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 28, 2025

Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report(s) to Shareholders attached herewith.

Xtrackers High Beta High Yield Bond ETF

HYUP: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYUP	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers High Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	10,601,043
Number of Portfolio Holdings	640
Portfolio Turnover Rate (%)	31
Total Net Advisory Fees Paid ($)	10,662
Modified duration to worst	3.3 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
BBB	1%
BB	44%
B	37%
CCC	16%
CC	0%

Sector Allocation

Sector	% of Net Assets
Communications	27%
Consumer, Cyclical	14%
Financial	13%
Consumer, Non-cyclical	13%
Energy	12%
Basic Materials	6%
Industrial	6%
Technology	4%
Utilities	2%
Diversified	0%

Geographical Diversification

Country	% of Net Assets
United States	77%
Canada	5%
United Kingdom	4%
Luxembourg	3%
France	2%
Other	7%

The quality ratings represent the highest 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.

Holdings-based data is subject to change.

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing involves risk, including the possible loss of principal. 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. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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. See the prospectus for details.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851‑4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HYUP-TSRS

R-104942-1 (04/25) DBX006533 (04/26)

Xtrackers Low Beta High Yield Bond ETF

HYDW: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYDW	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Low Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	194,011,721
Number of Portfolio Holdings	562
Portfolio Turnover Rate (%)	28
Total Net Advisory Fees Paid ($)	289,013
Modified duration to worst	3.1 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
BBB	11%
BB	78%
B	10%
CCC	1%

Sector Allocation

Sector	% of Net Assets
Consumer, Cyclical	21%
Consumer, Non-cyclical	20%
Industrial	14%
Financial	13%
Energy	10%
Communications	6%
Basic Materials	5%
Technology	4%
Utilities	4%

Geographical Diversification

Country	% of Net Assets
United States	86%
Canada	5%
Netherlands	2%
Other	4%

Holdings-based data is subject to change.

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing involves risk, including the possible loss of principal. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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. Performance of the Fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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. See the prospectus for details.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HYDW-TSRS

R-104943-1 (04/25) DBX006534 (04/26)

Xtrackers Risk Managed USD High Yield Strategy ETF

HYRM: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYRM	$13	0.25%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect expenses of the underlying funds in which the Fund invests.

This semi-annual shareholder report contains important information about the Xtrackers Risk Managed USD High Yield Strategy ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	45,949,327
Number of Portfolio Holdings	4
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	53,263
Modified duration to worst	3.1 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality*

Credit Rating	% of Net Assets
BBB	6%
BB	60%
B	24%
CCC	9%
CC	0%

Sector Allocation*

Sector	% of Net Assets
Communications	18%
Consumer, Cyclical	17%
Consumer, Non-cyclical	16%
Financial	13%
Energy	11%
Industrial	10%
Basic Materials	6%
Technology	4%
Utilities	3%

* Percentages include the allocations of the Underlying DBX Xtrackers ETFs in which the Fund invests.

Holdings-based data is subject to change.

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HYRM-TSRS

R-104944-1 (04/25) DBX006535 (04/26)

Xtrackers Short Duration High Yield Bond ETF

SHYL: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SHYL	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Short Duration High Yield Bond ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	156,226,707
Number of Portfolio Holdings	776
Portfolio Turnover Rate (%)	26
Total Net Advisory Fees Paid ($)	122,262
Modified duration to worst	2.5 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
BBB	6%
BB	58%
B	24%
CCC	11%
CC	0%

Sector Allocation

Sector	% of Net Assets
Consumer, Cyclical	19%
Communications	18%
Consumer, Non-cyclical	16%
Financial	13%
Energy	11%
Industrial	9%
Basic Materials	5%
Technology	5%
Utilities	3%
Diversified	0%

Geographical Diversification

Country	% of Net Assets
United States	80%
Canada	6%
United Kingdom	2%
Luxembourg	2%
Netherlands	2%
Other	6%

Holdings-based data is subject to change.

Additional Information

Householding

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. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SHYL-TSRS

R-104945-1 (04/25) DBX006536 (04/26)

Xtrackers USD High Yield BB-B ex Financials ETF

BHYB: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BHYB	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers USD High Yield BB-B ex Financials ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	823,393,546
Number of Portfolio Holdings	1,471
Portfolio Turnover Rate (%)	18
Total Net Advisory Fees Paid ($)	750,143
Modified duration to worst	3.3 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
BBB	7%
BB	67%
B	26%

Sector Allocation

Sector	% of Net Assets
Consumer, Cyclical	22%
Consumer, Non-cyclical	17%
Communications	15%
Energy	13%
Industrial	12%
Basic Materials	7%
Financial	5%
Technology	4%
Utilities	4%
Diversified	0%

Geographical Diversification

Country	% of Net Assets
United States	83%
Canada	6%
United Kingdom	2%
Luxembourg	2%
Other	5%

Holdings-based data is subject to change.

Additional Information

Householding

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. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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 ("Advisor") 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

BHYB-TSRS

R-104946-1 (04/25) DBX006537 (04/26)

Xtrackers USD High Yield Corporate Bond ETF

HYLB: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
HYLB	$3	0.05%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.05%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers USD High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	3,472,368,324
Number of Portfolio Holdings	1,199
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	843,212
Modified duration to worst	3.2 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Credit Quality

Credit Rating	% of Net Assets
BBB	6%
BB	61%
B	24%
CCC	9%
CC	0%

Sector Allocation

Sector	% of Net Assets
Communications	18%
Consumer, Cyclical	17%
Consumer, Non-cyclical	16%
Financial	13%
Energy	11%
Industrial	10%
Basic Materials	6%
Technology	4%
Utilities	3%
Diversified	0%

Geographical Diversification

Country	% of Net Assets
United States	81%
Canada	5%
United Kingdom	2%
Luxembourg	2%
Other	7%

Holdings-based data is subject to change.

Additional Information

Householding

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

HYLB-TSRS

R-104947-1 (04/25) DBX006538 (04/26)

Xtrackers S&P 500 Growth Scored & Screened ETF

SNPG: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPG	$8	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers S&P 500 Growth Scored & Screened ETF (formerly, Xtrackers S&P 500 Growth ESG ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	15,994,121
Number of Portfolio Holdings	90
Portfolio Turnover Rate (%)	30
Total Net Advisory Fees Paid ($)	11,312

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	65.2% of Net Assets
Apple, Inc.	9.9%
Meta Platforms, Inc.	9.8%
Microsoft Corp.	8.2%
Alphabet, Inc.	7.9%
NVIDIA Corp.	7.8%
Eli Lilly & Co.	5.6%
Visa, Inc.	4.7%
Mastercard, Inc.	4.1%
Costco Wholesale Corp.	4.0%
Tesla, Inc.	3.2%

Sector Allocation

Sector	% of Net Assets
Information Technology	30%
Communication Services	18%
Financials	13%
Industrials	12%
Health Care	9%
Consumer Discretionary	9%
Consumer Staples	4%
Energy	2%
Materials	1%
Real Estate	1%

Holdings-based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SNPG-TSRS

R-104953-1 (04/25) DBX006547 (04/26)

Xtrackers S&P 500 Scored & Screened ETF

SNPE: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPE	$5	0.10%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.10%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers S&P 500 Scored & Screened ETF (formerly, Xtrackers S&P 500 ESG ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	1,660,674,769
Number of Portfolio Holdings	316
Portfolio Turnover Rate (%)	1
Total Net Advisory Fees Paid ($)	785,457

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	43.6% of Net Assets
Apple, Inc.	10.4%
NVIDIA Corp.	8.7%
Microsoft Corp.	8.4%
Alphabet, Inc.	5.1%
Tesla, Inc.	2.3%
JPMorgan Chase & Co.	2.1%
Eli Lilly & Co.	2.1%
Visa, Inc.	1.8%
Exxon Mobil Corp.	1.4%
Mastercard, Inc.	1.3%

Sector Allocation

Sector	% of Net Assets
Information Technology	33%
Financials	16%
Health Care	11%
Industrials	8%
Consumer Discretionary	8%
Communication Services	7%
Consumer Staples	7%
Energy	4%
Real Estate	3%
Materials	2%
Utilities	1%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the fund’s investment strategy does not guarantee a return or protect against a 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SNPE-TSRS

R-104954-1 (04/25) DBX006546 (04/26)

Xtrackers S&P 500 Value Scored & Screened ETF

SNPV: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPV	$8	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers S&P 500 Value Scored & Screened ETF (formerly, Xtrackers S&P 500 Value ESG ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	7,988,792
Number of Portfolio Holdings	242
Portfolio Turnover Rate (%)	22
Total Net Advisory Fees Paid ($)	5,818

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	21.5% of Net Assets
UnitedHealth Group, Inc.	3.2%
Procter & Gamble Co.	3.0%
JPMorgan Chase & Co.	2.3%
Bank of America Corp.	2.2%
Coca-Cola Co.	2.0%
Chevron Corp.	1.9%
Cisco Systems, Inc.	1.9%
Abbott Laboratories	1.7%
Merck & Co., Inc.	1.7%
Linde PLC	1.6%

Sector Allocation

Sector	% of Net Assets
Financials	22%
Health Care	21%
Consumer Staples	12%
Information Technology	9%
Industrials	8%
Consumer Discretionary	7%
Communication Services	5%
Materials	5%
Energy	5%
Real Estate	4%
Utilities	2%

Holdings-based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SNPV-TSRS

R-104951-1 (04/25) DBX006548 (04/26)

Xtrackers S&P Dividend Aristocrats Screened ETF

SNPD: Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SNPD	$7	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers S&P Dividend Aristocrats Screened ETF (formerly, Xtrackers S&P ESG Dividend Aristocrats ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	5,415,329
Number of Portfolio Holdings	101
Portfolio Turnover Rate (%)	26
Total Net Advisory Fees Paid ($)	4,041

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	23.2% of Net Assets
Verizon Communications, Inc.	3.1%
Franklin Resources, Inc.	2.7%
Realty Income Corp.	2.6%
UGI Corp.	2.5%
Amcor PLC	2.4%
Eversource Energy	2.3%
Best Buy Co., Inc.	2.0%
Chevron Corp.	1.9%
AbbVie, Inc.	1.9%
J M Smucker Co.	1.8%

Sector Allocation

Sector	% of Net Assets
Utilities	18%
Consumer Staples	18%
Industrials	16%
Materials	10%
Financials	8%
Health Care	7%
Real Estate	7%
Information Technology	5%
Consumer Discretionary	4%
Energy	4%
Communication Services	3%

Holdings-based data is subject to change.

Additional Information

Householding

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

SNPD-TSRS

R-104950-1 (04/25) DBX006549 (04/26)

Xtrackers S&P MidCap 400 Scored & Screened ETF

MIDE: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
MIDE	$7	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers S&P MidCap 400 Scored & Screened ETF (formerly, Xtrackers S&P MidCap 400 ESG ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	7,301,866
Number of Portfolio Holdings	268
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	5,294

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	9.5% of Net Assets
Williams-Sonoma, Inc.	1.3%
Expand Energy Corp.	1.1%
EMCOR Group, Inc.	1.0%
Watsco, Inc.	0.9%
Dynatrace, Inc.	0.9%
Equitable Holdings, Inc.	0.9%
Fidelity National Financial, Inc.	0.9%
US Foods Holding Corp.	0.9%
Pure Storage, Inc.	0.8%
RPM International, Inc.	0.8%

Sector Allocation

Sector	% of Net Assets
Industrials	20%
Financials	20%
Consumer Discretionary	14%
Information Technology	10%
Real Estate	8%
Health Care	7%
Materials	7%
Energy	5%
Consumer Staples	4%
Utilities	2%
Communication Services	1%

Holdings-based data is subject to change.

Additional Information

Householding

Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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. Investing involves risk, including the possible loss of principal. Stocks may decline in value. Stocks of medium-sized companies involve greater risk than securities of larger, more-established companies. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

MIDE-TSRS

R-104948-1 (04/25) DBX006550 (04/26)

Xtrackers FTSE Developed ex US Multifactor ETF

DEEF: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DEEF	$12	0.24%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.24%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers FTSE Developed ex US Multifactor ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	50,685,032
Number of Portfolio Holdings	1,190
Portfolio Turnover Rate (%)	24
Total Net Advisory Fees Paid ($)	60,402

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	6.8% of Net Assets
Imperial Brands PLC (United Kingdom)	1.0%
Fairfax Financial Holdings Ltd. (Canada)	0.9%
Tesco PLC (United Kingdom)	0.7%
Trelleborg AB (Sweden)	0.7%
Koninklijke Ahold Delhaize NV (Netherlands)	0.7%
Industrivarden AB (Sweden)	0.6%
Securitas AB (Sweden)	0.6%
Metro, Inc. (Canada)	0.6%
Cie Generale des Etablissements Michelin SCA (France)	0.5%
Coles Group Ltd. (Australia)	0.5%

Sector Allocation

Sector	% of Net Assets
Industrials	24%
Financials	14%
Consumer Staples	13%
Consumer Discretionary	11%
Materials	9%
Information Technology	6%
Utilities	6%
Communication Services	6%
Health Care	5%
Real Estate	3%
Energy	2%

Geographical Diversification

Country	% of Net Assets
Japan	29%
United Kingdom	10%
Australia	9%
Sweden	7%
Canada	5%
Switzerland	5%
France	4%
South Korea	4%
Germany	4%
Netherlands	3%
Singapore	3%
Other	13%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Because the Fund seeks 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 Fund’s prospectus. 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DEEF-TSRS

R-104938-1 (04/25) DBX006529 (04/26)

Xtrackers MSCI Kokusai Equity ETF

KOKU: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
KOKU	$5	0.09%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.09%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI Kokusai Equity ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	634,004,014
Number of Portfolio Holdings	1,176
Portfolio Turnover Rate (%)	1
Total Net Advisory Fees Paid ($)	277,627

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	26.7% of Net Assets
Apple, Inc. (United States)	5.4%
NVIDIA Corp. (United States)	4.5%
Microsoft Corp. (United States)	4.1%
Amazon.com, Inc. (United States)	3.0%
Alphabet, Inc. (United States)	2.7%
Meta Platforms, Inc. (United States)	2.2%
Broadcom, Inc. (United States)	1.3%
Tesla, Inc. (United States)	1.3%
JPMorgan Chase & Co. (United States)	1.1%
Eli Lilly & Co. (United States)	1.1%

Sector Allocation

Sector	% of Net Assets
Information Technology	25%
Financials	17%
Health Care	11%
Industrials	10%
Consumer Discretionary	10%
Communication Services	8%
Consumer Staples	7%
Energy	4%
Materials	3%
Utilities	3%
Real Estate	2%

Geographical Diversification

Country	% of Net Assets
United States	75%
United Kingdom	4%
Canada	3%
Switzerland	3%
France	3%
Germany	3%
Australia	2%
Other	7%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

KOKU-TSRS

R-104939-1 (04/25) DBX006530 (04/26)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

QARP: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
QARP	$10	0.19%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.19%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	63,565,275
Number of Portfolio Holdings	350
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	61,651

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	38.6% of Net Assets
Meta Platforms, Inc.	5.9%
Berkshire Hathaway, Inc.	5.7%
Apple, Inc.	5.1%
Alphabet, Inc.	4.4%
Amazon.com, Inc.	4.0%
Walmart, Inc.	3.3%
Exxon Mobil Corp.	2.9%
Costco Wholesale Corp.	2.6%
Johnson & Johnson	2.5%
Cisco Systems, Inc.	2.2%

Sector Allocation

Sector	% of Net Assets
Consumer Discretionary	16%
Information Technology	15%
Financials	14%
Communication Services	13%
Health Care	12%
Consumer Staples	12%
Industrials	8%
Energy	7%
Materials	2%
Real Estate	1%
Utilities	0%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the Fund seeks to provide exposure to stocks based on the following factors – quality and value – it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Fund’s prospectus. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

QARP-TSRS

R-104940-1 (04/25) DBX006531 (04/26)

Xtrackers Russell US Multifactor ETF

DEUS: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DEUS	$9	0.17%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.17%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Russell US Multifactor ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	173,471,668
Number of Portfolio Holdings	843
Portfolio Turnover Rate (%)	14
Total Net Advisory Fees Paid ($)	149,232

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	8.2% of Net Assets
McKesson Corp.	1.4%
Cardinal Health, Inc.	1.1%
Arch Capital Group Ltd.	1.0%
Cencora, Inc.	0.8%
Kroger Co.	0.8%
Altria Group, Inc.	0.7%
eBay, Inc.	0.6%
Jabil, Inc.	0.6%
AT&T, Inc.	0.6%
F5, Inc.	0.6%

Sector Allocation

Sector	% of Net Assets
Industrials	19%
Financials	15%
Information Technology	13%
Health Care	12%
Consumer Discretionary	10%
Consumer Staples	9%
Utilities	8%
Materials	5%
Communication Services	4%
Real Estate	3%
Energy	2%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the Fund seeks 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 fund’s prospectus. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in 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.

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

DEUS-TSRS

R-104941-1 (04/25) DBX006532 (04/26)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

EMCR: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMCR	$8	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	41,430,453
Number of Portfolio Holdings	1,314
Portfolio Turnover Rate (%)	7
Total Net Advisory Fees Paid ($)	49,380

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	29.3% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	9.1%
Tencent Holdings Ltd. (China)	6.2%
Alibaba Group Holding Ltd. (China)	4.4%
Meituan (China)	1.8%
Samsung Electronics Co. Ltd. (South Korea)	1.8%
Infosys Ltd. (India)	1.4%
PDD Holdings, Inc. (Ireland)	1.3%
HDFC Bank Ltd. (India)	1.1%
International Holding Co. PJSC (United Arab Emirates)	1.1%
Xiaomi Corp. (China)	1.1%

Sector Allocation

Sector	% of Net Assets
Information Technology	26%
Financials	24%
Consumer Discretionary	16%
Communication Services	13%
Health Care	6%
Industrials	6%
Materials	3%
Consumer Staples	3%
Real Estate	2%
Utilities	1%

Geographical Diversification

Country	% of Net Assets
China	33%
Taiwan	20%
India	16%
South Korea	9%
Brazil	3%
South Africa	3%
United Arab Emirates	2%
Saudi Arabia	2%
Mexico	2%
Other	10%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including possible loss of principal. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a 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. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this 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. 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. Please read the applicable prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

EMCR-TSRS

R-104949-1 (04/25) DBX006539 (04/26)

Xtrackers MSCI EAFE Selection Equity ETF

EASG: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EASG	$7	0.14%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.14%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI EAFE Selection Equity ETF (formerly, Xtrackers MSCI EAFE ESG Leaders Equity ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	54,105,559
Number of Portfolio Holdings	346
Portfolio Turnover Rate (%)	3
Total Net Advisory Fees Paid ($)	36,272

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	22.9% of Net Assets
Novo Nordisk A/S (Denmark)	3.4%
ASML Holding NV (Netherlands)	3.2%
AstraZeneca PLC (United Kingdom)	2.7%
Novartis AG (Switzerland)	2.5%
HSBC Holdings PLC (United Kingdom)	2.4%
LVMH Moet Hennessy Louis Vuitton SE (France)	2.3%
Sony Group Corp. (Japan)	1.8%
Unilever PLC (United Kingdom)	1.6%
Schneider Electric SE (France)	1.5%
TotalEnergies SE (France)	1.5%

Sector Allocation

Sector	% of Net Assets
Financials	23%
Industrials	17%
Health Care	13%
Consumer Discretionary	12%
Consumer Staples	8%
Information Technology	8%
Communication Services	6%
Materials	5%
Energy	3%
Utilities	3%
Real Estate	2%

Geographical Diversification

Country	% of Net Assets
Japan	25%
United Kingdom	15%
France	12%
Switzerland	10%
Netherlands	6%
Australia	6%
Germany	5%
Denmark	5%
Sweden	5%
Italy	3%
Hong Kong	2%
Other	4%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

EASG-TSRS

R-104952-1 (04/25) DBX006540 (04/26)

Xtrackers MSCI Emerging Markets Climate Selection ETF

EMCS: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EMCS	$8	0.15%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Climate Selection ETF (formerly, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

This report describes changes to the Fund that occurred during the reporting period.

Key Fund Statistics

Net Assets ($)	196,569,189
Number of Portfolio Holdings	67
Portfolio Turnover Rate (%)	137
Total Net Advisory Fees Paid ($)	165,248

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	46.0% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	14.1%
Tencent Holdings Ltd. (China)	8.3%
Alibaba Group Holding Ltd. (China)	5.7%
Samsung Electronics Co. Ltd. (South Korea)	4.1%
Xiaomi Corp. (China)	2.7%
Meituan (China)	2.5%
HDFC Bank Ltd. (India)	2.4%
Reliance Industries Ltd. (India)	2.2%
China Construction Bank Corp. (China)	2.1%
ICICI Bank Ltd. (India)	1.9%

Sector Allocation

Sector	% of Net Assets
Financials	36%
Information Technology	28%
Consumer Discretionary	17%
Communication Services	10%
Consumer Staples	3%
Energy	2%
Materials	1%
Real Estate	1%
Utilities	1%
Industrials	0%

Geographical Diversification

Country	% of Net Assets
China	32%
Taiwan	31%
India	16%
South Korea	6%
Brazil	5%
South Africa	3%
Ireland	2%
Other	4%

Holdings-based data is subject to change.

Material Fund Changes

This is a summary of certain changes of the Fund since September 1, 2024. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective November 4, 2024 (the “Effective Date”), the Fund's Board of Trustees approved changes to the Fund proposed by DBX Advisors LLC, the Fund’s investment advisor (the “Advisor”).

(i) the Fund’s name changed from Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to Xtrackers MSCI Emerging Markets Climate Selection ETF and the Fund’s ticker symbol changed from EMSG to EMCS;

(ii) the Fund’s investment objective of seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index changed to seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection Index.

In addition, as of the Effective Date, the Advisor contractually agreed through December 31, 2025 to waive a portion of its management 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 0.15% of the fund’s average daily net assets.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a 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. 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a fund may diverge from that of an underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. 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 applicable prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

EMCS-TSRS

R-104959-1 (04/25) DBX006541 (04/26)

Xtrackers MSCI USA Climate Action Equity ETF

USCA: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USCA	$4	0.07%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.07%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI USA Climate Action Equity ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	2,839,235,415
Number of Portfolio Holdings	293
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	892,096

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	36.5% of Net Assets
Apple, Inc.	5.5%
Amazon.com, Inc.	4.9%
Microsoft Corp.	4.8%
Alphabet, Inc.	4.7%
NVIDIA Corp.	4.4%
Meta Platforms, Inc.	4.0%
Tesla, Inc.	2.3%
JPMorgan Chase & Co.	2.1%
Eli Lilly & Co.	2.1%
Visa, Inc.	1.7%

Sector Allocation

Sector	% of Net Assets
Information Technology	25%
Financials	15%
Communication Services	13%
Health Care	12%
Consumer Discretionary	12%
Consumer Staples	7%
Industrials	6%
Energy	4%
Utilities	2%
Real Estate	2%
Materials	2%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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. 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. 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

USCA-TSRS

R-104958-1 (04/25) DBX006542 (04/26)

Xtrackers MSCI USA Selection Equity ETF

USSG: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USSG	$5	0.09%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.09%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers MSCI USA Selection Equity ETF (formerly, Xtrackers MSCI USA ESG Leaders Equity ETF) (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	554,947,894
Number of Portfolio Holdings	291
Portfolio Turnover Rate (%)	1
Total Net Advisory Fees Paid ($)	400,415

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	43.3% of Net Assets
NVIDIA Corp.	11.4%
Microsoft Corp.	10.4%
Alphabet, Inc.	6.9%
Tesla, Inc.	3.2%
Eli Lilly & Co.	2.8%
Visa, Inc.	2.3%
Mastercard, Inc.	1.8%
Procter & Gamble Co.	1.5%
Johnson & Johnson	1.5%
Home Depot, Inc.	1.5%

Sector Allocation

Sector	% of Net Assets
Information Technology	33%
Financials	14%
Health Care	11%
Consumer Discretionary	11%
Communication Services	9%
Industrials	8%
Consumer Staples	5%
Materials	3%
Real Estate	2%
Energy	2%
Utilities	1%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

USSG-TSRS

R-104957-1 (04/25) DBX006543 (04/26)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

USNZ: NYSE Arca, Inc.

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
USNZ	$5	0.10%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.10%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	245,008,790
Number of Portfolio Holdings	336
Portfolio Turnover Rate (%)	4
Total Net Advisory Fees Paid ($)	114,949

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	38.1% of Net Assets
Apple, Inc.	9.1%
Microsoft Corp.	7.6%
NVIDIA Corp.	6.5%
Alphabet, Inc.	3.8%
Meta Platforms, Inc.	3.7%
Broadcom, Inc.	1.9%
Eli Lilly & Co.	1.7%
JPMorgan Chase & Co.	1.5%
Visa, Inc.	1.3%
Mastercard, Inc.	1.0%

Sector Allocation

Sector	% of Net Assets
Information Technology	37%
Health Care	16%
Financials	12%
Communication Services	11%
Consumer Discretionary	6%
Real Estate	5%
Consumer Staples	5%
Industrials	5%
Materials	2%
Utilities	1%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a 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 the 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. This Fund is non-diversified and can take larger portions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

USNZ-TSRS

R-104956-1 (04/25) DBX006544 (04/26)

Xtrackers RREEF Global Natural Resources ETF

NRES: Nasdaq Stock Market

Semi-Annual Shareholder Report — February 28, 2025

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
NRES	$22	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers RREEF Global Natural Resources ETF (the "Fund") for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

Key Fund Statistics

Net Assets ($)	29,329,973
Number of Portfolio Holdings	52
Portfolio Turnover Rate (%)	64
Total Net Advisory Fees Paid ($)	66,322

What did the Fund invest in?

Ten Largest Equity Holdings

Holdings	40.9% of Net Assets
Shell PLC (United Kingdom)	7.2%
Corteva, Inc. (United States)	4.4%
Exxon Mobil Corp. (United States)	4.2%
Agnico Eagle Mines Ltd. (Canada)	4.1%
Glencore PLC (Switzerland)	4.0%
TotalEnergies SE (France)	3.9%
Nutrien Ltd. (Canada)	3.7%
UPM-Kymmene OYJ (Finland)	3.6%
Smurfit WestRock PLC (Ireland)	2.9%
BP PLC (United Kingdom)	2.9%

Sector Allocation

Industry	% of Net Assets
Metals & Mining	33%
Oil, Gas & Consumable Fuels	32%
Chemicals	10%
Paper & Forest Products	10%
Containers & Packaging	8%
Food Products	4%
Specialized REITs	2%

Geographical Diversification

Country	% of Net Assets
United States	32%
Canada	18%
United Kingdom	15%
Switzerland	6%
Brazil	6%
Finland	5%
France	4%
Ireland	4%
Norway	3%
Luxembourg	2%
South Africa	2%
Other	2%

Holdings-based data is subject to change.

Additional Information

Householding

Investing involves risk, including the possible loss of principal. Stocks may decline in value. 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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

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.

© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

NRES-TSRS

R-104955-1 (04/25) DBX006545 (04/26)

(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 is included under Item 7.

(b) Not applicable.

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

(a)

LOGO

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)

LOGO

Table of Contents


			Page
Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF			2

Xtrackers MSCI Kokusai Equity ETF			18

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF			33

Xtrackers Russell US Multifactor ETF			39

Statements of Assets and Liabilities			50

Statements of Operations			51

Statements of Changes in Net Assets			52

Financial Highlights			54

Notes to Financial Statements			58

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 98.3%

Australia — 9.4%
AGL Energy Ltd.		21,530		140,043
ALS Ltd.		3,886		39,196
Ampol Ltd.		6,037		99,521
Ansell Ltd.		1,466		31,834
ANZ Group Holdings Ltd.		2,075		38,439
APA Group (a)		9,310		42,726
Aristocrat Leisure Ltd.		3,657		163,963
ASX Ltd.		2,000		83,303
Atlas Arteria Ltd. (a)		4,504		14,172
Aurizon Holdings Ltd.		43,099		87,104
Bank of Queensland Ltd.		1,164		4,850
Bendigo & Adelaide Bank Ltd.		1,554		10,359
BHP Group Ltd.		596		14,469
BlueScope Steel Ltd.		11,891		179,389
Brambles Ltd.		16,674		216,706
CAR Group Ltd.		2,646		61,045
Challenger Ltd.		887		3,210
Cleanaway Waste Management Ltd.		33,992		53,902
Cochlear Ltd.		557		89,661
Coles Group Ltd.		20,710		257,313
Commonwealth Bank of Australia		71		6,920
Computershare Ltd.		6,273		160,209
CSL Ltd.		225		36,458
Deterra Royalties Ltd.		4,445		9,923
Domino’s Pizza Enterprises Ltd.		195		3,435
Downer EDI Ltd.		11,607		39,914
EBOS Group Ltd.		5,441		120,278
Endeavour Group Ltd.		28,836		74,775
Evolution Mining Ltd.		11,901		45,070
Fortescue Ltd.		2,707		27,792
Goodman Group REIT		471		9,170
GPT Group REIT		349		1,000
Harvey Norman Holdings Ltd.		19,365		62,860
Incitec Pivot Ltd.		30,786		52,647
Insurance Australia Group Ltd.		37,541		184,425
JB Hi-Fi Ltd.		3,710		212,365
Lendlease Corp. Ltd. (a)		594		2,279
Lottery Corp. Ltd.		25,857		76,376
Macquarie Group Ltd.		147		20,713
Magellan Financial Group Ltd.		1,480		7,427
Medibank Pvt Ltd.		89,543		242,218
Metcash Ltd.		17,944		35,038
National Australia Bank Ltd.		264		5,795
New Hope Corp. Ltd.		3,129		7,822
Northern Star Resources Ltd.		4,223		45,063
Orica Ltd.		8,830		90,381
Origin Energy Ltd.		16,951		115,318
Pro Medicus Ltd.		132		20,788


	Number of Shares		Value $

Qantas Airways Ltd. *		8,274		48,982
QBE Insurance Group Ltd.		13,711		183,569
Qube Holdings Ltd.		35,104		87,318
Ramsay Health Care Ltd.		1,970		42,142
REA Group Ltd.		249		36,877
Reece Ltd.		1,762		18,901
Region RE Ltd. REIT		5,418		6,907
Rio Tinto Ltd.		2,061		145,299
Santos Ltd.		8,939		36,354
Scentre Group REIT		9,344		19,582
SEEK Ltd.		719		10,722
SGH Ltd.		2,101		67,442
Sonic Healthcare Ltd.		2,811		47,983
South32 Ltd.		9,528		20,856
Steadfast Group Ltd.		19,019		66,349
Stockland REIT		7,394		23,404
Suncorp Group Ltd.		5,493		68,692
Telstra Group Ltd.		16,038		41,289
TPG Telecom Ltd.		1,200		3,455
Transurban Group (a)		5,019		41,042
Treasury Wine Estates Ltd.		2,610		17,740
Vicinity Ltd. REIT		35,737		48,446
Washington H Soul Pattinson & Co. Ltd.		2,055		43,589
Wesfarmers Ltd.		3,212		148,126
Westpac Banking Corp.		1,059		20,948
Woodside Energy Group Ltd.		676		10,413
Woolworths Group Ltd.		4,176		77,931
Worley Ltd.		852		8,064
Yancoal Australia Ltd.		2,669		10,091

(Cost $4,437,248)				4,750,177

Austria — 0.3%
ANDRITZ AG		1,426		84,088
Erste Group Bank AG		268		18,017
Raiffeisen Bank International AG		342		9,177
Telekom Austria AG		1,548		13,700
Verbund AG		299		22,638
voestalpine AG		373		8,581

(Cost $138,641)				156,201

Belgium — 0.7%
Ackermans & van Haaren NV		301		61,293
Ageas SA/NV		370		20,260
Anheuser-Busch InBev SA/NV		80		4,796
D’ieteren Group		162		26,940
Groupe Bruxelles Lambert NV		1,313		93,811
KBC Group NV		189		16,429
Lotus Bakeries NV		5		45,188
Syensqo SA		635		46,439
UCB SA		195		36,818

(Cost $329,976)				351,974

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Bermuda — 0.2%
Hiscox Ltd.

(Cost $83,203)		5,496		82,075

Canada — 5.0%
Agnico Eagle Mines Ltd.		517		50,019
Alimentation Couche-Tard, Inc.		837		41,793
Bank of Montreal		67		6,919
Bank of Nova Scotia		361		17,998
Barrick Gold Corp.		2,277		40,559
BCE, Inc.		924		21,436
Brookfield Corp.		124		7,206
Canadian Imperial Bank of Commerce		386		23,491
Canadian National Railway Co.		545		55,493
Canadian Natural Resources Ltd.		54		1,531
Canadian Pacific Kansas City Ltd.		470		36,767
CGI, Inc.		1,009		105,043
Constellation Software, Inc.		20		69,237
Dollarama, Inc.		1,671		174,959
Enbridge, Inc.		789		33,854
Fairfax Financial Holdings Ltd.		318		459,165
Fortis, Inc.		3,000		132,116
Franco-Nevada Corp.		176		25,231
George Weston Ltd.		1,083		173,981
Great-West Lifeco, Inc.		183		6,827
Hydro One Ltd., 144A		2,155		69,323
Imperial Oil Ltd.		95		6,469
Intact Financial Corp.		279		55,207
Loblaw Cos. Ltd.		989		130,052
Magna International, Inc.		434		15,874
Manulife Financial Corp.		1,006		31,467
Metro, Inc.		4,155		276,087
National Bank of Canada		144		12,036
Nutrien Ltd.		107		5,632
Power Corp. of Canada		667		22,734
Restaurant Brands International, Inc.		363		23,783
Royal Bank of Canada		52		6,172
South Bow Corp.		148		3,955
Sun Life Financial, Inc.		670		37,422
Suncor Energy, Inc.		519		19,945
TC Energy Corp.		743		33,396
TELUS Corp.		2,159		33,557
Thomson Reuters Corp.		196		35,189
Toronto-Dominion Bank		186		11,187
Tourmaline Oil Corp.		681		31,555
Waste Connections, Inc.		585		111,416
Wheaton Precious Metals Corp.		904		62,685

(Cost $2,113,216)				2,518,768


	Number of Shares		Value $

Chile — 0.0%
Antofagasta PLC

(Cost $25,797)		1,208		26,367

China — 0.1%
Lenovo Group Ltd.		28,535		42,491
Shenzhou International Group Holdings Ltd.		699		5,106

(Cost $30,279)				47,597

Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A		15		26,022
A.P. Moller — Maersk A/S, Class B		13		22,797
Carlsberg AS, Class B		707		88,872
Coloplast A/S, Class B		93		9,908
Danske Bank A/S		628		21,132
Demant A/S *		361		13,029
DSV A/S		102		20,532
Genmab A/S *		38		8,524
H Lundbeck A/S		6,104		34,049
H Lundbeck A/S, Class A		2,285		10,229
Novo Nordisk A/S, Class B		126		11,324
Novonesis (Novozymes) B, Class B		1,424		86,263
Pandora A/S		393		69,465
ROCKWOOL A/S, Class B		80		31,572
Tryg A/S		1,918		41,993
Vestas Wind Systems A/S *		255		3,606

(Cost $466,227)				499,317

Finland — 1.4%
Elisa OYJ		1,960		90,383
Fortum OYJ		321		5,039
Kesko OYJ, Class B		4,761		90,413
Kone OYJ, Class B		2,883		162,509
Metso Corp.		774		8,581
Nokia OYJ		5,759		27,758
Nordea Bank Abp		2,034		26,770
Orion OYJ, Class B		1,065		60,010
Sampo OYJ, Class A		8,315		73,124
Stora Enso OYJ, Class R		943		10,165
UPM-Kymmene OYJ		2,966		86,802
Valmet OYJ		1,524		42,794
Wartsila OYJ Abp		1,816		34,515

(Cost $743,158)				718,863

France — 4.3%
Accor SA		615		30,739
Aeroports de Paris SA		38		3,899
Air Liquide SA		156		28,655
Airbus SE		26		4,481
Alstom SA *		263		5,766
Amundi SA, 144A		511		36,563

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Arkema SA		114		9,414
AXA SA		270		10,513
BioMerieux		212		25,465
Bollore SE		732		4,431
Bouygues SA		1,973		67,795
Bureau Veritas SA		2,206		66,441
Canal+ SA *		1,713		3,753
Capgemini SE		188		29,162
Carrefour SA		4,530		60,327
Cie de Saint-Gobain SA		1,252		125,937
Cie Generale des Etablissements Michelin SCA		7,542		267,940
Credit Agricole SA		450		7,493
Danone SA		1,359		97,324
Dassault Systemes SE		305		12,047
Edenred SE		320		10,207
Eiffage SA		754		75,734
Engie SA		7,623		136,677
EssilorLuxottica SA		99		29,539
Eurazeo SE		2,280		180,330
Getlink SE		1,762		29,265
Havas NV *		1,713		2,476
Hermes International SCA		1		2,846
Ipsen SA		66		7,633
JCDecaux SE *		272		4,127
La Francaise des Jeux SAEM, 144A		1,276		48,782
Legrand SA		936		102,747
L’Oreal SA		15		5,507
Neoen SA, 144A		118		4,890
Orange SA		10,819		129,902
Pernod Ricard SA		65		6,980
Pluxee NV		1,318		29,765
Publicis Groupe SA		764		75,880
Renault SA		159		8,242
Rexel SA		560		15,177
Safran SA		42		10,924
Sanofi SA		338		36,685
Schneider Electric SE		137		33,333
SEB SA		539		47,704
Sodexo SA		466		35,888
Teleperformance SE		188		18,117
Thales SA		76		15,148
TotalEnergies SE		247		14,843
Veolia Environnement SA		2,889		86,411
Vinci SA		475		54,883
Vivendi SE		1,713		5,184
Wendel SE		122		12,257

(Cost $2,087,296)				2,176,228

Germany — 3.3%
adidas AG		107		27,397


	Number of Shares		Value $
Allianz SE		38		13,053
BASF SE		642		32,857
Bayer AG		80		1,889
Bayerische Motoren Werke AG		253		22,076
Bechtle AG		338		11,558
Beiersdorf AG		217		29,846
Brenntag SE		917		60,864
Carl Zeiss Meditec AG		130		8,119
Commerzbank AG		291		6,237
Continental AG		255		18,336
Covestro AG *		103		6,352
CTS Eventim AG & Co. KGaA		235		25,809
Daimler Truck Holding AG		675		29,561
Deutsche Bank AG (b)		103		2,220
Deutsche Boerse AG		58		15,152
Deutsche Lufthansa AG		249		1,788
Deutsche Post AG		1,224		47,978
Deutsche Telekom AG		2,799		101,156
DWS Group GmbH & Co. KGaA, 144A (b)		132		6,326
E.ON SE		7,726		98,871
Evonik Industries AG		1,308		26,064
Fielmann Group AG		99		4,247
Fresenius Medical Care AG		1,691		81,601
Fresenius SE & Co. KGaA *		1,642		65,677
FUCHS SE		881		32,527
GEA Group AG		2,555		148,006
Hannover Rueck SE		81		21,591
Heidelberg Materials AG		1,419		214,280
Henkel AG & Co. KGaA		513		39,294
HOCHTIEF AG		139		21,756
Infineon Technologies AG		232		8,568
KION Group AG		144		5,794
Knorr-Bremse AG		593		51,496
Mercedes-Benz Group AG		338		21,010
Merck KGaA		316		44,712
MTU Aero Engines AG		63		21,884
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		45		25,581
Nemetschek SE		185		21,549
Puma SE		77		2,309
Rational AG		25		22,555
Rheinmetall AG		3		3,140
RWE AG		1,342		42,317
SAP SE		46		12,692
Scout24 SE, 144A		602		59,071
Siemens AG		141		32,437
Siemens Healthineers AG, 144A		188		10,511
Symrise AG		410		41,412
Talanx AG		109		9,936

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Traton SE		405		15,290

(Cost $1,403,255)				1,674,752

Hong Kong — 2.6%
AIA Group Ltd.		807		6,164
ASMPT Ltd.		1,078		8,401
Bank of East Asia Ltd.		12,711		18,699
BOC Hong Kong Holdings Ltd.		7,076		24,886
Cathay Pacific Airways Ltd.		25,956		34,245
Chow Tai Fook Jewellery Group Ltd.		5,749		5,552
CK Asset Holdings Ltd.		5,930		25,774
CK Hutchison Holdings Ltd.		18,351		91,678
CK Infrastructure Holdings Ltd.		4,889		33,541
CLP Holdings Ltd.		13,950		115,615
CTF Services Ltd.		31,290		31,827
Dah Sing Banking Group Ltd.		8,911		10,095
First Pacific Co. Ltd.		25,012		14,634
Hang Lung Group Ltd.		7,657		10,614
Hang Seng Bank Ltd.		944		13,232
Henderson Land Development Co. Ltd.		5,921		16,180
Hong Kong & China Gas Co. Ltd.		104,129		83,019
Hong Kong Exchanges & Clearing Ltd.		181		8,146
Hutchison Port Holdings Trust, Class U		65,900		10,874
Jardine Matheson Holdings Ltd.		1,373		54,769
Johnson Electric Holdings Ltd.		6,890		12,936
Kerry Properties Ltd.		9,470		19,484
Link REIT		699		3,169
MTR Corp. Ltd.		2,886		9,426
PCCW Ltd.		150,808		87,268
Power Assets Holdings Ltd.		22,705		153,868
Shangri-La Asia Ltd.		9,742		5,512
Sino Land Co. Ltd.		26,227		26,273
SITC International Holdings Co. Ltd.		5,030		12,109
Sun Hung Kai Properties Ltd.		3,215		30,097
Swire Pacific Ltd., Class A		3,770		31,294
Swire Pacific Ltd., Class B		12,508		17,307
Techtronic Industries Co. Ltd.		2,189		30,513
VTech Holdings Ltd.		7,712		53,304
WH Group Ltd., 144A		202,383		164,998
Wharf Holdings Ltd.		2,037		4,736
Xinyi Glass Holdings Ltd.		5,870		5,601
Yue Yuen Industrial Holdings Ltd.		8,697		17,782

(Cost $1,272,427)				1,303,622

Ireland — 0.9%
Bank of Ireland Group PLC		459		5,413
DCC PLC		952		64,251
Experian PLC		1,671		79,196


	Number of Shares		Value $
Glanbia PLC		4,366		50,310
James Hardie Industries PLC CDI *		2,046		64,392
Kerry Group PLC, Class A		921		97,029
Kingspan Group PLC		518		42,586
Smurfit WestRock PLC		1,143		59,065

(Cost $426,928)				462,242

Israel — 1.6%
Airport City Ltd. *		261		4,305
Amot Investments Ltd.		1,335		7,253
Azrieli Group Ltd.		410		31,423
Bank Hapoalim BM		8,599		117,376
Bank Leumi Le-Israel BM		7,040		93,513
Bezeq The Israeli Telecommunication Corp. Ltd.		32,073		53,129
Big Shopping Centers Ltd. *		99		15,068
Elbit Systems Ltd.		127		38,652
Energix-Renewable Energies Ltd.		2,954		9,489
Enlight Renewable Energy Ltd. *		800		13,857
First International Bank Of Israel Ltd.		480		25,664
Gav-Yam Lands Corp. Ltd.		651		5,474
Harel Insurance Investments & Financial Services Ltd.		1,354		22,644
ICL Group Ltd.		3,421		20,819
Israel Discount Bank Ltd., Class A		7,143		55,341
Melisron Ltd.		345		30,602
Mivne Real Estate KD Ltd.		3,677		11,056
Mizrahi Tefahot Bank Ltd.		807		37,944
Nice Ltd. *		200		29,062
Nova Ltd. *		130		31,776
Phoenix Financial Ltd.		576		10,417
Strauss Group Ltd.		72		1,614
Teva Pharmaceutical Industries Ltd. *		1,379		22,866
Tower Semiconductor Ltd. *		2,409		102,089

(Cost $597,803)				791,433

Italy — 2.0%
A2A SpA		9,127		20,778
Amplifon SpA		319		8,092
Banca Mediolanum SpA		194		2,742
Banco BPM SpA		2,905		29,064
BPER Banca SPA		1,135		8,674
Brunello Cucinelli SpA		162		21,060
Buzzi SpA		3,060		138,625
DiaSorin SpA		97		10,234
Enel SpA		5,415		39,754
Eni SpA		1,243		17,909
Ferrari NV		73		34,164
FinecoBank Banca Fineco SpA		1,620		30,259
Generali		803		26,507

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Hera SpA		17,420		67,793
Infrastrutture Wireless Italiane SpA, 144A		1,272		12,806
Interpump Group SpA		280		10,617
Intesa Sanpaolo SpA		4,102		20,191
Italgas SpA		7,557		48,649
Leonardo SpA		1,085		43,511
Mediobanca Banca di Credito Finanziario SpA		1,353		24,132
Moncler SpA		432		29,706
Pirelli & C SpA, 144A		7,543		47,335
Poste Italiane SpA, 144A		898		14,499
PRADA SpA		798		6,793
Prysmian SpA		2,052		121,728
Recordati Industria Chimica e Farmaceutica SpA		717		40,490
Reply SpA		275		44,101
Snam SpA		3,142		15,192
Telecom Italia SpA *		5,485		1,544
Telecom Italia SpA-RSP *		7,274		2,341
Terna - Rete Elettrica Nazionale		4,625		38,769
UniCredit SpA		250		13,159
Unipol Assicurazioni SpA		2,724		40,625

(Cost $830,914)				1,031,843

Japan — 29.5%
ABC-Mart, Inc.		1,289		24,613
Acom Co. Ltd.		4,400		11,341
Activia Properties, Inc. REIT		4		9,051
Advance Residence Investment Corp. REIT		16		15,215
Aeon Co. Ltd.		1,849		45,202
Aeon Mall Co. Ltd.		500		6,745
AEON REIT Investment Corp. REIT		9		7,854
AGC, Inc.		1,754		52,307
Aica Kogyo Co. Ltd.		1,614		35,055
Air Water, Inc.		2,900		35,852
Aisin Corp.		3,279		38,481
Ajinomoto Co., Inc.		600		23,909
Alfresa Holdings Corp.		4,400		58,221
Alps Alpine Co. Ltd.		1,600		16,362
Amada Co. Ltd.		5,043		47,939
Amano Corp.		2,300		58,898
ANA Holdings, Inc.		800		15,130
As One Corp.		700		10,709
Asahi Group Holdings Ltd.		1,476		18,247
Asahi Intecc Co. Ltd.		216		3,500
Asahi Kasei Corp.		14,719		99,774
Asics Corp.		300		6,637
ASKUL Corp.		800		8,425
Azbil Corp.		2,852		21,585
Bandai Namco Holdings, Inc.		3,300		109,493


	Number of Shares		Value $
Bic Camera, Inc.		2,500		26,502
BIPROGY, Inc.		2,200		62,615
Bridgestone Corp.		2,524		97,781
Brother Industries Ltd.		4,642		88,731
Calbee, Inc.		1,280		24,191
Canon Marketing Japan, Inc.		1,100		37,125
Canon, Inc.		5,222		175,447
Capcom Co. Ltd.		1,516		37,232
Casio Computer Co. Ltd.		1,900		15,849
Central Japan Railway Co.		1,655		32,536
Chiba Bank Ltd.		1,300		11,672
Chubu Electric Power Co., Inc.		4,631		48,755
Chugai Pharmaceutical Co. Ltd.		500		24,842
Chugin Financial Group, Inc.		536		5,657
Chugoku Electric Power Co., Inc.		8,383		47,607
Coca-Cola Bottlers Japan Holdings, Inc.		1,800		29,414
COMSYS Holdings Corp.		2,734		57,693
Concordia Financial Group Ltd.		1,300		7,531
Cosmo Energy Holdings Co. Ltd.		1,300		56,867
Cosmos Pharmaceutical Corp.		620		28,977
Credit Saison Co. Ltd.		300		7,010
Dai Nippon Printing Co. Ltd.		8,614		124,441
Daicel Corp.		4,327		37,213
Daido Steel Co. Ltd.		3,175		25,725
Daifuku Co. Ltd.		678		17,520
Dai-ichi Life Holdings, Inc.		900		26,368
Daiichi Sankyo Co. Ltd.		400		9,150
Daikin Industries Ltd.		70		7,293
Daito Trust Construction Co. Ltd.		1,281		132,822
Daiwa House Industry Co. Ltd.		3,302		108,157
Daiwa House REIT Investment Corp. REIT		6		9,858
Daiwa Office Investment Corp. REIT		2		3,887
Daiwa Securities Group, Inc.		5,600		38,889
Daiwa Securities Living Investments Corp. REIT		10		5,893
Denka Co. Ltd.		300		4,136
Denso Corp.		1,284		16,487
Dentsu Group, Inc.		300		6,181
Dentsu Soken, Inc.		100		3,935
Dexerials Corp.		600		8,242
DIC Corp.		2,100		44,663
Disco Corp.		126		31,413
DMG Mori Co. Ltd.		1,300		22,891
Dowa Holdings Co. Ltd.		1,200		36,304
East Japan Railway Co.		3,000		59,086
Ebara Corp.		4,800		78,803
Electric Power Development Co. Ltd.		2,676		45,797
ENEOS Holdings, Inc.		46,620		247,153
EXEO Group, Inc.		4,444		51,150

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Ezaki Glico Co. Ltd.		1,300		39,269
FANUC Corp.		1,780		50,898
Fast Retailing Co. Ltd.		29		8,750
FP Corp.		800		15,321
Frontier Real Estate Investment Corp. REIT		25		13,156
Fuji Electric Co. Ltd.		1,288		56,411
Fuji Media Holdings, Inc.		400		6,369
Fuji Oil Holdings, Inc.		900		16,260
FUJIFILM Holdings Corp.		2,353		47,280
Fujikura Ltd.		200		8,149
Fujitsu Ltd.		5,160		98,581
Fukuoka Financial Group, Inc.		200		5,208
GLP J REIT		15		12,751
Goldwin, Inc.		100		4,782
GS Yuasa Corp.		338		5,335
Gunma Bank Ltd.		900		6,773
Hachijuni Bank Ltd.		900		5,758
Hakuhodo DY Holdings, Inc.		669		4,728
Hankyu Hanshin Holdings, Inc.		467		12,173
Haseko Corp.		4,197		55,020
Heiwa Corp.		400		6,275
Hikari Tsushin, Inc.		223		56,114
Hirogin Holdings, Inc.		1,200		9,369
Hirose Electric Co. Ltd.		226		26,110
Hisamitsu Pharmaceutical Co., Inc.		200		5,606
Hitachi Construction Machinery Co. Ltd.		200		5,153
Hitachi Ltd.		2,130		53,004
Honda Motor Co. Ltd.		3,235		29,904
Horiba Ltd.		654		42,097
Hoshizaki Corp.		326		13,053
House Foods Group, Inc.		1,257		23,439
Hoya Corp.		352		40,866
Hulic Co. Ltd.		5,948		55,338
Idemitsu Kosan Co. Ltd.		25,225		169,651
IHI Corp.		100		5,794
Iida Group Holdings Co. Ltd.		300		4,470
Industrial & Infrastructure Fund Investment Corp. REIT		9		7,101
INFRONEER Holdings, Inc.		784		6,035
Inpex Corp.		2,499		31,616
Internet Initiative Japan, Inc.		1,400		23,565
Invincible Investment Corp. REIT		13		5,521
Isetan Mitsukoshi Holdings Ltd.		2,000		30,074
Isuzu Motors Ltd.		4,600		60,211
Ito En Ltd.		300		6,593
ITOCHU Corp.		1,436		63,550
Itoham Yonekyu Holdings, Inc.		760		18,786
Iwatani Corp.		1,600		16,590
Iyogin Holdings, Inc.		1,200		13,008


	Number of Shares		Value $
Izumi Co. Ltd.		500		10,179
J. Front Retailing Co. Ltd.		965		12,474
Japan Airlines Co. Ltd.		600		10,278
Japan Airport Terminal Co. Ltd.		200		5,933
Japan Exchange Group, Inc.		600		6,281
Japan Hotel REIT Investment Corp. REIT		12		5,534
Japan Logistics Fund, Inc. REIT		9		5,327
Japan Metropolitan Fund Invest REIT		12		7,358
Japan Post Holdings Co. Ltd.		500		5,294
Japan Post Insurance Co. Ltd.		400		7,727
Japan Prime Realty Investment Corp. REIT		4		9,158
Japan Real Estate Investment Corp. REIT		25		17,917
Japan Steel Works Ltd.		400		13,205
Japan Tobacco, Inc.		2,164		53,850
JFE Holdings, Inc.		1,700		21,129
JTEKT Corp.		400		3,007
Justsystems Corp.		300		7,316
Kagome Co. Ltd.		265		5,099
Kajima Corp.		4,700		97,122
Kakaku.com, Inc.		800		11,414
Kamigumi Co. Ltd.		2,732		61,622
Kandenko Co. Ltd.		4,592		76,729
Kaneka Corp.		722		17,885
Kansai Electric Power Co., Inc.		9,911		113,944
Kansai Paint Co. Ltd.		4,288		60,794
Kao Corp.		1,853		79,631
Kawasaki Heavy Industries Ltd.		243		12,078
KDDI Corp.		2,229		72,389
KDX Realty Investment Corp. REIT		13		13,811
Keihan Holdings Co. Ltd.		100		2,232
Keikyu Corp.		3,600		35,117
Keio Corp.		200		5,123
Keisei Electric Railway Co. Ltd.		1,200		11,415
Kewpie Corp.		2,159		40,567
Keyence Corp.		22		8,673
Kikkoman Corp.		1,830		17,651
Kinden Corp.		5,200		109,041
Kintetsu Group Holdings Co. Ltd.		900		20,175
Kirin Holdings Co. Ltd.		3,012		40,504
Kobayashi Pharmaceutical Co. Ltd.		400		14,599
Kobe Bussan Co. Ltd.		800		17,705
Kobe Steel Ltd.		900		10,571
Koito Manufacturing Co. Ltd.		200		2,517
Kokuyo Co. Ltd.		4,300		80,225
Komatsu Ltd.		2,070		61,347
Konami Group Corp.		682		82,798
Kose Corp.		100		4,200

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
K’s Holdings Corp.		7,211		66,992
Kubota Corp.		1,300		15,964
Kuraray Co. Ltd.		6,781		84,439
Kurita Water Industries Ltd.		1,328		42,353
Kusuri no Aoki Holdings Co. Ltd.		300		6,215
Kyocera Corp.		2,888		31,794
Kyoto Financial Group, Inc.		400		5,739
Kyowa Kirin Co. Ltd.		1,300		18,284
Kyudenko Corp.		1,899		56,682
Kyushu Electric Power Co., Inc.		20,264		177,165
Kyushu Financial Group, Inc.		1,100		5,184
Kyushu Railway Co.		2,100		50,251
LaSalle Logiport REIT		7		6,842
Lion Corp.		3,406		38,683
Lixil Corp.		1,311		14,837
Mabuchi Motor Co. Ltd.		2,200		33,892
Macnica Holdings, Inc.		600		7,177
Makita Corp.		2,200		71,360
Mani, Inc.		500		4,456
Marubeni Corp.		1,091		16,995
Marui Group Co. Ltd.		879		15,110
Maruichi Steel Tube Ltd.		1,250		28,734
Maruwa Co. Ltd./Aichi		100		22,131
MatsukiyoCocokara & Co.		1,091		16,528
Mazda Motor Corp.		800		5,351
McDonald’s Holdings Co. Japan Ltd.		1,300		49,086
Mebuki Financial Group, Inc.		1,800		7,559
Medipal Holdings Corp.		7,251		105,569
MEIJI Holdings Co. Ltd.		4,438		90,707
MINEBEA MITSUMI, Inc.		3,071		46,892
MISUMI Group, Inc.		2,040		32,848
Mitsubishi Chemical Group Corp.		8,002		40,420
Mitsubishi Corp.		2,008		33,266
Mitsubishi Electric Corp.		6,974		106,765
Mitsubishi Estate Co. Ltd.		2,000		29,178
Mitsubishi Gas Chemical Co., Inc.		4,267		64,899
Mitsubishi HC Capital, Inc.		1,550		10,389
Mitsubishi Heavy Industries Ltd.		2,930		38,634
Mitsubishi Logistics Corp.		3,500		24,433
Mitsubishi Materials Corp.		1,000		15,797
Mitsui & Co. Ltd.		2,350		43,586
Mitsui Chemicals, Inc.		1,500		33,375
Mitsui Fudosan Co. Ltd.		2,700		23,292
Mitsui Fudosan Logistics Park, Inc. REIT		8		5,473
Mitsui Mining & Smelting Co. Ltd.		1,600		45,177
Mitsui OSK Lines Ltd.		674		24,787
Miura Co. Ltd.		700		14,707
Mizuho Financial Group, Inc.		280		7,761


	Number of Shares		Value $
MonotaRO Co. Ltd.		1,100		18,435
Mori Hills REIT Investment Corp. REIT		6		5,220
Morinaga & Co. Ltd.		2,000		32,702
Morinaga Milk Industry Co. Ltd.		2,700		52,613
MS&AD Insurance Group Holdings, Inc.		1,800		37,387
Murata Manufacturing Co. Ltd.		2,351		39,790
Nabtesco Corp.		1,000		15,979
Nagase & Co. Ltd.		4,265		77,789
Nagoya Railroad Co. Ltd.		1,000		11,752
Nankai Electric Railway Co. Ltd.		718		11,988
NEC Corp.		1,035		99,348
Nexon Co. Ltd.		700		9,399
NGK Insulators Ltd.		3,377		41,850
NH Foods Ltd.		2,000		60,281
NHK Spring Co. Ltd.		7,300		80,923
Nichirei Corp.		1,400		32,126
Nidec Corp.		800		14,251
Nifco, Inc.		461		11,166
Nihon Kohden Corp.		1,500		21,570
Nikon Corp.		1,100		11,405
Nintendo Co. Ltd.		1,850		137,005
Nippon Accommodations Fund, Inc. REIT		20		15,289
Nippon Building Fund, Inc. REIT		30		24,765
NIPPON EXPRESS HOLDINGS, Inc.		2,508		44,270
Nippon Kayaku Co. Ltd.		2,300		20,574
Nippon Paint Holdings Co. Ltd.		900		6,650
Nippon Prologis REIT, Inc. REIT		6		9,866
Nippon Sanso Holdings Corp.		559		16,912
Nippon Shokubai Co. Ltd.		5,600		67,633
Nippon Steel Corp.		1,913		42,260
Nippon Telegraph & Telephone Corp.		11,375		10,975
Nippon Television Holdings, Inc.		400		7,420
Nippon Yusen KK		800		27,972
Nipro Corp.		1,000		8,676
Nishi-Nippon Railroad Co. Ltd.		900		12,969
Nissan Chemical Corp.		283		8,111
Nissan Motor Co. Ltd.		1,000		2,854
Nisshin Seifun Group, Inc.		2,078		23,242
Nissin Foods Holdings Co. Ltd.		1,252		25,190
Niterra Co. Ltd.		3,402		99,151
Nitori Holdings Co. Ltd.		581		59,818
Nitto Denko Corp.		9,251		179,747
Noevir Holdings Co. Ltd.		200		5,461
NOF Corp.		2,321		31,081
NOK Corp.		2,500		37,792
Nomura Holdings, Inc.		3,400		21,840
Nomura Real Estate Holdings, Inc.		986		27,965

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Nomura Real Estate Master Fund, Inc. REIT		7		6,512
Nomura Research Institute Ltd.		1,100		36,330
NS Solutions Corp.		800		20,784
NSK Ltd.		800		3,344
NTT Data Group Corp.		600		11,057
Obayashi Corp.		3,862		51,845
OBIC Business Consultants Co. Ltd.		300		14,342
Obic Co. Ltd.		1,175		33,598
Odakyu Electric Railway Co. Ltd.		400		3,940
Oji Holdings Corp.		13,788		56,709
OKUMA Corp.		600		13,298
Olympus Corp.		2,200		29,884
Ono Pharmaceutical Co. Ltd.		2,277		24,524
Open House Group Co. Ltd.		1,280		46,632
Oracle Corp.		200		18,919
Organo Corp.		200		9,317
Oriental Land Co. Ltd.		190		3,891
ORIX Corp.		2,436		49,918
Orix JREIT, Inc. REIT		8		9,041
Osaka Gas Co. Ltd.		10,129		232,161
OSG Corp.		3,000		34,291
Otsuka Corp.		2,916		63,488
Otsuka Holdings Co. Ltd.		1,834		89,147
PALTAC Corp.		882		22,949
Pan Pacific International Holdings Corp.		1,399		36,930
Panasonic Holdings Corp.		772		9,547
Penta-Ocean Construction Co. Ltd.		1,620		7,048
Persol Holdings Co. Ltd.		22,690		35,293
Pola Orbis Holdings, Inc.		400		3,177
Rakuten Group, Inc. *		300		1,833
Recruit Holdings Co. Ltd.		557		32,527
Renesas Electronics Corp.		500		8,177
Rengo Co. Ltd.		6,512		34,519
Resona Holdings, Inc.		1,300		10,041
Resonac Holdings Corp.		1,300		29,892
Resorttrust, Inc.		1,200		24,630
Ricoh Co. Ltd.		1,300		14,014
Rinnai Corp.		2,451		55,755
Rohto Pharmaceutical Co. Ltd.		722		10,399
Ryohin Keikaku Co. Ltd.		1,700		44,594
Sankyo Co. Ltd.		7,845		110,443
Sankyu, Inc.		700		27,369
Sanrio Co. Ltd.		600		25,187
Santen Pharmaceutical Co. Ltd.		7,600		70,228
Sanwa Holdings Corp.		7,600		245,306
Sapporo Holdings Ltd.		400		21,025
Sawai Group Holdings Co. Ltd.		300		3,796
SBI Holdings, Inc.		500		14,373


	Number of Shares		Value $
SCREEN Holdings Co. Ltd.		282		19,967
SCSK Corp.		1,800		44,649
Secom Co. Ltd.		2,647		90,408
Sega Sammy Holdings, Inc.		600		11,491
Seibu Holdings, Inc.		1,000		20,956
Seiko Epson Corp.		3,051		51,263
Seino Holdings Co. Ltd.		4,300		64,673
Sekisui Chemical Co. Ltd.		6,101		103,421
Sekisui House Ltd.		1,536		34,554
Sekisui House Reit, Inc. REIT		13		6,720
Seven & i Holdings Co. Ltd.		1,100		15,650
Seven Bank Ltd.		2,600		5,017
SG Holdings Co. Ltd.		1,360		13,831
Shikoku Electric Power Co., Inc.		7,400		56,742
Shimadzu Corp.		2,196		57,707
Shimamura Co. Ltd.		667		38,025
Shimano, Inc.		362		49,041
Shimizu Corp.		3,946		36,096
Shin-Etsu Chemical Co. Ltd.		1,235		36,814
Shionogi & Co. Ltd.		5,100		75,910
Ship Healthcare Holdings, Inc.		1,800		23,035
Shiseido Co. Ltd.		500		9,012
Shizuoka Financial Group, Inc.		1,200		12,104
SHO-BOND Holdings Co. Ltd.		649		20,207
Skylark Holdings Co. Ltd. *		3,060		51,384
SMC Corp.		57		20,425
SoftBank Corp.		42,050		59,631
Sohgo Security Services Co. Ltd.		7,735		55,204
Sojitz Corp.		2,120		46,214
Sompo Holdings, Inc.		5,500		161,502
Sony Group Corp.		865		21,462
Sotetsu Holdings, Inc.		200		2,980
Square Enix Holdings Co. Ltd.		800		37,644
Stanley Electric Co. Ltd.		1,831		29,434
Subaru Corp.		5,164		94,357
Sugi Holdings Co. Ltd.		3,505		62,834
SUMCO Corp.		300		2,262
Sumitomo Bakelite Co. Ltd.		1,300		28,830
Sumitomo Chemical Co. Ltd.		1,900		4,447
Sumitomo Corp.		4,332		96,417
Sumitomo Electric Industries Ltd.		9,926		172,476
Sumitomo Forestry Co. Ltd.		583		17,630
Sumitomo Heavy Industries Ltd.		849		17,099
Sumitomo Metal Mining Co. Ltd.		569		12,377
Sumitomo Mitsui Financial Group, Inc.		600		15,098
Sumitomo Mitsui Trust Holdings, Inc.		300		7,615
Sumitomo Realty & Development Co. Ltd.		571		19,726
Sumitomo Rubber Industries Ltd.		1,700		19,578

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Sundrug Co. Ltd.		888		24,307
Suntory Beverage & Food Ltd.		1,574		50,251
Suzuken Co. Ltd.		3,684		116,342
Suzuki Motor Corp.		3,268		39,491
Sysmex Corp.		1,381		24,808
T&D Holdings, Inc.		600		12,482
Taiheiyo Cement Corp.		4,100		106,108
Taisei Corp.		634		28,424
Takara Holdings, Inc.		700		5,428
Takasago Thermal Engineering Co. Ltd.		300		10,398
Takashimaya Co. Ltd.		2,500		20,430
Takeda Pharmaceutical Co. Ltd.		100		2,876
TBS Holdings, Inc.		200		5,416
TDK Corp.		6,150		64,726
TechnoPro Holdings, Inc.		387		7,611
Teijin Ltd.		1,620		14,196
Terumo Corp.		832		14,703
THK Co. Ltd.		500		12,595
TIS, Inc.		1,700		47,042
Tobu Railway Co. Ltd.		200		3,447
Toda Corp.		5,700		34,905
Toho Co. Ltd.		659		30,988
Toho Gas Co. Ltd.		1,900		51,769
Tohoku Electric Power Co., Inc.		10,619		75,540
Tokai Carbon Co. Ltd.		1,300		7,907
Tokio Marine Holdings, Inc.		1,100		38,666
Tokyo Electric Power Co. Holdings, Inc. *		2,804		7,127
Tokyo Electron Ltd.		89		13,067
Tokyo Gas Co. Ltd.		4,159		130,653
Tokyo Ohka Kogyo Co. Ltd.		1,300		30,677
Tokyo Tatemono Co. Ltd.		900		14,271
Tokyu Corp.		2,300		26,458
Tokyu Fudosan Holdings Corp.		1,822		11,787
TOPPAN Holdings, Inc.		2,665		78,202
Toray Industries, Inc.		3,600		23,794
Toridoll Holdings Corp.		300		7,688
Tosoh Corp.		6,541		88,808
TOTO Ltd.		2,580		67,062
Toyo Seikan Group Holdings Ltd.		1,321		20,653
Toyo Suisan Kaisha Ltd.		2,585		152,498
Toyo Tire Corp.		1,400		23,328
Toyoda Gosei Co. Ltd.		484		8,481
Toyota Boshoku Corp.		300		3,999
Toyota Industries Corp.		35		3,004
Toyota Motor Corp.		300		5,353
Toyota Tsusho Corp.		1,669		27,633
Trend Micro, Inc.		1,194		87,077
TS Tech Co. Ltd.		3,858		44,034
Tsuruha Holdings, Inc.		169		10,291
UBE Corp.		1,693		24,980


	Number of Shares		Value $
Ulvac, Inc.		200		7,171
Unicharm Corp.		2,631		19,720
United Urban Investment Corp. REIT		8		7,878
Ushio, Inc.		1,501		21,062
USS Co. Ltd.		3,800		34,572
Welcia Holdings Co. Ltd.		400		5,886
West Japan Railway Co.		1,400		27,666
Workman Co. Ltd.		200		5,342
Yakult Honsha Co. Ltd.		800		16,064
Yamada Holdings Co. Ltd.		10,657		30,480
Yamaguchi Financial Group, Inc.		500		5,455
Yamaha Corp.		900		6,590
Yamaha Motor Co. Ltd.		2,100		17,141
Yamato Holdings Co. Ltd.		1,100		13,968
Yamato Kogyo Co. Ltd.		1,100		57,352
Yamazaki Baking Co. Ltd.		2,253		40,457
Yaoko Co. Ltd.		600		36,714
Yaskawa Electric Corp.		300		8,029
Yokogawa Electric Corp.		2,000		37,845
Yokohama Rubber Co. Ltd.		700		15,515
Zenkoku Hosho Co. Ltd.		1,338		49,846
Zeon Corp.		1,059		10,369
ZOZO, Inc.		700		21,763

(Cost $14,172,949)				14,972,675

Luxembourg — 0.2%
ArcelorMittal SA		221		6,307
Eurofins Scientific SE		1,209		60,743
RTL Group SA		534		17,716
Tenaris SA		1,253		23,456

(Cost $119,666)				108,222

Netherlands — 2.8%
Aalberts NV		687		22,992
ABN AMRO Bank NV, 144A		242		4,578
Adyen NV, 144A *		2		3,622
Akzo Nobel NV		308		19,065
ASM International NV		12		6,405
ASML Holding NV		10		7,057
ASR Nederland NV		564		29,809
BE Semiconductor Industries NV		143		15,824
CTP NV, 144A		2,792		48,201
Euronext NV, 144A		119		15,000
EXOR NV		1,422		138,423
Ferrovial SE		706		31,440
Heineken Holding NV		786		57,752
Heineken NV		308		26,010
IMCD NV		208		30,901
ING Groep NV		327		5,830
JDE Peet’s NV		279		5,223
Koninklijke Ahold Delhaize NV		9,663		341,382
Koninklijke KPN NV		52,219		199,853

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Koninklijke Philips NV *		1,101		28,718
Koninklijke Vopak NV		1,865		78,981
NN Group NV		539		27,344
Prosus NV *		72		3,144
QIAGEN NV *		844		32,328
Randstad NV		1,467		59,029
Stellantis NV		2,091		26,879
Universal Music Group NV		1,119		31,247
Wolters Kluwer NV		829		127,255

(Cost $1,372,756)				1,424,292

New Zealand — 1.0%
a2 Milk Co. Ltd. *		7,991		39,583
Auckland International Airport Ltd.		4,518		20,709
Contact Energy Ltd.		19,324		100,161
Fisher & Paykel Healthcare Corp. Ltd.		6,032		115,191
Fletcher Building Ltd. *		3,796		7,211
Infratil Ltd.		7,624		46,523
Mainfreight Ltd.		488		19,079
Mercury NZ Ltd.		10,546		34,984
Meridian Energy Ltd.		6,277		20,752
Spark New Zealand Ltd.		34,257		43,575
Xero Ltd. *		363		38,539

(Cost $530,393)				486,307

Norway — 1.0%
Aker BP ASA		450		9,305
DNB Bank ASA		262		6,035
Equinor ASA		771		17,651
Gjensidige Forsikring ASA		1,223		25,105
Kongsberg Gruppen ASA		551		66,893
Mowi ASA		3,517		65,501
Norsk Hydro ASA		2,471		14,553
Orkla ASA		15,607		150,885
Salmar ASA		988		48,945
Schibsted ASA, Class A		519		14,513
Schibsted ASA, Class B		603		16,197
Telenor ASA		2,784		36,102
Var Energi ASA		13,331		37,586
Yara International ASA		247		7,023

(Cost $495,589)				516,294

Poland — 0.6%
Allegro.eu SA, 144A *		507		3,553
Bank Polska Kasa Opieki SA		999		42,514
Dino Polska SA, 144A *		595		73,818
KGHM Polska Miedz SA		195		6,319
LPP SA		2		9,142
ORLEN SA		6,937		108,882
Powszechna Kasa Oszczednosci Bank Polski SA		1,387		23,992


	Number of Shares		Value $
Powszechny Zaklad Ubezpieczen SA		3,383		45,663
Santander Bank Polska SA		138		17,985

(Cost $283,026)				331,868

Portugal — 0.2%
EDP SA		3,448		11,152
Galp Energia SGPS SA		1,052		17,391
Jeronimo Martins SGPS SA		3,254		70,255

(Cost $102,643)				98,798

Russia — 0.0%
Evraz PLC * (c)

(Cost $35,071)		4,559		0

Singapore — 2.7%
BOC Aviation Ltd., 144A		1,624		12,520
CapitaLand Ascendas REIT		9,636		18,360
CapitaLand Ascott Trust (a)		17,755		11,321
CapitaLand Integrated Commercial Trust REIT		50,474		73,720
CapitaLand Investment Ltd.		800		1,518
City Developments Ltd. (c)		800		3,037
ComfortDelGro Corp. Ltd.		98,844		101,863
DBS Group Holdings Ltd.		1,588		54,040
Genting Singapore Ltd.		91,300		49,414
Jardine Cycle & Carriage Ltd.		510		10,081
Keppel REIT		18,472		10,956
Keppel DC REIT		10,860		16,667
Keppel Ltd.		25,662		130,517
Mapletree Industrial Trust REIT		9,078		13,326
Mapletree Logistics Trust REIT		7,967		7,265
Mapletree Pan Asia Commercial Trust REIT		14,091		12,328
NETLINK NBN TRUST		54,000		34,230
Olam Group Ltd.		5,700		4,226
Oversea-Chinese Banking Corp. Ltd.		6,362		81,176
SATS Ltd.		18,000		40,569
Sembcorp Industries Ltd.		5,553		25,073
SIA Engineering Co. Ltd.		5,300		9,391
Singapore Airlines Ltd.		15,400		77,754
Singapore Exchange Ltd.		14,680		146,386
Singapore Technologies Engineering Ltd.		27,428		110,013
Singapore Telecommunications Ltd.		28,066		70,748
StarHub Ltd.		27,600		24,555
Suntec Real Estate Investment Trust REIT		15,000		12,678
United Overseas Bank Ltd.		2,300		65,139
UOL Group Ltd.		5,129		20,534
Venture Corp. Ltd.		9,862		92,127
Wilmar International Ltd.		9,100		21,657

(Cost $1,285,601)				1,363,189

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

South Korea — 3.7%
BGF retail Co. Ltd.		89		6,078
BNK Financial Group, Inc.		4,945		37,724
Cheil Worldwide, Inc.		1,836		22,428
CJ CheilJedang Corp.		217		35,155
CJ Corp.		311		21,876
CJ ENM Co. Ltd. *		98		4,066
CJ Logistics Corp.		139		8,894
Coway Co. Ltd.		845		46,787
DB Insurance Co. Ltd.		680		42,485
DGB Financial Group, Inc.		1,510		9,558
Dongsuh Cos., Inc.		429		6,891
Doosan Bobcat, Inc.		134		4,305
E-MART, Inc.		27		1,405
Fila Holdings Corp.		516		13,210
GS Engineering & Construction Corp.		744		8,936
GS Holdings Corp.		1,802		44,406
GS P&L Co. Ltd. *		96		1,401
GS Retail Co. Ltd.		405		4,147
Hana Financial Group, Inc.		1,086		44,170
Hankook Tire & Technology Co. Ltd. *		2,856		73,992
Hanwha Aerospace Co. Ltd.		14		5,685
Hanwha Corp.		271		7,512
HD Hyundai Co. Ltd.		856		42,657
HD Hyundai Heavy Industries Co. Ltd.		37		7,486
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		359		52,516
Hite Jinro Co. Ltd.		481		6,231
Hyundai Engineering & Construction Co. Ltd.		469		10,740
Hyundai Glovis Co. Ltd.		763		67,856
Hyundai Marine & Fire Insurance Co. Ltd.		1,133		18,007
Hyundai Mobis Co. Ltd.		594		99,683
Hyundai Motor Co.		150		19,789
Industrial Bank of Korea		3,851		41,040
Kangwon Land, Inc. *		1,503		16,500
KB Financial Group, Inc.		1,006		53,845
KCC Corp.		24		4,257
Kia Corp.		2,374		151,245
Korea Electric Power Corp.		1,769		25,817
Korea Investment Holdings Co. Ltd.		83		4,516
Korea Zinc Co. Ltd.		35		17,776
Korean Air Lines Co. Ltd.		2,047		33,023
Krafton, Inc. *		42		9,862
KT&G Corp.		1,890		126,999
Kumho Petrochemical Co. Ltd. *		35		2,625
LG Corp. *		522		23,729
LG Electronics, Inc.		228		12,297


	Number of Shares		Value $
LG H&H Co. Ltd. *		32		6,989
LG Innotek Co. Ltd. *		50		5,551
LG Uplus Corp.		7,264		52,535
Lotte Chilsung Beverage Co. Ltd. *		97		6,956
Lotte Corp. *		108		1,613
Lotte Shopping Co. Ltd. *		52		2,243
Meritz Financial Group, Inc.		123		10,157
NAVER Corp.		2		283
NH Investment & Securities Co. Ltd.		589		5,995
NongShim Co. Ltd.		55		12,820
Orion Corp.		304		21,175
Ottogi Corp. *		71		18,783
S-1 Corp.		892		37,195
Samsung Biologics Co. Ltd., 144A *		10		7,629
Samsung C&T Corp.		701		58,221
Samsung Card Co. Ltd.		1,341		41,204
Samsung Electro-Mechanics Co. Ltd.		385		35,529
Samsung Electronics Co. Ltd.		131		4,880
Samsung Fire & Marine Insurance Co. Ltd.		233		60,922
Samsung Life Insurance Co. Ltd.		109		6,467
Samsung SDS Co. Ltd.		263		22,167
Samsung Securities Co. Ltd.		161		5,018
Shinhan Financial Group Co. Ltd.		2,252		70,582
S-Oil Corp.		119		4,629
Woori Financial Group, Inc.		6,176		69,997
Yuhan Corp.		168		13,999

(Cost $1,801,018)				1,883,146

Spain — 1.2%
Acciona SA		267		32,961
ACS Actividades de Construccion y Servicios SA		1,142		61,641
Aena SME SA, 144A		263		58,752
Amadeus IT Group SA		255		19,285
Banco Bilbao Vizcaya Argentaria SA		833		11,111
Banco Santander SA		2,037		13,181
Bankinter SA		1,359		13,192
CaixaBank SA		1,643		11,428
Cellnex Telecom SA, 144A *		291		10,423
Enagas SA		1,290		16,824
Endesa SA		1,275		28,416
Iberdrola SA		3,946		57,249
Industria de Diseno Textil SA		205		11,086
Mapfre SA		8,024		22,648
Naturgy Energy Group SA		361		9,386
Redeia Corp. SA		3,231		58,065
Repsol SA		2,034		26,040

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Telefonica SA		30,049		134,410

(Cost $543,492)				596,098

Sweden — 6.6%
AAK AB		5,462		153,047
Alfa Laval AB		2,304		99,692
Assa Abloy AB, Class B		3,238		99,326
Atlas Copco AB, Class A		2,466		41,980
Atlas Copco AB, Class B		1,737		25,881
Axfood AB		3,399		72,222
Boliden AB		2,388		83,640
Epiroc AB, Class A		1,412		27,569
Epiroc AB, Class B		1,426		24,389
Essity AB, Class B		5,961		164,641
Evolution AB, 144A		142		10,886
Getinge AB, Class B		1,365		27,084
H & M Hennes & Mauritz AB, Class B		1,412		18,960
Hexagon AB, Class B		4,697		53,576
Holmen AB, Class B		1,253		49,419
Husqvarna AB, Class B		2,747		14,074
Industrivarden AB, Class A		3,446		130,327
Industrivarden AB, Class C		4,315		163,072
Indutrade AB		2,451		69,819
Investment AB Latour, Class B		906		24,576
Investor AB, Class A		1,153		34,305
Investor AB, Class B		4,235		126,142
L E Lundbergforetagen AB, Class B		692		34,551
Lifco AB, Class B		985		33,729
Nibe Industrier AB, Class B		1,068		4,003
Saab AB, Class B		1,320		39,292
Sandvik AB		3,698		80,160
Securitas AB, Class B		19,471		282,767
Skandinaviska Enskilda Banken AB, Class A		2,173		34,948
Skanska AB, Class B		6,008		142,601
SKF AB, Class B		6,918		149,379
SSAB AB, Class A		1,900		11,487
SSAB AB, Class B		6,332		38,092
Svenska Cellulosa AB SCA, Class B		1,023		14,047
Svenska Handelsbanken AB, Class A		3,811		47,872
Sweco AB, Class B		1,740		29,953
Swedbank AB, Class A		1,641		39,485
Swedish Orphan Biovitrum AB *		328		9,643
Tele2 AB, Class B		15,892		188,896
Telefonaktiebolaget LM Ericsson, Class B		4,504		36,988
Telia Co. AB		46,191		150,598
Trelleborg AB, Class B		8,803		342,441
Volvo AB, Class A		348		10,756


	Number of Shares		Value $
Volvo AB, Class B		3,194		99,077

(Cost $3,019,403)				3,335,392

Switzerland — 4.9%
ABB Ltd.		1,321		70,732
Adecco Group AG		973		26,249
Alcon, Inc.		558		51,579
Bachem Holding AG		170		10,919
Baloise Holding AG		36		6,931
Banque Cantonale Vaudoise		31		3,298
Barry Callebaut AG		22		26,602
Belimo Holding AG		80		53,865
BKW AG		119		20,918
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		5		63,120
Cie Financiere Richemont SA, Class A		94		19,118
Clariant AG *		1,806		20,007
Coca-Cola HBC AG *		3,011		127,388
DKSH Holding AG		1,016		80,402
DSM-Firmenich AG		113		12,105
Emmi AG		35		31,887
EMS-Chemie Holding AG		53		37,007
Flughafen Zurich AG		321		78,840
Galderma Group AG *		54		6,580
Geberit AG		253		148,169
Georg Fischer AG		1,290		99,440
Givaudan SA		17		76,460
Glencore PLC *		4,194		16,854
Helvetia Holding AG		47		8,793
Holcim AG *		1,897		207,182
Julius Baer Group Ltd.		85		5,709
Kuehne + Nagel International AG		159		36,585
Logitech International SA		1,962		192,231
Lonza Group AG		124		78,145
Nestle SA		69		6,663
Novartis AG		251		27,168
Partners Group Holding AG		52		76,249
PSP Swiss Property AG		206		30,343
Roche Holding AG		47		15,586
Sandoz Group AG		876		38,399
Schindler Holding AG		181		53,162
Schindler Holding AG Participation Certificates		330		100,801
SGS SA		764		78,411
SIG Group AG *		772		15,316
Sika AG		35		8,872
Sonova Holding AG		247		79,117
STMicroelectronics NV		232		5,726
Straumann Holding AG		136		18,397
Swatch Group AG — Bearer		144		27,930
Swatch Group AG — Registered		348		13,191

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Swiss Life Holding AG		22		19,136
Swiss Prime Site AG		85		9,807
Swiss Re AG		360		57,576
Swisscom AG		118		67,158
Tecan Group AG		110		23,810
Temenos AG		128		10,477
UBS Group AG		1,026		35,138
VAT Group AG, 144A		129		48,097
Zurich Insurance Group AG		42		27,632

(Cost $2,249,843)				2,511,277

Thailand — 0.0%
Thai Beverage PCL

(Cost $15,666)		40,500		15,464

United Kingdom — 10.5%
3i Group PLC		4,892		243,742
Admiral Group PLC		3,318		120,114
Amcor PLC CDI		12,220		122,040
Anglo American PLC		333		9,795
Ashtead Group PLC		220		13,311
Associated British Foods PLC		2,112		50,394
AstraZeneca PLC		86		12,960
Auto Trader Group PLC, 144A		10,911		106,557
Aviva PLC		3,467		23,766
B&M European Value Retail SA		7,215		25,228
BAE Systems PLC		9,897		175,275
Barclays PLC		1,763		6,911
Barratt Redrow PLC		3,265		17,542
Beazley PLC		17,197		189,794
Berkeley Group Holdings PLC		1,748		79,236
BP PLC		2,990		16,466
British American Tobacco PLC		416		16,170
British Land Co. PLC REIT		846		3,839
BT Group PLC		49,596		99,793
Bunzl PLC		2,249		95,376
Centrica PLC		16,025		30,166
Compass Group PLC		3,151		110,021
ConvaTec Group PLC, 144A		12,215		39,897
Croda International PLC		185		7,696
Diageo PLC		634		17,267
Diploma PLC		651		36,854
Endeavour Mining PLC		635		12,345
GSK PLC		4,381		80,897
Haleon PLC		10,313		51,735
Halma PLC		2,156		76,012
Hargreaves Lansdown PLC		6,717		93,416
Hikma Pharmaceuticals PLC		1,884		51,240
Howden Joinery Group PLC		6,934		67,490
HSBC Holdings PLC		418		4,914
IMI PLC		3,994		100,682
Imperial Brands PLC		13,859		487,744
Informa PLC		2,692		29,117


	Number of Shares		Value $
InterContinental Hotels Group PLC		793		99,132
Intermediate Capital Group PLC		229		6,580
Intertek Group PLC		1,904		123,108
J Sainsbury PLC		48,465		157,810
Kingfisher PLC		34,605		107,494
Lloyds Banking Group PLC		37,686		34,631
London Stock Exchange Group PLC		16		2,386
Marks & Spencer Group PLC		21,346		95,363
Melrose Industries PLC		568		4,584
Mondi PLC		7,957		122,984
National Grid PLC		5,707		70,063
NatWest Group PLC		4,592		27,684
Next PLC		1,044		131,784
Pearson PLC		8,753		150,056
Phoenix Group Holdings PLC		1,741		11,356
Reckitt Benckiser Group PLC		1,350		89,072
RELX PLC		1,643		78,986
Rentokil Initial PLC		3,542		17,750
Rightmove PLC		9,637		81,422
Rio Tinto PLC		1,062		64,106
RS GROUP PLC		2,627		20,178
Sage Group PLC		2,309		36,778
Schroders PLC		892		4,145
Severn Trent PLC		1,044		32,903
Shell PLC		458		15,202
Smith & Nephew PLC		3,877		56,164
Smiths Group PLC		3,060		77,599
Spirax Group PLC		201		18,412
SSE PLC		7,555		145,357
Standard Chartered PLC		374		5,976
Taylor Wimpey PLC		28,517		40,701
Tesco PLC		74,478		356,548
Unilever PLC		637		35,989
UNITE Group PLC REIT		245		2,578
United Utilities Group PLC		5,726		70,671
Vodafone Group PLC		121,996		107,804
Weir Group PLC		1,012		30,965
Whitbread PLC		163		5,488
Wise PLC, Class A *		1,974		24,669
WPP PLC		4,967		40,277

(Cost $4,602,461)				5,330,557

United States — 0.6%
Brookfield Asset Management Ltd., Class A		2,378		134,950
CRH PLC		1,123		115,130
CRH PLC		158		16,142
Flutter Entertainment PLC *		19		5,211

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
GQG Partners, Inc. CDI		7,748		11,274

(Cost $169,588)				282,707

TOTAL COMMON STOCKS

(Cost $45,785,533)				49,847,745

PREFERRED STOCKS — 0.4%

Germany — 0.3%
Bayerische Motoren Werke AG		54		4,417
FUCHS SE		1,587		77,507
Henkel AG & Co. KGaA		728		62,977
Volkswagen AG		87		9,419

(Cost $137,586)				154,320

South Korea — 0.1%
Amorepacific Corp. *		184		4,547
CJ CheilJedang Corp.		59		5,194
Hanwha Corp.		512		6,023
Hyundai Motor Co.		93		9,854
Hyundai Motor Co.		37		3,781
LG H&H Co. Ltd. *		45		3,907


	Number of Shares		Value $
Samsung Fire & Marine Insurance Co. Ltd		36		7,112

(Cost $36,024)				40,418

TOTAL PREFERRED STOCKS

(Cost $173,610)				194,738

WARRANTS — 0.0%

Canada — 0.0%
Constellation Software, Inc.* (c), expires 3/31/40

(Cost $0)		38		0

EXCHANGE-TRADED FUNDS — 0.2%
Vanguard FTSE Developed Markets ETF

(Cost $89,892)		1,800		91,926

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.30% (d)

(Cost $41,507)		41,507		41,507

TOTAL INVESTMENTS — 99.0%

(Cost $46,090,542)				50,175,916
Other assets and liabilities, net — 1.0%				509,116

NET ASSETS — 100.0%				50,685,032

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
COMMON STOCKS — 0.0%
Germany — 0.0%
Deutsche Bank AG (b)
6,546		549		(5,587	)		1,933		(1,221	)		—		—		103		2,220

DWS Group GmbH & Co. KGaA, 144A (b)
4,948		482		(322	)		45		1,173			—		—		132		6,326

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (d)(e)
302,690		—		(302,690	) (f)		—		—			129		—		—		—

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.30% (d)
59,667		1,568,540		(1,586,700	)		—		—			2,406		—		41,507		41,507

373,851		1,569,571		(1,895,299	)		1,978		(48	)		2,535		—		41,742		50,053

*	Non-income producing security.

