., Class A*		175		16,081
Digital Realty Trust, Inc. REIT		101		14,828
Equinix, Inc. REIT		28		24,887
Equity Residential REIT		196		11,801
Essex Property Trust, Inc. REIT		36		8,330
Extra Space Storage, Inc. REIT		120		16,916
Federal Realty Investment Trust REIT		42		4,236
Healthpeak Properties, Inc. REIT		403		6,750
Host Hotels & Resorts, Inc. REIT		178		3,692
Iron Mountain, Inc. REIT		81		6,370
Kimco Realty Corp. REIT		378		7,469
Prologis, Inc. REIT		523		69,700
Regency Centers Corp. REIT		93		5,761
SBA Communications Corp. REIT		37		7,742
Simon Property Group, Inc. REIT		118		17,481
UDR, Inc. REIT		172		6,106
Ventas, Inc. REIT		229		9,684
Welltower, Inc. REIT		315		29,030
Weyerhaeuser Co. REIT		415		14,268
(Cost $333,589)				343,256

	Number of Shares		Value
Utilities — 3.5%
American Water Works Co., Inc.		112	$	13,277
CenterPoint Energy, Inc.		359		9,873
Constellation Energy Corp.		100		16,845
Edison International		224		15,236
Entergy Corp.		120		12,188
Eversource Energy		199		11,681
Exelon Corp.		566		20,285
NextEra Energy, Inc.		1,166		64,352
Public Service Enterprise Group, Inc.		291		18,158
Sempra		358		25,275
(Cost $222,754)				207,170
TOTAL COMMON STOCKS (Cost $5,532,942)				5,875,318
EXCHANGE-TRADED FUNDS — 0.4%
SPDR Portfolio S&P 500 Value ETF (Cost $22,505)		525		25,263
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $2,827)		2,827		2,827
TOTAL INVESTMENTS — 99.9%
(Cost $5,558,274)			$	5,903,408
Other assets and liabilities, net — 0.1%				7,227
NET ASSETS — 100.0%			$	5,910,635

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		493		98,886		(96,552	)		—		—		89		—		2,827		2,827

* Non-income producing security.

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

REIT: Real Estate Investment Trust

Fair Value Measurements

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

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 29, 2024 (Unaudited)

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,875,318	$	—	$	—	$	5,875,318
Exchange-Traded Funds		25,263		—		—		25,263
Short-Term Investments (a)		2,827		—		—		2,827
TOTAL	$	5,903,408	$	—	$	—	$	5,903,408

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

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Consumer Discretionary — 9.2%
Best Buy Co., Inc.		1,548	$	125,202
Genuine Parts Co.		463		69,108
Leggett & Platt, Inc.		3,559		72,675
Lowe’s Cos., Inc.		218		52,466
McDonald’s Corp.		183		53,487
NIKE, Inc., Class B		328		34,089
Polaris, Inc.		696		64,526
(Cost $496,622)				471,553
Consumer Staples — 18.1%
Archer-Daniels-Midland Co.		1,167		61,979
Brown-Forman Corp., Class B		683		41,137
Church & Dwight Co., Inc.		286		28,634
Coca-Cola Co.		1,269		76,166
Colgate-Palmolive Co.		725		62,727
Hormel Foods Corp.		2,807		99,143
J M Smucker Co.		631		75,827
Kimberly-Clark Corp.		769		93,180
McCormick & Co., Inc.		920		63,351
PepsiCo, Inc.		437		72,254
Procter & Gamble Co.		420		66,755
Sysco Corp.		876		70,930
Target Corp.		533		81,506
Walmart, Inc.		648		37,979
(Cost $964,062)				931,568
Energy — 4.0%
Chevron Corp.		688		104,583
Exxon Mobil Corp.		950		99,294
(Cost $223,463)				203,877
Financials — 8.3%
Aflac, Inc.		694		56,033
Chubb Ltd.		154		38,757
FactSet Research Systems, Inc.		43		19,891
Franklin Resources, Inc.		3,557		97,640
Jack Henry & Associates, Inc.		183		31,800
S&P Global, Inc.		45		19,277
SEI Investments Co.		544		36,584
T. Rowe Price Group, Inc.		991		112,330
W.R. Berkley Corp.		195		16,302
(Cost $386,204)				428,614
Health Care — 7.6%
Abbott Laboratories		424		50,303
AbbVie, Inc.		586		103,165
Becton Dickinson and Co.		160		37,688
Cardinal Health, Inc.		456		51,063
Medtronic PLC		938		78,192
Perrigo Co. PLC		2,442		64,127
West Pharmaceutical Services, Inc.		16		5,734
(Cost $364,844)				390,272
Industrials — 15.3%
ABM Industries, Inc.		1,146		47,341
Automatic Data Processing, Inc.		243		61,025
C.H. Robinson Worldwide, Inc.		785		58,153

	Number of Shares		Value
Industrials (Continued)
Carlisle Cos., Inc.		85	$	29,750
Caterpillar, Inc.		147		49,092
Cintas Corp.		36		22,630
Donaldson Co., Inc.		572		40,967
Dover Corp.		216		35,722
Emerson Electric Co.		543		58,019
Expeditors International of Washington, Inc.		204		24,398
Illinois Tool Works, Inc.		201		52,692
Lincoln Electric Holdings, Inc.		142		36,437
MSA Safety, Inc.		161		29,648
Nordson Corp.		98		26,034
Pentair PLC		421		32,750
Republic Services, Inc.		186		34,150
Stanley Black & Decker, Inc.		832		74,289
Toro Co.		384		35,447
Waste Management, Inc.		205		42,158
(Cost $719,860)				790,702
Information Technology — 6.7%
Analog Devices, Inc.		213		40,858
Badger Meter, Inc.		109		17,297
International Business Machines Corp.		569		105,282
Microchip Technology, Inc.		519		43,669
QUALCOMM, Inc.		350		55,226
Roper Technologies, Inc.		24		13,074
Texas Instruments, Inc.		422		70,613
(Cost $309,471)				346,019
Materials — 12.5%
Air Products and Chemicals, Inc.		239		55,935
Albemarle Corp.		222		30,603
Amcor PLC		13,259		120,126
AptarGroup, Inc.		245		34,413
Ecolab, Inc.		139		31,253
HB Fuller Co.		314		24,972
International Flavors & Fragrances, Inc.		1,214		91,657
Linde PLC		74		33,213
Nucor Corp.		176		33,845
PPG Industries, Inc.		296		41,914
RPM International, Inc.		370		42,679
Sherwin-Williams Co.		61		20,254
Sonoco Products Co.		1,032		58,494
Stepan Co.		270		24,084
(Cost $687,943)				643,442
Real Estate — 6.0%
Essex Property Trust, Inc. REIT		372		86,081
Federal Realty Investment Trust REIT		1,016		102,463
Realty Income Corp. REIT		2,335		121,677
(Cost $319,210)				310,221
Utilities — 11.4%
California Water Service Group		707		32,444
Edison International		1,562		106,248
Eversource Energy		2,006		117,752
NextEra Energy, Inc.		1,311		72,354
ONE Gas, Inc.		1,392		82,963

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
Spire, Inc.		982	$	58,252
UGI Corp.		4,746		116,182
(Cost $615,738)				586,195
TOTAL COMMON STOCKS (Cost $5,087,417)				5,102,463
EXCHANGE-TRADED FUNDS — 0.6%
ProShares S&P 500 Dividend Aristocrats ETF (Cost $29,728)		315		30,659
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $3,119)		3,119		3,119
TOTAL INVESTMENTS — 99.8% (Cost $5,120,264)			$	5,136,241
Other assets and liabilities, net — 0.2%				12,320
NET ASSETS — 100.0%			$	5,148,561

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		1,971		124,289		(123,141	)		—		—		99		—		3,119		3,119

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

REIT: Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,102,463	$	—	$	—	$	5,102,463
Exchange-Traded Funds		30,659		—		—		30,659
Short-Term Investments (a)		3,119		—		—		3,119
TOTAL	$	5,136,241	$	—	$	—	$	5,136,241