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)

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

(c)	Investment was valued using significant unobservable inputs.

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

(e)	Represents 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 28, 2025.


CDI:		Chess Depositary Interests
REIT:		Real Estate Investment Trust
RSP:		Risparmio (Convertible Savings Shares)
144A:		Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)
EURO STOXX 50 Index		EUR		1		52,091		56,742		3/21/2025		4,651
Micro EURO STOXX 50 Index		EUR		19		100,752		107,811		3/21/2025		7,059
MINI TOPIX Index		JPY		4		72,767		71,031		3/13/2025		(1,736)
MSCI EAFE Index		USD		2		233,295		242,960		3/21/2025		9,665

Total net unrealized appreciation												19,639

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
USD		U.S. Dollar

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2025 (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 28, 2025 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)	$	49,844,708		$	—	$	3,037	$	49,847,745
Preferred Stocks (a)		194,738			—		—		194,738
Warrants		—			—		0		0
Exchange-Traded Funds		91,926			—		—		91,926
Short-Term Investments (a)		41,507			—		—		41,507
Derivatives (b)
Futures Contracts		21,375			—		—		21,375

TOTAL	$	50,194,254		$	—	$	3,037	$	50,197,291

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(1,736	)	$	—	$	—	$	(1,736	)

TOTAL	$	(1,736	)	$	—	$	—	$	(1,736	)

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

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

During the period ended February 28, 2025, the amount of transfers from Level 1 to Level 3 was $3,037. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.6%
Australia — 1.7%
ANZ Group Holdings Ltd.		27,196		503,804
APA Group (a)		14,395		66,062
Aristocrat Leisure Ltd.		5,200		233,144
ASX Ltd.		1,914		79,721
Atlassian Corp., Class A *		1,411		401,091
BHP Group Ltd.		47,325		1,148,910
BlueScope Steel Ltd.		4,516		68,129
Brambles Ltd.		13,038		169,451
CAR Group Ltd.		3,324		76,687
Cochlear Ltd.		693		111,554
Coles Group Ltd.		11,564		143,678
Commonwealth Bank of Australia		15,563		1,516,907
Computershare Ltd.		4,980		127,186
CSL Ltd.		4,511		730,942
Fortescue Ltd.		15,739		161,588
Goodman Group REIT		19,459		378,869
GPT Group REIT		19,411		55,646
Insurance Australia Group Ltd.		21,322		104,747
Lottery Corp. Ltd.		24,464		72,261
Macquarie Group Ltd.		3,334		469,777
Medibank Pvt Ltd.		27,074		73,236
National Australia Bank Ltd.		28,370		622,759
Northern Star Resources Ltd.		10,285		109,751
Origin Energy Ltd.		17,321		117,835
Pro Medicus Ltd.		685		107,876
Qantas Airways Ltd. *		7,289		43,151
QBE Insurance Group Ltd.		13,911		186,246
REA Group Ltd.		551		81,603
Reece Ltd.		1,139		12,218
Rio Tinto Ltd.		3,474		244,914
Santos Ltd.		30,794		125,236
Scentre Group REIT		44,907		94,109
SGH Ltd.		1,611		51,713
Sonic Healthcare Ltd.		4,543		77,548
South32 Ltd.		38,033		83,251
Stockland REIT		25,922		82,049
Suncorp Group Ltd.		9,816		122,753
Telstra Group Ltd.		33,168		85,390
Transurban Group (a)		29,265		239,309
Treasury Wine Estates Ltd.		7,855		53,389
Vicinity Ltd. REIT		44,817		60,755
Washington H Soul Pattinson & Co. Ltd.		1,965		41,680
Wesfarmers Ltd.		10,367		478,089
Westpac Banking Corp.		32,028		633,548
WiseTech Global Ltd.		1,563		86,990
Woodside Energy Group Ltd.		17,497		269,510


	Number of Shares		Value $
Woolworths Group Ltd.		11,092		206,996

(Cost $10,571,088)				11,012,058

Austria — 0.1%
Erste Group Bank AG		3,129		210,349
OMV AG		1,635		72,131
Verbund AG		516		39,067

(Cost $234,578)				321,547

Belgium — 0.2%
Ageas SA/NV		1,351		73,975
Anheuser-Busch InBev SA/NV		8,407		503,963
D’ieteren Group		265		44,069
Groupe Bruxelles Lambert NV		771		55,086
KBC Group NV		2,312		200,967
Lotus Bakeries NV		4		36,150
Sofina SA		121		29,874
Syensqo SA		719		52,583
UCB SA		1,247		235,449

(Cost $1,142,398)				1,232,116

Bermuda — 0.1%
Arch Capital Group Ltd.		3,455		321,004
Everest Group Ltd.		381		134,577

(Cost $261,930)				455,581

Canada — 3.2%
Agnico Eagle Mines Ltd.		4,570		442,137
Air Canada *		1,341		15,592
Alimentation Couche-Tard, Inc.		6,998		349,426
AltaGas Ltd.		3,310		81,455
ARC Resources Ltd.		6,307		116,985
Bank of Montreal		6,949		717,596
Bank of Nova Scotia		11,666		581,620
Barrick Gold Corp.		16,781		298,914
BCE, Inc.		693		16,077
Brookfield Corp.		12,961		753,250
Brookfield Renewable Corp.		1,174		32,859
CAE, Inc. *		2,583		62,955
Cameco Corp.		3,773		166,839
Canadian Imperial Bank of Commerce		8,516		518,273
Canadian National Railway Co.		5,160		525,403
Canadian Natural Resources Ltd.		19,778		560,849
Canadian Pacific Kansas City Ltd.		8,973		701,931
Canadian Tire Corp. Ltd., Class A		561		55,584
Canadian Utilities Ltd., Class A		1,186		28,684
CCL Industries, Inc., Class B		1,361		70,131
Celestica, Inc. *		1,034		110,890
Cenovus Energy, Inc.		12,760		177,243
CGI, Inc.		2,026		210,919
Constellation Software, Inc.		185		640,443
Descartes Systems Group, Inc. *		758		84,853
Dollarama, Inc.		2,458		257,360

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Element Fleet Management Corp.		3,317		66,637
Emera, Inc.		2,481		99,650
Empire Co. Ltd., Class A		1,231		38,480
Enbridge, Inc.		20,377		874,320
Fairfax Financial Holdings Ltd.		199		287,339
First Quantum Minerals Ltd. *		5,349		66,651
FirstService Corp.		380		67,282
Fortis, Inc.		4,643		204,472
Franco-Nevada Corp.		1,774		254,312
George Weston Ltd.		501		80,484
GFL Environmental, Inc.		2,508		113,740
Gildan Activewear, Inc.		1,258		68,247
Great-West Lifeco, Inc.		2,236		83,414
Hydro One Ltd., 144A		3,195		102,778
iA Financial Corp., Inc.		945		89,026
IGM Financial, Inc.		1,063		33,641
Imperial Oil Ltd.		1,648		112,216
Intact Financial Corp.		1,603		317,195
Ivanhoe Mines Ltd., Class A *		5,542		52,821
Keyera Corp.		1,876		55,256
Kinross Gold Corp.		12,351		132,894
Loblaw Cos. Ltd.		1,497		196,853
Lululemon Athletica, Inc. *		1,059		387,181
Lundin Mining Corp.		5,557		44,709
Magna International, Inc.		2,494		91,221
Manulife Financial Corp.		16,009		500,757
Metro, Inc.		1,969		130,834
National Bank of Canada		3,659		305,842
Nutrien Ltd.		4,723		248,584
Onex Corp.		634		47,035
Open Text Corp.		2,224		57,678
Pan American Silver Corp.		3,459		82,720
Pembina Pipeline Corp.		5,388		210,351
Power Corp. of Canada		5,414		184,532
Quebecor, Inc., Class B		1,379		31,638
Restaurant Brands International, Inc.		2,640		172,964
Rogers Communications, Inc., Class B		3,600		100,412
Royal Bank of Canada		13,203		1,567,074
Saputo, Inc.		2,127		37,637
Shopify, Inc., Class A *		11,405		1,282,889
Stantec, Inc.		1,013		86,677
Sun Life Financial, Inc.		5,354		299,041
Suncor Energy, Inc.		11,620		446,554
TC Energy Corp.		9,230		414,871
Teck Resources Ltd., Class B		4,483		181,181
TELUS Corp.		4,339		67,440
TFI International, Inc.		738		67,214
Thomson Reuters Corp.		1,450		260,327
TMX Group Ltd.		2,785		99,390


	Number of Shares		Value $
Toromont Industries Ltd.		777		65,518
Toronto-Dominion Bank		16,237		976,553
Tourmaline Oil Corp.		2,895		134,144
Waste Connections, Inc.		2,337		443,469
West Fraser Timber Co. Ltd.		375		29,926
Wheaton Precious Metals Corp.		4,108		284,855
WSP Global, Inc.		1,193		213,697

(Cost $17,362,787)				20,530,891

Chile — 0.0%
Antofagasta PLC

(Cost $72,462)		3,628		79,190

China — 0.0%
Yangzijiang Shipbuilding Holdings Ltd.

(Cost $46,502)		23,800		41,996

Denmark — 0.7%
A.P. Moller — Maersk A/S, Class A		16		27,757
A.P. Moller — Maersk A/S, Class B		55		96,449
Carlsberg AS, Class B		865		108,733
Coloplast A/S, Class B		1,089		116,024
Danske Bank A/S		6,933		233,295
Demant A/S *		790		28,511
DSV A/S		1,913		385,086
Genmab A/S *		566		126,959
Novo Nordisk A/S, Class B		30,066		2,702,246
Novonesis (Novozymes) B, Class B		3,489		211,357
Orsted AS, 144A *		1,782		78,329
Pandora A/S		774		136,809
ROCKWOOL A/S, Class B		134		52,883
Tryg A/S		3,327		72,841
Vestas Wind Systems A/S *		9,387		132,737
Zealand Pharma A/S *		597		55,197

(Cost $3,561,950)				4,565,213

Finland — 0.3%
Elisa OYJ		1,089		50,218
Fortum OYJ		4,329		67,960
Kesko OYJ, Class B		2,095		39,785
Kone OYJ, Class B		3,105		175,023
Metso Corp.		6,477		71,807
Neste OYJ		3,880		34,695
Nokia OYJ		51,482		248,137
Nordea Bank Abp		28,585		376,213
Orion OYJ, Class B		1,072		60,404
Sampo OYJ, Class A		23,515		206,797
Stora Enso OYJ, Class R		6,636		71,533
UPM-Kymmene OYJ		5,144		150,542
Wartsila OYJ Abp		4,383		83,303

(Cost $1,939,122)				1,636,417

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

France — 2.8%
Accor SA		1,769		88,419
Aeroports de Paris SA		283		29,035
Air Liquide SA		5,505		1,011,185
Airbus SE		5,646		972,964
Alstom SA *		3,726		81,686
Amundi SA, 144A		847		60,605
Arkema SA		563		46,490
AXA SA		16,537		643,911
BioMerieux		461		55,375
BNP Paribas SA		9,576		725,616
Bollore SE		8,698		52,647
Bouygues SA		1,517		52,127
Bureau Veritas SA		3,004		90,476
Capgemini SE		1,482		229,882
Carrefour SA		4,864		64,775
Cie de Saint-Gobain SA		4,123		414,728
Cie Generale des Etablissements Michelin SCA		6,644		236,037
Covivio SA REIT		664		36,323
Credit Agricole SA		10,525		175,246
Danone SA		6,068		434,556
Dassault Aviation SA		202		51,764
Dassault Systemes SE		6,048		238,891
Edenred SE		2,253		71,863
Eiffage SA		766		76,940
Engie SA		16,495		295,749
EssilorLuxottica SA		2,756		822,325
Eurazeo SE		410		32,428
Gecina SA REIT		474		44,638
Getlink SE		3,053		50,707
Hermes International SCA		292		831,173
Ipsen SA		301		34,810
Kering SA		696		196,233
Klepierre SA REIT		1,610		51,404
La Francaise des Jeux SAEM, 144A		757		28,940
Legrand SA		2,379		261,148
L’Oreal SA		2,239		821,982
LVMH Moet Hennessy Louis Vuitton SE		2,571		1,858,052
Orange SA		18,769		225,356
Pernod Ricard SA		1,886		202,519
Publicis Groupe SA		2,107		209,267
Renault SA		1,745		90,450
Rexel SA		1,865		50,546
Safran SA		3,387		880,973
Sanofi SA		10,297		1,117,579
Sartorius Stedim Biotech		280		57,949
Schneider Electric SE		5,170		1,257,903
Societe Generale SA		7,188		293,825
Sodexo SA		885		68,156


	Number of Shares		Value $
Teleperformance SE		562		54,158
Thales SA		935		186,361
TotalEnergies SE		19,910		1,196,416
Unibail-Rodamco-Westfield REIT *		1,116		94,615
Veolia Environnement SA		6,380		190,828
Vinci SA		4,558		526,650

(Cost $14,612,322)				17,974,681

Germany — 2.4%
adidas AG		1,539		394,058
Allianz SE		3,664		1,258,629
BASF SE		8,420		430,922
Bayer AG		9,101		214,951
Bayerische Motoren Werke AG		2,447		213,516
Beiersdorf AG		880		121,035
Brenntag SE		1,234		81,904
Commerzbank AG		9,757		209,136
Continental AG		970		69,749
Covestro AG *		1,779		109,715
CTS Eventim AG & Co. KGaA		692		75,998
Daimler Truck Holding AG		4,738		207,498
Delivery Hero SE, 144A *		1,372		39,981
Deutsche Bank AG (b)		18,534		399,482
Deutsche Boerse AG		1,732		452,482
Deutsche Lufthansa AG		5,146		36,960
Deutsche Post AG		9,223		361,520
Deutsche Telekom AG		32,604		1,178,309
E.ON SE		21,582		276,189
Evonik Industries AG		1,931		38,478
Fresenius Medical Care AG		1,790		86,378
Fresenius SE & Co. KGaA *		3,693		147,714
GEA Group AG		1,432		82,953
Hannover Rueck SE		507		135,142
Heidelberg Materials AG		1,356		204,767
Henkel AG & Co. KGaA		992		75,983
Infineon Technologies AG		12,130		447,966
Knorr-Bremse AG		554		48,109
LEG Immobilien SE		601		50,141
Mercedes-Benz Group AG		6,426		399,446
Merck KGaA		1,175		166,253
MTU Aero Engines AG		550		191,048
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		1,250		710,580
Nemetschek SE		496		57,774
Puma SE		993		29,773
Rational AG		34		30,675
Rheinmetall AG		410		429,172
RWE AG		5,940		187,305
SAP SE		9,769		2,695,386
Scout24 SE, 144A		493		48,375
Siemens AG		7,031		1,617,468

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Siemens Energy AG *		5,929		338,769
Siemens Healthineers AG, 144A		2,585		144,528
Symrise AG		1,247		125,953
Talanx AG		693		63,171
Vonovia SE		7,117		221,680
Zalando SE, 144A *		1,883		68,052

(Cost $11,824,377)				14,975,073

Hong Kong — 0.5%
AIA Group Ltd.		104,199		795,913
BOC Hong Kong Holdings Ltd.		31,225		109,819
CK Asset Holdings Ltd.		18,596		80,826
CK Hutchison Holdings Ltd.		24,031		120,055
CK Infrastructure Holdings Ltd.		5,757		39,495
CLP Holdings Ltd.		14,747		122,220
Futu Holdings Ltd., ADR		569		62,129
Galaxy Entertainment Group Ltd.		18,443		75,655
Hang Seng Bank Ltd.		6,213		87,085
Henderson Land Development Co. Ltd.		15,433		42,172
HKT Trust & HKT Ltd. (a)		28,261		36,233
Hong Kong & China Gas Co. Ltd.		89,362		71,246
Hong Kong Exchanges & Clearing Ltd.		11,198		503,993
Hongkong Land Holdings Ltd.		12,240		55,325
Jardine Matheson Holdings Ltd.		1,672		66,696
Link REIT		20,475		92,811
MTR Corp. Ltd.		15,343		50,114
Power Assets Holdings Ltd.		12,765		86,506
Prudential PLC		25,121		230,085
Sino Land Co. Ltd.		35,334		35,395
SITC International Holdings Co. Ltd.		13,497		32,491
Sun Hung Kai Properties Ltd.		12,971		121,428
Swire Pacific Ltd., Class A		2,887		23,964
Techtronic Industries Co. Ltd.		12,799		178,411
WH Group Ltd., 144A		96,062		78,317
Wharf Holdings Ltd.		9,153		21,280
Wharf Real Estate Investment Co. Ltd.		12,375		32,304

(Cost $4,280,751)				3,251,968

Ireland — 1.0%
Accenture PLC, Class A		5,858		2,041,513
AerCap Holdings NV		1,846		190,323
AIB Group PLC		14,475		101,314
Allegion PLC		838		107,859
Aptiv PLC *		2,519		164,037
Bank of Ireland Group PLC		9,423		111,131
DCC PLC		997		67,288
Experian PLC		8,156		386,549
James Hardie Industries PLC CDI *		3,791		119,310
Kerry Group PLC, Class A		1,613		169,933


	Number of Shares		Value $
Kingspan Group PLC		1,440		118,385
Medtronic PLC		11,704		1,077,002
Smurfit WestRock PLC		2,397		124,812
Smurfit WestRock PLC		1,882		97,253
TE Connectivity PLC		2,908		447,919
Trane Technologies PLC		2,108		745,600

(Cost $5,283,225)				6,070,228

Israel — 0.2%
Azrieli Group Ltd.		468		35,868
Bank Hapoalim BM		11,609		158,462
Bank Leumi Le-Israel BM		12,753		169,400
Check Point Software Technologies Ltd. *		898		197,794
CyberArk Software Ltd. *		403		146,632
Elbit Systems Ltd.		273		83,086
Global-e Online Ltd. *		842		35,886
ICL Group Ltd.		6,672		40,604
Israel Discount Bank Ltd., Class A		10,850		84,061
Mizrahi Tefahot Bank Ltd.		1,496		70,340
Monday.com Ltd. *		360		106,837
Nice Ltd. *		627		91,109
Teva Pharmaceutical Industries Ltd., ADR *		10,610		174,641
Wix.com Ltd. *		551		110,580

(Cost $1,082,801)				1,505,300

Italy — 0.7%
Amplifon SpA		1,089		27,623
Banco BPM SpA		10,988		109,933
BPER Banca SPA		8,620		65,874
Davide Campari-Milano NV		5,848		34,825
DiaSorin SpA		193		20,363
Enel SpA		74,607		547,717
Eni SpA		20,766		299,200
Ferrari NV		1,185		554,580
FinecoBank Banca Fineco SpA		5,764		107,662
Generali		7,930		261,766
Infrastrutture Wireless Italiane SpA, 144A		2,494		25,108
Intesa Sanpaolo SpA		143,973		708,682
Leonardo SpA		3,245		130,133
Mediobanca Banca di Credito Finanziario SpA		4,906		87,504
Moncler SpA		1,874		128,865
Nexi SpA, 144A *		5,893		31,011
Poste Italiane SpA, 144A		3,355		54,170
Prysmian SpA		2,584		153,287
Recordati Industria Chimica e Farmaceutica SpA		1,157		65,338
Snam SpA		18,449		89,200
Telecom Italia SpA *		131,242		36,948
Terna - Rete Elettrica Nazionale		11,195		93,841

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
UniCredit SpA		13,485		709,775
Unipol Assicurazioni SpA		3,296		49,155

(Cost $2,888,985)				4,392,560

Luxembourg — 0.1%
ArcelorMittal SA		4,545		129,703
CVC Capital Partners PLC, 144A *		1,373		31,314
Eurofins Scientific SE		1,257		63,155
Tenaris SA		4,301		80,515

(Cost $308,713)				304,687

Macau — 0.0%
Sands China Ltd. *

(Cost $88,408)		22,845		52,291

Netherlands — 1.3%
ABN AMRO Bank NV, 144A		4,303		81,402
Adyen NV, 144A *		209		378,467
Aegon Ltd.		9,404		59,366
Akzo Nobel NV		1,700		105,231
Argenx SE *		554		344,083
ASM International NV		470		250,852
ASML Holding NV		3,676		2,594,316
ASR Nederland NV		1,342		70,929
BE Semiconductor Industries NV		714		79,008
Euronext NV, 144A		811		102,225
EXOR NV		756		73,592
Ferrovial SE		4,710		209,750
Heineken Holding NV		1,214		89,200
Heineken NV		2,553		215,596
IMCD NV		575		85,424
ING Groep NV		30,666		546,768
JDE Peet’s NV		647		12,112
Koninklijke Ahold Delhaize NV		8,751		309,163
Koninklijke KPN NV		32,615		124,824
Koninklijke Philips NV *		7,556		197,085
NN Group NV		2,972		150,773
NXP Semiconductors NV		2,332		502,756
Prosus NV *		12,531		547,224
QIAGEN NV *		1,970		75,457
Randstad NV		1,255		50,498
Stellantis NV		17,618		226,469
Universal Music Group NV		7,550		210,826
Wolters Kluwer NV		2,326		357,051

(Cost $6,552,932)				8,050,447

New Zealand — 0.1%
Auckland International Airport Ltd.		11,333		51,947
Contact Energy Ltd.		12,359		64,060
Fisher & Paykel Healthcare Corp. Ltd.		4,840		92,428
Infratil Ltd.		9,408		57,410
Meridian Energy Ltd.		11,799		39,008


	Number of Shares		Value $
Xero Ltd. *		1,339		142,159

(Cost $454,787)				447,012

Norway — 0.2%
Aker BP ASA		2,802		57,942
DNB Bank ASA		8,425		194,074
Equinor ASA		8,614		197,202
Gjensidige Forsikring ASA		1,622		33,296
Kongsberg Gruppen ASA		851		103,314
Mowi ASA		3,718		69,244
Norsk Hydro ASA		14,285		84,133
Orkla ASA		7,537		72,866
Salmar ASA		527		26,107
Telenor ASA		6,844		88,750
Yara International ASA		1,247		35,458

(Cost $1,036,136)				962,386

Poland — 0.0%
InPost SA *

(Cost $50,459)		2,814		48,552

Portugal — 0.0%
EDP SA		32,934		106,522
Galp Energia SGPS SA		3,474		57,428
Jeronimo Martins SGPS SA		3,037		65,570

(Cost $271,693)				229,520

Singapore — 0.4%
CapitaLand Ascendas REIT		25,179		47,976
CapitaLand Integrated Commercial Trust REIT		64,956		94,872
CapitaLand Investment Ltd.		16,402		31,131
DBS Group Holdings Ltd.		19,037		647,834
Genting Singapore Ltd.		28,908		15,646
Grab Holdings Ltd., Class A *		18,995		92,126
Keppel Ltd.		15,500		78,833
Oversea-Chinese Banking Corp. Ltd.		31,985		408,112
Sea Ltd., ADR *		3,315		421,900
Sembcorp Industries Ltd.		8,600		38,830
Singapore Airlines Ltd.		14,250		71,947
Singapore Exchange Ltd.		9,131		91,053
Singapore Technologies Engineering Ltd.		8,702		34,903
Singapore Telecommunications Ltd.		77,900		196,367
United Overseas Bank Ltd.		12,001		339,886
Wilmar International Ltd.		20,400		48,550

(Cost $2,169,670)				2,659,966

Spain — 0.7%
Acciona SA		263		32,467
ACS Actividades de Construccion y Servicios SA		1,664		89,816
Aena SME SA, 144A		645		144,088
Amadeus IT Group SA		4,469		337,985

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Banco Bilbao Vizcaya Argentaria SA		55,513		740,433
Banco de Sabadell SA		49,903		137,948
Banco Santander SA		137,564		890,160
CaixaBank SA		37,488		260,749
Cellnex Telecom SA, 144A *		5,393		193,164
EDP Renovaveis SA		2,589		23,116
Endesa SA		2,929		65,279
Grifols SA *		3,105		34,294
Iberdrola SA		54,379		788,931
Industria de Diseno Textil SA		9,936		537,339
Redeia Corp. SA		3,616		64,984
Repsol SA		12,112		155,063
Telefonica SA		38,363		171,599

(Cost $3,273,757)				4,667,415

Sweden — 1.0%
AddTech AB, Class B		2,428		73,190
Alfa Laval AB		3,012		130,327
Assa Abloy AB, Class B		9,053		277,701
Atlas Copco AB, Class A		24,731		421,011
Atlas Copco AB, Class B		14,476		215,688
Beijer Ref AB		2,833		42,356
Boliden AB		2,510		87,913
Epiroc AB, Class A		6,234		121,717
Epiroc AB, Class B		4,123		70,515
EQT AB		4,235		131,487
Essity AB, Class B		5,159		142,490
Evolution AB, 144A		1,608		123,276
Fastighets AB Balder, Class B *		7,158		50,836
H & M Hennes & Mauritz AB, Class B		6,568		88,195
Hexagon AB, Class B		20,886		238,236
Holmen AB, Class B		877		34,590
Industrivarden AB, Class A		1,323		50,036
Industrivarden AB, Class C		1,607		60,732
Indutrade AB		2,506		71,386
Investment AB Latour, Class B		1,169		31,710
Investor AB, Class B		15,726		468,406
L E Lundbergforetagen AB, Class B		568		28,360
Lifco AB, Class B		2,388		81,772
Nibe Industrier AB, Class B		14,208		53,258
Saab AB, Class B		2,975		88,556
Sagax AB, Class B		1,735		36,235
Sandvik AB		9,838		213,254
Securitas AB, Class B		5,830		84,666
Skandinaviska Enskilda Banken AB, Class A		14,908		239,762
Skanska AB, Class B		2,489		59,077
SKF AB, Class B		2,927		63,202
Spotify Technology SA *		1,439		874,926


	Number of Shares		Value $
Svenska Cellulosa AB SCA, Class B		5,302		72,800
Svenska Handelsbanken AB, Class A		12,433		156,178
Swedbank AB, Class A		8,500		204,521
Swedish Orphan Biovitrum AB *		1,723		50,654
Tele2 AB, Class B		4,917		58,445
Telefonaktiebolaget LM Ericsson, Class B		27,685		227,358
Telia Co. AB		22,816		74,388
Trelleborg AB, Class B		1,726		67,142
Volvo AB, Class B		14,848		460,581

(Cost $5,573,634)				6,126,933

Switzerland — 2.9%
ABB Ltd.		14,835		794,324
Alcon, Inc.		4,544		420,027
Avolta AG *		821		37,162
Baloise Holding AG		463		89,136
Banque Cantonale Vaudoise		280		29,792
Barry Callebaut AG		38		45,950
BKW AG		222		39,024
Chocoladefabriken Lindt & Spruengli AG		1		121,917
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		100,992
Chubb Ltd.		3,532		1,008,315
Cie Financiere Richemont SA, Class A		5,099		1,037,037
Coca-Cola HBC AG *		2,241		94,811
DSM-Firmenich AG		1,847		197,851
EMS-Chemie Holding AG		75		52,369
Galderma Group AG *		447		54,467
Garmin Ltd.		1,410		322,791
Geberit AG		348		203,805
Givaudan SA		89		400,290
Glencore PLC *		97,267		390,875
Helvetia Holding AG		271		50,701
Holcim AG *		4,736		517,246
Julius Baer Group Ltd.		1,804		121,166
Kuehne + Nagel International AG		478		109,984
Logitech International SA		1,429		140,010
Lonza Group AG		692		436,100
Nestle SA		24,456		2,361,437
Novartis AG		18,292		1,979,935
Partners Group Holding AG		221		324,060
Roche Holding AG		6,602		2,189,325
Roche Holding AG		281		98,478
Sandoz Group AG		3,768		165,170
Schindler Holding AG		250		73,428
Schindler Holding AG Participation Certificates		410		125,238
SGS SA		1,551		159,183

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
SIG Group AG *		2,752		54,598
Sika AG		1,478		374,640
Sonova Holding AG		471		150,866
STMicroelectronics NV		6,166		152,172
Straumann Holding AG		986		133,379
Swatch Group AG — Bearer		281		54,503
Swiss Life Holding AG		264		229,634
Swiss Prime Site AG		634		73,150
Swiss Re AG		2,839		454,051
Swisscom AG		195		110,981
Temenos AG		557		45,591
UBS Group AG		30,185		1,033,767
VAT Group AG, 144A		281		104,770
Zurich Insurance Group AG		1,326		872,390

(Cost $15,881,967)				18,136,888

United Kingdom — 3.7%
3i Group PLC		9,478		472,238
Admiral Group PLC		2,604		94,266
Amcor PLC		12,745		128,979
Anglo American PLC		11,545		339,582
Ashtead Group PLC		3,940		238,379
Associated British Foods PLC		2,881		68,743
AstraZeneca PLC		14,368		2,165,188
Auto Trader Group PLC, 144A		9,283		90,658
Aviva PLC		25,407		174,160
BAE Systems PLC		28,768		509,480
Barclays PLC		135,086		529,502
Barratt Redrow PLC		12,857		69,078
BP PLC		145,792		802,861
British American Tobacco PLC		18,460		717,540
BT Group PLC		63,510		127,790
Bunzl PLC		3,089		130,999
Centrica PLC		56,426		106,218
CNH Industrial NV		8,829		113,718
Coca-Cola Europacific Partners PLC		1,795		154,837
Compass Group PLC		15,930		556,216
Croda International PLC		1,270		52,835
Diageo PLC		20,639		562,112
Entain PLC		5,820		54,713
GSK PLC		38,185		705,103
Haleon PLC		79,993		401,282
Halma PLC		3,198		112,749
Hargreaves Lansdown PLC		3,049		42,403
Hikma Pharmaceuticals PLC		1,774		48,249
HSBC Holdings PLC		168,427		1,979,932
Imperial Brands PLC		7,248		255,081
Informa PLC		11,702		126,570
InterContinental Hotels Group PLC		1,434		179,262
Intertek Group PLC		1,498		96,857


	Number of Shares		Value $
J Sainsbury PLC		16,447		53,554
JD Sports Fashion PLC		28,885		28,391
Kingfisher PLC		15,738		48,887
Land Securities Group PLC REIT		6,395		45,455
Legal & General Group PLC		52,266		161,039
Lloyds Banking Group PLC		555,691		510,640
London Stock Exchange Group PLC		4,367		651,322
M&G PLC		25,572		68,133
Marks & Spencer Group PLC		17,363		77,569
Melrose Industries PLC		12,448		100,470
Mondi PLC		4,515		69,784
National Grid PLC		44,815		550,181
NatWest Group PLC		74,211		447,404
Next PLC		1,026		129,512
Pearson PLC		4,643		79,597
Pentair PLC		1,600		150,720
Phoenix Group Holdings PLC		6,876		44,848
Reckitt Benckiser Group PLC		6,626		437,180
RELX PLC		17,651		848,561
Rentokil Initial PLC		22,880		114,661
Rio Tinto PLC		10,249		618,668
Rolls-Royce Holdings PLC *		78,966		739,760
Sage Group PLC		10,103		160,923
Schroders PLC		9,252		42,987
Segro PLC REIT		11,531		102,245
Severn Trent PLC		2,492		78,539
Shell PLC		56,972		1,890,970
Smith & Nephew PLC		8,056		116,704
Smiths Group PLC		2,986		75,723
Spirax Group PLC		590		54,046
SSE PLC		9,762		187,819
Standard Chartered PLC		19,183		306,518
Tesco PLC		63,561		304,285
Unilever PLC		23,436		1,324,090
United Utilities Group PLC		7,279		89,839
Vodafone Group PLC		202,508		178,951
Whitbread PLC		1,870		62,962
Willis Towers Watson PLC		943		320,290
Wise PLC, Class A *		6,183		77,269
WPP PLC		11,163		90,520

(Cost $19,141,410)				23,648,596

United States — 75.2%
3M Co.		5,032		780,564
A O Smith Corp.		1,198		79,643
Abbott Laboratories		16,121		2,224,859
AbbVie, Inc.		16,533		3,455,893
Adobe, Inc. *		4,090		1,793,710
Advanced Micro Devices, Inc. *		15,022		1,500,097
AECOM		1,157		115,758
Aflac, Inc.		4,886		534,870

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Agilent Technologies, Inc.		2,717		347,559
Air Products and Chemicals, Inc.		2,059		650,953
Airbnb, Inc., Class A *		3,997		555,063
Akamai Technologies, Inc. *		1,497		120,778
Albemarle Corp.		1,045		80,496
Albertsons Cos., Inc., Class A		3,250		68,380
Alexandria Real Estate Equities, Inc. REIT		1,417		144,902
Align Technology, Inc. *		654		122,318
Alliant Energy Corp.		2,386		153,969
Allstate Corp.		2,484		494,689
Ally Financial, Inc.		2,929		108,666
Alnylam Pharmaceuticals, Inc. *		1,184		292,152
Alphabet, Inc., Class A		54,647		9,305,291
Alphabet, Inc., Class C		46,573		8,020,802
Altria Group, Inc.		15,697		876,677
Amazon.com, Inc. *		88,339		18,752,603
Ameren Corp.		2,469		250,752
American Electric Power Co., Inc.		4,895		519,115
American Express Co.		5,300		1,595,088
American Financial Group, Inc.		654		82,587
American Homes 4 Rent, Class A REIT		2,829		104,701
American International Group, Inc.		6,151		510,164
American Tower Corp. REIT		4,364		897,326
American Water Works Co., Inc.		1,833		249,233
Ameriprise Financial, Inc.		921		494,853
AMETEK, Inc.		2,094		396,394
Amgen, Inc.		5,068		1,561,248
Amphenol Corp., Class A		11,222		747,385
Analog Devices, Inc.		4,654		1,070,699
Annaly Capital Management, Inc. REIT		4,467		98,095
ANSYS, Inc. *		828		275,931
Aon PLC, Class A		1,846		755,236
Apollo Global Management, Inc.		3,652		545,134
Apple, Inc.		140,350		33,942,244
Applied Materials, Inc.		7,681		1,214,136
AppLovin Corp., Class A *		1,910		622,163
Archer-Daniels-Midland Co.		4,331		204,423
Ares Management Corp., Class A		1,800		307,692
Arista Networks, Inc. *		9,908		921,939
Arthur J Gallagher & Co.		2,320		783,557
Aspen Technology, Inc. *		273		72,413
Assurant, Inc.		555		115,379
AT&T, Inc.		66,805		1,831,125
Atmos Energy Corp.		1,378		209,635
Autodesk, Inc. *		2,015		552,533
Automatic Data Processing, Inc.		3,765		1,186,653
AutoZone, Inc. *		154		537,924


	Number of Shares		Value $
AvalonBay Communities, Inc. REIT		1,263		285,665
Avantor, Inc. *		5,590		93,353
Avery Dennison Corp.		765		143,797
Axon Enterprise, Inc. *		655		346,135
Baker Hughes Co.		9,463		421,955
Ball Corp.		2,921		153,907
Bank of America Corp.		63,214		2,914,165
Bank of New York Mellon Corp.		6,332		563,231
Baxter International, Inc.		4,494		155,088
Becton Dickinson & Co.		2,782		627,424
Bentley Systems, Inc., Class B		1,202		52,768
Berkshire Hathaway, Inc., Class B *		12,370		6,356,077
Best Buy Co., Inc.		2,042		183,596
Biogen, Inc. *		1,343		188,691
BioMarin Pharmaceutical, Inc. *		1,658		117,983
Bio-Rad Laboratories, Inc., Class A *		238		63,108
Bio-Techne Corp.		1,458		90,031
Blackrock, Inc.		1,393		1,362,048
Blackstone, Inc.		6,605		1,064,462
Block, Inc. *		4,956		323,627
Boeing Co. *		6,812		1,189,580
Booking Holdings, Inc.		312		1,564,995
Booz Allen Hamilton Holding Corp.		1,098		116,454
Boston Scientific Corp. *		13,729		1,424,933
Bristol-Myers Squibb Co.		18,811		1,121,512
Broadcom, Inc.		41,610		8,298,282
Broadridge Financial Solutions, Inc.		1,075		259,311
Brookfield Asset Management Ltd., Class A		3,263		185,173
Brown & Brown, Inc.		2,368		280,703
Brown-Forman Corp., Class B		1,667		55,194
Builders FirstSource, Inc. *		1,089		151,360
Bunge Global SA		1,353		100,379
Burlington Stores, Inc. *		555		138,378
BXP, Inc. REIT		1,260		89,372
C.H. Robinson Worldwide, Inc.		1,165		118,387
Cadence Design Systems, Inc. *		2,501		626,500
Camden Property Trust REIT		893		110,786
Capital One Financial Corp.		3,552		712,354
Cardinal Health, Inc.		2,269		293,790
Carlisle Cos., Inc.		451		153,683
Carlyle Group, Inc.		1,733		86,373
CarMax, Inc. *		1,357		112,590
Carnival Corp. *		9,276		221,975
Carrier Global Corp.		7,802		505,570
Carvana Co. *		1,067		248,718
Caterpillar, Inc.		4,458		1,533,329
Cboe Global Markets, Inc.		893		188,244

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
CBRE Group, Inc., Class A *		2,779		394,451
CDW Corp.		1,214		216,335
Cencora, Inc.		1,678		425,440
Centene Corp. *		5,096		296,383
CenterPoint Energy, Inc.		5,776		198,579
CF Industries Holdings, Inc.		1,863		150,940
Charles Schwab Corp.		16,019		1,273,991
Charter Communications, Inc., Class A *		884		321,396
Cheniere Energy, Inc.		2,086		476,776
Chevron Corp.		15,731		2,495,251
Chipotle Mexican Grill, Inc. *		12,651		682,774
Church & Dwight Co., Inc.		2,182		242,638
Cigna Group		2,582		797,451
Cincinnati Financial Corp.		1,421		210,038
Cintas Corp.		3,398		705,085
Cisco Systems, Inc.		37,453		2,401,112
Citigroup, Inc.		17,653		1,411,357
Citizens Financial Group, Inc.		4,493		205,645
Clorox Co.		1,109		173,437
Cloudflare, Inc., Class A *		2,827		410,763
CME Group, Inc.		3,329		844,800
CMS Energy Corp.		2,909		212,502
Coca-Cola Co.		38,155		2,717,018
Cognizant Technology Solutions Corp., Class A		4,644		386,985
Coinbase Global, Inc., Class A *		1,745		376,257
Colgate-Palmolive Co.		7,019		639,922
Comcast Corp., Class A		35,786		1,284,002
Conagra Brands, Inc.		4,549		116,181
ConocoPhillips		12,201		1,209,729
Consolidated Edison, Inc.		3,266		331,564
Constellation Brands, Inc., Class A		1,568		275,184
Constellation Energy Corp.		2,970		744,119
Cooper Cos., Inc. *		1,803		162,955
Copart, Inc. *		8,187		448,648
Corebridge Financial, Inc.		2,295		79,591
Corning, Inc.		7,470		374,620
Corpay, Inc. *		616		226,103
Corteva, Inc.		6,635		417,872
CoStar Group, Inc. *		3,765		287,081
Costco Wholesale Corp.		4,131		4,331,808
Coterra Energy, Inc.		7,456		201,237
CRH PLC		5,366		548,231
CRH PLC		619		63,460
Crowdstrike Holdings, Inc., Class A *		2,343		912,973
Crown Castle, Inc. REIT		4,155		390,986
Crown Holdings, Inc.		1,204		107,915
CSX Corp.		18,074		578,549
Cummins, Inc.		1,291		475,320


	Number of Shares		Value $
CVS Health Corp.		11,850		778,782
D.R. Horton, Inc.		2,742		347,713
Danaher Corp.		5,971		1,240,535
Darden Restaurants, Inc.		1,164		233,335
Datadog, Inc., Class A *		2,615		304,778
DaVita, Inc. *		385		56,934
Dayforce, Inc. *		1,536		95,217
Deckers Outdoor Corp. *		1,398		194,825
Deere & Co.		2,454		1,179,859
Dell Technologies, Inc., Class C		2,955		303,656
Delta Air Lines, Inc.		1,170		70,340
Devon Energy Corp.		6,177		223,731
Dexcom, Inc. *		3,528		311,769
Diamondback Energy, Inc.		1,782		283,267
Dick’s Sporting Goods, Inc.		536		120,654
Digital Realty Trust, Inc. REIT		3,069		479,746
Discover Financial Services		2,384		465,333
DocuSign, Inc. *		1,791		148,957
Dollar General Corp.		2,094		155,333
Dollar Tree, Inc. *		2,044		148,926
Dominion Energy, Inc.		7,739		438,182
Domino’s Pizza, Inc.		323		158,176
DoorDash, Inc., Class A *		3,346		663,980
Dover Corp.		1,334		265,159
Dow, Inc.		6,635		252,860
DraftKings, Inc., Class A *		3,838		168,335
DTE Energy Co.		1,864		249,217
Duke Energy Corp.		7,218		848,043
DuPont de Nemours, Inc.		3,938		322,010
Dynatrace, Inc. *		2,704		154,804
Eastman Chemical Co.		969		94,817
Eaton Corp. PLC		3,669		1,076,191
eBay, Inc.		4,888		316,449
Ecolab, Inc.		2,390		642,934
Edison International		3,539		192,663
Edwards Lifesciences Corp. *		5,729		410,311
Electronic Arts, Inc.		2,377		306,918
Elevance Health, Inc.		2,167		860,039
Eli Lilly & Co.		7,506		6,910,249
EMCOR Group, Inc.		410		167,653
Emerson Electric Co.		5,411		658,032
Entegris, Inc.		1,439		145,656
Entergy Corp.		4,054		353,955
EOG Resources, Inc.		5,327		676,209
EPAM Systems, Inc. *		525		108,224
EQT Corp.		5,253		253,037
Equifax, Inc.		1,126		276,095
Equinix, Inc. REIT		935		845,820
Equitable Holdings, Inc.		2,963		163,024
Equity LifeStyle Properties, Inc. REIT		1,776		121,798
Equity Residential REIT		3,442		255,293

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Erie Indemnity Co., Class A		270		115,579
Essential Utilities, Inc.		2,197		83,442
Essex Property Trust, Inc. REIT		619		192,862
Estee Lauder Cos., Inc., Class A		2,102		151,155
Evergy, Inc.		2,085		143,677
Eversource Energy		3,673		231,436
Exact Sciences Corp. *		1,610		76,330
Exelon Corp.		9,170		405,314
Expand Energy Corp. (c)		1,909		188,762
Expedia Group, Inc. *		1,254		248,242
Expeditors International of Washington, Inc.		1,310		153,742
Extra Space Storage, Inc. REIT		1,905		290,627
Exxon Mobil Corp.		41,295		4,597,372
F5, Inc. *		552		161,421
FactSet Research Systems, Inc.		358		165,303
Fair Isaac Corp. *		227		428,201
Fastenal Co.		5,224		395,614
FedEx Corp.		2,193		576,540
Ferguson Enterprises, Inc.		1,913		339,558
Fidelity National Financial, Inc.		2,270		146,483
Fidelity National Information Services, Inc.		5,203		370,037
Fifth Third Bancorp		6,272		272,644
First Citizens BancShares, Inc., Class A		85		174,085
First Solar, Inc. *		885		120,519
FirstEnergy Corp.		5,413		209,862
Fiserv, Inc. *		5,390		1,270,369
Flutter Entertainment PLC *		181		50,787
Flutter Entertainment PLC *		1,472		403,686
Ford Motor Co.		36,420		347,811
Fortinet, Inc. *		6,117		660,697
Fortive Corp.		3,230		256,914
Fortune Brands Innovations, Inc.		1,267		82,000
Fox Corp., Class A		2,486		143,194
Fox Corp., Class B		1,377		74,454
Franklin Resources, Inc.		2,919		59,110
Freeport-McMoRan, Inc.		13,724		506,553
Gaming and Leisure Properties, Inc. REIT		2,719		136,358
Gartner, Inc. *		704		350,817
GE Aerospace		10,119		2,094,431
GE HealthCare Technologies, Inc.		4,170		364,250
GE Vernova, Inc.		2,530		848,005
Gen Digital, Inc.		4,941		135,038
General Dynamics Corp.		2,106		531,976
General Mills, Inc.		5,385		326,439
General Motors Co.		10,816		531,390
Genuine Parts Co.		1,360		169,837
Gilead Sciences, Inc.		11,467		1,310,793
Global Payments, Inc.		2,371		249,619


	Number of Shares		Value $
GoDaddy, Inc., Class A *		1,236		221,862
Goldman Sachs Group, Inc.		2,879		1,791,573
Graco, Inc.		1,474		128,341
Halliburton Co.		8,515		224,541
Hartford Insurance Group, Inc.		2,695		318,765
HCA Healthcare, Inc.		1,845		565,124
Healthpeak Properties, Inc. REIT		6,546		133,931
HEICO Corp.		381		100,843
HEICO Corp., Class A		721		153,688
Hershey Co.		1,353		233,677
Hess Corp.		2,480		369,371
Hewlett Packard Enterprise Co.		11,864		235,026
Hilton Worldwide Holdings, Inc.		2,248		595,630
Hologic, Inc. *		2,106		133,499
Home Depot, Inc.		9,262		3,673,309
Honeywell International, Inc.		5,988		1,274,785
Hormel Foods Corp.		2,915		83,456
Host Hotels & Resorts, Inc. REIT		6,259		100,958
Howmet Aerospace, Inc.		3,692		504,327
HP, Inc.		8,525		263,167
Hubbell, Inc.		465		172,789
HubSpot, Inc. *		471		340,999
Humana, Inc.		1,147		310,172
Huntington Bancshares, Inc.		13,654		224,881
Hyatt Hotels Corp., Class A		310		43,695
IDEX Corp.		740		143,804
IDEXX Laboratories, Inc. *		796		347,940
Illinois Tool Works, Inc.		2,829		746,799
Illumina, Inc. *		1,496		132,755
Incyte Corp. *		1,769		130,022
Ingersoll Rand, Inc.		3,712		314,703
Insulet Corp. *		644		175,342
Intel Corp.		39,445		936,030
Interactive Brokers Group, Inc., Class A		948		193,771
Intercontinental Exchange, Inc.		5,217		903,741
International Business Machines Corp.		8,653		2,184,363
International Flavors & Fragrances, Inc.		2,341		191,517
International Paper Co.		4,636		261,239
Interpublic Group of Cos., Inc.		3,590		98,366
Intuit, Inc.		2,597		1,594,142
Intuitive Surgical, Inc. *		3,306		1,894,834
Invitation Homes, Inc. REIT		5,611		190,830
IQVIA Holdings, Inc. *		1,640		309,632
Iron Mountain, Inc. REIT		2,785		259,478
J M Smucker Co.		997		110,198
Jabil, Inc.		1,204		186,524
Jack Henry & Associates, Inc.		602		104,501
Jacobs Solutions, Inc.		1,072		137,334
JB Hunt Transport Services, Inc.		707		113,961

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Johnson & Johnson		22,575		3,725,327
Johnson Controls International PLC		6,263		536,489
JPMorgan Chase & Co.		26,273		6,953,149
Juniper Networks, Inc.		2,488		90,066
Kellanova		2,519		208,825
Kenvue, Inc.		17,815		420,434
Keurig Dr Pepper, Inc.		10,804		362,150
KeyCorp		9,440		163,501
Keysight Technologies, Inc. *		1,644		262,267
Kimberly-Clark Corp.		3,105		440,941
Kimco Realty Corp. REIT		6,176		136,490
Kinder Morgan, Inc.		19,037		515,903
KKR & Co., Inc.		5,778		783,439
KLA Corp.		1,231		872,582
Kraft Heinz Co.		7,947		244,052
Kroger Co.		6,577		426,321
L3Harris Technologies, Inc.		1,754		361,517
Labcorp Holdings, Inc.		710		178,238
Lam Research Corp.		11,849		909,292
Las Vegas Sands Corp.		3,723		166,455
Leidos Holdings, Inc.		1,316		171,041
Lennar Corp., Class A		2,281		272,876
Lennox International, Inc.		280		168,294
Liberty Media Corp.-Liberty Formula One, Class C *		1,946		187,653
Linde PLC		4,509		2,105,928
Live Nation Entertainment, Inc. *		1,614		231,383
LKQ Corp.		2,191		92,438
Lockheed Martin Corp.		2,028		913,350
Loews Corp.		1,766		153,059
Lowe’s Cos., Inc.		5,306		1,319,284
LPL Financial Holdings, Inc.		752		279,548
LyondellBasell Industries NV, Class A		2,240		172,099
M&T Bank Corp.		1,517		290,839
Manhattan Associates, Inc. *		569		100,645
Marathon Petroleum Corp.		3,095		464,807
Markel Group, Inc. *		122		235,880
Marriott International, Inc., Class A		2,199		616,710
Marsh & McLennan Cos., Inc.		4,551		1,082,410
Martin Marietta Materials, Inc.		537		259,446
Marvell Technology, Inc.		7,864		722,072
Masco Corp.		2,008		150,961
Mastercard, Inc., Class A		7,669		4,419,721
McCormick & Co., Inc.		2,343		193,555
McDonald’s Corp.		6,720		2,071,978
McKesson Corp.		1,233		789,441
Merck & Co., Inc.		23,758		2,191,676
Meta Platforms, Inc., Class A		20,319		13,577,156
MetLife, Inc.		5,739		494,587


	Number of Shares		Value $
Mettler-Toledo International, Inc. *		213		271,089
MGM Resorts International *		2,635		91,593
Microchip Technology, Inc.		5,068		298,302
Micron Technology, Inc.		10,500		983,115
Microsoft Corp.		65,924		26,171,169
MicroStrategy, Inc., Class A *		2,157		550,963
Mid-America Apartment Communities, Inc. REIT		1,080		181,570
Moderna, Inc. *		2,975		92,106
Molina Healthcare, Inc. *		562		169,229
Molson Coors Beverage Co., Class B		1,688		103,458
Mondelez International, Inc., Class A		12,495		802,554
MongoDB, Inc. *		663		177,306
Monolithic Power Systems, Inc.		492		300,617
Monster Beverage Corp. *		7,116		388,889
Moody’s Corp.		1,547		779,595
Morgan Stanley		11,303		1,504,542
Motorola Solutions, Inc.		1,564		688,504
MSCI, Inc.		765		451,740
Nasdaq, Inc.		3,995		330,706
Natera, Inc. *		1,225		190,598
NetApp, Inc.		2,039		203,513
Netflix, Inc. *		3,991		3,913,415
Neurocrine Biosciences, Inc. *		879		104,355
Newmont Corp.		10,486		449,220
News Corp., Class A		3,693		105,694
NextEra Energy, Inc.		19,062		1,337,581
NIKE, Inc., Class B		10,981		872,221
NiSource, Inc.		3,713		151,528
Nordson Corp.		554		116,501
Norfolk Southern Corp.		2,087		512,880
Northern Trust Corp.		1,921		211,733
Northrop Grumman Corp.		1,253		578,560
NRG Energy, Inc.		1,970		208,249
Nucor Corp.		2,330		320,305
Nutanix, Inc., Class A *		2,394		184,075
NVIDIA Corp.		228,800		28,581,696
NVR, Inc. *		29		210,122
Occidental Petroleum Corp.		6,177		301,685
Okta, Inc. *		1,396		126,324
Old Dominion Freight Line, Inc.		1,818		320,877
Omnicom Group, Inc.		1,860		153,934
ON Semiconductor Corp. *		4,145		195,022
ONEOK, Inc.		5,773		579,551
Oracle Corp.		15,662		2,600,832
O’Reilly Automotive, Inc. *		527		723,908
Otis Worldwide Corp.		3,414		340,649
Ovintiv, Inc.		2,227		96,785
Owens Corning		883		136,017

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
PACCAR, Inc.		4,967		532,661
Packaging Corp. of America		893		190,289
Palantir Technologies, Inc., Class A *		19,742		1,676,491
Palo Alto Networks, Inc. *		6,080		1,157,814
Parker-Hannifin Corp.		1,204		804,886
Paychex, Inc.		3,010		456,527
Paycom Software, Inc.		486		106,662
PayPal Holdings, Inc. *		8,993		638,953
PepsiCo, Inc.		12,878		1,976,387
Pfizer, Inc.		52,523		1,388,183
PG&E Corp.		22,359		365,346
Philip Morris International, Inc.		14,551		2,259,479
Phillips 66		4,012		520,316
Pinterest, Inc., Class A *		6,111		225,985
PNC Financial Services Group, Inc.		3,770		723,538
Pool Corp.		329		114,163
PPG Industries, Inc.		2,107		238,555
PPL Corp.		6,724		236,752
Principal Financial Group, Inc.		2,166		192,861
Procter & Gamble Co.		22,093		3,840,647
Progressive Corp.		5,381		1,517,442
Prologis, Inc. REIT		8,697		1,077,732
Prudential Financial, Inc.		3,401		391,455
PTC, Inc. *		1,198		196,029
Public Service Enterprise Group, Inc.		4,758		386,112
Public Storage REIT		1,497		454,519
PulteGroup, Inc.		1,988		205,321
Pure Storage, Inc., Class A *		2,902		152,268
QUALCOMM, Inc.		10,387		1,632,525
Quanta Services, Inc.		1,330		345,308
Quest Diagnostics, Inc.		972		168,059
Raymond James Financial, Inc.		1,786		276,241
RB Global, Inc.		1,634		167,852
Realty Income Corp. REIT		8,137		464,053
Reddit, Inc., Class A *		664		107,422
Regency Centers Corp. REIT		1,496		114,743
Regeneron Pharmaceuticals, Inc.		1,035		723,196
Regions Financial Corp.		8,560		202,958
Reliance, Inc.		493		146,500
Republic Services, Inc.		2,060		488,261
ResMed, Inc.		1,356		316,653
Revvity, Inc.		1,096		122,916
Rivian Automotive, Inc., Class A *		5,847		69,228
Robinhood Markets, Inc., Class A *		5,113		256,161
ROBLOX Corp., Class A *		4,569		290,771
Rockwell Automation, Inc.		1,036		297,487
Roku, Inc. *		1,093		91,276
Rollins, Inc.		2,811		147,268


	Number of Shares		Value $
Roper Technologies, Inc.		973		568,719
Ross Stores, Inc.		3,061		429,520
Royal Caribbean Cruises Ltd.		2,302		566,522
Royalty Pharma PLC, Class A		3,984		134,022
RPM International, Inc.		1,170		144,951
RTX Corp.		12,347		1,642,028
S&P Global, Inc.		2,939		1,568,662
Salesforce, Inc.		8,889		2,647,589
Samsara, Inc., Class A *		2,990		142,563
SBA Communications Corp. REIT		1,062		231,410
Schlumberger NV		13,212		550,412
Seagate Technology Holdings PLC		1,768		180,177
SEI Investments Co.		1,095		87,655
Sempra		5,745		411,170
ServiceNow, Inc. *		1,926		1,790,718
Sherwin-Williams Co.		2,268		821,628
Simon Property Group, Inc. REIT		3,135		583,392
Skyworks Solutions, Inc.		1,497		99,790
Snap, Inc., Class A *		9,759		100,030
Snap-on, Inc.		468		159,668
Snowflake, Inc., Class A *		2,747		486,494
Solventum Corp. *		1,258		100,326
Southern Co.		10,145		910,920
Southwest Airlines Co.		1,360		42,242
SS&C Technologies Holdings, Inc.		2,305		205,260
Stanley Black & Decker, Inc.		1,497		129,535
Starbucks Corp.		10,536		1,220,174
State Street Corp.		2,899		287,668
Steel Dynamics, Inc.		1,300		175,591
STERIS PLC		885		194,045
Stryker Corp.		3,193		1,233,105
Sun Communities, Inc. REIT		1,087		147,995
Super Micro Computer, Inc. *		4,746		196,769
Synchrony Financial		3,679		223,242
Synopsys, Inc. *		1,429		653,453
Sysco Corp.		4,598		347,333
T. Rowe Price Group, Inc.		2,045		216,197
Take-Two Interactive Software, Inc. *		1,656		351,039
Targa Resources Corp.		2,007		404,852
Target Corp.		4,346		539,947
Teledyne Technologies, Inc. *		441		227,124
Teradyne, Inc.		1,495		164,241
Tesla, Inc. *		26,989		7,907,237
Texas Instruments, Inc.		8,431		1,652,392
Texas Pacific Land Corp.		195		278,450
Textron, Inc.		1,958		146,321
The Campbell’s Company		1,682		67,381
Thermo Fisher Scientific, Inc.		3,542		1,873,576

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
TJX Cos., Inc.		10,651		1,328,819
T-Mobile US, Inc.		4,855		1,309,345
Toast, Inc., Class A *		3,828		147,761
Tractor Supply Co.		4,695		259,868
Trade Desk, Inc., Class A *		4,083		287,117
Tradeweb Markets, Inc., Class A		991		134,152
TransDigm Group, Inc.		524		716,413
TransUnion		1,885		174,231
Travelers Cos., Inc.		2,090		540,244
Trimble, Inc. *		2,388		171,888
Truist Financial Corp.		12,258		568,158
Twilio, Inc., Class A *		1,527		183,133
Tyler Technologies, Inc. *		428		260,408
Tyson Foods, Inc., Class A		2,558		156,908
Uber Technologies, Inc. *		17,346		1,318,469
UDR, Inc. REIT		2,886		130,389
U-Haul Holding Co.		843		51,887
Ulta Beauty, Inc. *		445		163,030
Union Pacific Corp.		5,722		1,411,560
United Airlines Holdings, Inc. *		703		65,948
United Parcel Service, Inc., Class B		6,668		793,692
United Rentals, Inc.		601		386,034
United Therapeutics Corp. *		413		132,181
UnitedHealth Group, Inc.		8,620		4,094,155
Universal Health Services, Inc., Class B		546		95,687
US Bancorp		14,476		678,924
Valero Energy Corp.		2,922		381,993
Veeva Systems, Inc., Class A *		1,416		317,382
Ventas, Inc. REIT		3,649		252,438
Veralto Corp.		2,107		210,194
VeriSign, Inc. *		884		210,286
Verisk Analytics, Inc.		1,324		393,109
Verizon Communications, Inc.		38,848		1,674,349
Vertex Pharmaceuticals, Inc. *		2,408		1,155,334
Vertiv Holdings Co., Class A		3,228		307,209
Viatris, Inc.		10,961		101,170
VICI Properties, Inc. REIT		10,112		328,539
Visa, Inc., Class A		16,052		5,822,221
Vistra Corp.		3,210		429,049
Vulcan Materials Co.		1,279		316,309
W.R. Berkley Corp.		2,607		164,450
W.W. Grainger, Inc.		421		429,929
Walgreens Boots Alliance, Inc.		6,570		70,168
Walmart, Inc.		41,193		4,062,042
Walt Disney Co.		16,921		1,925,610
Warner Bros Discovery, Inc. *		21,421		245,485
Waste Management, Inc.		3,806		885,961
Waters Corp. *		566		213,574
Watsco, Inc.		339		170,968
WEC Energy Group, Inc.		2,856		304,707


	Number of Shares		Value $
Wells Fargo & Co.		30,284		2,371,843
Welltower, Inc. REIT		5,781		887,441
West Pharmaceutical Services, Inc.		670		155,668
Western Digital Corp. *		3,081		150,753
Westinghouse Air Brake Technologies Corp.		1,615		299,356
Westlake Corp.		309		34,701
Weyerhaeuser Co. REIT		6,841		205,914
Williams Cos., Inc.		11,199		651,558
Williams-Sonoma, Inc.		1,112		216,373
Workday, Inc., Class A *		1,913		503,769
WP Carey, Inc. REIT		2,140		137,409
Wynn Resorts Ltd.		997		89,052
Xcel Energy, Inc.		5,053		364,321
Xylem, Inc.		2,160		282,722
Yum! Brands, Inc.		2,582		403,747
Zebra Technologies Corp., Class A *		438		137,992
Zillow Group, Inc., Class C *		1,266		97,052
Zimmer Biomet Holdings, Inc.		1,864		194,452
Zoetis, Inc.		4,252		711,104
Zoom Communications, Inc. *		2,404		177,175
Zscaler, Inc. *		882		173,075

(Cost $324,081,145)				476,899,624

Uruguay — 0.1%
MercadoLibre, Inc. *

(Cost $498,130)		429		910,282

TOTAL COMMON STOCKS

(Cost $454,548,119)				631,189,418

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		465		38,035
Dr Ing hc F Porsche AG, 144A		1,012		59,360
Henkel AG & Co. KGaA		1,596		138,066
Porsche Automobil Holding SE		1,429		55,835
Sartorius AG		259		64,889
Volkswagen AG		1,894		205,052

(Cost $833,589)				561,237

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.* (d), expires 3/31/40

(Cost $0)		214		0

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (e)(f)

(Cost $169,575)		169,575		169,575

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.30% (e)

(Cost $741,253)		741,253		741,253

TOTAL INVESTMENTS — 99.8%

(Cost $456,292,536)				632,661,483
Other assets and liabilities, net — 0.2%				1,342,531

NET ASSETS — 100.0%				634,004,014

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
	COMMON STOCKS — 0.1%
	Germany — 0.1%
	Deutsche Bank AG (b)
	299,132		3,603		—		—		96,747		—		—		18,534		399,482

	SECURITIES LENDING COLLATERAL — 0.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (e)(f)
	213,692		—		(44,117) (g)		—		—		759		—		169,575		169,575

	CASH EQUIVALENTS — 0.1%
	DWS Government Money Market Series “Institutional Shares”, 4.30% (e)
	1,730,588		4,558,975		(5,548,310)		—		—		22,779		—		741,253		741,253

	2,243,412		4,562,578		(5,592,427)		—		96,747		23,538		—		929,362		1,310,310

*	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 28, 2025 amounted to $166,192, which is 0.0% 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 28, 2025.


ADR:		American Depositary Receipt
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.

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2025 (Unaudited)

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date	Unrealized Appreciation (Depreciation) ($)
E-Mini S&P 500 Index		USD		4		1,222,379		1,192,650	3/21/2025		(29,729	)
Micro E-Mini S&P 500 Index		USD		8		242,379		238,530	3/21/2025		(3,849)
MSCI EAFE Index		USD		1		116,647		121,480	3/21/2025		4,833
S&P/TSX 60 Index Mini		CAD		1		52,822		53,146	3/20/2025		324

Total net unrealized depreciation											(28,421	)

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


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	631,189,418		$	—	$	—	$	631,189,418
Preferred Stocks		561,237			—		—		561,237
Warrants		—			—		0		0
Short-Term Investments (a)		910,828			—		—		910,828
Derivatives (b)
Futures Contracts		5,157			—		—		5,157

TOTAL	$	632,666,640		$	—	$	0	$	632,666,640

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(33,578	)	$	—	$	—	$	(33,578	)

TOTAL	$	(33,578	)	$	—	$	—	$	(33,578	)

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

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

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $
COMMON STOCKS — 99.5%

Communication Services — 12.9%
Alphabet, Inc., Class A		8,457		1,440,058
Alphabet, Inc., Class C		7,593		1,307,666
AT&T, Inc.		19,596		537,126
Charter Communications, Inc., Class A *		215		78,168
Comcast Corp., Class A		12,452		446,778
Electronic Arts, Inc.		792		102,263
Fox Corp., Class A		419		24,134
Live Nation Entertainment, Inc. *		406		58,204
Meta Platforms, Inc., Class A		5,618		3,753,948
New York Times Co., Class A		436		20,967
Verizon Communications, Inc.		9,991		430,612
Warner Bros Discovery, Inc. *		2,791		31,985

(Cost $6,259,965)				8,231,909

Consumer Discretionary — 16.2%
Airbnb, Inc., Class A *		1,069		148,452
Amazon.com, Inc. *		11,879		2,521,674
Aptiv PLC *		559		36,402
Aramark		621		23,008
AutoZone, Inc. *		64		223,553
Bath & Body Works, Inc.		341		12,354
Best Buy Co., Inc.		1,609		144,665
Booking Holdings, Inc.		100		501,601
BorgWarner, Inc.		1,148		34,176
Burlington Stores, Inc. *		100		24,933
Carnival Corp. *		1,204		28,812
Chipotle Mexican Grill, Inc. *		1,119		60,392
Coupang, Inc. *		2,507		59,416
Crocs, Inc. *		156		15,533
D.R. Horton, Inc.		1,175		149,002
Darden Restaurants, Inc.		546		109,451
Deckers Outdoor Corp. *		416		57,974
Dick’s Sporting Goods, Inc.		289		65,054
Domino’s Pizza, Inc.		42		20,568
eBay, Inc.		885		57,295
Expedia Group, Inc. *		584		115,609
Five Below, Inc. *		153		13,294
Floor & Decor Holdings, Inc., Class A *		258		24,931
Gap, Inc.		894		20,213
Garmin Ltd.		467		106,910
General Motors Co.		2,743		134,764
Gentex Corp.		863		20,988
Genuine Parts Co.		347		43,333
Grand Canyon Education, Inc. *		114		20,499
H&R Block, Inc.		863		47,042
Home Depot, Inc.		3,095		1,227,477
Las Vegas Sands Corp.		572		25,574


	Number of Shares		Value $
Lear Corp.		262		24,625
Lennar Corp., Class A		1,486		177,770
LKQ Corp.		386		16,285
Lowe’s Cos., Inc.		1,826		454,017
Lululemon Athletica, Inc. *		344		125,770
Macy’s, Inc.		980		14,063
Marriott International, Inc., Class A		278		77,965
McDonald’s Corp.		826		254,681
MGM Resorts International *		861		29,928
Mohawk Industries, Inc. *		111		13,052
Murphy USA, Inc.		54		25,339
NIKE, Inc., Class B		2,605		206,915
NVR, Inc. *		14		101,438
O’Reilly Automotive, Inc. *		195		267,860
Polaris, Inc.		238		10,691
Pool Corp.		107		37,129
PulteGroup, Inc.		1,014		104,726
PVH Corp.		182		13,621
Ralph Lauren Corp.		203		55,041
Ross Stores, Inc.		1,124		157,720
Skechers U.S.A., Inc., Class A *		606		36,960
Starbucks Corp.		3,270		378,699
Tapestry, Inc.		1,193		101,906
Tesla, Inc. *		1,517		444,451
Texas Roadhouse, Inc.		186		34,241
Thor Industries, Inc.		166		16,499
TJX Cos., Inc.		4,288		534,971
Toll Brothers, Inc.		302		33,715
TopBuild Corp. *		81		24,818
Tractor Supply Co.		1,782		98,634
Ulta Beauty, Inc. *		253		92,689
Valvoline, Inc. *		474		17,481
Williams-Sonoma, Inc.		793		154,302
Wynn Resorts Ltd.		265		23,670
Yum! Brands, Inc.		251		39,249

(Cost $8,876,408)				10,295,870

Consumer Staples — 11.5%
Albertsons Cos., Inc., Class A		1,807		38,019
Altria Group, Inc.		7,166		400,221
Archer-Daniels-Midland Co.		2,995		141,364
BJ’s Wholesale Club Holdings, Inc. *		773		78,274
Casey’s General Stores, Inc.		193		79,943
Clorox Co.		246		38,472
Coca-Cola Consolidated, Inc.		20		28,342
Colgate-Palmolive Co.		1,434		130,738
Costco Wholesale Corp.		1,582		1,658,901
Dollar Tree, Inc. *		661		48,160
Estee Lauder Cos., Inc., Class A		233		16,755
General Mills, Inc.		839		50,860

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Hershey Co.		301		51,986
Ingredion, Inc.		193		25,208
J M Smucker Co.		148		16,358
Kellanova		457		37,885
Kenvue, Inc.		5,506		129,942
Kimberly-Clark Corp.		720		102,247
Kroger Co.		3,026		196,145
Molson Coors Beverage Co., Class B		350		21,452
Monster Beverage Corp. *		1,681		91,867
Performance Food Group Co. *		602		51,254
Philip Morris International, Inc.		2,691		417,859
Procter & Gamble Co.		5,042		876,501
Sysco Corp.		2,763		208,717
Target Corp.		1,641		203,878
The Campbell’s Company		300		12,018
Tyson Foods, Inc., Class A		395		24,229
US Foods Holding Corp. *		356		25,518
Walmart, Inc.		21,388		2,109,071

(Cost $5,668,384)				7,312,184

Energy — 7.2%
Antero Resources Corp. *		398		14,607
APA Corp.		614		12,710
Baker Hughes Co.		1,417		63,184
Cheniere Energy, Inc.		213		48,683
Chevron Corp.		5,978		948,230
Chord Energy Corp.		207		23,660
ConocoPhillips		4,944		490,198
Coterra Energy, Inc.		2,705		73,008
Devon Energy Corp.		2,651		96,019
Diamondback Energy, Inc.		642		102,052
EOG Resources, Inc.		2,339		296,913
Expand Energy Corp.		448		44,298
Exxon Mobil Corp.		16,651		1,853,756
Halliburton Co.		1,262		33,279
HF Sinclair Corp.		249		8,782
Marathon Petroleum Corp.		1,006		151,081
Occidental Petroleum Corp.		719		35,116
Ovintiv, Inc.		412		17,905
Phillips 66		582		75,480
Schlumberger NV		2,035		84,778
Valero Energy Corp.		797		104,192

(Cost $4,677,281)				4,577,931

Financials — 13.6%
Affiliated Managers Group, Inc.		304		51,938
Aon PLC, Class A		557		227,880
Arch Capital Group Ltd.		1,509		140,201
Berkshire Hathaway, Inc., Class B *		6,993		3,593,213
Blackstone, Inc.		208		33,521
Capital One Financial Corp.		565		113,311


	Number of Shares		Value $
Cboe Global Markets, Inc.		226		47,641
Cincinnati Financial Corp.		386		57,055
Coinbase Global, Inc., Class A *		118		25,443
Evercore, Inc., Class A		231		55,856
Everest Group Ltd.		95		33,556
FactSet Research Systems, Inc.		128		59,103
First Citizens BancShares, Inc., Class A		41		83,970
Houlihan Lokey, Inc.		150		26,003
Jack Henry & Associates, Inc.		170		29,510
Janus Henderson Group PLC		435		18,357
Kinsale Capital Group, Inc.		50		21,593
LPL Financial Holdings, Inc.		386		143,492
MarketAxess Holdings, Inc.		124		23,906
Marsh & McLennan Cos., Inc.		1,567		372,695
Mastercard, Inc., Class A		1,911		1,101,328
MGIC Investment Corp.		2,761		67,948
Moody’s Corp.		432		217,702
MSCI, Inc.		235		138,770
PayPal Holdings, Inc. *		2,514		178,620
Progressive Corp.		139		39,198
RenaissanceRe Holdings Ltd.		130		30,891
RLI Corp.		194		14,761
S&P Global, Inc.		85		45,368
SEI Investments Co.		544		43,547
Synchrony Financial		1,319		80,037
T. Rowe Price Group, Inc.		1,315		139,022
Visa, Inc., Class A		3,754		1,361,613
Willis Towers Watson PLC		57		19,360

(Cost $6,748,561)				8,636,409

Health Care — 12.3%
Abbott Laboratories		1,180		162,852
AbbVie, Inc.		71		14,841
Agilent Technologies, Inc.		439		56,157
Align Technology, Inc. *		139		25,997
Amgen, Inc.		58		17,867
Biogen, Inc. *		61		8,570
Bristol-Myers Squibb Co.		6,669		397,606
Cardinal Health, Inc.		2,076		268,800
Cencora, Inc.		1,039		263,428
Centene Corp. *		2,519		146,505
Chemed Corp.		42		25,234
Cigna Group		1,064		328,616
CVS Health Corp.		2,055		135,055
Edwards Lifesciences Corp. *		534		38,245
Elevance Health, Inc.		722		286,547
Eli Lilly & Co.		25		23,016
Exelixis, Inc. *		615		23,794
GE HealthCare Technologies, Inc.		1,018		88,922
Gilead Sciences, Inc.		2,250		257,197

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $
HCA Healthcare, Inc.		489		149,781
Hologic, Inc. *		356		22,567
Humana, Inc.		683		184,697
Incyte Corp. *		535		39,323
Intuitive Surgical, Inc. *		190		108,899
Johnson & Johnson		9,602		1,584,522
Labcorp Holdings, Inc.		182		45,689
McKesson Corp.		1,170		749,104
Medpace Holdings, Inc. *		61		19,967
Merck & Co., Inc.		2,062		190,220
Mettler-Toledo International, Inc. *		47		59,818
Moderna, Inc. *		777		24,056
Molina Healthcare, Inc. *		123		37,038
Pfizer, Inc.		11,708		309,442
Premier, Inc., Class A		747		13,580
Quest Diagnostics, Inc.		117		20,229
Regeneron Pharmaceuticals, Inc.		207		144,639
Royalty Pharma PLC, Class A		699		23,514
Solventum Corp. *		952		75,922
United Therapeutics Corp. *		171		54,729
UnitedHealth Group, Inc.		2,456		1,166,502
Universal Health Services, Inc., Class B		158		27,690
Vertex Pharmaceuticals, Inc. *		277		132,902
Waters Corp. *		45		16,980
West Pharmaceutical Services, Inc.		161		37,407

(Cost $7,671,237)				7,808,466

Industrials — 7.6%
3M Co.		557		86,402
A O Smith Corp.		535		35,567
Acuity Brands, Inc.		149		44,272
AECOM		210		21,010
AGCO Corp.		382		37,043
Alaska Air Group, Inc. *		535		38,670
Allison Transmission Holdings, Inc.		211		21,469
Amentum Holdings, Inc. *		160		3,142
American Airlines Group, Inc. *		1,590		22,816
Automatic Data Processing, Inc.		442		139,310
Builders FirstSource, Inc. *		578		80,336
C.H. Robinson Worldwide, Inc.		353		35,872
Carlisle Cos., Inc.		69		23,512
Caterpillar, Inc.		1,084		372,842
Cintas Corp.		226		46,895
Comfort Systems USA, Inc.		67		24,343
Copart, Inc. *		754		41,319
Core & Main, Inc., Class A *		591		30,147
CSX Corp.		1,153		36,908
Cummins, Inc.		456		167,890
Deere & Co.		387		186,066


	Number of Shares		Value $
Delta Air Lines, Inc.		2,164		130,100
Donaldson Co., Inc.		366		25,287
EMCOR Group, Inc.		191		78,102
Expeditors International of Washington, Inc.		698		81,917
Fastenal Co.		1,661		125,788
FedEx Corp.		709		186,396
Ferguson Enterprises, Inc.		736		130,640
FTI Consulting, Inc. *		84		13,910
GE Vernova, Inc.		377		126,363
Genpact Ltd.		386		20,543
Graco, Inc.		479		41,707
Huntington Ingalls Industries, Inc.		67		11,764
Illinois Tool Works, Inc.		729		192,441
ITT, Inc.		205		28,954
Jacobs Solutions, Inc.		161		20,626
JB Hunt Transport Services, Inc.		165		26,596
Knight-Swift Transportation Holdings, Inc.		323		16,292
Landstar System, Inc.		165		26,202
Lincoln Electric Holdings, Inc.		129		26,663
Lockheed Martin Corp.		834		375,609
Masco Corp.		590		44,356
MasTec, Inc. *		118		15,410
MSC Industrial Direct Co., Inc., Class A		211		16,956
Old Dominion Freight Line, Inc.		527		93,016
Oshkosh Corp.		208		21,278
Otis Worldwide Corp.		281		28,038
Owens Corning		425		65,467
PACCAR, Inc.		1,291		138,447
Paychex, Inc.		861		130,588
Paycom Software, Inc.		114		25,020
Quanta Services, Inc.		113		29,338
Robert Half, Inc.		582		34,390
Rockwell Automation, Inc.		205		58,866
Rollins, Inc.		478		25,042
Saia, Inc. *		60		24,566
Simpson Manufacturing Co., Inc.		86		14,138
Snap-on, Inc.		217		74,034
Southwest Airlines Co.		2,054		63,797
Tetra Tech, Inc.		333		9,720
Textron, Inc.		441		32,956
Trane Technologies PLC		115		40,676
Union Pacific Corp.		320		78,941
United Airlines Holdings, Inc. *		720		67,543
United Parcel Service, Inc., Class B		1,917		228,181
United Rentals, Inc.		170		109,194
W.W. Grainger, Inc.		147		150,118
Watsco, Inc.		93		46,903

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

(Cost $4,404,549)				4,848,710

Information Technology — 15.3%
Accenture PLC, Class A		2,041		711,288
Adobe, Inc. *		1,087		476,715
Advanced Micro Devices, Inc. *		324		32,355
Amdocs Ltd.		488		42,578
Analog Devices, Inc.		251		57,745
Apple, Inc.		13,417		3,244,767
Applied Materials, Inc.		2,590		409,401
Arista Networks, Inc. *		862		80,209
Autodesk, Inc. *		128		35,099
Cadence Design Systems, Inc. *		42		10,521
CDW Corp.		66		11,761
Cirrus Logic, Inc. *		157		16,361
Cisco Systems, Inc.		21,453		1,375,352
Cognizant Technology Solutions Corp., Class A		2,322		193,492
Dropbox, Inc., Class A *		1,007		26,162
EPAM Systems, Inc. *		112		23,088
F5, Inc. *		155		45,327
Fair Isaac Corp. *		21		39,613
Fortinet, Inc. *		1,471		158,883
HP, Inc.		1,382		42,662
Intel Corp.		2,072		49,169
Jabil, Inc.		293		45,392
Juniper Networks, Inc.		574		20,779
Keysight Technologies, Inc. *		472		75,298
KLA Corp.		163		115,541
Lam Research Corp.		3,750		287,775
Microchip Technology, Inc.		348		20,483
Micron Technology, Inc.		2,215		207,390
Microsoft Corp.		3,006		1,193,352
NetApp, Inc.		332		33,137
NVIDIA Corp.		764		95,439
ON Semiconductor Corp. *		404		19,008
Oracle Corp.		161		26,736
QUALCOMM, Inc.		995		156,384
Skyworks Solutions, Inc.		582		38,796
Teradyne, Inc.		176		19,335
Texas Instruments, Inc.		1,142		223,821
VeriSign, Inc. *		207		49,241

(Cost $8,812,088)				9,710,455

Materials — 1.7%
Albemarle Corp.		141		10,861
Amcor PLC		2,084		21,090
Celanese Corp.		179		9,118
CF Industries Holdings, Inc.		933		75,592
Cleveland-Cliffs, Inc. *		2,711		29,387
Corteva, Inc.		254		15,997
CRH PLC		1,519		155,728


	Number of Shares		Value $
Dow, Inc.		931		35,480
DuPont de Nemours, Inc.		179		14,637
Eagle Materials, Inc.		115		26,014
Freeport-McMoRan, Inc.		539		19,895
International Paper Co.		494		27,837
Louisiana-Pacific Corp.		215		21,429
LyondellBasell Industries NV, Class A		676		51,937
Mosaic Co.		1,045		24,996
NewMarket Corp.		21		11,972
Nucor Corp.		1,581		217,340
Olin Corp.		387		9,826
Packaging Corp. of America		154		32,816
Reliance, Inc.		337		100,143
Steel Dynamics, Inc.		1,064		143,715
United States Steel Corp.		590		23,730

(Cost $1,080,985)				1,079,540

Real Estate — 0.9%
CBRE Group, Inc., Class A *		449		63,731
Gaming and Leisure Properties, Inc. REIT		356		17,853
Host Hotels & Resorts, Inc. REIT		1,138		18,356
Lamar Advertising Co., Class A REIT		157		19,504
Millrose Properties, Inc. REIT *		759		17,351
Public Storage REIT		580		176,100
Simon Property Group, Inc. REIT		709		131,938
VICI Properties, Inc. REIT		1,468		47,695
Weyerhaeuser Co. REIT		1,604		48,280

(Cost $452,026)				540,808

Utilities — 0.3%
Atmos Energy Corp.		319		48,530
CenterPoint Energy, Inc.		801		27,538
Vistra Corp.		924		123,502

(Cost $142,201)				199,570

TOTAL COMMON STOCKS

(Cost $54,793,685)				63,241,852

EXCHANGE-TRADED FUNDS — 0.1%
iShares Russell 1000 ETF

(Cost $65,624)		200		65,278

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

(Cost $175,814)		175,814		175,814

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares	Value $
TOTAL INVESTMENTS — 99.9%

(Cost $55,035,123)			63,482,944
Other assets and liabilities, net — 0.1%			82,331

NET ASSETS — 100.0%			63,565,275

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (a)(b)
34,277		—		(34,277	) (c)		—		—		4		—		—		—

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.30% (a)
177,441		705,073		(706,700	)		—		—		3,720		—		175,814		175,814

211,718		705,073		(740,977	)		—		—		3,724		—		175,814		175,814

*	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 28, 2025.

REIT: Real Estate Investment Trust

At February 28, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

Micro E-Mini S&P 500 Index

USD

183,805

178,898

3/21/2025

(4,907

)

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.

DBX ETF Trust | 37

Schedule of Investments

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

February 28, 2025 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	63,241,852		$	—	$	—	$	63,241,852
Exchange-Traded Funds		65,278			—		—		65,278
Short-Term Investments (a)		175,814			—		—		175,814

TOTAL	$	63,482,944		$	—	$	—	$	63,482,944

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(4,907	)	$	—	$	—	$	(4,907	)

TOTAL	$	(4,907	)	$	—	$	—	$	(4,907	)

(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 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.3%
Communication Services — 3.6%
Alphabet, Inc., Class A		903		153,763
Alphabet, Inc., Class C		783		134,848
AT&T, Inc.		39,342		1,078,364
Charter Communications, Inc., Class A *		586		213,052
Comcast Corp., Class A		7,445		267,127
Electronic Arts, Inc.		3,451		445,593
Fox Corp., Class A		8,667		499,219
Fox Corp., Class B		5,159		278,947
Frontier Communications Parent, Inc. *		1,970		70,900
IAC, Inc. *		385		17,795
Interpublic Group of Cos., Inc.		2,935		80,419
Liberty Broadband Corp., Class C *		467		38,416
Liberty Global Ltd., Class A *		7,927		91,636
Liberty Global Ltd., Class C *		9,814		118,848
Liberty Media Corp.-Liberty Formula One, Class A *		177		15,774
Liberty Media Corp.-Liberty Formula One, Class C *		1,719		165,763
Liberty Media Corp.-Liberty Live, Class A *		230		16,450
Live Nation Entertainment, Inc. *		1,024		146,801
Madison Square Garden Sports Corp. *		349		71,088
Match Group, Inc.		2,879		91,293
Meta Platforms, Inc., Class A		219		146,336
Netflix, Inc. *		77		75,503
New York Times Co., Class A		5,400		259,686
News Corp., Class A		6,892		197,249
News Corp., Class B		2,261		72,985
Nexstar Media Group, Inc.		947		160,185
Omnicom Group, Inc.		4,381		362,572
Spotify Technology SA *		141		85,729
Take-Two Interactive Software, Inc. *		64		13,567
T-Mobile US, Inc.		457		123,248
Trade Desk, Inc., Class A *		75		5,274
TripAdvisor, Inc. *		934		13,823
Verizon Communications, Inc.		13,584		585,470
Walt Disney Co.		1,384		157,499
Warner Bros Discovery, Inc. *		2,209		25,315
ZoomInfo Technologies, Inc. *		1,383		16,126

(Cost $5,382,266)				6,296,663

Consumer Discretionary — 10.5%
Advance Auto Parts, Inc.		344		12,694
Airbnb, Inc., Class A *		1,087		150,952
Amazon.com, Inc. *		448		95,101
Aptiv PLC *		424		27,611


	Number of Shares		Value $
Aramark		5,584		206,887
AutoNation, Inc. *		94		17,143
AutoZone, Inc. *		180		628,742
Best Buy Co., Inc.		5,979		537,572
Booking Holdings, Inc.		75		376,201
BorgWarner, Inc.		7,434		221,310
Boyd Gaming Corp.		316		24,098
Bright Horizons Family Solutions, Inc. *		471		61,070
Brunswick Corp.		363		22,089
Burlington Stores, Inc. *		635		158,325
CarMax, Inc. *		468		38,830
Carter’s, Inc.		926		38,216
Cava Group, Inc. *		66		6,272
Chipotle Mexican Grill, Inc. *		5,319		287,066
Choice Hotels International, Inc.		670		96,004
Churchill Downs, Inc.		255		30,218
Columbia Sportswear Co.		1,522		132,170
Coupang, Inc. *		5,854		138,740
D.R. Horton, Inc.		1,349		171,067
Darden Restaurants, Inc.		531		106,444
Deckers Outdoor Corp. *		203		28,290
Dick’s Sporting Goods, Inc.		630		141,813
Domino’s Pizza, Inc.		468		229,184
DoorDash, Inc., Class A *		479		95,053
Duolingo, Inc. *		33		10,298
eBay, Inc.		17,149		1,110,226
Expedia Group, Inc. *		1,490		294,960
Five Below, Inc. *		126		10,948
Floor & Decor Holdings, Inc., Class A *		531		51,311
Ford Motor Co.		32,647		311,779
Garmin Ltd.		2,281		522,189
General Motors Co.		14,071		691,308
Gentex Corp.		6,171		150,079
Genuine Parts Co.		3,583		447,445
Grand Canyon Education, Inc. *		1,455		261,638
H&R Block, Inc.		7,556		411,878
Harley-Davidson, Inc.		1,844		47,501
Hasbro, Inc.		775		50,460
Hilton Worldwide Holdings, Inc.		1,194		316,362
Home Depot, Inc.		316		125,326
Hyatt Hotels Corp., Class A		271		38,197
Las Vegas Sands Corp.		1,421		63,533
Lear Corp.		406		38,160
Leggett & Platt, Inc.		798		7,318
Lennar Corp., Class A		3,132		374,681
Lennar Corp., Class B		155		17,934
Lithia Motors, Inc.		31		10,678
LKQ Corp.		3,972		167,579
Lowe’s Cos., Inc.		1,124		279,471
Lululemon Athletica, Inc. *		178		65,079

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Marriott International, Inc., Class A		654		183,414
Mattel, Inc. *		4,085		87,011
McDonald’s Corp.		521		160,640
MGM Resorts International *		245		8,516
Mohawk Industries, Inc. *		665		78,197
Murphy USA, Inc.		710		333,160
Newell Brands, Inc.		984		6,317
NIKE, Inc., Class B		2,984		237,019
NVR, Inc. *		76		550,664
Ollie’s Bargain Outlet Holdings, Inc. *		1,365		141,291
O’Reilly Automotive, Inc. *		538		739,018
Penske Automotive Group, Inc.		173		29,190
Polaris, Inc.		406		18,238
Pool Corp.		347		120,409
PulteGroup, Inc.		5,223		539,431
PVH Corp.		562		42,060
Ralph Lauren Corp.		1,972		534,688
Ross Stores, Inc.		1,542		216,373
Service Corp. International		2,870		232,470
SharkNinja, Inc. *		1,557		163,625
Skechers U.S.A., Inc., Class A *		4,605		280,859
Starbucks Corp.		1,449		167,809
Tapestry, Inc.		2,251		192,280
Texas Roadhouse, Inc.		1,953		359,528
Thor Industries, Inc.		635		63,113
TJX Cos., Inc.		4,427		552,313
Toll Brothers, Inc.		1,587		177,173
TopBuild Corp. *		163		49,942
Tractor Supply Co.		15,376		851,062
Travel + Leisure Co.		1,620		90,428
Ulta Beauty, Inc. *		282		103,314
Under Armour, Inc., Class A *		2,472		16,834
Under Armour, Inc., Class C *		3,204		20,345
Vail Resorts, Inc.		416		66,140
Valvoline, Inc. *		2,469		91,057
VF Corp.		1,387		34,578
Whirlpool Corp.		593		60,361
Williams-Sonoma, Inc.		1,397		271,828
Wingstop, Inc.		215		50,478
Wyndham Hotels & Resorts, Inc.		715		77,456
Wynn Resorts Ltd.		100		8,932
Yum! Brands, Inc.		1,781		278,495

(Cost $15,461,027)				18,241,556

Consumer Staples — 8.8%
Albertsons Cos., Inc., Class A		5,789		121,800
Altria Group, Inc.		22,907		1,279,356
Archer-Daniels-Midland Co.		12,608		595,098
BellRing Brands, Inc. *		3,209		235,155
BJ’s Wholesale Club Holdings, Inc. *		7,745		784,259


	Number of Shares		Value $
Boston Beer Co., Inc., Class A *		106		25,840
Brown-Forman Corp., Class B		337		11,158
Bunge Global SA		2,291		169,969
Casey’s General Stores, Inc.		1,039		430,364
Church & Dwight Co., Inc.		3,876		431,011
Clorox Co.		1,241		194,080
Coca-Cola Co.		1,657		117,995
Coca-Cola Consolidated, Inc.		305		432,222
Colgate-Palmolive Co.		6,380		581,665
Conagra Brands, Inc.		8,425		215,174
Constellation Brands, Inc., Class A		723		126,886
Costco Wholesale Corp.		265		277,882
Darling Ingredients, Inc. *		381		13,750
Dollar General Corp.		2,446		181,444
Dollar Tree, Inc. *		1,449		105,574
Flowers Foods, Inc.		6,694		125,446
Freshpet, Inc. *		162		17,339
General Mills, Inc.		6,893		417,854
Grocery Outlet Holding Corp. *		4,072		48,335
Hershey Co.		1,608		277,718
Hormel Foods Corp.		4,663		133,502
Ingredion, Inc.		4,203		548,954
J M Smucker Co.		354		39,128
Kellanova		6,208		514,643
Kenvue, Inc.		21,283		502,279
Keurig Dr Pepper, Inc.		4,158		139,376
Kimberly-Clark Corp.		5,990		850,640
Kraft Heinz Co.		5,047		154,993
Kroger Co.		20,729		1,343,654
Lamb Weston Holdings, Inc.		3,000		155,610
Maplebear, Inc. *		254		10,437
McCormick & Co., Inc.		2,614		215,942
Molson Coors Beverage Co., Class B		5,685		348,434
Mondelez International, Inc., Class A		2,841		182,477
Monster Beverage Corp. *		3,731		203,899
PepsiCo, Inc.		814		124,925
Philip Morris International, Inc.		2,659		412,889
Pilgrim’s Pride Corp. *		1,282		69,728
Post Holdings, Inc. *		2,717		308,407
Procter & Gamble Co.		833		144,809
Reynolds Consumer Products, Inc.		2,215		54,223
Spectrum Brands Holdings, Inc.		395		30,589
Sysco Corp.		2,380		179,785
Target Corp.		3,262		405,271
The Campbell’s Company		1,547		61,973
Tyson Foods, Inc., Class A		10,369		636,034
US Foods Holding Corp. *		1,852		132,751

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Walmart, Inc.		917		90,425

(Cost $14,145,035)				15,213,151

Energy — 2.1%
Antero Midstream Corp.		2,661		45,104
Baker Hughes Co.		7,800		347,802
Cheniere Energy, Inc.		535		122,280
Chevron Corp.		1,049		166,392
ConocoPhillips		1,015		100,637
Coterra Energy, Inc.		13,723		370,384
Devon Energy Corp.		876		31,729
Diamondback Energy, Inc.		155		24,639
DT Midstream, Inc.		2,538		243,876
EOG Resources, Inc.		2,426		307,956
Expand Energy Corp. (a)		5,834		576,866
Exxon Mobil Corp.		1,139		126,805
Halliburton Co.		398		10,495
Hess Corp.		258		38,427
HF Sinclair Corp.		458		16,154
Kinder Morgan, Inc.		7,891		213,846
Marathon Petroleum Corp.		1,007		151,231
Occidental Petroleum Corp.		234		11,429
Phillips 66		647		83,909
Schlumberger NV		1,204		50,159
TechnipFMC PLC		1,438		42,335
Texas Pacific Land Corp.		59		84,249
Valero Energy Corp.		1,222		159,752
Viper Energy, Inc., Class A		311		14,483
Weatherford International PLC		456		28,231
Williams Cos., Inc.		5,580		324,644

(Cost $3,156,790)				3,693,814

Financials — 15.4%
Affiliated Managers Group, Inc.		1,878		320,856
Aflac, Inc.		3,510		384,240
Allstate Corp.		387		77,071
Ally Financial, Inc.		746		27,677
American Express Co.		531		159,810
American Financial Group, Inc.		1,084		136,888
American International Group, Inc.		956		79,291
Ameriprise Financial, Inc.		331		177,846
Aon PLC, Class A		1,075		439,804
Apollo Global Management, Inc.		766		114,341
Arch Capital Group Ltd.		18,761		1,743,085
Ares Management Corp., Class A		371		63,419
Arthur J Gallagher & Co.		365		123,275
Assurant, Inc.		965		200,614
Assured Guaranty Ltd.		1,510		131,868
Axis Capital Holdings Ltd.		1,719		166,537
Bank of America Corp.		1,032		47,575
Bank of New York Mellon Corp.		2,274		202,272


	Number of Shares		Value $
Bank OZK		1,720		82,577
Berkshire Hathaway, Inc., Class B *		536		275,413
Blackrock, Inc.		192		187,734
Blackstone, Inc.		438		70,588
Blue Owl Capital, Inc.		1,218		26,224
BOK Financial Corp.		140		15,254
Brown & Brown, Inc.		4,135		490,163
Capital One Financial Corp.		1,846		370,215
Cboe Global Markets, Inc.		2,339		493,061
Charles Schwab Corp.		612		48,672
Chubb Ltd.		1,811		517,004
Cincinnati Financial Corp.		6,354		939,185
Citigroup, Inc.		473		37,816
Citizens Financial Group, Inc.		1,931		88,382
CME Group, Inc.		362		91,865
CNA Financial Corp.		340		16,650
Columbia Banking System, Inc.		1,562		41,752
Comerica, Inc.		729		46,897
Commerce Bancshares, Inc.		1,118		72,726
Corebridge Financial, Inc.		2,231		77,371
Corpay, Inc. *		1,039		381,365
Credit Acceptance Corp. *		37		18,218
Cullen/Frost Bankers, Inc.		394		53,990
Discover Financial Services		669		130,582
East West Bancorp, Inc.		1,177		111,144
Equitable Holdings, Inc.		1,127		62,008
Euronet Worldwide, Inc. *		775		79,406
Evercore, Inc., Class A		929		224,632
Everest Group Ltd.		2,082		735,404
FactSet Research Systems, Inc.		772		356,463
Fidelity National Financial, Inc.		1,984		128,028
Fidelity National Information Services, Inc.		624		44,379
Fifth Third Bancorp		2,218		96,416
First American Financial Corp.		525		34,487
First Citizens BancShares, Inc., Class A		246		503,823
First Hawaiian, Inc.		904		24,327
First Horizon Corp.		2,909		62,660
Fiserv, Inc. *		1,190		280,471
FNB Corp.		2,537		37,649
Franklin Resources, Inc.		575		11,644
Global Payments, Inc.		560		58,957
Globe Life, Inc.		3,785		482,323
Goldman Sachs Group, Inc.		46		28,625
Hanover Insurance Group, Inc.		257		43,826
Hartford Insurance Group, Inc.		4,578		541,486
Houlihan Lokey, Inc.		2,198		381,023
Huntington Bancshares, Inc.		7,663		126,210
Interactive Brokers Group, Inc., Class A		907		185,391

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Intercontinental Exchange, Inc.		488		84,536
Invesco Ltd.		598		10,399
Jack Henry & Associates, Inc.		1,173		203,621
Janus Henderson Group PLC		6,705		282,951
Jefferies Financial Group, Inc.		119		7,878
JPMorgan Chase & Co.		87		23,025
KeyCorp		2,303		39,888
Kinsale Capital Group, Inc.		771		332,956
KKR & Co., Inc.		151		20,474
Loews Corp.		2,676		231,929
LPL Financial Holdings, Inc.		1,596		593,297
M&T Bank Corp.		943		180,792
Markel Group, Inc. *		315		609,034
MarketAxess Holdings, Inc.		423		81,550
Marsh & McLennan Cos., Inc.		2,057		489,237
Mastercard, Inc., Class A		114		65,699
MetLife, Inc.		1,282		110,483
MGIC Investment Corp.		16,523		406,631
Moody’s Corp.		612		308,411
Morningstar, Inc.		155		48,627
MSCI, Inc.		563		332,457
Nasdaq, Inc.		2,664		220,526
Northern Trust Corp.		1,079		118,927
NU Holdings Ltd., Class A *		1,373		14,760
Old Republic International Corp.		6,123		235,797
OneMain Holdings, Inc.		493		26,494
PayPal Holdings, Inc. *		3,853		273,756
Pinnacle Financial Partners, Inc.		445		50,846
PNC Financial Services Group, Inc.		746		143,172
Popular, Inc.		459		46,097
Primerica, Inc.		1,081		313,490
Principal Financial Group, Inc.		741		65,979
Progressive Corp.		1,675		472,350
Prosperity Bancshares, Inc.		592		45,442
Prudential Financial, Inc.		869		100,022
Raymond James Financial, Inc.		1,684		260,464
Regions Financial Corp.		4,578		108,544
Reinsurance Group of America, Inc.		796		161,341
RenaissanceRe Holdings Ltd.		3,287		781,057
Rithm Capital Corp. REIT		4,158		50,520
RLI Corp.		4,278		325,513
Ryan Specialty Holdings, Inc.		499		34,925
S&P Global, Inc.		181		96,607
SEI Investments Co.		5,106		408,735
SLM Corp.		2,113		63,791
Starwood Property Trust, Inc. REIT		701		14,385
State Street Corp.		796		78,987
Stifel Financial Corp.		788		83,678
Synchrony Financial		7,844		475,974


	Number of Shares		Value $
Synovus Financial Corp.		688		35,693
T. Rowe Price Group, Inc.		5,158		545,304
Toast, Inc., Class A *		678		26,171
TPG, Inc.		534		29,455
Tradeweb Markets, Inc., Class A		1,985		268,709
Travelers Cos., Inc.		1,761		455,201
Truist Financial Corp.		859		39,815
Unum Group		2,770		227,943
US Bancorp		1,418		66,504
Virtu Financial, Inc., Class A		834		30,491
Visa, Inc., Class A		214		77,620
Voya Financial, Inc.		683		49,354
W.R. Berkley Corp.		7,966		502,495
Webster Financial Corp.		525		29,568
Wells Fargo & Co.		1,149		89,990
Western Union Co.		14,243		154,252
WEX, Inc. *		343		53,885
White Mountains Insurance Group Ltd.		158		292,221
Willis Towers Watson PLC		850		288,702
Wintrust Financial Corp.		339		42,195
Zions Bancorp NA		757		40,908

(Cost $21,631,482)				26,693,485

Health Care — 12.0%
Abbott Laboratories		1,015		140,080
AbbVie, Inc.		795		166,179
Acadia Healthcare Co., Inc. *		336		10,073
Agilent Technologies, Inc.		1,338		171,157
Align Technology, Inc. *		218		40,773
Amedisys, Inc. *		266		24,472
Amgen, Inc.		429		132,158
Avantor, Inc. *		890		14,863
Baxter International, Inc.		1,625		56,079
Becton Dickinson & Co.		590		133,063
BioMarin Pharmaceutical, Inc. *		187		13,307
Bio-Rad Laboratories, Inc., Class A *		49		12,993
Bio-Techne Corp.		406		25,070
Boston Scientific Corp. *		1,677		174,056
Bristol-Myers Squibb Co.		8,443		503,372
Bruker Corp.		281		13,269
Cardinal Health, Inc.		15,104		1,955,666
Cencora, Inc.		5,489		1,391,681
Centene Corp. *		4,612		268,234
Charles River Laboratories International, Inc. *		146		24,135
Chemed Corp.		444		266,755
Cigna Group		1,937		598,242
Cooper Cos., Inc. *		714		64,531
CVS Health Corp.		5,030		330,572
Danaher Corp.		201		41,760
DaVita, Inc. *		2,796		413,472

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
DENTSPLY SIRONA, Inc.		660		10,923
Dexcom, Inc. *		1,188		104,984
Doximity, Inc., Class A *		167		11,773
Edwards Lifesciences Corp. *		4,316		309,112
Elevance Health, Inc.		953		378,227
Eli Lilly & Co.		21		19,333
Encompass Health Corp.		3,971		397,656
Envista Holdings Corp. *		455		9,091
Exelixis, Inc. *		6,121		236,821
GE HealthCare Technologies, Inc.		7,616		665,258
Gilead Sciences, Inc.		4,395		502,392
Globus Medical, Inc., Class A *		281		22,570
HCA Healthcare, Inc.		1,245		381,343
Henry Schein, Inc. *		337		24,321
Hologic, Inc. *		4,234		268,393
Humana, Inc.		3,080		832,894
IDEXX Laboratories, Inc. *		105		45,897
Illumina, Inc. *		89		7,898
Incyte Corp. *		2,610		191,835
Insulet Corp. *		246		66,978
Intuitive Surgical, Inc. *		286		163,921
IQVIA Holdings, Inc. *		215		40,592
Jazz Pharmaceuticals PLC *		1,247		178,982
Johnson & Johnson		1,125		185,647
Labcorp Holdings, Inc.		1,191		298,989
Masimo Corp. *		340		64,182
McKesson Corp.		3,875		2,481,008
Medpace Holdings, Inc. *		468		153,186
Medtronic PLC		2,836		260,969
Merck & Co., Inc.		626		57,749
Mettler-Toledo International, Inc. *		91		115,818
Molina Healthcare, Inc. *		259		77,990
Neurocrine Biosciences, Inc. *		958		113,734
Organon & Co.		5,618		83,764
Penumbra, Inc. *		192		54,804
Perrigo Co. PLC		3,768		109,272
Pfizer, Inc.		916		24,210
Premier, Inc., Class A		4,908		89,227
QIAGEN NV *		1,608		61,747
Quest Diagnostics, Inc.		2,034		351,679
Regeneron Pharmaceuticals, Inc.		243		169,794
ResMed, Inc.		2,264		528,689
Revvity, Inc.		275		30,841
Royalty Pharma PLC, Class A		7,342		246,985
Solventum Corp. *		7,472		595,892
STERIS PLC		568		124,540
Stryker Corp.		512		197,729
Teleflex, Inc.		211		28,010
Tenet Healthcare Corp. *		292		36,964
Thermo Fisher Scientific, Inc.		114		60,301


	Number of Shares		Value $
United Therapeutics Corp. *		2,221		710,831
UnitedHealth Group, Inc.		199		94,517
Universal Health Services, Inc., Class B		2,169		380,117
Veeva Systems, Inc., Class A *		798		178,864
Vertex Pharmaceuticals, Inc. *		489		234,617
Viatris, Inc.		30,347		280,103
Waters Corp. *		49		18,490
West Pharmaceutical Services, Inc.		521		121,049
Zimmer Biomet Holdings, Inc.		1,425		148,656
Zoetis, Inc.		510		85,292

(Cost $18,120,418)				20,713,462

Industrials — 18.5%
3M Co.		872		135,265
A O Smith Corp.		3,357		223,173
AAON, Inc.		1,646		126,413
Acuity Brands, Inc.		1,162		345,265
Advanced Drainage Systems, Inc.		237		26,399
AECOM		2,499		250,025
AGCO Corp.		874		84,752
Alaska Air Group, Inc. *		4,387		317,092
Allegion PLC		1,914		246,351
Allison Transmission Holdings, Inc.		5,285		537,749
Amentum Holdings, Inc. *		824		16,183
American Airlines Group, Inc. *		2,032		29,159
AMETEK, Inc.		1,056		199,901
API Group Corp. *		635		24,936
Armstrong World Industries, Inc.		1,241		190,692
Automatic Data Processing, Inc.		1,176		370,652
Axon Enterprise, Inc. *		68		35,935
AZEK Co., Inc. *		1,185		55,517
Booz Allen Hamilton Holding Corp.		1,981		210,105
Broadridge Financial Solutions, Inc.		2,215		534,302
Builders FirstSource, Inc. *		652		90,621
BWX Technologies, Inc.		2,097		218,025
C.H. Robinson Worldwide, Inc.		1,193		121,233
CACI International, Inc., Class A *		1,414		473,478
Carlisle Cos., Inc.		918		312,818
Carrier Global Corp.		3,725		241,380
Caterpillar, Inc.		773		265,873
Cintas Corp.		1,296		268,920
Clean Harbors, Inc. *		701		149,699
CNH Industrial NV		5,074		65,353
Comfort Systems USA, Inc.		705		256,148
Copart, Inc. *		4,475		245,230
Core & Main, Inc., Class A *		12,296		627,219
Crane Co.		1,391		226,719

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
CSX Corp.		7,055		225,831
Cummins, Inc.		2,601		957,636
Curtiss-Wright Corp.		811		260,866
Dayforce, Inc. *		324		20,085
Deere & Co.		178		85,581
Delta Air Lines, Inc.		8,161		490,639
Donaldson Co., Inc.		4,178		288,658
Dover Corp.		1,526		303,323
Dun & Bradstreet Holdings, Inc.		1,581		14,340
Eaton Corp. PLC		559		163,966
EMCOR Group, Inc.		1,295		529,538
Emerson Electric Co.		1,117		135,838
Equifax, Inc.		237		58,112
Esab Corp.		927		116,153
Everus Construction Group, Inc. *		2,050		85,280
Expeditors International of Washington, Inc.		2,145		251,737
Fastenal Co.		7,002		530,261
FedEx Corp.		1,380		362,802
Ferguson Enterprises, Inc.		1,139		202,172
Flowserve Corp.		2,933		161,432
Fortive Corp.		2,203		175,227
Fortune Brands Innovations, Inc.		531		34,366
FTI Consulting, Inc. *		601		99,526
Gates Industrial Corp. PLC *		7,577		163,966
GE Aerospace		1,332		275,697
GE Vernova, Inc.		373		125,022
Generac Holdings, Inc. *		199		27,094
General Dynamics Corp.		1,424		359,702
Genpact Ltd.		3,833		203,992
Graco, Inc.		2,731		237,788
GXO Logistics, Inc. *		480		18,922
HEICO Corp.		47		12,440
HEICO Corp., Class A		94		20,037
Hexcel Corp.		327		20,722
Honeywell International, Inc.		740		157,539
Howmet Aerospace, Inc.		1,327		181,268
Hubbell, Inc.		476		176,877
Huntington Ingalls Industries, Inc.		1,731		303,929
IDEX Corp.		728		141,472
Illinois Tool Works, Inc.		984		259,756
Ingersoll Rand, Inc.		2,861		242,556
ITT, Inc.		2,340		330,502
Jacobs Solutions, Inc.		5,448		697,943
JB Hunt Transport Services, Inc.		657		105,902
Johnson Controls International PLC		3,383		289,788
KBR, Inc.		1,407		68,985
Kirby Corp. *		1,942		202,395
Knight-Swift Transportation Holdings, Inc.		1,454		73,340


	Number of Shares		Value $
L3Harris Technologies, Inc.		760		156,644
Landstar System, Inc.		666		105,761
Leidos Holdings, Inc.		6,322		821,670
Lennox International, Inc.		421		253,042
Lincoln Electric Holdings, Inc.		822		169,899
Lockheed Martin Corp.		1,040		468,385
ManpowerGroup, Inc.		468		26,971
Masco Corp.		4,189		314,929
MasTec, Inc. *		874		114,136
Middleby Corp. *		268		44,330
MSA Safety, Inc.		259		42,398
MSC Industrial Direct Co., Inc., Class A		1,066		85,664
Nordson Corp.		265		55,727
Norfolk Southern Corp.		420		103,215
Northrop Grumman Corp.		550		253,957
nVent Electric PLC		1,575		95,036
Old Dominion Freight Line, Inc.		1,419		250,453
Oshkosh Corp.		1,482		151,609
Otis Worldwide Corp.		3,098		309,118
Owens Corning		2,376		365,999
PACCAR, Inc.		6,165		661,135
Parker-Hannifin Corp.		331		221,277
Parsons Corp. *		2,730		158,941
Paychex, Inc.		2,843		431,198
Paycom Software, Inc.		487		106,882
Paylocity Holding Corp. *		218		44,535
Pentair PLC		2,364		222,689
Quanta Services, Inc.		880		228,474
RBC Bearings, Inc. *		105		37,716
Regal Rexnord Corp.		246		31,832
Republic Services, Inc.		1,429		338,702
Robert Half, Inc.		1,429		84,440
Rockwell Automation, Inc.		378		108,543
Rollins, Inc.		5,674		297,261
RTX Corp.		1,917		254,942
Ryder System, Inc.		1,515		249,172
Saia, Inc. *		225		92,124
Schneider National, Inc., Class B		1,783		47,036
Science Applications International Corp.		3,164		312,572
Sensata Technologies Holding PLC		623		17,974
Simpson Manufacturing Co., Inc.		654		107,518
SiteOne Landscape Supply, Inc. *		269		33,977
Snap-on, Inc.		1,850		631,165
Southwest Airlines Co.		23,233		721,617
SS&C Technologies Holdings, Inc.		3,285		292,529
Stanley Black & Decker, Inc.		373		32,276
Tetra Tech, Inc.		5,233		152,751
Textron, Inc.		3,490		260,808

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Timken Co.		1,027		83,187
Toro Co.		411		32,966
Trane Technologies PLC		900		318,330
TransDigm Group, Inc.		122		166,798
TransUnion		530		48,988
Trex Co., Inc. *		770		47,501
U-Haul Holding Co.		661		40,685
U-Haul Holding Co. *		285		19,736
Union Pacific Corp.		319		78,694
United Airlines Holdings, Inc. *		477		44,747
United Parcel Service, Inc., Class B		1,577		187,710
United Rentals, Inc.		285		183,061
Valmont Industries, Inc.		418		145,619
Veralto Corp.		3,346		333,797
Verisk Analytics, Inc.		1,159		344,119
Vertiv Holdings Co., Class A		360		34,261
Vestis Corp.		1,420		16,827
W.W. Grainger, Inc.		496		506,520
Waste Management, Inc.		1,853		431,341
Watsco, Inc.		578		291,503
WESCO International, Inc.		188		33,928
Westinghouse Air Brake
Technologies Corp.		1,687		312,702
WillScot Holdings Corp. *		530		17,464
Woodward, Inc.		1,372		259,301
XPO, Inc. *		114		14,017

(Cost $27,295,473)				32,136,416

Information Technology — 12.7%
Accenture PLC, Class A		359		125,112
Adobe, Inc. *		324		142,093
Advanced Micro Devices, Inc. *		140		13,980
Akamai Technologies, Inc. *		1,320		106,498
Amdocs Ltd.		7,213		629,334
Amkor Technology, Inc.		811		17,112
Amphenol Corp., Class A		8,228		547,985
Analog Devices, Inc.		539		124,002
ANSYS, Inc. *		613		204,282
Appfolio, Inc., Class A *		141		30,245
Apple, Inc.		1,123		271,586
Applied Materials, Inc.		2,399		379,210
Arista Networks, Inc. *		1,909		177,632
Arrow Electronics, Inc. *		545		58,898
Aspen Technology, Inc. *		213		56,498
Astera Labs, Inc. *		847		62,974
Atlassian Corp., Class A *		197		55,999
Autodesk, Inc. *		1,061		290,937
Avnet, Inc.		1,484		75,001
Bentley Systems, Inc., Class B		468		20,545
Broadcom, Inc.		260		51,852
Cadence Design Systems, Inc. *		587		147,044


	Number of Shares		Value $
CCC Intelligent Solutions Holdings, Inc. *		4,348		44,306
CDW Corp.		767		136,679
Ciena Corp. *		3,526		280,564
Cirrus Logic, Inc. *		2,727		284,181
Cisco Systems, Inc.		2,710		173,738
Cognex Corp.		1,296		42,509
Cognizant Technology Solutions Corp., Class A		10,588		882,298
Corning, Inc.		7,875		394,931
Crane NXT Co.		969		54,090
Crowdstrike Holdings, Inc., Class A *		197		76,763
Datadog, Inc., Class A *		155		18,065
Dell Technologies, Inc., Class C		2,375		244,055
DocuSign, Inc. *		895		74,437
Dolby Laboratories, Inc., Class A		937		76,469
DoubleVerify Holdings, Inc. *		1,300		18,070
Dropbox, Inc., Class A *		15,169		394,091
DXC Technology Co. *		1,269		23,312
Dynatrace, Inc. *		759		43,453
Entegris, Inc.		311		31,479
EPAM Systems, Inc. *		402		82,868
F5, Inc. *		3,293		962,972
Fair Isaac Corp. *		95		179,203
First Solar, Inc. *		155		21,108
Fortinet, Inc. *		4,453		480,969
Gartner, Inc. *		965		480,879
Gen Digital, Inc.		15,229		416,209
Globant SA *		228		34,321
GoDaddy, Inc., Class A *		4,210		755,695
Guidewire Software, Inc. *		1,200		241,584
Hewlett Packard Enterprise Co.		44,539		882,318
HP, Inc.		11,622		358,771
HubSpot, Inc. *		70		50,679
Intel Corp.		461		10,940
International Business Machines Corp.		1,877		473,830
Intuit, Inc.		598		367,076
IPG Photonics Corp. *		255		14,838
Jabil, Inc.		7,084		1,097,453
Juniper Networks, Inc.		8,188		296,406
Keysight Technologies, Inc. *		237		37,809
KLA Corp.		592		419,633
Kyndryl Holdings, Inc. *		943		35,909
Lam Research Corp.		3,162		242,652
Lattice Semiconductor Corp. *		677		42,204
Littelfuse, Inc.		156		36,209
MACOM Technology Solutions Holdings, Inc. *		211		24,404
Manhattan Associates, Inc. *		1,138		201,289
Marvell Technology, Inc.		646		59,316
Microchip Technology, Inc.		591		34,786

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Micron Technology, Inc.		1,257		117,693
Microsoft Corp.		592		235,018
Monolithic Power Systems, Inc.		260		158,863
Motorola Solutions, Inc.		1,122		493,927
nCino, Inc. *		777		24,328
NetApp, Inc.		8,938		892,102
Nutanix, Inc., Class A *		1,748		134,404
NVIDIA Corp.		827		103,309
Okta, Inc. *		201		18,189
Onto Innovation, Inc. *		288		41,950
Oracle Corp.		209		34,707
Palo Alto Networks, Inc. *		1,549		294,976
Pegasystems, Inc.		196		15,388
Procore Technologies, Inc. *		533		40,759
PTC, Inc. *		849		138,922
Pure Storage, Inc., Class A *		2,182		114,490
Qorvo, Inc. *		1,773		128,879
QUALCOMM, Inc.		3,507		551,195
Roper Technologies, Inc.		248		144,956
Salesforce, Inc.		783		233,217
ServiceNow, Inc. *		229		212,915
Skyworks Solutions, Inc.		5,079		338,566
Synopsys, Inc. *		281		128,496
TD SYNNEX Corp.		1,757		241,570
Teledyne Technologies, Inc. *		254		130,815
Teradata Corp. *		4,569		108,925
Teradyne, Inc.		2,792		306,729
Texas Instruments, Inc.		1,466		287,321
Trimble, Inc. *		636		45,779
Twilio, Inc., Class A *		82		9,834
Tyler Technologies, Inc. *		459		279,269
Ubiquiti, Inc.		47		16,059
Universal Display Corp.		645		99,085
VeriSign, Inc. *		1,216		289,262
Vontier Corp.		1,700		63,495
Workday, Inc., Class A *		719		189,341
Zebra Technologies Corp., Class A *		61		19,218
Zoom Communications, Inc. *		573		42,230
Zscaler, Inc. *		59		11,578

(Cost $19,488,916)				21,962,398

Materials — 4.7%
Air Products and Chemicals, Inc.		1,091		344,920
Albemarle Corp.		211		16,253
Amcor PLC		23,199		234,774
AptarGroup, Inc.		1,748		256,519
Ashland, Inc.		543		33,025
ATI, Inc. *		472		27,452
Avery Dennison Corp.		649		121,993
Axalta Coating Systems Ltd. *		2,157		78,105
Ball Corp.		2,685		141,473


	Number of Shares		Value $
Berry Global Group, Inc.		2,495		180,064
Celanese Corp.		278		14,161
CF Industries Holdings, Inc.		4,215		341,499
Corteva, Inc.		3,918		246,756
CRH PLC		5,644		578,623
Crown Holdings, Inc.		1,505		134,893
Dow, Inc.		1,297		49,429
DuPont de Nemours, Inc.		2,450		200,336
Eagle Materials, Inc.		1,107		250,414
Eastman Chemical Co.		2,725		266,641
Ecolab, Inc.		1,066		286,765
Element Solutions, Inc.		1,866		48,721
FMC Corp.		187		6,900
Freeport-McMoRan, Inc.		757		27,941
Graphic Packaging Holding Co.		6,959		185,666
Huntsman Corp.		659		11,157
International Flavors & Fragrances, Inc.		486		39,760
International Paper Co.		9,658		544,228
Linde PLC		341		159,264
Louisiana-Pacific Corp.		217		21,628
LyondellBasell Industries NV, Class A		1,084		83,284
Martin Marietta Materials, Inc.		417		201,469
Mosaic Co.		746		17,844
NewMarket Corp.		298		169,893
Nucor Corp.		1,361		187,097
Olin Corp.		268		6,805
Packaging Corp. of America		1,740		370,777
PPG Industries, Inc.		632		71,555
Reliance, Inc.		1,846		548,557
Royal Gold, Inc.		1,496		219,912
RPM International, Inc.		2,815		348,750
Scotts Miracle-Gro Co.		1,633		95,645
Sealed Air Corp.		618		21,123
Sherwin-Williams Co.		558		202,147
Silgan Holdings, Inc.		1,540		83,637
Smurfit WestRock PLC		650		33,846
Sonoco Products Co.		1,315		62,883
Southern Copper Corp.		342		30,414
Steel Dynamics, Inc.		2,384		322,007
United States Steel Corp.		700		28,154
Vulcan Materials Co.		807		199,579
Westlake Corp.		210		23,583

(Cost $6,947,613)				8,178,321

Real Estate — 3.1%
Agree Realty Corp. REIT		949		70,036
American Homes 4 Rent, Class A REIT		2,042		75,574
American Tower Corp. REIT		139		28,581
AvalonBay Communities, Inc. REIT		1,216		275,035

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $
Brixmor Property Group, Inc. REIT		2,847		79,602
BXP, Inc. REIT		457		32,415
Camden Property Trust REIT		1,639		203,334
CBRE Group, Inc., Class A *		1,947		276,357
CoStar Group, Inc. *		158		12,047
Cousins Properties, Inc. REIT		804		24,385
Crown Castle, Inc. REIT		959		90,242
CubeSmart REIT		4,559		188,196
Digital Realty Trust, Inc. REIT		491		76,753
EastGroup Properties, Inc. REIT		341		62,352
Equinix, Inc. REIT		52		47,040
Equity LifeStyle Properties, Inc. REIT		1,588		108,905
Equity Residential REIT		3,457		256,406
Essex Property Trust, Inc. REIT		482		150,177
Extra Space Storage, Inc. REIT		801		122,201
Federal Realty Investment Trust REIT		504		53,132
First Industrial Realty Trust, Inc. REIT		1,659		94,696
Gaming and Leisure Properties, Inc. REIT		1,505		75,476
Healthpeak Properties, Inc. REIT		2,711		55,467
Highwoods Properties, Inc. REIT		1,979		57,648
Host Hotels & Resorts, Inc. REIT		6,657		107,377
Invitation Homes, Inc. REIT		2,079		70,707
Iron Mountain, Inc. REIT		579		53,945
Jones Lang LaSalle, Inc. *		359		97,609
Kilroy Realty Corp. REIT		630		22,491
Kimco Realty Corp. REIT		3,129		69,151
Lamar Advertising Co., Class A REIT		2,029		252,063
Mid-America Apartment Communities, Inc. REIT		1,727		290,343
Mid-America Apartment Communities, Inc. REIT		1,727		290,343
Millrose Properties, Inc. REIT *		1,668		38,130
National Storage Affiliates Trust REIT		1,034		39,933
NNN REIT, Inc. REIT		2,278		96,701
Omega Healthcare Investors, Inc. REIT		770		28,367
Prologis, Inc. REIT		347		43,000
Public Storage REIT		1,441		437,516
Rayonier, Inc. REIT		1,206		31,947
Realty Income Corp. REIT		688		39,237
Regency Centers Corp. REIT		1,045		80,152
Rexford Industrial Realty, Inc. REIT		378		15,619
SBA Communications Corp. REIT		419		91,300
Simon Property Group, Inc. REIT		839		156,130
STAG Industrial, Inc. REIT		998		35,908
UDR, Inc. REIT		4,217		190,524
VICI Properties, Inc. REIT		7,924		257,451


	Number of Shares		Value $
Vornado Realty Trust REIT		315		13,243
Welltower, Inc. REIT		147		22,566
Weyerhaeuser Co. REIT		3,171		95,447
WP Carey, Inc. REIT		1,783		114,486

(Cost $4,751,825)				5,307,400

Utilities — 7.9%
AES Corp.		2,967		34,388
Alliant Energy Corp.		4,566		294,644
Ameren Corp.		5,806		589,657
American Electric Power Co., Inc.		4,413		467,999
American Water Works Co., Inc.		1,113		151,335
Atmos Energy Corp.		2,944		447,871
Brookfield Renewable Corp.		819		22,809
CenterPoint Energy, Inc.		11,726		403,140
Clearway Energy, Inc., Class A		641		16,961
Clearway Energy, Inc., Class C		1,372		38,443
CMS Energy Corp.		5,958		435,232
Consolidated Edison, Inc.		3,711		376,741
Constellation Energy Corp.		76		19,041
Dominion Energy, Inc.		9,153		518,243
DTE Energy Co.		1,940		259,378
Duke Energy Corp.		2,972		349,180
Edison International		4,852		264,143
Entergy Corp.		10,748		938,408
Essential Utilities, Inc.		3,915		148,692
Evergy, Inc.		7,737		533,157
Eversource Energy		2,118		133,455
Exelon Corp.		12,414		548,699
FirstEnergy Corp.		7,030		272,553
IDACORP, Inc.		1,531		180,520
MDU Resources Group, Inc.		13,018		224,560
National Fuel Gas Co.		5,346		402,019
NextEra Energy, Inc.		3,648		255,980
NiSource, Inc.		12,477		509,186
NRG Energy, Inc.		4,215		445,568
OGE Energy Corp.		8,881		411,013
PG&E Corp.		7,282		118,988
Pinnacle West Capital Corp.		4,462		412,913
PPL Corp.		11,810		415,830
Public Service Enterprise Group, Inc.		8,536		692,696
Sempra		5,639		403,583
Southern Co.		3,951		354,760
UGI Corp.		4,092		139,783
Vistra Corp.		3,060		409,000
WEC Energy Group, Inc.		4,713		502,830
Xcel Energy, Inc.		8,223		592,878

(Cost $11,671,036)				13,736,276

TOTAL COMMON STOCKS

(Cost $148,051,881)				172,172,942

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 ETF		800		261,112
Vanguard S&P 500 ETF		293		160,075

(Cost $336,745)				421,187

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $498,750)		498,750		498,750


	Number of Shares		Value $

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $627,939)		627,939		627,939

TOTAL INVESTMENTS — 100.1%

(Cost $149,515,315)				173,720,818
Other assets and liabilities, net — (0.1%)				(249,150	)
NET ASSETS — 100.0%				173,471,668

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
285,484		213,266	(d)		—			—		—		409		—		498,750		498,750

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
911,119		1,805,221			(2,088,401	)		—		—		19,886		—		627,939		627,939

1,196,603		2,018,487			(2,088,401	)		—		—		20,295		—		1,126,689		1,126,689

*	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 28, 2025 amounted to $488,800, which is 0.3% 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 28, 2025.

REIT: Real Estate Investment Trust

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Depreciation ($)
Micro E-Mini S&P 500 Index		USD		5		153,590		149,081		3/21/2025		(4,509	)
Micro E-mini S&P MidCap 400 Index		USD		19		605,660		588,943		3/21/2025		(16,717	)
Total unrealized depreciation												(21,226	)

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2025 (Unaudited)

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


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	172,172,942		$	—	$	—	$	172,172,942
Exchange-Traded Funds		421,187			—		—		421,187
Short-Term Investments (a)		1,126,689			—		—		1,126,689

TOTAL	$	173,720,818		$	—	$	—	$	173,720,818

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(21,226	)	$	—	$	—	$	(21,226	)

TOTAL	$	(21,226	)	$	—	$	—	$	(21,226	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 49

Statements of Assets and Liabilities

February 28, 2025 (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	$	50,125,863		$	631,351,173	$	63,307,130	$	172,594,129
Investment in affiliated securities at value		8,546			399,482		—		—
Investment in DWS Government Money Market Series		41,507			741,253		175,814		627,939
Investment in DWS Government & Agency Securities Portfolio*		—			169,575		—		498,750
Foreign currency at value		314,976			255,262		—		—
Deposit with broker for futures contracts		23,112			87,167		10,056		47,619
Receivables:
Investment securities sold		—			2,898,496		—		—
Variation margin on futures contracts		—			21,833		2,630		8,181
Dividends		128,029			698,036		78,384		214,929
Interest		222			2,195		613		1,997
Affiliated securities lending income		—			1		—		9
Foreign tax reclaim		53,880			209,302		—		321
Total assets	$	50,696,135		$	636,833,775	$	63,574,627	$	173,993,874

Liabilities
Payable upon return of securities loaned	$	—		$	169,575	$	—	$	498,750
Payables:
Investment securities purchased		—			2,615,927		—		—
Investment advisory fees		9,320			44,259		9,352		23,456
Variation margin on futures contracts		1,783			—		—		—
Total liabilities		11,103			2,829,761		9,352		522,206
Net Assets, at value	$	50,685,032		$	634,004,014	$	63,565,275	$	173,471,668

Net Assets Consist of
Paid-in capital	$	68,713,755		$	467,821,003	$	57,084,303	$	179,110,283
Distributable earnings (loss)		(18,028,723	)		166,183,011		6,480,972		(5,638,615	)
Net Assets, at value	$	50,685,032		$	634,004,014	$	63,565,275	$	173,471,668
Number of Common Shares outstanding		1,700,001			6,120,001		1,175,001		3,150,001
Net Asset Value	$	29.81		$	103.60	$	54.10	$	55.07

Investment in non-affiliated securities at cost	$	46,042,403		$	455,165,322	$	54,859,309	$	148,388,626
Investment in affiliated securities at cost	$	6,632		$	216,386	$	—	$	—
Value of securities loaned	$	—		$	166,192	$	—	$	488,800
Investment in DWS Government Money Market Series at cost	$	41,507		$	741,253	$	175,814	$	627,939
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	169,575	$	—	$	498,750
Foreign currency at cost	$	312,607		$	255,270	$	—	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

50 | DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2025 (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*	$	560,567		$	4,309,310		$	482,570		$	1,534,703
Income distributions from affiliated funds		2,406			22,779			3,720			19,886
Affiliated securities lending income		129			759			4			409
Total investment income		563,102			4,332,848			486,294			1,554,998

Expenses
Investment advisory fees		60,457			278,108			61,732			149,649
Other expenses		58			58			58			—
Total expenses		60,515			278,166			61,790			149,649
Less fees waived (see note 3):
Waiver		(55	)		(481	)		(81	)		(417	)
Net expenses		60,460			277,685			61,709			149,232
Net investment income (loss)		502,642			4,055,163			424,585			1,405,766

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(170,342	)		(2,171,125	)		11,677			(2,960,709	)
In-kind redemptions		2,164,627			1,243,740			1,679,681			11,786,029
In-kind redemptions in affiliates		1,978			—			—			—
Futures contracts		(24,564	)		105,644			11,519			34,462
Foreign currency transactions		(29,134	)		(11,888	)		—			—
Net realized gain (loss)		1,942,565			(833,629	)		1,702,877			8,859,782
Net change in unrealized appreciation (depreciation) on:

Investments		(3,322,100	)		27,733,477			1,592,974			(6,021,680	)
Investments in affiliates		(48	)		96,747			—			—
Futures contracts		7,490			(112,242	)		(8,152	)		(53,518	)
Foreign currency translations		(7,153	)		(34,572	)		—			—
Net change in unrealized appreciation (depreciation)		(3,321,811	)		27,683,410			1,584,822			(6,075,198	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,379,246	)		26,849,781			3,287,699			2,784,584
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(876,604	)	$	30,904,944		$	3,712,284		$	4,190,350

* Unaffiliated foreign tax withheld	$	65,280		$	115,828		$	—		$	445

See Notes to Financial Statements.

DBX ETF Trust | 51

Statements of Changes in Net Assets


	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	502,642		$	1,624,539		$	4,055,163		$	9,314,664
Net realized gain (loss)		1,942,565			2,596,319			(833,629	)		7,431,168
Net change in net unrealized appreciation (depreciation)		(3,321,811	)		4,667,433			27,683,410			107,943,105
Net increase (decrease) in net assets resulting from operations		(876,604	)		8,888,291			30,904,944			124,688,937
Distributions to Shareholders		(1,228,373	)		(2,338,899	)		(5,024,043	)		(9,549,067	)

Fund Shares Transactions
Proceeds from shares sold		4,652,773			8,495,255			7,091,977			—
Value of shares redeemed		(7,673,404	)		(19,549,122	)		(2,061,124	)		(31,753,923	)
Net increase (decrease) in net assets resulting from fund share transactions		(3,020,631	)		(11,053,867	)		5,030,853			(31,753,923	)
Total net increase (decrease) in Net Assets		(5,125,608	)		(4,504,475	)		30,911,754			83,385,947

Net Assets
Beginning of period		55,810,640			60,315,115			603,092,260			519,706,313
End of period	$	50,685,032		$	55,810,640		$	634,004,014		$	603,092,260

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,800,001			2,200,001			6,070,001			6,430,001
Shares sold		150,000			300,000			70,000			—
Shares redeemed		(250,000	)		(700,000	)		(20,000	)		(360,000	)
Shares outstanding, end of period		1,700,001			1,800,001			6,120,001			6,070,001

See Notes to Financial Statements.

52 | 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 28, 2025 (Unaudited)			Year Ended August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	424,585		$	890,312		$	1,405,766		$	2,143,308
Net realized gain (loss)		1,702,877			9,214,296			8,859,782			13,475,939
Net change in net unrealized appreciation (depreciation)		1,584,822			4,077,149			(6,075,198	)		14,180,288
Net increase (decrease) in net assets resulting from operations		3,712,284			14,181,757			4,190,350			29,799,535
Distributions to Shareholders		(479,618	)		(781,915	)		(1,444,900	)		(2,057,931	)

Fund Shares Transactions
Proceeds from shares sold		–			62,157,154			35,938,301			48,689,872
Value of shares redeemed		(7,953,726	)		(36,312,345	)		(32,727,274	)		(43,881,576	)
Net increase (decrease) in net assets resulting from fund share transactions		(7,953,726	)		25,844,809			3,211,027			4,808,296
Total net increase (decrease) in Net Assets		(4,721,060	)		39,244,651			5,956,477			32,549,900

Net Assets
Beginning of period		68,286,335			29,041,684			167,515,191			134,965,291
End of period	$	63,565,275		$	68,286,335		$	173,471,668		$	167,515,191

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,325,001			675,001			3,100,001			3,000,001
Shares sold		—			1,400,000			650,000			1,000,000
Shares redeemed		(150,000	)		(750,000	)		(600,000	)		(900,000	)
Shares outstanding, end of period		1,175,001			1,325,001			3,150,001			3,100,001

See Notes to Financial Statements.

DBX ETF Trust | 53

Financial Highlights

Xtrackers FTSE Developed ex US Multifactor ETF


	For the Six			Years Ended August 31,
	Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	31.01		$	27.42		$	25.39		$	32.88		$	27.84		$	26.80

Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.81			0.90			1.01			0.84			0.62
Net realized and unrealized gain (loss)		(0.83	)		3.89			1.98			(7.37	)		5.35			1.32
Total from investment operations		(0.54	)		4.70			2.88			(6.36	)		6.19			1.94
Less distributions from:
Net investment income		(0.66	)		(1.11	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)
Total from distributions		(0.66	)		(1.11	)		(0.85	)		(1.13	)		(1.15	)		(0.90	)
Net Asset Value, end of period	$	29.81		$	31.01		$	27.42		$	25.39		$	32.88		$	27.84
Total Return (%)(b)		(1.71	)**		17.65			11.59			(19.75	)		22.69			7.49

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		51			56			60			66			71			72
Ratio of expenses before fee waiver (%)		0.24	*		0.34			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.24	*		0.24			0.24			0.24			0.24			0.24
Ratio of net investment income (loss) (%)		2.00	*		2.88			3.44			3.45			2.75			2.37
Portfolio turnover rate (%)(c)		24	**		51			52			56			53			43

(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.

54 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Kokusai Equity ETF


	For the Six			Years Ended August 31,												Period Ended 8/31/2020(a)
	Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			Period Ended 8/31/2020(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	99.36		$	80.83		$	71.06		$	84.95		$	65.83			$ 50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.66			1.49			1.50			1.53			1.28			0.49
Net realized and unrealized gain (loss)		4.40			18.56			9.72			(13.73	)		18.91			15.34
Total from investment operations		5.06			20.05			11.22			(12.20	)		20.19			15.83
Less distributions from:
Net investment income		(0.82	)		(1.52	)		(1.45	)		(1.69	)		(1.06	)		—
Net realized gains		—			—			—			—			(0.01	)		—
Total from distributions		(0.82	)		(1.52	)		(1.45	)		(1.69	)		(1.07	)		—
Net Asset Value, end of period	$	103.60		$	99.36		$	80.83		$	71.06		$	84.95			$ 65.83
Total Return (%)(c)		5.12	**		25.07			16.02			(14.55	)		30.87			31.66	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		634			603			520			502			803			132
Ratio of expenses before fee waiver (%)		0.09	*		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			0.09	*
Ratio of net investment income (loss) (%)		1.31	*		1.70			2.02			1.93			1.73			2.08	*
Portfolio turnover rate (%)(d)		1	**		3			2			4			6			7	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 55

Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	51.54		$	43.02		$	37.16		$	41.83		$	31.43		$	27.08

Income (loss) from investment operations:
Net investment income (loss)(a)		0.34			0.68			0.61			0.53			0.52			0.52
Net realized and unrealized gain (loss)		2.61			8.48			5.85			(4.60	)		10.44			4.42
Total from investment operations		2.95			9.16			6.46			(4.07	)		10.96			4.94
Less distributions from:
Net investment income		(0.39	)		(0.64	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)
Total from distributions		(0.39	)		(0.64	)		(0.60	)		(0.60	)		(0.56	)		(0.59	)
Net Asset Value, end of period	$	54.10		$	51.54		$	43.02		$	37.16		$	41.83		$	31.43
Total Return (%)(b)		5.75	**		21.45			17.63			(9.84	)		35.25			18.72

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		64			68			29			11			40			101
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) (%)		1.31	*		1.47			1.55			1.29			1.51			1.85
Portfolio turnover rate (%)(c)		0	**(d)		22			34			14			13			22

(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)	Amount is less than 0.5%.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

56 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell US Multifactor ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	54.04		$	44.99		$	41.63		$	46.33		$	34.84		$	33.88

Income (loss) from investment operations:
Net investment income (loss)(a)		0.44			0.71			0.77			0.72			0.56			0.62
Net realized and unrealized gain (loss)		1.01			9.00			3.38			(4.76	)		11.47			0.96
Total from investment operations		1.45			9.71			4.15			(4.04	)		12.03			1.58
Less distributions from:
Net investment income		(0.42	)		(0.66	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)
Total from distributions		(0.42	)		(0.66	)		(0.79	)		(0.66	)		(0.54	)		(0.62	)
Net Asset Value, end of period	$	55.07		$	54.04		$	44.99		$	41.63		$	46.33		$	34.84
Total Return (%)(b)		2.70	**		21.78			10.12			(8.80	)		34.85			4.93

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		173			168			135			146			206			150
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) (%)		1.60	*		1.46			1.80			1.60			1.40			1.85
Portfolio turnover rate (%)(c)		14	**		41			44			38			39			47

(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.

DBX ETF Trust | 57

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 28, 2025, the Trust consists of forty investment series of exchange-traded funds (“ETFs”) (each, a “Fund,” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers 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		Russell 1000 2Qual/Val 5% Capped Factor Index
Xtrackers Russell US Multifactor ETF		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 Underlying Index is reviewed quarterly in February, May, August and November and rebalanced semi-annually in May and November. At each semi-annual rebalancing, the composition of the Underlying Index is reassessed 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 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. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

58 | DBX ETF Trust

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

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

DBX ETF Trust | 59

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.

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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended August 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2025, the Funds did not incur any interest or penalties.

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


	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	11,807,001	$	11,388,528	$	23,195,529
Xtrackers MSCI Kokusai Equity ETF		2,020,274		7,731,703		9,751,977
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		44,561		3,337,725		3,382,286
Xtrackers Russell US Multifactor ETF		23,764,175		13,726,606		37,490,781

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

60 | DBX ETF Trust


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	49,366,581	$	6,389,690	$	8,347,129	$	(1,957,439)
Xtrackers MSCI Kokusai Equity ETF		453,889,065		147,813,253		177,876,201		(30,062,948)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		61,781,805		6,431,511		7,715,677		(1,284,166)
Xtrackers Russell US Multifactor ETF		138,942,576		28,619,355		30,939,451		(2,320,096)

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 28, 2025, 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. 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 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 28, 2025, 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 (0.13% annualized effective rate as of February 28, 2025) 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 28, 2025, 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 28, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers MSCI Kokusai Equity ETF
Common Stocks	$	169,575	$	—	$	—	$	—	$	169,575
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	169,575

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Xtrackers Russell US Multifactor ETF
Common Stocks	$	498,750	$	—	$	—	$	—	$	498,750
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	498,750

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 28, 2025, 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 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 28, 2025 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 28, 2025 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^*	$	21,375	Unrealized depreciation on futures contracts^*	$	1,736
	Total	$	21,375	Total	$	1,736

Xtrackers MSCI Kokusai Equity ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	5,157	Unrealized depreciation on futures contracts^*	$	33,578
	Total	$	5,157	Total	$	33,578

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	—	Unrealized depreciation on futures contracts^*	$	4,907
	Total	$	—	Total	$	4,907

Xtrackers Russell US Multifactor ETF
Equity contracts	Unrealized appreciation on futures contracts^*	$	—	Unrealized depreciation on futures contracts^*	$	21,226
	Total	$	—	Total	$	21,226

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

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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 28, 2025 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	$	(24,564	)
Xtrackers MSCI Kokusai Equity ETF		105,644
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		11,519
Xtrackers Russell US Multifactor ETF		34,462

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	7,490
Xtrackers MSCI Kokusai Equity ETF		(112,242	)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(8,152	)
Xtrackers Russell US Multifactor ETF		(53,518	)

For the period ended February 28, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	525,740
Xtrackers MSCI Kokusai Equity ETF		1,746,356
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		146,541
Xtrackers Russell US Multifactor ETF		864,185

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

Affiliated Cash Management Vehicles. The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

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		0.24	%
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	%

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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 Funds. For the period ended February 28, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	55
Xtrackers MSCI Kokusai Equity ETF		481
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		81
Xtrackers Russell US Multifactor ETF		417

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. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 28, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending Agent Fees
Xtrackers FTSE Developed ex US Multifactor ETF	$	9
Xtrackers MSCI Kokusai Equity ETF		57
Xtrackers Russell US Multifactor ETF		24

4. Investment Portfolio Transactions

For the period ended February 28, 2025, 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	$	12,098,864	$	12,849,008
Xtrackers MSCI Kokusai Equity ETF		7,279,435		7,216,551
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		225,930		250,460
Xtrackers Russell US Multifactor ETF		25,074,341		24,962,099

For the period ended February 28, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	4,420,510	$	7,604,912
Xtrackers MSCI Kokusai Equity ETF		7,037,503		2,015,367
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		—		7,953,834
Xtrackers Russell US Multifactor ETF		35,939,483		32,614,911

5. Fund Share Transactions

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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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EQUITY-NCSRS

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Table of Contents


	Page

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF		2

Xtrackers Low Beta High Yield Bond ETF		15

Xtrackers Risk Managed USD High Yield Strategy ETF		26

Xtrackers Short Duration High Yield Bond ETF		28

Xtrackers USD High Yield BB-B ex Financials ETF		43

Xtrackers USD High Yield Corporate Bond ETF		68

Statements of Assets and Liabilities		88

Statements of Operations		90

Statements of Changes in Net Assets		92

Financial Highlights		95

Notes to Financial Statements		101

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
CORPORATE BONDS — 97.6%

Basic Materials — 6.3%

Chemicals — 2.3%

Celanese US Holdings LLC,6.95%, 11/15/33		20,000		21,396
Chemours Co.
5.375%, 5/15/27		10,000		9,863
144A,5.75%, 11/15/28		16,000		15,193
144A,4.625%, 11/15/29		11,000		9,784
Chemours (The) Co.,144A,8.00%, 1/15/33		12,000		11,838
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		10,000		8,698
144A,12.00%, 2/15/31		11,000		11,208
INEOS Finance PLC
144A,6.75%, 5/15/28		6,000		6,067
144A,7.50%, 4/15/29		15,000		15,416
Methanex US Operations, Inc.,144A,6.25%, 3/15/32		12,000		12,033
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		17,000		16,923
144A,4.25%, 5/15/29		12,000		11,402
144A,9.00%, 2/15/30		13,000		14,057
144A,7.00%, 12/1/31		8,000		8,285
OCI NV,144A,6.70%, 3/16/33		13,000		13,731
SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29		14,000		13,882
Tronox, Inc.,144A,4.625%, 3/15/29		22,000		19,706
WR Grace Holdings LLC,144A,5.625%, 8/15/29		23,000		21,088

(Cost $243,854)				240,570

Forest Products & Paper — 0.6%

Domtar Corp.,144A,6.75%, 10/1/28		13,000		12,070
Glatfelter Corp.,144A,4.75%, 11/15/29		10,000		9,106
Magnera Corp.,144A,7.25%, 11/15/31		16,000		16,085
Mercer International, Inc.
144A,12.875%, 10/1/28		8,000		8,744
5.125%, 2/1/29		17,000		15,438

(Cost $62,261)				61,443

Iron/Steel — 1.6%

Cleveland-Cliffs, Inc.
144A,6.875%, 11/1/29		18,000		18,107
144A,6.75%, 4/15/30		14,000		14,032
144A,7.50%, 9/15/31		9,000		9,143
144A,7.00%, 3/15/32 (a)		30,000		30,165
144A,7.375%, 5/1/33		21,000		21,099


	Principal Amount $		Value $
Metinvest BV
144A,8.50%, 4/23/26		9,000		8,171
144A,7.75%, 10/17/29		10,000		8,078
Mineral Resources Ltd.
144A,8.125%, 5/1/27		14,000		14,015
144A,8.00%, 11/1/27		12,000		12,138
144A,9.25%, 10/1/28		21,000		21,755
144A,8.50%, 5/1/30		12,000		12,138

(Cost $168,441)				168,841

Mining — 1.8%

Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		14,000		14,607
144A,11.50%, 10/1/31		11,000		12,311
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		28,000		28,230
144A,9.375%, 3/1/29		30,000		32,046
144A,8.625%, 6/1/31		28,000		29,214
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		10,000		9,659
144A,4.50%, 6/1/31		10,000		9,107
Vedanta Resources Finance II PLC
144A,10.875%, 9/17/29		23,000		24,233
144A,9.475%, 7/24/30		11,000		11,149
144A,11.25%, 12/3/31		10,000		10,854
144A,9.85%, 4/24/33		11,000		11,322

(Cost $189,541)				192,732

Communications — 27.2%

Advertising — 1.7%

Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		24,000		23,486
144A,7.75%, 4/15/28 (a)		21,000		19,521
144A,9.00%, 9/15/28		15,000		15,812
144A,7.50%, 6/1/29		20,000		17,749
144A,7.875%, 4/1/30		16,000		16,352
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		50,000		44,826
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,4.25%, 1/15/29		10,000		9,407
144A,4.625%, 3/15/30		10,000		9,361
Stagwell Global LLC,144A,5.625%, 8/15/29		23,000		22,301

(Cost $182,245)				178,815

Internet — 1.3%

Arches Buyer, Inc.,144A,6.125%, 12/1/28		10,000		9,117
ION Trading Technologies SARL
144A,5.75%, 5/15/28		9,000		8,517
144A,9.50%, 5/30/29		15,000		15,488

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		10,000		7,969
Rakuten Group, Inc.
144A,11.25%, 2/15/27		35,000		38,430
144A,9.75%, 4/15/29		39,000		42,914
Wayfair LLC,144A,7.25%, 10/31/29		15,000		15,272

(Cost $133,864)				137,707

Media — 14.7%
AMC Networks, Inc.
144A,10.25%, 1/15/29		18,000		19,095
4.25%, 2/15/29 (a)		19,000		14,807
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		13,000		10,582
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.125%, 5/1/27		46,000		45,399
144A,5.00%, 2/1/28		44,000		42,950
144A,5.375%, 6/1/29		21,000		20,439
144A,6.375%, 9/1/29		20,000		20,093
144A,4.75%, 3/1/30		43,000		40,096
144A,4.50%, 8/15/30		39,000		35,716
144A,4.25%, 2/1/31		43,000		38,610
144A,7.375%, 3/1/31 (a)		16,000		16,476
144A,4.75%, 2/1/32		17,000		15,290
4.50%, 5/1/32		41,000		36,152
144A,4.50%, 6/1/33		26,000		22,496
144A,4.25%, 1/15/34		28,000		23,491
CSC Holdings LLC
144A,5.50%, 4/15/27		27,000		25,077
144A,5.375%, 2/1/28		17,000		14,609
144A,7.50%, 4/1/28		19,000		14,139
144A,11.25%, 5/15/28		20,000		19,484
144A,11.75%, 1/31/29		40,000		39,081
144A,6.50%, 2/1/29		36,000		30,100
144A,5.75%, 1/15/30		43,000		24,767
144A,4.125%, 12/1/30		23,000		16,926
144A,4.625%, 12/1/30		44,000		23,396
144A,3.375%, 2/15/31		21,000		14,949
144A,4.50%, 11/15/31		31,000		22,747
144A,5.00%, 11/15/31		10,000		5,143
Directv Financing LLC,144A,8.875%, 2/1/30		15,000		14,649
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,10.00%, 2/15/31		39,000		38,306
DISH DBS Corp.
7.75%, 7/1/26		38,000		33,934
144A,5.25%, 12/1/26		57,000		53,690
7.375%, 7/1/28		21,000		15,586
144A,5.75%, 12/1/28		47,000		41,779
5.125%, 6/1/29		30,000		20,271


	Principal Amount $		Value $

DISH Network Corp.,144A,11.75%, 11/15/27		72,000		76,028
Gray Media, Inc.
144A,7.00%, 5/15/27		6,000		5,890
144A,10.50%, 7/15/29		26,000		26,835
144A,4.75%, 10/15/30		14,000		8,260
144A,5.375%, 11/15/31		25,000		14,542
iHeartCommunications, Inc.
144A,5.25%, 8/15/27		2,000		1,540
144A,9.125%, 5/1/29		14,000		11,917
144A,10.875%, 5/1/30		14,000		8,286
144A,7.75%, 8/15/30		11,000		8,462
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		22,000		18,769
144A,5.125%, 7/15/29 (a)		17,000		12,848
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		15,000		14,724
144A,8.00%, 8/1/29		13,000		13,073
144A,7.375%, 9/1/31		13,000		13,307
Nexstar Media, Inc.
144A,5.625%, 7/15/27		33,000		32,664
144A,4.75%, 11/1/28		21,000		19,912
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		18,000		15,654
144A,6.50%, 9/15/28		19,000		13,283
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30		10,000		7,050
144A,8.125%, 2/15/33		28,000		27,754
144A,9.75%, 2/15/33		8,000		8,069
Sirius XM Radio, Inc.
144A,5.50%, 7/1/29		24,000		23,522
144A,4.125%, 7/1/30		31,000		27,871
144A,3.875%, 9/1/31 (a)		29,000		25,176
TEGNA, Inc.
4.625%, 3/15/28		18,000		17,266
5.00%, 9/15/29		23,000		21,767
Univision Communications, Inc.
144A,6.625%, 6/1/27		27,000		27,075
144A,8.00%, 8/15/28		30,000		30,501
144A,4.50%, 5/1/29		22,000		19,875
144A,7.375%, 6/30/30		19,000		18,578
144A,8.50%, 7/31/31		23,000		22,948
Virgin Media Finance PLC,144A,5.00%, 7/15/30		17,000		14,773
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		29,000		27,781
144A,4.50%, 8/15/30		19,000		16,917
VTR Finance NV,144A,6.375%, 7/15/28		10,000		9,549

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Ziggo Bond Co. BV,144A,5.125%, 2/28/30		10,000		8,872
Ziggo BV,144A,4.875%, 1/15/30		20,000		18,433

(Cost $1,630,392)				1,560,096

Telecommunications — 9.5%
Altice Financing SA
144A,5.00%, 1/15/28		21,000		17,029
144A,5.75%, 8/15/29		42,000		32,988
Altice France Holding SA
144A,10.50%, 5/15/27		30,000		9,399
144A,6.00%, 2/15/28		21,000		6,477
Altice France SA
144A,8.125%, 2/1/27		35,000		31,422
144A,5.50%, 1/15/28		23,000		18,534
144A,5.125%, 1/15/29		10,000		7,770
144A,5.125%, 7/15/29		46,000		35,736
144A,5.50%, 10/15/29		39,000		30,504
C&W Senior Finance Ltd.,144A,9.00%, 1/15/33		14,000		14,158
CommScope LLC
144A,8.25%, 3/1/27 (a)		18,000		17,744
144A,7.125%, 7/1/28		11,000		10,444
144A,4.75%, 9/1/29		19,000		17,115
CommScope Technologies LLC,144A,5.00%, 3/15/27		15,000		14,170
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		40,000		36,709
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		8,000		7,643
144A,6.50%, 10/1/28		15,000		14,642
CT Trust,144A,5.125%, 2/3/32		15,000		13,768
EchoStar Corp.,10.75%, 11/30/29		98,000		105,079
Fibercop SpA
144A,7.20%, 7/18/36		10,000		10,044
144A,7.721%, 6/4/38		10,000		10,327
Hughes Satellite Systems Corp.
5.25%, 8/1/26 (a)		15,000		13,973
6.625%, 8/1/26 (a)		15,000		12,152
Iliad Holding Sasu,144A,7.00%, 4/15/32		19,000		19,210
Iliad Holding SASU,144A,8.50%, 4/15/31		17,000		18,120
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30		58,000		54,176
Level 3 Financing, Inc.
144A,10.50%, 4/15/29		14,000		15,750
144A,4.875%, 6/15/29		13,000		11,310
144A,11.00%, 11/15/29		32,000		36,351
144A,4.50%, 4/1/30		15,000		12,450
144A,10.50%, 5/15/30		19,000		20,781
144A,3.875%, 10/15/30		10,000		7,877


	Principal Amount $		Value $

144A,10.75%, 12/15/30		14,000		15,751
144A,4.00%, 4/15/31		10,000		7,825
Lumen Technologies, Inc.
144A,4.125%, 4/15/30		10,000		9,010
144A,10.00%, 10/15/32		8,400		8,397
Millicom International Cellular SA
144A,6.25%, 3/25/29		9,000		8,944
144A,4.50%, 4/27/31		17,000		15,188
144A,7.375%, 4/2/32		9,000		9,197
Sable International Finance Ltd.,144A,7.125%, 10/15/32		18,000		17,663
Telefonica Moviles Chile SA,144A,3.537%, 11/18/31		8,000		6,109
VEON Holdings BV,144A,3.375%, 11/25/27		30,000		27,116
Viasat, Inc.
144A,5.625%, 4/15/27		10,000		9,670
144A,6.50%, 7/15/28		8,000		6,928
144A,7.50%, 5/30/31 (a)		13,000		9,758
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		27,000		23,475
144A,4.75%, 7/15/31		28,000		24,574
144A,7.75%, 4/15/32		11,000		11,174
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		44,000		45,524
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27		27,000		25,498
144A,6.125%, 3/1/28		22,000		19,585
Zegona Finance PLC,144A,8.625%, 7/15/29		16,000		17,029

(Cost $1,059,126)				1,002,267

Consumer, Cyclical — 14.0%

Airlines — 0.7%
American Airlines, Inc.
144A,7.25%, 2/15/28		13,000		13,301
144A,8.50%, 5/15/29		20,000		21,087
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		39,000		41,317

(Cost $74,864)				75,705

Apparel — 0.3%
Hanesbrands, Inc.,144A,9.00%, 2/15/31		12,000		12,791
VF Corp.,2.95%, 4/23/30		16,000		13,978

(Cost $26,305)				26,769

Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29

(Cost $21,197)		21,000		20,387

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd.
144A,8.25%, 4/15/31		12,000		12,357
144A,7.50%, 2/15/33		14,000		14,018
American Axle & Manufacturing, Inc.
6.50%, 4/1/27		10,000		9,973
6.875%, 7/1/28		6,000		5,963
5.00%, 10/1/29 (a)		12,000		10,998
Clarios Global LP / Clarios US Finance Co.,144A,6.75%, 2/15/30		14,000		14,337
Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29		13,000		10,369
Goodyear Tire & Rubber Co.
5.00%, 7/15/29		17,000		16,175
5.25%, 4/30/31		10,000		9,270
5.25%, 7/15/31 (a)		12,000		11,148
5.625%, 4/30/33 (a)		9,000		8,294
Tenneco, Inc.,144A,8.00%, 11/17/28		37,000		36,790
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		12,000		12,131
144A,7.125%, 4/14/30		12,000		12,021
144A,6.75%, 4/23/30		15,000		14,761
144A,6.875%, 4/23/32		14,000		13,538

(Cost $212,347)				212,143

Entertainment — 2.3%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		14,000		14,656
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		19,000		16,074
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29		23,000		21,750
144A,6.00%, 10/15/32 (a)		22,000		21,466
Cinemark USA, Inc.
144A,5.25%, 7/15/28		16,000		15,677
144A,7.00%, 8/1/32		10,000		10,235
Light & Wonder International, Inc.
144A,7.25%, 11/15/29		10,000		10,305
144A,7.50%, 9/1/31		11,000		11,490
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		9,000		8,866
Motion Bondco DAC,144A,6.625%, 11/15/27		10,000		9,845
Motion Finco Sarl,144A,8.375%, 2/15/32		6,000		6,161
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		8,000		7,931
144A,4.125%, 7/1/29		8,000		7,279


	Principal Amount $		Value $
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29		15,000		11,044
144A,5.875%, 9/1/31		14,000		9,110
Six Flags Entertainment Corp.,144A,7.25%, 5/15/31		16,000		16,509
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29		10,000		9,706
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		15,000		15,377
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,7.125%, 2/15/31		20,000		21,064

(Cost $255,143)				244,545

Food Service — 0.2%
TKC Holdings, Inc.
144A,6.875%, 5/15/28		4,000		4,027
144A,10.50%, 5/15/29		16,000		16,413

(Cost $19,548)				20,440

Home Builders — 0.3%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		12,000		11,985
144A,4.875%, 2/15/30		10,000		9,095
LGI Homes, Inc.
144A,8.75%, 12/15/28		4,000		4,229
144A,7.00%, 11/15/32		10,000		9,930

(Cost $36,128)				35,239

Housewares — 0.6%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		15,000		14,756
Newell Brands, Inc.
6.625%, 9/15/29		10,000		10,207
6.375%, 5/15/30		15,000		14,990
6.625%, 5/15/32		10,000		9,971
Scotts Miracle-Gro Co.
4.00%, 4/1/31		10,000		8,923
4.375%, 2/1/32		8,000		7,166

(Cost $66,512)				66,013

Leisure Time — 0.7%
NCL Corp. Ltd.
144A,7.75%, 2/15/29		12,000		12,774
144A,6.75%, 2/1/32		35,000		35,799
Sabre GLBL, Inc.
144A,8.625%, 6/1/27 (a)		16,000		16,462

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,10.75%, 11/15/29		13,000		13,903

(Cost $76,112)				78,938

Lodging — 1.9%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,4.875%, 7/1/31		9,000		8,221
144A,6.625%, 1/15/32		18,000		18,216
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29		18,000		17,182
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		10,000		9,426
Melco Resorts Finance Ltd.
144A,5.25%, 4/26/26		10,000		9,964
144A,5.625%, 7/17/27		12,000		11,861
144A,5.75%, 7/21/28		16,000		15,520
144A,5.375%, 12/4/29		23,000		21,407
144A,7.625%, 4/17/32		15,000		15,079
MGM Resorts International,6.50%, 4/15/32		15,000		15,122
Station Casinos LLC
144A,4.625%, 12/1/31		9,000		8,294
144A,6.625%, 3/15/32		10,000		10,098
Studio City Finance Ltd.
144A,6.50%, 1/15/28		10,000		9,882
144A,5.00%, 1/15/29		21,000		19,238
Travel + Leisure Co.,144A,4.50%, 12/1/29		13,000		12,394

(Cost $201,118)				201,904

Retail — 4.8%
Advance Auto Parts, Inc.,3.90%, 4/15/30		11,000		9,775
Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32		12,000		11,204
Bath & Body Works, Inc.
7.50%, 6/15/29 (a)		9,000		9,272
144A,6.625%, 10/1/30		18,000		18,398
eG Global Finance PLC,144A,12.00%, 11/30/28		21,000		23,574
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29		17,000		15,894
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		21,000		19,872
144A,6.75%, 1/15/30		24,000		22,334
FirstCash, Inc.,144A,6.875%, 3/1/32		10,000		10,232
Gap, Inc.
144A,3.625%, 10/1/29		15,000		13,721
144A,3.875%, 10/1/31		14,000		12,344


	Principal Amount $		Value $
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		10,000		9,585
144A,8.75%, 1/15/32		10,000		9,273
Kohl’s Corp.,4.625%, 5/1/31		10,000		7,808
LCM Investments Holdings II LLC,144A,8.25%, 8/1/31		14,000		14,788
Macy’s Retail Holdings LLC
144A,5.875%, 3/15/30		7,000		6,794
144A,6.125%, 3/15/32		9,000		8,597
Michaels Cos., Inc.
144A,5.25%, 5/1/28		18,000		13,523
144A,7.875%, 5/1/29		20,000		12,308
Nordstrom, Inc.
4.375%, 4/1/30		8,000		7,348
4.25%, 8/1/31		10,000		8,921
Patrick Industries, Inc.,144A,6.375%, 11/1/32		11,000		10,954
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		22,000		20,911
144A,7.75%, 2/15/29		23,000		22,276
QVC, Inc.,144A,6.875%, 4/15/29 (a)		11,000		8,963
Saks Global Enterprises LLC,144A,11.00%, 12/15/29		43,000		39,740
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		13,000		12,251
144A,4.875%, 11/15/31		10,000		9,282
Staples, Inc.
144A,10.75%, 9/1/29		48,000		45,901
144A,12.75%, 1/15/30		16,146		11,703
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		13,000		11,937
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		10,000		10,637
Walgreens Boots Alliance, Inc.
8.125%, 8/15/29 (a)		5,000		5,043
3.20%, 4/15/30		18,000		15,273
White Cap Buyer LLC,144A,6.875%, 10/15/28		13,000		12,999

(Cost $518,397)				503,435

Consumer, Non-cyclical — 12.7%

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.,144A,6.25%, 4/1/29

(Cost $13,971)		14,000		13,960

See Notes to Financial Statements.

6	\| DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Commercial Services — 4.1%
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		45,000		46,444
Allied Universal Holdco LLC / Allied Universal Finance Corp.,144A,6.00%, 6/1/29 (a)		18,000		17,064
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		25,000		23,849
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		10,000		9,834
144A,4.75%, 4/1/28		10,000		9,422
144A,5.375%, 3/1/29		10,000		9,327
144A,8.25%, 1/15/30		15,000		15,288
144A,8.00%, 2/15/31 (a)		9,000		9,167
Brink’s Co.,144A,6.75%, 6/15/32		8,000		8,203
EquipmentShare.com, Inc.
144A,8.625%, 5/15/32		13,000		13,778
144A,8.00%, 3/15/33		8,000		8,316
Garda World Security Corp.
144A,6.00%, 6/1/29		10,000		9,662
144A,8.25%, 8/1/32		11,000		11,302
144A,8.375%, 11/15/32		20,000		20,574
GEO Group, Inc.
8.625%, 4/15/29		13,000		13,772
10.25%, 4/15/31		12,000		13,158
Hertz Corp.
144A,4.625%, 12/1/26		10,000		8,686
144A,12.625%, 7/15/29		23,000		24,269
144A,5.00%, 12/1/29 (a)		20,000		13,797
Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,6.25%, 1/15/28		25,000		25,060
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		26,000		25,772
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		20,000		20,525
144A,10.875%, 8/1/29		10,000		10,278
Sotheby’s,144A,7.375%, 10/15/27		16,000		15,938
Veritiv Operating Co.,144A,10.50%, 11/30/30		21,000		22,864
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		25,000		25,885

(Cost $435,381)				432,234

Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co.,144A,4.125%, 4/1/29

(Cost $9,979)		10,000		9,323


	Principal Amount $		Value $

Food — 1.6%
B&G Foods, Inc.
5.25%, 9/15/27		11,000		10,350
144A,8.00%, 9/15/28		16,000		16,369
Fiesta Purchaser, Inc.
144A,7.875%, 3/1/31		10,000		10,334
144A,9.625%, 9/15/32		8,000		8,459
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		21,000		21,865
Post Holdings, Inc.
144A,5.50%, 12/15/29		26,000		25,497
144A,4.625%, 4/15/30		29,000		27,225
144A,4.50%, 9/15/31		20,000		18,278
144A,6.375%, 3/1/33		25,000		24,989
144A,6.25%, 10/15/34		6,000		5,981

(Cost $174,190)				169,347

Healthcare-Products — 0.3%
Bausch + Lomb Corp.,144A,8.375%, 10/1/28

(Cost $26,159)		26,000		27,138

Healthcare-Services — 3.4%
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		38,000		36,671
144A,8.00%, 12/15/27		11,000		10,937
144A,6.875%, 4/1/28		12,000		8,510
144A,6.00%, 1/15/29		13,000		11,762
144A,6.875%, 4/15/29		22,000		15,364
144A,6.125%, 4/1/30		25,000		16,329
144A,5.25%, 5/15/30		30,000		25,455
144A,4.75%, 2/15/31		20,000		16,262
144A,10.875%, 1/15/32		44,000		45,066
DaVita, Inc.,144A,6.875%, 9/1/32		20,000		20,331
LifePoint Health, Inc.
144A,5.375%, 1/15/29 (a)		10,000		8,935
144A,9.875%, 8/15/30		16,000		17,101
144A,11.00%, 10/15/30		22,000		24,237
144A,8.375%, 2/15/32		10,000		10,135
144A,10.00%, 6/1/32		16,000		15,654
MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30		15,000		11,071
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		30,000		28,433
Star Parent, Inc.,144A,9.00%, 10/1/30		21,000		22,007
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		20,000		20,470

(Cost $387,635)				364,730

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Household Products/Wares — 0.2%
Central Garden & Pet Co.,144A,4.125%, 4/30/31		8,000		7,212
Kronos Acquisition Holdings, Inc.
144A,8.25%, 6/30/31		8,000		7,517
144A,10.75%, 6/30/32		10,000		8,592

(Cost $24,102)				23,321

Pharmaceuticals — 2.9%
AdaptHealth LLC
144A,4.625%, 8/1/29		10,000		9,293
144A,5.125%, 3/1/30		13,000		12,099
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		13,000		12,946
144A,8.50%, 1/31/27		13,000		12,614
Bausch Health Cos., Inc.
144A,6.125%, 2/1/27		16,000		15,432
144A,5.75%, 8/15/27		10,000		9,522
144A,5.00%, 1/30/28		9,000		7,096
144A,4.875%, 6/1/28		31,000		26,921
144A,11.00%, 9/30/28		35,000		35,469
144A,5.00%, 2/15/29		9,000		6,309
144A,6.25%, 2/15/29		16,000		11,540
144A,5.25%, 1/30/30		16,000		10,345
144A,5.25%, 2/15/31		9,000		5,572
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		10,000		9,117
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		17,000		18,241
Grifols SA,144A,4.75%, 10/15/28		15,000		14,193
HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		15,000		16,221
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		12,000		9,290
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,5.125%, 4/30/31		39,000		35,565
144A,7.875%, 5/15/34		10,000		10,273
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		10,000		8,787
144A,6.625%, 4/1/30 (a)		11,000		10,146

(Cost $319,612)				306,991

Diversified — 0.3%

Holding Companies-Diversified — 0.3%
Benteler International AG,144A,10.50%, 5/15/28		10,000		10,609
Stena International SA
144A,7.25%, 1/15/31		13,000		13,224


	Principal Amount $		Value $
144A,7.625%, 2/15/31		8,000		8,286

(Cost $32,155)				32,119

Energy — 11.6%

Energy-Alternate Sources — 0.0%
Sunnova Energy Corp.,144A,11.75%, 10/1/28

(Cost $7,070)		8,000		4,568

Oil & Gas — 5.8%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		21,000		21,662
Azule Energy Finance PLC,144A,8.125%, 1/23/30		23,000		23,357
Baytex Energy Corp.
144A,8.50%, 4/30/30		14,000		14,344
144A,7.375%, 3/15/32		12,000		11,740
California Resources Corp.,144A,8.25%, 6/15/29		19,000		19,561
Civitas Resources, Inc.
144A,8.625%, 11/1/30		19,000		20,008
144A,8.75%, 7/1/31		28,000		29,262
Comstock Resources, Inc.
144A,6.75%, 3/1/29		24,000		23,613
144A,6.75%, 3/1/29		8,000		7,866
144A,5.875%, 1/15/30		20,000		19,066
Crescent Energy Finance LLC
144A,7.625%, 4/1/32		24,000		24,025
144A,7.375%, 1/15/33		18,000		17,664
CVR Energy, Inc.
144A,5.75%, 2/15/28		9,000		8,546
144A,8.50%, 1/15/29		12,000		11,846
Encino Acquisition Partners Holdings LLC,144A,8.75%, 5/1/31		8,000		8,603
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.00%, 4/15/30		7,000		6,753
144A,6.00%, 2/1/31		12,000		11,445
144A,6.25%, 4/15/32		10,000		9,569
144A,8.375%, 11/1/33		12,000		12,548
144A,6.875%, 5/15/34		10,000		9,691
144A,7.25%, 2/15/35		19,000		18,694
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		14,000		14,480
Kosmos Energy Ltd.
144A,7.50%, 3/1/28		8,000		7,704
144A,8.75%, 10/1/31		10,000		9,632
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		13,000		12,876
144A,REGS, 6.75%, 6/30/30		9,000		8,810

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		10,000		10,569
Noble Finance II LLC,144A,8.00%, 4/15/30		27,000		27,304
Northern Oil & Gas, Inc.,144A,8.75%, 6/15/31		10,000		10,426
Parkland Corp.
144A,4.625%, 5/1/30		17,000		15,969
144A,6.625%, 8/15/32		11,000		11,103
PBF Holding Co. LLC / PBF
Finance Corp.,144A,7.875%, 9/15/30		10,000		9,590
Puma International Financing SA,144A,7.75%, 4/25/29		8,000		8,208
SM Energy Co.,144A,7.00%, 8/1/32		13,000		13,015
Sunoco LP,144A,7.25%, 5/1/32		15,000		15,663
Talos Production, Inc.
144A,9.00%, 2/1/29		11,000		11,385
144A,9.375%, 2/1/31		13,000		13,387
Transocean, Inc.
144A,8.00%, 2/1/27		11,000		11,003
144A,8.25%, 5/15/29		19,000		18,753
144A,8.50%, 5/15/31		17,000		16,798
Vermilion Energy, Inc.
144A,6.875%, 5/1/30		8,000		7,951
144A,7.25%, 2/15/33		8,000		7,786
Vital Energy, Inc.,144A,7.875%, 4/15/32		19,000		18,330

(Cost $613,591)				610,605

Oil & Gas Services — 0.8%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.25%, 4/1/28		17,000		17,065
144A,6.625%, 9/1/32		14,000		14,181
USA Compression Partners LP / USA Compression Finance Corp.,144A,7.125%, 3/15/29		18,000		18,511
Viridien,144A,8.75%, 4/1/27		8,000		8,170
Weatherford International Ltd.,144A,8.625%, 4/30/30		31,000		32,027

(Cost $88,715)				89,954

Pipelines — 5.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,144A,6.625%, 2/1/32		12,000		12,267
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		10,000		10,344
144A,7.25%, 7/15/32		10,000		10,459
Buckeye Partners LP
144A,4.50%, 3/1/28		10,000		9,714
144A,6.875%, 7/1/29		12,000		12,316
144A,6.75%, 2/1/30		10,000		10,278


	Principal Amount $		Value $
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		27,000		26,182
144A,7.50%, 12/15/33		10,000		10,659
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		22,000		23,079
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		6,000		6,118
7.75%, 2/1/28		14,000		14,170
8.25%, 1/15/29		12,000		12,384
8.875%, 4/15/30		8,000		8,314
7.875%, 5/15/32		14,000		14,096
8.00%, 5/15/33		12,000		12,129
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		8,000		8,034
144A,8.25%, 1/15/32		10,000		10,425
Harvest Midstream I LP
144A,7.50%, 9/1/28		14,000		14,306
144A,7.50%, 5/15/32		10,000		10,489
Howard Midstream Energy Partners LLC,144A,7.375%, 7/15/32		12,000		12,512
ITT Holdings LLC,144A,6.50%, 8/1/29		25,000		23,838
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		10,000		9,429
NFE Financing LLC,144A,12.00%, 11/15/29		53,000		52,416
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		15,000		15,286
144A,8.375%, 2/15/32		28,000		28,466
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		9,000		9,003
144A,5.50%, 1/15/28		15,000		14,733
144A,7.375%, 2/15/29		17,000		17,386
144A,6.00%, 12/31/30		15,000		14,567
144A,6.00%, 9/1/31		7,000		6,763
Venture Global LNG, Inc.
144A,8.375%, 6/1/31		40,000		41,709
144A,9.875%, 2/1/32		41,000		44,867

(Cost $523,084)				526,738

Financial — 12.9%

Banks — 0.4%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		6,000		6,015
144A,6.625%, 1/15/27		11,000		10,993
144A,12.00%, 10/1/28		17,000		18,476

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,12.25%, 10/1/30		10,000		11,207

(Cost $43,036)				46,691

Diversified Financial Services — 4.9%
AG Issuer LLC,144A,6.25%, 3/1/28		10,000		9,940
Aretec Group, Inc.
144A,7.50%, 4/1/29		8,000		8,016
144A,10.00%, 8/15/30		11,000		12,037
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		19,000		20,447
Burford Capital Global Finance LLC,144A,9.25%, 7/1/31		13,000		14,005
Coinbase Global, Inc.
144A,3.375%, 10/1/28		21,000		19,272
144A,3.625%, 10/1/31		13,000		11,281
Credit Acceptance Corp.,144A,9.25%, 12/15/28		12,000		12,822
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		10,000		10,657
144A,8.50%, 5/15/30		10,000		10,531
Enova International, Inc.
144A,11.25%, 12/15/28		8,000		8,698
144A,9.125%, 8/1/29		10,000		10,547
Focus Financial Partners LLC,144A,6.75%, 9/15/31		21,000		21,188
Freedom Mortgage Holdings LLC
144A,9.25%, 2/1/29		23,000		24,027
144A,9.125%, 5/15/31		15,000		15,604
144A,8.375%, 4/1/32		10,000		10,007
goeasy Ltd.
144A,9.25%, 12/1/28		10,000		10,667
144A,7.625%, 7/1/29		14,000		14,536
Jefferies Finance LLC / JFIN Co.- Issuer Corp.
144A,5.00%, 8/15/28		20,000		19,121
144A,6.625%, 10/15/31		10,000		9,993
LD Holdings Group LLC,144A,6.125%, 4/1/28 (a)		8,000		6,974
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		20,000		19,754
144A,5.625%, 1/15/30		8,000		7,535
Nationstar Mortgage Holdings, Inc.,144A,5.75%, 11/15/31		11,000		10,720
Navient Corp.
4.875%, 3/15/28		11,000		10,667
5.50%, 3/15/29		16,000		15,411
9.375%, 7/25/30		10,000		10,918
11.50%, 3/15/31		9,000		10,223
OneMain Finance Corp.
7.875%, 3/15/30		14,000		14,732
4.00%, 9/15/30		17,000		15,310
7.50%, 5/15/31		15,000		15,643


	Principal Amount $		Value $
7.125%, 11/15/31		14,000		14,412
PennyMac Financial Services, Inc.
144A,7.125%, 11/15/30		13,000		13,279
144A,5.75%, 9/15/31		11,000		10,566
144A,6.875%, 2/15/33		15,000		15,022
PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29		10,000		9,715
PRA Group, Inc.,144A,8.875%, 1/31/30		10,000		10,539
Synchrony Financial,7.25%, 2/2/33		16,000		16,990
UWM Holdings LLC,144A,6.625%, 2/1/30		16,000		16,146

(Cost $509,301)				517,952

Insurance — 2.6%
Acrisure LLC / Acrisure Finance, Inc.
144A,8.50%, 6/15/29		10,000		10,522
144A,6.00%, 8/1/29		10,000		9,755
144A,7.50%, 11/6/30		22,000		22,726
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,6.75%, 10/15/27		26,000		25,948
144A,5.875%, 11/1/29		9,000		8,766
144A,7.375%, 10/1/32		14,000		14,307
Ardonagh Finco Ltd.,144A,7.75%, 2/15/31		21,000		21,649
Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32		30,000		31,188
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29		17,000		18,130
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
144A,7.25%, 2/15/31		18,000		18,343
144A,8.125%, 2/15/32		10,000		10,257
Jones Deslauriers Insurance Management, Inc.,144A,10.50%, 12/15/30		10,000		10,830
Panther Escrow Issuer LLC,144A,7.125%, 6/1/31		59,000		60,758
USI, Inc.,144A,7.50%, 1/15/32		11,000		11,517

(Cost $269,884)				274,696

Investment Companies — 0.4%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
9.75%, 1/15/29		15,000		15,310
144A,10.00%, 11/15/29		9,000		9,158
9.00%, 6/15/30		15,000		14,749

(Cost $39,466)				39,217

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		12,200		11,277
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.
144A,5.75%, 1/15/29		10,000		8,236
144A,5.25%, 4/15/30		9,000		7,141
Cushman & Wakefield US Borrower LLC,144A,8.875%, 9/1/31		7,000		7,533
Hunt Cos., Inc.,144A,5.25%, 4/15/29		13,000		12,560
Kennedy-Wilson, Inc.
4.75%, 3/1/29		12,000		11,250
4.75%, 2/1/30		12,000		10,987
5.00%, 3/1/31		12,000		10,878

(Cost $82,863)				79,862

Real Estate Investment Trusts — 2.9%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		10,000		9,319
Brandywine Operating Partnership LP,8.875%, 4/12/29		8,000		8,582
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27		10,000		9,643
Diversified Healthcare Trust
4.75%, 2/15/28		10,000		8,924
4.375%, 3/1/31		10,000		7,961
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		10,000		9,464
Hudson Pacific Properties LP
3.95%, 11/1/27		8,000		7,214
4.65%, 4/1/29 (a)		10,000		7,823
3.25%, 1/15/30		8,000		5,651
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		29,000		26,120
4.625%, 8/1/29 (a)		16,000		12,430
3.50%, 3/15/31		25,000		17,163
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		11,000		10,477
RHP Hotel Properties LP / RHP Finance Corp.,144A,6.50%, 4/1/32		18,000		18,245
Rithm Capital Corp.,144A,8.00%, 4/1/29		16,000		16,255


	Principal Amount $		Value $
Service Properties Trust
4.75%, 10/1/26		9,000		8,791
4.95%, 2/15/27		8,000		7,817
5.50%, 12/15/27		9,000		8,773
3.95%, 1/15/28		5,000		4,480
8.375%, 6/15/29		13,000		13,156
4.95%, 10/1/29		9,000		7,552
4.375%, 2/15/30		8,000		6,474
144A,8.625%, 11/15/31		21,000		22,510
8.875%, 6/15/32		10,000		9,932
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		14,000		12,604
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,4.75%, 4/15/28		10,000		9,607
144A,6.50%, 2/15/29		23,000		21,395

(Cost $311,308)				308,362

REITS — 0.5%
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		9,000		9,370
MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32		29,000		29,780
Office Properties Income Trust,144A,9.00%, 9/30/29		12,000		10,170

(Cost $48,775)				49,320

Venture Capital — 0.5%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		16,000		15,974
5.25%, 5/15/27		27,000		26,269
4.375%, 2/1/29		12,000		10,331

(Cost $49,466)				52,574

Industrial — 6.1%
Building Materials — 1.6%
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		15,000		14,235
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		9,000		8,582
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30		53,000		53,685
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		9,000		9,203
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		8,000		7,687
Quikrete Holdings, Inc.,144A,6.75%, 3/1/33		28,000		28,444
Smyrna Ready Mix Concrete LLC 144A,6.00%, 11/1/28		19,000		18,855

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,8.875%, 11/15/31		23,000		24,717

(Cost $165,588)				165,408

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		12,000		11,579
144A,4.375%, 3/31/29		16,000		14,997

(Cost $26,943)				26,576

Engineering & Construction — 0.8%
Aeropuertos Dominicanos Siglo XXI SA,144A,7.00%, 6/30/34		10,000		10,173
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		27,000		27,532
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		14,000		14,232
IHS Holding Ltd.
144A,6.25%, 11/29/28		9,000		8,729
144A,7.875%, 5/29/30		11,000		10,989
144A,8.25%, 11/29/31		13,000		13,014

(Cost $83,738)				84,669

Environmental Control — 0.4%
Madison IAQ LLC,144A,5.875%, 6/30/29		21,000		20,269
Reworld Holding Corp.,5.00%, 9/1/30		8,000		7,485
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		10,000		10,247

(Cost $37,413)				38,001

Machinery-Construction & Mining — 0.1%
Terex Corp.,144A,6.25%, 10/15/32

(Cost $15,945)		16,000		15,911

Machinery-Diversified — 0.8%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		21,000		22,132
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		10,000		10,539
SPX FLOW, Inc.,144A,8.75%, 4/1/30		10,000		10,426
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		8,000		8,062
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		32,000		31,704

(Cost $81,159)				82,863


	Principal Amount $		Value $
Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc.,144A,7.75%, 7/15/28

(Cost $12,225)		12,000		12,539

Packaging & Containers — 1.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		12,000		11,951
144A,3.25%, 9/1/28		12,000		10,983
144A,4.00%, 9/1/29 (a)		20,000		17,482
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		22,000		19,999
144A,5.25%, 8/15/27 (a)		19,000		9,720
144A,5.25%, 8/15/27 (a)		16,000		8,186
Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30 LABL, Inc.		10,000		10,200
144A,5.875%, 11/1/28		10,000		8,860
144A,8.25%, 11/1/29 (a)		9,000		7,678
144A,8.625%, 10/1/31		19,000		17,188
OI European Group BV,144A,4.75%, 2/15/30		5,000		4,604
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		13,000		12,998
144A,7.25%, 5/15/31 (a)		14,000		13,782
Sealed Air Corp.,144A,6.50%, 7/15/32		8,000		8,205

(Cost $184,936)				161,836

Transportation — 0.5%
Brightline East LLC,144A,11.00%, 1/31/30		22,000		20,142
Seaspan Corp.,144A,5.50%, 8/1/29		15,000		13,823
XPO, Inc.
144A,7.125%, 6/1/31		6,000		6,219
144A,7.125%, 2/1/32		12,000		12,473

(Cost $51,616)				52,657

Technology — 4.1%

Computers — 1.0%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		20,000		20,429
CA Magnum Holdings,144A,5.375%, 10/31/26		20,000		19,804
McAfee Corp.,144A,7.375%, 2/15/30		40,000		39,011
NCR Atleos Corp.,144A,9.50%, 4/1/29		27,000		29,494

(Cost $106,105)				108,738

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Office/Business Equipment — 0.2%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		14,000		11,353
144A,8.875%, 11/30/29		10,000		8,262

(Cost $23,329)				19,615

Semiconductors — 0.1%
ams-OSRAM AG,144A,12.25%, 3/30/29

(Cost $8,750)		8,000		8,460

Software — 2.8%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		46,000		44,670
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		15,000		14,189
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		15,000		13,929
Clarivate Science Holdings Corp.,144A,4.875%, 7/1/29		19,000		17,455
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		76,000		74,816
144A,9.00%, 9/30/29		76,000		77,735
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29		14,000		14,132
RingCentral, Inc.,144A,8.50%, 8/15/30		8,000		8,447
Rocket Software, Inc.
144A,9.00%, 11/28/28		16,000		16,585
144A,6.50%, 2/15/29		12,000		11,560
West Technology Group LLC,144A,8.50%, 4/10/27		9,000		7,187

(Cost $285,500)				300,705

Utilities — 2.4%
Electric — 2.1%
Alpha Generation LLC,144A,6.75%, 10/15/32		20,000		20,297
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		9,000		9,396
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		7,000		7,045
Lightning Power LLC,144A,7.25%, 8/15/32		29,000		30,159
NRG Energy, Inc.
144A,3.625%, 2/15/31		20,000		17,865
144A,6.00%, 2/1/33		18,000		17,808
144A,6.25%, 11/1/34		19,000		19,078
Pike Corp.
144A,5.50%, 9/1/28		14,000		13,709


	Principal Amount $		Value $
144A,8.625%, 1/31/31		8,000		8,607
Saavi Energia Sarl,144A,8.875%, 2/10/35		22,000		22,169
Talen Energy Supply LLC,144A,8.625%, 6/1/30		21,000		22,469
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		9,000		8,647
144A,4.50%, 9/15/27		12,000		11,474
144A,7.25%, 1/15/29 (a)		15,000		14,912

(Cost $224,935)				223,635

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		14,000		13,987
5.75%, 5/20/27		8,000		7,726
144A,9.375%, 6/1/28		10,000		10,119

(Cost $31,761)				31,832

TOTAL CORPORATE BONDS

(Cost $10,527,081)				10,341,136

	Number of Shares
SECURITIES LENDING COLLATERAL — 5.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $529,153)		529,153		529,153

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $107,923)		107,923		107,923

TOTAL INVESTMENTS — 103.6%

(Cost $11,164,157)				10,978,212
Other assets and liabilities, net — (3.6%)				(377,169	)

NET ASSETS — 100.0%				10,601,043

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
SECURITIES LENDING COLLATERAL — 5.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
1,027,697		—		(498,544	) (d)		—		—		6,173		—		529,153		529,153
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
127,410		753,554		(773,041	)		—		—		2,224		—		107,923		107,923
1,155,107		753,554		(1,271,585	)		—		—		8,397		—		637,076		637,076

(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 28, 2025 amounted to $516,983, which is 4.9% 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 28, 2025.