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

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.4%
Communication Services — 1.5%
Cable One, Inc.		20	$	9,120
Iridium Communications, Inc.		572		16,559
New York Times Co., Class A		733		32,457
Nexstar Media Group, Inc.		144		23,929
TEGNA, Inc.		879		12,315
Ziff Davis, Inc.*		213		14,646
(Cost $170,401)				109,026
Consumer Discretionary — 17.6%
Adient PLC*		431		14,628
Aramark		1,166		35,365
Autoliv, Inc.		339		39,334
AutoNation, Inc.*		121		18,126
Boyd Gaming Corp.		308		20,368
Brunswick Corp.		305		26,657
Capri Holdings Ltd.*		520		23,988
Carter’s, Inc.		163		13,195
Choice Hotels International, Inc. (a)		112		12,537
Columbia Sportswear Co.		151		12,486
Deckers Outdoor Corp.*		115		102,993
Dick’s Sporting Goods, Inc.		280		49,809
Five Below, Inc.*		255		51,173
Gap, Inc.		995		18,845
Goodyear Tire & Rubber Co.*		1,285		15,266
Grand Canyon Education, Inc.*		129		17,389
H&R Block, Inc.		647		31,671
Harley-Davidson, Inc.		588		21,327
Helen of Troy Ltd.*		107		13,375
KB Home		346		22,985
Lear Corp.		262		35,986
Leggett & Platt, Inc.		600		12,252
Lithia Motors, Inc.		128		38,280
Macy’s, Inc.		1,245		21,713
Marriott Vacations Worldwide Corp.		144		13,419
Nordstrom, Inc.		415		8,702
Polaris, Inc.		239		22,158
PVH Corp.		273		37,311
RH*		72		19,757
Service Corp. International		666		48,744
Taylor Morrison Home Corp.*		477		27,003
Tempur Sealy International, Inc.		788		42,922
Texas Roadhouse, Inc.		301		44,960
Thor Industries, Inc.		241		30,891
Toll Brothers, Inc.		485		55,600
Travel + Leisure Co.		325		14,524
Valvoline, Inc.*		632		26,948
Visteon Corp.*		122		13,801
Wendy’s Co.		772		13,981
Williams-Sonoma, Inc.		288		67,833
Wingstop, Inc.		132		46,339
Wyndham Hotels & Resorts, Inc.		374		28,630
YETI Holdings, Inc.*		395		16,211
(Cost $1,017,879)				1,249,482
Consumer Staples — 3.9%
BJ’s Wholesale Club Holdings, Inc.*		609		44,481
Coca-Cola Consolidated, Inc.		22		18,498

	Number of Shares		Value
Consumer Staples (Continued)
Coty, Inc., Class A*		1,742	$	21,879
Darling Ingredients, Inc.*		715		30,252
Flowers Foods, Inc.		869		19,483
Ingredion, Inc.		295		34,701
Pilgrim’s Pride Corp.*		185		5,890
Post Holdings, Inc.*		225		23,436
Sprouts Farmers Market, Inc.*		463		28,910
US Foods Holding Corp.*		1,015		51,552
(Cost $235,249)				279,082
Energy — 4.2%
Antero Midstream Corp.		1,503		20,140
Antero Resources Corp.*		1,285		33,025
ChampionX Corp.		884		27,457
CNX Resources Corp.*		696		14,581
Equitrans Midstream Corp.		1,915		20,471
HF Sinclair Corp.		712		39,516
Murphy Oil Corp.		664		26,341
NOV, Inc.		1,768		29,879
Range Resources Corp.		1,091		34,498
Southwestern Energy Co.*		5,061		35,275
Valaris Ltd.*		283		17,843
(Cost $257,621)				299,026
Financials — 16.2%
Affiliated Managers Group, Inc.		150		23,447
Annaly Capital Management, Inc. REIT		2,243		42,819
Associated Banc-Corp.		694		14,463
Bank OZK		470		20,586
Brighthouse Financial, Inc.*		279		12,987
Cadence Bank		826		22,864
CNO Financial Group, Inc.		492		13,131
Columbia Banking System, Inc.		943		17,068
Commerce Bancshares, Inc.		541		28,154
East West Bancorp, Inc.		635		46,266
Evercore, Inc., Class A		156		29,184
Federated Hermes, Inc.		390		13,740
First American Financial Corp.		467		27,277
First Horizon Corp.		2,539		35,800
FNB Corp.		1,615		21,544
Glacier Bancorp, Inc.		502		18,785
Hanover Insurance Group, Inc.		164		21,561
Janus Henderson Group PLC		594		18,509
Jefferies Financial Group, Inc.		765		31,992
Kinsale Capital Group, Inc.		100		51,618
MGIC Investment Corp.		1,235		24,564
New York Community Bancorp, Inc. (a)		3,302		15,817
Old National Bancorp.		1,325		21,770
Pinnacle Financial Partners, Inc.		344		28,456
Primerica, Inc.		158		38,751
Reinsurance Group of America, Inc.		297		52,524
RenaissanceRe Holdings Ltd.		234		52,608
SEI Investments Co.		449		30,195
Selective Insurance Group, Inc.		268		28,001
SLM Corp.		1,019		21,226
Stifel Financial Corp.		461		34,971
Synovus Financial Corp.		660		25,040
Texas Capital Bancshares, Inc.*		223		13,079

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
UMB Financial Corp.		201	$	16,404
United Bankshares, Inc.		623		21,612
Unum Group		837		41,390
Valley National Bancorp		1,907		15,618
Voya Financial, Inc.		473		32,334
Webster Financial Corp.		775		36,921
Western Union Co.		1,670		22,395
WEX, Inc.*		192		42,188
Wintrust Financial Corp.		279		26,882
(Cost $1,079,400)				1,154,541
Health Care — 9.5%
Acadia Healthcare Co., Inc.*		411		34,298
Amedisys, Inc.*		151		14,046
Azenta, Inc.*		270		17,590
Encompass Health Corp.		450		33,480
Enovis Corp.*		219		13,098
Envista Holdings Corp.*		783		16,169
Exelixis, Inc.*		1,413		30,945
Haemonetics Corp.*		225		16,421
Halozyme Therapeutics, Inc.*		593		23,607
HealthEquity, Inc.*		379		31,309
Inari Medical, Inc.*		233		10,746
Integra LifeSciences Holdings Corp.*		297		10,962
Jazz Pharmaceuticals PLC*		289		34,362
Lantheus Holdings, Inc.*		311		20,333
LivaNova PLC*		251		13,757
Neurocrine Biosciences, Inc.*		445		58,028
Option Care Health, Inc.*		807		26,042
Penumbra, Inc.*		175		41,111
Perrigo Co. PLC		595		15,625
Progyny, Inc.*		383		13,987
QuidelOrtho Corp.*		226		10,306
R1 RCM, Inc.*		910		12,786
Repligen Corp.*		233		45,200
Shockwave Medical, Inc.*		168		43,826
Tenet Healthcare Corp.*		463		43,059
United Therapeutics Corp.*		208		46,933
(Cost $729,094)				678,026
Industrials — 23.3%
Acuity Brands, Inc.		141		35,425
Advanced Drainage Systems, Inc.		308		50,278
AECOM		624		55,430
AGCO Corp.		277		30,387
ASGN, Inc.*		210		20,857
Avis Budget Group, Inc.		81		8,751
Carlisle Cos., Inc.		219		76,650
Chart Industries, Inc.*		194		27,715
Clean Harbors, Inc.*		229		41,701
Concentrix Corp.		210		15,215
Donaldson Co., Inc.		554		39,677
EMCOR Group, Inc.		213		66,780
EnerSys		187		17,182
ExlService Holdings, Inc.*		737		22,935
Flowserve Corp.		597		25,265
Fortune Brands Innovations, Inc.		563		45,794
FTI Consulting, Inc.*		162		33,515