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


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	10,341,136	$	—	$	10,341,136
Short-Term Investments (a)		637,076		—		—		637,076

TOTAL	$	637,076	$	10,341,136	$	—	$	10,978,212

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

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

CORPORATE BONDS — 98.1%
Basic Materials — 4.7%
Chemicals — 2.9%
Ashland, Inc.,144A,3.375%, 9/1/31		186,000		162,040
Avient Corp.
144A,7.125%, 8/1/30		300,000		309,368
144A,6.25%, 11/1/31		239,000		239,825
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		207,000		215,844
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		249,000		230,112
Celanese US Holdings LLC
6.415%, 7/15/27		760,000		779,150
6.60%, 11/15/28		390,000		404,945
6.58%, 7/15/29		293,000		304,720
6.80%, 11/15/30		390,000		411,613
6.629%, 7/15/32		390,000		407,018
Methanex Corp.
5.125%, 10/15/27		259,000		255,167
5.25%, 12/15/29		269,000		262,803
NOVA Chemicals Corp.,144A,8.50%, 11/15/28		156,000		165,663
Olin Corp.
5.125%, 9/15/27		137,000		136,939
5.625%, 8/1/29		277,000		272,431
5.00%, 2/1/30		213,000		202,916
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		455,000		438,905
WR Grace Holdings LLC,144A,4.875%, 6/15/27		307,000		299,644

(Cost $5,561,937)				5,499,103

Iron/Steel — 0.3%
ATI, Inc.,7.25%, 8/15/30		160,000		166,497
Cleveland-Cliffs, Inc.,5.875%, 6/1/27		194,000		193,845
United States Steel Corp.,6.875%, 3/1/29		196,000		198,667

(Cost $560,817)				559,009

Mining — 1.5%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		310,000		308,027
144A,6.125%, 5/15/28		207,000		207,928
144A,4.125%, 3/31/29		207,000		194,909
144A,7.125%, 3/15/31		270,000		281,375
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		248,000		242,169
144A,5.875%, 4/15/30		290,000		288,986
144A,4.375%, 4/1/31		580,000		532,520
144A,6.125%, 4/15/32		301,000		301,489


	Principal Amount $		Value $
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		238,000		235,586
144A,6.125%, 4/1/29		212,000		211,907
Nexa Resources SA,144A,6.50%, 1/18/28		166,000		170,660

(Cost $3,009,673)				2,975,556

Communications — 6.0%

Advertising — 0.5%
Lamar Media Corp.
3.75%, 2/15/28		216,000		206,903
4.00%, 2/15/30		227,000		211,234
3.625%, 1/15/31		207,000		186,335
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		268,000		262,830
144A,7.375%, 2/15/31		186,000		195,528

(Cost $1,112,725)				1,062,830

Internet — 1.7%
Arches Buyer, Inc.,144A,4.25%, 6/1/28		371,000		348,277
Cogent Communications Group LLC
144A,3.50%, 5/1/26		207,000		202,358
144A,7.00%, 6/15/27		186,000		187,701
Gen Digital, Inc.
144A,6.75%, 9/30/27		312,000		317,877
144A,7.125%, 9/30/30 (a)		248,000		255,947
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		248,000		246,221
144A,3.50%, 3/1/29		321,000		297,794
Match Group Holdings II LLC
144A,5.00%, 12/15/27		186,000		183,174
144A,4.625%, 6/1/28		187,000		181,281
144A,4.125%, 8/1/30		195,000		176,561
144A,3.625%, 10/1/31		195,000		168,737
MercadoLibre, Inc.,3.125%, 1/14/31		202,000		177,724
Snap, Inc.,144A,6.875%, 3/1/33		590,000		597,754

(Cost $3,416,296)				3,341,406

Media — 1.8%
CCO Holdings LLC / CCO Holdings Capital Corp.,144A,5.50%, 5/1/26		310,000		309,803
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		1,293,000		1,273,525
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		413,000		399,878
144A,5.00%, 8/1/27		570,000		562,599
144A,4.00%, 7/15/28		777,000		730,426

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
TEGNA, Inc.,144A,4.75%, 3/15/26		227,000		225,616

(Cost $3,595,716)				3,501,847

Telecommunications — 2.0%
Fibercop SpA
144A,6.375%, 11/15/33		195,000		192,075
144A,6.00%, 9/30/34		195,000		184,700
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		425,000		425,097
144A,5.00%, 5/1/28		591,000		585,868
144A,6.75%, 5/1/29		413,000		418,631
5.875%, 11/1/29		291,000		291,332
144A,6.00%, 1/15/30		390,000		391,748
144A,8.75%, 5/15/30		436,000		461,273
144A,8.625%, 3/15/31		310,000		331,490
Iliad Holding SASU,144A,7.00%, 10/15/28		353,000		359,526
Millicom International Cellular SA,144A,5.125%, 1/15/28		149,400		144,831

(Cost $3,804,636)				3,786,571

Consumer, Cyclical — 21.1%
Airlines — 1.0%
Air Canada,144A,3.875%, 8/15/26 United Airlines, Inc.		496,000		485,875
144A,4.375%, 4/15/26		777,000		767,686
144A,4.625%, 4/15/29		738,000		712,014

(Cost $1,990,558)				1,965,575

Apparel — 0.2%
Levi Strauss & Co.,144A,3.50%, 3/1/31		207,000		184,774
VF Corp.,2.80%, 4/23/27		207,000		195,414

(Cost $382,847)				380,188

Auto Manufacturers — 1.7%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		165,000		162,041
144A,5.875%, 6/1/29		207,000		206,929
144A,3.75%, 1/30/31		373,000		335,548
Nissan Motor Acceptance Co. LLC
144A,5.30%, 9/13/27		156,000		156,499
144A,2.75%, 3/9/28		234,000		217,582
144A,7.05%, 9/15/28		273,000		287,364
Nissan Motor Co. Ltd.
144A,4.345%, 9/17/27		970,000		954,327
144A,4.81%, 9/17/30		976,000		939,767

(Cost $3,289,045)				3,260,057

Auto Parts & Equipment — 1.3%

Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		328,000		328,000


	Principal Amount $		Value $
144A,7.00%, 4/15/28		207,000		211,373
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		607,000		610,460
144A,6.75%, 5/15/28		290,000		296,266
Dana, Inc.
5.375%, 11/15/27		165,000		165,281
5.625%, 6/15/28		148,000		147,585
4.25%, 9/1/30		165,000		156,032
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		372,000		370,705
4.875%, 3/15/27		259,000		254,531

(Cost $2,534,160)				2,540,233

Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		269,000		257,019
144A,3.875%, 11/15/29		165,000		152,213
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		517,000		517,381
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		227,000		233,090
144A,7.75%, 3/15/31		291,000		306,597

(Cost $1,450,123)				1,466,300

Entertainment — 3.2%
Caesars Entertainment, Inc.
144A,7.00%, 2/15/30		781,000		804,993
144A,6.50%, 2/15/32		586,000		594,749
Churchill Downs, Inc.
144A,5.50%, 4/1/27		248,000		247,038
144A,4.75%, 1/15/28		289,000		282,536
144A,5.75%, 4/1/30		461,000		455,892
144A,6.75%, 5/1/31		223,000		227,648
International Game Technology PLC
144A,4.125%, 4/15/26		250,000		248,041
144A,6.25%, 1/15/27		310,000		313,998
144A,5.25%, 1/15/29		280,000		275,865
Light & Wonder International, Inc.,144A,7.00%, 5/15/28		289,000		289,909
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		496,000		504,355
144A,4.75%, 10/15/27		343,000		335,345
144A,3.75%, 1/15/28		207,000		198,483
Mohegan Tribal Gaming
Authority,144A,13.25%, 12/15/27		158,000		179,044
Six Flags Entertainment Corp.,144A,5.50%, 4/15/27		207,000		206,409
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.,5.375%, 4/15/27		207,000		205,375

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Vail Resorts, Inc.,144A,6.50%, 5/15/32		218,000		222,785
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		290,000		282,551
144A,6.25%, 3/15/33		306,000		305,508

(Cost $6,222,542)				6,180,524

Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28
(Cost $469,434)		475,000		467,353

Home Builders — 0.8%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		165,000		153,219
Century Communities, Inc.
6.75%, 6/1/27		205,000		205,046
144A,3.875%, 8/15/29		207,000		188,963
Mattamy Group Corp.
144A,5.25%, 12/15/27		177,000		174,490
144A,4.625%, 3/1/30		228,000		212,976
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		207,000		209,438
144A,5.75%, 1/15/28		186,000		186,201
144A,5.125%, 8/1/30		182,000		176,978

(Cost $1,517,753)				1,507,311

Home Furnishings — 0.3%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		312,000		291,159
144A,3.875%, 10/15/31		306,000		271,034

(Cost $560,172)				562,193

Housewares — 0.4%
Newell Brands, Inc.
5.70%, 4/1/26		510,000		509,937
6.375%, 9/15/27 (a)		177,000		179,519
Scotts Miracle-Gro Co.,4.50%, 10/15/29 (a)		170,000		160,714

(Cost $852,834)				850,170

Leisure Time — 4.0%
Carnival Corp.
144A,7.625%, 3/1/26		488,000		489,132
144A,5.75%, 3/1/27		1,045,000		1,048,324
144A,6.00%, 5/1/29		827,000		829,721
144A,6.125%, 2/15/33		750,000		755,777
Life Time, Inc.,144A,6.00%, 11/15/31		207,000		207,894
NCL Corp. Ltd.
144A,5.875%, 2/15/27		413,000		414,292
144A,8.125%, 1/15/29		306,000		324,792


	Principal Amount $		Value $
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		269,000		265,783
144A,5.50%, 8/31/26		413,000		416,386
144A,5.375%, 7/15/27		343,000		343,819
3.70%, 3/15/28		207,000		198,305
144A,5.50%, 4/1/28		620,000		623,313
144A,5.625%, 9/30/31		590,000		587,112
144A,6.25%, 3/15/32		467,000		476,721
144A,6.00%, 2/1/33		777,000		786,239

(Cost $7,767,993)				7,767,610

Lodging — 2.8%
Boyd Gaming Corp.
4.75%, 12/1/27		373,000		368,061
144A,4.75%, 6/15/31		352,000		331,871
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		157,000		157,150
144A,5.875%, 4/1/29		227,000		229,003
144A,3.75%, 5/1/29		331,000		310,595
4.875%, 1/15/30		413,000		403,103
144A,4.00%, 5/1/31		415,000		380,981
144A,3.625%, 2/15/32		585,000		518,642
144A,6.125%, 4/1/32		186,000		188,960
144A,5.875%, 3/15/33		373,000		374,093
MGM Resorts International
4.625%, 9/1/26		165,000		163,915
5.50%, 4/15/27		239,000		238,907
4.75%, 10/15/28		310,000		301,341
6.125%, 9/15/29		331,000		333,139
Station Casinos LLC,144A,4.50%, 2/15/28		286,000		276,498
Travel + Leisure Co.
144A,6.625%, 7/31/26		269,000		272,859
6.00%, 4/1/27		165,000		166,637
Wynn Las Vegas LLC / Wynn Las Vegas Capital
Corp.,144A,5.25%, 5/15/27		372,000		369,254

(Cost $5,503,784)				5,385,009

Retail — 4.4%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		591,000		567,115
144A,4.375%, 1/15/28		310,000		300,032
144A,3.50%, 2/15/29		310,000		289,408
144A,6.125%, 6/15/29		456,000		464,035
144A,5.625%, 9/15/29		207,000		207,355
144A,4.00%, 10/15/30		1,119,000		1,021,298
Asbury Automotive Group, Inc.
4.50%, 3/1/28		167,000		162,220
144A,4.625%, 11/15/29		291,000		277,572
4.75%, 3/1/30		184,000		175,032

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Bath & Body Works, Inc.,5.25%, 2/1/28		184,000		183,331
Beacon Roofing Supply, Inc.,144A,6.50%, 8/1/30		248,000		255,277
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.375%, 4/1/26		269,000		268,210
FirstCash, Inc.
144A,4.625%, 9/1/28		207,000		200,232
144A,5.625%, 1/1/30		227,000		222,922
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		280,000		266,913
144A,6.375%, 1/15/30		207,000		211,225
LCM Investments Holdings II LLC,144A,4.875%, 5/1/29		383,000		365,306
Lithia Motors, Inc.
144A,4.625%, 12/15/27		145,000		141,476
144A,3.875%, 6/1/29		301,000		279,115
144A,4.375%, 1/15/31		227,000		209,646
Murphy Oil USA, Inc.
4.75%, 9/15/29		207,000		199,544
144A,3.75%, 2/15/31		187,000		167,425
Penske Automotive Group, Inc.,3.75%, 6/15/29		207,000		192,879
Walgreens Boots Alliance, Inc.,3.45%, 6/1/26		548,000		536,068
Yum! Brands, Inc.
144A,4.75%, 1/15/30		331,000		320,864
3.625%, 3/15/31		404,000		366,451
4.625%, 1/31/32		425,000		400,095
5.375%, 4/1/32		383,000		377,470

(Cost $8,834,930)				8,628,516

Consumer, Non-cyclical — 20.4%

Agriculture — 0.3%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		177,000		176,327
144A,6.00%, 6/15/30		390,000		391,345

(Cost $571,913)				567,672

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.,144A,4.375%, 4/30/29

(Cost $279,357)		291,000		278,777

Commercial Services — 6.2%
ADT Security Corp.,144A,4.125%, 8/1/29		373,000		352,604
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		234,000		234,645
Albion Financing 2 SARL,144A,8.75%, 4/15/27		134,000		136,878


	Principal Amount $		Value $
Allied Universal Holdco LLC / Allied Universal Finance Corp.,144A,9.75%, 7/15/27		350,000		352,538
Belron UK Finance PLC,144A,5.75%, 10/15/29		431,000		430,703
Block, Inc.
2.75%, 6/1/26		413,000		400,852
3.50%, 6/1/31		383,000		340,321
144A,6.50%, 5/15/32		777,000		793,787
Boost Newco Borrower LLC,144A,7.50%, 1/15/31		839,000		878,193
Brink’s Co.
144A,4.625%, 10/15/27		248,000		243,715
144A,6.50%, 6/15/29		165,000		169,120
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28		406,000		427,831
Garda World Security Corp.
144A,4.625%, 2/15/27		236,000		231,053
144A,7.75%, 2/15/28		165,000		170,262
Herc Holdings, Inc.
144A,5.50%, 7/15/27		496,000		493,207
144A,6.625%, 6/15/29		306,000		310,573
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		558,000		560,894
144A,3.375%, 8/31/27		390,000		370,953
Service Corp. International
4.625%, 12/15/27		197,000		193,420
5.125%, 6/1/29		310,000		305,480
3.375%, 8/15/30		316,000		284,733
4.00%, 5/15/31		301,000		273,930
5.75%, 10/15/32		331,000		328,793
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		425,000		433,377
United Rentals North America, Inc.
5.50%, 5/15/27		107,000		107,180
3.875%, 11/15/27		310,000		300,890
4.875%, 1/15/28		690,000		681,107
5.25%, 1/15/30		310,000		306,827
4.00%, 7/15/30		310,000		288,813
3.875%, 2/15/31		415,000		379,711
3.75%, 1/15/32		290,000		259,612
144A,6.125%, 3/15/34		415,000		420,205
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		207,000		201,358
144A,6.625%, 6/15/29		177,000		180,441
144A,7.375%, 10/1/31		207,000		215,769

(Cost $12,357,535)				12,059,775

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Cosmetics/Personal Care — 0.6%
Edgewell Personal Care Co.,144A,5.50%, 6/1/28		310,000		306,424
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		290,000		276,996
6.125%, 9/30/32		276,000		276,197
Prestige Brands, Inc.
144A,5.125%, 1/15/28		135,000		133,535
144A,3.75%, 4/1/31		234,000		211,032

(Cost $1,244,869)				1,204,184

Food — 3.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		310,000		304,386
144A,7.50%, 3/15/26		248,000		248,601
144A,4.625%, 1/15/27		558,000		550,122
144A,5.875%, 2/15/28		246,000		246,174
144A,6.50%, 2/15/28		310,000		316,114
144A,3.50%, 3/15/29		528,000		488,683
144A,4.875%, 2/15/30		383,000		370,047
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		207,000		202,999
144A,4.125%, 1/31/30		351,000		327,672
144A,4.375%, 1/31/32		289,000		265,629
Performance Food Group, Inc.
144A,5.50%, 10/15/27		414,000		412,495
144A,4.25%, 8/1/29		390,000		368,072
144A,6.125%, 9/15/32		390,000		392,457
Pilgrim’s Pride Corp.
3.50%, 3/1/32		338,000		299,353
6.25%, 7/1/33		374,000		390,620
6.875%, 5/15/34		207,000		225,132
Post Holdings, Inc.,144A,6.25%, 2/15/32		393,000		396,495
US Foods, Inc.
144A,6.875%, 9/15/28		207,000		214,805
144A,4.75%, 2/15/29		332,000		321,558
144A,4.625%, 6/1/30		207,000		197,715
144A,7.25%, 1/15/32		207,000		216,582
144A,5.75%, 4/15/33		187,000		184,356

(Cost $7,030,886)				6,940,067

Healthcare-Products — 2.6%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		591,000		572,473
144A,3.875%, 11/1/29		311,000		288,488
Hologic, Inc.
144A,4.625%, 2/1/28		165,000		161,783
144A,3.25%, 2/15/29		393,000		363,423
Medline Borrower LP
144A,3.875%, 4/1/29		1,770,000		1,660,494


	Principal Amount $		Value $
144A,5.25%, 10/1/29		976,000		946,900
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		570,000		579,236
Teleflex, Inc.
4.625%, 11/15/27		207,000		203,193
144A,4.25%, 6/1/28		207,000		198,614

(Cost $4,592,988)				4,974,604

Healthcare-Services — 5.2%
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		207,000		199,093
144A,3.75%, 3/15/29		207,000		193,579
144A,4.00%, 3/15/31		177,000		160,354
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		269,000		279,342
DaVita, Inc.
144A,4.625%, 6/1/30		1,074,000		996,833
144A,3.75%, 2/15/31		580,000		509,232
Encompass Health Corp.
4.50%, 2/1/28		291,000		284,432
4.75%, 2/1/30		301,000		291,879
4.625%, 4/1/31		165,000		155,442
IQVIA, Inc.
144A,5.00%, 10/15/26		334,000		332,299
144A,5.00%, 5/15/27		455,000		450,972
144A,6.50%, 5/15/30		207,000		212,327
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		331,000		317,253
144A,3.875%, 11/15/30		269,000		242,424
144A,3.875%, 5/15/32		280,000		246,258
144A,6.25%, 1/15/33		280,000		276,895
Select Medical Corp.,144A,6.25%, 12/1/32		227,000		226,032
Tenet Healthcare Corp.
6.25%, 2/1/27		520,000		519,787
5.125%, 11/1/27		620,000		613,215
4.625%, 6/15/28		248,000		239,840
6.125%, 10/1/28		1,033,000		1,033,025
4.25%, 6/1/29		529,000		499,676
4.375%, 1/15/30		559,000		526,223
6.125%, 6/15/30		777,000		779,546
6.75%, 5/15/31		508,000		518,666

(Cost $10,337,010)				10,104,624

Household Products/Wares — 0.1%
Central Garden & Pet Co.,4.125%, 10/15/30

(Cost $191,821)		207,000		189,233

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Pharmaceuticals — 1.7%
Jazz Securities DAC,144A,4.375%, 1/15/29		600,000		575,840
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		818,000		778,627
144A,6.75%, 5/15/34		192,000		194,931
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		1,306,000		1,264,355
6.75%, 3/1/28		488,000		504,115

(Cost $3,348,215)				3,317,868

Energy — 10.4%

Oil & Gas — 4.7%
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,8.25%, 12/31/28		172,000		176,243
144A,5.875%, 6/30/29		165,000		163,108
Civitas Resources, Inc.
144A,5.00%, 10/15/26		165,000		163,864
144A,8.375%, 7/1/28		508,000		529,310
CNX Resources Corp.
144A,6.00%, 1/15/29		187,000		185,709
144A,7.375%, 1/15/31		207,000		212,838
144A,7.25%, 3/1/32		228,000		233,684
Crescent Energy Finance
LLC,144A,9.25%, 2/15/28		413,000		433,144
Encino Acquisition Partners Holdings LLC,144A,8.50%,
5/1/28		273,000		279,920
Energean PLC,144A,6.50%, 4/30/27		186,000		185,847
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		248,000		247,831
144A,5.75%, 2/1/29		228,000		223,251
Matador Resources Co.
144A,6.875%, 4/15/28		207,000		211,594
144A,6.50%, 4/15/32		357,000		357,232
144A,6.25%, 4/15/33		280,000		275,815
Murphy Oil Corp.,6.00%, 10/1/32		223,000		216,435
Northern Oil & Gas, Inc.,144A,8.125%, 3/1/28		291,000		295,510
Parkland Corp.
144A,5.875%, 7/15/27		195,000		195,163
144A,4.50%, 10/1/29		312,000		295,739
PBF Holding Co. LLC / PBF Finance Corp.,6.00%, 2/15/28		323,000		312,355
Permian Resources Operating LLC
144A,5.875%, 7/1/29		289,000		288,075
144A,7.00%, 1/15/32		390,000		400,928
144A,6.25%, 2/1/33		390,000		392,203


	Principal Amount $		Value $
Range Resources Corp.
8.25%, 1/15/29		248,000		255,538
144A,4.75%, 2/15/30		207,000		197,742
SM Energy Co.
6.75%, 9/15/26		123,000		123,146
6.625%, 1/15/27		172,000		172,028
6.50%, 7/15/28		165,000		165,496
144A,6.75%, 8/1/29		293,000		293,682
Sunoco LP,144A,7.00%, 5/1/29		310,000		321,439
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		248,000		248,842
144A,7.00%, 9/15/28		207,000		213,799
4.50%, 5/15/29		291,000		278,680
4.50%, 4/30/30		305,000		288,636
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		264,000		251,694

(Cost $9,072,002)				9,086,520

Oil & Gas Services — 0.2%
USA Compression Partners LP / USA Compression Finance Corp.,6.875%, 9/1/27

(Cost $294,952)		293,000		294,743

Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		219,000		218,974
144A,5.75%, 1/15/28		269,000		269,327
144A,5.375%, 6/15/29		280,000		275,817
Buckeye Partners LP
3.95%, 12/1/26		248,000		241,354
4.125%, 12/1/27		165,000		159,590
DT Midstream, Inc.
144A,4.125%, 6/15/29		455,000		431,710
144A,4.375%, 6/15/31		373,000		346,703
EQM Midstream Partners LP
144A,7.50%, 6/1/27		157,000		161,022
144A,6.50%, 7/1/27		372,000		381,813
144A,4.50%, 1/15/29		307,000		299,258
144A,6.375%, 4/1/29		248,000		254,518
144A,7.50%, 6/1/30		187,000		203,530
144A,4.75%, 1/15/31		415,000		400,917
Hess Midstream Operations LP
144A,5.625%, 2/15/26		329,000		329,159
144A,5.875%, 3/1/28		250,000		251,970
144A,5.125%, 6/15/28		227,000		224,333
144A,6.50%, 6/1/29		248,000		253,445
144A,4.25%, 2/15/30		310,000		292,681
144A,5.50%, 10/15/30		165,000		163,060

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Howard Midstream Energy Partners LLC,144A,8.875%, 7/15/28		171,000		180,566
NuStar Logistics LP
6.00%, 6/1/26		207,000		208,306
5.625%, 4/28/27		227,000		228,225
6.375%, 10/1/30		228,000		233,030
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		227,000		218,826
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		517,000		482,371
144A,6.25%, 1/15/30		413,000		422,849
144A,4.125%, 8/15/31		477,000		434,988
144A,3.875%, 11/1/33		487,000		423,694
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		840,000		875,538
144A,9.50%, 2/1/29		1,160,000		1,281,715
144A,7.00%, 1/15/30		580,000		588,356

(Cost $10,977,812)				10,737,645

Financial — 13.2%

Diversified Financial Services — 4.7%
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		195,000		201,825
Ally Financial, Inc.,6.70%, 2/14/33		197,000		203,645
goeasy Ltd.,144A,6.875%, 5/15/30		165,000		167,778
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		244,000		231,064
144A,7.125%, 4/30/31		573,000		594,868
144A,6.125%, 11/1/32		615,000		617,823
Nationstar Mortgage Holdings, Inc.
144A,6.00%, 1/15/27		188,000		187,795
144A,5.50%, 8/15/28		351,000		344,260
144A,6.50%, 8/1/29		310,000		312,274
144A,5.125%, 12/15/30		249,000		235,306
144A,7.125%, 2/1/32		373,000		384,557
Navient Corp.
6.75%, 6/15/26		207,000		209,709
5.00%, 3/15/27		289,000		284,679
OneMain Finance Corp.
7.125%, 3/15/26		488,000		497,980
3.50%, 1/15/27		310,000		299,303
6.625%, 1/15/28		310,000		315,782
3.875%, 9/15/28		248,000		232,682
9.00%, 1/15/29		263,000		277,908
6.625%, 5/15/29		342,000		349,026
5.375%, 11/15/29		276,000		269,892
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		129,000		133,527


	Principal Amount $		Value $
PennyMac Financial Services, Inc.
144A,4.25%, 2/15/29		269,000		253,009
144A,7.875%, 12/15/29		275,000		288,148
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		475,000		455,974
144A,3.625%, 3/1/29		290,000		269,735
144A,3.875%, 3/1/31		477,000		428,096
144A,4.00%, 10/15/33		332,000		287,317
SLM Corp.
3.125%, 11/2/26		207,000		199,550
6.50%, 1/31/30		190,000		195,628
United Wholesale Mortgage LLC
144A,5.75%, 6/15/27		167,000		165,542
144A,5.50%, 4/15/29		289,000		280,632

(Cost $9,285,995)				9,175,314

Insurance — 3.0%
Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29		279,000		264,356
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		290,000		280,412
144A,6.75%, 4/15/28		517,000		523,352
144A,7.00%, 1/15/31		559,000		570,258
144A,6.50%, 10/1/31		383,000		384,377
AmWINS Group, Inc.,144A,6.375%, 2/15/29		310,000		313,707
AssuredPartners, Inc.,144A,7.50%, 2/15/32		207,000		223,914
HUB International Ltd.
144A,5.625%, 12/1/29		227,000		222,912
144A,7.25%, 6/15/30		1,279,000		1,321,724
144A,7.375%, 1/31/32		735,000		754,777
Jones Deslauriers Insurance Management, Inc.,144A,8.50%, 3/15/30		283,000		301,530
Ryan Specialty LLC
144A,4.375%, 2/1/30		165,000		156,521
144A,5.875%, 8/1/32		451,000		448,574

(Cost $5,753,590)				5,766,414

Real Estate — 0.5%
Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28		269,000		271,847
Howard Hughes Corp.
144A,5.375%, 8/1/28		280,000		272,482
144A,4.125%, 2/1/29		269,000		247,172
144A,4.375%, 2/1/31		249,000		222,197

(Cost $1,059,500)				1,013,698

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Real Estate Investment Trusts — 4.6%
Brandywine Operating Partnership LP,3.95%, 11/15/27		186,000		178,092
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,5.75%, 5/15/26		344,000		343,139
Iron Mountain, Inc.
144A,4.875%, 9/15/27		383,000		377,123
144A,5.25%, 3/15/28		341,000		336,777
144A,5.00%, 7/15/28		207,000		202,852
144A,7.00%, 2/15/29		413,000		425,682
144A,4.875%, 9/15/29		378,000		364,448
144A,5.25%, 7/15/30		508,000		490,742
144A,4.50%, 2/15/31		415,000		385,223
144A,5.625%, 7/15/32		248,000		240,920
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		213,000		207,460
144A,4.75%, 6/15/29		262,000		253,034
144A,7.00%, 7/15/31		187,000		194,234
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		270,000		268,175
144A,4.875%, 5/15/29		280,000		268,008
144A,7.00%, 2/1/30		227,000		232,065
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		259,000		253,791
144A,7.25%, 7/15/28		165,000		171,119
144A,4.50%, 2/15/29		223,000		213,771
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		207,000		203,361
144A,4.00%, 9/15/29		207,000		190,238
SBA Communications Corp.
3.875%, 2/15/27		584,000		569,094
3.125%, 2/1/29		575,000		527,592
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		165,000		160,707
144A,4.375%, 1/15/27		207,000		202,278
144A,7.25%, 4/1/29		234,000		243,651
144A,6.00%, 4/15/30		165,000		163,906
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,10.50%, 2/15/28		1,057,000		1,129,282

(Cost $8,862,651)				8,796,764

REITS — 0.4%
Iron Mountain, Inc.,144A,6.25%, 1/15/33		456,000		458,922


	Principal Amount $		Value $
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		165,000		165,711
Starwood Property Trust, Inc.,144A,6.50%, 7/1/30		177,000		179,699

(Cost $799,746)				804,332

Industrial — 14.1%

Aerospace/Defense — 4.5%
Bombardier, Inc.
144A,7.875%, 4/15/27		246,000		247,264
144A,6.00%, 2/15/28		310,000		309,301
144A,7.50%, 2/1/29		293,000		303,342
144A,8.75%, 11/15/30		310,000		332,321
144A,7.25%, 7/1/31		285,000		291,994
144A,7.00%, 6/1/32		280,000		284,221
Spirit AeroSystems, Inc.
4.60%, 6/15/28 (a)		279,000		269,883
144A,9.375%, 11/30/29		372,000		400,023
144A,9.75%, 11/15/30		466,000		516,498
TransDigm, Inc.
5.50%, 11/15/27		912,000		903,670
144A,6.75%, 8/15/28		762,000		776,006
4.625%, 1/15/29		436,000		414,893
144A,6.375%, 3/1/29		1,013,000		1,027,616
4.875%, 5/1/29		272,000		260,167
144A,6.875%, 12/15/30		526,000		540,243
144A,7.125%, 12/1/31		363,000		374,759
144A,6.625%, 3/1/32		799,000		815,167
144A,6.00%, 1/15/33		545,000		540,036

(Cost $8,607,927)				8,607,404

Building Materials — 2.7%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		227,000		218,736
144A,4.25%, 2/1/32		497,000		450,127
144A,6.375%, 6/15/32		289,000		294,383
144A,6.375%, 3/1/34		383,000		388,134
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		273,000		278,382
Quikrete Holdings, Inc.,144A,6.375%, 3/1/32		1,542,000		1,565,338
Standard Building Solutions, Inc.,144A,6.50%, 8/15/32		373,000		378,020
Standard Industries, Inc.
144A,5.00%, 2/15/27		311,000		308,293
144A,4.75%, 1/15/28		413,000		404,050
144A,4.375%, 7/15/30		611,000		571,270
144A,3.375%, 1/15/31		455,000		399,818

(Cost $5,270,131)				5,256,551

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Electrical Components & Equipment — 0.6%
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		468,000		476,370
144A,6.375%, 3/15/29		372,000		378,904
144A,6.625%, 3/15/32		311,000		318,004

(Cost $1,191,727)				1,173,278

Electronics — 1.0%
Imola Merger Corp.,144A,4.75%, 5/15/29		797,000		767,385
Sensata Technologies BV
144A,4.00%, 4/15/29		373,000		347,112
144A,5.875%, 9/1/30		207,000		204,428
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		186,000		173,524
144A,3.75%, 2/15/31		280,000		248,162
144A,6.625%, 7/15/32		207,000		210,670

(Cost $2,031,737)				1,951,281

Engineering & Construction — 0.3%
Arcosa, Inc.
144A,4.375%, 4/15/29		165,000		156,272
144A,6.875%, 8/15/32		228,000		233,573
Fluor Corp.,4.25%, 9/15/28		208,000		199,263

(Cost $594,535)				589,108

Environmental Control — 1.1%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		207,000		210,089
GFL Environmental, Inc.
144A,5.125%, 12/15/26		207,000		207,033
144A,4.00%, 8/1/28		310,000		294,362
144A,3.50%, 9/1/28		280,000		263,627
144A,4.75%, 6/15/29		285,000		274,271
144A,4.375%, 8/15/29		227,000		214,509
144A,6.75%, 1/15/31		373,000		387,282
Madison IAQ LLC,144A,4.125%, 6/30/28		289,000		276,417

(Cost $2,139,736)				2,127,590

Machinery-Construction & Mining — 0.1%
Terex Corp.,144A,5.00%, 5/15/29

(Cost $239,265)		248,000		239,107

Miscellaneous Manufacturing — 0.2%
Amsted Industries, Inc.,144A,4.625%, 5/15/30		160,000		150,106
Hillenbrand, Inc.,6.25%, 2/15/29		207,000		209,985

(Cost $358,658)				360,091


	Principal Amount $		Value $
Packaging & Containers — 2.9%
Ball Corp.
6.875%, 3/15/28		310,000		318,108
6.00%, 6/15/29		413,000		420,444
2.875%, 8/15/30		507,000		445,091
3.125%, 9/15/31		316,000		274,750
Berry Global, Inc.,144A,5.625%, 7/15/27		207,000		207,091
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		312,000		283,294
Crown Americas LLC,5.25%, 4/1/30		207,000		203,819
Graphic Packaging International LLC
144A,3.50%, 3/15/28		186,000		176,700
144A,3.75%, 2/1/30		165,000		152,044
144A,6.375%, 7/15/32		182,000		184,866
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		1,049,000		1,066,219
144A,9.25%, 4/15/27		515,000		523,142
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		413,000		414,197
Sealed Air Corp.
144A,4.00%, 12/1/27		176,000		170,752
144A,6.125%, 2/1/28		260,000		262,534
144A,5.00%, 4/15/29		156,000		152,249
144A,7.25%, 2/15/31		176,000		184,038
Silgan Holdings, Inc.,4.125%, 2/1/28		236,000		227,821

(Cost $5,795,493)				5,667,159

Trucking & Leasing — 0.7%
Fortress Transportation and Infrastructure Investors LLC
144A,5.50%, 5/1/28		413,000		407,674
144A,7.875%, 12/1/30		207,000		218,195
144A,7.00%, 5/1/31		259,000		265,554
144A,7.00%, 6/15/32		291,000		297,994
144A,5.875%, 4/15/33		207,000		201,077

(Cost $1,383,096)				1,390,494

Technology — 4.4%

Computers — 0.8%
NCR Voyix Corp.
144A,5.00%, 10/1/28		269,000		261,106
144A,5.125%, 4/15/29		167,000		160,682
Seagate HDD Cayman
4.875%, 6/1/27		189,000		186,794
4.091%, 6/1/29		184,000		174,449
8.25%, 12/15/29		207,000		221,921
8.50%, 7/15/31		207,000		222,784

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
9.625%, 12/1/32		290,094		329,314

(Cost $1,562,348)				1,557,050

Semiconductors — 0.8%
Entegris, Inc.
144A,4.375%, 4/15/28		165,000		159,427
144A,4.75%, 4/15/29		611,000		591,109
144A,3.625%, 5/1/29		165,000		153,121
144A,5.95%, 6/15/30		345,000		345,953
ON Semiconductor Corp.,144A,3.875%, 9/1/28		289,000		273,638

(Cost $1,537,709)				1,523,248

Software — 2.8%
Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28		381,000		357,906
Cloud Software Group, Inc.,144A,8.25%, 6/30/32		699,000		725,505
Fair Isaac Corp.
144A,5.25%, 5/15/26		105,000		105,392
144A,4.00%, 6/15/28		372,000		356,373
Open Text Corp.
144A,3.875%, 2/15/28		372,000		352,562
144A,3.875%, 12/1/29		332,000		305,578
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		342,000		316,221
144A,4.125%, 12/1/31		244,000		218,825
ROBLOX Corp.,144A,3.875%, 5/1/30		383,000		352,709
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		737,000		734,350
144A,6.50%, 6/1/32		310,000		317,402
Twilio, Inc.
3.625%, 3/15/29		207,000		193,339
3.875%, 3/15/31		187,000		170,717
UKG, Inc.,144A,6.875%, 2/1/31		976,000		1,002,372

(Cost $5,589,135)				5,509,251

Utilities — 3.8%

Electric — 3.8%
Calpine Corp.
144A,4.50%, 2/15/28		517,000		506,008
144A,5.125%, 3/15/28		525,000		517,564
144A,4.625%, 2/1/29		254,000		243,610
144A,5.00%, 2/1/31		318,000		306,553
144A,3.75%, 3/1/31		372,000		340,227
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		331,000		321,774
144A,3.75%, 2/15/31		357,000		318,047
NRG Energy, Inc.
5.75%, 1/15/28		299,000		299,967
144A,3.375%, 2/15/29		207,000		190,539
144A,5.25%, 6/15/29		286,000		280,549
144A,5.75%, 7/15/29		312,000		309,619


	Principal Amount $		Value $
PG&E Corp.
5.00%, 7/1/28		388,000		378,311
5.25%, 7/1/30		388,000		372,753
TransAlta Corp.,7.75%, 11/15/29		165,000		172,560
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		361,000		361,152
144A,5.625%, 2/15/27		537,000		537,427
144A,5.00%, 7/31/27		497,000		491,591
144A,4.375%, 5/1/29		477,000		455,679
144A,7.75%, 10/15/31		559,000		590,651
144A,6.875%, 4/15/32		413,000		426,501

(Cost $7,474,154)				7,421,082

TOTAL CORPORATE BONDS

(Cost $192,274,468)				190,372,289

	Number of Shares

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $683,524)		683,524		683,524

CASH EQUIVALENTS — 2.7%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $5,277,017)		5,277,017		5,277,017

TOTAL INVESTMENTS — 101.2%

(Cost $198,235,009)				196,332,830

Other assets and liabilities,net — (1.2%)				(2,321,109	)

NET ASSETS — 100.0%				194,011,721

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
	SECURITIES LENDING COLLATERAL — 0.4%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
	4,418,701		—		(3,735,177	)(d)		—		—		3,813		—		683,524		683,524

	CASH EQUIVALENTS — 2.7%
	DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
	3,352,412		20,291,685		(18,367,080	)		—		—		85,352		—		5,277,017		5,277,017

	7,771,113		20,291,685		(22,102,257	)		—		—		89,165		—		5,960,541		5,960,541

(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 28, 2025 amounted to $669,116, which is 0.3% 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 28, 2025.

REIT:

Real Estate Investment Trust

144A:

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

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	190,372,289	$	—	$	190,372,289
Short-Term Investments (a)		5,960,541		—		—		5,960,541

TOTAL	$	5,960,541	$	190,372,289	$	—	$	196,332,830

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

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 99.5%
Xtrackers High Beta High Yield Bond ETF(a)(b)		23,903		1,016,690
Xtrackers USD High Yield Corporate Bond ETF(a)(b)		1,217,170		44,694,483

(Cost $46,970,594)				45,711,173

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

(Cost $270,000)		270,000		270,000


	Number of Shares		Value $

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

(Cost $245,826)		245,826		245,826

TOTAL INVESTMENTS — 100.6%

(Cost $47,486,420)				46,226,999

Other assets and liabilities,net — (0.6%)				(277,672	)
NET ASSETS — 100.0%				45,949,327

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

EXCHANGE-TRADED FUNDS — 99.5%
Xtrackers High Beta High Yield Bond ETF (b)
935,948		65,430			—			—		15,312		37,988		—		23,903		1,016,690
Xtrackers USD High Yield Corporate Bond ETF (b)
41,533,720		2,871,001			—			—		289,762		1,369,469		—		1,217,170		44,694,483
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)
—		270,000	(e)		—			—		—		458		—		270,000		270,000
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 4.30% (c)
260,490		81,956			(96,620	)		—		—		5,871		—		245,826		245,826

42,730,158		3,288,387			(96,620	)		—		305,074		1,413,786		—		1,756,899		46,226,999

(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 28, 2025 amounted to $264,078, which is 0.6% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

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

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2025.

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

February 28, 2025 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Exchange-Traded Funds	$	45,711,173	$	—	$	—	$	45,711,173
Short-Term Investments (a)		515,826		—		—		515,826

TOTAL	$	46,226,999	$	—	$	—	$	46,226,999

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

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

CORPORATE BONDS — 97.8%

Basic Materials — 5.3%

Chemicals — 2.8%
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		168,000		155,256
Celanese US Holdings LLC
1.40%, 8/5/26		90,000		85,319
6.415%, 7/15/27		467,000		478,767
6.60%, 11/15/28		230,000		238,814
6.58%, 7/15/29		170,000		176,800
Chemours Co.
5.375%, 5/15/27		106,000		104,547
144A,5.75%, 11/15/28		200,000		189,907
144A,4.625%, 11/15/29		148,000		131,643
Consolidated Energy Finance SA,144A,5.625%, 10/15/28		127,000		110,471
INEOS Finance PLC
144A,6.75%, 5/15/28		106,000		107,179
144A,7.50%, 4/15/29		149,000		153,131
Methanex Corp.
5.125%, 10/15/27		131,000		129,061
5.25%, 12/15/29		173,000		169,014
NOVA Chemicals Corp.
144A,5.00%, 5/1/25		117,000		116,738
144A,5.25%, 6/1/27		242,000		240,904
144A,8.50%, 11/15/28		104,000		110,442
144A,4.25%, 5/15/29		140,000		133,023
144A,9.00%, 2/15/30		150,000		162,194
Olin Corp.
5.125%, 9/15/27		138,000		137,938
5.625%, 8/1/29		170,000		167,196
5.00%, 2/1/30		95,000		90,502
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		255,000		245,980
144A,6.625%, 5/1/29		169,000		167,581
Tronox, Inc.,144A,4.625%, 3/15/29		255,000		228,405
WR Grace Holdings LLC
144A,4.875%, 6/15/27		173,000		168,855
144A,5.625%, 8/15/29		270,000		247,555

(Cost $4,404,429)				4,447,222

Forest Products & Paper — 0.4%
Domtar Corp.,144A,6.75%, 10/1/28		150,000		139,272
Glatfelter Corp.,144A,4.75%, 11/15/29		110,000		100,159
Mercer International, Inc.
144A,12.875%, 10/1/28		115,000		125,699
5.125%, 2/1/29		206,000		187,072

(Cost $544,884)				552,202


	Principal Amount $		Value $

Iron/Steel — 0.7%
Cleveland-Cliffs, Inc.
5.875%, 6/1/27		118,000		117,905
144A,6.875%, 11/1/29		220,000		221,302
Mineral Resources Ltd.
144A,8.125%, 5/1/27		153,000		153,161
144A,8.00%, 11/1/27		146,000		147,682
144A,9.25%, 10/1/28		285,000		295,248
United States Steel Corp.,6.875%, 3/1/29		152,000		154,068

(Cost $1,085,463)				1,089,366

Mining — 1.4%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		140,000		139,109
144A,6.125%, 5/15/28		134,000		134,601
144A,4.125%, 3/31/29		135,000		127,115
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		347,000		349,854
144A,9.375%, 3/1/29		406,000		433,689
FMG Resources August 2006 Pty Ltd.,144A,4.50%, 9/15/27		143,000		139,638
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		107,000		105,915
144A,6.125%, 4/1/29		150,000		149,934
Kaiser Aluminum Corp.,144A,4.625%, 3/1/28		138,000		133,291
Nexa Resources SA,144A,6.50%, 1/18/28		125,000		128,509
Vedanta Resources Finance II PLC,144A,10.875%, 9/17/29		343,000		361,392

(Cost $2,161,261)				2,203,047

Communications — 18.1%

Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		292,000		285,747
144A,7.75%, 4/15/28 (a)		224,000		208,222
144A,9.00%, 9/15/28		168,000		177,090
144A,7.50%, 6/1/29		253,000		224,528
Lamar Media Corp.
3.75%, 2/15/28		145,000		138,893
4.00%, 2/15/30		128,000		119,110
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		609,000		545,978
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		149,000		146,125
144A,4.25%, 1/15/29		135,000		126,993
Stagwell Global LLC,144A,5.625%, 8/15/29		257,000		249,189

(Cost $2,191,912)				2,221,875

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Internet — 1.9%
Arches Buyer, Inc.
144A,4.25%, 6/1/28		222,000		208,403
144A,6.125%, 12/1/28		117,000		106,665
Cogent Communications Group LLC
144A,3.50%, 5/1/26		119,000		116,331
144A,7.00%, 6/15/27		110,000		111,006
Gen Digital, Inc.,144A,6.75%, 9/30/27		230,000		234,333
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		177,000		175,730
144A,3.50%, 3/1/29		177,000		164,204
ION Trading Technologies SARL
144A,5.75%, 5/15/28		105,000		99,360
144A,9.50%, 5/30/29		181,000		186,891
Match Group Holdings II LLC
144A,5.00%, 12/15/27		103,000		101,435
144A,4.625%, 6/1/28		119,000		115,360
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		126,000		100,416
Rakuten Group, Inc.
144A,11.25%, 2/15/27		421,000		462,262
144A,9.75%, 4/15/29		469,000		516,074
Wayfair LLC,144A,7.25%, 10/31/29		187,000		190,388

(Cost $2,838,997)				2,888,858

Media — 9.0%
AMC Networks, Inc.
144A,10.25%, 1/15/29		199,000		211,101
4.25%, 2/15/29 (a)		227,000		176,910
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		151,000		150,904
144A,5.125%, 5/1/27		759,000		749,085
144A,5.00%, 2/1/28		589,000		574,943
144A,5.375%, 6/1/29		362,000		352,337
144A,6.375%, 9/1/29		344,000		345,602
CSC Holdings LLC
144A,5.50%, 4/15/27		312,000		289,777
144A,5.375%, 2/1/28		228,000		195,926
144A,7.50%, 4/1/28 (a)		250,000		186,034
144A,11.25%, 5/15/28		230,000		224,063
144A,11.75%, 1/31/29		478,000		467,021
144A,6.50%, 2/1/29		409,000		341,965
144A,5.75%, 1/15/30		525,000		302,384
Directv Financing LLC,144A,8.875%, 2/1/30		175,000		170,904
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		773,000		761,357


	Principal Amount $		Value $
DISH DBS Corp.
7.75%, 7/1/26		466,000		416,140
144A,5.25%, 12/1/26		643,000		605,661
7.375%, 7/1/28		219,000		162,543
144A,5.75%, 12/1/28		598,000		531,575
5.125%, 6/1/29		350,000		236,500
DISH Network Corp.,144A,11.75%, 11/15/27		817,000		862,708
Gray Media, Inc.
144A,7.00%, 5/15/27 (a)		114,000		111,906
144A,10.50%, 7/15/29		299,000		308,601
iHeartCommunications, Inc.,144A,9.125%, 5/1/29		170,000		144,712
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		281,000		239,732
144A,5.125%, 7/15/29 (a)		182,000		137,545
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		147,000		144,298
144A,8.00%, 8/1/29		187,000		188,055
Nexstar Media, Inc.
144A,5.625%, 7/15/27		387,000		383,060
144A,4.75%, 11/1/28		243,000		230,410
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		221,000		192,202
144A,6.50%, 9/15/28		230,000		160,791
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		233,000		225,597
144A,5.00%, 8/1/27		360,000		355,325
144A,4.00%, 7/15/28		467,000		439,008
144A,5.50%, 7/1/29		290,000		284,222
TEGNA, Inc.
144A,4.75%, 3/15/26		155,000		154,055
4.625%, 3/15/28		248,000		237,890
5.00%, 9/15/29		245,000		231,870
Univision Communications, Inc.
144A,6.625%, 6/1/27		332,000		332,919
144A,8.00%, 8/15/28		345,000		350,756
144A,4.50%, 5/1/29		240,000		216,815
Virgin Media Secured Finance PLC,144A,5.50%, 5/15/29		343,000		328,582
VTR Finance NV,144A,6.375%, 7/15/28		113,000		107,901
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		115,000		102,028
Ziggo BV,144A,4.875%, 1/15/30		225,000		207,372

(Cost $13,910,359)				14,131,092

Telecommunications — 5.8%
Altice Financing SA
144A,5.00%, 1/15/28		270,000		218,947
144A,5.75%, 8/15/29		492,000		386,428

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Altice France Holding SA
144A,10.50%, 5/15/27		366,000		114,668
144A,6.00%, 2/15/28		260,000		80,194
Altice France SA
144A,8.125%, 2/1/27		426,000		382,448
144A,5.50%, 1/15/28		254,000		204,677
144A,5.125%, 1/15/29		105,000		81,581
144A,5.125%, 7/15/29		567,000		440,481
144A,5.50%, 10/15/29		467,000		365,266
CommScope LLC
144A,8.25%, 3/1/27 (a)		197,000		194,197
144A,7.125%, 7/1/28		149,000		141,472
144A,4.75%, 9/1/29		240,000		216,187
CommScope Technologies LLC,144A,5.00%, 3/15/27		163,000		153,978
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		452,000		414,806
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		115,000		109,870
144A,6.50%, 10/1/28		161,000		157,163
EchoStar Corp.,10.75%, 11/30/29		1,250,000		1,340,288
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		269,000		269,062
144A,5.00%, 5/1/28		316,000		313,256
144A,6.75%, 5/1/29		243,000		246,313
5.875%, 11/1/29		215,000		215,245
144A,6.00%, 1/15/30		248,000		249,111
Hughes Satellite Systems Corp.
5.25%, 8/1/26 (a)		180,000		167,672
6.625%, 8/1/26 (a)		173,000		140,150
Iliad Holding SASU,144A,7.00%, 10/15/28		184,000		187,402
Level 3 Financing, Inc.
144A,10.50%, 4/15/29		158,000		177,750
144A,4.875%, 6/15/29		141,000		122,670
144A,11.00%, 11/15/29		370,000		420,313
Millicom International Cellular SA
144A,5.125%, 1/15/28		82,800		80,268
144A,6.25%, 3/25/29		159,300		158,314
VEON Holdings BV,144A,3.375%, 11/25/27		212,000		191,616
Viasat, Inc.
144A,5.625%, 9/15/25		103,000		102,666
144A,5.625%, 4/15/27 (a)		147,000		142,148
144A,6.50%, 7/15/28 (a)		100,000		86,602
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27 (a)		335,000		316,364
144A,6.125%, 3/1/28		250,000		222,562


	Principal Amount $		Value $

Zegona Finance PLC,144A,8.625%, 7/15/29		231,000		245,862

(Cost $9,021,569)				9,057,997

Consumer, Cyclical — 18.9%

Airlines — 1.0%
Air Canada,144A,3.875%, 8/15/26		258,000		252,733
American Airlines, Inc.
144A,7.25%, 2/15/28		173,000		177,006
144A,8.50%, 5/15/29		235,000		247,776
United Airlines, Inc.
144A,4.375%, 4/15/26		485,000		479,187
144A,4.625%, 4/15/29		448,000		432,225

(Cost $1,576,854)				1,588,927

Apparel — 0.2%
VF Corp.
2.40%, 4/23/25		196,000		196,029
2.80%, 4/23/27		102,000		96,291

(Cost $292,454)				292,320

Auto Manufacturers — 1.4%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		93,000		91,332
144A,5.875%, 6/1/29		123,000		122,958
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		244,000		236,872
Nissan Motor Acceptance Co. LLC
144A,2.00%, 3/9/26		187,000		180,985
144A,1.85%, 9/16/26		234,000		222,843
144A,5.30%, 9/13/27		93,000		93,298
144A,2.75%, 3/9/28		140,000		130,177
144A,7.05%, 9/15/28		163,000		171,576
Nissan Motor Co. Ltd.
144A,3.522%, 9/17/25		350,000		345,865
144A,4.345%, 9/17/27		560,000		550,952

(Cost $2,149,371)				2,146,858

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		172,000		172,000
144A,7.00%, 4/15/28		108,000		110,282
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		129,000		128,656
6.875%, 7/1/28 (a)		106,000		105,343
5.00%, 10/1/29 (a)		131,000		120,066
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		371,000		373,115
144A,6.75%, 5/15/28		175,000		178,781
144A,6.75%, 2/15/30		150,000		153,606

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Dana, Inc.
5.375%, 11/15/27		96,000		96,163
5.625%, 6/15/28		103,000		102,711
Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 (a)		148,000		118,052
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		220,000		219,234
4.875%, 3/15/27		154,000		151,342
5.00%, 7/15/29 (a)		207,000		196,960
Tenneco, Inc.,144A,8.00%, 11/17/28		451,000		448,446
ZF North America Capital, Inc.
144A,4.75%, 4/29/25		245,000		244,977
144A,6.875%, 4/14/28		140,000		141,524

(Cost $2,998,818)				3,061,258

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		179,000		171,028
144A,3.875%, 11/15/29		86,000		79,335
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		283,000		283,208
Ritchie Bros Holdings, Inc.,144A,6.75%, 3/15/28		159,000		163,266

(Cost $674,217)				696,837

Entertainment — 2.8%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		150,000		157,031
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		216,000		182,732
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29		280,000		264,777
144A,7.00%, 2/15/30		467,000		481,347
Churchill Downs, Inc.
144A,5.50%, 4/1/27		151,000		150,414
144A,4.75%, 1/15/28		170,000		166,198
Cinemark USA, Inc.,144A,5.25%, 7/15/28 (a)		200,000		195,966
International Game Technology PLC
144A,4.125%, 4/15/26		202,000		200,417
144A,6.25%, 1/15/27		182,000		184,347
144A,5.25%, 1/15/29		181,000		178,327
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		176,000		176,554
144A,7.25%, 11/15/29		110,000		113,350
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		295,000		299,969
144A,4.75%, 10/15/27		211,000		206,291
144A,3.75%, 1/15/28		132,000		126,569
Mohegan Tribal Gaming Authority
144A,8.00%, 2/1/26		254,000		251,716


	Principal Amount $		Value $

144A,13.25%, 12/15/27		93,000		105,387
Motion Bondco DAC,144A,6.625%, 11/15/27		99,000		97,470
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		93,000		92,202
144A,4.125%, 7/1/29		93,000		84,620
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,144A,5.625%, 9/1/29 (a)		176,000		129,588
Six Flags Entertainment Corp.,144A,5.50%, 4/15/27		80,000		79,772
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		160,000		158,744
5.25%, 7/15/29		100,000		97,061
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,5.125%, 10/1/29		165,000		160,762

(Cost $4,289,539)				4,341,611

Food Service — 0.4%
Aramark Services, Inc.,144A,5.00%, 2/1/28		285,000		280,411
TKC Holdings, Inc.
144A,6.875%, 5/15/28		126,000		126,850
144A,10.50%, 5/15/29		147,000		150,792

(Cost $542,169)				558,053

Home Builders — 0.6%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		160,000		159,792
144A,4.875%, 2/15/30		117,000		106,412
Century Communities, Inc.
6.75%, 6/1/27		123,000		123,027
144A,3.875%, 8/15/29		115,000		104,979
LGI Homes, Inc.,144A,8.75%, 12/15/28		70,000		74,011
Mattamy Group Corp.,144A,5.25%, 12/15/27		129,000		127,171
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		127,000		128,496
144A,5.75%, 1/15/28		95,000		95,102

(Cost $904,365)				918,990

Home Furnishings — 0.1%
Somnigroup International, Inc.,144A,4.00%, 4/15/29

(Cost $182,699)		200,000		186,641

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Housewares — 0.5%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		181,000		178,059
Newell Brands, Inc.
5.70%, 4/1/26		283,000		282,965
6.375%, 9/15/27 (a)		110,000		111,565
6.625%, 9/15/29		101,000		103,094
Scotts Miracle-Gro Co.,4.50%, 10/15/29 (a)		100,000		94,538

(Cost $768,668)				770,221

Leisure Time — 2.2%
Carnival Corp.
144A,7.625%, 3/1/26		315,000		315,731
144A,5.75%, 3/1/27		636,000		638,023
144A,6.00%, 5/1/29		467,000		468,536
NCL Corp. Ltd.
144A,5.875%, 2/15/27		278,000		278,869
144A,8.125%, 1/15/29		170,000		180,440
144A,7.75%, 2/15/29		136,000		144,767
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		165,000		163,027
144A,5.50%, 8/31/26		255,000		257,090
144A,5.375%, 7/15/27		249,000		249,595
3.70%, 3/15/28		117,000		112,085
144A,5.50%, 4/1/28		300,000		301,603
Sabre GLBL, Inc.
144A,8.625%, 6/1/27 (a)		157,000		161,532
144A,10.75%, 11/15/29		188,000		201,060

(Cost $3,374,689)				3,472,358

Lodging — 2.5%
Boyd Gaming Corp.,4.75%, 12/1/27		233,000		229,915
Hilton Domestic Operating Co., Inc.
144A,5.375%, 5/1/25		117,000		116,896
144A,5.75%, 5/1/28		146,000		146,140
144A,5.875%, 4/1/29		132,000		133,165
144A,3.75%, 5/1/29		187,000		175,472
4.875%, 1/15/30		197,000		192,279
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29		200,000		190,908
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		116,000		109,346
Melco Resorts Finance Ltd.
144A,4.875%, 6/6/25		248,000		247,440
144A,5.25%, 4/26/26		95,000		94,659
144A,5.625%, 7/17/27		140,000		138,384
144A,5.75%, 7/21/28		211,000		204,669
144A,5.375%, 12/4/29		279,000		259,677


	Principal Amount $		Value $

MGM Resorts International
4.625%, 9/1/26		124,000		123,185
5.50%, 4/15/27		135,000		134,947
4.75%, 10/15/28		169,000		164,279
6.125%, 9/15/29		182,000		183,176
Station Casinos LLC,144A,4.50%, 2/15/28		143,000		138,249
Studio City Finance Ltd.
144A,6.50%, 1/15/28		105,000		103,760
144A,5.00%, 1/15/29		265,000		242,762
Travel + Leisure Co.
144A,6.625%, 7/31/26		145,000		147,080
6.00%, 4/1/27		103,000		104,022
144A,4.50%, 12/1/29		160,000		152,544
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		210,000		208,450

(Cost $3,872,240)				3,941,404

Retail — 4.8%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		378,000		362,723
144A,4.375%, 1/15/28		175,000		169,373
144A,3.50%, 2/15/29		175,000		163,376
144A,6.125%, 6/15/29		248,000		252,370
144A,5.625%, 9/15/29		127,000		127,218
Asbury Automotive Group, Inc.
4.50%, 3/1/28		72,000		69,940
144A,4.625%, 11/15/29		206,000		196,494
Bath & Body Works, Inc.
5.25%, 2/1/28		99,000		98,640
7.50%, 6/15/29 (a)		140,000		144,235
eG Global Finance PLC,144A,12.00%, 11/30/28		273,000		306,464
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		143,000		142,580
144A,5.875%, 4/1/29		192,000		179,512
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		228,000		215,754
144A,6.75%, 1/15/30		302,000		281,038
FirstCash, Inc.
144A,4.625%, 9/1/28		122,000		118,011
144A,5.625%, 1/1/30		110,000		108,024
Gap, Inc.,144A,3.625%, 10/1/29		190,000		173,803
Global Auto Holdings Ltd. / AAG FH UK Ltd.,144A,8.375%, 1/15/29		123,000		117,896
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		150,000		142,989
144A,6.375%, 1/15/30		113,000		115,307

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

LCM Investments Holdings II LLC,144A,4.875%, 5/1/29		233,000		222,236
Lithia Motors, Inc.
144A,4.625%, 12/15/27		91,000		88,788
144A,3.875%, 6/1/29		176,000		163,204
Michaels Cos., Inc.
144A,5.25%, 5/1/28		209,000		157,017
144A,7.875%, 5/1/29		246,000		151,390
Murphy Oil USA, Inc.,4.75%, 9/15/29		137,000		132,065
Penske Automotive Group, Inc.
3.50%, 9/1/25		110,000		109,364
3.75%, 6/15/29		117,000		109,019
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		222,000		211,010
144A,7.75%, 2/15/29		291,000		281,836
QVC, Inc.,144A,6.875%, 4/15/29 (a)		139,000		113,261
Saks Global Enterprises LLC,144A,11.00%, 12/15/29		516,000		476,880
Sonic Automotive, Inc.,144A,4.625%, 11/15/29		152,000		143,237
Staples, Inc.
144A,10.75%, 9/1/29		580,000		554,633
144A,12.75%, 1/15/30		192,000		139,165
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		124,000		131,898
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		338,000		330,640
8.125%, 8/15/29 (a)		156,000		157,338
White Cap Buyer LLC,144A,6.875%, 10/15/28		145,000		144,983
Yum! Brands, Inc.,144A,4.75%, 1/15/30		187,000		181,274

(Cost $7,473,793)				7,484,985

Consumer, Non-cyclical — 15.6%

Agriculture — 0.1%
Darling Ingredients, Inc.,144A,5.25%, 4/15/27

(Cost $97,445)		99,000		98,624

Beverages — 0.2%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		163,000		162,540
144A,4.375%, 4/30/29		175,000		167,649

(Cost $325,545)				330,189

Commercial Services — 4.5%
ADT Security Corp.,144A,4.125%, 8/1/29		248,000		234,439


	Principal Amount $		Value $

Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		113,000		113,311
Albion Financing 2 SARL,144A,8.75%, 4/15/27		132,000		134,835
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,9.75%, 7/15/27		167,000		168,211
144A,6.00%, 6/1/29 (a)		228,000		216,146
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		295,000		281,417
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		86,000		84,568
144A,4.75%, 4/1/28 (a)		126,000		118,711
144A,5.375%, 3/1/29		145,000		135,248
144A,8.25%, 1/15/30 (a)		150,000		152,882
Belron UK Finance PLC,144A,5.75%, 10/15/29		256,000		255,823
Block, Inc.,2.75%, 6/1/26		263,000		255,264
Brink’s Co.
144A,4.625%, 10/15/27		147,000		144,460
144A,6.50%, 6/15/29		92,000		94,297
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28		235,000		247,636
Garda World Security Corp.
144A,4.625%, 2/15/27		136,000		133,150
144A,7.75%, 2/15/28		66,000		68,105
144A,6.00%, 6/1/29		125,000		120,777
GEO Group, Inc.,8.625%, 4/15/29		153,000		162,086
Herc Holdings, Inc.
144A,5.50%, 7/15/27		264,000		262,514
144A,6.625%, 6/15/29		190,000		192,839
Hertz Corp.
144A,4.625%, 12/1/26		105,000		91,202
144A,12.625%, 7/15/29		299,000		315,501
144A,5.00%, 12/1/29 (a)		235,000		162,111
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		290,000		291,504
144A,3.375%, 8/31/27		233,000		221,621
144A,6.25%, 1/15/28		304,000		304,732
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		199,000		204,223
144A,10.875%, 8/1/29		145,000		149,035
Service Corp. International
4.625%, 12/15/27		148,000		145,311
5.125%, 6/1/29		181,000		178,361
Sotheby’s,144A,7.375%, 10/15/27		179,000		178,303

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

United Rentals North America, Inc.
5.50%, 5/15/27		109,000		109,183
3.875%, 11/15/27		175,000		169,857
4.875%, 1/15/28		387,000		382,012
5.25%, 1/15/30		150,000		148,465
Williams Scotsman, Inc.
144A,6.125%, 6/15/25		90,000		90,150
144A,4.625%, 8/15/28		124,000		120,620
144A,6.625%, 6/15/29		126,000		128,449

(Cost $6,858,875)				6,967,359

Cosmetics/Personal Care — 0.2%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		178,000		175,947
144A,4.125%, 4/1/29		99,000		92,295
Prestige Brands, Inc.,144A,5.125%, 1/15/28		109,000		107,817

(Cost $370,540)				376,059

Food — 2.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		133,000		130,592
144A,7.50%, 3/15/26		175,000		175,424
144A,4.625%, 1/15/27		315,000		310,553
144A,5.875%, 2/15/28		189,000		189,133
144A,6.50%, 2/15/28		186,000		189,668
144A,3.50%, 3/15/29		315,000		291,544
144A,4.875%, 2/15/30		200,000		193,236
B&G Foods, Inc.
5.25%, 9/15/27		138,000		129,845
144A,8.00%, 9/15/28		177,000		181,087
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		245,000		255,095
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		122,000		119,642
144A,4.125%, 1/31/30		188,000		175,505
Performance Food Group, Inc.
144A,5.50%, 10/15/27		248,000		247,099
144A,4.25%, 8/1/29		233,000		219,900
Post Holdings, Inc.,144A,5.50%, 12/15/29		290,000		284,390
US Foods, Inc.
144A,6.875%, 9/15/28		113,000		117,261
144A,4.75%, 2/15/29		225,000		217,923

(Cost $3,400,952)				3,427,897

Healthcare-Products — 2.1%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		290,000		280,909


	Principal Amount $		Value $

144A,3.875%, 11/1/29		210,000		194,799
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		356,000		371,575
Hologic, Inc.
144A,4.625%, 2/1/28		147,000		144,134
144A,3.25%, 2/15/29		171,000		158,131
Medline Borrower LP
144A,3.875%, 4/1/29		1,051,000		985,977
144A,5.25%, 10/1/29		600,000		582,111
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		365,000		370,914
Teleflex, Inc.
4.625%, 11/15/27		111,000		108,959
144A,4.25%, 6/1/28		105,000		100,746

(Cost $3,254,801)				3,298,255

Healthcare-Services — 3.2%
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		113,000		108,683
144A,3.75%, 3/15/29		123,000		115,025
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		436,000		420,754
144A,8.00%, 12/15/27		151,000		150,142
144A,6.875%, 4/1/28		129,000		91,482
144A,6.00%, 1/15/29		158,000		142,960
144A,6.875%, 4/15/29		300,000		209,505
Encompass Health Corp.
4.50%, 2/1/28		197,000		192,554
4.75%, 2/1/30		187,000		181,333
IQVIA, Inc.
144A,5.00%, 10/15/26		215,000		213,905
144A,5.00%, 5/15/27		296,000		293,380
LifePoint Health, Inc.,144A,5.375%, 1/15/29 (a)		119,000		106,323
Molina Healthcare, Inc.,144A,4.375%, 6/15/28		209,000		200,320
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		349,000		330,769
Tenet Healthcare Corp.
6.25%, 2/1/27		364,000		363,851
5.125%, 11/1/27		369,000		364,962
4.625%, 6/15/28		185,000		178,913
6.125%, 10/1/28		512,000		512,012
4.25%, 6/1/29		411,000		388,217
4.375%, 1/15/30		264,000		248,520
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		224,000		229,263

(Cost $5,050,756)				5,042,873

Pharmaceuticals — 3.1%
AdaptHealth LLC,144A,4.625%, 8/1/29		111,000		103,153

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		114,000		113,527
144A,8.50%, 1/31/27		128,000		124,195
Bausch Health Cos., Inc.
144A,5.50%, 11/1/25		375,000		374,308
144A,9.00%, 12/15/25		171,000		170,296
144A,6.125%, 2/1/27		283,000		272,949
144A,5.75%, 8/15/27		89,000		84,741
144A,5.00%, 1/30/28		102,000		80,423
144A,4.875%, 6/1/28		303,000		263,130
144A,11.00%, 9/30/28		414,000		419,548
144A,5.00%, 2/15/29		118,000		82,717
144A,6.25%, 2/15/29		213,000		153,626
144A,5.25%, 1/30/30		190,000		122,851
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		107,000		97,556
Grifols SA,144A,4.75%, 10/15/28		165,000		156,128
HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		186,000		201,146
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		149,000		115,346
Jazz Securities DAC,144A,4.375%, 1/15/29		358,000		343,584
Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28		490,000		466,415
Owens & Minor, Inc.,144A,4.50%, 3/31/29 (a)		112,000		98,409
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		780,000		755,128
6.75%, 3/1/28		304,000		314,039

(Cost $4,544,448)				4,913,215

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG,144A,10.50%, 5/15/28

(Cost $123,158)		120,000		127,310

Energy — 10.5%
Energy-Alternate Sources — 0.0%
Sunnova Energy Corp.,144A,11.75%, 10/1/28

(Cost $82,203)		98,000		55,955

Oil & Gas — 4.6%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		242,000		249,633


	Principal Amount $		Value $
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,8.25%, 12/31/28		100,000		102,467
144A,5.875%, 6/30/29		90,000		88,968
Azule Energy Finance PLC,144A,8.125%, 1/23/30		292,000		296,526
California Resources Corp.,144A,8.25%, 6/15/29		217,000		223,403
Civitas Resources, Inc.
144A,5.00%, 10/15/26		121,000		120,167
144A,8.375%, 7/1/28		295,000		307,375
CNX Resources Corp.,144A,6.00%, 1/15/29		115,000		114,206
Comstock Resources, Inc.
144A,6.75%, 3/1/29		285,000		280,410
144A,6.75%, 3/1/29		101,000		99,310
144A,5.875%, 1/15/30		229,000		218,307
Crescent Energy Finance LLC,144A,9.25%, 2/15/28		219,000		229,682
CVR Energy, Inc.
144A,5.75%, 2/15/28		101,000		95,910
144A,8.50%, 1/15/29		143,000		141,166
Encino Acquisition Partners Holdings LLC,144A,8.50%, 5/1/28		172,000		176,360
Energean PLC,144A,6.50%, 4/30/27		102,000		101,916
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		136,000		135,907
144A,5.75%, 2/1/29		136,000		133,167
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		180,000		186,175
Kosmos Energy Ltd.,144A,7.50%, 3/1/28		87,000		83,782
Leviathan Bond Ltd.
144A,REGS, 6.125%, 6/30/25		136,000		135,916
144A,REGS, 6.50%, 6/30/27		138,000		136,683
Matador Resources Co.,144A,6.875%, 4/15/28		98,000		100,175
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		148,000		156,422
Northern Oil & Gas, Inc.,144A,8.125%, 3/1/28		154,000		156,387
Parkland Corp.
144A,5.875%, 7/15/27		117,000		117,098
144A,4.50%, 10/1/29		175,000		165,879
PBF Holding Co. LLC / PBF Finance Corp.,6.00%, 2/15/28		185,000		178,903
Permian Resources Operating LLC,144A,5.875%, 7/1/29		188,000		187,398
Puma International Financing SA,144A,7.75%, 4/25/29		123,000		126,197
Range Resources Corp. 4.875%, 5/15/25		190,000		189,672

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
8.25%, 1/15/29		100,000		103,039
144A,4.75%, 2/15/30		117,000		111,767
SM Energy Co.
6.75%, 9/15/26		75,000		75,089
6.625%, 1/15/27		84,000		84,014
6.50%, 7/15/28		93,000		93,279
144A,6.75%, 8/1/29		175,000		175,407
Sunoco LP,144A,7.00%, 5/1/29		206,000		213,601
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		130,000		130,441
144A,7.00%, 9/15/28		109,000		112,580
4.50%, 5/15/29		180,000		172,380
Talos Production, Inc.,144A,9.00%, 2/1/29		143,000		148,005
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		174,000		165,889
Transocean, Inc.
144A,8.00%, 2/1/27		151,000		151,048
144A,8.25%, 5/15/29		214,000		211,217
Tullow Oil PLC,144A,7.00%, 3/1/25		156,000		156,000

(Cost $7,074,655)				7,139,323

Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.25%, 4/1/28		182,000		182,697
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		199,000		200,184
144A,7.125%, 3/15/29		226,000		232,409
Viridien,144A,8.75%, 4/1/27 (a)		119,000		121,530

(Cost $719,677)				736,820

Pipelines — 5.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		134,000		133,984
144A,5.75%, 1/15/28		136,000		136,165
144A,5.375%, 6/15/29		200,000		197,012
Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29		123,000		127,232
Buckeye Partners LP
3.95%, 12/1/26		137,000		133,329
4.125%, 12/1/27		86,000		83,180
144A,4.50%, 3/1/28		119,000		115,591
144A,6.875%, 7/1/29		142,000		145,736
144A,6.75%, 2/1/30		110,000		113,054
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		226,000		237,080


	Principal Amount $		Value $
DT Midstream, Inc.,144A,4.125%, 6/15/29		250,000		237,203
EQM Midstream Partners LP
144A,7.50%, 6/1/27		113,000		115,895
144A,6.50%, 7/1/27		194,000		199,117
144A,4.50%, 1/15/29		199,000		193,981
144A,6.375%, 4/1/29		136,000		139,574
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		74,000		75,454
7.75%, 2/1/28		182,000		184,206
8.25%, 1/15/29		140,000		144,486
Global Partners LP / GLP Finance Corp.,7.00%, 8/1/27		91,000		91,390
Harvest Midstream I LP,144A,7.50%, 9/1/28		202,000		206,418
Hess Midstream Operations LP
144A,5.625%, 2/15/26		201,000		201,097
144A,5.875%, 3/1/28		180,000		181,418
144A,5.125%, 6/15/28		127,000		125,508
144A,6.50%, 6/1/29		150,000		153,294
144A,4.25%, 2/15/30		175,000		165,223
Howard Midstream Energy Partners LLC,144A,8.875%, 7/15/28		130,000		137,273
ITT Holdings LLC,144A,6.50%, 8/1/29		291,000		277,476
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		114,000		107,494
NFE Financing LLC,144A,12.00%, 11/15/29		632,000		625,040
NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,8.125%, 2/15/29		219,000		223,176
NuStar Logistics LP
5.75%, 10/1/25		160,000		160,081
6.00%, 6/1/26		97,000		97,612
5.625%, 4/28/27		98,000		98,529
Rockies Express Pipeline LLC
144A,3.60%, 5/15/25		89,000		88,552
144A,4.95%, 7/15/29		138,000		133,031
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		86,000		86,031
144A,5.50%, 1/15/28		198,000		194,477
144A,7.375%, 2/15/29		163,000		166,700
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		303,000		282,705
144A,6.25%, 1/15/30		227,000		232,413
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		561,000		584,734
144A,9.50%, 2/1/29		700,000		773,449

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,7.00%, 1/15/30		340,000		344,898

(Cost $8,391,329)				8,450,298

Financial — 12.6%

Banks — 0.5%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		108,000		108,277
144A,6.625%, 1/15/27		194,000		193,872
144A,12.00%, 10/1/28		146,000		158,677
Intesa Sanpaolo SpA,144A,5.71%, 1/15/26		355,000		356,222

(Cost $801,205)				817,048

Diversified Financial Services — 4.8%
AG Issuer LLC,144A,6.25%, 3/1/28		117,000		116,294
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		117,000		121,095
Ally Financial, Inc.,5.75%, 11/20/25		233,000		233,878
Aretec Group, Inc.,144A,7.50%, 4/1/29		93,000		93,189
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		182,000		195,864
Coinbase Global, Inc.,144A,3.375%, 10/1/28		223,000		204,651
Credit Acceptance Corp.,144A,9.25%, 12/15/28		147,000		157,075
Encore Capital Group, Inc.,144A,9.25%, 4/1/29		135,000		143,868
Enova International, Inc.
144A,11.25%, 12/15/28		91,000		98,940
144A,9.125%, 8/1/29		110,000		116,017
Freedom Mortgage Holdings LLC,144A,9.25%, 2/1/29		246,000		256,983
goeasy Ltd.
144A,9.25%, 12/1/28		134,000		142,939
144A,7.625%, 7/1/29		140,000		145,356
Jane Street Group / JSG Finance, Inc.,144A,4.50%, 11/15/29		140,000		132,578
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28		241,000		230,403
LD Holdings Group LLC,144A,6.125%, 4/1/28 (a)		125,000		108,968
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		215,000		212,351
144A,5.625%, 1/15/30		95,000		89,475
Nationstar Mortgage Holdings, Inc.
144A,5.00%, 2/1/26 (a)		129,000		128,291
144A,6.00%, 1/15/27		97,000		96,894
144A,5.50%, 8/15/28		203,000		199,102
144A,6.50%, 8/1/29		175,000		176,284


	Principal Amount $		Value $
Navient Corp.
6.75%, 6/25/25		112,000		112,585
6.75%, 6/15/26		154,000		156,015
5.00%, 3/15/27		124,000		122,146
4.875%, 3/15/28		113,000		109,580
5.50%, 3/15/29		207,000		199,383
OneMain Finance Corp.
7.125%, 3/15/26		343,000		350,015
3.50%, 1/15/27		170,000		164,134
6.625%, 1/15/28		173,000		176,226
3.875%, 9/15/28		134,000		125,723
9.00%, 1/15/29		136,000		143,709
6.625%, 5/15/29		201,000		205,130
5.375%, 11/15/29		168,000		164,282
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		83,000		85,913
PennyMac Financial Services, Inc.
144A,5.375%, 10/15/25		194,000		194,161
144A,4.25%, 2/15/29		155,000		145,786
144A,7.875%, 12/15/29		182,000		190,701
PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29		113,000		109,784
PRA Group, Inc.,144A,8.875%, 1/31/30		124,000		130,689
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		279,000		267,825
144A,3.625%, 3/1/29		185,000		172,072
SLM Corp.
3.125%, 11/2/26		109,000		105,077
6.50%, 1/31/30		117,000		120,466
United Wholesale Mortgage LLC
144A,5.50%, 11/15/25		202,000		201,724
144A,5.75%, 6/15/27		117,000		115,978
144A,5.50%, 4/15/29		145,000		140,801
UWM Holdings LLC,144A,6.625%, 2/1/30		180,000		181,638

(Cost $7,447,174)				7,592,038

Insurance — 1.3%
Acrisure LLC / Acrisure Finance, Inc.
144A,4.25%, 2/15/29		174,000		164,867
144A,8.50%, 6/15/29		118,000		124,155
144A,6.00%, 8/1/29		120,000		117,064
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		151,000		146,008
144A,6.75%, 10/15/27		293,000		292,416
144A,6.75%, 4/15/28		282,000		285,465
144A,5.875%, 11/1/29		117,000		113,952

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
AmWINS Group, Inc.,144A,6.375%, 2/15/29		183,000		185,188
AssuredPartners, Inc.,144A,5.625%, 1/15/29		116,000		117,685
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29		205,000		218,627
HUB International Ltd.,144A,5.625%, 12/1/29		118,000		115,875
Ryan Specialty LLC,144A,4.375%, 2/1/30		93,000		88,221

(Cost $1,926,089)				1,969,523

Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
9.75%, 1/15/29		173,000		176,579
144A,10.00%, 11/15/29		115,000		117,021

(Cost $294,301)				293,600

Real Estate — 0.6%
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,144A,5.75%, 1/15/29		128,000		105,417
Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28		160,000		161,694
Howard Hughes Corp.
144A,5.375%, 8/1/28		178,000		173,221
144A,4.125%, 2/1/29		160,000		147,017
Hunt Cos., Inc.,144A,5.25%, 4/15/29		148,000		142,996
Kennedy-Wilson, Inc.
4.75%, 3/1/29		140,000		131,246
4.75%, 2/1/30		140,000		128,184

(Cost $963,116)				989,775

Real Estate Investment Trusts — 4.6%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29		126,000		117,418
Brandywine Operating Partnership LP
3.95%, 11/15/27		110,000		105,323
8.875%, 4/12/29		93,000		99,762
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		198,000		197,504
144A,4.50%, 4/1/27		142,000		136,935
Diversified Healthcare Trust,4.75%, 2/15/28 (a)		117,000		104,409
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		109,000		103,162
Hudson Pacific Properties LP 3.95%, 11/1/27		91,000		82,055


	Principal Amount $		Value $
4.65%, 4/1/29 (a)		117,000		91,526
3.25%, 1/15/30		89,000		62,869
Iron Mountain, Inc.
144A,4.875%, 9/15/27		219,000		215,639
144A,5.25%, 3/15/28		193,000		190,610
144A,5.00%, 7/15/28		103,000		100,936
144A,7.00%, 2/15/29		258,000		265,922
144A,4.875%, 9/15/29		232,000		223,683
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		139,000		135,385
144A,4.75%, 6/15/29		145,000		140,038
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		328,000		295,427
4.625%, 8/1/29 (a)		210,000		163,144
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		121,000		115,251
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		169,000		167,858
144A,4.875%, 5/15/29		173,000		165,590
144A,7.00%, 2/1/30		128,000		130,856
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		134,000		131,305
144A,7.25%, 7/15/28		91,000		94,375
144A,4.50%, 2/15/29		140,000		134,206
Rithm Capital Corp.,144A,8.00%, 4/1/29		180,000		182,871
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		89,000		87,435
144A,4.00%, 9/15/29		130,000		119,473
SBA Communications Corp.
3.875%, 2/15/27		381,000		371,276
3.125%, 2/1/29		312,000		286,276
Service Properties Trust
4.75%, 10/1/26		125,000		122,104
4.95%, 2/15/27		146,000		142,662
5.50%, 12/15/27		100,000		97,483
3.95%, 1/15/28		97,000		86,905
8.375%, 6/15/29		147,000		148,760
4.95%, 10/1/29 (a)		107,000		89,781
4.375%, 2/15/30		76,000		61,500
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		120,000		116,878
144A,4.375%, 1/15/27		102,000		99,673
144A,7.25%, 4/1/29		140,000		145,774

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		157,000		141,347
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		649,000		693,381
144A,4.75%, 4/15/28		144,000		138,347
144A,6.50%, 2/15/29		265,000		246,504

(Cost $6,966,136)				7,149,618

REITS — 0.2%
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		107,000		111,395
Office Properties Income Trust,144A,9.00%, 9/30/29		136,000		115,260
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		93,000		93,401

(Cost $320,423)				320,056

Venture Capital — 0.4%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		158,000		157,744
5.25%, 5/15/27		315,000		306,474
4.375%, 2/1/29		161,000		138,605

(Cost $602,592)				602,823

Industrial — 8.7%

Aerospace/Defense — 2.0%
Bombardier, Inc.
144A,7.875%, 4/15/27		121,000		121,622
144A,6.00%, 2/15/28		171,000		170,614
144A,7.50%, 2/1/29		175,000		181,177
Spirit AeroSystems, Inc.
4.60%, 6/15/28 (a)		150,000		145,099
144A,9.375%, 11/30/29		250,000		268,833
TransDigm, Inc.
5.50%, 11/15/27		703,000		696,578
144A,6.75%, 8/15/28		476,000		484,749
4.625%, 1/15/29		280,000		266,445
144A,6.375%, 3/1/29		591,000		599,527
4.875%, 5/1/29		193,000		184,604

(Cost $3,069,058)				3,119,248

Building Materials — 0.7%
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		166,000		157,535
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		120,000		114,424
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		110,000		105,705
Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28		250,000		248,092


	Principal Amount $		Value $
Standard Industries, Inc.
144A,5.00%, 2/15/27		220,000		218,085
144A,4.75%, 1/15/28		228,000		223,060

(Cost $1,066,710)				1,066,901

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		121,000		116,748
144A,4.375%, 3/31/29		231,000		216,522
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		315,000		320,634
144A,6.375%, 3/15/29		198,000		201,675

(Cost $844,908)				855,579

Electronics — 0.5%
Imola Merger Corp.,144A,4.75%, 5/15/29		454,000		437,130
Sensata Technologies BV,144A,4.00%, 4/15/29		248,000		230,788
Sensata Technologies, Inc.,144A,4.375%, 2/15/30		100,000		93,293

(Cost $759,809)				761,211

Engineering & Construction — 0.3%
Arcosa, Inc.,144A,4.375%, 4/15/29		85,000		80,504
Fluor Corp.,4.25%, 9/15/28		124,000		118,792
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		206,000		209,414
IHS Holding Ltd.,144A,6.25%, 11/29/28		126,000		122,209

(Cost $517,372)				530,919

Environmental Control — 0.8%
GFL Environmental, Inc.
144A,3.75%, 8/1/25		162,000		161,441
144A,5.125%, 12/15/26		98,000		98,015
144A,4.00%, 8/1/28		133,000		126,291
144A,3.50%, 9/1/28		145,000		136,521
144A,4.75%, 6/15/29		194,000		186,696
144A,4.375%, 8/15/29		176,000		166,316
Madison IAQ LLC
144A,4.125%, 6/30/28		159,000		152,077
144A,5.875%, 6/30/29		251,000		242,261

(Cost $1,252,491)				1,269,618

Machinery-Construction & Mining — 0.1%
Terex Corp.,144A,5.00%, 5/15/29

(Cost $145,669)		151,000		145,585

Machinery-Diversified — 0.5%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		238,000		250,831

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		117,000		123,306
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		100,000		100,776
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		354,000		350,730

(Cost $811,659)				825,643

Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.,6.25%, 2/15/29		115,000		116,658
Trinity Industries, Inc.,144A,7.75%, 7/15/28		125,000		130,610

(Cost $243,499)				247,268

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		147,000		146,394
144A,3.25%, 9/1/28		176,000		161,089
144A,4.00%, 9/1/29 (a)		245,000		214,158
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		229,000		208,166
144A,5.25%, 8/15/27 (a)		236,000		120,738
144A,5.25%, 8/15/27 (a)		189,000		96,692
Ball Corp.
6.875%, 3/15/28		170,000		174,447
6.00%, 6/15/29		218,000		221,929
Berry Global, Inc.,144A,5.625%, 7/15/27		140,000		140,061
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		187,000		169,795
Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30		113,000		115,256
Graphic Packaging International LLC
144A,3.50%, 3/15/28		118,000		112,100
144A,3.75%, 2/1/30		90,000		82,933
LABL, Inc.
144A,5.875%, 11/1/28		119,000		105,433
144A,8.25%, 11/1/29 (a)		104,000		88,725
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		601,000		610,865
144A,9.25%, 4/15/27		352,000		357,565
OI European Group BV,144A,4.75%, 2/15/30		90,000		82,877
Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27		185,000		184,973
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		190,000		190,551


	Principal Amount $		Value $
Sealed Air Corp.
144A,4.00%, 12/1/27		95,000		92,167
144A,6.125%, 2/1/28		204,000		205,988
144A,5.00%, 4/15/29		100,000		97,596
Silgan Holdings, Inc.,4.125%, 2/1/28		129,000		124,529

(Cost $4,170,532)				4,105,027

Transportation — 0.3%
Brightline East LLC,144A,11.00%, 1/31/30 (a)		261,000		238,959
Seaspan Corp.,144A,5.50%, 8/1/29		178,000		164,036

(Cost $422,414)				402,995

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC,144A,5.50%, 5/1/28

(Cost $242,686)		255,000		251,711

Technology — 5.3%

Computers — 1.3%
CA Magnum Holdings,144A,5.375%, 10/31/26		239,000		236,661
McAfee Corp.,144A,7.375%, 2/15/30		472,000		460,328
NCR Atleos Corp.,144A,9.50%, 4/1/29		291,000		317,884
NCR Voyix Corp.
144A,5.00%, 10/1/28		145,000		140,745
144A,5.125%, 4/15/29		89,000		85,633
Seagate HDD Cayman
4.875%, 6/1/27		114,000		112,669
4.091%, 6/1/29		112,000		106,187
8.25%, 12/15/29		108,000		115,785
Western Digital Corp.,4.75%, 2/15/26		524,000		518,793

(Cost $2,069,021)				2,094,685

Office/Business Equipment — 0.2%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		167,000		135,428
144A,8.875%, 11/30/29		121,000		99,971

(Cost $255,970)				235,399

Semiconductors — 0.5%
ams-OSRAM AG,144A,12.25%, 3/30/29		94,000		99,399
Entegris, Inc.
144A,4.375%, 4/15/28		100,000		96,622
144A,4.75%, 4/15/29		346,000		334,736
144A,3.625%, 5/1/29		99,000		91,873

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
ON Semiconductor Corp.,144A,3.875%, 9/1/28		170,000		160,963

(Cost $767,031)				783,593

Software — 3.3%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		549,000		533,133
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		180,000		170,264
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		175,000		162,504
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		204,000		191,635
144A,4.875%, 7/1/29		214,000		196,597
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		902,000		887,944
144A,9.00%, 9/30/29		912,000		932,821
Fair Isaac Corp.
144A,5.25%, 5/15/26		80,000		80,299
144A,4.00%, 6/15/28		240,000		229,918
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29		162,000		163,524
Open Text Corp.
144A,3.875%, 2/15/28		233,000		220,825
144A,3.875%, 12/1/29		203,000		186,845
Open Text Holdings, Inc.,144A,4.125%, 2/15/30		190,000		175,678
Rocket Software, Inc.
144A,9.00%, 11/28/28		160,000		165,846
144A,6.50%, 2/15/29		142,000		136,799
SS&C Technologies, Inc.,144A,5.50%, 9/30/27		481,000		479,270
Twilio, Inc.,3.625%, 3/15/29		104,000		97,136
West Technology Group LLC,144A,8.50%, 4/10/27		104,000		83,050

(Cost $5,063,888)				5,094,088

Utilities — 2.7%

Electric — 2.5%
Calpine Corp.
144A,4.50%, 2/15/28		294,000		287,749
144A,5.125%, 3/15/28		280,000		276,034
144A,4.625%, 2/1/29		167,000		160,168
Clearway Energy Operating LLC,144A,4.75%, 3/15/28		181,000		175,955
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		91,000		95,007
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		119,000		119,762
DPL, Inc.,4.125%, 7/1/25		149,000		148,381


	Principal Amount $		Value $
NRG Energy, Inc.
5.75%, 1/15/28		150,000		150,485
144A,3.375%, 2/15/29		135,000		124,264
144A,5.25%, 6/15/29		170,000		166,760
144A,5.75%, 7/15/29		177,000		175,649
PG&E Corp.,5.00%, 7/1/28		248,000		241,807
Pike Corp.,144A,5.50%, 9/1/28		169,000		165,490
TransAlta Corp.,7.75%, 11/15/29		86,000		89,941
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		286,000		286,121
144A,5.625%, 2/15/27		235,000		235,187
144A,5.00%, 7/31/27		291,000		287,833
144A,4.375%, 5/1/29		304,000		290,412
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		114,000		109,531
144A,4.50%, 9/15/27		152,000		145,333
144A,7.25%, 1/15/29 (a)		156,000		155,087

(Cost $3,846,690)				3,886,956

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		142,000		141,867
5.75%, 5/20/27		133,000		128,450
144A,9.375%, 6/1/28		118,000		119,407

(Cost $389,127)				389,724

TOTAL CORPORATE BONDS

(Cost $150,812,704)				152,816,930

	Number of Shares

SECURITIES LENDING COLLATERAL — 4.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $6,204,170)		6,204,170		6,204,170

CASH EQUIVALENTS — 2.1%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $3,271,072)		3,271,072		3,271,072

TOTAL INVESTMENTS — 103.9%

(Cost $160,287,946)				162,292,172

Other assets and liabilities,net — (3.9%)				(6,065,465	)
NET ASSETS — 100.0%				156,226,707

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
	SECURITIES LENDING COLLATERAL — 4.0%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
	4,160,683		2,043,487	(d)		—			—		—		57,879		—		6,204,170		6,204,170

	CASH EQUIVALENTS — 2.1%
	DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
	1,306,482		13,121,962			(11,157,372	)		—		—		37,194		—		3,271,072		3,271,072

	5,467,165		15,165,449			(11,157,372	)		—		—		95,073		—		9,475,242		9,475,242

(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 28, 2025 amounted to $6,061,796, which is 3.9% 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 28, 2025.


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


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	152,816,930	$	—	$	152,816,930

Short-Term Investments (a)		9,475,242		—		—		9,475,242

TOTAL	$	9,475,242	$	152,816,930	$	—	$	162,292,172

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

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
CORPORATE BONDS — 98.1%

Basic Materials — 6.7%

Chemicals — 3.4%
Ashland, Inc.
144A,3.375%, 9/1/31		338,000		294,218
6.875%, 5/15/43		214,000		224,075
Avient Corp.
144A,7.125%, 8/1/30		484,000		498,733
144A,6.25%, 11/1/31		510,000		511,439
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		386,000		402,010
Axalta Coating Systems LLC,144A,3.375%, 2/15/29		568,000		524,411
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27		376,000		371,592
Celanese US Holdings LLC
1.40%, 8/5/26		300,000		284,300
6.415%, 7/15/27		1,500,000		1,537,411
6.60%, 11/15/28		750,000		778,440
6.58%, 7/15/29		560,000		582,134
6.80%, 11/15/30		750,000		791,269
6.629%, 7/15/32		750,000		782,385
6.95%, 11/15/33		750,000		801,979
Cerdia Finanz GMBH,144A,9.375%, 10/3/31 Chemours Co.		690,000		723,155
5.375%, 5/15/27		373,000		366,965
144A,5.75%, 11/15/28		598,000		567,319
144A,4.625%, 11/15/29		530,000		470,904
Chemours (The) Co.,144A,8.00%, 1/15/33		430,000		423,871
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		405,000		351,965
144A,12.00%, 2/15/31 (a)		442,000		449,798
CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28		418,000		410,507
Element Solutions, Inc.,144A,3.875%, 9/1/28		610,000		579,912
HB Fuller Co.
4.00%, 2/15/27		204,000		197,131
4.25%, 10/15/28		259,000		246,885
Herens Holdco SARL,144A,4.75%, 5/15/28		238,000		217,470
INEOS Finance PLC
144A,6.75%, 5/15/28		330,000		333,405
144A,7.50%, 4/15/29		544,000		558,402
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29		256,000		270,758
Ingevity Corp.,144A,3.875%, 11/1/28		425,000		399,189


	Principal Amount $		Value $
Methanex Corp.
5.125%, 10/15/27		579,000		569,991
5.25%, 12/15/29 (a)		449,000		438,303
5.65%, 12/1/44		232,000		201,673
Methanex US Operations, Inc.,144A,6.25%, 3/15/32		500,000		501,055
Minerals Technologies, Inc.,144A,5.00%, 7/1/28		275,000		266,160
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		870,000		865,338
144A,8.50%, 11/15/28		290,000		307,601
144A,4.25%, 5/15/29		462,000		438,550
144A,9.00%, 2/15/30		490,000		529,220
144A,7.00%, 12/1/31		280,000		289,810
Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30		224,000		209,196
OCI NV,144A,6.70%, 3/16/33		432,000		455,940
Olin Corp.
5.125%, 9/15/27		356,000		355,525
5.625%, 8/1/29		430,000		422,524
5.00%, 2/1/30		500,000		475,876
Olympus Water US Holding Corp.
144A,7.125%, 10/1/27		247,000		250,029
144A,4.25%, 10/1/28		522,000		491,714
144A,9.75%, 11/15/28		1,523,000		1,602,937
144A,7.25%, 6/15/31		588,000		598,172
Rain Carbon, Inc.,144A,12.25%, 9/1/29 (a)		325,000		344,703
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28		848,000		817,270
SCIL IV LLC / SCIL USA Holdings LLC,144A,5.375%, 11/1/26		465,000		460,802
SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29		532,000		499,775
SNF Group SACA
144A,3.125%, 3/15/27		449,000		428,369
144A,3.375%, 3/15/30		227,000		200,041
Tronox, Inc.,144A,4.625%, 3/15/29 (a)		837,000		749,020
WR Grace Holdings LLC
144A,4.875%, 6/15/27		545,000		531,260
144A,7.375%, 3/1/31		214,000		218,095

(Cost $28,006,117)				28,470,981

Forest Products & Paper — 0.3%
Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28		187,000		177,145
Domtar Corp.,144A,6.75%, 10/1/28		464,000		430,416
Glatfelter Corp.,144A,4.75%, 11/15/29		395,000		359,199
Magnera Corp.,144A,7.25%, 11/15/31		600,000		602,694

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Mercer International, Inc.
144A,12.875%, 10/1/28		270,000		294,783
5.125%, 2/1/29		678,000		615,185

(Cost $2,417,318)				2,479,422

Iron/Steel — 1.3%
Algoma Steel, Inc.,144A,9.125%, 4/15/29		220,000		217,800
ATI, Inc.
5.875%, 12/1/27		264,000		264,017
4.875%, 10/1/29		219,000		210,476
7.25%, 8/15/30		452,000		469,962
5.125%, 10/1/31		183,000		173,573
Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29		501,000		503,268
Carpenter Technology Corp.
6.375%, 7/15/28		315,000		316,024
7.625%, 3/15/30		194,000		200,289
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		425,000		424,319
144A,4.625%, 3/1/29		256,000		238,712
144A,6.875%, 11/1/29		660,000		663,425
144A,6.75%, 4/15/30		564,000		564,572
144A,4.875%, 3/1/31		279,000		251,449
144A,7.50%, 9/15/31		650,000		659,958
144A,7.00%, 3/15/32 (a)		1,070,000		1,074,542
144A,7.375%, 5/1/33 (a)		660,000		662,707
Commercial Metals Co.
4.125%, 1/15/30		264,000		247,685
3.875%, 2/15/31		184,000		166,376
4.375%, 3/15/32		275,000		250,668
Mineral Resources Ltd.
144A,8.125%, 5/1/27		573,000		573,135
144A,8.00%, 11/1/27		510,000		515,438
144A,9.25%, 10/1/28		750,000		776,031
144A,8.50%, 5/1/30		493,000		498,272
TMS International Corp.,144A,6.25%, 4/15/29		264,000		249,922
United States Steel Corp.
6.875%, 3/1/29 (a)		291,000		294,721
6.65%, 6/1/37		198,000		197,885

(Cost $10,582,946)				10,665,226

Mining — 1.7%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		620,000		615,590
144A,6.125%, 5/15/28		410,000		411,511
144A,4.125%, 3/31/29		390,000		366,862
144A,7.125%, 3/15/31		599,000		623,766
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		529,000		551,270
144A,11.50%, 10/1/31		361,000		403,572


	Principal Amount $		Value $
Century Aluminum Co.,144A,7.50%, 4/1/28		153,000		154,992
Coeur Mining, Inc.,144A,5.125%, 2/15/29		310,000		299,281
Compass Minerals International, Inc.,144A,6.75%, 12/1/27 (a)		364,000		361,697
Constellium SE
144A,5.625%, 6/15/28		329,000		325,837
144A,3.75%, 4/15/29 (a)		386,000		355,426
144A,6.375%, 8/15/32		229,000		229,507
Eldorado Gold Corp.,144A,6.25%, 9/1/29		360,000		357,962
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		467,000		455,606
144A,5.875%, 4/15/30		619,000		616,449
144A,4.375%, 4/1/31		1,151,000		1,056,039
144A,6.125%, 4/15/32		523,000		523,445
Hecla Mining Co.,7.25%, 2/15/28		291,000		294,367
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		448,000		443,058
144A,6.125%, 4/1/29		419,000		418,460
IAMGOLD Corp.,144A,5.75%, 10/15/28		240,000		235,803
JW Aluminum Continuous Cast Co.,144A,10.25%, 6/1/26		180,000		180,675
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		440,000		424,589
144A,4.50%, 6/1/31		367,000		333,957
New Gold, Inc.,144A,7.50%, 7/15/27		416,000		419,639
Novelis Corp.
144A,3.25%, 11/15/26		559,000		542,301
144A,4.75%, 1/30/30		1,224,000		1,153,678
144A,3.875%, 8/15/31		542,000		476,829
Novelis, Inc.,144A,6.875%, 1/30/30		600,000		613,372
Perenti Finance Pty Ltd.,144A,7.50%, 4/26/29		220,000		228,851
Taseko Mines Ltd.,144A,8.25%, 5/1/30		400,000		415,077

(Cost $13,703,838)				13,889,468

Communications — 14.7%
Advertising — 1.0%
Advantage Sales & Marketing, Inc.,144A,6.50%, 11/15/28		477,000		451,749
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		923,000		902,384
144A,9.00%, 9/15/28		530,000		558,173
144A,7.875%, 4/1/30		673,000		687,210
Lamar Media Corp.
3.75%, 2/15/28		654,000		625,811
4.875%, 1/15/29		357,000		347,212

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
4.00%, 2/15/30 (a)		337,000		313,257
3.625%, 1/15/31		360,000		323,732
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		1,962,000		1,757,434
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		518,000		507,577
144A,4.25%, 1/15/29		466,000		437,929
144A,4.625%, 3/15/30 (a)		367,000		343,269
144A,7.375%, 2/15/31		228,000		239,517
Stagwell Global LLC,144A,5.625%, 8/15/29		854,000		827,336

(Cost $8,261,623)				8,322,590

Internet — 1.9%
ANGI Group LLC,144A,3.875%, 8/15/28 (a)		405,000		371,447
Arches Buyer, Inc.,144A,4.25%, 6/1/28		740,000		693,985
Cablevision Lightpath LLC,144A,3.875%, 9/15/27		346,000		327,882
Cars.com, Inc.,144A,6.375%, 11/1/28		295,000		293,360
Cogent Communications Group LLC
144A,3.50%, 5/1/26		326,000		318,370
144A,7.00%, 6/15/27		428,000		431,524
Cogent Communications Group, Inc. / Cogent Communications Finance, Inc.,144A,7.00%, 6/15/27		200,000		201,412
Gen Digital, Inc.
144A,6.75%, 9/30/27		669,000		681,170
144A,7.125%, 9/30/30		466,000		480,567
144A,6.25%, 4/1/33		700,000		700,860
Getty Images, Inc.,144A,9.75%, 3/1/27		200,000		200,478
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		444,000		440,397
144A,3.50%, 3/1/29		635,000		588,523
GrubHub Holdings, Inc.,144A,5.50%, 7/1/27 (a)		385,000		358,205
ION Trading Technologies SARL
144A,5.75%, 5/15/28		354,000		334,655
144A,9.50%, 5/30/29		598,000		616,906
Match Group Holdings II LLC
144A,5.00%, 12/15/27		456,000		448,620
144A,4.625%, 6/1/28		306,000		296,341
144A,5.625%, 2/15/29		304,000		298,801
144A,4.125%, 8/1/30		366,000		331,066
144A,3.625%, 10/1/31		327,000		282,660
Rakuten Group, Inc.
144A,5.125%, Perpetual (a)		601,000		587,832
144A,6.25%, Perpetual (a)		763,000		701,819


	Principal Amount $		Value $
144A,11.25%, 2/15/27		1,454,000		1,593,816
144A,9.75%, 4/15/29		1,396,000		1,532,897
144A,8.125%, 6/15/73		420,000		424,202
Snap, Inc.,144A,6.875%, 3/1/33		1,130,000		1,144,100
Wayfair LLC,144A,7.25%, 10/31/29		570,000		578,901
Ziff Davis, Inc.,144A,4.625%, 10/15/30		395,000		364,533

(Cost $14,990,979)				15,625,329

Media — 6.4%
AMC Networks, Inc.
144A,10.25%, 1/15/29		663,000		702,780
4.25%, 2/15/29		762,000		593,164
Block Communications, Inc.,144A,4.875%, 3/1/28		195,000		184,194
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		490,000		398,391
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		571,000		570,249
144A,5.125%, 5/1/27		1,984,000		1,956,663
144A,5.00%, 2/1/28		1,620,000		1,580,130
144A,5.375%, 6/1/29		1,198,000		1,164,992
144A,6.375%, 9/1/29		883,000		886,431
144A,4.75%, 3/1/30		1,720,000		1,602,639
144A,4.50%, 8/15/30		1,674,000		1,531,809
144A,4.25%, 2/1/31		1,974,000		1,770,977
144A,7.375%, 3/1/31 (a)		696,000		716,262
144A,4.75%, 2/1/32 (a)		822,000		738,555
4.50%, 5/1/32		1,894,000		1,668,851
144A,4.50%, 6/1/33		1,163,000		1,005,393
144A,4.25%, 1/15/34		1,313,000		1,100,648
Directv Financing LLC,144A,8.875%, 2/1/30		550,000		536,661
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
144A,5.875%, 8/15/27		2,511,000		2,471,509
144A,10.00%, 2/15/31		1,560,000		1,531,129
DISH Network Corp.,144A,11.75%, 11/15/27		2,637,000		2,782,487
GCI LLC,144A,4.75%, 10/15/28		463,000		438,517
Gray Media, Inc.,144A,10.50%, 7/15/29 (a)		972,000		1,002,413
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		894,000		762,066
144A,5.125%, 7/15/29 (a)		622,000		469,511
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		630,000		617,877
144A,7.375%, 9/1/31		470,000		480,674
Midcontinent Communications,144A,8.00%, 8/15/32 (a)		490,000		501,565

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Nexstar Media, Inc.
144A,5.625%, 7/15/27		1,324,000		1,309,693
144A,4.75%, 11/1/28		740,000		701,115
Paramount Global
6.25%, 2/28/57		539,000		518,589
6.375%, 3/30/62		723,000		702,460
Scripps Escrow II, Inc.,144A,3.875%, 1/15/29		385,000		272,443
Sinclair Television Group, Inc.
144A,4.375%, 12/31/32		200,000		125,978
144A,8.125%, 2/15/33		1,050,000		1,040,066
Sirius XM Radio, Inc.
144A,3.125%, 9/1/26		753,000		728,337
144A,5.00%, 8/1/27		1,114,000		1,098,705
144A,4.00%, 7/15/28		1,575,000		1,479,436
144A,5.50%, 7/1/29		890,000		871,568
144A,4.125%, 7/1/30		1,109,000		996,042
144A,3.875%, 9/1/31 (a)		1,150,000		997,499
Sunrise FinCo I BV,144A,4.875%, 7/15/31 (a)		905,000		844,623
TEGNA, Inc.
144A,4.75%, 3/15/26		447,000		443,834
4.625%, 3/15/28		773,000		738,588
5.00%, 9/15/29		812,000		767,802
Univision Communications, Inc.
144A,6.625%, 6/1/27		1,119,000		1,121,303
144A,8.00%, 8/15/28		1,081,000		1,098,080
144A,4.50%, 5/1/29		759,000		684,869
144A,7.375%, 6/30/30		690,000		674,026
144A,8.50%, 7/31/31		945,000		942,085
Virgin Media Finance PLC,144A,5.00%, 7/15/30		713,000		618,722
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		1,127,000		1,078,639
144A,4.50%, 8/15/30		654,000		581,727
Virgin Media Vendor Financing Notes IV DAC,144A,5.00%, 7/15/28		385,000		369,032
VZ Secured Financing BV,144A,5.00%, 1/15/32		1,107,000		975,813
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		388,000		343,730
Ziggo BV,144A,4.875%, 1/15/30		782,000		719,915

(Cost $51,694,066)				52,611,256

Telecommunications — 5.4%
Africell Holding Ltd.,144A,10.50%, 10/23/29		210,000		207,013
Bell Telephone Co. of Canada Or Bell Canada
6.875%, 9/15/55		750,000		752,503
7.00%, 9/15/55		940,000		943,629


	Principal Amount $		Value $
British Telecommunications PLC
144A,4.25%, 11/23/81		376,000		365,975
144A,4.875%, 11/23/81 (a)		353,000		325,494
Ciena Corp.,144A,4.00%, 1/31/30		285,000		264,747
CommScope LLC,144A,4.75%, 9/1/29		700,000		629,670
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		1,494,000		1,369,195
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		271,000		258,646
144A,6.50%, 10/1/28		583,000		567,647
EchoStar Corp.
10.75%, 11/30/29		4,070,000		4,360,601
6.75% PIK, 11/30/30		1,700,000		1,591,958
Fibercop SpA
144A,6.375%, 11/15/33		386,000		378,280
144A,6.00%, 9/30/34		361,000		340,127
144A,7.20%, 7/18/36		381,000		380,759
144A,7.721%, 6/4/38		381,000		392,969
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		957,000		956,621
144A,5.00%, 5/1/28		1,013,000		1,002,420
144A,6.75%, 5/1/29		740,000		749,534
5.875%, 11/1/29		630,000		630,253
144A,6.00%, 1/15/30		800,000		802,961
144A,8.75%, 5/15/30		978,000		1,033,927
144A,8.625%, 3/15/31		586,000		626,023
Frontier Florida LLC, Series E, 6.86%, 2/1/28		224,000		229,961
GoTo Group, Inc.,144A,5.50%, 5/1/28		260,000		224,900
Hughes Satellite Systems Corp.,5.25%, 8/1/26 (a)		580,000		539,707
Iliad Holding Sasu,144A,7.00%, 4/15/32		690,000		696,756
Iliad Holding SASU
144A,7.00%, 10/15/28		547,000		556,634
144A,8.50%, 4/15/31		676,000		720,046
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30 (a)		2,263,000		2,108,143
Level 3 Financing, Inc.
144A,10.50%, 4/15/29		482,000		539,840
144A,11.00%, 11/15/29		1,190,000		1,350,330
144A,10.50%, 5/15/30		668,000		727,285
144A,10.75%, 12/15/30		470,000		526,422
Lumen Technologies, Inc.
144A,4.125%, 4/15/29		239,000		217,507
144A,4.125%, 4/15/30		290,000		259,846
144A,10.00%, 10/15/32		385,000		384,403

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Millicom International Cellular SA
144A,5.125%, 1/15/28		354,600		343,463
144A,6.25%, 3/25/29		472,500		469,266
144A,4.50%, 4/27/31		561,000		500,752
144A,7.375%, 4/2/32		400,000		408,400
Rogers Communications, Inc.
7.00%, 4/15/55		820,000		823,635
7.125%, 4/15/55		750,000		754,408
144A,5.25%, 3/15/82 (a)		549,000		536,666
Sunrise HoldCo IV BV,144A,5.50%, 1/15/28		257,000		253,479
Telecom Italia Capital SA 6.375%, 11/15/33		385,000		382,090
6.00%, 9/30/34		341,000		327,099
7.20%, 7/18/36		381,000		388,400
7.721%, 6/4/38		381,000		394,381
United States Cellular Corp.,6.70%, 12/15/33		443,000		478,602
VEON Holdings BV,144A,3.375%, 11/25/27		800,000		722,086
Viasat, Inc.,144A,5.625%, 4/15/27		484,000		467,571
Viavi Solutions, Inc.,144A,3.75%, 10/1/29		245,000		224,562
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		1,046,000		906,829
144A,4.75%, 7/15/31		1,010,000		885,338
144A,7.75%, 4/15/32		577,000		585,412
Vodafone Group PLC
7.00%, 4/4/79		1,504,000		1,546,611
3.25%, 6/4/81		366,000		353,935
4.125%, 6/4/81		713,000		640,904
5.125%, 6/4/81		732,000		565,289
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		1,690,000		1,747,080
Zayo Group Holdings, Inc.,144A,4.00%, 3/1/27		1,098,000		1,035,810
Zegona Finance PLC,144A,8.625%, 7/15/29		699,000		742,687

(Cost $43,462,686)				44,497,487

Consumer, Cyclical — 22.0%
Airlines — 1.5%
Air Canada,144A,3.875%, 8/15/26		932,000		912,299
Allegiant Travel Co.,144A,7.25%, 8/15/27		398,000		402,090
American Airlines Inc/ AAdvantage Loyalty IP Ltd. 144A,5.50%, 4/20/26		1,075,833		1,074,712
144A,5.75%, 4/20/29		2,302,000		2,289,246
American Airlines, Inc.
144A,7.25%, 2/15/28 (a)		526,000		537,850


	Principal Amount $		Value $
144A,8.50%, 5/15/29		750,000		790,306
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		1,508,000		1,596,373
OneSky Flight LLC,144A,8.875%, 12/15/29		420,000		436,003
United Airlines, Inc.
144A,4.375%, 4/15/26		1,553,000		1,533,360
144A,4.625%, 4/15/29		1,447,000		1,394,934
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
144A,7.875%, 5/1/27 (a)		343,000		339,308
144A,9.50%, 6/1/28		359,000		358,957
144A,6.375%, 2/1/30 (a)		773,000		697,483

(Cost $11,985,824)				12,362,921

Apparel — 0.6%
Champ Acquisition Corp.,144A,8.375%, 12/1/31		360,000		378,164
Crocs, Inc.
144A,4.25%, 3/15/29		254,000		238,097
144A,4.125%, 8/15/31		304,000		271,047
Hanesbrands, Inc.
144A,4.875%, 5/15/26		694,000		693,443
144A,9.00%, 2/15/31		463,000		493,089
Kontoor Brands, Inc.,144A,4.125%, 11/15/29		310,000		287,147
Levi Strauss & Co.,144A,3.50%, 3/1/31		410,000		365,603
S&s Holdings LLC,144A,8.375%, 10/1/31		440,000		438,599
Under Armour, Inc.,3.25%, 6/15/26		467,000		453,684
VF Corp.
2.80%, 4/23/27		415,000		391,242
2.95%, 4/23/30		520,000		453,721
6.00%, 10/15/33		212,000		208,354
6.45%, 11/1/37		220,000		217,878
William Carter Co.,144A,5.625%, 3/15/27		336,000		334,943

(Cost $5,182,890)				5,225,011

Auto Manufacturers — 1.3%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		241,000		236,447
144A,5.875%, 6/1/29		326,000		325,590
144A,3.75%, 1/30/31		770,000		692,205
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		815,000		790,303
Jaguar Land Rover Automotive PLC
144A,4.50%, 10/1/27		346,000		334,918
144A,5.875%, 1/15/28 (a)		444,000		442,518
144A,5.50%, 7/15/29 (a)		312,000		305,987

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

JB Poindexter & Co., Inc.,144A,8.75%, 12/15/31		481,000		503,059
Nissan Motor Acceptance Co. LLC
144A,2.00%, 3/9/26		600,000		580,183
144A,6.95%, 9/15/26		220,000		224,494
144A,1.85%, 9/16/26		750,000		713,543
144A,5.30%, 9/13/27		301,000		301,689
144A,2.75%, 3/9/28		450,000		418,003
144A,2.45%, 9/15/28		265,000		240,404
144A,7.05%, 9/15/28		550,000		578,549
144A,5.55%, 9/13/29		220,000		221,250
Nissan Motor Co. Ltd.
144A,4.345%, 9/17/27		1,880,000		1,847,960
144A,4.81%, 9/17/30		1,880,000		1,809,031
Wabash National Corp.,144A,4.50%, 10/15/28		311,000		280,597

(Cost $10,842,131)				10,846,730

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		609,000		609,000
144A,7.00%, 4/15/28		366,000		373,409
144A,8.25%, 4/15/31 (a)		365,000		375,511
144A,7.50%, 2/15/33		600,000		600,261
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		376,000		374,643
6.875%, 7/1/28 (a)		344,000		341,567
5.00%, 10/1/29 (a)		451,000		412,913
Aptiv Swiss Holdings Ltd.,6.875%, 12/15/54		400,000		396,264
Clarios Global LP / Clarios US Finance Co.
144A,6.25%, 5/15/26		393,000		392,981
144A,8.50%, 5/15/27		780,000		782,983
144A,6.75%, 5/15/28		570,000		581,912
144A,6.75%, 2/15/30 (a)		500,000		511,565
Cooper-Standard Automotive, Inc.,144A,9.00% Cash or 4.50% PIK, 3/31/27		400,000		420,961
Dana, Inc.
5.375%, 11/15/27		376,000		375,309
5.625%, 6/15/28		275,000		273,973
4.25%, 9/1/30		265,000		250,421
4.50%, 2/15/32		274,000		255,069
Garrett Motion Holdings, Inc. / Garrett LX I SARL,144A,7.75%, 5/31/32		628,000		640,109
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		658,000		655,136
4.875%, 3/15/27		590,000		579,270
5.00%, 7/15/29		627,000		596,015
5.25%, 4/30/31 (a)		377,000		349,208


	Principal Amount $		Value $

5.25%, 7/15/31 (a)		434,000		402,886
5.625%, 4/30/33 (a)		364,000		335,204
IHO Verwaltungs GmbH
144A,6.3750% Cash or 7.125% PIK, 5/15/29		425,000		419,969
144A,7.750% Cash or 8.5% PIK, 11/15/30 (a)		350,000		352,486
144A,8.000% Cash or 8.750% PIK, 11/15/32		280,000		282,876
Phinia, Inc.
144A,6.75%, 4/15/29		330,000		338,063
144A,6.625%, 10/15/32		380,000		382,165
Tenneco, Inc.,144A,8.00%, 11/17/28		1,424,000		1,414,639
Titan International, Inc.,7.00%, 4/30/28		320,000		317,229
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		447,000		451,508
144A,7.125%, 4/14/30		463,000		463,535
144A,6.75%, 4/23/30		569,000		559,553
144A,6.875%, 4/23/32		544,000		525,597

(Cost $16,099,653)				16,394,190

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		532,000		507,824
144A,3.875%, 11/15/29		315,000		289,851
Gates Corp.,144A,6.875%, 7/1/29		355,000		364,275
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		940,000		939,795
Resideo Funding, Inc.
144A,4.00%, 9/1/29		184,000		168,665
144A,6.50%, 7/15/32		514,000		518,427
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		387,000		396,898
144A,7.75%, 3/15/31		662,000		696,654
Velocity Vehicle Group LLC,144A,8.00%, 6/1/29		364,000		380,052
Windsor Holdings III LLC,144A,8.50%, 6/15/30		562,000		594,354

(Cost $4,728,009)				4,856,795

Entertainment — 3.3%
Banijay Entertainment SAS,144A,8.125%, 5/1/29		239,000		249,044
Boyne USA, Inc.,144A,4.75%, 5/15/29		538,000		514,504
Caesars Entertainment, Inc.
144A,8.125%, 7/1/27		383,000		386,678
144A,4.625%, 10/15/29		957,000		904,315
144A,7.00%, 2/15/30		1,486,000		1,530,723
144A,6.50%, 2/15/32		1,145,000		1,161,379
144A,6.00%, 10/15/32 (a)		809,000		788,875
CCM Merger, Inc.,144A,6.375%, 5/1/26		206,000		205,945

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Churchill Downs, Inc.
144A,5.50%, 4/1/27		484,000		481,803
144A,4.75%, 1/15/28		509,000		497,265
144A,5.75%, 4/1/30		903,000		892,398
144A,6.75%, 5/1/31		436,000		444,543
Cinemark USA, Inc.
144A,5.25%, 7/15/28 (a)		570,000		558,060
144A,7.00%, 8/1/32		380,000		388,626
Empire Resorts, Inc.,144A,7.75%, 11/1/26		232,000		222,820
Everi Holdings, Inc.,144A,5.00%, 7/15/29		340,000		341,408
Great Canadian Gaming Corp.,144A,8.75%, 11/15/29		435,000		458,170
International Game Technology PLC
144A,4.125%, 4/15/26		586,000		581,042
144A,6.25%, 1/15/27		480,000		485,204
144A,5.25%, 1/15/29		679,000		668,540
Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29		388,000		379,927
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		544,000		545,371
144A,7.25%, 11/15/29		396,000		407,763
144A,7.50%, 9/1/31		427,000		445,724
Lions Gate Capital Holdings 1, Inc.,144A,5.50%, 4/15/29		270,000		247,284
Lions Gate Capital Holdings LLC,144A,5.50%, 4/15/29		250,000		210,131
Live Nation Entertainment, Inc.
144A,5.625%, 3/15/26		204,000		203,835
144A,6.50%, 5/15/27		928,000		943,047
144A,4.75%, 10/15/27		714,000		697,512
144A,3.75%, 1/15/28 (a)		435,000		416,014
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		400,000		393,769
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29		582,000		555,938
Motion Finco Sarl,144A,8.375%, 2/15/32		280,000		287,325
Odeon Finco PLC,144A,12.75%, 11/1/27		256,000		270,179
Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30		311,000		321,578
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		385,000		381,446
144A,4.125%, 7/1/29		286,000		260,012
Resorts World Las Vegas LLC / RWLV Capital, Inc.
144A,4.625%, 4/16/29		750,000		679,052
144A,8.45%, 7/27/30 (a)		340,000		355,718


	Principal Amount $		Value $

144A,4.625%, 4/6/31		290,000		253,192
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33		450,000		449,450
Scientific Games Holdings LP/ Scientific Games US FinCo, Inc.,144A,6.625%, 3/1/30		624,000		613,696
SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29		559,000		541,785
Six Flags Entertainment Corp.
144A,5.50%, 4/15/27		326,000		324,851
144A,7.25%, 5/15/31		612,000		630,990
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		370,000		366,827
6.50%, 10/1/28		224,000		225,984
5.25%, 7/15/29		380,000		368,576
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		663,000		679,234
Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27		272,000		263,154
Universal Entertainment Corp.,144A,9.875%, 8/1/29		234,000		232,226
Vail Resorts, Inc.,144A,6.50%, 5/15/32		458,000		467,750
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		569,000		553,969
144A,7.125%, 2/15/31		719,000		756,740
144A,6.25%, 3/15/33		610,000		608,638

(Cost $26,602,914)				27,100,029

Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28		887,000		871,828
TKC Holdings, Inc.,144A,6.875%, 5/15/28		340,000		340,901

(Cost $1,178,295)				1,212,729

Home Builders — 1.4%
Adams Homes, Inc.,144A,9.25%, 10/15/28		273,000		283,920
Ashton Woods USA LLC / Ashton Woods Finance Co.
144A,6.625%, 1/15/28		143,000		143,306
144A,4.625%, 8/1/29		297,000		277,895
144A,4.625%, 4/1/30		295,000		273,665
Beazer Homes USA, Inc.
5.875%, 10/15/27		279,000		278,470
7.25%, 10/15/29		274,000		278,080
144A,7.50%, 3/15/31		193,000		193,246

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		467,000		465,988
144A,5.00%, 6/15/29		304,000		280,701
144A,4.875%, 2/15/30 (a)		370,000		336,130
Century Communities, Inc.
6.75%, 6/1/27		328,000		327,792
144A,3.875%, 8/15/29		418,000		381,135
Dream Finders Homes, Inc.,144A,8.25%, 8/15/28		201,000		211,248
Empire Communities Corp.,144A,9.75%, 5/1/29		380,000		396,338
Forestar Group, Inc.
144A,3.85%, 5/15/26		285,000		280,892
144A,5.00%, 3/1/28		184,000		179,836
Installed Building Products, Inc.,144A,5.75%, 2/1/28		284,000		280,705
K Hovnanian Enterprises, Inc.,144A,11.75%, 9/30/29		271,000		295,390
KB Home
6.875%, 6/15/27		254,000		260,590
4.80%, 11/15/29		245,000		237,936
7.25%, 7/15/30		254,000		263,782
4.00%, 6/15/31		250,000		228,033
Landsea Homes Corp.,144A,8.875%, 4/1/29		242,000		240,766
LGI Homes, Inc.
144A,8.75%, 12/15/28		377,000		398,368
144A,4.00%, 7/15/29		234,000		212,003
144A,7.00%, 11/15/32		310,000		307,517
M/I Homes, Inc.
4.95%, 2/1/28		264,000		258,634
3.95%, 2/15/30		209,000		192,267
Mattamy Group Corp.
144A,5.25%, 12/15/27		366,000		359,714
144A,4.625%, 3/1/30		497,000		463,798
New Home Co., Inc.,144A,9.25%, 10/1/29		276,000		287,156
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 2/15/28		288,000		279,713
4.75%, 4/1/29		278,000		263,284
STL Holding Co. LLC,144A,8.75%, 2/15/29 Taylor Morrison Communities, Inc.		212,000		223,610
144A,5.875%, 6/15/27		456,000		460,979
144A,5.75%, 1/15/28		302,000		302,066
144A,5.125%, 8/1/30		330,000		320,590
Thor Industries, Inc.,144A,4.00%, 10/15/29		360,000		332,408
Tri Pointe Homes, Inc.
5.25%, 6/1/27		204,000		201,025


	Principal Amount $		Value $

5.70%, 6/15/28		224,000		222,606

(Cost $11,261,102)				11,481,582

Home Furnishings — 0.1%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		632,000		589,133
144A,3.875%, 10/15/31		589,000		521,184

(Cost $1,080,837)				1,110,317

Housewares — 0.6%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		605,000		594,412
Newell Brands, Inc.
5.70%, 4/1/26		765,000		764,428
6.375%, 9/15/27 (a)		361,000		365,008
6.625%, 9/15/29 (a)		370,000		376,977
6.375%, 5/15/30		600,000		598,086
6.625%, 5/15/32		360,000		358,063
6.875%, 4/1/36 (a)		313,000		312,200
7.00%, 4/1/46		525,000		474,609
Scotts Miracle-Gro Co.
5.25%, 12/15/26		213,000		211,983
4.50%, 10/15/29		304,000		286,147
4.00%, 4/1/31		424,000		377,937
4.375%, 2/1/32		245,000		219,215

(Cost $4,832,168)				4,939,065

Leisure Time — 2.8%
Acushnet Co.,144A,7.375%, 10/15/28		254,000		265,092
Amer Sports Co.,144A,6.75%, 2/16/31		621,000		637,676
Carnival Corp.
144A,7.625%, 3/1/26		1,055,000		1,056,788
144A,5.75%, 3/1/27		2,058,000		2,063,260
144A,6.00%, 5/1/29		1,520,000		1,524,051
144A,5.75%, 3/15/30		750,000		752,195
144A,6.125%, 2/15/33		1,500,000		1,510,616
Life Time, Inc.,144A,6.00%, 11/15/31		360,000		361,330
Lindblad Expeditions Holdings, Inc.,144A,9.00%, 5/15/28		212,000		221,369
Lindblad Expeditions LLC,144A,6.75%, 2/15/27		278,000		278,970
NCL Corp. Ltd.
144A,5.875%, 2/15/27		703,000		704,759
144A,8.125%, 1/15/29		562,000		596,163
144A,7.75%, 2/15/29 (a)		434,000		461,670
144A,6.25%, 3/1/30		340,000		341,578
144A,6.75%, 2/1/32		1,300,000		1,328,881
NCL Finance Ltd.,144A,6.125%, 3/15/28		433,000		436,931
Royal Caribbean Cruises Ltd. 144A,4.25%, 7/1/26		483,000		476,880

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

144A,5.50%, 8/31/26		692,000		697,241
144A,5.375%, 7/15/27		770,000		771,358
7.50%, 10/15/27		257,000		269,605
3.70%, 3/15/28		350,000		335,042
144A,5.50%, 4/1/28		1,111,000		1,116,242
144A,5.625%, 9/30/31		1,120,000		1,113,818
144A,6.25%, 3/15/32		950,000		969,182
144A,6.00%, 2/1/33		1,510,000		1,527,012
Sabre GLBL, Inc.
144A,8.625%, 6/1/27		473,000		486,357
144A,10.75%, 11/15/29		660,000		703,373
Viking Cruises Ltd.
144A,5.875%, 9/15/27		657,000		656,233
144A,7.00%, 2/15/29		413,000		417,418
144A,9.125%, 7/15/31		547,000		593,641
Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29		264,000		261,126
VOC Escrow Ltd.,144A,5.00%, 2/15/28		511,000		501,332

(Cost $23,070,142)				23,437,189

Lodging — 1.9%
Boyd Gaming Corp.
4.75%, 12/1/27		723,000		712,070
144A,4.75%, 6/15/31		671,000		632,211
Genting New York LLC / Genny Capital, Inc.,144A,7.25%, 10/1/29		375,000		387,349
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		350,000		350,106
144A,5.875%, 4/1/29		400,000		403,267
144A,3.75%, 5/1/29		590,000		553,201
4.875%, 1/15/30		810,000		790,039
144A,4.00%, 5/1/31		834,000		765,113
144A,3.625%, 2/15/32		1,103,000		977,194
144A,6.125%, 4/1/32		331,000		336,048
144A,5.875%, 3/15/33		780,000		781,797
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
144A,4.875%, 7/1/31		380,000		346,849
144A,6.625%, 1/15/32		699,000		706,920
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29		692,000		660,053
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27		402,000		398,851
Marriott Ownership Resorts, Inc.
4.75%, 1/15/28		315,000		304,837
144A,4.50%, 6/15/29		346,000		325,890
MGM Resorts International
4.625%, 9/1/26		345,000		342,478


	Principal Amount $		Value $

5.50%, 4/15/27		483,000		482,498
4.75%, 10/15/28		480,000		466,246
6.125%, 9/15/29		688,000		692,016
6.50%, 4/15/32 (a)		590,000		594,441
Station Casinos LLC
144A,4.50%, 2/15/28		623,000		601,871
144A,4.625%, 12/1/31		325,000		299,276
144A,6.625%, 3/15/32		337,000		340,055
Travel + Leisure Co.
144A,6.625%, 7/31/26		468,000		474,412
6.00%, 4/1/27		306,000		308,836
144A,4.50%, 12/1/29		516,000		491,582
144A,4.625%, 3/1/30		227,000		213,664
Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28		366,000		352,513
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		667,000		661,625

(Cost $15,481,179)				15,753,308

Office Furnishings — 0.1%
Interface, Inc.,144A,5.50%, 12/1/28		245,000		240,452
Steelcase, Inc.,5.125%, 1/18/29		288,000		279,132

(Cost $502,256)				519,584

Retail — 5.6%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		1,200,000		1,150,572
144A,4.375%, 1/15/28		539,000		521,138
144A,3.50%, 2/15/29		564,000		525,955
144A,6.125%, 6/15/29		940,000		955,840
144A,5.625%, 9/15/29		310,000		310,144
144A,4.00%, 10/15/30		2,196,000		2,002,473
Academy Ltd.,144A,6.00%, 11/15/27 Advance Auto Parts, Inc.		295,000		294,695
5.90%, 3/9/26		342,000		343,337
1.75%, 10/1/27		254,000		228,665
5.95%, 3/9/28		248,000		249,761
3.90%, 4/15/30 (a)		403,000		357,838
3.50%, 3/15/32		199,000		165,775
Arko Corp.,144A,5.125%, 11/15/29 (a) Asbury Automotive Group, Inc.		322,000		290,800
4.50%, 3/1/28		313,000		303,737
144A,4.625%, 11/15/29 (a)		670,000		638,463
4.75%, 3/1/30		255,000		242,401
144A,5.00%, 2/15/32		424,000		395,588
Bath & Body Works, Inc.
6.694%, 1/15/27		182,000		185,927
5.25%, 2/1/28 (a)		359,000		357,329
7.50%, 6/15/29		406,000		416,759

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,6.625%, 10/1/30		601,000		613,661
6.95%, 3/1/33		231,000		234,497
6.875%, 11/1/35		567,000		587,830
6.75%, 7/1/36		450,000		459,488
Beacon Roofing Supply, Inc.
144A,4.50%, 11/15/26		284,000		281,119
144A,4.125%, 5/15/29		224,000		218,088
144A,6.50%, 8/1/30		454,000		466,968
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29		209,000		192,404
BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29		231,000		223,688
Brinker International, Inc.,144A,8.25%, 7/15/30		270,000		288,494
CEC Entertainment LLC,144A,6.75%, 5/1/26		422,000		421,283
Cougar JV Subsidiary LLC,144A,8.00%, 5/15/32		528,000		558,957
eG Global Finance PLC,144A,12.00%, 11/30/28		839,000		941,030
Evergreen Acqco 1 LP / TVI, Inc.,144A,9.75%, 4/26/28		259,000		271,782
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		528,000		526,043
144A,5.875%, 4/1/29		642,000		599,752
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29		780,000		737,525
Foot Locker, Inc.,144A,4.00%, 10/1/29		285,000		244,656
Gap, Inc.
144A,3.625%, 10/1/29		581,000		530,858
144A,3.875%, 10/1/31		577,000		508,190
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		460,000		440,376
144A,8.75%, 1/15/32		380,000		352,062
Global Auto Holdings Ltd./ Aag Fh UK Ltd.,144A,11.50%, 8/15/29		390,000		409,512
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		556,000		529,507
144A,6.375%, 1/15/30		431,000		438,720
GYP Holdings III Corp.,144A,4.625%, 5/1/29		287,000		273,496
Ken Garff Automotive LLC,144A,4.875%, 9/15/28		308,000		296,609
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27		559,000		553,231
Kohl’s Corp.
4.625%, 5/1/31		387,000		301,766


	Principal Amount $		Value $
5.55%, 7/17/45		331,000		202,482
LCM Investments Holdings II LLC
144A,4.875%, 5/1/29		776,000		739,456
144A,8.25%, 8/1/31		666,000		702,885
Lithia Motors, Inc.
144A,4.625%, 12/15/27		245,000		238,810
144A,3.875%, 6/1/29		641,000		593,821
144A,4.375%, 1/15/31		467,000		430,992
Macy’s Retail Holdings LLC
144A,5.875%, 4/1/29		253,000		247,365
144A,5.875%, 3/15/30		312,000		302,536
144A,6.125%, 3/15/32		316,000		301,435
4.50%, 12/15/34		255,000		212,193
5.125%, 1/15/42		183,000		133,481
4.30%, 2/15/43		213,000		144,624
Murphy Oil USA, Inc.
5.625%, 5/1/27		192,000		191,722
4.75%, 9/15/29		336,000		323,538
144A,3.75%, 2/15/31		400,000		357,762
Nordstrom, Inc.
4.00%, 3/15/27		224,000		216,811
6.95%, 3/15/28		284,000		293,370
4.375%, 4/1/30		397,000		364,300
4.25%, 8/1/31		272,000		242,056
5.00%, 1/15/44		731,000		557,292
Papa John’s International, Inc.,144A,3.875%, 9/15/29		308,000		290,938
Patrick Industries, Inc.
144A,4.75%, 5/1/29		351,000		334,774
144A,6.375%, 11/1/32		320,000		318,047
Penske Automotive Group, Inc.,3.75%, 6/15/29		346,000		322,057
PetSmart, Inc. / PetSmart Finance Corp.,144A,4.75%, 2/15/28		888,000		843,171
QVC, Inc.
144A,6.875%, 4/15/29 (a)		450,000		366,210
5.45%, 8/15/34		293,000		170,819
5.95%, 3/15/43		232,000		126,415
Raising Cane’s Restaurants LLC,144A,9.375%, 5/1/29		399,000		426,016
Saks Global Enterprises LLC,144A,11.00%, 12/15/29		1,650,000		1,523,413
Sally Holdings LLC / Sally Capital, Inc.,6.75%, 3/1/32 (a)		466,000		472,904
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		521,000		490,453
144A,4.875%, 11/15/31 (a)		326,000		302,375
Specialty Building Products Holdings LLC / Sbp Finance Corp.,144A,7.75%, 10/15/29		396,000		404,724
Staples, Inc.,144A,10.75%, 9/1/29		1,848,000		1,764,865

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Suburban Propane Partners LP/ Suburban Energy Finance Corp.
5.875%, 3/1/27		264,000		263,800
144A,5.00%, 6/1/31		450,000		412,882
Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29		464,000		430,412
Victoria’s Secret & Co.,144A,4.625%, 7/15/29 (a)		463,000		421,318
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		345,000		366,633
Vivo Energy Investments BV,144A,5.125%, 9/24/27		221,000		213,787
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		1,050,000		1,026,387
8.125%, 8/15/29 (a)		599,000		603,698
3.20%, 4/15/30		463,000		392,421
4.50%, 11/18/34		270,000		223,147
4.80%, 11/18/44		472,000		371,282
4.65%, 6/1/46		195,000		135,743
4.10%, 4/15/50		445,000		315,317
Yum! Brands, Inc.
144A,4.75%, 1/15/30		590,000		571,429
3.625%, 3/15/31		790,000		715,817
4.625%, 1/31/32		854,000		803,144
5.375%, 4/1/32		789,000		776,590
6.875%, 11/15/37		251,000		270,397
5.35%, 11/1/43		174,000		164,880

(Cost $45,253,472)				45,871,985

Consumer, Non-cyclical — 16.5%
Agriculture — 0.2%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		386,000		384,045
144A,6.00%, 6/15/30		824,000		826,050

Turning Point Brands, Inc.,144A,7.625%, 3/15/32		220,000		227,241

(Cost $1,422,976)				1,437,336

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		500,000		498,091
144A,4.375%, 4/30/29		550,000		526,232

(Cost $1,010,513)				1,024,323

Commercial Services — 4.9%
ADT Security Corp.
144A,4.125%, 8/1/29		776,000		732,721
144A,4.875%, 7/15/32		526,000		496,128
Adtalem Global Education, Inc.,144A,5.50%, 3/1/28		268,000		265,936


	Principal Amount $		Value $
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		366,000		366,694
Albion Financing 2 SARL,144A,8.75%, 4/15/27		466,000		475,610
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		1,788,000		1,843,859
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		951,000		906,522
Allied Universal Holdco LLC/ Allied Universal Finance Corp/Atlas Luxco 4 SARL,144A,4.625%, 6/1/28		532,000		505,983
Alta Equipment Group, Inc.,144A,9.00%, 6/1/29 (a)		370,000		343,438
AMN Healthcare, Inc.
144A,4.625%, 10/1/27		388,000		374,777
144A,4.00%, 4/15/29		274,000		250,182
APi Group DE, Inc.
144A,4.125%, 7/15/29		236,000		219,591
144A,4.75%, 10/15/29		178,000		168,903
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		264,000		259,206
144A,5.75%, 7/15/27		256,000		251,042
144A,4.75%, 4/1/28 (a)		320,000		301,176
144A,5.375%, 3/1/29		386,000		359,696
144A,8.25%, 1/15/30		610,000		621,161
144A,8.00%, 2/15/31 (a)		417,000		424,331
Belron UK Finance PLC,144A,5.75%, 10/15/29		850,000		848,827
Brink’s Co.
144A,4.625%, 10/15/27		417,000		409,402
144A,6.50%, 6/15/29		300,000		307,268
144A,6.75%, 6/15/32		340,000		348,317
Carriage Services, Inc.,144A,4.25%, 5/15/29		311,000		287,547
Champions Financing, Inc.,144A,8.75%, 2/15/29		463,000		428,071
Cimpress PLC,144A,7.375%, 9/15/32 (a)		405,000		390,627
CoreCivic, Inc.,8.25%, 4/15/29		385,000		408,136
Deluxe Corp.,144A,8.125%, 9/15/29		320,000		324,605
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		746,000		785,180
144A,8.625%, 5/15/32		420,000		444,624
144A,8.00%, 3/15/33		410,000		425,004
Garda World Security Corp.
144A,4.625%, 2/15/27		375,000		366,315
144A,7.75%, 2/15/28		375,000		386,637
GEO Group, Inc.
8.625%, 4/15/29		520,000		550,471

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
10.25%, 4/15/31		485,000		531,395
Graham Holdings Co.,144A,5.75%, 6/1/26		295,000		294,353
Grand Canyon University,5.125%, 10/1/28		319,000		301,997
Herc Holdings, Inc.
144A,5.50%, 7/15/27		888,000		882,259
144A,6.625%, 6/15/29		615,000		623,692
Hertz Corp.,144A,12.625%, 7/15/29		950,000		1,001,327
Korn Ferry,144A,4.625%, 12/15/27		289,000		281,858
Matthews International Corp.,144A,8.625%, 10/1/27		180,000		188,712
NESCO Holdings II, Inc.,144A,5.50%, 4/15/29		709,000		667,711
OT Midco Ltd.,144A,10.00%, 2/15/30		480,000		445,460
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		953,000		957,262
144A,3.375%, 8/31/27		753,000		715,469
144A,6.25%, 1/15/28		1,072,000		1,073,819
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		1,012,000		1,000,596
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		797,000		817,237
144A,10.875%, 8/1/29		341,000		350,158
Service Corp. International
4.625%, 12/15/27		387,000		379,627
5.125%, 6/1/29		609,000		598,597
3.375%, 8/15/30		651,000		586,082
4.00%, 5/15/31		663,000		602,860
5.75%, 10/15/32		500,000		496,041
Sotheby’s,144A,7.375%, 10/15/27		609,000		603,583
Sotheby’s/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29		184,000		167,683
TriNet Group, Inc.
144A,3.50%, 3/1/29		430,000		394,340
144A,7.125%, 8/15/31		245,000		250,812
United Rentals North America, Inc.
5.50%, 5/15/27		326,000		326,324
3.875%, 11/15/27		609,000		590,562
4.875%, 1/15/28		1,259,000		1,241,879
5.25%, 1/15/30 (a)		596,000		589,339
4.00%, 7/15/30		579,000		538,927
3.875%, 2/15/31 (a)		786,000		718,397
3.75%, 1/15/32		579,000		517,813
144A,6.125%, 3/15/34		815,000		824,203
Upbound Group, Inc.,144A,6.375%, 2/15/29		325,000		317,828
Valvoline, Inc.,144A,3.625%, 6/15/31		396,000		346,787


	Principal Amount $		Value $
Veritiv Operating Co.,144A,10.50%, 11/30/30		805,000		875,431
VM Consolidated, Inc.,144A,5.50%, 4/15/29		304,000		297,161
VT Topco, Inc.,144A,8.50%, 8/15/30		389,000		413,847
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		964,000		997,268
WASH Multifamily Acquisition, Inc.,144A,5.75%, 4/15/26		594,000		592,414
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		426,000		413,968
144A,6.625%, 6/15/29		400,000		407,460
144A,7.375%, 10/1/31 (a)		314,000		327,106

ZipRecruiter, Inc.,144A,5.00%, 1/15/30		425,000		384,788

(Cost $40,237,804)				40,812,419

Cosmetics/Personal Care — 0.4%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		699,000		690,297
144A,4.125%, 4/1/29		320,000		298,027
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		496,000		473,315
6.125%, 9/30/32		600,000		600,000
4.90%, 12/15/44		215,000		168,418
Prestige Brands, Inc.
144A,5.125%, 1/15/28		289,000		285,095
144A,3.75%, 4/1/31		474,000		427,071

(Cost $2,894,073)				2,942,223

Food — 2.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		509,000		499,381
144A,7.50%, 3/15/26		427,000		427,619
144A,4.625%, 1/15/27		1,046,000		1,030,422
144A,5.875%, 2/15/28		536,000		535,915
144A,6.50%, 2/15/28		450,000		458,461
144A,3.50%, 3/15/29		1,034,000		955,809
144A,4.875%, 2/15/30		730,000		704,684
144A,6.25%, 3/15/33		450,000		455,612
Aragvi Finance International Dac,144A,11.125%, 11/20/29		420,000		437,437
B&G Foods, Inc.,144A,8.00%, 9/15/28		611,000		624,344
C&S Group Enterprises LLC,144A,5.00%, 12/15/28		301,000		252,548
Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28		360,000		351,025
Fiesta Purchaser, Inc.,144A,7.875%, 3/1/31		395,000		407,764
Ingles Markets, Inc.,144A,4.00%, 6/15/31		334,000		302,183

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		776,000		807,005
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		376,000		368,260
144A,4.125%, 1/31/30		771,000		718,829
144A,4.375%, 1/31/32		488,000		448,041
Performance Food Group, Inc.
144A,5.50%, 10/15/27		944,000		939,775
144A,4.25%, 8/1/29		768,000		723,840
144A,6.125%, 9/15/32		650,000		653,282
Pilgrim’s Pride Corp.
4.25%, 4/15/31		674,000		634,552
3.50%, 3/1/32		614,000		542,797
6.25%, 7/1/33		738,000		769,874
6.875%, 5/15/34		400,000		434,537
Post Holdings, Inc.
144A,5.50%, 12/15/29		976,000		956,139
144A,4.625%, 4/15/30		1,052,000		986,546
144A,4.50%, 9/15/31		748,000		682,848
144A,6.25%, 2/15/32		739,000		744,648
144A,6.375%, 3/1/33		890,000		887,384
144A,6.25%, 10/15/34		430,000		427,545
Safeway, Inc.,7.25%, 2/1/31		204,000		212,837
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29		623,000		580,963
US Foods, Inc.
144A,6.875%, 9/15/28		451,000		467,441
144A,4.75%, 2/15/29		584,000		564,934
144A,4.625%, 6/1/30		390,000		372,096
144A,7.25%, 1/15/32		436,000		455,638
144A,5.75%, 4/15/33		340,000		334,342

Viking Baked Goods Acquisition Corp.,144A,8.625%, 11/1/31		685,000		667,022

(Cost $22,543,244)				22,824,379

Healthcare-Products — 1.5%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		1,205,000		1,166,182
144A,3.875%, 11/1/29		557,000		516,190
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		1,012,000		1,055,010
Embecta Corp.,144A,5.00%, 2/15/30		390,000		359,514
Garden Spinco Corp.,144A,8.625%, 7/20/30		234,000		248,553
Hologic, Inc.
144A,4.625%, 2/1/28		285,000		279,189
144A,3.25%, 2/15/29		732,000		676,248
Medline Borrower LP
144A,3.875%, 4/1/29		3,402,000		3,189,077


	Principal Amount $		Value $
144A,5.25%, 10/1/29		1,842,000		1,785,652
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		1,160,000		1,177,345
Sotera Health Holdings LLC,144A,7.375%, 6/1/31		600,000		617,179
Teleflex, Inc.
4.625%, 11/15/27		354,000		347,172
144A,4.25%, 6/1/28		396,000		379,595

Varex Imaging Corp.,144A,7.875%, 10/15/27		280,000		287,333

(Cost $11,901,076)				12,084,239

Healthcare-Services — 4.4%
Acadia Healthcare Co., Inc.
144A,5.50%, 7/1/28		296,000		284,962
144A,5.00%, 4/15/29		381,000		355,509
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		370,000		355,531
144A,3.75%, 3/15/29		376,000		351,270
144A,4.00%, 3/15/31		368,000		333,084
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		1,321,000		1,273,856
144A,8.00%, 12/15/27		529,000		525,614
144A,6.00%, 1/15/29		511,000		461,914
144A,5.25%, 5/15/30		1,206,000		1,022,220
144A,4.75%, 2/15/31		772,000		627,036
144A,10.875%, 1/15/32		1,627,000		1,664,372
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		496,000		514,449
DaVita, Inc.
144A,4.625%, 6/1/30		2,091,000		1,939,351
144A,3.75%, 2/15/31		1,131,000		992,267
144A,6.875%, 9/1/32		730,000		741,560
Encompass Health Corp.
4.50%, 2/1/28		612,000		597,769
4.75%, 2/1/30		621,000		601,713
4.625%, 4/1/31		311,000		292,718
Fortrea Holdings, Inc.,144A,7.50%, 7/1/30 (a)		443,000		444,795
Global Medical Response, Inc.,144A,10.00% PIK, 10/31/28		377,083		377,083
Hah Group Holding Co. LLC,144A,9.75%, 10/1/31		505,000		486,639
HealthEquity, Inc.,144A,4.50%, 10/1/29		447,000		424,287
Heartland Dental LLC / Heartland Dental Finance Corp.,144A,10.50%, 4/30/28		509,000		541,608
IQVIA, Inc.
144A,5.00%, 10/15/26		813,000		808,157
144A,5.00%, 5/15/27		824,000		816,150

See Notes to Financial Statements.

DBX ETF Trust | 55

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,6.50%, 5/15/30		370,000		379,215
Kedrion SpA,144A,6.50%, 9/1/29		607,000		576,643
LifePoint Health, Inc.
144A,9.875%, 8/15/30		552,000		589,312
144A,11.00%, 10/15/30		815,000		896,855
144A,8.375%, 2/15/32		550,000		556,981
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		562,000		538,272
144A,3.875%, 11/15/30		468,000		421,386
144A,3.875%, 5/15/32		590,000		518,232
144A,6.25%, 1/15/33		560,000		553,411
MPH Acquisition Holdings LLC,144A,6.50% Cash or 5.00% PIK, 12/31/30		450,000		408,375
Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30 (a)		315,000		304,932
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		1,130,000		1,069,987
Radiology Partners, Inc.,144A,4.275% Cash 3.50% PIK,PIK, 1/31/29		557,354		554,567
Select Medical Corp.,144A,6.25%, 12/1/32		400,000		397,989
Star Parent, Inc.,144A,9.00%, 10/1/30		785,000		821,668
Tenet Healthcare Corp.
6.25%, 2/1/27		1,209,000		1,207,525
5.125%, 11/1/27		1,011,000		999,238
4.625%, 6/15/28		448,000		432,847
6.125%, 10/1/28		1,922,000		1,920,826
4.25%, 6/1/29		1,096,000		1,034,254
4.375%, 1/15/30		1,158,000		1,088,960
6.125%, 6/15/30		1,545,000		1,548,132
6.75%, 5/15/31		934,000		952,938
6.875%, 11/15/31		241,000		247,462
Toledo Hospital Series B,
5.325%, 11/15/28		200,000		195,256
4.982%, 11/15/45		211,000		163,525
6.015%, 11/15/48		310,000		280,550

US Acute Care Solutions LLC,144A,9.75%, 5/15/29		774,000		791,219

(Cost $35,760,104)				36,284,471

Holding Companies-Diversified — 0.0%

Algoma Steel Group, Inc.,9.125%, 4/15/29

(Cost $50,300)		50,000		49,332

Household Products/Wares — 0.2%
ACCO Brands Corp.,144A,4.25%, 3/15/29 (a)		402,000		370,427
Central Garden & Pet Co. 5.125%, 2/1/28		194,000		191,068


	Principal Amount $		Value $
4.125%, 10/15/30 (a)		394,000		359,810
144A,4.125%, 4/30/31		305,000		274,691
Kronos Acquisition Holdings, Inc.,144A,8.25%, 6/30/31		396,000		371,707

(Cost $1,567,800)				1,567,703

Pharmaceuticals — 2.0%
180 Medical, Inc.,144A,3.875%, 10/15/29		366,000		340,405
AdaptHealth LLC
144A,6.125%, 8/1/28		344,000		342,265
144A,4.625%, 8/1/29 (a)		385,000		357,362
144A,5.125%, 3/1/30		407,000		378,448
Bausch Health Cos., Inc.
144A,6.125%, 2/1/27		815,000		785,456
144A,5.75%, 8/15/27		373,000		354,816
144A,4.875%, 6/1/28		1,143,000		991,552
144A,11.00%, 9/30/28		1,370,000		1,387,125
BellRing Brands, Inc.,144A,7.00%, 3/15/30		619,000		641,812
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		366,000		333,373
CVS Health Corp.
6.75%, 12/10/54		550,000		549,968
7.00%, 3/10/55		1,700,000		1,715,358
Elanco Animal Health, Inc.,6.65%, 8/28/28		537,000		547,084
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		773,000		828,476
HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		625,000		672,768
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		430,000		330,729
Jazz Securities DAC,144A,4.375%, 1/15/29		1,171,000		1,122,992
Mallinckrodt International Finance SA / Mallinckrodt CB LLC,144A,14.75%, 11/14/28		340,156		358,959
Option Care Health, Inc.,144A,4.375%, 10/31/29		425,000		398,989
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		1,588,000		1,510,548
144A,5.125%, 4/30/31 (a)		1,482,000		1,350,436
144A,6.75%, 5/15/34		380,000		385,326
144A,7.875%, 5/15/34 (a)		394,000		404,252
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		390,000		342,278
144A,6.625%, 4/1/30 (a)		384,000		353,825

(Cost $16,133,789)				16,784,602

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Diversified — 0.2%
Holding Companies-Diversified — 0.2%
Benteler International AG,144A,10.50%, 5/15/28		386,000		409,125
Clue Opco LLC,144A,9.50%, 10/15/31 (a)		553,000		570,146
Stena International SA
144A,7.25%, 1/15/31		491,000		499,039
144A,7.625%, 2/15/31		332,000		343,583

(Cost $1,774,733)				1,821,893

Energy — 13.3%
Coal — 0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,8.625%, 6/15/29		290,000		307,573
Coronado Finance Pty Ltd.,144A,9.25%, 10/1/29		320,000		323,823
SunCoke Energy, Inc.,144A,4.875%, 6/30/29		361,000		335,592

(Cost $951,743)				966,988

Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC
144A,5.00%, 1/31/28		524,000		506,824
144A,4.75%, 1/15/30		528,000		496,617

Topaz Solar Farms LLC,144A,5.75%, 9/30/39		419,731		404,709

(Cost $1,402,676)				1,408,150

Oil & Gas — 6.3%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		770,000		793,804
Ascent Resources Utica Holdings LLC / Aru Finance Corp.,144A,6.625%, 10/15/32		450,000		454,385
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,9.00%, 11/1/27		213,000		268,646
144A,8.25%, 12/31/28		398,000		407,427
144A,5.875%, 6/30/29		289,000		285,464
Baytex Energy Corp.
144A,8.50%, 4/30/30		697,000		713,580
144A,7.375%, 3/15/32		366,000		357,802
Borr IHC Ltd / Borr Finance LLC
144A,10.00%, 11/15/28		927,756		922,189
144A,10.375%, 11/15/30		509,029		503,812
California Resources Corp.,144A,8.25%, 6/15/29		651,000		669,660
Chord Energy Corp.,144A,6.375%, 6/1/26		308,000		308,319
CITGO Petroleum Corp.
144A,6.375%, 6/15/26		483,000		483,033


	Principal Amount $		Value $
144A,8.375%, 1/15/29		763,000		787,064
Civitas Resources, Inc.
144A,5.00%, 10/15/26		295,000		292,730
144A,8.375%, 7/1/28		1,044,000		1,086,490
144A,8.625%, 11/1/30		780,000		820,884
144A,8.75%, 7/1/31		944,000		985,361
CNX Resources Corp.
144A,6.00%, 1/15/29		386,000		383,044
144A,7.375%, 1/15/31		338,000		347,275
144A,7.25%, 3/1/32		468,000		479,362
Comstock Resources, Inc.
144A,6.75%, 3/1/29		844,000		829,769
144A,6.75%, 3/1/29		394,000		387,088
144A,5.875%, 1/15/30		756,000		720,133
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		802,000		839,433
144A,7.625%, 4/1/32		813,000		813,288
144A,7.375%, 1/15/33		732,000		717,844
CVR Energy, Inc.
144A,5.75%, 2/15/28		343,000		325,448
144A,8.50%, 1/15/29		445,000		438,928
Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30 (a)		434,000		450,076
Encino Acquisition Partners Holdings LLC
144A,8.50%, 5/1/28		448,000		459,045
144A,8.75%, 5/1/31		389,000		418,003
Energean PLC,144A,6.50%, 4/30/27 (a)		346,000		344,834
EnQuest PLC,144A,11.625%, 11/1/27		339,000		349,973
Gulfport Energy Operating Corp.,144A,6.75%, 9/1/29		489,000		499,032
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		467,000		466,350
144A,5.75%, 2/1/29		477,000		465,789
144A,6.00%, 4/15/30		356,000		343,159
144A,6.00%, 2/1/31		494,000		469,299
144A,6.25%, 4/15/32		416,000		397,757
144A,8.375%, 11/1/33		476,000		497,397
144A,6.875%, 5/15/34		335,000		324,408
144A,7.25%, 2/15/35		710,000		698,058
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		595,000		613,925
Karoon USA Finance, Inc.,144A,10.50%, 5/14/29		258,000		266,484
Kimmeridge Texas Gas LLC,144A,8.50%, 2/15/30		400,000		408,275
Kraken Oil & Gas Partners LLC,144A,7.625%, 8/15/29		407,000		398,987
Long Ridge Energy LLC,144A,8.75%, 2/15/32		450,000		451,731

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.,144A,6.875%, 12/1/32		300,000		302,488
Matador Resources Co.
144A,6.875%, 4/15/28		350,000		357,491
144A,6.50%, 4/15/32		724,000		724,018
144A,6.25%, 4/15/33		550,000		540,405
MEG Energy Corp.,144A,5.875%, 2/1/29		437,000		431,547
Moss Creek Resources Holdings, Inc.,144A,8.25%, 9/1/31		570,000		572,865
Murphy Oil Corp.
6.00%, 10/1/32		460,000		446,170
5.875%, 12/1/42		250,000		216,184
Nabors Industries, Inc.
144A,7.375%, 5/15/27		499,000		499,904
144A,9.125%, 1/31/30		483,000		491,109
Noble Finance II LLC,144A,8.00%, 4/15/30		1,016,000		1,026,683
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		547,000		555,090
144A,8.75%, 6/15/31		388,000		404,026
Parkland Corp.
144A,5.875%, 7/15/27		324,000		324,041
144A,4.50%, 10/1/29		640,000		606,154
144A,4.625%, 5/1/30		568,000		533,174
144A,6.625%, 8/15/32		388,000		391,381
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28 (a)		631,000		609,714
144A,7.875%, 9/15/30		369,000		353,581
Permian Resources Operating LLC
144A,8.00%, 4/15/27		352,000		360,725
144A,5.875%, 7/1/29		449,000		447,242
144A,9.875%, 7/15/31		233,000		256,639
144A,7.00%, 1/15/32		860,000		883,547
144A,6.25%, 2/1/33		700,000		703,517
Precision Drilling Corp.,144A,6.875%, 1/15/29		276,000		275,531
Range Resources Corp.
8.25%, 1/15/29		387,000		398,472
144A,4.75%, 2/15/30		356,000		339,791
Seadrill Finance Ltd.,144A,8.375%, 8/1/30		448,000		457,942
Sitio Royalties Operating Partnership LP / Sitio Finance Corp.,144A,7.875%, 11/1/28		467,000		489,231
SM Energy Co.
6.75%, 9/15/26		242,000		242,102
6.625%, 1/15/27		375,000		374,791
6.50%, 7/15/28		285,000		285,654
144A,6.75%, 8/1/29		590,000		591,004


	Principal Amount $		Value $
144A,7.00%, 8/1/32		557,000		557,247
Strathcona Resources Ltd/ Alberta,144A,6.875%, 8/1/26		306,000		307,091
Sunoco LP
144A,7.00%, 5/1/29		560,000		580,311
144A,7.25%, 5/1/32		542,000		565,586
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		513,000		513,680
5.875%, 3/15/28		364,000		363,956
144A,7.00%, 9/15/28		320,000		330,311
4.50%, 5/15/29		630,000		602,790
4.50%, 4/30/30		567,000		536,225
Talos Production, Inc.
144A,9.00%, 2/1/29		452,000		467,419
144A,9.375%, 2/1/31		502,000		516,562
Teine Energy Ltd.,144A,6.875%, 4/15/29		295,000		286,299
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		540,000		514,397
Transocean Aquila Ltd.,144A,8.00%, 9/30/28		189,708		194,159
Transocean Poseidon Ltd.,144A,6.875%, 2/1/27		221,025		220,593
Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28		367,333		375,269
Transocean, Inc.,144A,8.75%, 2/15/30		733,600		765,757
Valaris Ltd.,144A,8.375%, 4/30/30		845,000		855,995
CITGO Petroleum Corp.
144A,6.875%, 5/1/30		308,000		305,239
144A,7.25%, 2/15/33		300,000		291,772
Viper Energy, Inc.
144A,5.375%, 11/1/27		404,000		401,187
144A,7.375%, 11/1/31		245,000		256,874
Vital Energy, Inc.
144A,7.75%, 7/31/29		223,000		221,333
9.75%, 10/15/30		312,000		327,381
144A,7.875%, 4/15/32 (a)		691,000		666,206
W&T Offshore, Inc.,144A,10.75%, 2/1/29		270,000		271,698

Wildfire Intermediate Holdings LLC,144A,7.50%, 10/15/29		477,000		473,460

(Cost $51,469,935)				52,005,854

Oil & Gas Services — 0.9%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.875%, 4/1/27		202,000		201,911
144A,6.25%, 4/1/28		608,000		609,949
144A,6.625%, 9/1/32		580,000		587,127
Bristow Group, Inc.,144A,6.875%, 3/1/28		308,000		308,952
Enerflex Ltd.,144A,9.00%, 10/15/27		440,000		457,624

See Notes to Financial Statements.

58 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29		231,000		247,217
Kodiak Gas Services LLC,144A,7.25%, 2/15/29		578,000		596,672
Oceaneering International, Inc.,6.00%, 2/1/28		184,000		182,346
Solaris Midstream Holdings LLC,144A,7.625%, 4/1/26		295,000		294,884
Star Holding LLC,144A,8.75%, 8/1/31		273,000		263,573
Tgs ASA,144A,8.50%, 1/15/30 (a)		400,000		416,609
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		610,000		613,248
144A,7.125%, 3/15/29		749,000		769,773
Viridien,144A,8.75%, 4/1/27		370,000		377,625
Weatherford International Ltd.,144A,8.625%, 4/30/30		1,207,000		1,246,208

(Cost $7,044,246)				7,173,718

Pipelines — 5.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		498,000		497,629
144A,5.75%, 1/15/28		448,000		448,241
144A,5.375%, 6/15/29		533,000		524,617
144A,6.625%, 2/1/32		514,000		525,099
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,6.625%, 7/15/26		202,000		201,833
144A,7.00%, 7/15/29		366,000		377,556
144A,7.25%, 7/15/32		385,000		402,439
Buckeye Partners LP
3.95%, 12/1/26		367,000		356,872
4.125%, 12/1/27		305,000		294,168
144A,4.50%, 3/1/28		360,000		349,400
144A,6.875%, 7/1/29		520,000		533,347
144A,6.75%, 2/1/30		350,000		359,498
5.85%, 11/15/43		310,000		278,543
5.60%, 10/15/44		232,000		198,301
CNX Midstream Partners LP,144A,4.75%, 4/15/30		279,000		259,934
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		1,106,000		1,071,772
144A,7.50%, 12/15/33		385,000		410,101
Delek Logistics Partners LP / Delek Logistics Finance Corp.
144A,7.125%, 6/1/28		486,000		492,827
144A,8.625%, 3/15/29		742,000		777,826
DT Midstream, Inc.
144A,4.125%, 6/15/29		814,000		771,707
144A,4.375%, 6/15/31		788,000		731,904


	Principal Amount $		Value $
Energy Transfer LP
8.00%, 5/15/54		572,000		608,201
7.125%, 10/1/54		296,000		304,036
EQM Midstream Partners LP
144A,7.50%, 6/1/27		350,000		358,747
144A,6.50%, 7/1/27		646,000		662,582
144A,4.50%, 1/15/29		603,000		587,314
144A,6.375%, 4/1/29		434,000		445,127
144A,7.50%, 6/1/30		386,000		419,782
144A,4.75%, 1/15/31		826,000		797,392
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		250,000		254,725
7.75%, 2/1/28		515,000		520,855
8.25%, 1/15/29		509,000		524,920
8.875%, 4/15/30		326,000		338,509
7.875%, 5/15/32		525,000		528,200
8.00%, 5/15/33		450,000		454,516
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		356,000		357,262
6.875%, 1/15/29		314,000		315,944
144A,8.25%, 1/15/32		313,000		326,060
Harvest Midstream I LP
144A,7.50%, 9/1/28		562,000		573,916
144A,7.50%, 5/15/32		345,000		361,614
Hess Midstream Operations LP
144A,5.625%, 2/15/26		529,000		528,925
144A,5.875%, 3/1/28		600,000		604,353
144A,5.125%, 6/15/28		443,000		437,439
144A,6.50%, 6/1/29		448,000		457,550
144A,4.25%, 2/15/30		529,000		499,033
144A,5.50%, 10/15/30		324,000		319,969
Howard Midstream Energy Partners LLC
144A,8.875%, 7/15/28		317,000		334,488
144A,7.375%, 7/15/32		389,000		405,327
ITT Holdings LLC,144A,6.50%, 8/1/29		948,000		903,200
Kinetik Holdings LP
144A,6.625%, 12/15/28		516,000		527,868
144A,5.875%, 6/15/30		793,000		791,463
Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28		289,000		313,527
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		397,000		374,043
NFE Financing LLC,144A,12.00%, 11/15/29		2,060,000		2,035,695
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		663,000		675,180
144A,8.375%, 2/15/32		963,000		978,345

See Notes to Financial Statements.

DBX ETF Trust | 59

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Northriver Midstream Finance LP,144A,6.75%, 7/15/32		470,000		479,762
NuStar Logistics LP
6.00%, 6/1/26		406,000		408,273
5.625%, 4/28/27		397,000		398,820
6.375%, 10/1/30		484,000		494,344
Prairie Acquiror LP,144A,9.00%, 8/1/29		301,000		311,945
Rockies Express Pipeline LLC
144A,4.95%, 7/15/29		375,000		361,186
144A,4.80%, 5/15/30		304,000		286,607
144A,7.50%, 7/15/38		193,000		194,546
144A,6.875%, 4/15/40		376,000		370,785
South Bow Canadian Infrastructure Holdings Ltd.
144A,7.50%, 3/1/55		485,000		499,762
144A,7.625%, 3/1/55		330,000		339,166
Summit Midstream Holdings LLC,144A,8.625%, 10/31/29		647,000		679,761
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		333,000		332,878
144A,5.50%, 1/15/28		573,000		562,410
144A,7.375%, 2/15/29		593,000		606,073
144A,6.00%, 12/31/30		544,000		527,939
144A,6.00%, 9/1/31		336,000		324,403
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		964,000		898,770
144A,6.25%, 1/15/30		770,000		787,881
144A,4.125%, 8/15/31		938,000		854,800
144A,3.875%, 11/1/33		941,000		818,010
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		1,731,000		1,803,152
144A,9.50%, 2/1/29		2,261,000		2,496,827
144A,7.00%, 1/15/30		1,114,000		1,129,352
144A,8.375%, 6/1/31		1,701,000		1,772,513
144A,9.875%, 2/1/32		1,484,000		1,623,023

(Cost $47,099,002)				48,152,709

Financial — 4.5%
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		482,000		445,146
CoreLogic, Inc.,144A,4.50%, 5/1/28		524,000		495,964
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		478,000		482,715
144A,8.875%, 9/1/31		296,000		318,286
Five Point Operating Co. LP / Five Point Capital Corp.,144A,10.50%, 1/15/28		389,561		397,792


	Principal Amount $		Value $
Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30		302,000		317,706
Howard Hughes Corp.
144A,5.375%, 8/1/28		570,000		554,229
144A,4.125%, 2/1/29		499,000		458,090
144A,4.375%, 2/1/31		475,000		423,522
Hunt Cos., Inc.,144A,5.25%, 4/15/29		493,000		474,509
Kennedy-Wilson, Inc.
4.75%, 3/1/29		507,000		474,826
4.75%, 2/1/30		442,000		404,268
5.00%, 3/1/31 (a)		424,000		384,021
Newmark Group, Inc.,7.50%, 1/12/29		369,000		391,664

(Cost $5,783,797)				6,022,738

Real Estate Investment Trusts — 3.3%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a)		396,000		368,675
Blackstone Mortgage Trust, Inc.,144A,3.75%, 1/15/27		234,000		224,935
Brandywine Operating Partnership LP
3.95%, 11/15/27		316,000		302,234
8.30%, 3/15/28		314,000		332,151
8.875%, 4/12/29		326,000		349,351
4.55%, 10/1/29		214,000		196,247
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		533,000		531,280
144A,4.50%, 4/1/27		503,000		484,627
CTR Partnership LP / CareTrust Capital Corp.,144A,3.875%, 6/30/28		265,000		250,896
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		361,000		341,355
Hudson Pacific Properties LP
3.95%, 11/1/27		322,000		290,009
5.95%, 2/15/28		282,000		249,877
4.65%, 4/1/29		361,000		282,007
3.25%, 1/15/30		309,000		217,954
Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32		447,000		419,151
Iron Mountain, Inc.
144A,4.875%, 9/15/27		754,000		741,951
144A,5.25%, 3/15/28		598,000		590,121
144A,5.00%, 7/15/28		381,000		373,035
144A,7.00%, 2/15/29		760,000		782,737
144A,4.875%, 9/15/29		750,000		722,497
144A,5.25%, 7/15/30		1,051,000		1,014,623

See Notes to Financial Statements.

60 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,4.50%, 2/15/31		924,000		857,119
144A,5.625%, 7/15/32		457,000		443,641
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		425,000		413,608
144A,4.75%, 6/15/29		489,000		471,795
144A,7.00%, 7/15/31		400,000		415,154

Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		361,000		343,538
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		494,000		490,310
144A,4.875%, 5/15/29		620,000		592,915
144A,7.00%, 2/1/30		407,000		415,716
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		468,000		458,187
144A,7.25%, 7/15/28		395,000		409,336
144A,4.50%, 2/15/29		384,000		367,768
144A,6.50%, 4/1/32		773,000		783,059
Rithm Capital Corp., 144A,8.00%, 4/1/29		616,000		625,292
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		326,000		319,990
144A,4.00%, 9/15/29		444,000		407,651
SBA Communications Corp.
3.875%, 2/15/27		1,048,000		1,020,523
3.125%, 2/1/29		1,185,000		1,086,237
Service Properties Trust
4.75%, 10/1/26		318,000		310,341
4.95%, 2/15/27 (a)		316,000		308,506
5.50%, 12/15/27		328,000		319,472
3.95%, 1/15/28		347,000		310,567
8.375%, 6/15/29		481,000		486,370
4.95%, 10/1/29 (a)		332,000		278,255
4.375%, 2/15/30		310,000		250,563
144A,8.625%, 11/15/31		798,000		854,769
8.875%, 6/15/32		344,000		341,391
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		315,000		306,531
144A,4.375%, 1/15/27		350,000		341,720
144A,7.25%, 4/1/29		466,000		484,638
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		2,094,000		2,235,835
144A,4.75%, 4/15/28		495,000		475,091
Vornado Realty LP
2.15%, 6/1/26		253,000		242,606
3.40%, 6/1/31		272,000		232,827


	Principal Amount $		Value $
XHR LP,144A,4.875%, 6/1/29		362,000		344,850

(Cost $26,425,630)				27,111,884

REITS — 0.5%
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		350,000		364,134
Iron Mountain, Inc.,144A,6.25%, 1/15/33		890,000		895,138
MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32		1,130,000		1,159,483
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		320,000		321,093
Starwood Property Trust, Inc.
144A,6.00%, 4/15/30		300,000		297,823
144A,6.50%, 7/1/30		380,000		385,522
Xhr LP,144A,6.625%, 5/15/30		300,000		304,157

(Cost $3,710,588)				3,727,350

Industrial — 12.0%

Aerospace/Defense — 2.5%
AAR Escrow Issuer LLC,144A,6.75%, 3/15/29		409,000		417,955
Bombardier, Inc.
144A,7.875%, 4/15/27		444,000		446,004
144A,6.00%, 2/15/28		555,000		553,257
144A,7.50%, 2/1/29 (a)		490,000		506,860
144A,8.75%, 11/15/30		599,000		641,380
144A,7.25%, 7/1/31		630,000		644,673
144A,7.00%, 6/1/32 (a)		642,000		650,876
144A,7.45%, 5/1/34		315,000		329,268
Efesto Bidco S.p.A Efesto US LLC,144A, Series XR, 7.50%, 2/15/32		610,000		605,547
Goat Holdco LLC,144A,6.75%, 2/1/32		575,000		574,750
Moog, Inc.,144A,4.25%, 12/15/27		388,000		373,549
Spirit AeroSystems, Inc.
3.85%, 6/15/26		224,000		219,133
144A,9.375%, 11/30/29		696,000		747,560
144A,9.75%, 11/15/30		932,000		1,031,831
TransDigm, Inc.
5.50%, 11/15/27		2,043,000		2,023,062
144A,6.75%, 8/15/28		1,656,000		1,684,368
4.625%, 1/15/29		903,000		858,320
144A,6.375%, 3/1/29		1,851,000		1,875,393
4.875%, 5/1/29		559,000		534,074
144A,6.875%, 12/15/30		1,179,000		1,209,764
144A,7.125%, 12/1/31		782,000		806,355
144A,6.625%, 3/1/32		1,649,000		1,680,305
144A,6.00%, 1/15/33		1,143,000		1,131,623
Triumph Group, Inc.,144A,9.00%, 3/15/28		722,000		761,955

(Cost $20,129,265)				20,307,862

See Notes to Financial Statements.