	Number of Shares		Value
Industrials (Continued)
Genpact Ltd.		751	$	25,534
GXO Logistics, Inc.*		545		28,209
Insperity, Inc.		157		15,981
Kirby Corp.*		267		23,421
Knight-Swift Transportation Holdings, Inc.		736		41,466
Lennox International, Inc.		147		69,268
Lincoln Electric Holdings, Inc.		260		66,716
ManpowerGroup, Inc.		220		15,875
MasTec, Inc.*		270		20,374
Maximus, Inc.		276		23,090
Middleby Corp.*		244		37,127
MSA Safety, Inc.		165		30,385
MSC Industrial Direct Co., Inc., Class A		208		20,996
nVent Electric PLC		746		50,221
Owens Corning		401		60,062
Paylocity Holding Corp.*		196		33,048
Regal Rexnord Corp.		302		51,790
Ryder System, Inc.		199		22,706
Saia, Inc.*		121		69,623
Simpson Manufacturing Co., Inc.		189		39,441
Stericycle, Inc.*		419		22,789
Terex Corp.		307		17,606
Tetra Tech, Inc.		239		42,379
Timken Co.		299		25,113
Toro Co.		465		42,924
Trex Co., Inc.*		489		44,871
Valmont Industries, Inc.		93		19,709
Watts Water Technologies, Inc., Class A		125		25,494
XPO, Inc.*		522		62,807
(Cost $1,254,508)				1,662,582
Information Technology — 7.9%
Amkor Technology, Inc.		450		13,959
Arrow Electronics, Inc.*		245		28,788
Avnet, Inc.		402		18,729
Belden, Inc.		191		16,269
Blackbaud, Inc.*		191		13,213
Calix, Inc.*		266		9,275
Ciena Corp.*		673		38,348
Cirrus Logic, Inc.*		246		22,588
Coherent Corp.*		604		35,926
CommVault Systems, Inc.*		200		19,142
Crane NXT Co.		220		12,852
IPG Photonics Corp.*		130		11,226
Littelfuse, Inc.		111		26,445
Lumentum Holdings, Inc.*		303		14,686
Manhattan Associates, Inc.*		277		70,172
MKS Instruments, Inc.		283		34,741
Novanta, Inc.*		159		27,498
Power Integrations, Inc.		251		17,936
Qualys, Inc.*		167		28,701
Silicon Laboratories, Inc.*		145		19,943
Synaptics, Inc.*		177		17,718
Teradata Corp.*		450		16,929
Universal Display Corp.		195		34,012
Wolfspeed, Inc.*		565		14,701
(Cost $549,289)				563,797

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Materials — 6.7%
Alcoa Corp.		809	$	22,013
AptarGroup, Inc.		300		42,138
Ashland, Inc.		236		22,099
Avient Corp.		425		17,204
Axalta Coating Systems Ltd.*		999		32,697
Cabot Corp.		251		21,322
Chemours Co.		671		13,199
Cleveland-Cliffs, Inc.*		2,255		46,904
Commercial Metals Co.		529		28,566
Greif, Inc., Class A		110		7,091
Louisiana-Pacific Corp.		294		21,747
Royal Gold, Inc.		295		30,276
RPM International, Inc.		583		67,249
Scotts Miracle-Gro Co.		184		12,089
Sonoco Products Co.		439		24,883
United States Steel Corp.		1,004		47,529
Westlake Corp.		144		19,974
(Cost $470,587)				476,980
Real Estate — 6.1%
Agree Realty Corp. REIT		460		25,277
Apartment Income REIT Corp. REIT		655		19,860
Brixmor Property Group, Inc. REIT		1,350		30,523
COPT Defense Properties REIT		507		12,285
Cousins Properties, Inc. REIT		692		15,784
CubeSmart REIT		1,013		44,177
EastGroup Properties, Inc. REIT		210		36,895
Healthcare Realty Trust, Inc. REIT		1,720		23,702
Jones Lang LaSalle, Inc.*		213		40,521
Kilroy Realty Corp. REIT		482		18,263
Medical Properties Trust, Inc. REIT (a)		2,697		11,354
NNN REIT, Inc. REIT		814		33,122
Park Hotels & Resorts, Inc. REIT		959		15,919
PotlatchDeltic Corp. REIT		361		16,321
Rayonier, Inc. REIT		614		21,140

	Number of Shares		Value
Real Estate (Continued)
Rexford Industrial Realty, Inc. REIT		959	$	48,794
Vornado Realty Trust REIT		726		19,094
(Cost $530,668)				433,031
Utilities — 1.5%
National Fuel Gas Co.		412		20,081
ONE Gas, Inc.		255		15,198
Ormat Technologies, Inc.		237		15,440
Southwest Gas Holdings, Inc.		264		17,992
Spire, Inc.		240		14,237
UGI Corp.		947		23,183
(Cost $128,932)				106,131
TOTAL COMMON STOCKS (Cost $6,423,628)				7,011,704
EXCHANGE-TRADED FUNDS — 1.1%
iShares ESG Screened S&P Mid-Cap ETF		1,650		64,532
SPDR S&P MidCap 400 ETF Trust		25		13,200
(Cost $68,849)				77,732
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $33,249)		33,249		33,249
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $27,742)		27,742		27,742
TOTAL INVESTMENTS — 100.4% (Cost $6,553,468)			$	7,150,427
Other assets and liabilities, net — (0.4%)				(25,739	)
NET ASSETS — 100.0%			$	7,124,688

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		77,625		—		(44,376	)(d)		—		—		23		—		33,249		33,249
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		9,093		288,573		(269,924	)		—		—		224		—		27,742		27,742
		86,718		288,573		(314,300	)		—		—		247		—		60,991		60,991

* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $32,223, which is 0.5% of net assets.

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

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

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 29, 2024 (Unaudited)

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
Micro E-mini S&P MidCap 400 Index Futures	USD	1	$	28,632	$	28,926	3/15/2024	$	294

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	7,011,704	$	—	$	—	$	7,011,704
Exchange-Traded Funds		77,732		—		—		77,732
Short-Term Investments (a)		60,991		—		—		60,991
Derivatives (b)
Futures Contracts		294		—		—		294
TOTAL	$	7,150,721	$	—	$	—	$	7,150,721

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

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

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF

February 29, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.4%
Communication Services — 1.6%
Cars.com, Inc.*		116	$	2,127
Cinemark Holdings, Inc.*		211		3,674
Consolidated Communications Holdings, Inc.*		158		681
EW Scripps Co., Class A*		105		423
Lumen Technologies, Inc.*		2,012		3,259
QuinStreet, Inc.*		93		1,361
Scholastic Corp.		52		2,051
TechTarget, Inc.*		55		1,744
Thryv Holdings, Inc.*		59		1,235
Yelp, Inc.*		127		4,882
(Cost $29,637)				21,437
Consumer Discretionary — 16.1%
Abercrombie & Fitch Co., Class A*		95		12,137
Academy Sports & Outdoors, Inc.		143		10,685
Adtalem Global Education, Inc.*		76		3,762
American Axle & Manufacturing Holdings, Inc.*		204		1,412
American Eagle Outfitters, Inc.		352		8,360
America’s Car-Mart, Inc.*		12		808
BJ’s Restaurants, Inc.*		40		1,401
Bloomin’ Brands, Inc.		163		4,430
Boot Barn Holdings, Inc.*		57		5,272
Brinker International, Inc.*		82		3,800
Caleres, Inc.		67		2,587
Cavco Industries, Inc.*		15		5,589
Century Communities, Inc.		54		4,660
Cheesecake Factory, Inc.		94		3,326
Chuy’s Holdings, Inc.*		37		1,252
Cracker Barrel Old Country Store, Inc.		43		2,844
Dine Brands Global, Inc.		27		1,310
Dorman Products, Inc.*		54		5,088
Ethan Allen Interiors, Inc.		48		1,605
Frontdoor, Inc.*		156		4,892
Gentherm, Inc.*		63		3,582
Green Brick Partners, Inc.*		50		2,925
Group 1 Automotive, Inc.		26		7,037
Guess?, Inc.		51		1,294
Hanesbrands, Inc.*		644		3,478
Haverty Furniture Cos., Inc.		24		823
Hibbett, Inc.		27		2,213
iRobot Corp.*		47		536
Jack in the Box, Inc.		39		2,847
La-Z-Boy, Inc.		84		3,191
LCI Industries		48		6,047
Leslie’s, Inc.*		340		2,686
LGI Homes, Inc.*		39		4,449
MDC Holdings, Inc.		111		6,960
Meritage Homes Corp.		70		11,036
Mister Car Wash, Inc. *(a)		172		1,426
Monro, Inc.		55		1,846
Movado Group, Inc.		34		976
ODP Corp.*		66		3,728
Oxford Industries, Inc.		27		2,737
Sally Beauty Holdings, Inc.*		205		2,589