DBX ETF Trust | 61

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Building Materials — 2.4%
AmeriTex HoldCo Intermediate LLC,144A,10.25%, 10/15/28		405,000		430,711
Boise Cascade Co.,144A,4.875%, 7/1/30		245,000		232,382
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		427,000		411,059
144A,4.25%, 2/1/32		1,010,000		913,907
144A,6.375%, 6/15/32		549,000		558,781
144A,6.375%, 3/1/34 (a)		735,000		743,934
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28		543,000		514,765
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		362,000		344,821
Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30		2,097,000		2,121,476
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		356,000		363,669
Griffon Corp.,5.75%, 3/1/28		748,000		741,180
JELD-WEN, Inc.
144A,4.875%, 12/15/27		265,000		249,834
144A,7.00%, 9/1/32		290,000		261,000
Knife River Corp.,144A,7.75%, 5/1/31		328,000		343,819
Louisiana-Pacific Corp.,144A,3.625%, 3/15/29		264,000		247,282
Masterbrand, Inc.,144A,7.00%, 7/15/32		548,000		557,792
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		544,000		554,385
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		320,000		306,706
New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28		358,000		350,731
Quikrete Holdings, Inc.
144A,6.375%, 3/1/32		2,980,000		3,023,240
144A,6.75%, 3/1/33		1,130,000		1,147,210
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		864,000		856,776
144A,8.875%, 11/15/31		854,000		917,129
Standard Building Solutions, Inc.,144A,6.50%, 8/15/32		750,000		759,576
Standard Industries, Inc.
144A,5.00%, 2/15/27		539,000		533,926
144A,4.75%, 1/15/28		842,000		823,169
144A,4.375%, 7/15/30		1,188,000		1,109,914
144A,3.375%, 1/15/31		848,000		744,421

(Cost $19,987,154)				20,163,595

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
144A,6.50%, 12/31/27		204,000		206,574


	Principal Amount $		Value $
144A,4.75%, 6/15/28		388,000		373,956
144A,4.375%, 3/31/29		706,000		661,003
EnerSys
144A,4.375%, 12/15/27		179,000		173,747
144A,6.625%, 1/15/32		241,000		248,066
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		951,000		967,415
144A,6.375%, 3/15/29		698,000		710,082
144A,6.625%, 3/15/32		664,000		678,123

(Cost $3,968,431)				4,018,966

Electronics — 0.6%
Atkore, Inc.,144A,4.25%, 6/1/31		246,000		218,511
Coherent Corp.,144A,5.00%, 12/15/29		727,000		701,467
Imola Merger Corp.,144A,4.75%, 5/15/29		1,561,000		1,501,732
Sensata Technologies BV
144A,4.00%, 4/15/29		640,000		595,073
144A,5.875%, 9/1/30		444,000		438,123
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		356,000		331,783
144A,3.75%, 2/15/31		489,000		432,928
144A,6.625%, 7/15/32		465,000		472,880
TTM Technologies, Inc.,144A,4.00%, 3/1/29		366,000		342,868

(Cost $4,965,813)				5,035,365

Engineering & Construction — 0.8%
AECOM,5.125%, 3/15/27		718,000		716,899
Arcosa, Inc.
144A,4.375%, 4/15/29		265,000		250,723
144A,6.875%, 8/15/32		503,000		514,925
Artera Services LLC,144A,8.50%, 2/15/31		466,000		466,432
ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C,144A,7.875%, 2/3/30		370,000		370,741
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		1,085,000		1,105,037
Brundage-Bone Concrete Pumping Holdings, Inc.,144A,7.50%, 2/1/32		330,000		335,224
Dycom Industries, Inc.,144A,4.50%, 4/15/29		386,000		365,951
Fluor Corp.,4.25%, 9/15/28		452,000		432,588
Global Infrastructure Solutions, Inc.
144A,5.625%, 6/1/29		265,000		258,218
144A,7.50%, 4/15/32		242,000		242,137
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29		614,000		623,210

See Notes to Financial Statements.

62 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28		199,000		201,243
TopBuild Corp.
144A,3.625%, 3/15/29		265,000		245,708
144A,4.125%, 2/15/32		361,000		325,979
Weekley Homes LLC / Weekley Finance Corp.,144A,4.875%, 9/15/28		259,000		247,316

(Cost $6,645,214)				6,702,331

Environmental Control — 0.8%
Clean Harbors, Inc.
144A,4.875%, 7/15/27		439,000		434,499
144A,5.125%, 7/15/29		224,000		217,951
144A,6.375%, 2/1/31		326,000		330,548
Enviri Corp.,144A,5.75%, 7/31/27		351,000		340,312
GFL Environmental, Inc.
144A,5.125%, 12/15/26		323,000		322,804
144A,4.00%, 8/1/28		590,000		559,686
144A,3.50%, 9/1/28		699,000		657,585
144A,4.75%, 6/15/29		529,000		508,511
144A,4.375%, 8/15/29		387,000		365,260
144A,6.75%, 1/15/31		747,000		774,669
Madison IAQ LLC,144A,4.125%, 6/30/28		534,000		510,250
Reworld Holding Corp.
144A,4.875%, 12/1/29		590,000		555,981
5.00%, 9/1/30		310,000		289,371
Waste Pro USA, Inc.,144A,7.00%, 2/1/33		650,000		658,122
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		340,000		348,135

(Cost $6,743,774)				6,873,684

Hand/Machine Tools — 0.0%
Werner FinCo LP / Werner FinCo, Inc.,144A,11.50%, 6/15/28

(Cost $361,699)		332,000		365,632

Machinery-Construction & Mining — 0.3%
BWX Technologies, Inc.
144A,4.125%, 6/30/28		325,000		308,667
144A,4.125%, 4/15/29		256,000		240,006
Manitowoc Co., (The), Inc.,144A,9.25%, 10/1/31		220,000		231,000
Terex Corp.
144A,5.00%, 5/15/29		517,000		497,949
144A,6.25%, 10/15/32		510,000		506,730
Vertiv Group Corp.,144A,4.125%, 11/15/28		649,000		623,927

(Cost $2,371,142)				2,408,279


	Principal Amount $		Value $

Machinery-Diversified — 0.6%
ATS Corp.,144A,4.125%, 12/15/28		270,000		253,259
Chart Industries, Inc.
144A,7.50%, 1/1/30 (a)		1,113,000		1,162,874
144A,9.50%, 1/1/31		362,000		389,007
Esab Corp.,144A,6.25%, 4/15/29		530,000		538,486
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29		771,000		811,604
Mueller Water Products, Inc.,144A,4.00%, 6/15/29		398,000		374,138
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		1,273,000		1,260,310

(Cost $4,708,117)				4,789,678

Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc.
144A,5.00%, 9/30/27		244,000		240,889
144A,6.375%, 6/15/30		306,000		309,937
Roller Bearing Co. of America, Inc.,144A,4.375%, 10/15/29		380,000		361,205
Vallourec SACA,144A,7.50%, 4/15/32		639,000		667,779

(Cost $1,542,676)				1,579,810

Miscellaneous Manufacturing — 0.4%
Amsted Industries, Inc.
144A,5.625%, 7/1/27		260,000		260,118
144A,4.625%, 5/15/30		266,000		249,307
Calderys Financing LLC,144A,11.25%, 6/1/28		337,000		359,402
Enpro, Inc.,5.75%, 10/15/26		232,000		231,991
Hillenbrand, Inc.
5.00%, 9/15/26		230,000		228,108
6.25%, 2/15/29		473,000		479,229
3.75%, 3/1/31		252,000		224,316
LSB Industries, Inc.,144A,6.25%, 10/15/28		336,000		329,760
Trinity Industries, Inc.,144A,7.75%, 7/15/28		495,000		516,904

(Cost $2,813,511)				2,879,135

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		503,000		500,532
144A,3.25%, 9/1/28		464,000		422,925
Ball Corp.
4.875%, 3/15/26		164,000		163,547
6.875%, 3/15/28		484,000		496,357
6.00%, 6/15/29		1,052,000		1,069,647

See Notes to Financial Statements.

DBX ETF Trust | 63

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
2.875%, 8/15/30		922,000		808,840
3.125%, 9/15/31		571,000		496,077
Berry Global, Inc.,144A,5.625%, 7/15/27		320,000		319,934
Cascades, Inc./Cascades USA, Inc.,144A,5.375%, 1/15/28		353,000		345,767
Clearwater Paper Corp.,144A,4.75%, 8/15/28		213,000		199,947
Clydesdale Acquisition Holdings, Inc.
144A,6.625%, 4/15/29		339,000		342,410
144A,6.875%, 1/15/30		390,000		397,300
Crown Americas LLC,5.25%, 4/1/30		420,000		413,256
Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		259,000		255,322
Crown Cork & Seal Co., Inc.,7.375%, 12/15/26		224,000		231,604
Graphic Packaging International LLC
144A,4.75%, 7/15/27		182,000		178,776
144A,3.50%, 3/15/28		436,000		413,805
144A,3.50%, 3/1/29		272,000		253,188
144A,3.75%, 2/1/30		311,000		286,212
144A,6.375%, 7/15/32		340,000		344,928
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC,144A,6.00%, 9/15/28		550,000		547,850
LABL, Inc.
144A,5.875%, 11/1/28		361,000		319,166
144A,9.50%, 11/1/28		247,000		237,205
144A,8.625%, 10/1/31		730,000		659,736
Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/27		1,922,000		1,951,146
OI European Group BV,144A,4.75%, 2/15/30		299,000		275,066
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		475,000		474,537
144A,7.25%, 5/15/31 (a)		499,000		490,595
144A,7.375%, 6/1/32		239,000		231,143
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.,144A,4.375%, 10/15/28		446,000		448,234
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		886,000		887,970
Sealed Air Corp.
144A,4.00%, 12/1/27		330,000		318,913
144A,6.125%, 2/1/28		573,000		578,226
144A,5.00%, 4/15/29		360,000		351,011


	Principal Amount $		Value $
144A,7.25%, 2/15/31		290,000		302,882
144A,6.50%, 7/15/32		270,000		276,717
144A,6.875%, 7/15/33		325,000		344,667
Silgan Holdings, Inc.,4.125%, 2/1/28		429,000		413,752
TriMas Corp.,144A,4.125%, 4/15/29		290,000		271,475
Trivium Packaging Finance BV,144A,5.50%, 8/15/26		809,000		803,173

(Cost $17,942,712)				18,123,838

Transportation — 0.7%
Brightline East LLC,144A,11.00%, 1/31/30		837,000		765,591
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28		430,000		429,198
Danaos Corp.,144A,8.50%, 3/1/28		203,000		207,309
First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29		482,000		451,699
Genesee & Wyoming, Inc.,144A,6.25%, 4/15/32		506,000		510,144
Rand Parent LLC,144A,8.50%, 2/15/30 (a)		674,000		692,446
RXO, Inc.,144A,7.50%, 11/15/27		217,000		222,696
Stonepeak Nile Parent LLC,144A,7.25%, 3/15/32		370,000		380,334
Watco Cos. LLC / Watco Finance Corp.,144A,7.125%, 8/1/32		556,000		572,476
XPO CNW, Inc.,6.70%, 5/1/34		162,000		166,950
XPO, Inc.
144A,7.125%, 6/1/31 (a)		376,000		389,400
144A,7.125%, 2/1/32		580,000		602,251

(Cost $5,307,669)				5,390,494

Technology — 4.3%
Computers — 1.1%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		776,000		792,051
ASGN, Inc.,144A,4.625%, 5/15/28		398,000		381,629
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.,144A,6.00%, 11/1/29		401,000		388,357
Crane NXT Co.,4.20%, 3/15/48		291,000		185,905
Crowdstrike Holdings, Inc.,3.00%, 2/15/29		559,000		515,878
Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31		578,000		598,233
Insight Enterprises, Inc.,144A,6.625%, 5/15/32		355,000		361,319
KBR, Inc.,144A,4.75%, 9/30/28		174,000		166,815
NCR Atleos Corp.,144A,9.50%, 4/1/29		1,024,000		1,117,849
NCR Voyix Corp.
144A,5.00%, 10/1/28		537,000		520,755

See Notes to Financial Statements.

64 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,5.125%, 4/15/29		266,000		255,677
Science Applications International Corp.,144A,4.875%, 4/1/28		325,000		313,630
Seagate HDD Cayman
4.875%, 6/1/27		349,000		344,605
4.091%, 6/1/29		406,000		384,531
8.25%, 12/15/29		390,000		417,814
4.125%, 1/15/31		219,000		198,964
8.50%, 7/15/31		384,000		412,951
9.625%, 12/1/32		525,000		595,563
5.75%, 12/1/34		370,000		363,719
Unisys Corp.,144A,6.875%, 11/1/27		381,000		374,147

(Cost $8,509,725)				8,690,392

Office/Business Equipment — 0.2%
Pitney Bowes, Inc.
144A,6.875%, 3/15/27		293,000		293,932
144A,7.25%, 3/15/29		284,000		284,725
Xerox Corp.
4.80%, 3/1/35		183,000		104,917
6.75%, 12/15/39		273,000		172,171
Xerox Holdings Corp.
144A,5.50%, 8/15/28		552,000		447,140
144A,8.875%, 11/30/29		381,000		314,402
Zebra Technologies Corp.,144A,6.50%, 6/1/32		350,000		355,789

(Cost $2,087,243)				1,973,076

Semiconductors — 0.5%
Amkor Technology, Inc.,144A,6.625%, 9/15/27		492,000		492,813
ams-OSRAM AG,144A,12.25%, 3/30/29 (a)		324,000		342,203
Entegris, Inc.
144A,4.375%, 4/15/28		345,000		332,467
144A,4.75%, 4/15/29		1,192,000		1,151,966
144A,3.625%, 5/1/29 (a)		316,000		292,937
144A,5.95%, 6/15/30		616,000		617,201
ON Semiconductor Corp.,144A,3.875%, 9/1/28		523,000		494,734
Synaptics, Inc.,144A,4.00%, 6/15/29		265,000		245,294

(Cost $3,927,433)				3,969,615

Software — 2.5%
Camelot Finance SA,144A,4.50%, 11/1/26		429,000		421,802
Capstone Borrower, Inc.,144A,8.00%, 6/15/30		350,000		366,667
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		530,000		500,850


	Principal Amount $		Value $
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		576,000		534,352
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		836,000		784,553
144A,4.875%, 7/1/29		640,000		587,281
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		3,021,000		2,971,553
144A,8.25%, 6/30/32		1,357,000		1,407,091
Consensus Cloud Solutions, Inc.,144A,6.50%, 10/15/28		271,000		271,815
Dun & Bradstreet Corp.,144A,5.00%, 12/15/29		342,000		334,210
Dye & Durham Ltd.,144A,8.625%, 4/15/29		428,000		447,847
Elastic NV,144A,4.125%, 7/15/29		462,000		435,992
Ellucian Holdings, Inc.,144A,6.50%, 12/1/29		550,000		553,472
Fair Isaac Corp.
144A,5.25%, 5/15/26		345,000		345,368
144A,4.00%, 6/15/28		676,000		647,024
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL
144A,4.625%, 5/1/28		327,000		298,426
144A,8.75%, 5/1/29		495,000		499,198
Open Text Corp.
144A,3.875%, 2/15/28		654,000		619,359
144A,3.875%, 12/1/29		650,000		597,679
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		676,000		624,385
144A,4.125%, 12/1/31		486,000		435,446
PTC, Inc.,144A,4.00%, 2/15/28		306,000		294,842
RingCentral, Inc.,144A,8.50%, 8/15/30		293,000		309,146
ROBLOX Corp.,144A,3.875%, 5/1/30		771,000		709,371
Rocket Software, Inc.,144A,9.00%, 11/28/28		652,000		675,402
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		1,480,000		1,473,671
144A,6.50%, 6/1/32		563,000		575,968
Twilio, Inc.
3.625%, 3/15/29		420,000		391,872
3.875%, 3/15/31		336,000		306,449
UKG, Inc.,144A,6.875%, 2/1/31		1,880,000		1,929,521
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,144A,3.875%, 2/1/29		504,000		466,922

(Cost $20,540,823)				20,817,534

Utilities — 3.9%

Electric — 3.7%
AES Corp.
7.60%, 1/15/55		726,000		740,789

See Notes to Financial Statements.

DBX ETF Trust | 65

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
6.95%, 7/15/55		385,000		373,246
Algonquin Power & Utilities Corp.,4.75%, 1/18/82		589,000		564,223
Alpha Generation LLC,144A,6.75%, 10/15/32		762,000		772,833
Atlantica Sustainable Infrastructure PLC,144A,4.125%, 6/15/28		256,000		241,460
Calpine Corp.
144A,4.50%, 2/15/28		1,005,000		982,989
144A,5.125%, 3/15/28		1,096,000		1,079,688
144A,4.625%, 2/1/29		533,000		510,693
144A,5.00%, 2/1/31		624,000		600,406
144A,3.75%, 3/1/31		619,000		565,688
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		688,000		668,228
144A,3.75%, 2/15/31		692,000		615,982
144A,3.75%, 1/15/32		214,000		185,508
ContourGlobal Power Holdings
SA,144A,6.75%, 2/28/30		380,000		381,957
DPL, Inc.,4.35%, 4/15/29		262,000		247,917
Edison International
8.125%, 6/15/53		386,000		380,297
7.875%, 6/15/54 (a)		350,000		341,123
Electricite de France SA,144A,9.125%, Perpetual		1,145,000		1,308,839
Emera, Inc., Series 16-A, 6.75%, 6/15/76		878,000		885,017
EUSHI Finance, Inc.,7.625%, 12/15/54		361,000		377,615
Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29		295,000		268,325
Lightning Power LLC,144A,7.25%, 8/15/32		1,105,000		1,148,344
NRG Energy, Inc.
5.75%, 1/15/28		596,000		597,468
144A,3.375%, 2/15/29		320,000		294,239
144A,5.25%, 6/15/29		564,000		552,720
144A,5.75%, 7/15/29		612,000		604,269
144A,3.625%, 2/15/31		798,000		712,170
144A,3.875%, 2/15/32		374,000		333,279
144A,6.00%, 2/1/33		758,000		749,396
144A,6.25%, 11/1/34		680,000		682,362
Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28		493,000		467,160
PG&E Corp.
5.00%, 7/1/28		776,000		755,946
5.25%, 7/1/30		753,000		722,811
7.375%, 3/15/55		1,120,000		1,106,912
Pike Corp.
144A,5.50%, 9/1/28		547,000		535,185
144A,8.625%, 1/31/31		311,000		334,211


	Principal Amount $		Value $
Talen Energy Supply LLC,144A,8.625%, 6/1/30		925,000		989,024
TransAlta Corp.
7.75%, 11/15/29		308,000		320,955
6.50%, 3/15/40		236,000		228,724
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		840,000		839,796
144A,5.625%, 2/15/27		932,000		932,149
144A,5.00%, 7/31/27		972,000		960,265
144A,4.375%, 5/1/29		850,000		811,327
144A,7.75%, 10/15/31		1,135,000		1,198,390
144A,6.875%, 4/15/32		799,000		824,557
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		385,000		369,619
144A,4.50%, 9/15/27		432,000		412,729
144A,7.25%, 1/15/29 (a)		550,000		546,325

(Cost $29,710,835)				30,123,155
Gas — 0.2%
Altagas Ltd.,144A,7.20%, 10/15/54		696,000		696,635
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		413,000		412,346
5.75%, 5/20/27		472,000		455,427
144A,9.375%, 6/1/28		366,000		370,014

(Cost $1,947,747)				1,934,422

TOTAL CORPORATE BONDS

(Cost $794,615,457)				808,022,368
	Number of Shares

SECURITIES LENDING COLLATERAL — 4.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $37,155,343)		37,155,343		37,155,343

CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $11,476,221)		11,476,221		11,476,221

TOTAL INVESTMENTS — 104.0%

(Cost $843,247,021)				856,653,932

Other assets and liabilities, net — (4.0%)				(33,260,386	)

NET ASSETS — 100.0%				823,393,546

See Notes to Financial Statements.

66 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
	SECURITIES LENDING COLLATERAL — 4.5%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
	16,776,173		20,379,170	(d)		—			—		—		224,383		—		37,155,343		37,155,343

	CASH EQUIVALENTS —1.4%
	DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
	9,081,613		52,826,547			(50,431,939	)		—		—		148,936		—		11,476,221		11,476,221
	25,857,786		73,205,717			(50,431,939	)		—		—		373,319		—		48,631,564		48,631,564

(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 28, 2025 amounted to $35,715,172, which is 4.3% 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 28, 2025.

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	808,022,368	$	—	$	808,022,368
Short-Term Investments (a)		48,631,564		—		—		48,631,564

TOTAL	$	48,631,564	$	808,022,368	$	—	$	856,653,932

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

See Notes to Financial Statements.

DBX ETF Trust | 67

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

CORPORATE BONDS — 98.1%

Basic Materials — 5.5%

Chemicals — 2.5%
Ashland, Inc.,144A,3.375%, 9/1/31		1,502,000		1,308,518
Avient Corp.
144A,7.125%, 8/1/30		2,436,000		2,512,064
144A,6.25%, 11/1/31		2,184,000		2,191,539
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31		1,668,000		1,739,267
Axalta Coating Systems LLC,144A, 3.375%, 2/15/29		2,352,000		2,173,586
Celanese US Holdings LLC
6.415%, 7/15/27		6,500,000		6,663,784
6.60%, 11/15/28		3,300,000		3,426,461
6.58%, 7/15/29		2,500,000		2,599,997
6.80%, 11/15/30		3,300,000		3,482,882
6.629%, 7/15/32		3,300,000		3,444,001
6.95%, 11/15/33		3,350,000		3,583,852
Chemours Co.
5.375%, 5/15/27		1,651,000		1,628,375
144A,5.75%, 11/15/28		2,613,000		2,481,133
144A,4.625%, 11/15/29		2,084,000		1,853,672
Chemours (The) Co.,144A,8.00%, 1/15/33		1,953,000		1,926,697
Consolidated Energy Finance SA
144A,5.625%, 10/15/28		1,764,000		1,534,415
144A,12.00%, 2/15/31		2,033,000		2,071,407
INEOS Finance PLC
144A,6.75%, 5/15/28		1,428,000		1,443,884
144A,7.50%, 4/15/29		2,436,000		2,503,536
Methanex Corp.
5.125%, 10/15/27		2,352,000		2,317,192
5.25%, 12/15/29 (a)		2,352,000		2,297,814
Methanex US Operations, Inc.,144A,6.25%, 3/15/32		2,003,000		2,008,478
NOVA Chemicals Corp.
144A,5.25%, 6/1/27		3,505,000		3,489,128
144A,8.50%, 11/15/28		1,158,000		1,229,729
144A,4.25%, 5/15/29 (a)		1,920,000		1,824,310
144A,9.00%, 2/15/30		2,185,000		2,362,621
144A,7.00%, 12/1/31		1,335,000		1,382,614
OCI NV,144A,6.70%, 3/16/33		2,003,000		2,115,641
Olin Corp.
5.125%, 9/15/27		1,680,000		1,679,252
5.625%, 8/1/29		2,249,000		2,211,900
5.00%, 2/1/30		1,666,000		1,587,127
SCIH Salt Holdings, Inc.
144A,4.875%, 5/1/28		3,672,000		3,542,108
144A,6.625%, 5/1/29		2,352,000		2,332,250


	Principal Amount $		Value $
Tronox, Inc.,144A,4.625%, 3/15/29		3,589,000		3,214,691
WR Grace Holdings LLC
144A,4.875%, 6/15/27		2,495,000		2,435,218
144A,5.625%, 8/15/29		3,856,000		3,535,447

(Cost $90,091,602)				88,134,590

Forest Products & Paper — 0.3%
Domtar Corp.,144A,6.75%, 10/1/28		2,135,000		1,982,307
Glatfelter Corp.,144A,4.75%, 11/15/29		1,662,000		1,513,301
Magnera Corp.,144A,7.25%, 11/15/31		2,600,000		2,613,780
Mercer International, Inc.
144A,12.875%, 10/1/28		1,335,000		1,459,204
5.125%, 2/1/29 (a)		2,930,000		2,660,784

(Cost $10,445,404)				10,229,376

Iron/Steel — 1.0%
ATI, Inc.,7.25%, 8/15/30		1,428,000		1,485,988
Cleveland-Cliffs, Inc.
5.875%, 6/1/27 (a)		1,790,000		1,788,564
144A,6.875%, 11/1/29		3,024,000		3,041,899
144A,6.75%, 4/15/30		2,515,000		2,520,697
144A,7.50%, 9/15/31		2,800,000		2,844,646
144A,7.00%, 3/15/32 (a)		4,757,000		4,783,140
144A,7.375%, 5/1/33		3,024,000		3,038,291
Metinvest BV,144A,7.75%, 10/17/29		1,300,000		1,050,200
Mineral Resources Ltd.
144A,8.125%, 5/1/27		2,950,000		2,953,098
144A,8.00%, 11/1/27		2,087,000		2,111,038
144A,9.25%, 10/1/28		3,672,000		3,804,038
144A,8.50%, 5/1/30		2,097,000		2,121,059
United States Steel Corp.,6.875%, 3/1/29		1,596,000		1,617,718

(Cost $33,213,069)				33,160,376

Mining — 1.7%
Alcoa Nederland Holding BV
144A,5.50%, 12/15/27		2,520,000		2,503,964
144A,6.125%, 5/15/28		1,680,000		1,687,535
144A,4.125%, 3/31/29		1,679,000		1,580,931
144A,7.125%, 3/15/31		2,519,000		2,625,125
Arsenal AIC Parent LLC
144A,8.00%, 10/1/30		2,352,000		2,453,957
144A,11.50%, 10/1/31		1,680,000		1,880,221
First Quantum Minerals Ltd.
144A,6.875%, 10/15/27		5,149,000		5,191,356
144A,9.375%, 3/1/29		5,374,000		5,740,507
144A,8.625%, 6/1/31		4,368,000		4,557,436
FMG Resources August 2006 Pty Ltd.
144A,4.50%, 9/15/27		1,878,000		1,833,843

See Notes to Financial Statements.

68 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,5.875%, 4/15/30		2,339,000		2,330,822
144A,4.375%, 4/1/31		5,008,000		4,598,030
144A,6.125%, 4/15/32		2,670,000		2,674,339
Hudbay Minerals, Inc.
144A,4.50%, 4/1/26		2,460,000		2,435,043
144A,6.125%, 4/1/29		1,754,000		1,753,230
Kaiser Aluminum Corp.
144A,4.625%, 3/1/28		1,680,000		1,622,677
144A,4.50%, 6/1/31		1,848,000		1,682,929
Nexa Resources SA,144A,6.50%, 1/18/28		1,337,000		1,374,535
Vedanta Resources Finance II PLC
144A,10.875%, 9/17/29		4,360,000		4,593,783
144A,9.475%, 7/24/30		1,500,000		1,520,344
144A,11.25%, 12/3/31		1,975,000		2,143,634
144A,9.85%, 4/24/33		1,550,000		1,595,395

(Cost $58,627,042)				58,379,636

Communications — 17.6%
Advertising — 1.1%
Clear Channel Outdoor Holdings, Inc.
144A,5.125%, 8/15/27		4,173,000		4,083,634
144A,7.75%, 4/15/28 (a)		3,338,000		3,102,877
144A,9.00%, 9/15/28		2,520,000		2,656,347
144A,7.50%, 6/1/29		3,505,000		3,110,550
144A,7.875%, 4/1/30		2,907,000		2,971,056
Lamar Media Corp.
3.75%, 2/15/28		1,992,000		1,908,102
4.00%, 2/15/30		1,836,000		1,708,480
3.625%, 1/15/31		1,836,000		1,652,712
Neptune Bidco US, Inc.,144A,9.29%, 4/15/29		8,712,000		7,810,446
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A,5.00%, 8/15/27		2,168,000		2,126,176
144A,4.25%, 1/15/29		1,669,000		1,570,015
144A,4.625%, 3/15/30		1,669,000		1,562,398
144A,7.375%, 2/15/31		1,502,000		1,578,946
Stagwell Global LLC,144A,5.625%, 8/15/29		3,672,000		3,560,398

(Cost $41,319,806)				39,402,137

Internet — 1.5%
Arches Buyer, Inc.
144A,4.25%, 6/1/28		3,000,000		2,816,258
144A,6.125%, 12/1/28		1,650,000		1,504,253
Cogent Communications Group LLC
144A,3.50%, 5/1/26		1,669,000		1,631,571
144A,7.00%, 6/15/27		1,512,000		1,525,824
Gen Digital, Inc.
144A,6.75%, 9/30/27		3,024,000		3,080,963
144A,7.125%, 9/30/30 (a)		2,003,000		2,067,184


	Principal Amount $		Value $
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A,5.25%, 12/1/27		2,016,000		2,001,537
144A,3.50%, 3/1/29		2,688,000		2,493,680
ION Trading Technologies SARL
144A,5.75%, 5/15/28		1,400,000		1,324,804
144A,9.50%, 5/30/29		2,550,000		2,632,992
Match Group Holdings II LLC
144A,5.00%, 12/15/27		1,533,000		1,509,708
144A,4.625%, 6/1/28		1,714,000		1,661,578
144A,4.125%, 8/1/30		1,614,000		1,461,385
144A,3.625%, 10/1/31		1,672,000		1,446,811
MercadoLibre, Inc.,3.125%, 1/14/31		1,760,000		1,548,487
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28		1,731,000		1,379,521
Rakuten Group, Inc.
144A,11.25%, 2/15/27		6,016,000		6,605,619
144A,9.75%, 4/15/29		6,677,000		7,347,179
Snap, Inc.,144A,6.875%, 3/1/33		4,850,000		4,913,743
Wayfair LLC,144A,7.25%, 10/31/29		2,688,000		2,736,693

(Cost $51,765,328)				51,689,790

Media — 9.1%
AMC Networks, Inc.
144A,10.25%, 1/15/29		2,940,000		3,118,781
4.25%, 2/15/29 (a)		3,280,000		2,556,237
Cable One, Inc.,144A,4.00%, 11/15/30 (a)		2,170,000		1,766,333
CCO Holdings LLC / CCO Holdings Capital Corp.
144A,5.50%, 5/1/26		2,460,000		2,458,439
144A,5.125%, 5/1/27		10,850,000		10,708,260
144A,5.00%, 2/1/28		8,346,000		8,146,814
144A,5.375%, 6/1/29		5,008,000		4,874,324
144A,6.375%, 9/1/29		5,008,000		5,031,317
144A,4.75%, 3/1/30		10,181,000		9,493,392
144A,4.50%, 8/15/30		9,178,000		8,405,249
144A,4.25%, 2/1/31		9,915,000		8,902,692
144A,7.375%, 3/1/31 (a)		3,672,000		3,781,194
144A,4.75%, 2/1/32 (a)		4,007,000		3,603,877
4.50%, 5/1/32		9,460,000		8,341,356
144A,4.50%, 6/1/33		5,842,000		5,054,685
144A,4.25%, 1/15/34		6,677,000		5,601,669
CSC Holdings LLC
144A,5.50%, 4/15/27		4,373,000		4,061,516
144A,5.375%, 2/1/28		3,360,000		2,887,338
144A,7.50%, 4/1/28 (a)		3,489,000		2,596,294
144A,11.25%, 5/15/28		3,338,000		3,251,835
144A,11.75%, 1/31/29		6,844,000		6,686,804
144A,6.50%, 2/1/29		5,842,000		4,884,496
144A,5.75%, 1/15/30		7,505,000		4,322,655
144A,4.125%, 12/1/30		3,672,000		2,702,235

See Notes to Financial Statements.

DBX ETF Trust | 69

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,4.625%, 12/1/30 (a)		7,562,000		4,020,936
144A,3.375%, 2/15/31		3,360,000		2,391,821
144A,4.50%, 11/15/31		5,008,000		3,674,747
144A,5.00%, 11/15/31 (a)		1,644,000		845,433
Directv Financing LLC,144A,8.875%, 2/1/30		2,520,000		2,461,014
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
144A,5.875%, 8/15/27		11,346,000		11,175,106
144A,10.00%, 2/15/31		6,700,000		6,580,794
DISH DBS Corp.
7.75%, 7/1/26		6,676,000		5,961,699
144A,5.25%, 12/1/26		9,181,000		8,647,859
7.375%, 7/1/28		3,335,000		2,475,252
144A,5.75%, 12/1/28		8,346,000		7,418,940
5.125%, 6/1/29		5,007,000		3,383,308
DISH Network Corp.,144A,11.75%, 11/15/27		11,685,000		12,338,735
Gray Media, Inc.
144A,7.00%, 5/15/27 (a)		1,672,000		1,641,287
144A,10.50%, 7/15/29		4,173,000		4,306,991
144A,4.75%, 10/15/30 (a)		2,655,000		1,566,544
144A,5.375%, 11/15/31 (a)		4,017,000		2,336,534
iHeartCommunications, Inc.
8.375%, 5/1/27		2,000		1,610
144A,9.125%, 5/1/29		2,385,000		2,030,231
144A,10.875%, 5/1/30 (a)		2,255,000		1,334,689
144A,7.75%, 8/15/30		2,205,000		1,696,296
LCPR Senior Secured Financing DAC
144A,6.75%, 10/15/27		3,876,000		3,306,763
144A,5.125%, 7/15/29 (a)		2,755,000		2,082,064
McGraw-Hill Education, Inc.
144A,5.75%, 8/1/28		2,784,000		2,732,836
144A,8.00%, 8/1/29		2,133,000		2,145,030
144A,7.375%, 9/1/31		2,184,000		2,235,566
Nexstar Media, Inc.
144A,5.625%, 7/15/27		5,722,000		5,663,744
144A,4.75%, 11/1/28		3,338,000		3,165,051
Radiate Holdco LLC / Radiate Finance, Inc.
144A,4.50%, 9/15/26		3,024,000		2,629,952
144A,6.50%, 9/15/28 (a)		3,338,000		2,333,567
Sinclair Television Group, Inc.
144A,5.50%, 3/1/30		1,631,000		1,149,855
144A,8.125%, 2/15/33		4,650,000		4,609,193
144A,9.75%, 2/15/33		1,436,000		1,448,465
Sirius XM Radio LLC
144A,3.125%, 9/1/26		3,338,000		3,231,944
144A,5.00%, 8/1/27		4,920,000		4,856,114
144A,4.00%, 7/15/28		6,677,000		6,276,778
144A,5.50%, 7/1/29		4,173,000		4,089,851
144A,4.125%, 7/1/30		5,008,000		4,502,540


	Principal Amount $		Value $
144A,3.875%, 9/1/31 (a)		5,008,000		4,347,698
TEGNA, Inc.
144A,4.75%, 3/15/26		1,848,000		1,836,730
4.625%, 3/15/28		3,338,000		3,201,918
5.00%, 9/15/29 (a)		3,672,000		3,475,212
Univision Communications, Inc.
144A,6.625%, 6/1/27		5,008,000		5,021,862
144A,8.00%, 8/15/28		4,808,000		4,888,222
144A,4.50%, 5/1/29		3,506,000		3,167,306
144A,7.375%, 6/30/30		3,002,000		2,935,381
144A,8.50%, 7/31/31		4,183,000		4,173,466
Virgin Media Finance PLC,144A,5.00%, 7/15/30 (a)		3,065,000		2,663,556
Virgin Media Secured Finance PLC
144A,5.50%, 5/15/29		4,757,000		4,557,035
144A,4.50%, 8/15/30		3,075,000		2,737,903
VTR Finance NV,144A,6.375%, 7/15/28		1,613,000		1,540,219
Ziggo Bond Co. BV,144A,5.125%, 2/28/30		1,679,000		1,489,612
Ziggo BV,144A,4.875%, 1/15/30		3,308,000		3,048,825

(Cost $345,763,653)				315,071,876

Telecommunications — 5.9%
Altice Financing SA
144A,5.00%, 1/15/28		4,006,000		3,248,522
144A,5.75%, 8/15/29		6,794,000		5,336,168
Altice France Holding SA
144A,10.50%, 5/15/27		5,206,000		1,631,045
144A,6.00%, 2/15/28		3,671,000		1,132,279
Altice France SA
144A,8.125%, 2/1/27		5,842,000		5,244,739
144A,5.50%, 1/15/28		3,696,000		2,978,295
144A,5.125%, 1/15/29		1,586,000		1,232,264
144A,5.125%, 7/15/29		8,346,000		6,483,702
144A,5.50%, 10/15/29		6,527,000		5,105,120
C&W Senior Finance Ltd.,144A,9.00%, 1/15/33		2,400,000		2,427,056
CommScope LLC
144A,8.25%, 3/1/27 (a)		2,894,000		2,852,825
144A,7.125%, 7/1/28		2,074,000		1,969,209
144A,4.75%, 9/1/29		3,091,000		2,784,305
CommScope Technologies LLC,144A,5.00%, 3/15/27		2,504,000		2,365,406
Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29		6,593,000		6,050,477
Consolidated Communications, Inc.
144A,5.00%, 10/1/28		1,344,000		1,284,043
144A,6.50%, 10/1/28		2,520,000		2,459,938
CT Trust,144A,5.125%, 2/3/32		2,480,000		2,276,256
EchoStar Corp.,10.75%, 11/30/29		17,478,000		18,740,451

See Notes to Financial Statements.

70 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Fibercop SpA
144A,6.375%, 11/15/33		1,674,000		1,648,890
144A,6.00%, 9/30/34		1,680,000		1,591,263
144A,7.20%, 7/18/36		1,680,000		1,687,338
144A,7.721%, 6/4/38		1,660,000		1,714,325
Frontier Communications Holdings LLC
144A,5.875%, 10/15/27		3,839,000		3,839,881
144A,5.00%, 5/1/28		5,175,000		5,130,060
144A,6.75%, 5/1/29		3,338,000		3,383,510
5.875%, 11/1/29 (a)		2,441,189		2,443,977
144A,6.00%, 1/15/30		3,338,000		3,352,959
144A,8.75%, 5/15/30		4,032,000		4,265,715
144A,8.625%, 3/15/31		2,520,000		2,694,696
Hughes Satellite Systems Corp.
5.25%, 8/1/26 (a)		2,520,000		2,347,403
6.625%, 8/1/26 (a)		2,499,500		2,024,885
Iliad Holding Sasu,144A,7.00%, 4/15/32		2,836,000		2,867,312
Iliad Holding SASU
144A,7.00%, 10/15/28		2,870,000		2,923,058
144A,8.50%, 4/15/31		3,172,000		3,381,011
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30		10,015,000		9,354,710
Level 3 Financing, Inc.
144A,10.50%, 4/15/29		2,226,000		2,504,250
144A,4.875%, 6/15/29 (a)		1,878,000		1,633,860
144A,11.00%, 11/15/29		5,547,000		6,301,287
144A,4.50%, 4/1/30		2,527,000		2,097,410
144A,10.50%, 5/15/30		3,086,000		3,375,312
144A,3.875%, 10/15/30		1,634,000		1,287,151
144A,10.75%, 12/15/30		2,549,000		2,867,743
144A,4.00%, 4/15/31		1,883,000		1,473,447
Lumen Technologies, Inc.
144A,4.125%, 4/15/30		1,905,000		1,716,444
144A,10.00%, 10/15/32		1,150,000		1,149,655
Millicom International Cellular SA
144A,5.125%, 1/15/28		1,211,400		1,174,353
144A,6.25%, 3/25/29		2,041,200		2,028,567
144A,4.50%, 4/27/31 (a)		2,558,000		2,285,345
144A,7.375%, 4/2/32		1,512,000		1,545,113
Sable International Finance Ltd.,144A,7.125%, 10/15/32		3,338,000		3,275,429
Telefonica Moviles Chile SA,144A,3.537%, 11/18/31		1,660,000		1,267,685
VEON Holdings BV,144A,3.375%, 11/25/27		3,516,000		3,177,937
Viasat, Inc.
144A,5.625%, 4/15/27 (a)		2,016,000		1,949,453
144A,6.50%, 7/15/28 (a)		1,344,000		1,163,932
144A,7.50%, 5/30/31 (a)		2,444,000		1,834,439


	Principal Amount $		Value $
Vmed O2 UK Financing I PLC
144A,4.25%, 1/31/31		4,507,000		3,918,630
144A,4.75%, 7/15/31		4,524,000		3,970,497
144A,7.75%, 4/15/32		2,500,000		2,539,570
Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31		7,357,000		7,611,810
Zayo Group Holdings, Inc.
144A,4.00%, 3/1/27 (a)		4,906,000		4,633,081
144A,6.125%, 3/1/28		3,606,000		3,210,229
Zegona Finance PLC,144A,8.625%, 7/15/29		3,024,000		3,218,564

(Cost $203,893,168)				203,464,286

Consumer, Cyclical — 17.3%

Airlines — 0.9%
Air Canada,144A,3.875%, 8/15/26		4,006,000		3,924,223
American Airlines, Inc.
144A,7.25%, 2/15/28		2,520,000		2,578,348
144A,8.50%, 5/15/29		3,338,000		3,519,474
JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31		6,677,000		7,073,600
United Airlines, Inc.
144A,4.375%, 4/15/26		6,677,000		6,596,965
144A,4.625%, 4/15/29		6,449,000		6,221,920

(Cost $30,375,035)				29,914,530

Apparel — 0.2%
Hanesbrands, Inc.,144A,9.00%, 2/15/31 (a)		2,003,000		2,134,994
Levi Strauss & Co.,144A,3.50%, 3/1/31		1,669,000		1,489,799
VF Corp.
2.80%, 4/23/27		1,680,000		1,585,966
2.95%, 4/23/30		2,320,000		2,026,915

(Cost $7,234,263)				7,237,674

Auto Manufacturers — 0.9%
Allison Transmission, Inc.
144A,4.75%, 10/1/27		1,335,000		1,311,057
144A,5.875%, 6/1/29		1,669,000		1,668,427
144A,3.75%, 1/30/31		3,338,000		3,002,839
Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29		3,505,000		3,402,608
Nissan Motor Acceptance Co. LLC
144A,5.30%, 9/13/27		1,300,000		1,304,163
144A,2.75%, 3/9/28		2,000,000		1,859,672
144A,7.05%, 9/15/28		2,300,000		2,421,019
Nissan Motor Co. Ltd.
144A,4.345%, 9/17/27		8,200,000		8,067,507
144A,4.81%, 9/17/30		8,300,000		7,991,869

(Cost $31,507,737)				31,029,161

See Notes to Financial Statements.

DBX ETF Trust | 71

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Auto Parts & Equipment — 1.6%
Adient Global Holdings Ltd.
144A,4.875%, 8/15/26		2,242,000		2,242,000
144A,7.00%, 4/15/28		1,669,000		1,704,263
144A,8.25%, 4/15/31		1,669,000		1,718,581
144A,7.50%, 2/15/33		2,550,000		2,553,201
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		1,669,000		1,664,552
6.875%, 7/1/28 (a)		1,335,000		1,326,721
5.00%, 10/1/29 (a)		2,003,000		1,835,817
Clarios Global LP / Clarios US Finance Co.
144A,8.50%, 5/15/27		5,299,000		5,329,204
144A,6.75%, 5/15/28		2,553,000		2,608,165
144A,6.75%, 2/15/30		2,200,000		2,252,888
Dana, Inc.
5.375%, 11/15/27		1,373,000		1,375,337
5.625%, 6/15/28		1,335,000		1,331,257
4.25%, 9/1/30		1,355,000		1,281,357
Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 (a)		2,191,000		1,747,643
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		3,063,000		3,052,334
4.875%, 3/15/27		2,337,000		2,296,672
5.00%, 7/15/29 (a)		2,825,000		2,687,979
5.25%, 4/30/31 (a)		1,836,000		1,701,873
5.25%, 7/15/31 (a)		2,003,000		1,860,737
5.625%, 4/30/33 (a)		1,492,000		1,374,989
Tenneco, Inc.,144A,8.00%, 11/17/28		6,343,000		6,307,074
ZF North America Capital, Inc.
144A,6.875%, 4/14/28		2,019,000		2,040,985
144A,7.125%, 4/14/30		2,016,000		2,019,587
144A,6.75%, 4/23/30		2,688,000		2,645,131
144A,6.875%, 4/23/32		2,299,000		2,223,182

(Cost $58,162,073)				57,181,529

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc.
144A,4.00%, 1/15/28		2,352,000		2,247,246
144A,3.875%, 11/15/29		1,335,000		1,231,544
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28		4,173,000		4,176,073
Ritchie Bros Holdings, Inc.
144A,6.75%, 3/15/28		1,848,000		1,897,576
144A,7.75%, 3/15/31		2,688,000		2,832,071

(Cost $12,576,172)				12,384,510

Entertainment — 2.7%
Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29		2,352,000		2,462,250


	Principal Amount $		Value $
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 (a)		3,172,000		2,683,452
Caesars Entertainment, Inc.
144A,4.625%, 10/15/29 (a)		4,006,000		3,788,205
144A,7.00%, 2/15/30		6,677,000		6,882,127
144A,6.50%, 2/15/32		5,008,000		5,082,766
144A,6.00%, 10/15/32 (a)		3,672,000		3,582,947
Churchill Downs, Inc.
144A,5.50%, 4/1/27		2,016,000		2,008,178
144A,4.75%, 1/15/28		2,352,000		2,299,398
144A,5.75%, 4/1/30		4,006,000		3,961,610
144A,6.75%, 5/1/31		2,003,000		2,044,748
Cinemark USA, Inc.
144A,5.25%, 7/15/28 (a)		2,571,000		2,519,149
144A,7.00%, 8/1/32 (a)		1,655,000		1,693,949
International Game Technology PLC
144A,4.125%, 4/15/26		2,504,000		2,484,377
144A,6.25%, 1/15/27		2,504,000		2,536,292
144A,5.25%, 1/15/29		2,504,000		2,467,027
Light & Wonder International, Inc.
144A,7.00%, 5/15/28		2,352,000		2,359,399
144A,7.25%, 11/15/29		1,680,000		1,731,171
144A,7.50%, 9/1/31		1,836,000		1,917,768
Live Nation Entertainment, Inc.
144A,6.50%, 5/15/27		4,006,000		4,073,477
144A,4.75%, 10/15/27		3,192,000		3,120,762
144A,3.75%, 1/15/28		1,680,000		1,610,876
Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31		1,655,000		1,630,288
Mohegan Tribal Gaming Authority,144A,13.25%, 12/15/27		1,688,000		1,912,825
Motion Bondco DAC,144A,6.625%, 11/15/27		1,389,000		1,367,534
Motion Finco Sarl,144A,8.375%, 2/15/32		1,300,000		1,334,840
Penn Entertainment, Inc.
144A,5.625%, 1/15/27		1,335,000		1,323,551
144A,4.125%, 7/1/29 (a)		1,335,000		1,214,707
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A,5.625%, 9/1/29 (a)		2,440,000		1,796,560
144A,5.875%, 9/1/31 (a)		2,438,000		1,586,504
Six Flags Entertainment Corp.
144A,5.50%, 4/15/27		1,669,000		1,664,238
144A,7.25%, 5/15/31 (a)		2,688,000		2,773,476
Six Flags Entertainment Corp. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 4/15/27		1,564,000		1,551,722

See Notes to Financial Statements.

72 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
5.25%, 7/15/29		1,680,000		1,630,627
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co.,144A,6.625%, 5/1/32		2,856,000		2,927,714
Vail Resorts, Inc.,144A,6.50%, 5/15/32		2,003,000		2,046,962
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A,5.125%, 10/1/29		2,504,000		2,439,680
144A,7.125%, 2/15/31		3,334,000		3,511,302
144A,6.25%, 3/15/33		2,642,000		2,637,753

(Cost $97,378,787)				94,660,211

Food Service — 0.2%
Aramark Services, Inc.,144A,5.00%, 2/1/28		3,839,000		3,777,192
TKC Holdings, Inc.
144A,6.875%, 5/15/28		1,419,000		1,428,571
144A,10.50%, 5/15/29		2,268,000		2,326,507

(Cost $7,701,012)				7,532,270

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30		1,344,000		1,248,041
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A,6.25%, 9/15/27		2,003,000		2,000,391
144A,4.875%, 2/15/30		1,680,000		1,527,960
Century Communities, Inc.
6.75%, 6/1/27		1,664,000		1,664,370
144A,3.875%, 8/15/29		1,680,000		1,533,608
LGI Homes, Inc.
144A,8.75%, 12/15/28		1,344,000		1,421,015
144A,7.00%, 11/15/32		1,323,000		1,313,746
Mattamy Group Corp.
144A,5.25%, 12/15/27		1,680,000		1,656,179
144A,4.625%, 3/1/30		2,003,000		1,871,014
Taylor Morrison Communities, Inc.
144A,5.875%, 6/15/27		1,669,000		1,688,657
144A,5.75%, 1/15/28		1,502,000		1,503,621
144A,5.125%, 8/1/30		1,680,000		1,633,647

(Cost $19,798,457)				19,062,249

Home Furnishings — 0.1%
Somnigroup International, Inc.
144A,4.00%, 4/15/29		2,689,000		2,509,382
144A,3.875%, 10/15/31		2,641,000		2,339,218

(Cost $5,261,647)				4,848,600

Housewares — 0.5%
Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29		2,554,000		2,512,497


	Principal Amount $		Value $
Newell Brands, Inc.
5.70%, 4/1/26		4,123,000		4,122,492
6.375%, 9/15/27 (a)		1,669,000		1,692,747
6.625%, 9/15/29		1,680,000		1,714,828
6.375%, 5/15/30		2,520,000		2,518,260
6.625%, 5/15/32		1,519,000		1,514,624
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)		1,374,000		1,298,950
4.00%, 4/1/31		1,596,000		1,424,113
4.375%, 2/1/32		1,344,000		1,203,847

(Cost $18,514,611)				18,002,358

Leisure Time — 2.3%
Carnival Corp.
144A,7.625%, 3/1/26		4,267,000		4,276,899
144A,5.75%, 3/1/27		9,088,000		9,116,909
144A,6.00%, 5/1/29		6,677,000		6,698,967
144A,6.125%, 2/15/33		6,500,000		6,550,067
Life Time, Inc.,144A,6.00%, 11/15/31		1,680,000		1,687,259
NCL Corp. Ltd.
144A,5.875%, 2/15/27		3,338,000		3,348,438
144A,8.125%, 1/15/29		2,655,000		2,818,052
144A,7.75%, 2/15/29 (a)		2,016,000		2,145,951
144A,6.75%, 2/1/32		6,009,000		6,146,252
Royal Caribbean Cruises Ltd.
144A,4.25%, 7/1/26		2,184,000		2,157,878
144A,5.50%, 8/31/26		3,338,000		3,365,365
144A,5.375%, 7/15/27		3,338,000		3,345,971
3.70%, 3/15/28		1,680,000		1,609,430
144A,5.50%, 4/1/28		5,008,000		5,034,758
144A,5.625%, 9/30/31		5,008,000		4,983,490
144A,6.25%, 3/15/32		4,173,000		4,259,867
144A,6.00%, 2/1/33		6,577,000		6,655,207
Sabre GLBL, Inc.
144A,8.625%, 6/1/27 (a)		2,207,000		2,270,703
144A,10.75%, 11/15/29		2,771,000		2,963,492

(Cost $79,099,652)				79,434,955

Lodging — 2.3%
Boyd Gaming Corp.
4.75%, 12/1/27		3,403,000		3,357,938
144A,4.75%, 6/15/31		2,950,000		2,781,310
Hilton Domestic Operating Co., Inc.
144A,5.75%, 5/1/28		1,584,000		1,585,517
144A,5.875%, 4/1/29		1,836,000		1,852,199
144A,3.75%, 5/1/29		2,688,000		2,522,295
4.875%, 1/15/30		3,338,000		3,258,010
144A,4.00%, 5/1/31		3,672,000		3,370,993
144A,3.625%, 2/15/32		4,808,000		4,262,615
144A,6.125%, 4/1/32		1,512,000		1,536,063
144A,5.875%, 3/15/33		3,338,000		3,347,777

See Notes to Financial Statements.

DBX ETF Trust | 73

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
144A,5.00%, 6/1/29		2,856,000		2,726,161
144A,4.875%, 7/1/31		1,680,000		1,534,520
144A,6.625%, 1/15/32		3,024,000		3,060,322
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29		1,680,000		1,583,640
Melco Resorts Finance Ltd.
144A,5.25%, 4/26/26 (a)		1,680,000		1,673,964
144A,5.625%, 7/17/27 (a)		2,016,000		1,992,736
144A,5.75%, 7/21/28		2,856,000		2,770,312
144A,5.375%, 12/4/29		3,839,000		3,573,120
144A,7.625%, 4/17/32		2,471,000		2,483,973
MGM Resorts International
4.625%, 9/1/26		1,335,000		1,326,224
5.50%, 4/15/27		2,268,000		2,267,115
4.75%, 10/15/28		2,520,000		2,449,608
6.125%, 9/15/29		2,856,000		2,874,458
6.50%, 4/15/32		2,320,000		2,338,914
Station Casinos LLC
144A,4.50%, 2/15/28		2,321,000		2,243,885
144A,4.625%, 12/1/31		1,680,000		1,548,252
144A,6.625%, 3/15/32		1,680,000		1,696,422
Studio City Finance Ltd.
144A,6.50%, 1/15/28		1,680,000		1,660,157
144A,5.00%, 1/15/29		3,672,000		3,363,854
Travel + Leisure Co.
144A,6.625%, 7/31/26		2,170,000		2,201,129
6.00%, 4/1/27		1,335,000		1,348,247
144A,4.50%, 12/1/29 (a)		2,170,000		2,068,874
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27		3,006,000		2,983,807

(Cost $82,418,629)				79,644,411

Retail — 4.6%
1011778 BC ULC / New Red Finance, Inc.
144A,3.875%, 1/15/28		5,175,000		4,965,852
144A,4.375%, 1/15/28		2,520,000		2,438,971
144A,3.50%, 2/15/29		2,520,000		2,352,606
144A,6.125%, 6/15/29		4,006,000		4,076,590
144A,5.625%, 9/15/29		1,680,000		1,682,880
144A,4.00%, 10/15/30		9,482,000		8,654,106
Advance Auto Parts, Inc.,3.90%, 4/15/30		1,530,000		1,359,603
Asbury Automotive Group, Inc.
4.50%, 3/1/28		1,352,000		1,313,306
144A,4.625%, 11/15/29		2,688,000		2,563,962
4.75%, 3/1/30		1,495,000		1,422,132
144A,5.00%, 2/15/32		1,957,000		1,827,117
Bath & Body Works, Inc.
5.25%, 2/1/28		1,494,000		1,488,569


	Principal Amount $		Value $
7.50%, 6/15/29		1,621,000		1,670,034
144A,6.625%, 10/1/30		2,836,000		2,898,764
Beacon Roofing Supply, Inc.,144A,6.50%, 8/1/30		2,003,000		2,061,774
eG Global Finance PLC,144A,12.00%, 11/30/28		3,672,000		4,122,110
Ferrellgas LP / Ferrellgas Finance Corp.
144A,5.375%, 4/1/26		2,170,000		2,163,630
144A,5.875%, 4/1/29		2,772,000		2,591,706
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A,4.625%, 1/15/29		3,338,000		3,158,717
144A,6.75%, 1/15/30		4,173,000		3,883,349
FirstCash, Inc.
144A,4.625%, 9/1/28		1,669,000		1,614,430
144A,5.625%, 1/1/30		1,848,000		1,814,802
144A,6.875%, 3/1/32		1,680,000		1,718,979
Gap, Inc.
144A,3.625%, 10/1/29		2,520,000		2,305,177
144A,3.875%, 10/1/31		2,470,000		2,177,899
Global Auto Holdings Ltd. / AAG FH UK Ltd.
144A,8.375%, 1/15/29		1,700,000		1,629,458
144A,8.75%, 1/15/32		1,750,000		1,622,745
Group 1 Automotive, Inc.
144A,4.00%, 8/15/28		2,520,000		2,402,219
144A,6.375%, 1/15/30		1,680,000		1,714,290
Kohl’s Corp.,4.625%, 5/1/31 (a)		1,669,000		1,303,094
LCM Investments Holdings II LLC
144A,4.875%, 5/1/29		3,338,000		3,183,791
144A,8.25%, 8/1/31		2,856,000		3,016,716
Lithia Motors, Inc.
144A,4.625%, 12/15/27		1,344,000		1,311,336
144A,3.875%, 6/1/29		2,688,000		2,492,564
144A,4.375%, 1/15/31		1,819,000		1,679,936
Macy’s Retail Holdings LLC
144A,5.875%, 3/15/30		1,428,000		1,385,906
144A,6.125%, 3/15/32		1,406,000		1,343,067
Michaels Cos., Inc.
144A,5.25%, 5/1/28		2,856,000		2,145,653
144A,7.875%, 5/1/29		3,481,000		2,142,229
Murphy Oil USA, Inc.
4.75%, 9/15/29		1,680,000		1,619,487
144A,3.75%, 2/15/31		1,644,000		1,471,906
Nordstrom, Inc.
4.375%, 4/1/30		1,680,000		1,543,168
4.25%, 8/1/31 (a)		1,408,000		1,256,094
Patrick Industries, Inc.,144A,6.375%, 11/1/32		1,680,000		1,673,008
Penske Automotive Group, Inc.,3.75%, 6/15/29		1,669,000		1,555,144

See Notes to Financial Statements.

74 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
PetSmart, Inc. / PetSmart Finance Corp.
144A,4.75%, 2/15/28		4,006,000		3,807,692
144A,7.75%, 2/15/29		3,839,000		3,718,106
QVC, Inc.,144A,6.875%, 4/15/29 (a)		2,020,000		1,645,946
Saks Global Enterprises LLC,144A,11.00%, 12/15/29		7,345,000		6,788,145
Sonic Automotive, Inc.
144A,4.625%, 11/15/29		2,184,000		2,058,087
144A,4.875%, 11/15/31		1,662,000		1,542,713
Staples, Inc.
144A,10.75%, 9/1/29		8,263,000		7,901,604
144A,12.75%, 1/15/30		2,755,624		1,997,328
Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31		2,170,000		1,992,646
Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a)		1,512,000		1,608,308
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		4,832,000		4,726,788
8.125%, 8/15/29 (a)		2,520,000		2,541,615
3.20%, 4/15/30		1,645,000		1,395,760
White Cap Buyer LLC,144A,6.875%, 10/15/28		2,151,000		2,150,753
Yum! Brands, Inc.
144A,4.75%, 1/15/30		2,688,000		2,605,692
3.625%, 3/15/31		3,505,000		3,179,234
4.625%, 1/31/32		3,678,000		3,462,468
5.375%, 4/1/32		3,338,000		3,289,805

(Cost $166,767,828)				159,231,566

Consumer, Non-cyclical — 16.3%

Agriculture — 0.1%
Darling Ingredients, Inc.
144A,5.25%, 4/15/27		1,680,000		1,673,619
144A,6.00%, 6/15/30		3,360,000		3,371,585

(Cost $5,067,241)				5,045,204

Beverages — 0.1%
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
144A,6.25%, 4/1/29		2,350,000		2,343,365
144A,4.375%, 4/30/29		2,256,000		2,161,238

(Cost $4,604,757)				4,504,603

Commercial Services — 5.1%
ADT Security Corp.,144A,4.125%, 8/1/29		3,338,000		3,155,473
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26		1,886,000		1,891,196
Albion Financing 2 SARL,144A,8.75%, 4/15/27		1,502,000		1,534,260


	Principal Amount $		Value $
Allied Universal Holdco LLC,144A,7.875%, 2/15/31		7,845,000		8,096,793
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A,9.75%, 7/15/27		3,528,000		3,553,581
144A,6.00%, 6/1/29 (a)		3,205,000		3,038,367
Allied Universal Holdco LLC/ Allied Universal Finance Corp./Atlas Luxco 4 Sarl,144A,4.625%, 6/1/28		4,092,000		3,903,585
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
144A,5.75%, 7/15/27		1,344,000		1,321,619
144A,4.75%, 4/1/28 (a)		1,699,000		1,600,715
144A,5.375%, 3/1/29		2,033,000		1,896,269
144A,8.25%, 1/15/30 (a)		2,352,000		2,397,187
144A,8.00%, 2/15/31		1,580,000		1,609,246
Belron UK Finance PLC,144A,5.75%, 10/15/29		3,722,000		3,719,432
Block, Inc.
2.75%, 6/1/26		3,557,000		3,452,371
3.50%, 6/1/31		3,238,000		2,877,176
144A,6.50%, 5/15/32		6,677,000		6,821,257
Boost Newco Borrower LLC,144A,7.50%, 1/15/31		7,261,000		7,600,188
Brink’s Co.
144A,4.625%, 10/15/27		2,042,000		2,006,721
144A,6.50%, 6/15/29		1,361,000		1,394,984
144A,6.75%, 6/15/32		1,273,000		1,305,268
EquipmentShare.com, Inc.
144A,9.00%, 5/15/28		3,472,000		3,658,689
144A,8.625%, 5/15/32		2,003,000		2,122,935
144A,8.00%, 3/15/33		1,680,000		1,746,437
Garda World Security Corp.
144A,4.625%, 2/15/27		1,915,000		1,874,862
144A,7.75%, 2/15/28		1,335,000		1,377,576
144A,6.00%, 6/1/29		1,669,000		1,612,616
144A,8.25%, 8/1/32		1,848,000		1,898,665
144A,8.375%, 11/15/32		3,338,000		3,433,834
GEO Group, Inc.
8.625%, 4/15/29		2,170,000		2,298,871
10.25%, 4/15/31		2,099,000		2,301,532
Herc Holdings, Inc.
144A,5.50%, 7/15/27		4,006,000		3,983,445
144A,6.625%, 6/15/29		2,688,000		2,728,170
Hertz Corp.
144A,4.625%, 12/1/26		1,535,000		1,333,281
144A,12.625%, 7/15/29		4,225,000		4,458,169
144A,5.00%, 12/1/29 (a)		3,338,000		2,302,666
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A,5.75%, 4/15/26		4,507,000		4,530,378
144A,3.375%, 8/31/27		3,338,000		3,174,982

See Notes to Financial Statements.

DBX ETF Trust | 75

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,6.25%, 1/15/28		4,339,500		4,349,945
Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31		4,318,000		4,280,136
RR Donnelley & Sons Co.
144A,9.50%, 8/1/29		3,505,000		3,596,992
144A,10.875%, 8/1/29		1,596,000		1,640,409
Service Corp. International
4.625%, 12/15/27		1,774,000		1,741,765
5.125%, 6/1/29		2,504,000		2,467,488
3.375%, 8/15/30		2,803,000		2,525,657
4.00%, 5/15/31		2,653,000		2,414,407
5.75%, 10/15/32		2,671,000		2,653,189
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32		3,672,000		3,744,382
Sotheby’s,144A,7.375%, 10/15/27		2,571,000		2,560,986
United Rentals North America, Inc.
5.50%, 5/15/27		1,669,000		1,671,809
3.875%, 11/15/27		2,520,000		2,445,948
4.875%, 1/15/28		5,573,000		5,501,171
5.25%, 1/15/30		2,520,000		2,494,207
4.00%, 7/15/30		2,520,000		2,347,767
3.875%, 2/15/31		3,672,000		3,359,754
3.75%, 1/15/32		2,270,000		2,032,133
144A,6.125%, 3/15/34		3,672,000		3,718,054
Veritiv Operating Co.,144A,10.50%, 11/30/30		3,505,000		3,816,041
Wand NewCo 3, Inc.,144A,7.625%, 1/30/32		4,173,000		4,320,787
Williams Scotsman, Inc.
144A,4.625%, 8/15/28		1,680,000		1,634,212
144A,6.625%, 6/15/29		1,680,000		1,712,657
144A,7.375%, 10/1/31		1,680,000		1,751,170

(Cost $181,027,153)				176,793,862

Cosmetics/Personal Care — 0.3%
Edgewell Personal Care Co.
144A,5.50%, 6/1/28		2,520,000		2,490,931
144A,4.125%, 4/1/29		1,669,000		1,555,962
Perrigo Finance Unlimited Co.
4.90%, 6/15/30		2,520,000		2,407,001
6.125%, 9/30/32		2,403,000		2,404,718
Prestige Brands, Inc.
144A,5.125%, 1/15/28		1,355,000		1,340,295
144A,3.75%, 4/1/31		2,016,000		1,818,117

(Cost $12,576,299)				12,017,024

Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A,3.25%, 3/15/26		2,160,000		2,120,887
144A,7.50%, 3/15/26		2,057,000		2,061,988


	Principal Amount $		Value $
144A,4.625%, 1/15/27		4,507,000		4,443,372
144A,5.875%, 2/15/28		2,483,000		2,484,752
144A,6.50%, 2/15/28		2,561,000		2,611,508
144A,3.50%, 3/15/29		4,505,000		4,169,537
144A,4.875%, 2/15/30		3,338,000		3,225,110
B&G Foods, Inc.
5.25%, 9/15/27		1,836,000		1,727,504
144A,8.00%, 9/15/28		2,686,000		2,748,017
Fiesta Purchaser, Inc.
144A,7.875%, 3/1/31		1,680,000		1,736,050
144A,9.625%, 9/15/32		1,512,000		1,598,784
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29		3,338,000		3,475,543
Lamb Weston Holdings, Inc.
144A,4.875%, 5/15/28		1,680,000		1,647,526
144A,4.125%, 1/31/30		3,259,000		3,042,402
144A,4.375%, 1/31/32		2,293,000		2,107,569
Performance Food Group, Inc.
144A,5.50%, 10/15/27		3,539,000		3,526,134
144A,4.25%, 8/1/29		3,338,000		3,150,322
144A,6.125%, 9/15/32		3,338,000		3,359,026
Pilgrim’s Pride Corp.
3.50%, 3/1/32		2,989,000		2,647,235
6.25%, 7/1/33		3,266,000		3,411,140
6.875%, 5/15/34		1,647,000		1,791,266
Post Holdings, Inc.
144A,5.50%, 12/15/29		4,121,000		4,041,284
144A,4.625%, 4/15/30		4,624,000		4,340,924
144A,4.50%, 9/15/31		3,295,000		3,011,294
144A,6.25%, 2/15/32		3,338,000		3,367,685
144A,6.375%, 3/1/33		4,006,000		4,004,241
144A,6.25%, 10/15/34		1,983,000		1,976,636
US Foods, Inc.
144A,6.875%, 9/15/28		1,680,000		1,743,343
144A,4.75%, 2/15/29		3,025,000		2,929,859
144A,4.625%, 6/1/30		1,680,000		1,604,646
144A,7.25%, 1/15/32		1,680,000		1,757,769
144A,5.75%, 4/15/33		1,634,000		1,610,895

(Cost $89,737,659)				87,474,248

Healthcare-Products — 1.4%
Avantor Funding, Inc.
144A,4.625%, 7/15/28		5,175,000		5,012,771
144A,3.875%, 11/1/29		2,671,000		2,477,655
Bausch + Lomb Corp.,144A,8.375%, 10/1/28		4,493,000		4,689,569
Hologic, Inc.
144A,4.625%, 2/1/28		1,363,000		1,336,428
144A,3.25%, 2/15/29		3,192,000		2,951,772
Medline Borrower LP
144A,3.875%, 4/1/29		15,023,000		14,093,565

See Notes to Financial Statements.

76 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,5.25%, 10/1/29		8,346,000		8,097,158
Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29		5,008,000		5,089,145
Teleflex, Inc.
4.625%, 11/15/27		1,680,000		1,649,106
144A,4.25%, 6/1/28		1,669,000		1,601,384

(Cost $47,104,658)				46,998,553

Healthcare-Services — 4.3%
Charles River Laboratories International, Inc.
144A,4.25%, 5/1/28		1,680,000		1,615,825
144A,3.75%, 3/15/29		1,680,000		1,571,074
144A,4.00%, 3/15/31		1,680,000		1,522,006
CHS/Community Health Systems, Inc.
144A,5.625%, 3/15/27		5,866,000		5,660,879
144A,8.00%, 12/15/27		2,352,000		2,338,629
144A,6.875%, 4/1/28		2,083,000		1,477,191
144A,6.00%, 1/15/29		2,139,000		1,935,382
144A,6.875%, 4/15/29		4,155,000		2,901,644
144A,6.125%, 4/1/30		4,098,000		2,676,646
144A,5.25%, 5/15/30		5,124,000		4,347,671
144A,4.75%, 2/15/31		3,531,000		2,871,068
144A,10.875%, 1/15/32		7,228,000		7,403,062
Concentra Escrow Issuer Corp.,144A,6.875%, 7/15/32		2,184,000		2,267,964
DaVita, Inc.
144A,4.625%, 6/1/30		9,181,000		8,521,347
144A,3.75%, 2/15/31		5,008,000		4,396,953
144A,6.875%, 9/1/32		3,338,000		3,393,281
Encompass Health Corp.
4.50%, 2/1/28		2,688,000		2,627,335
4.75%, 2/1/30		2,688,000		2,606,544
4.625%, 4/1/31		1,194,000		1,124,832
IQVIA, Inc.
144A,5.00%, 10/15/26		3,528,000		3,510,035
144A,5.00%, 5/15/27		3,672,000		3,639,495
144A,6.50%, 5/15/30		1,680,000		1,723,236
LifePoint Health, Inc.
144A,5.375%, 1/15/29 (a)		1,669,000		1,491,203
144A,9.875%, 8/15/30		2,688,000		2,873,053
144A,11.00%, 10/15/30		3,672,000		4,045,391
144A,8.375%, 2/15/32		2,200,000		2,229,642
144A,10.00%, 6/1/32 (a)		2,665,000		2,607,351
Molina Healthcare, Inc.
144A,4.375%, 6/15/28		2,688,000		2,576,364
144A,3.875%, 11/15/30		2,170,000		1,955,610
144A,3.875%, 5/15/32		2,520,000		2,216,325
144A,6.25%, 1/15/33		2,520,000		2,492,051
MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30		2,500,000		1,845,137


	Principal Amount $		Value $
Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29		5,008,000		4,746,389
Select Medical Corp.,144A,6.25%, 12/1/32		1,836,000		1,828,172
Star Parent, Inc.,144A,9.00%, 10/1/30		3,338,000		3,498,095
Tenet Healthcare Corp.
6.25%, 2/1/27		4,870,000		4,868,002
5.125%, 11/1/27		5,008,000		4,953,192
4.625%, 6/15/28		2,003,000		1,937,096
6.125%, 10/1/28		8,401,000		8,401,204
4.25%, 6/1/29		4,674,000		4,414,907
4.375%, 1/15/30		4,691,000		4,415,942
6.125%, 6/15/30		6,677,000		6,698,880
6.75%, 5/15/31		4,507,000		4,601,629
US Acute Care Solutions LLC,144A,9.75%, 5/15/29		3,338,000		3,416,433

(Cost $157,688,270)				148,244,167

Household Products/Wares — 0.2%
Central Garden & Pet Co.
4.125%, 10/15/30		1,680,000		1,535,803
144A,4.125%, 4/30/31		1,339,000		1,207,201
Kronos Acquisition Holdings, Inc.
144A,8.25%, 6/30/31		1,800,000		1,691,253
144A,10.75%, 6/30/32		1,500,000		1,288,814

(Cost $5,974,295)				5,723,071

Pharmaceuticals — 2.3%
AdaptHealth LLC
144A,4.625%, 8/1/29		1,678,000		1,559,380
144A,5.125%, 3/1/30		2,003,000		1,864,127
Bausch Health Americas, Inc.
144A,9.25%, 4/1/26		2,008,000		1,999,667
144A,8.50%, 1/31/27		2,145,000		2,081,229
Bausch Health Cos., Inc.
144A,6.125%, 2/1/27 (a)		3,338,000		3,219,451
144A,5.75%, 8/15/27		1,669,000		1,589,138
144A,5.00%, 1/30/28		1,468,000		1,157,467
144A,4.875%, 6/1/28		5,342,000		4,639,073
144A,11.00%, 9/30/28 (a)		5,922,000		6,001,355
144A,5.00%, 2/15/29		1,519,000		1,064,811
144A,6.25%, 2/15/29		2,758,000		1,989,207
144A,5.25%, 1/30/30		2,617,000		1,692,113
144A,5.25%, 2/15/31		1,555,000		962,701
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28		1,614,000		1,471,551
Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a)		3,338,000		3,581,731
Grifols SA,144A,4.75%, 10/15/28		2,369,000		2,241,612
HLF Financing Sarl LLC / Herbalife International, Inc,144A,12.25%, 4/15/29		2,688,000		2,906,878

See Notes to Financial Statements.

DBX ETF Trust | 77

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29		1,976,000		1,529,695
Jazz Securities DAC,144A,4.375%, 1/15/29		4,858,000		4,662,382
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A,4.125%, 4/30/28		7,010,000		6,672,584
144A,5.125%, 4/30/31		6,678,000		6,089,836
144A,6.75%, 5/15/34		1,530,000		1,553,359
144A,7.875%, 5/15/34 (a)		1,660,000		1,705,270
Owens & Minor, Inc.
144A,4.50%, 3/31/29 (a)		1,608,000		1,412,878
144A,6.625%, 4/1/30 (a)		1,834,000		1,691,672
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		11,350,000		10,988,079
6.75%, 3/1/28		4,172,000		4,309,768

(Cost $87,437,012)				80,637,014

Diversified — 0.2%
Holding Companies-Diversified — 0.2%
Benteler International AG,144A,10.50%, 5/15/28		2,422,000		2,569,536
Stena International SA
144A,7.25%, 1/15/31		2,352,000		2,392,497
144A,7.625%, 2/15/31		1,344,000		1,392,079

(Cost $6,443,816)				6,354,112

Energy — 10.9%
Energy-Alternate Sources — 0.0%
Sunnova Energy Corp.,144A,11.75%, 10/1/28 (a)

(Cost $1,199,915)		1,344,000		767,384

Oil & Gas — 5.2%
Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29		3,338,000		3,443,280
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A,8.25%, 12/31/28		1,547,000		1,585,160
144A,5.875%, 6/30/29		1,335,000		1,319,694
Azule Energy Finance PLC,144A,8.125%, 1/23/30		4,006,000		4,068,093
Baytex Energy Corp.
144A,8.50%, 4/30/30		2,688,000		2,753,996
144A,7.375%, 3/15/32		1,920,000		1,878,340
California Resources Corp.,144A,8.25%, 6/15/29		3,024,000		3,113,233
Civitas Resources, Inc.
144A,5.00%, 10/15/26		1,344,000		1,334,746
144A,8.375%, 7/1/28		4,507,000		4,696,064


	Principal Amount $		Value $
144A,8.625%, 11/1/30		3,338,000		3,515,098
144A,8.75%, 7/1/31		4,507,000		4,710,105
CNX Resources Corp.
144A,6.00%, 1/15/29		1,669,000		1,657,477
144A,7.375%, 1/15/31		1,680,000		1,727,379
144A,7.25%, 3/1/32		2,016,000		2,066,255
Comstock Resources, Inc.
144A,6.75%, 3/1/29		4,086,000		4,020,190
144A,6.75%, 3/1/29		1,344,000		1,321,505
144A,5.875%, 1/15/30		3,222,000		3,071,554
Crescent Energy Finance LLC
144A,9.25%, 2/15/28		3,333,000		3,495,564
144A,7.625%, 4/1/32		3,672,000		3,675,781
144A,7.375%, 1/15/33		3,338,000		3,275,635
CVR Energy, Inc.
144A,5.75%, 2/15/28		1,344,000		1,276,267
144A,8.50%, 1/15/29		2,003,000		1,977,312
Encino Acquisition Partners Holdings LLC
144A,8.50%, 5/1/28		2,172,000		2,227,056
144A,8.75%, 5/1/31		1,680,000		1,806,568
Energean PLC,144A,6.50%, 4/30/27		1,512,000		1,510,760
Hilcorp Energy I LP / Hilcorp Finance Co.
144A,6.25%, 11/1/28		2,003,000		2,001,633
144A,5.75%, 2/1/29		2,003,000		1,961,280
144A,6.00%, 4/15/30		1,669,000		1,609,994
144A,6.00%, 2/1/31		2,003,000		1,910,358
144A,6.25%, 4/15/32		1,669,000		1,597,052
144A,8.375%, 11/1/33		2,003,000		2,094,539
144A,6.875%, 5/15/34		1,669,000		1,617,481
144A,7.25%, 2/15/35		3,304,000		3,250,772
Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29		2,520,000		2,606,451
Kosmos Energy Ltd.
144A,7.50%, 3/1/28		1,345,000		1,295,257
144A,8.75%, 10/1/31 (a)		1,620,000		1,560,335
Leviathan Bond Ltd.
144A,REGS, 6.50%, 6/30/27		2,003,815		1,984,685
144A,REGS, 6.75%, 6/30/30		1,699,059		1,663,273
Matador Resources Co.
144A,6.875%, 4/15/28		1,680,000		1,717,284
144A,6.50%, 4/15/32		3,024,000		3,025,964
144A,6.25%, 4/15/33		2,420,000		2,383,831
Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29		1,680,000		1,775,600
Murphy Oil Corp.,6.00%, 10/1/32		1,955,000		1,897,444
Noble Finance II LLC,144A,8.00%, 4/15/30		4,674,000		4,726,582
Northern Oil & Gas, Inc.
144A,8.125%, 3/1/28		2,369,000		2,405,719
144A,8.75%, 6/15/31		1,680,000		1,751,493

See Notes to Financial Statements.

78 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Parkland Corp.
144A,5.875%, 7/15/27		1,669,000		1,670,397
144A,4.50%, 10/1/29		2,688,000		2,547,904
144A,4.625%, 5/1/30		2,642,000		2,481,819
144A,6.625%, 8/15/32		1,680,000		1,695,756
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		2,777,000		2,685,476
144A,7.875%, 9/15/30		1,630,000		1,563,241
Permian Resources Operating LLC
144A,5.875%, 7/1/29		2,352,000		2,344,474
144A,7.00%, 1/15/32		3,338,000		3,431,531
144A,6.25%, 2/1/33		3,338,000		3,356,856
Puma International Financing SA,144A,7.75%, 4/25/29		1,680,000		1,723,663
Range Resources Corp.
8.25%, 1/15/29		1,964,000		2,023,694
144A,4.75%, 2/15/30		1,680,000		1,604,861
SM Energy Co.
6.75%, 9/15/26		1,220,000		1,221,453
6.625%, 1/15/27		1,391,000		1,391,227
6.50%, 7/15/28		1,344,000		1,348,039
144A,6.75%, 8/1/29		2,520,000		2,525,864
144A,7.00%, 8/1/32		2,520,000		2,522,857
Sunoco LP
144A,7.00%, 5/1/29		2,520,000		2,612,988
144A,7.25%, 5/1/32		2,520,000		2,631,301
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27		2,003,000		2,009,802
144A,7.00%, 9/15/28		1,680,000		1,735,181
4.50%, 5/15/29		2,688,000		2,574,201
4.50%, 4/30/30		2,486,000		2,352,622
Talos Production, Inc.
144A,9.00%, 2/1/29		2,087,000		2,160,039
144A,9.375%, 2/1/31		2,100,000		2,162,502
TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29		2,352,000		2,242,367
Transocean, Inc.
144A,8.00%, 2/1/27		2,120,000		2,120,671
144A,8.25%, 5/15/29		2,924,000		2,885,969
144A,8.50%, 5/15/31		3,024,000		2,988,156
Vermilion Energy, Inc.
144A,6.875%, 5/1/30		1,300,000		1,292,105
144A,7.25%, 2/15/33		1,250,000		1,216,509

Vital Energy, Inc.,144A,7.875%, 4/15/32 (a)		3,338,000		3,220,315

(Cost $182,443,191)				180,707,979

Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp.
144A,6.25%, 4/1/28		2,688,000		2,698,298


	Principal Amount $		Value $
144A,6.625%, 9/1/32		2,202,000		2,230,465
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 9/1/27		3,142,000		3,160,695
144A,7.125%, 3/15/29		3,223,000		3,314,401
Viridien,144A,8.75%, 4/1/27 (a)		1,503,000		1,534,949
Weatherford International Ltd.,144A,8.625%, 4/30/30		5,342,000		5,519,054

(Cost $18,464,638)				18,457,862

Pipelines — 5.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A,5.75%, 3/1/27		2,029,000		2,028,755
144A,5.75%, 1/15/28		2,170,000		2,172,641
144A,5.375%, 6/15/29		2,520,000		2,482,354
144A,6.625%, 2/1/32		2,003,000		2,047,645
Blue Racer Midstream LLC / Blue Racer Finance Corp.
144A,7.00%, 7/15/29		1,680,000		1,737,799
144A,7.25%, 7/15/32		1,669,000		1,745,644
Buckeye Partners LP
3.95%, 12/1/26		1,977,000		1,924,024
4.125%, 12/1/27		1,344,000		1,299,936
144A,4.50%, 3/1/28		1,680,000		1,631,879
144A,6.875%, 7/1/29		2,003,000		2,055,693
144A,6.75%, 2/1/30		1,600,000		1,644,419
CQP Holdco LP / BIP-V Chinook Holdco LLC
144A,5.50%, 6/15/31		4,674,000		4,532,367
144A,7.50%, 12/15/33		1,680,000		1,790,690
Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29		3,505,000		3,676,843
DT Midstream, Inc.
144A,4.125%, 6/15/29		3,672,000		3,484,042
144A,4.375%, 6/15/31		3,338,000		3,102,663
EQM Midstream Partners LP
144A,7.50%, 6/1/27		1,669,000		1,711,755
144A,6.50%, 7/1/27		3,024,000		3,103,770
144A,4.50%, 1/15/29		2,496,000		2,433,053
144A,6.375%, 4/1/29		2,003,000		2,055,643
144A,7.50%, 6/1/30		1,680,000		1,828,507
144A,4.75%, 1/15/31		3,572,000		3,450,786
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		1,153,000		1,175,648
7.75%, 2/1/28		2,283,000		2,310,668
8.25%, 1/15/29		2,003,000		2,067,180
8.875%, 4/15/30		1,669,000		1,734,410
7.875%, 5/15/32		2,352,000		2,368,055
8.00%, 5/15/33		2,016,000		2,037,642

See Notes to Financial Statements.

DBX ETF Trust | 79

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		1,335,000		1,340,715
144A,8.25%, 1/15/32		1,512,000		1,576,246
Harvest Midstream I LP
144A,7.50%, 9/1/28		2,671,000		2,729,423
144A,7.50%, 5/15/32		1,680,000		1,762,171
Hess Midstream Operations LP
144A,5.875%, 3/1/28		2,500,000		2,519,699
144A,5.125%, 6/15/28		1,848,000		1,826,289
144A,6.50%, 6/1/29		2,016,000		2,060,265
144A,4.25%, 2/15/30		2,520,000		2,379,209
144A,5.50%, 10/15/30		1,344,000		1,328,194
Howard Midstream Energy Partners LLC
144A,8.875%, 7/15/28		1,836,000		1,938,711
144A,7.375%, 7/15/32		2,003,000		2,088,442
ITT Holdings LLC,144A,6.50%, 8/1/29		4,073,000		3,883,718
New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a)		1,706,000		1,608,643
NFE Financing LLC,144A,12.00%, 11/15/29		9,015,000		8,915,714
NGL Energy Operating LLC / NGL Energy Finance Corp.
144A,8.125%, 2/15/29		3,024,000		3,081,657
144A,8.375%, 2/15/32		4,325,000		4,397,011
NuStar Logistics LP
6.00%, 6/1/26		1,680,000		1,690,599
5.625%, 4/28/27		1,848,000		1,857,970
6.375%, 10/1/30		2,009,000		2,053,323
Rockies Express Pipeline LLC,144A,4.95%, 7/15/29		1,848,000		1,781,459
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
144A,6.00%, 3/1/27		1,436,000		1,436,522
144A,5.50%, 1/15/28		2,520,000		2,475,165
144A,7.375%, 2/15/29		2,688,000		2,749,018
144A,6.00%, 12/31/30		2,421,000		2,351,098
144A,6.00%, 9/1/31		1,568,000		1,514,978
Venture Global Calcasieu Pass LLC
144A,3.875%, 8/15/29		4,173,000		3,893,487
144A,6.25%, 1/15/30		3,338,000		3,417,601
144A,4.125%, 8/15/31		4,173,000		3,805,463
144A,3.875%, 11/1/33		4,155,000		3,614,884
Venture Global LNG, Inc.
144A,8.125%, 6/1/28		7,512,000		7,829,810
144A,9.50%, 2/1/29		9,715,000		10,734,366
144A,7.00%, 1/15/30		5,008,000		5,080,147
144A,8.375%, 6/1/31		7,512,000		7,833,040


	Principal Amount $		Value $
144A,9.875%, 2/1/32		6,677,000		7,306,683

(Cost $180,964,550)				178,496,231

Financial — 13.0%
Banks — 0.2%
Freedom Mortgage Corp.
144A,7.625%, 5/1/26		1,674,000		1,678,290
144A,6.625%, 1/15/27		1,798,000		1,796,811
144A,12.00%, 10/1/28		2,671,000		2,902,918
144A,12.25%, 10/1/30		1,680,000		1,882,676

(Cost $8,100,964)				8,260,695

Diversified Financial Services — 4.8%
AG Issuer LLC,144A,6.25%, 3/1/28		1,680,000		1,669,855
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27		1,669,000		1,727,415
Ally Financial, Inc.,6.70%, 2/14/33		1,680,000		1,736,667
Aretec Group, Inc.
144A,7.50%, 4/1/29		1,330,000		1,332,709
144A,10.00%, 8/15/30		2,327,000		2,546,306
Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29		3,024,000		3,254,353
Burford Capital Global Finance LLC,144A,9.25%, 7/1/31		2,237,000		2,409,907
Coinbase Global, Inc.
144A,3.375%, 10/1/28		3,338,000		3,063,333
144A,3.625%, 10/1/31		2,462,000		2,136,386
Credit Acceptance Corp.,144A,9.25%, 12/15/28		2,003,000		2,140,282
Encore Capital Group, Inc.
144A,9.25%, 4/1/29		1,607,000		1,712,565
144A,8.50%, 5/15/30		1,669,000		1,757,614
Enova International, Inc.
144A,11.25%, 12/15/28		1,344,000		1,461,271
144A,9.125%, 8/1/29		1,680,000		1,771,901
Focus Financial Partners LLC,144A,6.75%, 9/15/31		3,338,000		3,367,948
Freedom Mortgage Holdings LLC
144A,9.25%, 2/1/29		3,756,000		3,923,684
144A,9.125%, 5/15/31		2,425,000		2,522,597
144A,8.375%, 4/1/32		2,150,000		2,151,430
goeasy Ltd.
144A,9.25%, 12/1/28		1,836,000		1,958,480
144A,7.625%, 7/1/29		2,003,000		2,079,623
144A,6.875%, 5/15/30		1,344,000		1,366,629
Jane Street Group / JSG Finance, Inc.
144A,4.50%, 11/15/29		2,016,000		1,909,122
144A,7.125%, 4/30/31		4,830,000		5,014,328
144A,6.125%, 11/1/32		5,380,000		5,404,699

See Notes to Financial Statements.