	Number of Shares		Value
Consumer Discretionary (Continued)
Shake Shack, Inc., Class A*		71	$	7,549
Signet Jewelers Ltd.		85		8,650
Sonos, Inc.*		238		4,512
Standard Motor Products, Inc.		37		1,175
Steven Madden Ltd.		133		5,695
Strategic Education, Inc.		42		4,653
Stride, Inc.*		74		4,421
Tri Pointe Homes, Inc.*		182		6,439
Upbound Group, Inc.		89		3,005
Urban Outfitters, Inc.*		106		4,404
Winnebago Industries, Inc.		57		4,089
Wolverine World Wide, Inc.		147		1,495
(Cost $221,353)				213,713
Consumer Staples — 3.1%
Andersons, Inc.		60		3,317
B&G Foods, Inc.		145		1,675
Calavo Growers, Inc.		33		952
Cal-Maine Foods, Inc.		77		4,427
Edgewell Personal Care Co.		96		3,666
Fresh Del Monte Produce, Inc.		68		1,627
Hain Celestial Group, Inc.*		185		1,850
John B Sanfilippo & Son, Inc.		17		1,740
MGP Ingredients, Inc.		29		2,470
National Beverage Corp.*		46		2,421
PriceSmart, Inc.		49		4,123
Simply Good Foods Co.*		176		6,245
SpartanNash Co.		66		1,391
TreeHouse Foods, Inc.*		95		3,400
United Natural Foods, Inc.*		112		1,748
(Cost $50,916)				41,052
Energy — 4.4%
Archrock, Inc.		255		4,659
Bristow Group, Inc.*		47		1,267
Callon Petroleum Co.*		105		3,272
Comstock Resources, Inc. (a)		165		1,411
Core Laboratories, Inc.		81		1,213
Dril-Quip, Inc.*		59		1,333
Green Plains, Inc.*		126		2,684
Helix Energy Solutions Group, Inc.*		285		2,565
Helmerich & Payne, Inc.		191		7,332
Nabors Industries Ltd.*		18		1,411
Oil States International, Inc.*		106		571
Par Pacific Holdings, Inc.*		104		3,756
Patterson-UTI Energy, Inc.		617		7,139
SM Energy Co.		224		9,804
Talos Energy, Inc.*		243		3,205
US Silica Holdings, Inc.*		141		1,622
Vital Energy, Inc.*		49		2,466
World Kinect Corp.		115		2,801
(Cost $68,729)				58,511
Financials — 17.9%
Ambac Financial Group, Inc.*		78		1,276
American Equity Investment Life Holding Co.*		116		6,443
Ameris Bancorp		126		5,838

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Financials (Continued)
AMERISAFE, Inc.		40	$	2,110
Assured Guaranty Ltd.		103		9,435
Atlantic Union Bankshares Corp.		147		4,889
Axos Financial, Inc.*		99		5,160
Banc of California, Inc.		258		3,775
BancFirst Corp.		26		2,281
Bancorp, Inc.*		102		4,553
BankUnited, Inc.		147		3,943
Banner Corp.		65		2,850
Berkshire Hills Bancorp, Inc.		84		1,805
Bread Financial Holdings, Inc.		93		3,560
Brightsphere Investment Group, Inc.		64		1,450
Central Pacific Financial Corp.		52		970
City Holding Co.		28		2,814
Community Bank System, Inc.		100		4,530
Customers Bancorp, Inc.*		56		3,041
Donnelley Financial Solutions, Inc.*		46		2,970
Encore Capital Group, Inc.*		46		2,208
Enova International, Inc.*		58		3,669
EVERTEC, Inc.		129		4,661
FB Financial Corp.		63		2,245
First BanCorp		330		5,603
First Commonwealth Financial Corp.		192		2,502
First Financial Bancorp		187		4,058
First Hawaiian, Inc.		246		5,156
Franklin BSP Realty Trust, Inc. REIT		146		1,885
Genworth Financial, Inc., Class A*		838		5,154
Green Dot Corp., Class A*		75		616
Hanmi Financial Corp.		49		740
Heritage Financial Corp.		68		1,248
Hilltop Holdings, Inc.		86		2,656
Hope Bancorp, Inc.		225		2,468
Horace Mann Educators Corp.		76		2,750
Independent Bank Group, Inc.		69		3,017
Mr Cooper Group, Inc.*		124		8,839
National Bank Holdings Corp., Class A		69		2,335
NBT Bancorp, Inc.		88		3,026
Northfield Bancorp, Inc.		66		667
Northwest Bancshares, Inc.		252		2,888
OFG Bancorp		86		3,115
Pacific Premier Bancorp, Inc.		187		4,275
Park National Corp.		26		3,341
Pathward Financial, Inc.		50		2,542
PennyMac Mortgage Investment Trust REIT		162		2,289
Piper Sandler Cos.		29		5,460
PRA Group, Inc.*		76		1,943
ProAssurance Corp.		92		1,134
PROG Holdings, Inc.*		89		2,747
Provident Financial Services, Inc.		142		2,141
Radian Group, Inc.		291		8,480
Redwood Trust, Inc. REIT		214		1,312
Renasant Corp.		108		3,414
S&T Bancorp, Inc.		70		2,183
Safety Insurance Group, Inc.		28		2,301
Seacoast Banking Corp. of Florida		158		3,814
Simmons First National Corp., Class A		230		4,416

	Number of Shares		Value
Financials (Continued)
Southside Bancshares, Inc.		49	$	1,404
Stewart Information Services Corp.		52		3,275
StoneX Group, Inc.*		52		3,602
Tompkins Financial Corp.		26		1,252
Triumph Financial, Inc.*		42		3,150
Trupanion, Inc.*		68		1,819
TrustCo Bank Corp. NY		40		1,092
Trustmark Corp.		119		3,196
Two Harbors Investment Corp. REIT		194		2,458
United Fire Group, Inc.		38		885
Veritex Holdings, Inc.		102		2,002
Virtus Investment Partners, Inc.		13		3,020
Walker & Dunlop, Inc.		64		6,104
WisdomTree, Inc.		209		1,685
World Acceptance Corp.*		7		838
WSFS Financial Corp.		119		5,044
(Cost $268,246)				237,817
Health Care — 9.9%
Addus HomeCare Corp.*		33		3,045
AMN Healthcare Services, Inc.*		72		4,051
Amphastar Pharmaceuticals, Inc.*		75		3,493
Arcus Biosciences, Inc.*		106		2,028
Catalyst Pharmaceuticals, Inc.*		202		3,238
Certara, Inc.*		211		3,562
CONMED Corp.		59		4,739
Cross Country Healthcare, Inc.*		63		1,151
Cytokinetics, Inc.*		187		13,509
Dynavax Technologies Corp.*		265		3,358
Embecta Corp.		101		1,442
Ensign Group, Inc.		107		13,366
Fulgent Genetics, Inc.*		43		970
Glaukos Corp.*		93		8,239
HealthStream, Inc.		45		1,228
Innoviva, Inc.*		98		1,497
Integer Holdings Corp.*		64		7,059
Ironwood Pharmaceuticals, Inc.*		264		2,489
Ligand Pharmaceuticals, Inc.*		29		2,301
Merit Medical Systems, Inc.*		110		8,382
ModivCare, Inc.*		20		561
Myriad Genetics, Inc.*		163		3,412
OraSure Technologies, Inc.*		146		1,050
Owens & Minor, Inc.*		153		3,722
Pediatrix Medical Group, Inc.*		160		1,464
Phibro Animal Health Corp., Class A		35		453
Prestige Consumer Healthcare, Inc.*		95		6,610
RadNet, Inc.*		112		4,240
REGENXBIO, Inc.*		72		1,256
Select Medical Holdings Corp.		202		5,500
US Physical Therapy, Inc.		29		3,082
Varex Imaging Corp.*		69		1,187
Veradigm, Inc.*		198		1,186
Vericel Corp.*		92		4,203
Vir Biotechnology, Inc.*		161		1,810
Xencor, Inc.*		112		2,570
(Cost $154,953)				131,453

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Industrials — 18.9%
AAON, Inc.		127	$	10,665
ABM Industries, Inc.		122		5,040
Alamo Group, Inc.		19		3,843
Allegiant Travel Co.		30		2,183
American Woodmark Corp.*		34		3,408
Applied Industrial Technologies, Inc.		74		14,052
ArcBest Corp.		46		6,572
Arcosa, Inc.		93		7,719
Astec Industries, Inc.		44		1,786
AZZ, Inc.		49		3,567
Barnes Group, Inc.		95		3,319
Boise Cascade Co.		75		10,193
Brady Corp., Class A		87		5,070
CSG Systems International, Inc.		56		3,055
Deluxe Corp.		77		1,495
Dnow, Inc.*		194		2,745
Dycom Industries, Inc.*		57		7,210
Encore Wire Corp.		30		7,230
Enerpac Tool Group Corp.		100		3,371
Enpro, Inc.		40		6,233
Enviri Corp.*		150		1,179
Federal Signal Corp.		116		9,502
Forward Air Corp.		51		1,894
GEO Group, Inc.*		222		2,724
Gibraltar Industries, Inc.*		58		4,492
Granite Construction, Inc.		81		4,174
Greenbrier Cos., Inc.		61		3,157
Griffon Corp.		77		5,498
Heartland Express, Inc.		79		1,010
Heidrick & Struggles International, Inc.		38		1,292
Hillenbrand, Inc.		134		6,372
HNI Corp.		90		4,033
Hub Group, Inc., Class A*		116		4,933
Interface, Inc.		114		1,792
John Bean Technologies Corp.		61		6,190
Kelly Services, Inc., Class A		62		1,521
Kennametal, Inc.		149		3,761
Korn Ferry		100		6,366
Lindsay Corp.		21		2,506
Liquidity Services, Inc.*		43		771
Matson, Inc.		66		7,329
Matthews International Corp., Class A		61		1,765
MillerKnoll, Inc.		135		4,124
MYR Group, Inc.*		32		5,199
OPENLANE, Inc.*		199		3,039
Pitney Bowes, Inc.		335		1,350
Powell Industries, Inc.		18		3,334
Proto Labs, Inc.*		53		1,931
Quanex Building Products Corp.		65		2,248
Resideo Technologies, Inc.*		270		6,029
Resources Connection, Inc.		53		733
SkyWest, Inc.*		79		5,073
SPX Technologies, Inc.*		87		10,196
Standex International Corp.		22		3,806
Tennant Co.		34		3,848
Trinity Industries, Inc.		160		4,061
TrueBlue, Inc.*		53		623

	Number of Shares		Value
Industrials (Continued)
TTEC Holdings, Inc.		34	$	593
Viad Corp.*		38		1,415
Wabash National Corp.		87		2,373
(Cost $247,032)				250,992
Information Technology — 12.1%
A10 Networks, Inc.		129		1,717
Adeia, Inc.		195		2,211
ADTRAN Holdings, Inc.		118		671
Agilysys, Inc.*		39		3,034
Alarm.com Holdings, Inc.*		93		7,039
Arlo Technologies, Inc.*		168		1,749
Axcelis Technologies, Inc.*		63		7,098
Badger Meter, Inc.		56		8,887
Benchmark Electronics, Inc.		67		2,058
Cohu, Inc.*		86		2,763
Consensus Cloud Solutions, Inc.*		31		494
CTS Corp.		56		2,495
Digi International, Inc.*		64		1,892
Digital Turbine, Inc.*		146		463
Diodes, Inc.*		90		6,118
ePlus, Inc.*		53		4,367
Extreme Networks, Inc.*		257		3,249
Fabrinet*		69		14,874
FormFactor, Inc.*		149		6,412
Harmonic, Inc.*		208		2,731
Insight Enterprises, Inc.*		53		9,964
InterDigital, Inc.		49		5,244
Itron, Inc.*		87		8,063
Kulicke & Soffa Industries, Inc.		109		5,191
LiveRamp Holdings, Inc.*		129		4,512
Methode Electronics, Inc.		76		1,619
NetScout Systems, Inc.*		130		2,815
OSI Systems, Inc.*		30		3,935
Plexus Corp.*		53		5,003
Progress Software Corp.		81		4,322
Rogers Corp.*		32		3,586
ScanSource, Inc.*		51		2,205
Semtech Corp.*		116		2,459
SPS Commerce, Inc.*		69		12,776
Veeco Instruments, Inc.*		111		4,019
Viavi Solutions, Inc.*		438		4,183
(Cost $178,407)				160,218
Materials — 5.4%
AdvanSix, Inc.		56		1,567
Balchem Corp.		61		9,588
Carpenter Technology Corp.		92		5,948
Century Aluminum Co.*		103		1,078
Clearwater Paper Corp.*		35		1,375
Compass Minerals International, Inc.		64		1,459
Hawkins, Inc.		36		2,529
Haynes International, Inc.		24		1,426
HB Fuller Co.		102		8,112
Innospec, Inc.		47		5,841
Kaiser Aluminum Corp.		31		2,248
Koppers Holdings, Inc.		40		2,265
Materion Corp.		40		5,373

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 29, 2024 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Metallus, Inc.*		65	$	1,414
Minerals Technologies, Inc.		63		4,559
Quaker Chemical Corp.		26		5,213
Stepan Co.		42		3,746
SunCoke Energy, Inc.		156		1,671
Warrior Met Coal, Inc.		98		5,583
(Cost $72,092)				70,995
Real Estate — 7.6%
Acadia Realty Trust REIT		177		2,901
Alexander & Baldwin, Inc. REIT		137		2,228
American Assets Trust, Inc. REIT		91		1,963
Anywhere Real Estate, Inc.*		207		1,298
Armada Hoffler Properties, Inc. REIT		131		1,334
Brandywine Realty Trust REIT		305		1,312
CareTrust REIT, Inc. REIT		232		5,234
Centerspace REIT		31		1,723
Chatham Lodging Trust REIT		82		836
Cushman & Wakefield PLC*		303		3,027
DiamondRock Hospitality Co. REIT		387		3,638
Easterly Government Properties, Inc. REIT		175		2,065
Elme Communities REIT		166		2,138
Four Corners Property Trust, Inc. REIT		167		4,038
Getty Realty Corp. REIT		88		2,320
Hudson Pacific Properties, Inc. REIT		237		1,503
Innovative Industrial Properties, Inc. REIT		54		5,291
JBG SMITH Properties REIT		176		2,918
Kennedy-Wilson Holdings, Inc.		220		1,932
LTC Properties, Inc. REIT		76		2,391
LXP Industrial Trust REIT		565		4,893
Pebblebrook Hotel Trust REIT		225		3,564
Retail Opportunity Investments Corp. REIT		238		3,077
SITE Centers Corp. REIT		347		4,712
SL Green Realty Corp. REIT (a)		120		5,818
St Joe Co.		67		3,609
Summit Hotel Properties, Inc. REIT		232		1,489
Sunstone Hotel Investors, Inc. REIT		403		4,510
Tanger, Inc. REIT		205		5,906
Uniti Group, Inc. REIT		454		2,660
Urban Edge Properties REIT		218		3,708
Veris Residential, Inc. REIT		163		2,380
Whitestone REIT		79		973

	Number of Shares		Value
Real Estate (Continued)
Xenia Hotels & Resorts, Inc. REIT		215	$	3,298
(Cost $123,164)				100,687
Utilities — 1.4%
American States Water Co.		71		5,070
California Water Service Group		109		5,002
Middlesex Water Co.		35		1,781
Northwest Natural Holding Co.		69		2,535
SJW Group		57		3,139
Unitil Corp.		28		1,427
(Cost $25,065)				18,954
TOTAL COMMON STOCKS (Cost $1,439,594)				1,305,829
OTHER INVESTMENTS — 0.0%
Health Care — 0.0%
Omniab, Inc. $12.50 Earnout*(b)(c)		105		0
Omniab, Inc. $15.00 Earnout*(b)(c)		105		0
(Cost $0)				0
TOTAL OTHER INVESTMENTS (Cost $0)				0
EXCHANGE-TRADED FUNDS — 0.8%
SPDR Portfolio S&P 600 Small Cap ETF (Cost $8,840)		245		10,241
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) (Cost $6,400)		6,400		6,400
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d) (Cost $9,018)		9,018		9,018
TOTAL INVESTMENTS — 100.4% (Cost $1,463,852)			$	1,331,488
Other assets and liabilities, net — (0.4%)				(4,999	)
NET ASSETS — 100.0%			$	1,326,489

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

	Value ($) at 8/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		145,100		—		(138,700	)(f)		—		—		93		—		6,400		6,400
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
		4,613		237,807		(233,402	)		—		—		207		—		9,018		9,018
		149,713		237,807		(372,102	)		—		—		300		—		15,418		15,418

* Non-income producing security.