80 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Jefferies Finance LLC / JFIN Co.- Issuer Corp.
144A,5.00%, 8/15/28		3,315,000		3,169,232
144A,6.625%, 10/15/31		1,556,000		1,554,928
LD Holdings Group LLC,144A,6.125%, 4/1/28 (a)		1,612,000		1,405,250
Midcap Financial Issuer Trust
144A,6.50%, 5/1/28		3,338,000		3,296,879
144A,5.625%, 1/15/30		1,300,000		1,224,398
Nationstar Mortgage Holdings, Inc.
144A,6.00%, 1/15/27		1,917,000		1,914,913
144A,5.50%, 8/15/28		2,856,000		2,801,155
144A,6.50%, 8/1/29		2,520,000		2,538,487
144A,5.125%, 12/15/30		2,170,000		2,050,661
144A,5.75%, 11/15/31		2,016,000		1,964,676
144A,7.125%, 2/1/32		3,338,000		3,441,428
Navient Corp.
6.75%, 6/15/26		1,669,000		1,690,842
5.00%, 3/15/27		2,352,000		2,316,834
4.875%, 3/15/28		1,680,000		1,629,156
5.50%, 3/15/29		2,518,000		2,425,350
9.375%, 7/25/30		1,580,000		1,725,037
11.50%, 3/15/31		1,680,000		1,908,282
OneMain Finance Corp.
7.125%, 3/15/26		4,748,000		4,845,100
3.50%, 1/15/27		2,520,000		2,433,044
6.625%, 1/15/28		2,522,000		2,569,035
3.875%, 9/15/28		2,016,000		1,891,481
9.00%, 1/15/29		2,210,000		2,335,269
6.625%, 5/15/29		3,024,000		3,086,128
5.375%, 11/15/29		2,488,000		2,432,943
7.875%, 3/15/30		2,352,000		2,475,014
4.00%, 9/15/30		2,678,000		2,411,789
7.50%, 5/15/31		2,520,000		2,628,080
7.125%, 11/15/31		2,520,000		2,594,073
Osaic Holdings, Inc.,144A,10.75%, 8/1/27		1,161,000		1,201,745
PennyMac Financial Services, Inc.
144A,4.25%, 2/15/29		2,170,000		2,041,005
144A,7.875%, 12/15/29		2,520,000		2,640,481
144A,7.125%, 11/15/30		2,170,000		2,216,644
144A,5.75%, 9/15/31		1,669,000		1,603,208
144A,6.875%, 2/15/33		2,700,000		2,703,996
PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29		1,680,000		1,632,183
PRA Group, Inc.,144A,8.875%, 1/31/30		1,831,000		1,929,771
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
144A,2.875%, 10/15/26		3,839,000		3,685,231
144A,3.625%, 3/1/29		2,520,000		2,343,905


	Principal Amount $		Value $
144A,3.875%, 3/1/31		4,173,000		3,745,168
144A,4.00%, 10/15/33		2,856,000		2,471,619
SLM Corp.
3.125%, 11/2/26		1,680,000		1,619,535
6.50%, 1/31/30		1,550,000		1,595,911
Synchrony Financial,7.25%, 2/2/33		2,520,000		2,675,895
United Wholesale Mortgage LLC
144A,5.75%, 6/15/27		1,680,000		1,665,327
144A,5.50%, 4/15/29		2,352,000		2,283,895
UWM Holdings LLC,144A,6.625%, 2/1/30		2,688,000		2,712,453

(Cost $167,615,629)				165,946,540

Insurance — 2.8%
Acrisure LLC / Acrisure Finance, Inc.
144A,4.25%, 2/15/29		2,352,000		2,228,550
144A,8.50%, 6/15/29		1,669,000		1,756,055
144A,6.00%, 8/1/29		1,669,000		1,628,160
144A,7.50%, 11/6/30		3,672,000		3,793,136
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
144A,4.25%, 10/15/27		2,311,000		2,234,594
144A,6.75%, 10/15/27		4,393,000		4,384,253
144A,6.75%, 4/15/28		4,173,000		4,224,274
144A,5.875%, 11/1/29		1,512,000		1,472,607
144A,7.00%, 1/15/31		4,839,000		4,936,457
144A,6.50%, 10/1/31		3,338,000		3,350,000
144A,7.375%, 10/1/32		2,352,000		2,403,509
AmWINS Group, Inc.,144A,6.375%, 2/15/29		2,520,000		2,550,134
Ardonagh Finco Ltd.,144A,7.75%, 2/15/31		3,450,000		3,556,680
Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32		4,988,000		5,185,590
AssuredPartners, Inc.
144A,5.625%, 1/15/29		1,848,000		1,874,842
144A,7.50%, 2/15/32		1,680,000		1,817,276
FWD Group Holdings Ltd.,144A,8.40%, 4/5/29 (a)		3,024,000		3,225,021
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
144A,7.25%, 2/15/31		3,338,000		3,401,582
144A,8.125%, 2/15/32		1,669,000		1,711,943
HUB International Ltd.
144A,5.625%, 12/1/29		1,836,000		1,802,934
144A,7.25%, 6/15/30		10,933,000		11,298,206
144A,7.375%, 1/31/32		6,343,000		6,513,677
Jones Deslauriers Insurance Management, Inc.
144A,8.50%, 3/15/30		2,410,000		2,567,795
144A,10.50%, 12/15/30		1,500,000		1,624,552

See Notes to Financial Statements.

DBX ETF Trust | 81

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Panther Escrow Issuer LLC,144A,7.125%, 6/1/31		10,015,000		10,313,367
Ryan Specialty LLC
144A,4.375%, 2/1/30 (a)		1,344,000		1,274,930
144A,5.875%, 8/1/32		4,006,000		3,984,453
USI, Inc.,144A,7.50%, 1/15/32		2,070,000		2,167,321

(Cost $96,502,267)				97,281,898

Investment Companies — 0.5%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 5/15/26		2,476,000		2,471,992
5.25%, 5/15/27		4,849,000		4,717,750
9.75%, 1/15/29		2,340,000		2,388,403
4.375%, 2/1/29		2,235,000		1,924,117
144A,10.00%, 11/15/29		1,680,000		1,709,530
9.00%, 6/15/30		2,467,000		2,425,670

(Cost $16,237,690)				15,637,462

Real Estate — 0.6%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a)		2,148,197		1,985,632

Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.
144A,5.75%, 1/15/29 (a)		1,878,000		1,546,669
144A,5.25%, 4/15/30		1,421,000		1,127,507
Cushman & Wakefield US Borrower LLC
144A,6.75%, 5/15/28		2,184,000		2,207,116
144A,8.875%, 9/1/31		1,335,000		1,436,614
Howard Hughes Corp.
144A,5.375%, 8/1/28		2,520,000		2,452,341
144A,4.125%, 2/1/29		2,184,000		2,006,782
144A,4.375%, 2/1/31		2,170,000		1,936,412
Hunt Cos., Inc.,144A,5.25%, 4/15/29		2,120,000		2,048,319
Kennedy-Wilson, Inc.
4.75%, 3/1/29		2,003,000		1,877,761
4.75%, 2/1/30		2,003,000		1,833,946
5.00%, 3/1/31 (a)		2,016,000		1,827,584

(Cost $23,728,441)				22,286,683

REITS — 4.1%
Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a)		1,680,000		1,565,570
Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29		1,512,000		1,574,114
Brandywine Operating Partnership LP
3.95%, 11/15/27		1,517,000		1,452,505
8.875%, 4/12/29		1,335,000		1,432,073
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
144A,5.75%, 5/15/26		2,780,000		2,773,043


	Principal Amount $		Value $
144A,4.50%, 4/1/27		2,206,000		2,127,319
Diversified Healthcare Trust
4.75%, 2/15/28 (a)		1,680,000		1,499,206
4.375%, 3/1/31		1,664,000		1,324,765
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27		1,680,000		1,590,014
Hudson Pacific Properties LP
3.95%, 11/1/27		1,335,000		1,203,769
4.65%, 4/1/29 (a)		1,669,000		1,305,614
3.25%, 1/15/30 (a)		1,313,000		927,501
Iron Mountain, Inc.
144A,4.875%, 9/15/27		3,338,000		3,286,778
144A,5.25%, 3/15/28		2,772,000		2,737,667
144A,5.00%, 7/15/28		1,680,000		1,646,333
144A,7.00%, 2/15/29		3,338,000		3,440,500
144A,4.875%, 9/15/29		3,338,000		3,218,331
144A,5.25%, 7/15/30		4,340,000		4,192,561
144A,4.50%, 2/15/31		3,644,000		3,382,534
144A,5.625%, 7/15/32		2,003,000		1,945,820
144A,6.25%, 1/15/33		4,006,000		4,031,670
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
144A,4.25%, 2/1/27		2,043,000		1,989,862
144A,4.75%, 6/15/29		2,116,000		2,043,590
144A,7.00%, 7/15/31		1,680,000		1,744,991
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27 (a)		4,674,000		4,209,833
4.625%, 8/1/29 (a)		3,024,000		2,349,268
3.50%, 3/15/31		4,340,000		2,979,443
144A,8.50%, 2/15/32		4,900,000		5,031,768
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A,4.50%, 9/30/28		1,680,000		1,600,183
Office Properties Income Trust,144A,9.00%, 9/30/29		1,894,000		1,605,165
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
144A,5.875%, 10/1/28		2,436,000		2,419,533
144A,4.875%, 5/15/29		2,520,000		2,412,069
144A,7.00%, 2/1/30		1,836,000		1,876,970
Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29		1,344,000		1,349,793
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/27		2,350,500		2,303,225
144A,7.25%, 7/15/28		1,335,000		1,384,507
144A,4.50%, 2/15/29		2,003,000		1,920,104
144A,6.50%, 4/1/32		3,338,000		3,383,522

See Notes to Financial Statements.

82 | DBX ETF Trust

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Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Rithm Capital Corp.,144A,8.00%, 4/1/29		2,504,000		2,543,938
RLJ Lodging Trust LP
144A,3.75%, 7/1/26		1,680,000		1,650,465
144A,4.00%, 9/15/29		1,680,000		1,543,957
SBA Communications Corp.
3.875%, 2/15/27		4,994,000		4,866,537
3.125%, 2/1/29		5,008,000		4,595,093
Service Properties Trust
4.75%, 10/1/26		1,502,000		1,467,201
4.95%, 2/15/27		1,335,000		1,304,480
5.50%, 12/15/27		1,512,000		1,473,936
3.95%, 1/15/28		1,344,000		1,204,123
8.375%, 6/15/29		2,352,000		2,380,153
4.95%, 10/1/29 (a)		1,372,000		1,151,216
4.375%, 2/15/30 (a)		1,344,000		1,087,581
144A,8.625%, 11/15/31		3,338,000		3,578,032
8.875%, 6/15/32 (a)		1,580,000		1,569,184
Starwood Property Trust, Inc.
144A,3.625%, 7/15/26		1,344,000		1,309,030
144A,4.375%, 1/15/27		1,669,000		1,630,927
144A,7.25%, 4/1/29		2,003,000		2,085,614
144A,6.00%, 4/15/30		1,335,000		1,326,148
144A,6.50%, 7/1/30		1,630,000		1,654,851
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30		2,222,000		2,000,461
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
144A,10.50%, 2/15/28		9,668,000		10,329,138
144A,4.75%, 4/15/28		1,915,000		1,839,818
144A,6.50%, 2/15/29		3,730,000		3,469,665

(Cost $148,530,716)				143,323,061

Industrial — 10.0%

Aerospace/Defense — 2.2%
Bombardier, Inc.
144A,7.875%, 4/15/27		2,281,000		2,292,720
144A,6.00%, 2/15/28		2,520,000		2,514,315
144A,7.50%, 2/1/29		2,520,000		2,608,951
144A,8.75%, 11/15/30		2,520,000		2,701,445
144A,7.25%, 7/1/31		2,504,000		2,565,448
144A,7.00%, 6/1/32 (a)		2,420,000		2,456,483
Spirit AeroSystems, Inc.
4.60%, 6/15/28 (a)		2,352,000		2,275,146
144A,9.375%, 11/30/29		3,005,000		3,231,370
144A,9.75%, 11/15/30		4,006,000		4,440,110
TransDigm, Inc.
5.50%, 11/15/27		8,844,000		8,763,215
144A,6.75%, 8/15/28		7,009,000		7,137,829
4.625%, 1/15/29		4,006,000		3,812,071
144A,6.375%, 3/1/29		9,177,000		9,309,408


	Principal Amount $		Value $
4.875%, 5/1/29		2,519,000		2,409,412
144A,6.875%, 12/15/30		4,841,000		4,972,085
144A,7.125%, 12/1/31		3,338,000		3,446,135
144A,6.625%, 3/1/32		7,344,000		7,492,598
144A,6.00%, 1/15/33		4,908,000		4,863,295

(Cost $77,597,614)				77,292,036
Building Materials — 2.1%
Builders FirstSource, Inc.
144A,5.00%, 3/1/30		1,836,000		1,769,157
144A,4.25%, 2/1/32		4,340,000		3,930,687
144A,6.375%, 6/15/32 (a)		2,352,000		2,395,808
144A,6.375%, 3/1/34		3,338,000		3,382,746
Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a)		2,373,000		2,251,996
Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29		1,669,000		1,591,451
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31		1,680,000		1,717,860
EMRLD Borrower LP / Emerald Co-Issuer, Inc.,144A,6.625%, 12/15/30		9,264,000		9,383,709
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32		2,327,000		2,372,877
MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30		1,662,000		1,597,108
Quikrete Holdings, Inc.
144A,6.375%, 3/1/32		13,000,000		13,196,755
144A,6.75%, 3/1/33		4,990,000		5,069,116
Smyrna Ready Mix Concrete LLC
144A,6.00%, 11/1/28		3,672,000		3,643,977
144A,8.875%, 11/15/31		3,672,000		3,946,141
Standard Building Solutions, Inc.,144A,6.50%, 8/15/32		3,338,000		3,382,923
Standard Industries, Inc.
144A,5.00%, 2/15/27		2,700,000		2,676,498
144A,4.75%, 1/15/28		3,338,000		3,265,667
144A,4.375%, 7/15/30		5,342,000		4,994,641
144A,3.375%, 1/15/31		3,672,000		3,226,660

(Cost $75,089,949)				73,795,777
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc.
144A,4.75%, 6/15/28		1,949,000		1,880,511
144A,4.375%, 3/31/29		2,659,000		2,492,348
WESCO Distribution, Inc.
144A,7.25%, 6/15/28		4,423,000		4,502,110
144A,6.375%, 3/15/29		3,024,000		3,080,121
144A,6.625%, 3/15/32		2,856,000		2,920,317

(Cost $15,302,913)				14,875,407

See Notes to Financial Statements.

DBX ETF Trust | 83

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $

Electronics — 0.5%
Imola Merger Corp.,144A,4.75%, 5/15/29		6,677,000		6,428,895
Sensata Technologies BV
144A,4.00%, 4/15/29		3,278,000		3,050,495
144A,5.875%, 9/1/30		1,669,000		1,648,262
Sensata Technologies, Inc.
144A,4.375%, 2/15/30		1,502,000		1,401,252
144A,3.75%, 2/15/31		2,504,000		2,219,278
144A,6.625%, 7/15/32		1,669,000		1,698,586

(Cost $17,070,649)				16,446,768

Engineering & Construction — 0.6%
Aeropuertos Dominicanos Siglo XXI SA,144A,7.00%, 6/30/34		1,680,000		1,709,022
Arcosa, Inc.
144A,4.375%, 4/15/29		1,344,000		1,272,907
144A,6.875%, 8/15/32		2,003,000		2,051,957
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30		4,771,000		4,865,070
Fluor Corp.,4.25%, 9/15/28		1,772,000		1,697,572
HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 (a)		2,810,000		2,856,576
IHS Holding Ltd.
144A,6.25%, 11/29/28		1,680,000		1,629,448
144A,7.875%, 5/29/30		1,836,000		1,834,122
144A,8.25%, 11/29/31		2,170,000		2,172,387

(Cost $20,120,470)				20,089,061

Environmental Control — 0.7%
Clean Harbors, Inc.,144A,6.375%, 2/1/31		1,680,000		1,705,069
GFL Environmental, Inc.
144A,5.125%, 12/15/26		1,494,000		1,494,237
144A,4.00%, 8/1/28		2,520,000		2,392,881
144A,3.50%, 9/1/28		2,520,000		2,372,647
144A,4.75%, 6/15/29		2,520,000		2,425,129
144A,4.375%, 8/15/29		1,848,000		1,746,315
144A,6.75%, 1/15/31		3,338,000		3,465,812
Madison IAQ LLC
144A,4.125%, 6/30/28		2,352,000		2,249,591
144A,5.875%, 6/30/29		3,455,000		3,334,705
Reworld Holding Corp.,5.00%, 9/1/30		1,344,000		1,257,485
Wrangler Holdco Corp.,144A,6.625%, 4/1/32		1,680,000		1,721,573

(Cost $24,567,795)				24,165,444

Machinery-Construction & Mining — 0.1%
Terex Corp.
144A,5.00%, 5/15/29		2,016,000		1,943,706
144A,6.25%, 10/15/32		2,460,000		2,446,294

(Cost $4,408,634)				4,390,000


	Principal Amount $		Value $

Machinery-Diversified — 0.4%
Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29 (a)		3,338,000		3,517,965
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28		1,669,000		1,758,962
SPX FLOW, Inc.,144A,8.75%, 4/1/30		1,680,000		1,751,541
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28		1,337,000		1,347,370
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27		5,207,000		5,158,897

(Cost $13,607,896)				13,534,735

Miscellaneous Manufacturing — 0.2%
Amsted Industries, Inc.,144A,4.625%, 5/15/30		1,300,000		1,219,616
Hillenbrand, Inc.,6.25%, 2/15/29		1,669,000		1,693,066
Trinity Industries, Inc.,144A,7.75%, 7/15/28		2,016,000		2,106,470

(Cost $4,966,309)				5,019,152

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
144A,6.00%, 6/15/27		2,004,000		1,995,732
144A,3.25%, 9/1/28		2,016,000		1,845,199
144A,4.00%, 9/1/29 (a)		3,329,000		2,909,933
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
144A,4.125%, 8/15/26 (a)		4,056,000		3,686,985
144A,5.25%, 8/15/27 (a)		3,360,000		1,718,976
144A,5.25%, 8/15/27 (a)		2,641,000		1,351,136
Ball Corp.
6.875%, 3/15/28		2,520,000		2,585,913
6.00%, 6/15/29		3,338,000		3,398,167
2.875%, 8/15/30		4,340,000		3,810,048
3.125%, 9/15/31		2,756,000		2,396,233
Berry Global, Inc.,144A,5.625%, 7/15/27		1,669,000		1,669,731
Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29		2,500,000		2,269,985
Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30		1,669,000		1,702,328
Crown Americas LLC,5.25%, 4/1/30		1,680,000		1,654,182
Graphic Packaging International LLC
144A,3.50%, 3/15/28		1,502,000		1,426,900
144A,3.75%, 2/1/30		1,335,000		1,230,176
144A,6.375%, 7/15/32		1,566,000		1,590,655
LABL, Inc.
144A,5.875%, 11/1/28		1,669,000		1,478,719

See Notes to Financial Statements.

84 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
144A,8.25%, 11/1/29 (a)		1,525,000		1,301,016
144A,8.625%, 10/1/31		3,172,000		2,869,464
Mauser Packaging Solutions Holding Co.
144A,7.875%, 4/15/27		9,000,000		9,147,730
144A,9.25%, 4/15/27		4,485,000		4,555,907
OI European Group BV,144A,4.75%, 2/15/30		1,344,000		1,237,626
Owens-Brockway Glass Container, Inc.
144A,6.625%, 5/13/27		2,056,000		2,055,702
144A,7.25%, 5/15/31 (a)		2,319,000		2,282,836
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC,144A,4.00%, 10/15/27		3,338,000		3,347,677
Sealed Air Corp.
144A,4.00%, 12/1/27		1,428,000		1,385,422
144A,5.00%, 4/15/29		1,428,000		1,393,665
144A,6.50%, 7/15/32		1,320,000		1,353,890
Sealed Air Corp. / Sealed Air Corp.
144A,6.125%, 2/1/28		2,604,000		2,629,379
144A,7.25%, 2/15/31		1,430,000		1,495,308
Silgan Holdings, Inc.,4.125%, 2/1/28		1,903,000		1,837,046

(Cost $80,923,345)				75,613,666

Transportation — 0.3%
Brightline East LLC,144A,11.00%, 1/31/30 (a)		3,735,000		3,419,579
Seaspan Corp.,144A,5.50%, 8/1/29		2,370,000		2,184,075
XPO, Inc.
144A,7.125%, 6/1/31		1,512,000		1,567,236
144A,7.125%, 2/1/32		1,953,000		2,029,906

(Cost $9,327,627)				9,200,796

Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC
144A,5.50%, 5/1/28		3,338,000		3,294,948
144A,7.875%, 12/1/30		1,680,000		1,770,860
144A,7.00%, 5/1/31		2,352,000		2,411,517
144A,7.00%, 6/15/32		2,688,000		2,752,606
144A,5.875%, 4/15/33		1,580,000		1,534,789

(Cost $11,803,417)				11,764,720

Technology — 4.2%

Computers — 0.9%
Amentum Holdings, Inc.,144A,7.25%, 8/1/32		3,338,000		3,409,567
CA Magnum Holdings,144A,5.375%, 10/31/26		3,338,000		3,305,340
McAfee Corp.,144A,7.375%, 2/15/30		6,744,000		6,577,228


	Principal Amount $		Value $
NCR Atleos Corp.,144A,9.50%, 4/1/29		4,508,000		4,924,467
NCR Voyix Corp.
144A,5.00%, 10/1/28		2,170,000		2,106,317
144A,5.125%, 4/15/29		1,354,000		1,302,775
Seagate HDD Cayman
4.875%, 6/1/27		1,697,000		1,677,192
4.091%, 6/1/29		1,651,000		1,565,305
8.25%, 12/15/29		1,669,000		1,789,307
8.50%, 7/15/31		1,680,000		1,808,107
9.625%, 12/1/32		2,521,017		2,861,850

(Cost $31,695,579)				31,327,455

Office/Business Equipment — 0.1%
Xerox Holdings Corp.
144A,5.50%, 8/15/28		2,520,000		2,043,585
144A,8.875%, 11/30/29		1,672,000		1,381,419

(Cost $4,271,048)				3,425,004

Semiconductors — 0.4%
ams-OSRAM AG,144A,12.25%, 3/30/29		1,344,000		1,421,190
Entegris, Inc.
144A,4.375%, 4/15/28		1,344,000		1,298,604
144A,4.75%, 4/15/29		5,341,000		5,167,121
144A,3.625%, 5/1/29 (a)		1,344,000		1,247,240
144A,5.95%, 6/15/30		3,007,000		3,015,311
ON Semiconductor Corp.,144A,3.875%, 9/1/28		2,352,000		2,226,976

(Cost $14,467,548)				14,376,442

Software — 2.8%
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30		7,845,000		7,618,263
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29		2,537,000		2,399,774
Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29		2,520,000		2,340,058
Clarivate Science Holdings Corp.
144A,3.875%, 7/1/28		3,075,000		2,888,610
144A,4.875%, 7/1/29		3,076,000		2,825,850
Cloud Software Group, Inc.
144A,6.50%, 3/31/29		13,354,000		13,145,907
144A,9.00%, 9/30/29		12,812,000		13,104,498
144A,8.25%, 6/30/32		5,809,000		6,029,266
Fair Isaac Corp.
144A,5.25%, 5/15/26		970,000		973,625
144A,4.00%, 6/15/28		3,024,000		2,896,964
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29		2,352,000		2,374,132

See Notes to Financial Statements.

DBX ETF Trust | 85

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)


	Principal Amount $		Value $
Open Text Corp.
144A,3.875%, 2/15/28		3,024,000		2,865,985
144A,3.875%, 12/1/29		2,856,000		2,628,710
Open Text Holdings, Inc.
144A,4.125%, 2/15/30		3,024,000		2,796,058
144A,4.125%, 12/1/31		1,962,000		1,759,569
RingCentral, Inc.,144A,8.50%, 8/15/30		1,335,000		1,409,647
ROBLOX Corp.,144A,3.875%, 5/1/30		3,338,000		3,074,000
Rocket Software, Inc.
144A,9.00%, 11/28/28		2,311,000		2,395,437
144A,6.50%, 2/15/29		1,932,000		1,861,240
SS&C Technologies, Inc.
144A,5.50%, 9/30/27		6,677,000		6,652,988
144A,6.50%, 6/1/32		2,520,000		2,580,175
Twilio, Inc.
3.625%, 3/15/29		1,680,000		1,569,127
3.875%, 3/15/31		1,664,000		1,519,110
UKG, Inc.,144A,6.875%, 2/1/31		8,346,000		8,571,517
West Technology Group LLC,144A,8.50%, 4/10/27		1,400,000		1,117,986

(Cost $97,867,426)				97,398,496

Utilities — 3.1%

Electric — 2.9%
Alpha Generation LLC,144A,6.75%, 10/15/32		3,338,000		3,387,543
Calpine Corp.
144A,4.50%, 2/15/28		4,173,000		4,084,276
144A,5.125%, 3/15/28		4,674,000		4,607,803
144A,4.625%, 2/1/29		2,170,000		2,081,231
144A,5.00%, 2/1/31		2,856,000		2,753,196
144A,3.75%, 3/1/31		3,024,000		2,765,717
Clearway Energy Operating LLC
144A,4.75%, 3/15/28		2,856,000		2,776,393
144A,3.75%, 2/15/31		3,088,000		2,751,059
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27		1,382,000		1,442,857
ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30		1,640,000		1,650,496
Lightning Power LLC,144A,7.25%, 8/15/32		5,008,000		5,208,145
NRG Energy, Inc.
5.75%, 1/15/28		2,759,000		2,767,923
144A,3.375%, 2/15/29		1,680,000		1,546,403
144A,5.25%, 6/15/29		2,463,000		2,416,054
144A,5.75%, 7/15/29		2,682,000		2,661,531
144A,3.625%, 2/15/31		3,438,000		3,070,973
144A,6.00%, 2/1/33		3,088,000		3,054,970
144A,6.25%, 11/1/34		3,092,000		3,104,674
PG&E Corp.
5.00%, 7/1/28		3,360,000		3,276,094
5.25%, 7/1/30		3,360,000		3,227,965


	Principal Amount $		Value $
Pike Corp.
144A,5.50%, 9/1/28		2,410,000		2,359,944
144A,8.625%, 1/31/31		1,330,000		1,430,923
Saavi Energia Sarl,144A,8.875%, 2/10/35		3,620,000		3,647,874
Talen Energy Supply LLC,144A,8.625%, 6/1/30		4,006,000		4,286,160
TransAlta Corp.,7.75%, 11/15/29		1,273,000		1,331,330
Vistra Operations Co. LLC
144A,5.50%, 9/1/26		3,338,000		3,339,410
144A,5.625%, 2/15/27		4,205,000		4,208,343
144A,5.00%, 7/31/27		4,340,000		4,292,767
144A,4.375%, 5/1/29		4,173,000		3,986,475
144A,7.75%, 10/15/31		4,841,000		5,115,097
144A,6.875%, 4/15/32		3,338,000		3,447,123
XPLR Infrastructure Operating Partners LP
144A,3.875%, 10/15/26		1,394,000		1,339,353
144A,4.50%, 9/15/27		1,836,000		1,755,474
144A,7.25%, 1/15/29 (a)		2,504,000		2,489,347

(Cost $104,389,938)				101,664,923

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.875%, 8/20/26		2,232,000		2,229,914
5.75%, 5/20/27		1,720,000		1,661,155
144A,9.375%, 6/1/28		1,645,000		1,664,610

(Cost $5,801,238)				5,555,679

TOTAL CORPORATE BONDS

(Cost $3,506,643,531)				3,404,589,305
	Number of Shares

SECURITIES LENDING COLLATERAL — 4.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

(Cost $156,840,146)		156,840,146		156,840,146

CASH EQUIVALENTS — 1.6%
DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

(Cost $55,494,035)		55,494,035		55,494,035

TOTAL INVESTMENTS — 104.2%

(Cost $3,718,977,712)				3,616,923,486
Other assets and liabilities,net — (4.2%)				(144,555,162	)

NET ASSETS — 100.0%				3,472,368,324

See Notes to Financial Statements.

86 | DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025
	SECURITIES LENDING COLLATERAL — 4.5%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)
	238,972,214		—		(82,132,068	) (d)		—		—		1,500,794		—		156,840,146		156,840,146

	CASH EQUIVALENTS — 1.6%
	DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
	40,830,834		223,892,443		(209,229,242	)		—		—		741,500		—		55,494,035		55,494,035
	279,803,048		223,892,443		(291,361,310	)		—		—		2,242,294		—		212,334,181		212,334,181

(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 28, 2025 amounted to $153,356,384, which is 4.4% 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 28, 2025.


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


Assets	Level 1		Level 2		Level 3		Total

Corporate Bonds (a)	$	—	$	3,404,589,305	$	—	$	3,404,589,305
Short-Term Investments (a)		212,334,181		—		—		212,334,181

TOTAL	$	212,334,181	$	3,404,589,305	$	—	$	3,616,923,486

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

See Notes to Financial Statements.

DBX ETF Trust | 87

Statements of Assets and Liabilities

February 28, 2025 (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	$	10,341,136		$	190,372,289		$	—		$	152,816,930
Investment in affiliated securities at value		—			—			45,711,173			—
Investment in DWS Government Money Market Series		107,923			5,277,017			245,826			3,271,072
Investment in DWS Government & Agency Securities Portfolio*		529,153			683,524			270,000			6,204,170
Foreign currency at value		3			518			—			106
Receivables:
Investment securities sold		579,369			12,151,172			—			7,532,411
Interest		196,835			2,740,165			815			2,552,389
Affiliated securities lending income		638			298			148			6,957
Total assets	$	11,755,057		$	211,224,983		$	46,227,962		$	172,384,035

Liabilities
Due to custodian	$	2,512		$	—		$	—		$	506
Payable upon return of securities loaned		529,153			683,524			270,000			6,204,170
Payables:
Investment securities purchased		620,736			16,485,018			—			9,929,660
Investment advisory fees		1,613			44,720			8,635			22,992
Total liabilities		1,154,014			17,213,262			278,635			16,157,328
Net Assets, at value	$	10,601,043		$	194,011,721		$	45,949,327		$	156,226,707

Net Assets Consist of
Paid-in capital	$	22,829,463		$	262,943,624		$	47,215,887		$	157,654,268
Distributable earnings (loss)		(12,228,420	)		(68,931,903	)		(1,266,560	)		(1,427,561	)
Net Assets, at value	$	10,601,043		$	194,011,721		$	45,949,327		$	156,226,707
Number of Common Shares outstanding		250,001			4,150,001			1,925,001			3,450,001
Net Asset Value	$	42.40		$	46.75		$	23.87		$	45.28

Investment in non-affiliated securities at cost	$	10,527,081		$	192,274,468		$	–		$	150,812,704
Investment in affiliated securities at cost	$	–		$	–		$	46,970,594		$	–
Value of securities loaned	$	516,983		$	669,116		$	264,078		$	6,061,796
Investment in DWS Government Money Market Series at cost	$	107,923		$	5,277,017		$	245,826		$	3,271,072
Investment in DWS Government & Agency Securities Portfolio at cost*	$	529,153		$	683,524		$	270,000		$	6,204,170
Foreign currency at cost	$	3		$	512		$	—		$	109

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

88 | DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2025 (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	$	808,022,368	$	3,404,589,305
Investment in DWS Government Money Market Series		11,476,221		55,494,035
Investment in DWS Government & Agency Securities Portfolio*		37,155,343		156,840,146
Cash		—		61,224
Foreign currency at value		57		7,737
Receivables:
Investment securities sold		27,728,265		55,164,612
Interest		13,328,231		56,966,403
Affiliated securities lending income		30,964		145,768
Total assets	$	897,741,449	$	3,729,269,230

Liabilities
Payable upon return of securities loaned	$	37,155,343	$	156,840,146
Payables:
Investment securities purchased		37,067,411		99,932,412
Investment advisory fees		125,149		128,348
Total liabilities		74,347,903		256,900,906
Net Assets, at value	$	823,393,546	$	3,472,368,324

Net Assets Consist of
Paid-in capital	$	807,627,937	$	3,871,759,590
Distributable earnings (loss)		15,765,609		(399,391,266	)
Net Assets, at value	$	823,393,546	$	3,472,368,324
Number of Common Shares outstanding		15,200,001		94,687,501
Net Asset Value	$	54.17	$	36.67

Investment in non-affiliated securities at cost	$	794,615,457	$	3,506,643,531
Value of securities loaned	$	35,715,172	$	153,356,384
Investment in DWS Government Money Market Series at cost	$	11,476,221	$	55,494,035
Investment in DWS Government & Agency Securities Portfolio at cost*	$	37,155,343	$	156,840,146
Foreign currency at cost	$	57	$	7,840

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 89

Statements of Operations

For the Six Months Ended February 29, 2025 (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	$	408,335		$	8,064,909		$	—		$	4,615,376
Affiliated dividend income		—			—			1,407,457			—
Income distributions from affiliated funds		2,224			85,352			5,871			37,194
Affiliated securities lending income		6,173			3,813			458			57,879
Total investment income		416,732			8,154,074			1,413,786			4,710,449

Expenses
Investment advisory fees		10,710			290,896			64,851			123,082
Other expenses		58			228			58			403
Total expenses		10,768			291,124			64,909			123,485
Less fees waived (see note 3):
Waiver		(48	)		(1,883	)		(11,588	)		(820	)
Net expenses		10,720			289,241			53,321			122,665
Net investment income (loss)		406,012			7,864,833			1,360,465			4,587,784

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments		(63,105	)		(493,549	)		—			(68,211	)
In-kind redemptions		36,716			638,847			—			—
Net realized gain (loss)		(26,389	)		145,298			—			(68,211	)
Net change in unrealized appreciation (depreciation) on:
Investments		199,936			(2,345,391	)		—			705,344
Investments in affiliates		—			—			305,074			—
Foreign currency translations		—			(34	)		—			(7	)
Net change in unrealized appreciation (depreciation)		199,936			(2,345,425	)		305,074			705,337
Net realized and unrealized gain (loss) on investments and foreign currency transactions		173,547			(2,200,127	)		305,074			637,126
Net Increase (Decrease) in Net Assets Resulting from Operations	$	579,559		$	5,664,706		$	1,665,539		$	5,224,910

See Notes to Financial Statements.

90 | DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 29, 2025 (Unaudited)


	Xtrackers USD High Yield BB-B ex Financials ETF			Xtrackers USD High Yield Corporate Bond ETF

Investment Income
Unaffiliated interest income	$	26,135,440		$	106,834,931
Income distributions from affiliated funds		148,936			741,500
Affiliated securities lending income		224,383			1,500,794
Total investment income		26,508,759			109,077,225

Expenses
Investment advisory fees		753,420			859,596
Other expenses		3,650			4,150
Total expenses		757,070			863,746
Less fees waived (see note 3):
Waiver		(3,277	)		(16,384	)
Net expenses		753,793			847,362
Net investment income (loss)		25,754,966			108,229,863

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		427,451			(15,997,261	)
In-kind redemptions		245,374			16,174,046
Foreign currency transactions		(1	)		(2	)
Net realized gain (loss)		672,824			176,783

Net change in unrealized appreciation (depreciation) on:
Investments		(5,363,147	)		22,561,905
Foreign currency translations		—			(507	)
Net change in unrealized appreciation (depreciation)		(5,363,147	)		22,561,398
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(4,690,323	)		22,738,181
Net Increase (Decrease) in Net Assets Resulting from Operations	$	21,064,643		$	130,968,044

See Notes to Financial Statements.

DBX ETF Trust | 91

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 28, 2025 (Unaudited)			Year Ended August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	406,012		$	940,582		$	7,864,833		$	11,403,697
Net realized gain (loss)		(26,389	)		(219,599	)		145,298			(2,711,159	)
Net change in net unrealized appreciation (depreciation)		199,936			822,321			(2,345,425	)		13,481,551
Net increase (decrease) in net assets resulting from operations		579,559			1,543,304			5,664,706			22,174,089
Distributions to Shareholders		(430,846	)		(940,617	)		(7,745,590	)		(12,519,886	)
Fund Shares Transactions
Proceeds from shares sold		—			—			114,664,969			13,667,202
Value of shares redeemed		(2,129,414	)		—			(139,696,035	)		(25,205,838	)
Net increase (decrease) in net assets resulting from fund share transactions		(2,129,414	)		—			(25,031,066	)		(11,538,636	)
Total net increase (decrease) in Net Assets		(1,980,701	)		602,687			(27,111,950	)		(1,884,433	)
Net Assets
Beginning of period		12,581,744			11,979,057			221,123,671			223,008,104
End of period	$	10,601,043		$	12,581,744		$	194,011,721		$	221,123,671

Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			300,001			4,700,001			4,950,001
Shares sold		—			—			2,450,000			300,000
Shares redeemed		(50,000	)		—			(3,000,000	)		(550,000	)
Shares outstanding, end of period		250,001			300,001			4,150,001			4,700,001

See Notes to Financial Statements.

92 | 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 28, 2025 (Unaudited)			Year Ended August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,360,465		$	2,632,841		$	4,587,784		$	7,235,313
Net realized gain (loss)		—			(15,616	)		(68,211	)		(344,248	)
Net change in net unrealized appreciation (depreciation)		305,074			2,328,271			705,337			3,611,519
Net increase (decrease) in net assets resulting from operations		1,665,539			4,945,496			5,224,910			10,502,584
Distributions to Shareholders		(1,406,137	)		(2,639,060	)		(4,450,628	)		(7,056,553	)
Fund Shares Transactions
Proceeds from shares sold		2,967,676			2,286,891			51,879,067			28,559,885
Value of shares redeemed		—			(5,797,115	)		—			(11,133,837	)
Net increase (decrease) in net assets resulting from fund share transactions		2,967,676			(3,510,224	)		51,879,067			17,426,048
Total net increase (decrease) in Net Assets		3,227,078			(1,203,788	)		52,653,349			20,872,079
Net Assets
Beginning of period		42,722,249			43,926,037			103,573,358			82,701,279
End of period	$	45,949,327		$	42,722,249		$	156,226,707		$	103,573,358

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,800,001			1,950,001			2,300,001			1,900,001
Shares sold		125,000			100,000			1,150,000			650,000
Shares redeemed		—			(250,000	)		—			(250,000	)
Shares outstanding, end of period		1,925,001			1,800,001			3,450,001			2,300,001

See Notes to Financial Statements.

DBX ETF Trust | 93

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 Six Months Ended February 28, 2025 (Unaudited)			For the Period October 27, 2023⁽¹⁾ to August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	25,754,966		$	32,630,446		$	108,229,863		$	203,501,828
Net realized gain (loss)		672,824			(919,715	)		176,783			(107,682,805	)
Net change in net unrealized appreciation (depreciation)		(5,363,147	)		18,770,058			22,561,398			262,068,787
Net increase (decrease) in net assets resulting from operations		21,064,643			50,480,789			130,968,044			357,887,810
Distributions to Shareholders		(26,433,015	)		(27,841,510	)		(113,158,535	)		(206,009,266	)
Fund Shares Transactions
Proceeds from shares sold		179,051,571			659,400,164			661,118,468			3,055,914,014
Value of shares redeemed		(5,371,108	)		(26,958,038	)		(809,536,208	)		(3,463,978,979	)
Net increase (decrease) in net assets resulting from fund share transactions		173,680,463			632,442,126			(148,417,740	)		(408,064,965	)
Total net increase (decrease) in Net Assets		168,312,091			655,081,405			(130,608,231	)		(256,186,421	)
Net Assets
Beginning of period		655,081,455			50			3,602,976,555			3,859,162,976
End of period	$	823,393,546		$	655,081,455		$	3,472,368,324		$	3,602,976,555

Changes in Shares Outstanding
Shares outstanding, beginning of period		12,000,001			1			98,787,501			111,587,501
Shares sold		3,300,000			12,500,000			18,100,000			87,300,000
Shares redeemed		(100,000	)		(500,000	)		(22,200,000	)		(100,100,000	)
Shares outstanding, end of period		15,200,001			12,000,001			94,687,501			98,787,501

(1)	Commencement of Operations.

See Notes to Financial Statements.

94 | DBX ETF Trust

Financial Highlights

Xtrackers High Beta High Yield Bond ETF


	For the Six Months Ended 2/28/2025 (Unaudited)						Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	41.94		$	39.93		$	39.84		$	48.35		$	46.55		$	48.61
Income (loss) from investment operations:
Net investment income (loss)(a)		1.59			3.14			2.90			2.51			2.60			3.01	(b)
Net realized and unrealized gain (loss)		0.54			2.01			0.15			(8.37	)		2.65			(1.95	)(b)
Total from investment operations		2.13			5.15			3.05			(5.86	)		5.25			1.06
Less distributions from:
Net investment income		(1.67	)		(3.14	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)
Total from distributions		(1.67	)		(3.14	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)
Net Asset Value, end of period	$	42.40		$	41.94		$	39.93		$	39.84		$	48.35		$	46.55
Total Return (%)(c)		5.20	**		13.58			8.11			(12.56	)		11.67			2.46

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			13			12			12			19			7
Ratio of expenses before fee waiver (%)		0.20	*		0.34			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		7.58	*		7.77			7.40			5.61			5.45			6.50	(b)
Portfolio turnover rate (%)(d)		31	**		52			58			55			98			98

(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, increase to net realized and unrealized gain (loss) from investments per share by $0.04 and decrease to the ratio of net investment income to average net assets of 0.08%. 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.

DBX ETF Trust | 95

Financial Highlights (Continued)

Xtrackers Low Beta High Yield Bond ETF


	For the Six			Years Ended August 31,
	Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	47.05		$	45.05		$	45.09		$	51.05		$	50.50		$	50.62
Income (loss) from investment operations:
Net investment income (loss)(a)		1.25			2.40			2.24			1.69			1.45			2.02	(b)
Net realized and unrealized gain (loss)		(0.29	)		2.23			0.14			(5.87	)		1.07			0.12	(b)
Total from investment operations		0.96			4.63			2.38			(4.18	)		2.52			2.14
Less distributions from:
Net investment income		(1.26	)		(2.63	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)
Total from distributions		(1.26	)		(2.63	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)
Net Asset Value, end of period	$	46.75		$	47.05		$	45.05		$	45.09		$	51.05		$	50.50
Total Return (%)(c)		2.09	**		10.68			5.44			(8.36	)		5.12			4.42

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		194			221			223			1,441			750			38
Ratio of expenses before fee waiver (%)		0.20	*		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			0.20
Ratio of net investment income (loss) (%)		5.41	*		5.27			4.97			3.53			2.89			4.09	(b)
Portfolio turnover rate (%)(d)		28	**		50			52			68			88			111

(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 $0.23, increase to net realized and unrealized gain (loss) from investments per share by $0.23 and decrease to the ratio of net investment income to average net assets of 0.47%. 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.

96 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF


	For the Six			Years Ended August 31,
	Months Ended 2/28/2025 (Unaudited)			2024			2023			Period Ended 8/31/2022(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	23.73		$	22.53		$	22.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.74			1.38			1.28			0.58
Net realized and unrealized gain (loss)		0.17			1.20			0.29			(2.84	)
Total from investment operations		0.91			2.58			1.57			(2.26	)
Less distributions from:
Net investment income		(0.77	)		(1.38	)		(1.33	)		(0.45	)
Total from distributions		(0.77	)		(1.38	)		(1.33	)		(0.45	)
Net Asset Value, end of period		$ 23.87		$	23.73		$	22.53		$	22.29
Total Return (%)(c)		3.88	**		11.92			7.27			(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		46			43			44			50
Ratio of expenses before fee waiver (%)(d)		0.30	*		0.30			0.30			0.30	*
Ratio of expenses after fee waiver (%)(d)		0.25	*		0.23			0.15			0.15	*
Ratio of net investment income (loss) (%)		6.29	*		6.04			5.74			4.54	*
Portfolio turnover rate (%)(e)		0	**(f)		0	(f)		0	(f)		0	**(f)

(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%.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF


	For the Six			Years Ended August 31,
	Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data
Net Asset Value, beginning of period	$	45.03		$	43.53		$	43.04		$	47.89		$	46.57		$	49.13
Income (loss) from investment operations:
Net investment income (loss)(a)		1.66			3.23			2.71			2.04			2.34			2.69	(b)
Net realized and unrealized gain (loss)		0.25			1.44			0.45			(4.76	)		1.67			(2.47	)(b)
Total from investment operations		1.91			4.67			3.16			(2.72	)		4.01			0.22
Less distributions from:
Net investment income		(1.66	)		(3.17	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)
Total from distributions		(1.66	)		(3.17	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)
Net Asset Value, end of period	$	45.28		$	45.03		$	43.53		$	43.04		$	47.89		$	46.57
Total Return (%)(c)		4.34	**		11.25			7.65			(5.84	)		8.86			0.61

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		156			104			83			86			77			37
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) (%)		7.45	*		7.36			6.30			4.48			4.95			6.13	(b)
Portfolio turnover rate (%)(d)		26	**		56			49			46			52			150

(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 $0.10, 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%. 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.

98 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers USD High Yield BB-B ex Financials ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Period Ended 8/31/2024(a)
Selected Per Share Data
Net Asset Value, beginning of period	$	54.59		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.83			3.14
Net realized and unrealized gain (loss)		(0.35	)		4.03
Total from investment operations		1.48			7.17
Less distributions from:
Net investment income		(1.90	)		(2.58	)
Total from distributions		(1.90	)		(2.58	)
Net Asset Value, end of period	$	54.17		$	54.59
Total Return (%)(c)		2.78	**		14.62	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		823			655
Ratio of expenses before fee waiver (%)		0.20	*		0.21	*(d)
Ratio of expenses after fee waiver (%)		0.20	*		0.21	*(d)
Ratio of net investment income (loss) (%)		6.84	*		6.93	*
Portfolio turnover rate (%)(e)		18	**		32	**

(a)	For the period October 27, 2023 (commencement of operations) through August 31, 2024.

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

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

(d)	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.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 99

Financial Highlights (Continued)

Xtrackers USD High Yield Corporate Bond ETF


	For the Six			Years Ended August 31,
	Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020(a)

Selected Per Share Data
Net Asset Value, beginning of period	$	36.47		$	34.58		$	34.37		$	40.31		$	39.06	(a)	$	40.19
Income (loss) from investment operations:
Net investment income (loss)(b)		1.14			2.16			1.94			1.61			1.70			2.03	(c)
Net realized and unrealized gain (loss)		0.24			1.91			0.25			(5.80	)		1.79			(0.95	)(c)
Total from investment operations		1.38			4.07			2.19			(4.19	)		3.49			1.08
Less distributions from:
Net investment income		(1.18	)		(2.18	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)
Total from distributions		(1.18	)		(2.18	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)
Net Asset Value, end of period	$	36.67		$	36.47		$	34.58		$	34.37		$	40.31		$	39.06
Total Return (%)(d)		3.86	**		12.26			6.63			(10.67	)		8.31			2.91

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3,472			3,603			3,859			3,615			6,666			6,209
Ratio of expenses before fee waiver (%)		0.05	*		0.19			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.05	*		0.07			0.15			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		6.30	*		6.15			5.69			4.24			4.27			5.27	(c)
Portfolio turnover rate (%)(e)		12	**		31			26			24			37			54

(a)

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.

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

(c)

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%. Per share data and ratios for years prior to August 31, 2020 have not been restated to reflect this change in presentation.

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

100 | DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

As of February 28, 2025, the Trust consists of forty investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers 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

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.


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		Solactive USD High Yield Corporates Total Market Low Beta Index
Xtrackers Risk Managed USD High Yield Strategy ETF		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 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.

DBX ETF Trust | 101

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

2. Significant Accounting Policies

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 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.

102 | DBX ETF Trust

security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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.

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

DBX ETF Trust | 103


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,967,939	$	9,061,170	$	12,029,109
Xtrackers Low Beta High Yield Bond ETF		35,140,341		32,261,382		67,401,723
Xtrackers Short Duration High Yield Bond ETF		1,062,717		2,683,540		3,746,257
Xtrackers USD High Yield BB-B ex Financials ETF		2,455,928		—		2,455,928
Xtrackers USD High Yield Corporate Bond ETF		36,642,174		246,252,805		282,894,979


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,850,736	$	(430,475)	$	314,067	$	(744,542)
Xtrackers Low Beta High Yield Bond ETF		224,523,341		(417,833)		3,534,130		(3,951,963)
Xtrackers Risk Managed USD High Yield Strategy ETF		44,294,653		(1,564,495)		—		(1,564,495)
Xtrackers Short Duration High Yield Bond ETF		105,852,809		825,783		2,589,929		(1,764,146)
Xtrackers USD High Yield BB-B ex Financials ETF		648,241,430		18,665,277		19,635,637		(970,360)
Xtrackers USD High Yield Corporate Bond ETF		3,959,594,570		(154,613,070)		36,262,269		(190,875,339)

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 28, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. 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 28, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government

104 | DBX ETF Trust

& Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of February 28, 2025) 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 28, 2025, 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 28, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	529,153	$	—	$	—	$	—	$	529,153
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	529,153
Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	683,524	$	—	$	—	$	—	$	683,524
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	683,524
Xtrackers Risk Managed USD High Yield Strategy ETF
Exchange-Traded Funds	$	270,000	$	—	$	—	$	—	$	270,000
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	270,000
Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	6,204,170	$	—	$	—	$	—	$	6,204,170
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	6,204,170
Xtrackers USD High Yield BB-B ex Financials ETF
Corporate Bonds	$	37,155,343	$	—	$	—	$	—	$	37,155,343
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	37,155,343
Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	156,840,146	$	—	$	—	$	—	$	156,840,146
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	156,840,146

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

3. Investment Advisory and Other Agreements

DBX ETF Trust | 105

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		0.20	%
Xtrackers Low Beta High Yield Bond ETF		0.20	%
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		0.05	%

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 28, 2025, the Advisor waived $11,462 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

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 28, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	48
Xtrackers Low Beta High Yield Bond ETF		1,883
Xtrackers Risk Managed USD High Yield Strategy ETF		126
Xtrackers Short Duration High Yield Bond ETF		820
Xtrackers USD High Yield BB-B ex Financials ETF		3,277
Xtrackers USD High Yield Corporate Bond ETF		16,384

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.

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).


	Securities Lending Agent Fees
Xtrackers High Beta High Yield Bond ETF	$	438
Xtrackers Low Beta High Yield Bond ETF		259
Xtrackers Short Duration High Yield Bond ETF		4,211
Xtrackers USD High Yield Corporate Bond ETF		107,413

106 | DBX ETF Trust

4. Investment Portfolio Transactions

For the period ended February 28, 2025, 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	$	3,223,197	$	3,286,113
Xtrackers Low Beta High Yield Bond ETF		74,828,854		76,189,061
Xtrackers Short Duration High Yield Bond ETF		31,083,826		33,216,456
Xtrackers USD High Yield BB-B ex Financials ETF		130,251,536		131,822,855
Xtrackers USD High Yield Corporate Bond ETF		423,948,494		421,516,331

For the period ended February 28, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	—	$	2,063,188
Xtrackers Low Beta High Yield Bond ETF		112,974,222		135,612,936
Xtrackers Risk Managed USD High Yield Strategy ETF		2,936,430		—
Xtrackers Short Duration High Yield Bond ETF		51,103,728		—
Xtrackers USD High Yield BB-B ex Financials ETF		175,735,684		5,263,424
Xtrackers USD High Yield Corporate Bond ETF		650,383,855		794,306,357

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 28, 2025, 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	$	143,618	$	1,344,383	$	27,019
Xtrackers Low Beta High Yield Bond ETF		1,344,383		143,618		(1,985	)

5. Fund Share Transactions

As of February 28, 2025, 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. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

DBX ETF Trust | 107

7. 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 28, 2025.

108 | DBX ETF Trust

LOGO

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

Xtrackers MSCI EAFE Selection Equity ETF (EASG)

Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA Selection Equity ETF (USSG)

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

Xtrackers RREEF Global Natural Resources ETF (NRES)

LOGO

Table of Contents


			Page

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			2

Xtrackers MSCI EAFE Selection Equity ETF			23

Xtrackers MSCI Emerging Markets Climate Selection ETF			29

Xtrackers MSCI USA Climate Action Equity ETF			32

Xtrackers MSCI USA Selection Equity ETF			37

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF			42

Xtrackers RREEF Global Natural Resources ETF			48

Statements of Assets and Liabilities			50

Statements of Operations			52

Statements of Changes in Net Assets			54

Financial Highlights			58

Notes to Financial Statements			65

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS – 98.2%

Australia – 0.0%

MMG Ltd. *

(Cost $7,648)		22,715		6,631

Brazil – 2.5%

B3 SA – Brasil Bolsa Balcao		40,306		71,429

Banco Bradesco SA		12,356		21,813

Banco BTG Pactual S.A		11,465		61,696

Banco do Brasil SA		7,846		36,513

Banco Santander Brasil SA		2,475		10,624

BB Seguridade Participacoes SA		5,505		35,496

Caixa Seguridade Participacoes S/A		4,505		11,668

CCR SA		8,738		17,421

Centrais Eletricas Brasileiras SA		7,193		46,846

Cia de Saneamento Basico do Estado de Sao Paulo		1,842		29,812

Companhia Paranaense de Energia		3,850		5,845

Energisa SA		2,130		13,814

Equatorial Energia SA		4,287		21,959

Equatorial Energia SA *		9		45

Hapvida Participacoes e Investimentos SA, 144A *		29,689		10,675

Itau Unibanco Holding SA		3,066		14,921

Klabin SA		5,276		17,774

Localiza Rent a Car SA		4,708		22,543

Lojas Renner SA		9,065		17,500

Natura & Co. Holding SA		6,587		14,513

NU Holdings Ltd., Class A *		22,220		238,865

Pagseguro Digital Ltd., Class A *		2,166		15,942

Porto Seguro SA		165		1,069

Raia Drogasil SA		9,781		28,967

Rede D’Or Sao Luiz SA, 144A		7,695		35,653

Rumo SA		9,616		27,741

StoneCo Ltd., Class A *		2,149		19,878

Suzano SA		5,201		49,905

Telefonica Brasil SA		3,461		28,509

TIM SA		6,888		18,979

TOTVS SA		3,628		21,613

WEG SA		5,916		48,812

XP, Inc., Series BDR		1,658		23,337

XP, Inc., Class A		1,178		16,669

(Cost $1,255,849)				1,058,846

Chile – 0.3%

Banco de Chile		197,645		25,701

Banco de Credito e Inversiones SA		786		26,642

Banco Santander Chile		294,894		16,039


	Number of Shares		Value $

Cencosud SA		9,351		24,750

Cia Sud Americana de Vapores SA		143,159		8,312

Empresas CMPC SA		6,245		10,617

Falabella SA		4,636		18,236

Latam Airlines Group SA		537,068		8,653

(Cost $99,780)				138,950

China – 32.8%

360 Security Technology, Inc., Class A		5,635		8,577

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,738		3,596

AAC Technologies Holdings, Inc.		2,591		14,927

Accelink Technologies Co. Ltd., Class A		925		6,927

ACM Research Shanghai, Inc., Class A		326		4,774

Advanced Micro-Fabrication Equipment, Inc., China, Class A		357		10,000

Agricultural Bank of China Ltd., Class A		32,899		23,143

Agricultural Bank of China Ltd., Class H		127,102		75,674

Aier Eye Hospital Group Co. Ltd., Class A		6,645		12,666

AIMA Technology Group Co. Ltd., Class A		800		4,365

Air China Ltd., Class A *		2,180		2,164

Aisino Corp., Class A		3,784		4,878

Akeso, Inc., 144A *		3,951		37,064

Alibaba Group Holding Ltd.		110,147		1,805,921

Amlogic Shanghai Co. Ltd., Class A *		626		7,262

Angel Yeast Co. Ltd., Class A		659		3,248

Anhui Expressway Co. Ltd., Class A		580		1,409

Anhui Expressway Co. Ltd., Class H		7,781		10,446

Anjoy Foods Group Co. Ltd., Class A		211		2,309

Anker Innovations Technology Co. Ltd., Class A		595		9,104

ANTA Sports Products Ltd.		5,713		64,135

Apeloa Pharmaceutical Co. Ltd., Class A		2,368		5,494

APT Medical, Inc., Class A		101		4,931

Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		1,180		3,858

ASR Microelectronics Co. Ltd., Class A *		790		11,840

Asymchem Laboratories Tianjin Co. Ltd., Class A		578		6,471

Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		712		5,036

Atour Lifestyle Holdings Ltd., ADR		512		15,724

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Autobio Diagnostics Co. Ltd., Class A		826		4,566

Autohome, Inc., ADR		567		16,296

Avary Holding Shenzhen Co. Ltd., Class A		1,400		7,687

AVIC Industry-Finance Holdings Co. Ltd., Class A		13,499		6,312

BAIC BluePark New Energy Technology Co. Ltd., Class A *		5,106		5,524

Baidu, Inc., Class A *		15,168		162,866

Bank of Beijing Co. Ltd., Class A		10,391		8,321

Bank of Changsha Co. Ltd., Class A		3,346		3,932

Bank of Chengdu Co. Ltd., Class A		2,245		4,941

Bank of China Ltd., Class A		15,444		11,436

Bank of China Ltd., Class H		346,596		196,552

Bank of Chongqing Co. Ltd., Class A		1,855		2,208

Bank of Chongqing Co. Ltd., Class H		7,964		6,349

Bank of Communications Co. Ltd., Class A		17,601		17,402

Bank of Communications Co. Ltd., Class H		31,389		26,640

Bank of Guiyang Co. Ltd., Class A		1,789		1,408

Bank of Hangzhou Co. Ltd., Class A		2,801		5,535

Bank of Jiangsu Co. Ltd., Class A		8,050		10,078

Bank of Nanjing Co. Ltd., Class A		4,454		6,169

Bank of Ningbo Co. Ltd., Class A		2,971		9,892

Bank of Shanghai Co. Ltd., Class A		4,145		5,320

Bank of Suzhou Co. Ltd., Class A		2,130		2,182

Bank of Zhengzhou Co. Ltd., Class A *		15,408		4,141

Bank of Zhengzhou Co. Ltd., Class H, 144A *		39,879		5,077

Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		7,420		3,063

Beijing Compass Technology Development Co. Ltd., Class A*		540		6,718

Beijing E-Hualu Information Technology Co. Ltd., Class A *		2,507		9,351

Beijing Enlight Media Co. Ltd., Class A		2,447		8,023

Beijing Huafeng Test & Control Technology Co. Ltd., Class A		428		8,305

Beijing Kingsoft Office Software, Inc., Class A		322		15,286

Beijing Originwater Technology Co. Ltd., Class A		5,098		3,342

Beijing Roborock Technology Co. Ltd., Class A		178		5,834


	Number of Shares		Value $

Beijing Shiji Information Technology Co. Ltd., Class A		4,864		5,082

Beijing Sinnet Technology Co. Ltd., Class A		2,900		7,731

Beijing Tiantan Biological Products Corp. Ltd., Class A		2,090		5,683

Beijing Tong Ren Tang Co. Ltd., Class A		1,031		5,104

Beijing Ultrapower Software Co. Ltd., Class A		1,574		2,912

Beijing United Information Technology Co. Ltd., Class A		943		3,503

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		754		6,936

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		26,266		19,702

Bethel Automotive Safety Systems Co. Ltd., Class A		937		7,388

Betta Pharmaceuticals Co. Ltd., Class A		850		6,190

BGI Genomics Co. Ltd., Class A		519		4,195

Bilibili, Inc., Class Z *		2,216		44,539

Bloomage Biotechnology Corp. Ltd., Class A		401		2,667

BOC International China Co. Ltd., Class A		4,733		6,880

BOE Technology Group Co. Ltd., Class A		15,620		9,232

BTG Hotels Group Co. Ltd., Class A		2,431		4,397

BYD Co. Ltd., Class A		196		9,725

BYD Co. Ltd., Class H		6,776		323,791

By-health Co. Ltd., Class A		1,472		2,341

Caida Securities Co. Ltd., Class A		4,385		4,041

Caitong Securities Co. Ltd., Class A		6,659		7,232

Cambricon Technologies Corp. Ltd., Class A *		119		12,001

Capital Securities Co. Ltd., Class A		1,700		4,940

Cathay Biotech, Inc., Class A		465		3,025

CECEP Solar Energy Co. Ltd., Class A		13,190		7,994

CECEP Wind-Power Corp., Class A		12,684		5,131

CETC Cyberspace Security Technology Co. Ltd., Class A		1,352		3,152

CGN Power Co. Ltd., Class A		17,249		8,562

CGN Power Co. Ltd., Class H, 144A		80,761		25,132

Changchun High-Tech Industry Group Co. Ltd., Class A		556		7,241

Changjiang Securities Co. Ltd., Class A		7,822		6,897

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		171		3,025

Chaozhou Three-Circle Group Co. Ltd., Class A		1,737		9,266

Chengdu Xingrong Environment Co. Ltd., Class A		5,740		5,187

Chengxin Lithium Group Co. Ltd., Class A		1,711		3,130

Chifeng Jilong Gold Mining Co. Ltd., Class A		1,723		4,305

China Baoan Group Co. Ltd., Class A		3,218		3,773

China Cinda Asset Management Co. Ltd., Class H		69,537		10,283

China CITIC Bank Corp. Ltd., Class A		4,187		3,962

China CITIC Bank Corp. Ltd., Class H		44,366		32,633

China CITIC Financial Asset Management Co. Ltd., Class H, 144A *		155,494		14,797

China Communications Services Corp. Ltd., Class H		14,407		8,837

China Construction Bank Corp., Class A		4,683		5,465

China Construction Bank Corp., Class H		388,197		328,968

China Enterprise Co. Ltd., Class A		13,553		5,185

China Everbright Bank Co. Ltd., Class A		17,515		9,031

China Everbright Bank Co. Ltd., Class H		44,172		17,836

China Feihe Ltd., 144A		14,622		10,567

China Film Co. Ltd., Class A		3,494		5,107

China Galaxy Securities Co. Ltd., Class A		5,006		11,436

China Galaxy Securities Co. Ltd., Class H		29,257		29,534

China Great Wall Securities Co. Ltd., Class A		6,065		6,753

China Greatwall Technology Group Co. Ltd., Class A *		3,880		8,614

China Green Electricity Investment of Tianjin Co. Ltd., Class A		7,414		8,428

China International Capital Corp. Ltd., Class A		2,505		12,115

China International Capital Corp. Ltd., Class H, 144A		11,950		22,620

China Life Insurance Co. Ltd., Class A		1,200		6,403

China Life Insurance Co. Ltd., Class H		31,533		60,580

China Literature Ltd., 144A *		4,050		13,124

China Merchants Bank Co. Ltd., Class A		7,297		42,076


	Number of Shares		Value $

China Merchants Bank Co. Ltd., Class H		15,450		90,397

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		4,321		8,171

China Merchants Securities Co. Ltd., Class A		3,749		9,305

China Merchants Securities Co. Ltd., Class H, 144A		6,027		11,315

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,306		7,145

China Minsheng Banking Corp. Ltd., Class A		18,870		10,661

China Minsheng Banking Corp. Ltd., Class H		36,103		17,178

China National Medicines Corp. Ltd., Class A		318		1,299

China National Nuclear Power Co. Ltd., Class A		4,770		6,266

China National Software & Service Co. Ltd., Class A *		1,140		7,271

China Pacific Insurance Group Co. Ltd., Class A		2,222		9,406

China Pacific Insurance Group Co. Ltd., Class H		9,949		29,425

China Railway Signal & Communication Corp. Ltd., Class H, 144A		3,397		1,459

China Rare Earth Resources And Technology Co. Ltd., Class A		603		2,423

China Reinsurance Group Corp., Class H		40,993		5,113

China Resources Double Crane Pharmaceutical Co. Ltd., Class A		820		2,084

China Resources Microelectronics Ltd., Class A		65		419

China Resources Mixc Lifestyle Services Ltd., 144A		3,706		15,393

China Resources Pharmaceutical Group Ltd., 144A		13,042		8,889

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,354		7,609

China Science Publishing & Media Ltd., Class A		1,522		4,239

China South Publishing & Media Group Co. Ltd., Class A		2,233		3,971

China Three Gorges Renewables Group Co. Ltd., Class A		16,176		9,316

China Tourism Group Duty Free Corp. Ltd., Class A		1,374		11,525

China Tourism Group Duty Free Corp. Ltd., Class H, 144A		1,013		6,122

China Tower Corp. Ltd., Class H, 144A		17,600		24,986

China United Network Communications Ltd., Class A		11,687		10,016

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

China Vanke Co. Ltd., Class A *		7,112		7,558

China Vanke Co. Ltd., Class H *		12,167		10,326

China World Trade Center Co. Ltd., Class A		340		1,079

China Yangtze Power Co. Ltd., Class A		13,713		51,486

China Zhenhua Group Science & Technology Co. Ltd., Class A		837		5,006

China Zheshang Bank Co. Ltd., Class A		15,840		6,212

China Zheshang Bank Co. Ltd., Class H		31,213		9,553

Chinalin Securities Co. Ltd., Class A		2,075		4,314

Chinese Universe Publishing and Media Group Co. Ltd., Class A		3,020		4,684

Chongqing Rural Commercial Bank Co. Ltd., Class A		5,159		4,004

Chongqing Rural Commercial Bank Co. Ltd., Class H		13,461		8,464

Chongqing Taiji Industry Group Co. Ltd., Class A		708		1,961

Chongqing Water Group Co. Ltd., Class A		4,510		2,876

Chongqing Zhifei Biological Products Co. Ltd., Class A		792		2,726

Chow Tai Seng Jewellery Co. Ltd., Class A		480		846

CITIC Securities Co. Ltd., Class A		5,708		21,392

CITIC Securities Co. Ltd., Class H		13,922		39,923

CNPC Capital Co. Ltd., Class A		9,234		8,003

Contemporary Amperex Technology Co. Ltd., Class A		1,866		67,628

COSCO SHIPPING Development Co. Ltd., Class A		7,608		2,420

COSCO SHIPPING Development Co. Ltd., Class H		45,631		5,750

COSCO SHIPPING Holdings Co. Ltd., Class H		6,053		8,889

Country Garden Holdings Co. Ltd.*		1,231,515		79,182

Country Garden Services Holdings Co. Ltd.		19,244		14,031

CSC Financial Co. Ltd., Class A		2,781		9,354

CSC Financial Co. Ltd., Class H, 144A		9,847		12,397

CSPC Innovation Pharmaceutical Co. Ltd., Class A		2,052		9,893

DaShenLin Pharmaceutical Group Co. Ltd., Class A		2,593		5,195

DHC Software Co. Ltd., Class A		6,626		10,594

Dong-E-E-Jiao Co. Ltd., Class A		863		6,679

Dongxing Securities Co. Ltd., Class A		5,574		9,057

East Buy Holding Ltd., 144A *		5,434		9,056

East Money Information Co. Ltd., Class A		8,019		25,544


	Number of Shares		Value $

Eastroc Beverage Group Co. Ltd., Class A		211		6,401

Easyhome New Retail Group Co. Ltd., Class A		10,320		6,453

Ecovacs Robotics Co. Ltd., Class A		473		3,782

Empyrean Technology Co. Ltd., Class A		484		7,111

Eoptolink Technology, Inc. Ltd., Class A		522		6,875

Everbright Securities Co. Ltd., Class A		3,910		9,420

Everbright Securities Co. Ltd., Class H, 144A		10,120		9,994

Everdisplay Optronics Shanghai Co. Ltd., Class A *		12,233		3,875

Fangda Carbon New Material Co. Ltd., Class A		3,230		2,228

First Capital Securities Co. Ltd., Class A		3,983		4,238

Focus Media Information Technology Co. Ltd., Class A		8,832		7,690

Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,844		10,395

Founder Securities Co. Ltd., Class A		6,580		7,128

Foxconn Industrial Internet Co. Ltd., Class A		4,629		13,451

Full Truck Alliance Co. Ltd., ADR		4,367		51,269

Fuyao Glass Industry Group Co. Ltd., Class A		942		7,267

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,784		18,938

GalaxyCore, Inc., Class A		2,890		6,361

Gan & Lee Pharmaceuticals Co. Ltd., Class A		987		6,054

Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,787		7,831

G-bits Network Technology Xiamen Co. Ltd., Class A		108		3,170

GDS Holdings Ltd., Class A *		7,329		33,599

Gemdale Corp., Class A		6,828		4,466

Genscript Biotech Corp. *		11,194		18,310

GF Securities Co. Ltd., Class A		5,966		12,550

GF Securities Co. Ltd., Class H		10,881		14,384

Giant Biogene Holding Co. Ltd., 144A		3,244		26,114

Giant Network Group Co. Ltd., Class A		2,571		5,161

GigaDevice Semiconductor, Inc., Class A *		390		7,050

Ginlong Technologies Co. Ltd., Class A		562		3,970

Glodon Co. Ltd., Class A		5,297		9,559

GoerTek, Inc., Class A		1,380		5,376

Goldwind Science & Technology Co. Ltd., Class A		1,595		1,979

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Goldwind Science & Technology Co. Ltd., Class H		3,563		2,355

Gree Electric Appliances, Inc. of Zhuhai, Class A		1,240		6,946

Greenland Holdings Corp. Ltd., Class A *		9,899		2,566

Greentown China Holdings Ltd.		7,341		10,856

GRG Banking Equipment Co. Ltd., Class A		2,345		4,585

Guangdong Provincial Expressway Development Co. Ltd., Class A		3,730		7,534

Guangzhou Baiyun International Airport Co. Ltd., Class A		5,267		6,580

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		366		1,334

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		1,641		3,752

Guangzhou Haige Communications Group, Inc. Co., Class A		4,342		6,680

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		711		3,313

Guangzhou Port Co. Ltd., Class A		10,872		4,696

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		502		2,729

Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,204		3,447

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		7,572		6,697

Guolian Minsheng Securities Co. Ltd., Class A		5,202		8,053

Guolian Minsheng Securities Co. Ltd., Class H		7,455		3,748

Guosen Securities Co. Ltd., Class A		5,520		7,902

Guotai Junan Securities Co. Ltd., Class A		4,202		9,986

Guotai Junan Securities Co. Ltd., Class H, 144A		8,216		12,551

Guoyuan Securities Co. Ltd., Class A		6,637		7,272

H World Group Ltd., ADR		1,219		43,750

Haidilao International Holding Ltd., 144A		9,220		19,705

Haier Smart Home Co. Ltd., Class A		600		2,160

Haier Smart Home Co. Ltd., Class H		9,779		31,123

Hainan Airlines Holding Co. Ltd., Class A *		18,672		3,943

Hainan Airport Infrastructure Co. Ltd., Class A *		14,185		7,353


	Number of Shares		Value $

Haisco Pharmaceutical Group Co. Ltd., Class A		1,688		7,710

Haitian International Holdings Ltd.		2,322		6,196

Haitong Securities Co. Ltd., Class A (a)		6,533		9,326

Haitong Securities Co. Ltd., Class H (a)		21,500		17,833

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		5,534		8,218

Hangzhou Chang Chuan Technology Co. Ltd., Class A		1,234		7,461

Hangzhou First Applied Material Co. Ltd., Class A		3,189		6,498

Hangzhou GreatStar Industrial Co. Ltd.		1,163		4,920

Hangzhou Lion Microelectronics Co. Ltd., Class A		1,361		4,709

Hangzhou Robam Appliances Co. Ltd., Class A		640		1,987

Hangzhou Silan Microelectronics Co. Ltd., Class A *		1,936		6,772

Hangzhou Tigermed Consulting Co. Ltd., Class A		886		6,887

Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		1,442		6,277

Hansoh Pharmaceutical Group Co. Ltd., 144A		9,859		22,846

Haohua Chemical Science & Technology Co. Ltd., Class A		647		2,395

Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		1,744		5,039

Hefei Meiya Optoelectronic Technology, Inc., Class A		896		1,868

Heilongjiang Agriculture Co. Ltd., Class A		2,131		3,989

Hengan International Group Co. Ltd.		4,764		13,324

Hengtong Optic-electric Co. Ltd., Class A		1,432		3,055

Hithink RoyalFlush Information Network Co. Ltd., Class A		371		15,321

HLA Group Corp. Ltd., Class A		3,060		3,332

Hongta Securities Co. Ltd., Class A		5,773		6,238

Hoshine Silicon Industry Co. Ltd., Class A		726		5,369

Hoymiles Power Electronics, Inc., Class A		464		6,785

Hua Hong Semiconductor Ltd., 144A		4,427		19,526

Huaan Securities Co. Ltd., Class A		9,521		7,390

Huadong Medicine Co. Ltd., Class A		1,289		6,121

Huagong Tech Co. Ltd., Class A		1,277		7,775

Hualan Biological Engineering, Inc., Class A		2,345		5,077

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Huali Industrial Group Co. Ltd., Class A		247		2,370

Huaneng Lancang River Hydropower, Inc., Class A		5,848		6,921

Huatai Securities Co. Ltd., Class A		4,215		10,103

Huatai Securities Co. Ltd., Class H, 144A		12,493		20,981

Huaxi Securities Co. Ltd., Class A		5,800		6,466

Huaxia Bank Co. Ltd., Class A		4,583		4,537

Huaxia Eye Hospital Group Co. Ltd., Class A		2,460		6,480

Hubei Feilihua Quartz Glass Co. Ltd., Class A		1,153		6,446

Huizhou Desay Sv Automotive Co. Ltd., Class A		384		6,513

Humanwell Healthcare Group Co. Ltd., Class A		1,722		4,697

Hundsun Technologies, Inc., Class A		3,072		12,869

Hygon Information Technology Co. Ltd., Class A		1,252		27,469

Hytera Communications Corp. Ltd., Class A *		2,600		4,710

IEIT Systems Co. Ltd., Class A		860		6,983

Iflytek Co. Ltd., Class A		1,677		11,912

Imeik Technology Development Co. Ltd., Class A		228		5,311

Industrial & Commercial Bank of China Ltd., Class A		19,772		18,626

Industrial & Commercial Bank of China Ltd., Class H		282,955		200,122

Industrial Bank Co. Ltd., Class A		7,177		20,421

Industrial Securities Co. Ltd., Class A		8,743		7,169

Ingenic Semiconductor Co. Ltd., Class A		895		10,438

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		941		3,649

Innovation New Material Technology Co. Ltd., Class A		9,390		4,932

Innovent Biologics, Inc., 144A *		9,456		49,186

iQIYI, Inc., ADR *		3,940		8,195

iRay Group, Class A		484		7,387

Isoftstone Information Technology Group Co. Ltd., Class A		1,079		9,486

J&T Global Express Ltd. *		34,058		28,117

Jafron Biomedical Co. Ltd., Class A		655		2,311

Jason Furniture Hangzhou Co. Ltd., Class A		525		2,045

JCHX Mining Management Co. Ltd., Class A		450		2,334

JD Health International, Inc., 144A *		9,168		39,848

JD Logistics, Inc., 144A *		5,513		9,868


	Number of Shares		Value $

JD.com, Inc., Class A		11,665		240,905

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		4,470		4,193

Jiangsu Financial Leasing Co. Ltd., Class A		5,170		3,495

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		4,008		25,260

Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		1,555		4,476

Jiangsu Pacific Quartz Co. Ltd., Class A		590		2,097

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		4,727		6,793

Jiangsu Yoke Technology Co. Ltd., Class A		404		3,465

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,230		6,128

Jinduicheng Molybdenum Co. Ltd., Class A		2,760		3,766

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		3,020		4,655

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		545		1,507

Juneyao Airlines Co. Ltd., Class A		1,403		2,520

J-Yuan Trust Co. Ltd., Class A *		13,310		5,603

Kanzhun Ltd., ADR *		2,022		32,352

KE Holdings, Inc., ADR		4,032		89,793

Kingdee International Software Group Co. Ltd. *		23,954		39,243

Kingnet Network Co. Ltd., Class A		3,244		6,753

Kingsoft Corp. Ltd.		7,279		37,581

Kuaishou Technology, 144A *		11,477		74,678

Kuang-Chi Technologies Co. Ltd., Class A		1,231		6,907

Kunlun Tech Co. Ltd., Class A		1,398		7,095

LB Group Co. Ltd., Class A		337		814

Lenovo Group Ltd.		54,031		80,458

Lepu Medical Technology Beijing Co. Ltd., Class A		2,286		3,627

Li Auto, Inc., Class A *		8,261		124,821

Li Ning Co. Ltd.		11,020		24,204

Liaoning Port Co. Ltd., Class A		12,657		2,655

Livzon Pharmaceutical Group, Inc., Class A		530		2,485

Livzon Pharmaceutical Group, Inc., Class H		1,663		5,410

Longfor Group Holdings Ltd., 144A		11,779		16,147

Loongson Technology Corp. Ltd., Class A *		271		4,927

Lufax Holding Ltd., ADR		1,537		4,457

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Luxshare Precision Industry Co. Ltd., Class A		2,341		13,852

Mango Excellent Media Co. Ltd., Class A		1,912		6,686

Maxscend Microelectronics Co. Ltd., Class A		704		8,050

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		7,143		6,014

Meituan, Class B, 144A *		35,687		743,431

Midea Group Co. Ltd. *		2,070		19,724

Midea Group Co. Ltd., Class A		1,810		18,131

Ming Yang Smart Energy Group Ltd., Class A		2,580		3,810

MINISO Group Holding Ltd.		2,695		13,724

Minmetals Capital Co. Ltd., Class A		6,230		5,040

Montage Technology Co. Ltd., Class A		842		8,975

Muyuan Foods Co. Ltd., Class A		834		4,150

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,996		5,102

Nanjing Securities Co. Ltd., Class A		9,214		10,500

NARI Technology Co. Ltd., Class A		3,065		9,856

National Silicon Industry Group Co. Ltd., Class A (a)		1,331		3,753

NAURA Technology Group Co. Ltd., Class A		152		9,323

NavInfo Co. Ltd., Class A *		5,461		7,092

NetEase, Inc.		12,324		245,323

New China Life Insurance Co. Ltd., Class A		1,212		7,992

New China Life Insurance Co. Ltd., Class H		4,225		14,262

New Oriental Education & Technology Group, Inc.		6,223		29,168

Ninestar Corp., Class A *		523		1,880

Ningbo Deye Technology Co. Ltd., Class A		396		5,026

Ningbo Joyson Electronic Corp., Class A		1,380		3,578

Ningbo Sanxing Medical Electric Co. Ltd., Class A		1,230		4,630

Ningbo Shanshan Co. Ltd., Class A		1,502		1,699

Ningbo Tuopu Group Co. Ltd., Class A		942		8,159

Ningbo Zhoushan Port Co. Ltd., Class A		3,798		1,844

NIO, Inc., ADR *		8,444		39,096

Nongfu Spring Co. Ltd., Class H, 144A		8,468		37,786

OFILM Group Co. Ltd., Class A *		2,610		4,903

Onewo, Inc., Class H		1,912		5,532


	Number of Shares		Value $

Oppein Home Group, Inc., Class A		287		2,599

Orient Securities Co. Ltd., Class A		8,931		11,904

Orient Securities Co. Ltd., Class H, 144A		16,754		10,901

Ovctek China, Inc., Class A		3,370		7,653

Pacific Securities Co. Ltd., Class A*		13,360		7,291

People.cn Co. Ltd., Class A		1,952		6,164

People’s Insurance Co. Group of China Ltd., Class H		28,724		14,147

Perfect World Co. Ltd., Class A		3,476		5,219

Pharmaron Beijing Co. Ltd., Class A		1,155		4,188

Pharmaron Beijing Co. Ltd., Class H, 144A		2,743		5,425

PICC Property & Casualty Co. Ltd., Class H		23,513		38,460

Ping An Bank Co. Ltd., Class A		6,016		9,512

Ping An Insurance Group Co. of China Ltd., Class A		4,223		29,174

Ping An Insurance Group Co. of China Ltd., Class H		44,630		263,711

Piotech, Inc., Class A		370		9,031

Poly Developments and Holdings Group Co. Ltd., Class A		6,274		7,485

Pop Mart International Group Ltd., 144A		3,818		51,159

Postal Savings Bank of China Co. Ltd., Class A		3,272		2,387

Postal Savings Bank of China Co. Ltd., Class H, 144A		40,065		25,400

Qi An Xin Technology Group, Inc., Class A *		1,549		8,152

Qifu Technology, Inc., ADR		448		17,956

Qinghai Salt Lake Industry Co. Ltd., Class A *		2,321		5,251

Quzhou Xin’an Development Co. Ltd., Class A *		14,709		6,031

Range Intelligent Computing Technology Group Co. Ltd., Class A		1,072		9,114

Raytron Technology Co. Ltd., Class A		543		3,995

Rockchip Electronics Co. Ltd., Class A		418		9,056

Ruijie Networks Co. Ltd., Class A		530		5,391

Sanan Optoelectronics Co. Ltd., Class A		3,818		6,413

Sangfor Technologies, Inc., Class A		782		10,944

SDIC Capital Co. Ltd., Class A		7,377		7,182

Sealand Securities Co. Ltd., Class A		5,224		2,944

SenseTime Group, Inc., Class B, 144A *		202,664		42,740

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Seres Group Co. Ltd., Class A		769		12,813

SG Micro Corp., Class A		623		7,550

Shandong Gold Mining Co. Ltd., Class A		1,201		3,842

Shandong Gold Mining Co. Ltd., Class H, 144A		4,144		7,695

Shandong Hi-speed Co. Ltd., Class A		4,108		5,735

Shandong Pharmaceutical Glass Co. Ltd., Class A		1,940		6,209

Shandong Publishing & Media Co. Ltd., Class A		3,320		4,598

Shandong Sinocera Functional Material Co. Ltd., Class A		1,317		3,328

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		15,751		10,269

Shanghai Aiko Solar Energy Co. Ltd., Class A *		3,874		6,991

Shanghai Baosight Software Co. Ltd., Class A		2,356		10,561

Shanghai Baosight Software Co. Ltd., Class B		5,426		9,653

Shanghai Belling Co. Ltd., Class A		900		4,484

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		355		9,250

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,751		6,000

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		6,576		12,870

Shanghai Fudan Microelectronics Group Co. Ltd., Class A		1,060		6,175

Shanghai Fudan Microelectronics Group Co. Ltd., Class H		2,832		8,212

Shanghai International Airport Co. Ltd., Class A		1,737		7,739

Shanghai International Port Group Co. Ltd., Class A		7,960		6,069

Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,376		5,017

Shanghai Junshi Biosciences Co. Ltd., Class A *		2,027		8,464

Shanghai Junshi Biosciences Co. Ltd., Class H, 144A *		4,322		8,359

Shanghai Lingang Holdings Corp. Ltd., Class A		4,041		5,320

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		4,258		5,185

Shanghai M&G Stationery, Inc., Class A		1,031		3,903

Shanghai Moons’ Electric Co. Ltd., Class A		510		5,395

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,336		5,053


	Number of Shares		Value $

Shanghai Pudong Development Bank Co. Ltd., Class A		10,783		15,038

Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,068		2,510

Shanghai RAAS Blood Products Co. Ltd., Class A		7,052		6,537

Shanghai Rural Commercial Bank Co. Ltd., Class A		2,542		2,782

Shanghai United Imaging Healthcare Co. Ltd., Class A		699		12,935

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		5,497		4,259

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		2,529		8,972

Shanghai Zhonggu Logistics Co. Ltd., Class A		4,290		5,241

Shanjin International Gold Co. Ltd., Class A		3,002		6,636

Shanxi Securities Co. Ltd., Class A		8,109		6,683

Shengyi Technology Co. Ltd., Class A		1,205		4,754

Shennan Circuits Co. Ltd., Class A		264		4,738

Shenwan Hongyuan Group Co. Ltd., Class A		10,876		7,606

Shenwan Hongyuan Group Co. Ltd., Class H, 144A		29,782		9,038

Shenzhen Capchem Technology Co. Ltd., Class A		506		2,505

Shenzhen Expressway Corp. Ltd., Class A		3,500		5,711

Shenzhen Expressway Corp. Ltd., Class H		8,139		6,887

Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		4,470		7,570

Shenzhen Goodix Technology Co. Ltd., Class A		710		7,903

Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A *		1,751		2,720

Shenzhen Inovance Technology Co. Ltd., Class A		1,381		13,663

Shenzhen Kaifa Technology Co. Ltd., Class A		222		610

Shenzhen Kangtai Biological Products Co. Ltd., Class A		3,404		7,011

Shenzhen Longsys Electronics Co. Ltd., Class A		410		5,751

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		637		22,092

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		1,003		8,527

Shenzhen Overseas Chinese Town Co. Ltd., Class A *		8,956		3,033

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,656		6,751

Shenzhen SC New Energy Technology Corp., Class A		736		6,420

Shenzhen Sunlord Electronics Co. Ltd., Class A		1,114		4,554

Shenzhen Transsion Holdings Co. Ltd., Class A		486		6,177

Shenzhou International Group Holdings Ltd.		5,786		42,261

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,913		7,458

Sichuan Chuantou Energy Co. Ltd., Class A		4,093		8,402

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,135		4,591

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. *		276		8,199

Silergy Corp.		2,393		33,001

Sinocelltech Group Ltd., Class A*		980		5,425

Sinolink Securities Co. Ltd., Class A		6,033		7,048

Sinomine Resource Group Co. Ltd., Class A		1,126		5,242

Sinopharm Group Co. Ltd., Class H		4,880		12,287

Skshu Paint Co. Ltd., Class A		773		4,977

Songcheng Performance Development Co. Ltd., Class A		4,186		4,994

Sonoscape Medical Corp., Class A		1,600		6,415

SooChow Securities Co. Ltd., Class A		6,994		7,663

Southwest Securities Co. Ltd., Class A		12,259		7,481

Spring Airlines Co. Ltd., Class A		359		2,647

StarPower Semiconductor Ltd., Class A		570		6,943

Sungrow Power Supply Co. Ltd., Class A		1,198		11,647

Sunny Optical Technology Group Co. Ltd.		3,198		35,634

Sunresin New Materials Co. Ltd., Class A		527		3,365

SUPCON Technology Co. Ltd., Class A		1,049		7,812

Suzhou Maxwell Technologies Co. Ltd., Class A		393		5,383

Suzhou TFC Optical Communication Co. Ltd., Class A		600		7,279

TAL Education Group, ADR *		2,011		25,982

Talkweb Information System Co. Ltd., Class A *		2,460		11,301

TangShan Port Group Co. Ltd., Class A		9,664		5,420


	Number of Shares		Value $

Tasly Pharmaceutical Group Co. Ltd., Class A		4,347		8,727

Tencent Holdings Ltd.		41,349		2,544,799

Tencent Music Entertainment Group, ADR		4,372		53,295

Thunder Software Technology Co. Ltd., Class A		616		5,202

Tianfeng Securities Co. Ltd., Class A *		12,569		7,808

Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		1,010		4,154

Tianshui Huatian Technology Co. Ltd., Class A		2,327		3,504

Titan Wind Energy Suzhou Co. Ltd., Class A		2,160		2,141

Tongcheng Travel Holdings Ltd.		8,997		20,108

TongFu Microelectronics Co. Ltd., Class A		112		438

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		3,684		3,764

Topchoice Medical Corp., Class A		1,484		8,813

Topsports International Holdings Ltd., 144A		24,079		10,435

TravelSky Technology Ltd., Class H		9,515		13,190

Tsinghua Tongfang Co. Ltd., Class A *		5,972		6,977

Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,100		9,299

Unisplendour Corp. Ltd., Class A		1,590		6,445

Venustech Group, Inc., Class A		1,642		3,825

Verisilicon Microelectronics Shanghai Co. Ltd., Class A *		611		6,368

Victory Giant Technology Huizhou Co. Ltd., Class A		700		4,900

Vipshop Holdings Ltd., ADR		1,614		25,372

Walvax Biotechnology Co. Ltd., Class A		3,906		6,251

Wanda Film Holding Co. Ltd., Class A *		4,836		7,295

Wangfujing Group Co. Ltd., Class A		2,414		4,376

Wangsu Science & Technology Co. Ltd., Class A		4,010		7,071

Weibo Corp., ADR		647		6,476

Weichai Power Co. Ltd., Class A		2,397		5,157

Weichai Power Co. Ltd., Class H		8,859		17,407

Weihai Guangwei Composites Co. Ltd., Class A		1,442		6,335

Western Securities Co. Ltd., Class A		3,242		3,632

Western Superconducting Technologies Co. Ltd., Class A		644		3,922

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Will Semiconductor Co. Ltd., Class A		465		9,042