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 29, 2024 (Unaudited)

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 29, 2024 amounted to $6,532, which is 0.5% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 29, 2024.

REIT: Real Estate Investment Trust

At February 29, 2024, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
Micro E-Mini Russell 2000 Index Futures	USD	1	$	10,337	$	10,287	3/15/2024	$	(50	)

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

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	1,305,829		$	—	$	—	$	1,305,829
Other Investments		—			—		0		0
Exchange-Traded Funds		10,241			—		—		10,241
Short-Term Investments (a)		15,418			—		—		15,418
TOTAL	$	1,331,488		$	—	$	0	$	1,331,488
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(50	)	$	—	$	—	$	(50	)
TOTAL	$	(50	)	$	—	$	—	$	(50	)

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

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

See Notes to Financial Statements. 29

DBX ETF Trust

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

	Xtrackers S&P 500 ESG ETF		Xtrackers S&P 500 Growth ESG ETF		Xtrackers S&P 500 Value ESG ETF		Xtrackers S&P ESG Dividend Aristocrats ETF
Assets
Investment in non-affiliated securities at value	$	1,112,535,809	$	7,486,060	$	5,900,581	$	5,133,122
Investment in DWS Government Money Market Series		2,432,826		20,847		2,827		3,119
Deposit with broker for futures contracts		140,250		—		—		—
Receivables:
Investment securities sold		6,920,385		—		—		—
Variation margin on futures contracts		16,050		—		—		—
Dividends		1,312,720		4,961		9,453		12,910
Interest		8,747		22		12		18
Total assets	$	1,123,366,787	$	7,511,890	$	5,912,873	$	5,149,169
Liabilities
Payables:
Investment securities purchased	$	87,709	$	—	$	1,542	$	—
Capital shares		6,920,367		—		—		—
Investment advisory fees		81,807		879		696		608
Total liabilities		7,089,883		879		2,238		608
Net Assets, at value	$	1,116,276,904	$	7,511,011	$	5,910,635	$	5,148,561
Net Assets Consist of
Paid-in capital	$	971,617,898	$	5,553,595	$	5,006,583	$	5,085,669
Distributable earnings (loss)		144,659,006		1,957,416		904,052		62,892
Net Assets, at value	$	1,116,276,904	$	7,511,011	$	5,910,635	$	5,148,561
Number of Common Shares outstanding		24,050,001		200,001		200,001		200,001
Net Asset Value	$	46.41	$	37.55	$	29.55	$	25.74
Investment in non-affiliated securities at cost	$	966,614,665	$	5,973,933	$	5,555,447	$	5,117,145
Investment in DWS Government Money Market Series at cost	$	2,432,826	$	20,847	$	2,827	$	3,119

See Notes to Financial Statements. 30

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 29, 2024 (Unaudited)

	Xtrackers S&P MidCap 400 ESG ETF		Xtrackers S&P SmallCap 600 ESG ETF
Assets
Investment in non-affiliated securities at value	$	7,089,436	$	1,316,070
Investment in DWS Government Money Market Series		27,742		9,018
Investment in DWS Government & Agency Securities Portfolio*		33,249		6,400
Deposit with broker for futures contracts		1,661		715
Receivables:
Investment securities sold		12,266		—
Variation margin on futures contracts		220		70
Dividends		6,425		3,439
Interest		55		21
Affiliated securities lending income		14		8
Total assets	$	7,171,068	$	1,335,741
Liabilities
Payable upon return of securities loaned	$	33,249	$	6,400
Payables:
Investment securities purchased		11,871		1,887
Investment advisory fees		1,260		965
Total liabilities		46,380		9,252
Net Assets, at value	$	7,124,688	$	1,326,489
Net Assets Consist of
Paid-in capital	$	6,027,117	$	846,269
Distributable earnings (loss)		1,097,571		480,220
Net Assets, at value	$	7,124,688	$	1,326,489
Number of Common Shares outstanding		250,001		50,001
Net Asset Value	$	28.50	$	26.53
Investment in non-affiliated securities at cost	$	6,492,477	$	1,448,434
Value of securities loaned	$	32,223	$	6,532
Investment in DWS Government Money Market Series at cost	$	27,742	$	9,018
Investment in DWS Government & Agency Securities Portfolio at cost*	$	33,249	$	6,400

* Represents collateral on securities loaned.

See Notes to Financial Statements. 31

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

	Xtrackers S&P 500 ESG ETF			Xtrackers S&P 500 Growth ESG ETF			Xtrackers S&P 500 Value ESG ETF			Xtrackers S&P ESG Dividend Aristocrats ETF
Investment Income
Unaffiliated dividend income*	$	7,020,577		$	38,366		$	58,905		$	71,667
Income distributions from affiliated funds		38,923			126			89			99
Affiliated securities lending income		40			—			—			—
Affiliated other income (see note 6)		1,521			104			200			43
Total investment income		7,061,061			38,596			59,194			71,809
Expenses
Investment advisory fees		509,412			5,005			4,082			3,646
Other expenses		58			58			58			58
Total expenses		509,470			5,063			4,140			3,704
Less fees waived (see note 3):
Waiver		(47,107	)		(2	)		(2	)		(2	)
Net expenses		462,363			5,061			4,138			3,702
Net investment income (loss)		6,598,698			33,535			55,056			68,107
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,227,261	)		(89,737	)		(45,897	)		(142,400	)
In-kind redemptions		15,394,404			588,165			605,373			249,886
Futures contracts		128,808			—			—			—
Net realized gain (loss)		14,295,951			498,428			559,476			107,486
Net change in unrealized appreciation (depreciation) on:
Investments		101,478,760			408,889			24,704			25,972
Futures contracts		138,456			—			—			—
Net change in unrealized appreciation (depreciation)		101,617,216			408,889			24,704			25,972
Net realized and unrealized gain (loss) on investments and futures		115,913,167			907,317			584,180			133,458
Net Increase (Decrease) in Net Assets Resulting from Operations	$	122,511,865		$	940,852		$	639,236		$	201,565
*   Unaffiliated foreign tax withheld	$	2,491		$	—		$	20		$	—

See Notes to Financial Statements. 32

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 29, 2024 (Unaudited)

	Xtrackers S&P MidCap 400 ESG ETF			Xtrackers S&P SmallCap 600 ESG ETF
Investment Income
Unaffiliated dividend income*	$	94,035		$	81,574
Income distributions from affiliated funds		224			207
Affiliated securities lending income		23			93
Total investment income		94,282			81,874
Expenses
Investment advisory fees		8,564			7,829
Other expenses		58			58
Total expenses		8,622			7,887
Less fees waived (see note 3):
Waiver		(5	)		(5	)
Net expenses		8,617			7,882
Net investment income (loss)		85,665			73,992
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		8,766			134,698
In-kind redemptions		1,013,440			1,581,823
Futures contracts		(2	)		(2	)
Net realized gain (loss)		1,022,204			1,716,519
Net change in unrealized appreciation (depreciation) on:
Investments		(195,165	)		(732,264	)
Futures contracts		294			(50	)
Net change in unrealized appreciation (depreciation)		(194,871	)		(732,314	)
Net realized and unrealized gain (loss) on investments and futures		827,333			984,205
Net Increase (Decrease) in Net Assets Resulting from Operations	$	912,998		$	1,058,197
*   Unaffiliated foreign tax withheld	$	—		$	122

See Notes to Financial Statements. 33

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers S&P 500 ESG ETF						Xtrackers S&P 500 Growth ESG ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Period November 9, 2022(1) to August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	6,598,698		$	11,849,356		$	33,535		$	51,749
Net realized gain (loss)		14,295,951			25,225,191			498,428			457,486
Net change in net unrealized appreciation (depreciation)		101,617,216			83,799,483			408,889			1,103,238
Net increase (decrease) in net assets resulting from operations		122,511,865			120,874,030			940,852			1,612,473
Distributions to Shareholders		(6,756,367	)		(11,480,600	)		(36,858	)		(37,566	)
Fund Shares Transactions
Proceeds from shares sold		177,100,395			315,559,828			1,791,206			7,802,232
Value of shares redeemed		(61,732,671	)		(287,664,724	)		(1,751,318	)		(2,810,035	)
Net increase (decrease) in net assets resulting from fund share transactions		115,367,724			27,895,104			39,888			4,992,197
Total net increase (decrease) in Net Assets		231,123,222			137,288,534			943,882			6,567,104
Net Assets
Beginning of period		885,153,682			747,865,148			6,567,129			25
End of period	$	1,116,276,904		$	885,153,682		$	7,511,011		$	6,567,129
Changes in Shares Outstanding
Shares outstanding, beginning of period		21,400,001			21,000,001			200,001			1
Shares sold		4,100,000			8,450,000			50,000			300,000
Shares redeemed		(1,450,000	)		(8,050,000	)		(50,000	)		(100,000	)
Shares outstanding, end of period		24,050,001			21,400,001			200,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements. 34

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers S&P 500 Value ESG ETF						Xtrackers S&P ESG Dividend Aristocrats ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			For the Period November 9, 2022(1) to August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Period November 9, 2022(1) to August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	55,056		$	93,322		$	68,107		$	111,874
Net realized gain (loss)		559,476			(23,756	)		107,486			9,247
Net change in net unrealized appreciation (depreciation)		24,704			320,430			25,972			(9,995	)
Net increase (decrease) in net assets resulting from operations		639,236			389,996			201,565			111,126
Distributions to Shareholders		(52,718	)		(72,462	)		(75,043	)		(87,024	)
Fund Shares Transactions
Proceeds from shares sold		2,852,603			5,000,000			1,270,790			6,282,907
Value of shares redeemed		(2,846,045	)		—			(1,259,701	)		(1,296,084	)
Net increase (decrease) in net assets resulting from fund share transactions		6,558			5,000,000			11,089			4,986,823
Total net increase (decrease) in Net Assets		593,076			5,317,534			137,611			5,010,925
Net Assets
Beginning of period		5,317,559			25			5,010,950			25
End of period	$	5,910,635		$	5,317,559		$	5,148,561		$	5,010,950
Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1			200,001			1
Shares sold		100,000			200,000			50,000			250,000
Shares redeemed		(100,000	)		—			(50,000	)		(50,000	)
Shares outstanding, end of period		200,001			200,001			200,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements. 35

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers S&P MidCap 400 ESG ETF						Xtrackers S&P SmallCap 600 ESG ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	85,665		$	164,321		$	73,992		$	165,735
Net realized gain (loss)		1,022,204			(229,076	)		1,716,519			(666,285	)
Net change in net unrealized appreciation (depreciation)		(194,871	)		1,170,609			(732,314	)		1,194,348
Net increase (decrease) in net assets resulting from operations		912,998			1,105,854			1,058,197			693,798
Distributions to Shareholders		(99,837	)		(160,493	)		(100,436	)		(153,399	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			2,320,499
Value of shares redeemed		(5,641,398	)		—			(11,884,754	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(5,641,398	)		—			(11,884,754	)		2,320,499
Total net increase (decrease) in Net Assets		(4,828,237	)		945,361			(10,926,993	)		2,860,898
Net Assets
Beginning of period		11,952,925			11,007,564			12,253,482			9,392,584
End of period	$	7,124,688		$	11,952,925		$	1,326,489		$	12,253,482
Changes in Shares Outstanding
Shares outstanding, beginning of period		450,001			450,001			500,001			400,001
Shares sold		—			—			—			100,000
Shares redeemed		(200,000	)		—			(450,000	)		—
Shares outstanding, end of period		250,001			450,001			50,001			500,001

See Notes to Financial Statements. 36

DBX ETF Trust

Financial Highlights

Xtrackers S&P 500 ESG ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(a)
				2023			2022			2021			2020
Net Asset Value, beginning of period	$	41.36		$	35.61		$	39.93		$	31.08		$	25.30		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.30			0.60			0.53			0.49			0.50			0.10
Net realized and unrealized gain (loss)		5.06			5.72			(4.32	)		8.79			5.85			0.20
Total from investment operations		5.36			6.32			(3.79	)		9.28			6.35			0.30
Less distributions from:
Net investment income		(0.31	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)		—
Total distributions		(0.31	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)		—
Net Asset Value, end of period	$	46.41		$	41.36		$	35.61		$	39.93		$	31.08		$	25.30
Total Return (%) (c)		13.04	**		17.99			(9.59	)		30.16			25.71			1.20	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,116			885			748			745			270			11
Ratio of expenses before fee waiver (%)		0.11	*		0.11			0.11			0.11			0.11			0.11	*
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.11			0.11	*
Ratio of net investment income (loss) (%)		1.42	*		1.63			1.37			1.41			1.86			2.08	*
Portfolio turnover rate (%) (d)		0	(e)**		9			6			13			11			0	(e)**
Xtrackers S&P 500 Growth ESG ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Period Ended 8/31/2023(f)
Net Asset Value, beginning of period	$	32.84		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.17			0.26
Net realized and unrealized gain (loss)		4.72			7.77
Total from investment operations		4.89			8.03
Less distributions from:
Net investment income		(0.18	)		(0.19	)
Total distributions		(0.18	)		(0.19	)
Net Asset Value, end of period	$	37.55		$	32.84
Total Return (%) (c)		15.01	**		32.23	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			7
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		1.00	*		1.11	*
Portfolio turnover rate (%) (d)		23	**		57	**

(a) For the period June 26, 2019 (commencement of operations) through August 31, 2019.

(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) Amount is less than 0.5%.

(f) For the period November 9, 2022 (commencement of operations) through August 31, 2023.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 37

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P 500 Value ESG ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Period Ended 8/31/2023(a)
Net Asset Value, beginning of period	$	26.59		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.27			0.47
Net realized and unrealized gain (loss)		2.92			1.48
Total from investment operations		3.19			1.95
Less distributions from:
Net investment income		(0.23	)		(0.36	)
Total distributions		(0.23	)		(0.36	)
Net Asset Value, end of period	$	29.55		$	26.59
Total Return (%) (c)		12.11	**		7.91	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			5
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		2.02	*		2.23	*
Portfolio turnover rate (%) (d)		12	**		66	**
Xtrackers S&P ESG Dividend Aristocrats ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Period Ended 8/31/2023(a)
Net Asset Value, beginning of period	$	25.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.34			0.56
Net realized and unrealized gain (loss)		0.73			(0.07	)
Total from investment operations		1.07			0.49
Less distributions from:
Net investment income		(0.38	)		(0.44	)
Total distributions		(0.38	)		(0.44	)
Net Asset Value, end of period	$	25.74		$	25.05
Total Return (%) (c)		4.31	**		1.99	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		2.80	*		2.74	*
Portfolio turnover rate (%) (d)		27	**		29	**

(a) For the period November 9, 2022 (commencement of operations) through August 31, 2023.

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 38

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2021(a)
				2023			2022
Net Asset Value, beginning of period	$	26.56		$	24.46		$	27.39		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.20			0.37			0.32			0.14
Net realized and unrealized gain (loss)		1.96			2.09			(2.94	)		2.33
Total from investment operations		2.16			2.46			(2.62	)		2.47
Less distributions from:
Net investment income		(0.22	)		(0.36	)		(0.31	)		(0.08	)
Total distributions		(0.22	)		(0.36	)		(0.31	)		(0.08	)
Net Asset Value, end of period	$	28.50		$	26.56		$	24.46		$	27.39
Total Return (%) (c)		8.18	**		10.18			(9.64	)		9.92	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			12			11			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		1.52	*		1.45			1.24			1.00	*
Portfolio turnover rate (%) (d)		8	**		39			41			27	**
Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2021(a)
				2023			2022
Net Asset Value, beginning of period	$	24.51		$	23.48		$	26.68		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.18			0.36			0.31			0.16
Net realized and unrealized gain (loss)		2.06			1.01			(3.05	)		1.59
Total from investment operations		2.24			1.37			(2.74	)		1.75
Less distributions from:
Net investment income		(0.22	)		(0.34	)		(0.34	)		(0.07	)
Net realized gains		—			—			(0.12	)		—
Total distributions		(0.22	)		(0.34	)		(0.46	)		(0.07	)
Net Asset Value, end of period	$	26.53		$	24.51		$	23.48		$	26.68
Total Return (%) (c)		9.23	**		5.95			(10.43	)		7.01	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1			12			9			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15	*
Ratio of net investment income (loss) (%)		1.45	*		1.55			1.22			1.19	*
Portfolio turnover rate (%) (d)		12	**		31			43			25	**

(a) For the period February 24, 2021 (commencement of operations) through August 31, 2021.

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 39

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers S&P 500 ESG ETF

Xtrackers S&P 500 Growth ESG ETF

Xtrackers S&P 500 Value ESG ETF

Xtrackers S&P ESG Dividend Aristocrats ETF

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P SmallCap 600 ESG ETF

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

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers S&P 500 ESG ETF	S&P 500 ESG Index
Xtrackers S&P 500 Growth ESG ETF	S&P 500 Growth ESG Index
Xtrackers S&P 500 Value ESG ETF	S&P 500 Value ESG Index
Xtrackers S&P ESG Dividend Aristocrats ETF	S&P ESG High Yield Dividend Aristocrats Index
Xtrackers S&P MidCap 400 ESG ETF	S&P MidCap 400 ESG Index
Xtrackers S&P SmallCap 600 ESG ETF	S&P SmallCap 600 ESG Index

S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P 500 Growth ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

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S&P 500 Value ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

S&P ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF are diversified series of the Trust. Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund

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qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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

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

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

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

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

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

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

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

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

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Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers S&P 500 ESG ETF	$	4,198,330	$	1,301,855	$	5,500,185
Xtrackers S&P 500 Growth ESG ETF		25,585		—		25,585
Xtrackers S&P 500 Value ESG ETF		23,406		—		23,406
Xtrackers S&P ESG Dividend Aristocrats ETF		60,249		—		60,249
Xtrackers S&P MidCap 400 ESG ETF		101,872		208,144		310,016
Xtrackers S&P SmallCap 600 ESG ETF		204,598		726,460		931,058

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers S&P 500 ESG ETF	$	852,058,211	$	31,811,921		$	91,642,695	$	(59,830,774	)
Xtrackers S&P 500 Growth ESG ETF		5,494,772		1,064,824			1,195,207		(130,383	)
Xtrackers S&P 500 Value ESG ETF		4,988,786		320,108			553,331		(233,223	)
Xtrackers S&P ESG Dividend Aristocrats ETF		5,029,637		(28,231	)		288,332		(316,563	)
Xtrackers S&P MidCap 400 ESG ETF		11,460,298		560,154			1,615,342		(1,055,188	)
Xtrackers S&P SmallCap 600 ESG ETF		11,981,703		413,339			1,874,526		(1,461,187	)

The tax character of current year distributions will be determined at the end of the current fiscal year.

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Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending  National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29,2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end for Xtrackers S&P MidCap 400 ESG ETF. Due to the increased market values of securities on loan on February 29, 2024, the value of the related collateral was less

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than the value of securities on loan at period end for Xtrackers S&P SmallCap 600 ESG ETF. On the next business day, additional collateral was received, and the value of collateral exceeded the value of the securities on loan.

Remaining Contractual Maturity of the Agreements, as of February 29, 2024
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers S&P MidCap 400 ESG ETF
Common Stocks	$	33,249	$	—	$	—	$	—	$	33,249
Gross amount of recognized liabilities for securities lending transactions									$	33,249
Xtrackers S&P SmallCap 600 ESG ETF
Common Stocks	$	6,400	$	—	$	—	$	—	$	6,400
Gross amount of recognized liabilities for securities lending transactions									$	6,400

As of February 29, 2024, Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.

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The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers S&P 500 ESG ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	160,979	Unrealized depreciation on futures contracts*	$	—
Xtrackers S&P MidCap 400 ESG ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	294	Unrealized depreciation on futures contracts*	$	—
Xtrackers S&P SmallCap 600 ESG ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	50

* Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers S&P 500 ESG ETF	$	128,808
Xtrackers S&P MidCap 400 ESG ETF		(2	)
Xtrackers S&P SmallCap 600 ESG ETF		(2	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers S&P 500 ESG ETF	$	138,456
Xtrackers S&P MidCap 400 ESG ETF		294
Xtrackers S&P SmallCap 600 ESG ETF		(50	)

For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers S&P 500 ESG ETF	$	2,100,570
Xtrackers S&P MidCap 400 ESG ETF		4,132
Xtrackers S&P SmallCap 600 ESG ETF		1,470

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

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3. Investment Advisory and Other Agreements

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

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

	Unitary Advisory Fee
Xtrackers S&P 500 ESG ETF		0.11	%
Xtrackers S&P 500 Growth ESG ETF		0.15	%
Xtrackers S&P 500 Value ESG ETF		0.15	%
Xtrackers S&P ESG Dividend Aristocrats ETF		0.15	%
Xtrackers S&P MidCap 400 ESG ETF		0.15	%
Xtrackers S&P SmallCap 600 ESG ETF		0.15	%

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 20, 2024 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended February 29, 2024, the Advisor waived $46,310 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers S&P 500 ESG ETF	$	797
Xtrackers S&P 500 Growth ESG ETF		2
Xtrackers S&P 500 Value ESG ETF		2
Xtrackers S&P ESG Dividend Aristocrats ETF		2
Xtrackers S&P MidCap 400 ESG ETF		5
Xtrackers S&P SmallCap 600 ESG ETF		5

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

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

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

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

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Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:  

	Securities Lending Agent Fees
Xtrackers S&P 500 ESG ETF	$	4
Xtrackers S&P 500 Growth ESG ETF		—
Xtrackers S&P 500 Value ESG ETF		—
Xtrackers S&P ESG Dividend Aristocrats ETF		—

4. Investment Portfolio Transactions

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers S&P 500 ESG ETF	$	4,373,335	$	5,295,391
Xtrackers S&P 500 Growth ESG ETF		1,610,078		1,643,256
Xtrackers S&P 500 Value ESG ETF		743,880		657,674
Xtrackers S&P ESG Dividend Aristocrats ETF		1,371,360		1,353,011
Xtrackers S&P MidCap 400 ESG ETF		898,299		926,053
Xtrackers S&P SmallCap 600 ESG ETF		1,150,967		1,179,985

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers S&P 500 ESG ETF	$	177,092,585	$	61,705,066
Xtrackers S&P 500 Growth ESG ETF		1,791,236		1,737,268
Xtrackers S&P 500 Value ESG ETF		2,779,609		2,857,574
Xtrackers S&P ESG Dividend Aristocrats ETF		1,270,787		1,288,457
Xtrackers S&P MidCap 400 ESG ETF		—		5,641,436
Xtrackers S&P SmallCap 600 ESG ETF		—		11,885,079

5. Fund Share Transactions

As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

48

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

DBX Advisors LLC	Amounts
Xtrackers S&P 500 ESG ETF	$	1,014
Xtrackers S&P 500 Growth ESG ETF		69
Xtrackers S&P 500 Value ESG ETF		133
Xtrackers S&P ESG Dividend Aristocrats ETF		29

Deutsche Bank AG	Amounts
Xtrackers S&P 500 ESG ETF	$	507
Xtrackers S&P 500 Growth ESG ETF		35
Xtrackers S&P 500 Value ESG ETF		67
Xtrackers S&P ESG Dividend Aristocrats ETF		14

7. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2024, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers S&P 500 Growth ESG ETF		90	%
Xtrackers S&P 500 Value ESG ETF		93	%
Xtrackers S&P ESG Dividend Aristocrats ETF		70	%

49

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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DBX ETF Trust

Liquidity Risk Management (Unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

51

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P MidCap 400 ESG ETF, and Xtrackers S&P SmallCap 600 ESG ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

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

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

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

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

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

52

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)(Continued)

Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

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

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

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

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

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s

53

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)(Continued)

profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

54

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

55

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund, with the exception of MIDE and SMLE, is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-094867-2 (4/24) DBX005920 (4/25)

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

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

SIGNATURES

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

(Registrant)	DBX ETF Trust
By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	Principal Executive
Date May 3, 2024

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

By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	Principal Executive

Date May 3, 2024

By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Principal Financial Officer
Date May 3, 2024