Wingtech Technology Co. Ltd., Class A		575		2,732

Winner Medical Co. Ltd., Class A		751		3,988

Winning Health Technology Group Co. Ltd., Class A		6,474		9,792

WUS Printed Circuit Kunshan Co. Ltd., Class A		1,163		5,593

WuXi AppTec Co. Ltd., Class A		1,388		11,635

WuXi AppTec Co. Ltd., Class H, 144A		3,345		25,529

Wuxi Autowell Technology Co. Ltd., Class A		1,009		5,991

Wuxi Biologics Cayman, Inc., 144A *		31,360		90,533

WuXi XDC Cayman, Inc. *		1,836		7,590

Xiamen C & D, Inc., Class A		2,477		3,512

Xiamen Faratronic Co. Ltd., Class A		327		5,484

Xiaomi Corp., Class B, 144A *		65,474		436,549

XPeng, Inc., Class A *		9,170		94,100

Yadea Group Holdings Ltd., 144A		5,152		8,440

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		874		5,264

Yealink Network Technology Corp. Ltd., Class A		1,438		7,769

Yifeng Pharmacy Chain Co. Ltd., Class A		1,208		3,889

Yongan Futures Co. Ltd., Class A		1,460		2,519

Yonghui Superstores Co. Ltd., Class A *		2,877		2,103

Yonyou Network Technology Co. Ltd., Class A *		5,410		11,313

Youngor Fashion Co. Ltd., Class A		3,847		4,347

Yunnan Baiyao Group Co. Ltd., Class A		1,075		8,133

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		735		4,202

Yunnan Energy New Material Co. Ltd., Class A		982		4,401

Zai Lab Ltd., ADR * (b)		159		5,508

Zai Lab Ltd. *		5,154		17,630

Zangge Mining Co. Ltd., Class A		1,378		6,037

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		304		8,526

Zhaojin Mining Industry Co. Ltd., Class H		7,735		12,931

Zhejiang China Commodities City Group Co. Ltd., Class A		4,082		7,159

Zhejiang Chint Electrics Co. Ltd., Class A		1,347		4,317

Zhejiang Crystal-Optech Co. Ltd., Class A		1,700		5,914


	Number of Shares		Value $

Zhejiang Dahua Technology Co. Ltd., Class A		3,052		6,880

Zhejiang Dingli Machinery Co. Ltd., Class A		740		5,949

Zhejiang Expressway Co. Ltd., Class H		14,500		10,777

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,832		5,794

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		765		3,468

Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A *		7,742		6,869

Zhejiang Leapmotor Technology Co. Ltd., 144A *		3,720		16,767

Zhejiang NHU Co. Ltd., Class A		2,416		7,014

Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		4,400		4,555

Zhejiang Shuanghuan Driveline Co. Ltd., Class A		1,190		6,067

Zhejiang Supor Co. Ltd., Class A		366		2,660

Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		1,790		4,870

Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,443		3,797

Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,124		1,834

Zheshang Securities Co. Ltd., Class A		5,017		7,946

ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A *		4,327		6,466

Zhongfu Shenying Carbon Fiber Co. Ltd., Class A		2,036		5,899

Zhongji Innolight Co. Ltd., Class A		560		7,746

Zhongsheng Group Holdings Ltd.		1,001		1,632

Zhongtai Securities Co. Ltd., Class A		7,822		6,768

Zhuhai Huafa Properties Co. Ltd., Class A		5,800		4,494

Zijin Mining Group Co. Ltd., Class A		4,685		9,861

Zijin Mining Group Co. Ltd., Class H		21,413		40,037

ZTO Express Cayman, Inc.		1,653		31,821

(Cost $12,677,947)				13,599,260

Colombia — 0.1%

Bancolombia SA		1,323		14,642

Interconexion Electrica SA ESP		2,067		10,371

(Cost $17,630)				25,013

Czech Republic — 0.0%

Komercni Banka AS

(Cost $17,245)		371		16,048

Egypt — 0.1%

Commercial International Bank - Egypt (CIB)		7,604		11,365

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

EFG Holding S.A.E. *		12,467		6,399

Talaat Moustafa Group		9,490		10,118

(Cost $31,345)				27,882

Greece — 0.3%

Athens International Airport SA		702		6,381

Eurobank Ergasias Services and

Holdings SA		5,695		14,825

Hellenic Telecommunications Organization SA		1,501		23,447

JUMBO SA		462		12,752

National Bank of Greece SA		4,098		38,033

Piraeus Financial Holdings SA		2,179		10,272

Terna Energy SA		569		11,835

(Cost $108,116)				117,545

Hong Kong — 0.7%

Beijing Enterprises Water Group Ltd.		17,789		5,193

BOC Hong Kong Holdings Ltd.		14,960		52,614

Brilliance China Automotive Holdings Ltd.		13,444		7,175

C&D International Investment Group Ltd.		6,306		12,520

China Medical System Holdings Ltd.		12,459		13,154

China Merchants Port Holdings Co. Ltd.		8,873		14,514

China Overseas Land & Investment Ltd.		28,852		53,426

China Resources Land Ltd.		13,277		44,390

China Ruyi Holdings Ltd. *		51,099		14,982

China State Construction International Holdings Ltd.		9,285		14,185

China Taiping Insurance Holdings Co. Ltd.		7,589		11,164

Far East Horizon Ltd.		20,404		15,454

NetEase Cloud Music, Inc., 144A *		719		14,950

Want Want China Holdings Ltd.		18,927		11,415

Yuexiu Property Co. Ltd.		18,914		12,842

(Cost $300,680)				297,978

Hungary — 0.2%

OTP Bank Nyrt		939		58,077

Richter Gedeon Nyrt		1,000		28,026

(Cost $81,591)				86,103

India — 15.9%

360 ONE WAM Ltd.		1,688		19,258

ABB India Ltd.		102		5,753

Adani Energy Solutions Ltd. *		1,620		12,050

Adani Green Energy Ltd. *		2,747		24,311

Adani Ports & Special Economic

Zone Ltd.		5,084		62,133

Adani Wilmar Ltd. *		1,346		3,786

Aditya Birla Capital Ltd. *		4,495		8,031


	Number of Shares		Value $

Alkem Laboratories Ltd.		218		11,575

Ambuja Cements Ltd.		1,631		8,666

APL Apollo Tubes Ltd.		827		13,600

Apollo Hospitals Enterprise Ltd.		727		50,286

Ashok Leyland Ltd.		4,955		12,058

Asian Paints Ltd.		1,801		44,864

Astral Ltd.		858		13,112

AU Small Finance Bank Ltd., 144A		2,775		17,940

Aurobindo Pharma Ltd. *		2,054		24,842

Avenue Supermarts Ltd., 144A *		1,086		42,246

Axis Bank Ltd., GDR		217		12,543

Axis Bank Ltd.		8,417		97,686

Bajaj Auto Ltd.		291		26,282

Bajaj Finance Ltd.		1,913		186,489

Bajaj Finserv Ltd.		2,884		61,708

Bajaj Holdings & Investment Ltd.		189		25,000

Bandhan Bank Ltd., 144A		3,293		5,313

Bank of Baroda		4,609		10,380

Bank of India		6,201		6,744

Bank of Maharashtra		7,914		4,197

Berger Paints India Ltd.		2,097		11,708

Bharti Airtel Ltd.		17,927		321,689

Biocon Ltd.		3,815		13,186

Bosch Ltd.		36		10,920

Britannia Industries Ltd.		534		28,044

BSE Ltd.		438		23,194

Canara Bank		6,380		5,899

CG Power & Industrial Solutions Ltd.*		3,507		22,949

Cholamandalam Investment and Finance Co. Ltd.		3,172		50,777

Cipla Ltd.		3,783		60,850

Coforge Ltd.		402		33,822

Colgate-Palmolive India Ltd.		1,024		28,842

Container Corp. Of India Ltd.		1,374		9,793

Coromandel International Ltd.		540		10,287

Cummins India Ltd.		845		26,246

Dabur India Ltd.		4,714		26,575

Deepak Nitrite Ltd.		569		12,038

Delhivery Ltd. *		2,913		8,317

Divi’s Laboratories Ltd.		925		57,932

Dixon Technologies India Ltd.		184		29,304

DLF Ltd.		2,959		21,492

Dr Reddy’s Laboratories Ltd.		5,203		66,387

Eicher Motors Ltd.		494		26,949

Embassy Office Parks REIT		5,907		24,588

Exide Industries Ltd.		2,617		10,402

Federal Bank Ltd.		10,015		20,329

Fortis Healthcare Ltd.		3,156		22,098

FSN E-Commerce Ventures Ltd.*		7,658		13,898

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

GE Vernova T&D India Ltd.		699		10,691

General Insurance Corp. of India, 144A		2,064		8,701

Gland Pharma Ltd., 144A		556		9,866

GlaxoSmithKline Pharmaceuticals Ltd.		546		15,446

Glenmark Pharmaceuticals Ltd.		1,412		20,638

GMR Airports Ltd. *		7,647		6,071

Godrej Consumer Products Ltd.		2,818		32,370

Godrej Properties Ltd. *		963		21,309

Grasim Industries Ltd.		731		19,270

Gujarat Fluorochemicals Ltd.		159		6,514

HCL Technologies Ltd.		7,422		133,595

HDFC Asset Management Co. Ltd., 144A		429		17,788

HDFC Bank Ltd.		23,340		462,086

HDFC Life Insurance Co. Ltd., 144A		4,222		29,360

Hero MotoCorp Ltd.		273		11,485

Hindalco Industries Ltd.		4,111		29,802

Hindustan Unilever Ltd.		6,240		156,189

Hindustan Zinc Ltd.		2,776		12,398

Hitachi Energy India Ltd.		85		10,961

Honeywell Automation India Ltd.		20		7,703

Housing & Urban Development Corp. Ltd.		4,217		7,958

ICICI Bank Ltd.		21,596		297,173

ICICI Lombard General Insurance Co. Ltd., 144A		1,136		21,952

ICICI Prudential Life Insurance Co. Ltd., 144A		1,520		9,582

IDFC First Bank Ltd. *		25,288		16,874

Indian Bank		1,313		7,665

Indian Railway Catering & Tourism Corp. Ltd.		2,037		15,619

Indian Railway Finance Corp. Ltd., 144A		14,059		18,062

Indian Renewable Energy Development Agency Ltd. *		5,035		8,977

Indus Towers Ltd. *		4,279		15,812

IndusInd Bank Ltd.		2,454		27,767

Info Edge India Ltd.		424		33,883

Infosys Ltd.		29,699		572,810

InterGlobe Aviation Ltd., 144A *		736		37,659

Jindal Stainless Ltd.		641		4,284

Jio Financial Services Ltd. *		22,879		54,282

JSW Steel Ltd.		2,940		31,942

Jubilant Foodworks Ltd.		2,315		16,564

Kalyan Jewellers India Ltd.		2,466		13,027

Kotak Mahindra Bank Ltd.		4,586		99,732

KPIT Technologies Ltd.		1,160		15,873

L&T Technology Services Ltd., 144A		241		12,485

Life Insurance Corp. Of India		1,372		11,611


	Number of Shares		Value $

Linde India Ltd.		159		10,770

Lloyds Metals & Energy Ltd.		616		7,188

LTIMindtree Ltd., 144A		547		29,168

Lupin Ltd.		2,114		46,014

Macrotech Developers Ltd., 144A		1,745		22,552

Mahindra & Mahindra Financial

Services Ltd.		4,992		15,437

Mahindra & Mahindra Ltd.		3,180		93,946

MakeMyTrip Ltd. *		365		35,135

Mankind Pharma Ltd. *		637		16,675

Marico Ltd.		2,643		18,141

Maruti Suzuki India Ltd.		523		71,399

Max Financial Services Ltd. *		1,046		11,931

Max Healthcare Institute Ltd.		3,378		37,759

Motilal Oswal Financial Services Ltd.		1,310		8,810

Mphasis Ltd.		580		14,895

Muthoot Finance Ltd.		684		16,672

Nestle India Ltd.		1,643		41,114

NHPC Ltd.		19,396		16,159

NMDC Ltd.		17,697		12,636

Oberoi Realty Ltd.		700		11,875

One 97 Communications Ltd. *		1,919		15,679

Oracle Financial Services Software Ltd.		153		13,575

Page Industries Ltd.		41		18,984

Patanjali Foods Ltd.		473		9,517

PB Fintech Ltd. *		1,871		31,295

Persistent Systems Ltd.		749		45,399

Phoenix Mills Ltd.		949		16,790

PI Industries Ltd.		374		12,882

Pidilite Industries Ltd.		712		21,627

Power Finance Corp. Ltd.		6,419		26,724

Power Grid Corp. of India Ltd.		19,211		55,073

Prestige Estates Projects Ltd.		1,209		15,566

Procter & Gamble Hygiene & Health Care Ltd.		95		14,702

Rail Vikas Nigam Ltd.		3,671		13,945

REC Ltd.		5,696		23,453

Samvardhana Motherson International Ltd.		11,407		15,459

SBI Cards & Payment Services Ltd.		1,745		16,727

SBI Life Insurance Co. Ltd., 144A		1,870		30,571

Schaeffler India Ltd.		207		7,242

Shriram Finance Ltd.		5,583		39,386

Siemens Ltd.		110		5,812

Sona Blw Precision Forgings Ltd., 144A		2,946		16,628

SRF Ltd.		837		26,739

State Bank of India		6,938		54,614

Sun Pharmaceutical Industries Ltd.		7,549		137,451

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Sundaram Finance Ltd.		432		22,403

Supreme Industries Ltd.		346		13,163

Suzlon Energy Ltd. *		80,565		45,768

Tata Communications Ltd.		900		13,911

Tata Consultancy Services Ltd.		8,421		335,214

Tata Consumer Products Ltd.		3,031		33,381

Tata Elxsi Ltd.		311		19,232

Tata Motors Ltd.		5,335		37,840

Tata Steel Ltd.		21,076		33,046

Tech Mahindra Ltd.		5,287		89,896

Thermax Ltd.		238		8,836

Titan Co. Ltd.		1,720		60,487

Torrent Pharmaceuticals Ltd.		749		25,235

Trent Ltd.		803		44,521

Tube Investments of India Ltd.		550		15,476

TVS Motor Co. Ltd.		900		22,890

UltraTech Cement Ltd.		330		38,197

Union Bank of India Ltd.		3,157		4,044

UNO Minda Ltd.		796		7,513

UPL Ltd.		2,478		17,924

Varun Beverages Ltd.		7,905		39,392

Vedant Fashions Ltd.		449		4,326

Vodafone Idea Ltd. *		231,751		19,996

Voltas Ltd.		1,410		21,272

Wipro Ltd.		24,126		76,552

Yes Bank Ltd. *		81,429		15,587

Zomato Ltd. *		39,432		100,085

Zydus Lifesciences Ltd.		1,992		19,956

(Cost $5,449,923)				6,593,463

Indonesia — 1.1%

Amman Mineral Internasional PT*		58,973		23,298

Barito Renewables Energy Tbk PT		114,089		42,147

GoTo Gojek Tokopedia Tbk PT *		5,753,825		26,028

Pantai Indah Kapuk Dua Tbk PT		10,913		7,240

PT Bank Central Asia Tbk		213,909		108,696

PT Bank Mandiri Persero Tbk		156,100		43,309

PT Bank Negara Indonesia Persero Tbk		20,163		4,901

PT Bank Rakyat Indonesia Persero Tbk		291,603		59,094

PT Barito Pacific Tbk		158,829		7,520

PT Chandra Asri Pacific Tbk		34,876		14,093

PT Charoen Pokphand Indonesia Tbk		17,917		4,528

PT Dayamitra Telekomunikasi		151,788		5,584

PT Indofood CBP Sukses Makmur Tbk		4,283		2,700

PT Indofood Sukses Makmur Tbk		8,566		3,681

PT Indosat Tbk		52,330		4,671

PT Kalbe Farma Tbk		99,750		6,498


	Number of Shares		Value $

PT Sarana Menara Nusantara Tbk		214,113		6,715

PT Sumber Alfaria Trijaya Tbk		98,254		13,037

PT Telkom Indonesia Persero Tbk		357,314		50,645

PT Unilever Indonesia Tbk		61,714		3,778

(Cost $651,540)				438,163

Ireland — 1.2%

PDD Holdings, Inc., ADR *

(Cost $572,980)		4,570		519,563

Kazakhstan — 0.0%

Solidcore Resources PLC * (a)

(Cost $548,412)		28,889		0

Kuwait — 0.7%

Agility Public Warehousing Co. KSC		7,771		6,870

Al Ahli Bank of Kuwait KSCP		9,586		10,058

Boubyan Bank KSCP		7,385		16,023

Burgan Bank SAK		9,628		7,046

Gulf Bank KSCP		16,913		18,841

Kuwait Finance House KSCP		31,239		81,031

Mabanee Co KPSC		5,232		14,012

Mobile Telecommunications Co. KSCP		17,338		27,568

National Bank of Kuwait SAKP		33,266		110,959

(Cost $244,589)				292,408

Malaysia — 1.1%

AMMB Holdings Bhd		12,400		16,005

Axiata Group Bhd		37,052		17,353

Celcomdigi Bhd		24,500		20,259

CIMB Group Holdings Bhd		30,004		52,511

Gamuda Bhd		31,958		31,224

Hong Leong Bank Bhd		3,500		16,784

IHH Healthcare Bhd		19,200		32,054

IJM Corp. Bhd		14,200		6,682

Inari Amertron Bhd		17,000		7,886

IOI Properties Group Bhd		12,600		5,393

Kuala Lumpur Kepong Bhd		1,200		5,545

Malayan Banking Bhd		18,156		43,615

Maxis Bhd		20,700		16,050

MR DIY Group M Bhd, 144A		11,750		3,634

Nestle Malaysia Bhd		219		4,144

PPB Group Bhd		4,400		10,590

Press Metal Aluminium Holdings Bhd		7,300		8,261

Public Bank Bhd		54,100		54,918

QL Resources Bhd		4,950		5,380

RHB Bank Bhd		10,036		15,540

Sime Darby Bhd		7,500		3,681

Sime Darby Property Bhd		21,200		6,651

Sunway Bhd		10,500		10,847

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Telekom Malaysia Bhd		20,600		31,529

TIME dotCom Bhd		9,900		11,337

United Plantations BHD		1,500		7,704

Westports Holdings Bhd		7,600		7,851

(Cost $384,321)				453,428

Mexico — 1.7%

America Movil SAB de CV, Series B		219,035		155,878

Arca Continental SAB de CV		3,317		34,300

Cemex SAB de CV, Series CPO		19,587		12,050

Coca-Cola Femsa SAB de CV		3,812		33,982

El Puerto de Liverpool SAB de CV, Class C1		2,205		10,845

Fibra Uno Administracion SA de CV REIT		25,825		28,040

Gruma SAB de CV, Class B		380		6,569

Grupo Aeroportuario del Pacifico SAB de CV, Class B *		1,870		35,291

Grupo Aeroportuario del Sureste SAB de CV, Class B		902		24,411

Grupo Bimbo SAB de CV, Series A		6,582		17,675

Grupo Carso SAB de CV, Series A1		1,955		11,339

Grupo Comercial Chedraui SA de CV		2,137		12,248

Grupo Financiero Banorte SAB de CV, Class O		11,843		83,555

Grupo Financiero Inbursa SAB de CV, Class O *		6,378		14,782

Grupo Mexico SAB de CV, Series B		13,403		63,086

Industrias Penoles SAB de CV *		639		9,788

Kimberly-Clark de Mexico SAB de CV, Class A		11,788		17,651

Prologis Property Mexico SA de CV REIT		7,455		23,607

Wal-Mart de Mexico SAB de CV		34,530		91,466

(Cost $825,393)				686,563

Netherlands — 0.0%

Nebius Group N.V., Class A * (a)

(Cost $1,831,428)		28,401		0

Philippines — 0.5%

Ayala Corp.		1,130		10,756

Ayala Land, Inc.		37,100		13,882

Bank of the Philippine Islands		10,384		22,257

BDO Unibank, Inc.		9,878		25,550

Globe Telecom, Inc.		365		14,312

International Container Terminal Services, Inc.		4,140		24,972

Jollibee Foods Corp.		2,600		11,531

Metropolitan Bank & Trust Co.		7,030		8,680

PLDT, Inc.		765		17,544

SM Investments Corp.		2,350		31,000


	Number of Shares		Value $

SM Prime Holdings, Inc.		59,100		22,726

(Cost $226,918)				203,210

Qatar — 0.6%

Al Rayan Bank		23,961		15,268

Commercial Bank PSQC		17,497		21,731

Dukhan Bank		14,451		14,594

Industries Qatar QSC		9,403		34,167

Mesaieed Petrochemical Holding Co.		8,310		3,262

Ooredoo QPSC		5,113		17,469

Qatar International Islamic Bank QSC		4,433		13,015

Qatar Islamic Bank QPSC		7,471		42,741

Qatar National Bank QPSC		18,431		84,030

(Cost $228,178)				246,277

Russia — 0.0%

Alrosa PJSC * (a)		246,725		0

GMK Norilskiy Nickel PAO * (a)		559,300		0

Mobile TeleSystems PJSC, ADR * (a)		25,457		0

Mobile TeleSystems PJSC * (a)		32,151		0

Novolipetsk Steel PJSC * (a)		121,611		0

PIK-Spetsializirovannyy Zastroyshchik PAO * (a)		21,692		0

Polyus PJSC * (a)		2,793		0

Sberbank of Russia PJSC * (a)		989,954		0

United Co. RUSAL International PJSC * (a)		255,320		0

(Cost $7,879,354)				0

Saudi Arabia — 2.1%

Advanced Petrochemical Co. *		800		5,717

Al Rajhi Bank		5,445		144,898

Al Rajhi Co. For Co.-Operative Insurance*		291		12,958

Alinma Bank		5,283		42,683

Almarai Co. JSC		1,926		29,170

Arab National Bank		5,038		29,097

Bank AlBilad		3,816		38,564

Bank Al-Jazira *		3,231		15,284

Banque Saudi Fransi		4,041		18,404

Bupa Arabia for Cooperative Insurance Co.		446		20,265

Co. for Cooperative Insurance		313		12,068

Dar Al Arkan Real Estate Development Co. *		3,983		18,990

Dr Sulaiman Al Habib Medical Services Group Co.		628		46,987

Etihad Etisalat Co.		2,264		37,429

Jarir Marketing Co.		5,012		16,919

Mouwasat Medical Services Co.		487		10,986

Nahdi Medical Co.		358		11,245

Riyad Bank		4,083		32,117

Riyadh Cables Group Co.		346		13,285

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

SABIC Agri-Nutrients Co.		1,010		29,194

Sahara International Petrochemical Co.		2,112		12,040

SAL Saudi Logistics Services		148		9,653

Saudi Awwal Bank		3,135		29,592

Saudi Basic Industries Corp.		2,897		47,893

Saudi Industrial Investment Group		3,293		14,664

Saudi Investment Bank		3,947		15,176

Saudi National Bank		12,360		115,351

Saudi Research & Media Group *		239		13,064

Savola Group *		272		2,578

Yanbu National Petrochemical Co.		1,789		16,672

(Cost $765,512)				862,943

Singapore — 0.6%

BOC Aviation Ltd., 144A		2,092		16,127

Trip.com Group Ltd. *		3,934		220,869

Trip.com Group Ltd., ADR *		42		2,381

(Cost $185,876)				239,377

South Africa — 2.9%

Absa Group Ltd.		5,796		58,648

Anglo American Platinum Ltd.		391		11,849

Aspen Pharmacare Holdings Ltd.		2,777		24,417

Bid Corp. Ltd.		2,407		58,369

Bidvest Group Ltd.		1,493		19,741

Capitec Bank Holdings Ltd.		415		68,696

Clicks Group Ltd.		1,882		34,916

Discovery Ltd.		2,590		28,859

FirstRand Ltd.		19,508		74,272

Gold Fields Ltd.		6,132		107,703

Harmony Gold Mining Co. Ltd.		2,775		26,929

Impala Platinum Holdings Ltd. *		3,113		14,772

Investec Ltd.		1,495		9,680

Mr Price Group Ltd.		1,258		16,579

MTN Group Ltd.		12,211		77,727

MultiChoice Group *		1,917		10,946

Naspers Ltd., Class N		1,452		346,625

Nedbank Group Ltd.		1,375		20,716

OUTsurance Group Ltd.		4,410		16,949

Pepkor Holdings Ltd., 144A		11,609		16,120

Sanlam Ltd.		10,767		50,031

Sibanye Stillwater Ltd. *		9,060		6,868

Standard Bank Group Ltd.		5,178		60,770

Vodacom Group Ltd.		4,532		28,538

Woolworths Holdings Ltd.		7,091		22,236

(Cost $1,237,405)				1,212,956

South Korea — 8.2%

Alteogen, Inc. *		175		46,295

Amorepacific Corp. *		257		20,589

AMOREPACIFIC Group *		481		6,971


	Number of Shares		Value $

BNK Financial Group, Inc.		740		5,645

Celltrion Pharm, Inc. *		295		10,950

Celltrion, Inc.		1,112		139,865

Cheil Worldwide, Inc.		588		7,183

CJ CheilJedang Corp.		3		486

CJ Corp.		48		3,376

CJ Logistics Corp.		17		1,088

CosmoAM&T Co. Ltd. *		197		7,205

Coway Co. Ltd.		269		14,894

DB HiTek Co. Ltd. *		94		2,776

DB Insurance Co. Ltd.		49		3,061

Dongsuh Cos., Inc.		52		835

Doosan Co. Ltd.		40		8,818

Doosan Enerbility Co. Ltd. *		1,205		20,922

Doosan Robotics, Inc. *		130		5,607

Ecopro BM Co. Ltd. *		168		13,666

Ecopro Co. Ltd.		604		25,681

Ecopro Materials Co. Ltd. *		195		11,570

E-MART, Inc.		85		4,422

Enchem Co. Ltd. *		117		8,406

F&F Co. Ltd. / New		131		6,349

Fila Holdings Corp.		331		8,474

Green Cross Corp.		69		5,919

Hana Financial Group, Inc.		1,988		80,857

Hanjin Kal Corp.		195		11,077

Hanmi Pharm. Co. Ltd.		70		11,484

Hanmi Science Co. Ltd.		314		6,042

Hanmi Semiconductor Co. Ltd.		267		17,065

Hanon Systems *		1,192		3,610

Hanwha Life Insurance Co. Ltd.		2,580		4,629

Hanwha Solutions Corp.		780		11,464

HLB, Inc. *		535		32,658

HMM Co. Ltd.		1,323		17,717

Hugel, Inc. *		54		11,701

HYBE Co. Ltd. *		178		31,332

Hyundai Autoever Corp.		102		9,183

Hyundai Engineering & Construction Co. Ltd.		295		6,755

Hyundai Glovis Co. Ltd.		148		13,162

Hyundai Mobis Co. Ltd.		375		62,931

Hyundai Motor Co.		532		70,187

Industrial Bank of Korea		1,502		16,007

JYP Entertainment Corp. *		286		16,481

Kakao Corp. *		2,153		63,505

KakaoBank Corp.		720		12,132

Kakaopay Corp. *		496		11,613

KB Financial Group, Inc.		2,566		137,342

KEPCO Engineering & Construction Co., Inc. *		199		8,652

KEPCO Plant Service & Engineering Co. Ltd. *		155		4,445

Kia Corp.		767		48,865

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

KIWOOM Securities Co. Ltd.		114		8,899

Korea Investment Holdings Co. Ltd.		365		19,861

Korea Zinc Co. Ltd.		36		18,284

Korean Air Lines Co. Ltd.		251		4,049

Krafton, Inc. *		214		50,249

KT Corp.		608		19,534

L&F Co. Ltd. *		52		2,805

LEENO Industrial, Inc.		84		11,972

LG Chem Ltd. *		214		34,304

LG Corp. *		29		1,318

LG Display Co. Ltd. *		832		5,204

LG Electronics, Inc.		389		20,980

LG Energy Solution Ltd. *		236		56,786

LG H&H Co. Ltd. *		33		7,207

LG Innotek Co. Ltd. *		104		11,545

LG Uplus Corp.		1,664		12,034

LigaChem Biosciences, Inc. *		194		14,587

Meritz Financial Group, Inc.		685		56,564

Mirae Asset Securities Co. Ltd.		2,587		15,456

NAVER Corp.		1,117		158,055

NCSoft Corp. *		126		14,651

Netmarble Corp., 144A		151		4,155

NH Investment & Securities Co. Ltd.		1,479		15,054

Orion Corp.		67		4,667

Pearl Abyss Corp. *		378		8,424

Posco DX Co. Ltd.		461		7,279

POSCO Future M Co. Ltd.		161		15,551

Rainbow Robotics *		74		17,325

S-1 Corp.		143		5,963

Sam Chun Dang Pharm Co. Ltd.		124		15,732

Samsung Biologics Co. Ltd., 144A *		125		95,359

Samsung C&T Corp.		330		27,408

Samsung Card Co. Ltd.		241		7,405

Samsung E&A Co. Ltd.		1,095		12,261

Samsung Electro-Mechanics Co. Ltd.		401		37,005

Samsung Electronics Co. Ltd.		19,499		726,431

Samsung Fire & Marine Insurance Co. Ltd.		152		39,743

Samsung Life Insurance Co. Ltd.		457		27,116

Samsung SDI Co. Ltd.		360		55,123

Samsung SDS Co. Ltd.		261		21,998

Samsung Securities Co. Ltd.		545		16,988

Samyang Foods Co. Ltd.		17		9,994

Shinhan Financial Group Co. Ltd.		3,067		96,125

SK Biopharmaceuticals Co. Ltd.*		303		23,612

SK Bioscience Co. Ltd. *		280		8,144

SK Hynix, Inc.		2,213		287,725


	Number of Shares		Value $

SK IE Technology Co. Ltd., 144A *		395		7,560

SK Square Co. Ltd. *		658		40,526

SK Telecom Co. Ltd.		468		17,915

SKC Co. Ltd. *		69		6,132

Soulbrain Co. Ltd. *		24		3,051

Woori Financial Group, Inc.		2,791		31,632

Yuhan Corp.		384		31,998

(Cost $3,356,890)				3,381,694

Taiwan — 19.8%

Accton Technology Corp.		3,605		73,940

Acer, Inc.		17,744		21,171

Advantech Co. Ltd.		3,323		41,117

Airtac International Group		668		19,747

Alchip Technologies Ltd.		469		46,954

ASE Technology Holding Co. Ltd.		25,349		132,104

Asia Vital Components Co. Ltd.		1,993		32,617

ASMedia Technology, Inc.		337		21,106

ASPEED Technology, Inc.		228		24,945

Asustek Computer, Inc.		4,995		103,820

AUO Corp. *		35,814		16,645

Catcher Technology Co. Ltd.		3,425		21,555

Cathay Financial Holding Co. Ltd.		70,356		146,662

Chailease Holding Co. Ltd.		11,714		44,982

Chang Hwa Commercial Bank Ltd.		21,281		11,771

Chicony Electronics Co. Ltd.		5,000		24,762

China Airlines Ltd.		173		125

China Steel Corp.		40,752		30,242

Chroma ATE, Inc.		2,165		22,401

Chunghwa Telecom Co. Ltd.		27,794		108,423

Compal Electronics, Inc.		6,000		7,095

CTBC Financial Holding Co. Ltd.		121,842		151,316

Delta Electronics, Inc.		13,303		162,981

E Ink Holdings, Inc.		5,667		47,581

E.Sun Financial Holding Co. Ltd.		109,232		97,040

Eclat Textile Co. Ltd.		1,767		29,349

Elite Material Co. Ltd.		1,868		35,979

eMemory Technology, Inc.		417		37,427

Eva Airways Corp.		7,009		9,185

Evergreen Marine Corp. Taiwan Ltd.		3,893		25,627

Far Eastern New Century Corp.		11,899		11,677

Far EasTone Telecommunications Co. Ltd.		12,556		34,401

Feng TAY Enterprise Co. Ltd.		3,833		16,120

First Financial Holding Co. Ltd.		71,676		60,399

Formosa Chemicals & Fibre Corp.		8,172		7,397

Formosa Plastics Corp.		20,573		24,327

Fortune Electric Co. Ltd.		1,275		24,480

Foxconn Technology Co. Ltd.		3,780		8,790

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Fubon Financial Holding Co. Ltd.		60,639		170,575

Giant Manufacturing Co. Ltd.		2,630		12,664

Gigabyte Technology Co. Ltd.		2,418		19,049

Global Unichip Corp.		540		22,053

Globalwafers Co. Ltd.		1,657		19,089

Gold Circuit Electronics Ltd.		2,441		16,515

Highwealth Construction Corp.		12,974		17,516

Hon Hai Precision Industry Co. Ltd.		46,499		246,578

Hotai Motor Co. Ltd.		1,509		28,513

Hua Nan Financial Holdings Co. Ltd.		58,270		49,457

Innolux Corp. *		36,890		16,752

International Games System Co. Ltd.		1,559		46,657

Inventec Corp.		24,205		34,302

Jentech Precision Industrial Co. Ltd.		735		30,016

KGI Financial Holding Co. Ltd.		109,152		60,709

King Slide Works Co. Ltd.		561		34,023

King Yuan Electronics Co. Ltd.		5,770		18,904

Largan Precision Co. Ltd.		436		35,877

Lite-On Technology Corp.		12,794		41,721

Lotes Co. Ltd.		642		32,381

MediaTek, Inc.		6,351		293,235

Mega Financial Holding Co. Ltd.		80,652		97,458

Micro-Star International Co. Ltd.		5,101		28,760

Minth Group Ltd. *		1,421		3,700

momo.com, Inc.		577		6,796

Nan Ya Plastics Corp.		20,651		21,241

Nan Ya Printed Circuit Board Corp.		1,724		7,146

Nanya Technology Corp. *		11,264		13,268

Nien Made Enterprise Co. Ltd.		1,366		18,567

Novatek Microelectronics Corp.		2,690		44,680

Pegatron Corp.		11,440		33,122

PharmaEssentia Corp. *		1,910		37,021

Phison Electronics Corp.		765		13,033

Pou Chen Corp.		10,870		12,721

Powerchip Semiconductor Manufacturing Corp. *		16,796		9,393

Powertech Technology, Inc.		3,183		12,417

Quanta Computer, Inc.		16,404		125,233

Realtek Semiconductor Corp.		2,018		33,825

Ruentex Development Co. Ltd.		13,362		17,307

Ruentex Industries Ltd.		5,426		11,460

Shanghai Commercial & Savings Bank Ltd.		27,629		37,049

Shihlin Electric & Engineering Corp.		10		57

Shin Kong Financial Holding Co. Ltd.*		121,592		46,135

Sino-American Silicon Products, Inc.		3,863		14,834


	Number of Shares		Value $

SinoPac Financial Holdings Co. Ltd.		105,651		73,251

Synnex Technology International Corp.		2,862		6,149

Taishin Financial Holding Co. Ltd.		62,700		33,249

Taiwan Business Bank		34,101		16,265

Taiwan Cooperative Financial Holding Co. Ltd.		45,209		33,825

Taiwan Fertilizer Co. Ltd.		850		1,388

Taiwan High Speed Rail Corp.		21,127		17,706

Taiwan Mobile Co. Ltd.		13,389		46,721

Taiwan Semiconductor Manufacturing Co. Ltd.		118,404		3,752,843

Tatung Co. Ltd. *		10,821		14,115

Tripod Technology Corp.		1,980		12,581

Unimicron Technology Corp.		7,587		27,284

Uni-President Enterprises Corp.		18,063		44,865

United Microelectronics Corp.		79,338		105,663

Vanguard International Semiconductor Corp.		7,826		23,851

VisEra Technologies Co. Ltd.		1,090		9,617

Voltronic Power Technology Corp.		457		22,911

Wan Hai Lines Ltd.		5,596		14,326

Winbond Electronics Corp. *		13,923		7,935

Wistron Corp.		18,601		63,491

Wiwynn Corp.		778		46,591

WPG Holdings Ltd.		2,861		6,191

WT Microelectronics Co. Ltd.		4,402		14,757

Yageo Corp.		2,137		36,862

Yang Ming Marine Transport Corp.		6,528		14,503

Yuanta Financial Holding Co. Ltd.		78,697		87,901

Yulon Finance Corp.		3,469		12,634

Yulon Motor Co. Ltd.		3,396		5,170

Zhen Ding Technology Holding Ltd.		5,075		18,173

(Cost $5,074,944)				8,198,887

Thailand — 1.3%

Advanced Info Service PCL, NVDR		7,500		60,575

Airports of Thailand PCL, NVDR		21,200		26,831

Asset World Corp. PCL, NVDR		80,300		6,861

Bangkok Dusit Medical Services PCL, NVDR		83,000		58,778

Bangkok Expressway & Metro PCL, NVDR		51,900		9,720

BTS Group Holdings PCL, NVDR *		63,500		10,778

Bumrungrad Hospital PCL, NVDR		4,200		24,028

Carabao Group PCL, NVDR		2,900		5,749

Central Pattana PCL, NVDR		15,600		22,483

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Central Retail Corp. PCL, NVDR		24,500		24,018

Charoen Pokphand Foods PCL, NVDR		5,000		3,570

Com7 PCL, NVDR		12,900		8,267

CP AXTRA PCL		10,990		9,246

Delta Electronics Thailand PCL, NVDR		31,600		71,435

Home Product Center PCL, NVDR		54,100		13,378

Intouch Holdings PCL, NVDR		6,700		15,538

Kasikornbank PCL, NVDR		1,700		7,537

Krung Thai Bank PCL, NVDR		11,600		7,638

Krungthai Card PCL, NVDR		8,900		12,892

Land & Houses PCL, NVDR		83,500		10,800

Minor International PCL, NVDR		27,083		22,984

Muangthai Capital PCL, NVDR		8,900		12,241

Ngern Tid Lor PCL, NVDR		21,414		10,841

Osotspa PCL, NVDR		8,900		3,881

SCB X PCL, NVDR		4,300		15,351

Siam Cement PCL		200		746

Siam Global House PCL, NVDR		8,731		2,018

Srisawad Corp. PCL, NVDR		7,580		7,653

Thai Life Insurance PCL, NVDR		28,400		9,308

Tisco Financial Group PCL, NVDR		2,400		6,900

TMBThanachart Bank PCL, NVDR		184,577		10,371

True Corp. PCL, NVDR *		87,469		29,436

WHA Corp. PCL, NVDR		31,500		3,171

(Cost $654,609)				545,023

Turkey — 0.7%

Agesa Hayat ve Emeklilik AS		987		3,865

Agrotech Yueksek Teknoloji VE Yatirim AS *		17,027		4,163

Akbank TAS		7,200		13,267

Akfen Yenilenebilir Enerji AS *		7,183		3,365

Anadolu Anonim Turk Sigorta Sirketi*		931		2,733

Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		1,742		5,213

Aydem Yenilenebilir Enerji AS		3,605		1,988

Bera Holding AS *		4,773		2,199

BIM Birlesik Magazalar AS		2,696		37,352

Borusan Yatirim ve Pazarlama AS		100		4,838

Bosch Fren Sistemleri Sanayi ve Ticaret AS *		262		4,380

Celebi Hava Servisi AS		61		3,335

Coca-Cola Icecek AS		4,868		7,098

DAP Gayrimenkul Gelistirme AS, Class C *		27,353		5,842

Deva Holding AS		2,253		4,179


	Number of Shares		Value $

Dogus Otomotiv Servis Ve Ticaret AS		983		4,656

Eczacibasi Yatirim Holding Ortakligi AS		244		1,232

Ege Endustri Ve Ticaret AS		4		969

Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		4,289		5,158

Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT *		13,656		5,384

Girsim Elektrik Sanayi Taahut Ve Ticaret AS *		2,166		2,811

Haci Omer Sabanci Holding AS		6,614		17,530

Hektas Ticaret TAS *		35,400		3,218

Is Gayrimenkul Yatirim Ortakligi AS REIT *		9,244		4,333

Is Yatirim Menkul Degerler AS		5,715		6,450

Kontrolmatik Enerji Ve Muhendislik AS		1,546		1,270

Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A		2,377		4,338

MIA Teknoloji AS *		4,375		3,857

MLP Saglik Hizmetleri AS, 144A *		766		7,493

Pegasus Hava Tasimaciligi AS *		964		6,307

Reeder Teknoloji Sanayi VE Ticaret AS *		16,744		5,424

Sasa Polyester Sanayi AS *		61,237		5,919

Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS *		3,360		3,329

TAB Gida Sanayi Ve Ticaret AS		872		3,880

TAV Havalimanlari Holding AS *		1,352		9,232

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		2,723		4,007

Turk Altin Isletmeleri AS *		10,215		6,265

Turk Hava Yollari AO *		1,634		13,791

Turk Telekomunikasyon AS *		4,503		5,943

Turkcell Iletisim Hizmetleri AS		9,797		27,012

Turkiye Is Bankasi AS, Class C		21,517		8,937

Turkiye Sigorta AS		12,387		5,518

Turkiye Sinai Kalkinma Bankasi AS*		10,679		3,611

Ziraat Gayrimenkul Yatirim Ortakligi AS		16,004		8,006

(Cost $319,360)				289,697

United Arab Emirates — 2.5%

Abu Dhabi Commercial Bank PJSC		12,433		38,727

Abu Dhabi Islamic Bank PJSC		6,305		29,184

Aldar Properties PJSC		16,487		40,087

Alpha Dhabi Holding PJSC		10,241		30,338

Borouge PLC		18,719		13,456

Dubai Islamic Bank PJSC		12,477		26,261

Emaar Development PJSC		4,424		15,539

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Emaar Properties PJSC		26,948		99,421

Emirates NBD Bank PJSC		9,874		59,416

Emirates Telecommunications Group Co. PJSC		24,495		111,247

First Abu Dhabi Bank PJSC		19,412		75,265

International Holding Co. PJSC *		4,082		447,912

Modon Holding PSC *		22,762		18,841

Pure Health Holding PJSC *		19,755		16,997

(Cost $612,510)				1,022,691

United States — 0.3%

BeiGene Ltd. *		3,306		70,869

BeiGene Ltd., ADR *		107		29,083

BeiGene Ltd., Class A *		197		6,440

Parade Technologies Ltd.		529		10,995

(Cost $99,063)				117,387

TOTAL COMMON STOCKS

(Cost $45,747,036)				40,677,986

PREFERRED STOCKS — 1.1%

Brazil — 0.5%

Banco Bradesco SA		22,330		42,769

Centrais Eletricas Brasileiras SA, Class B		2,065		14,768

Companhia Paranaense de Energia, Class B		8,781		14,769

Itau Unibanco Holding SA		21,271		115,770

Itausa SA		26,005		38,951

Klabin SA		2		1

(Cost $225,772)				227,028

Chile — 0.1%

Sociedad Quimica y Minera de Chile SA, Class B

(Cost $30,042)		716		27,521

Colombia — 0.1%

Bancolombia SA

(Cost $21,676)		3,145		32,673

Russia — 0.0%

Sberbank of Russia PJSC * (a)

(Cost $275,893)		71,636		0

South Korea — 0.4%

Doosan Co. Ltd.		76		7,445

Hyundai Motor Co.		62		6,336

Hyundai Motor Co. - 2nd Preferred		142		15,045

LG Chem Ltd. *		48		3,724

Samsung Electronics Co. Ltd.		4,582		140,006

Yuhan Corp.		74		5,514

(Cost $211,403)				178,070

TOTAL PREFERRED STOCKS
(Cost $764,786)				465,292


	Number of Shares	Value $

RIGHTS — 0.0%

Brazil — 0.0%

Itausa SA* , expires 4/18/25
(Cost $0)	358		128

WARRANTS — 0.0%

Thailand — 0.0%

BTS Group Holdings PCL* , expires 11/20/26	800		1

Energy Absolute NVDR* (a), expires 12/31/28	5,767		106

(Cost $0)			107

TOTAL WARRANTS
(Cost $0)			107

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d) (Cost $247)	247		247

CASH EQUIVALENTS — 0.4%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c) (Cost $150,737)	150,737		150,737

TOTAL INVESTMENTS — 99.7%

(Cost $46,662,806)			41,294,497

Other assets and liabilities, net — 0.3%			135,956

NET ASSETS — 100.0%			41,430,453

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

89,242		—		(88,995	) (e)		—		—		831		—		247		247

CASH EQUIVALENTS — 0.4%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

2,308,436		10,973,164		(13,130,863	)		—		—		35,910		—		150,737		150,737

2,397,678		10,973,164		(13,219,858	)		—		—		36,741		—		150,984		150,984

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

(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 28, 2025 amounted to $241, which is 0.0% 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 28, 2025.

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

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 28, 2025, 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

USD

275,920

274,125

3/21/2025

(1,795

)

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.

DBX ETF Trust | 21

Schedule of Investments

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

February 28, 2025 (Unaudited)

Fair Value Measurements


Assets		Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	40,647,074		$	—	$	30,912	$	40,677,986

Preferred Stocks (a)		465,292			—		—		465,292

Rights		—			128		—		128

Warrants		1			—		106		107

Short-Term Investments (a)		150,984			—		—		150,984

TOTAL	$	41,263,351		$	128	$	31,018	$	41,294,497

Liabilities		Level 1			Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$		(1,795)	$	—	$	—	$	(1,795	)

TOTAL	$		(1,795)	$	—	$	—	$	(1,795	)

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

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

During the period ended February 28, 2025, the amount of transfers from Level 3 to Level 1 was $91,314. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. The amount of transfers from Level 1 to Level 3 was $57,931. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.4%

Australia — 5.6%

ANZ Group Holdings Ltd.		18,654		345,564

APA Group (a)		8,246		37,843

Aristocrat Leisure Ltd.		3,492		156,565

ASX Ltd.		1,218		50,732

BlueScope Steel Ltd.		2,734		41,245

Brambles Ltd.		8,463		109,991

CAR Group Ltd.		2,409		55,577

Cochlear Ltd.		419		67,447

Coles Group Ltd.		8,706		108,168

Computershare Ltd.		3,317		84,714

CSL Ltd.		3,055		495,019

Fortescue Ltd.		10,775		110,624

Goodman Group REIT		12,710		247,465

GPT Group REIT		11,589		33,223

Macquarie Group Ltd.		2,250		317,036

Northern Star Resources Ltd.		7,391		78,869

QBE Insurance Group Ltd.		9,549		127,846

REA Group Ltd.		345		51,095

Suncorp Group Ltd.		6,910		86,413

Transurban Group (a)		19,000		155,369

WiseTech Global Ltd.		1,158		64,449

Woodside Energy Group Ltd.		12,095		186,302

(Cost $2,852,581)				3,011,556

Austria — 0.1%

OMV AG		946		41,735

Verbund AG		447		33,843

(Cost $86,634)				75,578

Belgium — 0.4%

Ageas SA/NV		894		48,952

KBC Group NV		1,448		125,865

Lotus Bakeries NV		3		27,113

(Cost $174,766)				201,930

Chile — 0.1%

Antofagasta PLC

(Cost $48,667)		2,436		53,171

Denmark — 5.1%

A.P. Moller — Maersk A/S, Class A		21		36,430

A.P. Moller — Maersk A/S, Class B		26		45,594

Coloplast A/S, Class B		810		86,299

DSV A/S		1,294		260,482

Genmab A/S *		403		90,397

Novo Nordisk A/S, Class B		20,207		1,816,147

Novonesis (Novozymes) B, Class B		2,225		134,786

Orsted AS, 144A *		1,041		45,758

Pandora A/S		509		89,969

ROCKWOOL A/S, Class B		61		24,074


	Number of Shares		Value $

Tryg A/S		2,035		44,554

Vestas Wind Systems A/S *		6,337		89,608

(Cost $2,167,783)				2,764,098

Finland — 1.3%

Elisa OYJ		902		41,594

Kesko OYJ, Class B		1,778		33,765

Kone OYJ, Class B		2,110		118,937

Metso Corp.		3,889		43,115

Neste OYJ		2,703		24,170

Nokia OYJ		31,717		152,872

Orion OYJ, Class B		691		38,936

Sampo OYJ, Class A		15,127		133,030

Stora Enso OYJ, Class R		3,627		39,098

UPM-Kymmene OYJ		3,388		99,152

(Cost $807,099)				724,669

France — 11.5%

Aeroports de Paris SA		226		23,187

AXA SA		11,184		435,478

BNP Paribas SA		6,405		485,335

Bouygues SA		1,188		40,822

Carrefour SA		3,408		45,385

Cie Generale des Etablissements Michelin SCA		4,278		151,982

Covivio SA REIT		350		19,146

Credit Agricole SA		6,851		114,072

Danone SA		4,078		292,044

Dassault Systemes SE		4,193		165,620

Eiffage SA		412		41,383

Eurazeo SE		271		21,434

Gecina SA REIT		289		27,216

Getlink SE		1,930		32,055

Hermes International SCA		200		569,296

Kering SA		459		129,412

L’Oreal SA		1,500		550,680

LVMH Moet Hennessy Louis Vuitton SE		1,724		1,245,928

Publicis Groupe SA		1,436		142,624

Rexel SA		1,341		36,344

Schneider Electric SE		3,442		837,467

TotalEnergies SE		13,579		815,979

(Cost $5,613,218)				6,222,889

Germany — 4.9%

adidas AG		1,072		274,484

Beiersdorf AG		631		86,788

Commerzbank AG		6,044		129,550

Covestro AG *		1,189		73,328

CTS Eventim AG & Co. KGaA		394		43,271

Deutsche Boerse AG		1,176		307,228

Deutsche Lufthansa AG		3,843		27,601

Evonik Industries AG		1,586		31,603

GEA Group AG		955		55,321

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Heidelberg Materials AG		851		128,508

Henkel AG & Co. KGaA		662		50,706

Infineon Technologies AG		8,246		304,528

Knorr-Bremse AG		453		39,338

LEG Immobilien SE		485		40,463

Merck KGaA		808		114,326

MTU Aero Engines AG		333		115,671

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		843		479,215

Puma SE		681		20,418

Scout24 SE, 144A		460		45,137

Symrise AG		825		83,329

Vonovia SE		4,625		144,060

Zalando SE, 144A *		1,434		51,825

(Cost $2,129,352)				2,646,698

Hong Kong — 2.3%

AIA Group Ltd.		67,551		515,981

CK Infrastructure Holdings Ltd.		4,060		27,853

Hang Seng Bank Ltd.		4,837		67,798

Hong Kong & China Gas Co. Ltd.		71,739		57,196

Hong Kong Exchanges & Clearing Ltd.		7,541		339,401

MTR Corp. Ltd.		10,104		33,002

Prudential PLC		16,536		151,454

Sino Land Co. Ltd.		26,309		26,355

Swire Pacific Ltd., Class A		2,280		18,926

(Cost $1,423,708)				1,237,966

Ireland — 0.8%

AerCap Holdings NV		1,216		125,370

DCC PLC		644		43,464

James Hardie Industries PLC CDI *		2,709		85,257

Kerry Group PLC, Class A		929		97,872

Kingspan Group PLC		983		80,814

(Cost $409,200)				432,777

Israel — 0.1%

Nice Ltd. *

(Cost $72,094)		395		57,397

Italy — 2.5%

Enel SpA		50,514		370,842

FinecoBank Banca Fineco SpA		3,886		72,584

Generali		5,984		197,529

Infrastrutture Wireless Italiane SpA, 144A		1,814		18,262

Intesa Sanpaolo SpA		94,900		467,128

Mediobanca Banca di Credito Finanziario SpA		3,130		55,827

Moncler SpA		1,494		102,735

Nexi SpA, 144A *		2,610		13,735

Poste Italiane SpA, 144A		2,888		46,630


	Number of Shares		Value $

Telecom Italia SpA *		63,787		17,958

(Cost $1,116,884)				1,363,230

Japan — 24.4%

Aeon Co. Ltd.		4,100		100,232

Ajinomoto Co., Inc.		2,800		111,576

ANA Holdings, Inc.		900		17,021

Asahi Kasei Corp.		7,800		52,873

Asics Corp.		4,000		88,497

Astellas Pharma, Inc.		11,300		109,029

Bandai Namco Holdings, Inc.		3,800		126,082

Bridgestone Corp.		3,600		139,466

Chugai Pharmaceutical Co. Ltd.		4,200		208,669

Concordia Financial Group Ltd.		6,200		35,918

Dai Nippon Printing Co. Ltd.		2,530		36,549

Daifuku Co. Ltd.		2,148		55,505

Daiichi Sankyo Co. Ltd.		11,000		251,614

Daikin Industries Ltd.		1,671		174,091

Daiwa House Industry Co. Ltd.		3,500		114,642

Daiwa Securities Group, Inc.		8,800		61,112

Denso Corp.		11,800		151,518

Eisai Co. Ltd.		1,608		45,979

ENEOS Holdings, Inc.		16,700		88,534

FANUC Corp.		6,025		172,280

Fast Retailing Co. Ltd.		1,200		362,082

Fuji Electric Co. Ltd.		850		37,228

FUJIFILM Holdings Corp.		7,050		141,660

Fujitsu Ltd.		11,010		210,344

Hankyu Hanshin Holdings, Inc.		1,300		33,886

Hitachi Ltd.		29,200		726,633

Hoya Corp.		2,199		255,294

Isuzu Motors Ltd.		3,600		47,122

ITOCHU Corp.		7,500		331,912

JFE Holdings, Inc.		3,700		45,988

Kao Corp.		2,984		128,235

KDDI Corp.		9,602		311,836

Kikkoman Corp.		4,300		41,475

Komatsu Ltd.		5,600		165,962

Konami Group Corp.		600		72,842

Kubota Corp.		6,100		74,907

LY Corp.		17,300		58,124

Marubeni Corp.		8,700		135,527

MatsukiyoCocokara & Co.		2,200		33,330

MEIJI Holdings Co. Ltd.		1,600		32,702

Mitsubishi Chemical Group Corp.		8,400		42,431

Mitsubishi Estate Co. Ltd.		6,700		97,747

Mitsui Fudosan Co. Ltd.		16,800		144,928

Mizuho Financial Group, Inc.		15,100		418,545

MS&AD Insurance Group Holdings, Inc.		8,100		168,240

NEC Corp.		1,500		143,983

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Nippon Paint Holdings Co. Ltd.		6,150		45,443

Nitori Holdings Co. Ltd.		492		50,654

Nitto Denko Corp.		4,450		86,463

Nomura Holdings, Inc.		18,800		120,763

Nomura Research Institute Ltd.		2,300		75,962

Obayashi Corp.		3,900		52,355

Omron Corp.		1,013		30,297

Oriental Land Co. Ltd.		6,825		139,765

ORIX Corp.		7,200		147,540

Osaka Gas Co. Ltd.		2,400		55,009

Pan Pacific International Holdings Corp.		2,500		65,994

Panasonic Holdings Corp.		14,700		181,781

Rakuten Group, Inc. *		9,700		59,264

Recruit Holdings Co. Ltd.		8,850		516,805

Renesas Electronics Corp.		10,600		173,355

Ricoh Co. Ltd.		3,500		37,730

Secom Co. Ltd.		2,700		92,219

Seiko Epson Corp.		1,700		28,564

Sekisui Chemical Co. Ltd.		2,500		42,379

Sekisui House Ltd.		3,800		85,484

Seven & i Holdings Co. Ltd.		14,100		200,607

SG Holdings Co. Ltd.		2,300		23,390

Shimadzu Corp.		1,440		37,841

Shin-Etsu Chemical Co. Ltd.		11,175		333,111

Shiseido Co. Ltd.		2,600		46,860

SoftBank Corp.		180,400		255,825

SoftBank Group Corp.		6,000		329,394

Sompo Holdings, Inc.		5,520		162,089

Sony Group Corp.		38,565		956,863

Subaru Corp.		3,800		69,434

Sumitomo Electric Industries Ltd.		4,500		78,193

Sumitomo Metal Mining Co. Ltd.		1,453		31,606

Sumitomo Mitsui Financial Group, Inc.		23,459		590,308

Sumitomo Mitsui Trust Holdings, Inc.		4,100		104,068

Sysmex Corp.		3,000		53,890

T&D Holdings, Inc.		3,200		66,572

TDK Corp.		12,425		130,768

TIS, Inc.		1,300		35,973

Tokio Marine Holdings, Inc.		11,200		393,685

Tokyo Electron Ltd.		2,815		413,298

Tokyo Gas Co. Ltd.		2,100		65,970

Tokyu Corp.		3,200		36,811

Toray Industries, Inc.		8,800		58,163

Unicharm Corp.		7,200		53,966

West Japan Railway Co.		2,800		55,333

Yamaha Motor Co. Ltd.		5,700		46,524

Yokogawa Electric Corp.		1,279		24,202

Zensho Holdings Co. Ltd.		600		30,200


	Number of Shares		Value $

ZOZO, Inc.		900		27,980

(Cost $11,051,322)				13,204,900

Luxembourg — 0.1%

Eurofins Scientific SE

(Cost $48,467)		816		40,998

Netherlands — 6.3%

Akzo Nobel NV		1,059		65,553

ASML Holding NV		2,474		1,746,011

ASR Nederland NV		971		51,320

ING Groep NV		19,744		352,031

JDE Peet’s NV		1,071		20,049

Koninklijke Ahold Delhaize NV		5,737		202,681

Koninklijke KPN NV		24,599		94,145

NN Group NV		1,650		83,707

Prosus NV *		8,549		373,332

QIAGEN NV *		1,339		51,288

Universal Music Group NV		5,225		145,903

Wolters Kluwer NV		1,495		229,489

(Cost $2,617,338)				3,415,509

New Zealand — 0.3%

Contact Energy Ltd.		4,930		25,553

Meridian Energy Ltd.		7,835		25,903

Xero Ltd. *		914		97,038

(Cost $128,087)				148,494

Norway — 1.1%

Aker BP ASA		2,002		41,398

DNB Bank ASA		5,681		130,865

Equinor ASA		5,349		122,456

Gjensidige Forsikring ASA		1,249		25,639

Mowi ASA		2,867		53,395

Norsk Hydro ASA		8,601		50,657

Orkla ASA		4,125		39,880

Salmar ASA		463		22,937

Telenor ASA		4,060		52,648

Yara International ASA		954		27,126

(Cost $601,235)				567,001

Portugal — 0.1%

Galp Energia SGPS SA		2,559		42,302

Jeronimo Martins SGPS SA		1,729		37,330

(Cost $64,166)				79,632

Singapore — 1.0%

CapitaLand Ascendas REIT		24,300		46,301

CapitaLand Integrated Commercial Trust REIT		38,765		56,618

CapitaLand Investment Ltd.		13,300		25,243

Grab Holdings Ltd., Class A *		14,468		70,170

Keppel Ltd.		9,600		48,826

Sembcorp Industries Ltd.		5,600		25,285

Singapore Exchange Ltd.		5,500		54,845

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

United Overseas Bank Ltd.		7,900		223,740

(Cost $464,000)				551,028

Spain — 2.1%

ACS Actividades de Construccion y Servicios SA		1,145		61,803

Amadeus IT Group SA		2,875		217,433

Banco de Sabadell SA		33,822		93,495

Cellnex Telecom SA, 144A *		3,344		119,774

Iberdrola SA		36,675		532,081

Redeia Corp. SA		2,555		45,916

Repsol SA		7,103		90,936

(Cost $975,910)				1,161,438

Sweden — 4.8%

Alfa Laval AB		1,840		79,616

Assa Abloy AB, Class B		6,139		188,314

Atlas Copco AB, Class A		16,898		287,665

Atlas Copco AB, Class B		9,773		145,615

Boliden AB		1,737		60,839

Epiroc AB, Class A		4,196		81,926

Epiroc AB, Class B		2,482		42,449

EQT AB		2,321		72,062

Essity AB, Class B		3,906		107,882

Evolution AB, 144A		974		74,671

H & M Hennes & Mauritz AB, Class B		3,623		48,649

Holmen AB, Class B		486		19,168

Nibe Industrier AB, Class B		9,710		36,397

Sandvik AB		6,690		145,016

SKF AB, Class B		2,178		47,029

Spotify Technology SA *		968		588,554

Svenska Cellulosa AB SCA, Class B		3,896		53,495

Svenska Handelsbanken AB, Class A		9,019		113,293

Tele2 AB, Class B		3,448		40,984

Telia Co. AB		14,963		48,784

Volvo AB, Class B		9,975		309,422

(Cost $2,387,077)				2,591,830

Switzerland — 10.0%

ABB Ltd.		9,849		527,354

Alcon, Inc.		3,150		291,172

Baloise Holding AG		257		49,477

Banque Cantonale Vaudoise		192		20,429

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		12		151,488

Coca-Cola HBC AG *		1,300		55,000

DSM-Firmenich AG		1,170		125,331

Geberit AG		213		124,743

Givaudan SA		57		256,366

Julius Baer Group Ltd.		1,290		86,643

Kuehne + Nagel International AG		306		70,408


	Number of Shares		Value $

Logitech International SA		941		92,197

Lonza Group AG		456		287,372

Novartis AG		12,416		1,343,914

SGS SA		972		99,759

SIG Group AG *		1,965		38,984

Sika AG		965		244,606

Sonova Holding AG		314		100,577

STMicroelectronics NV		4,287		105,800

Swiss Life Holding AG		184		160,048

Swiss Prime Site AG		489		56,420

Swiss Re AG		1,905		304,673

Swisscom AG		166		94,476

Temenos AG		375		30,694

VAT Group AG, 144A		172		64,129

Zurich Insurance Group AG		923		607,252

(Cost $4,521,937)				5,389,312

United Kingdom — 14.5%

3i Group PLC		6,133		305,574

Admiral Group PLC		1,621		58,681

Anglo American PLC		7,994		235,134

Ashtead Group PLC		2,704		163,598

Associated British Foods PLC		2,083		49,702

AstraZeneca PLC		9,729		1,466,113

Auto Trader Group PLC, 144A		5,739		56,047

Aviva PLC		16,924		116,011

Barratt Redrow PLC		8,675		46,609

BT Group PLC		39,766		80,014

Bunzl PLC		2,031		86,131

Coca-Cola Europacific Partners PLC		1,311		113,087

Croda International PLC		841		34,988

HSBC Holdings PLC		112,282		1,319,924

Informa PLC		8,189		88,573

Intertek Group PLC		1,028		66,468

J Sainsbury PLC		10,608		34,542

Kingfisher PLC		12,000		37,276

Land Securities Group PLC REIT		4,234		30,095

Legal & General Group PLC		37,209		114,646

Lloyds Banking Group PLC		380,550		349,698

M&G PLC		15,242		40,610

Mondi PLC		2,820		43,586

National Grid PLC		30,529		374,796

Phoenix Group Holdings PLC		4,378		28,555

Reckitt Benckiser Group PLC		4,339		286,285

RELX PLC		11,708		562,855

Rentokil Initial PLC		16,128		80,824

Sage Group PLC		6,357		101,256

Schroders PLC		4,792		22,265

Segro PLC REIT		8,062		71,485

Smiths Group PLC		2,121		53,787

Spirax Group PLC		468		42,870

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Tesco PLC		42,321		202,603

Unilever PLC		15,543		878,150

Vodafone Group PLC		126,077		111,411

Whitbread PLC		1,116		37,575

WPP PLC		6,872		55,725

(Cost $6,565,347)				7,847,549

TOTAL COMMON STOCKS

(Cost $46,326,872)				53,789,650

PREFERRED STOCKS — 0.2%

Germany — 0.2%

Henkel AG & Co. KGaA		1,080		93,428

Sartorius AG		161		40,336

(Cost $134,175)				133,764


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.1%

iShares ESG Aware MSCI EAFE ETF (Cost $30,475)		400		32,584

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
(Cost $52,686)		52,686		52,686

TOTAL INVESTMENTS — 99.8%

(Cost $46,544,208)				54,008,684

Other assets and liabilities, net — 0.2%				96,875

NET ASSETS — 100.0%				54,105,559

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 4.27% (b)(c)

83,698		—		(83,698	) (d)		—		—		63		—		—		—

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

41,263		767,480		(756,057	)		—		—		1,204		—		52,686		52,686

124,961		767,480		(839,755	)		—		—		1,267		—		52,686		52,686

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

(c)	Represents 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 28, 2025.

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.

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Appreciation (Depreciation) ($)

EURO STOXX 50 Index		EUR		2		109,523		113,485		3/21/2025		3,962

Micro EURO STOXX 50 Index		EUR		1		5,174		5,674		3/21/2025		500

MINI TOPIX Index		JPY		1		18,294		17,758		3/13/2025		(536	)

Total net unrealized appreciation												3,926

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

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	53,789,650		$	—	$	—	$	53,789,650

Preferred Stocks		133,764			—		—		133,764

Exchange-Traded Funds		32,584			—		—		32,584

Short-Term Investments (a)		52,686			—		—		52,686

Derivatives (b)
Futures Contracts		4,462			—		—		4,462

TOTAL	$	54,013,146		$	—	$	—	$	54,013,146

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)
Futures Contracts	$	(536	)	$	—	$	—	$	(536	)

TOTAL	$	(536	)	$	—	$	—	$	(536	)

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

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

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 96.6%

Brazil — 2.2%

Ambev SA		1,333,275		2,776,284

NU Holdings Ltd., Class A *		142,935		1,536,551

(Cost $4,908,393)				4,312,835

China — 31.7%

Alibaba Group Holding Ltd.		683,510		11,206,523

Bank of China Ltd., Class H		6,069,691		3,442,080

BYD Co. Ltd., Class H		77,828		3,719,010

China Construction Bank Corp., Class H		4,964,576		4,207,106

China Merchants Bank Co. Ltd., Class H		496,854		2,907,073

Industrial & Commercial Bank of China Ltd., Class H		4,265,643		3,016,915

JD.com, Inc., Class A		177,355		3,662,729

Meituan, Class B, 144A *		233,431		4,862,833

Ping An Insurance Group Co. of

China Ltd., Class H		621,169		3,670,381

Tencent Holdings Ltd.		265,696		16,352,100

Xiaomi Corp., Class B, 144A *		797,321		5,316,157

(Cost $50,815,464)				62,362,907

Hong Kong — 1.3%

China Overseas Land & Investment Ltd.

(Cost $2,412,537)		1,429,587		2,647,213

India — 16.1%

Axis Bank Ltd.		162,245		1,882,981

Bharti Airtel Ltd.		175,429		3,147,964

HDFC Bank Ltd.		242,080		4,792,702

Hindustan Unilever Ltd.		82,978		2,076,969

ICICI Bank Ltd.		272,804		3,753,934

Infosys Ltd.		167,765		3,235,713

Infosys Ltd., ADR (a)		6,651		133,685

Kotak Mahindra Bank Ltd.		112,139		2,438,694

Mahindra & Mahindra Ltd.		73,171		2,161,671

Power Grid Corp. of India Ltd.		635,143		1,820,786

Reliance Industries Ltd.		321,902		4,414,835

Tata Consultancy Services Ltd.		45,331		1,804,485

(Cost $34,132,266)				31,664,419

Ireland — 1.7%

PDD Holdings, Inc., ADR *

(Cost $3,487,033)		29,895		3,398,762

Kazakhstan — 0.0%

Solidcore Resources PLC * (b)

(Cost $30,722)		1,583		0

Mexico — 1.2%

Grupo Financiero Banorte SAB de CV, Class O

(Cost $2,209,039)		321,330		2,267,052


	Number of Shares		Value $

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)		168		0

PhosAgro PJSC, GDR * (b)		300		0

PhosAgro PJSC, GDR * (b)		4		0

Polyus PJSC * (b)		193		0

(Cost $634,818)				0

Singapore — 1.2%

Trip.com Group Ltd. *

(Cost $2,796,305)		43,354		2,434,046

South Africa — 3.3%

FirstRand Ltd.		544,924		2,074,657

Naspers Ltd., Class N		9,868		2,355,712

Standard Bank Group Ltd.		175,944		2,064,909

(Cost $6,908,174)				6,495,278

South Korea — 5.8%

Hanwha Solutions Corp.		1		15

Samsung Electronics Co. Ltd.		215,563		8,030,750

SK Hynix, Inc.		25,730		3,345,304

(Cost $10,867,998)				11,376,069

Taiwan — 31.0%

Cathay Financial Holding Co. Ltd.		1,484,574		3,094,700

E.Sun Financial Holding Co. Ltd.		3,384,981		3,007,153

First Financial Holding Co. Ltd.		3,857,745		3,250,793

Fubon Financial Holding Co. Ltd.		1,100,020		3,094,304

Hon Hai Precision Industry Co. Ltd.		569,691		3,020,990

MediaTek, Inc.		70,884		3,272,815

Mega Financial Holding Co. Ltd.		2,336,501		2,823,383

SinoPac Financial Holdings Co. Ltd.		3,660,350		2,537,843

Taishin Financial Holding Co. Ltd.		5,047,040		2,676,373

Taiwan Cooperative Financial

Holding Co. Ltd.		4,290,427		3,210,057

Taiwan Semiconductor

Manufacturing Co. Ltd.		873,955		27,700,212

Yuanta Financial Holding Co. Ltd.		2,880,966		3,217,902

(Cost $57,653,426)				60,906,525

Thailand — 0.0%

Minor International PCL, NVDR

(Cost $397)		454		385

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

United States — 1.1%

Southern Copper Corp.

(Cost $2,383,812)		23,539		2,093,323

TOTAL COMMON STOCKS

(Cost $179,240,384)				189,958,814

PREFERRED STOCKS — 2.4%

Brazil — 2.4%

Itau Unibanco Holding SA		475,402		2,587,431

Itausa SA		1,397,990		2,093,948

Klabin SA		1		1

(Cost $5,190,795)				4,681,380

RIGHTS — 0.0%

Brazil — 0.0%

Itausa SA* , expires 4/18/25

(Cost $0)		19,245		6,854

WARRANTS — 0.0%

Thailand — 0.0%

BTS Group Holdings PCL* , expires 11/20/26

(Cost $0)		6,100		11


	Number of Shares		Value $

SECURITIES LENDING

COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

(Cost $125,685)		125,685		125,685

CASH EQUIVALENTS — 0.6%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

(Cost $1,127,113)		1,127,113		1,127,113

TOTAL INVESTMENTS — 99.7%

(Cost $185,683,977)				195,899,857

Other assets and liabilities, net — 0.3%				669,332

NET ASSETS — 100.0%				196,569,189

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


									Net Change
									in Unrealized
							Net Realized		Appreciation				Capital Gain		Number of
Value ($) at	Purchases Cost			Sales Proceeds			Gain/(Loss)		(Depreciation)				Distributions		Shares at		Value ($) at
8/31/2024	($)			($)			($)		($)		Income ($)		($)		2/28/2025		2/28/2025

SECURITIES LENDING COLLATERAL — 0.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

34,336		91,349	(e)		—			—		—		19		—		125,685		125,685

CASH EQUIVALENTS — 0.6%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

203,173		141,436,526			(140,512,586	)		—		—		54,351		—		1,127,113		1,127,113

237,509		141,527,875			(140,512,586	)		—		—		54,370		—		1,252,798		1,252,798

*	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 28, 2025 amounted to $122,693, which is 0.1% 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 28, 2025.

ADR:	American Depositary Receipt

GDR:	Global Depositary Receipt

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

144A:

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

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

February 28, 2025 (Unaudited)

Securities are listed in country of domicile.

At February 28, 2025, 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

USD

1,625,820

1,644,750

3/21/2025

18,930

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


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	189,958,814	$	—	$	0	$	189,958,814

Preferred Stocks		4,681,380		—		—		4,681,380

Rights		—		6,854		—		6,854

Warrants		11		—		—		11

Short-Term Investments (a)		1,252,798		—		—		1,252,798

Derivatives (b)
Futures Contracts		18,930		—		—		18,930

TOTAL	$	195,911,933	$	6,854	$	0	$	195,918,787

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

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

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.7%

Communication Services — 12.4%

Alphabet, Inc., Class A		418,605		71,280,059

Alphabet, Inc., Class C		358,262		61,699,882

AT&T, Inc.		560,171		15,354,287

Comcast Corp., Class A		301,540		10,819,255

Liberty Media Corp.-Liberty Formula One, Class C *		15,915		1,534,683

Meta Platforms, Inc., Class A		171,439		114,555,540

Netflix, Inc. *		33,608		32,954,661

Pinterest, Inc., Class A *		47,106		1,741,980

Snap, Inc., Class A *		85,187		873,167

T-Mobile US, Inc.		41,028		11,064,841

Verizon Communications, Inc.		329,080		14,183,348

Walt Disney Co.		142,165		16,178,377

(Cost $258,887,487)				352,240,080

Consumer Discretionary — 12.3%

Airbnb, Inc., Class A *		34,529		4,795,042

Amazon.com, Inc. *		656,651		139,393,874

Booking Holdings, Inc.		2,599		13,036,610

Chipotle Mexican Grill, Inc. *		107,054		5,777,704

Deckers Outdoor Corp. *		12,394		1,727,228

eBay, Inc.		38,146		2,469,572

Flutter Entertainment PLC *		14,000		3,928,260

Ford Motor Co.		311,618		2,975,952

General Motors Co.		87,646		4,306,048

Hilton Worldwide Holdings, Inc.		19,065		5,051,462

Home Depot, Inc.		77,801		30,855,876

Hyatt Hotels Corp., Class A		3,859		543,926

Las Vegas Sands Corp.		30,978		1,385,026

Lululemon Athletica, Inc. *		8,687		3,176,054

Marriott International, Inc.,

Class A		18,608		5,218,614

McDonald’s Corp.		55,948		17,250,447

MercadoLibre, Inc. *		3,548		7,528,395

MGM Resorts International *		18,503		643,164

NIKE, Inc., Class B		92,901		7,379,126

Royal Caribbean Cruises Ltd.		19,928		4,904,281

Starbucks Corp.		88,764		10,279,759

Tesla, Inc. *		226,967		66,496,792

Tractor Supply Co.		41,471		2,295,420

Ulta Beauty, Inc. *		3,560		1,304,242

Williams-Sonoma, Inc.		9,620		1,871,860

Wynn Resorts Ltd.		8,063		720,187

Yum! Brands, Inc.		22,581		3,530,991

(Cost $292,335,151)				348,845,912

Consumer Staples — 6.4%

Church & Dwight Co., Inc.		20,138		2,239,346

Clorox Co.		10,018		1,566,715

Coca-Cola Co.		319,640		22,761,564


	Number of Shares		Value $

Colgate-Palmolive Co.		60,002		5,470,382

Constellation Brands, Inc., Class A		13,011		2,283,431

Costco Wholesale Corp.		34,952		36,651,017

Estee Lauder Cos., Inc., Class A		18,520		1,331,773

General Mills, Inc.		44,700		2,709,714

Hershey Co.		10,834		1,871,140

Kellanova		22,276		1,846,680

Keurig Dr Pepper, Inc.		92,671		3,106,332

Kimberly-Clark Corp.		26,210		3,722,082

McCormick & Co., Inc.		20,620		1,703,418

Molson Coors Beverage Co., Class B		14,586		893,976

Mondelez International, Inc., Class A		103,236		6,630,848

PepsiCo, Inc.		107,326		16,471,321

Procter & Gamble Co.		184,951		32,151,882

Target Corp.		36,003		4,473,013

The Campbell’s Company		15,554		623,093

Walmart, Inc.		346,781		34,196,075

(Cost $167,566,368)				182,703,802

Energy — 3.6%

Baker Hughes Co.		78,093		3,482,167

Chevron Corp.		133,348		21,151,660

ConocoPhillips		90,693		8,992,211

Diamondback Energy, Inc.		15,375		2,444,010

EOG Resources, Inc.		44,164		5,606,178

Exxon Mobil Corp.		345,053		38,414,751

Halliburton Co.		67,543		1,781,109

Hess Corp.		22,495		3,350,405

Kinder Morgan, Inc.		155,762		4,221,150

Occidental Petroleum Corp.		52,436		2,560,974

ONEOK, Inc.		48,651		4,884,074

Schlumberger NV		110,203		4,591,057

(Cost $99,555,153)				101,479,746

Financials — 14.8%

American Express Co.		44,521		13,399,040

American International Group, Inc.		49,416		4,098,563

Aon PLC, Class A		15,243		6,236,216

Apollo Global Management, Inc.		31,707		4,732,904

Arch Capital Group Ltd.		29,995		2,786,835

Arthur J Gallagher & Co.		19,557		6,605,181

Bank of America Corp.		537,336		24,771,190

Bank of New York Mellon Corp.		56,717		5,044,977

Blackrock, Inc.		11,497		11,241,537

Block, Inc. *		44,590		2,911,727

Carlyle Group, Inc.		18,417		917,903

Cboe Global Markets, Inc.		8,072		1,701,578

Charles Schwab Corp.		134,961		10,733,448

Chubb Ltd.		29,980		8,558,690

Citigroup, Inc.		148,843		11,899,998

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

CME Group, Inc.		28,701		7,283,453

Discover Financial Services		20,101		3,923,514

FactSet Research Systems, Inc.		3,071		1,418,004

Fidelity National Information Services, Inc.		42,298		3,008,234

Fiserv, Inc. *		45,087		10,626,555

Global Payments, Inc.		20,540		2,162,451

Goldman Sachs Group, Inc.		24,570		15,289,665

Hartford Insurance Group, Inc.		22,484		2,659,408

Intercontinental Exchange, Inc.		45,649		7,907,776

Jack Henry & Associates, Inc.		5,825		1,011,162

JPMorgan Chase & Co.		221,107		58,515,968

Marsh & McLennan Cos., Inc.		38,314		9,112,602

Mastercard, Inc., Class A		64,275		37,042,325

Moody’s Corp.		12,817		6,458,999

Morgan Stanley		94,941		12,637,596

Nasdaq, Inc.		34,737		2,875,529

Northern Trust Corp.		15,250		1,680,855

PayPal Holdings, Inc. *		76,013		5,400,724

Progressive Corp.		45,974		12,964,668

S&P Global, Inc.		24,976		13,330,690

State Street Corp.		24,144		2,395,809

T. Rowe Price Group, Inc.		18,370		1,942,076

Tradeweb Markets, Inc., Class A		8,750		1,184,487

Travelers Cos., Inc.		17,798		4,600,605

US Bancorp		124,190		5,824,511

Visa, Inc., Class A		135,749		49,237,520

W.R. Berkley Corp.		24,422		1,540,540

Wells Fargo & Co.		257,838		20,193,872

Willis Towers Watson PLC		7,986		2,712,445

(Cost $311,806,854)				420,581,830

Health Care — 11.8%

Abbott Laboratories		135,445		18,692,764

AbbVie, Inc.		138,441		28,938,322

Agilent Technologies, Inc.		22,089		2,825,625

Amgen, Inc.		41,944		12,921,269

Becton Dickinson & Co.		22,791		5,140,054

Biogen, Inc. *		11,972		1,682,066

Boston Scientific Corp. *		115,183		11,954,844

Bristol-Myers Squibb Co.		158,793		9,467,239

Danaher Corp.		50,698		10,533,016

DaVita, Inc. *		4,329		640,173

Edwards Lifesciences Corp. *		47,816		3,424,582

Eli Lilly & Co.		63,346		58,318,228

Exact Sciences Corp. *		14,092		668,102

Gilead Sciences, Inc.		97,363		11,129,565

Humana, Inc.		9,598		2,595,491

IDEXX Laboratories, Inc. *		6,314		2,759,913

Illumina, Inc. *		12,579		1,116,260

Incyte Corp. *		14,627		1,075,085

IQVIA Holdings, Inc. *		14,768		2,788,198


	Number of Shares		Value $

Johnson & Johnson		189,495		31,270,465

Labcorp Holdings, Inc.		6,608		1,658,872

McKesson Corp.		9,977		6,387,874

Merck & Co., Inc.		198,462		18,308,120

Mettler-Toledo International, Inc.*		1,675		2,131,806

Moderna, Inc. *		25,370		785,455

Pfizer, Inc.		442,372		11,691,892

Regeneron Pharmaceuticals, Inc.		8,514		5,949,072

Thermo Fisher Scientific, Inc.		29,832		15,779,935

UnitedHealth Group, Inc.		72,365		34,370,480

Vertex Pharmaceuticals, Inc. *		20,066		9,627,466

Waters Corp. *		4,753		1,793,497

Zimmer Biomet Holdings, Inc.		16,316		1,702,085

Zoetis, Inc.		35,047		5,861,260

(Cost $308,957,094)				333,989,075

Industrials — 6.4%

AECOM		10,834		1,083,942

AMETEK, Inc.		17,667		3,344,363

Automatic Data Processing, Inc.		32,059		10,104,356

Booz Allen Hamilton Holding Corp.		10,920		1,158,175

Broadridge Financial Solutions, Inc.		9,317		2,247,447

Carlisle Cos., Inc.		3,374		1,149,724

Carrier Global Corp.		62,908		4,076,438

Cintas Corp.		29,009		6,019,367

Copart, Inc. *		69,110		3,787,228

CSX Corp.		148,742		4,761,231

Cummins, Inc.		10,872		4,002,853

Dayforce, Inc. *		12,220		757,518

Deere & Co.		20,132		9,679,264

Dover Corp.		11,085		2,203,365

Eaton Corp. PLC		31,019		9,098,493

Emerson Electric Co.		44,652		5,430,130

Equifax, Inc.		9,913		2,430,668

Expeditors International of Washington, Inc.		11,454		1,344,241

FedEx Corp.		18,136		4,767,954

Fortive Corp.		28,726		2,284,866

Graco, Inc.		13,936		1,213,408

Hubbell, Inc.		4,341		1,613,072

IDEX Corp.		6,085		1,182,498

Ingersoll Rand, Inc.		30,278		2,566,969

Johnson Controls International PLC		51,518		4,413,032

Lennox International, Inc.		2,653		1,594,586

Norfolk Southern Corp.		18,245		4,483,709

Old Dominion Freight Line, Inc.		14,945		2,637,793

Owens Corning		6,586		1,014,507

PACCAR, Inc.		41,675		4,469,227

Paychex, Inc.		25,681		3,895,037

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Paycom Software, Inc.		4,124		905,094

Pentair PLC		13,170		1,240,614

Quanta Services, Inc.		11,564		3,002,361

Republic Services, Inc.		17,000		4,029,340

Rockwell Automation, Inc.		9,238		2,652,692

Stanley Black & Decker, Inc.		11,604		1,004,094

Trane Technologies PLC		17,526		6,198,946

TransUnion		15,574		1,439,505

Uber Technologies, Inc. *		150,023		11,403,248

Union Pacific Corp.		47,181		11,639,081

United Parcel Service, Inc., Class B		56,750		6,754,953

Veralto Corp.		19,105		1,905,915

Verisk Analytics, Inc.		11,114		3,299,858

Waste Connections, Inc.		20,762		3,939,797

Waste Management, Inc.		31,932		7,433,131

Westinghouse Air Brake Technologies Corp.		14,097		2,613,020

Xylem, Inc.		19,120		2,502,617

(Cost $157,176,000)				180,779,727

Information Technology — 25.2%

Accenture PLC, Class A		51,106		17,810,441

Adobe, Inc. *		35,663		15,640,365

Advanced Micro Devices, Inc. *		133,500		13,331,310

Akamai Technologies, Inc. *		12,503		1,008,742

Analog Devices, Inc.		40,460		9,308,228

ANSYS, Inc. *		7,310		2,436,057

Apple, Inc.		643,168		155,543,749

Aspen Technology, Inc. *		2,350		623,337

Atlassian Corp., Class A *		13,350		3,794,871

Autodesk, Inc. *		17,625		4,832,951

Bentley Systems, Inc., Class B		12,583		552,394

Cadence Design Systems, Inc. *		22,218		5,565,609

Cisco Systems, Inc.		324,515		20,804,657

Cloudflare, Inc., Class A *		25,084		3,644,705

Cognizant Technology Solutions Corp., Class A		41,550		3,462,361

Crowdstrike Holdings, Inc., Class A*		20,219		7,878,536

Dell Technologies, Inc., Class C		25,952		2,666,827

EPAM Systems, Inc. *		4,642		956,902

F5, Inc. *		4,688		1,370,912

First Solar, Inc. *		8,379		1,141,052

Fortinet, Inc. *		53,583		5,787,500

Gartner, Inc. *		6,189		3,084,102

Gen Digital, Inc.		45,335		1,239,006

Hewlett Packard Enterprise Co.		100,943		1,999,681

HubSpot, Inc. *		4,150		3,004,558

International Business Machines Corp.		75,377		19,028,170

Intuit, Inc.		22,885		14,047,728

Manhattan Associates, Inc. *		4,868		861,052


	Number of Shares		Value $

Marvell Technology, Inc.		70,901		6,510,130

Microsoft Corp.		344,226		136,654,280

NVIDIA Corp.		998,167		124,691,022

Okta, Inc. *		12,604		1,140,536

Oracle Corp.		137,660		22,859,820

Palantir Technologies, Inc., Class A*		172,505		14,649,125

Palo Alto Networks, Inc. *		53,145		10,120,402

PTC, Inc. *		9,409		1,539,595

QUALCOMM, Inc.		91,046		14,309,700

Roper Technologies, Inc.		8,688		5,078,136

Salesforce, Inc.		78,550		23,396,117

ServiceNow, Inc. *		16,873		15,687,840

Snowflake, Inc., Class A *		24,400		4,321,240

Synopsys, Inc. *		12,528		5,728,804

Trimble, Inc. *		19,270		1,387,055

Twilio, Inc., Class A *		12,510		1,500,324

Workday, Inc., Class A *		17,417		4,586,593

Zscaler, Inc. *		8,074		1,584,361

(Cost $590,067,521)				717,170,883

Materials — 2.2%

Avery Dennison Corp.		6,491		1,220,113

Ball Corp.		25,572		1,347,389

Corteva, Inc.		55,594		3,501,310

CRH PLC		53,030		5,436,636

Crown Holdings, Inc.		9,562		857,042

DuPont de Nemours, Inc.		33,171		2,712,393

Ecolab, Inc.		19,702		5,300,035

Freeport-McMoRan, Inc.		114,750		4,235,422

Linde PLC		37,150		17,350,907

Martin Marietta Materials, Inc.		4,862		2,349,027

Newmont Corp.		88,919		3,809,290

Nucor Corp.		19,080		2,622,928

PPG Industries, Inc.		18,991		2,150,161

Sherwin-Williams Co.		18,524		6,710,689

Smurfit WestRock PLC		40,312		2,099,046

Steel Dynamics, Inc.		10,909		1,473,479

(Cost $57,299,367)				63,175,867

Real Estate — 2.4%

American Tower Corp. REIT		36,398		7,484,157

AvalonBay Communities, Inc. REIT		11,062		2,502,003

BXP, Inc. REIT		11,568		820,518

CBRE Group, Inc., Class A *		24,186		3,432,961

Crown Castle, Inc. REIT		34,682		3,263,576

Digital Realty Trust, Inc. REIT		25,955		4,057,286

Equinix, Inc. REIT		7,563		6,841,641

Equity Residential REIT		27,017		2,003,851

Iron Mountain, Inc. REIT		22,891		2,132,755

Kimco Realty Corp. REIT		52,182		1,153,222

Prologis, Inc. REIT		72,197		8,946,652

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Public Storage REIT		12,171		3,695,359

Realty Income Corp. REIT		67,614		3,856,026

Regency Centers Corp. REIT		13,704		1,051,097

Simon Property Group, Inc. REIT		25,216		4,692,445

VICI Properties, Inc. REIT		82,293		2,673,700

Welltower, Inc. REIT		48,935		7,512,012

Zillow Group, Inc., Class C *		11,997		919,690

(Cost $61,086,764)				67,038,951

Utilities — 2.2%

Alliant Energy Corp.		20,513		1,323,704

American Water Works Co., Inc.		15,548		2,114,062

Atmos Energy Corp.		12,203		1,856,442

Consolidated Edison, Inc.		28,119		2,854,641

Constellation Energy Corp.		24,467		6,130,085

Dominion Energy, Inc.		68,027		3,851,689

Duke Energy Corp.		61,766		7,256,887

Essential Utilities, Inc.		20,309		771,336

Eversource Energy		28,442		1,792,130

Exelon Corp.		80,832		3,572,774


	Number of Shares		Value $

NextEra Energy, Inc.		160,287		11,247,339

NiSource, Inc.		35,503		1,448,877

Public Service Enterprise Group, Inc.		40,533		3,289,253

Sempra		51,099		3,657,155

Southern Co.		85,240		7,653,700

Xcel Energy, Inc.		44,816		3,231,234

(Cost $58,128,522)				62,051,308

TOTAL COMMON STOCKS

( Cost $2,362,866,281)				2,830,057,181

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

(Cost $5,845,554)		5,845,554		5,845,554

TOTAL INVESTMENTS — 99.9%

(Cost $2,368,711,835)				2,835,902,735

Other assets and liabilities, net — 0.1%				3,332,680

NET ASSETS — 100.0%				2,839,235,415

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (a)(b)

—		—		—			—		—		62		—		—		—

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

3,995,298		20,757,107		(18,906,851	)		—		—		152,516		—		5,845,554		5,845,554

3,995,298		20,757,107		(18,906,851	)		—		—		152,578		—		5,845,554		5,845,554

*	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.

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2025 (Unaudited)

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Depreciation ($)

E-Mini S&P 500 ESG Index		USD		27		7,174,828		7,014,060		3/21/2025		(160,768	)

E-Mini S&P Mid 400 Index		USD		5		1,623,260		1,549,850		3/21/2025		(73,410	)

Total unrealized depreciation												(234,178	)

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


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	2,830,057,181		$	—	$	—	$	2,830,057,181

Short-Term Investments (a)		5,845,554			—		—		5,845,554

TOTAL	$	2,835,902,735		$	—	$	—	$	2,835,902,735

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)
Futures Contracts	$	(234,178	)	$	—	$	—	$	(234,178	)

TOTAL	$	(234,178	)	$	—	$	—	$	(234,178	)

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

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

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.5%

Communication Services — 9.4%

Alphabet, Inc., Class A		120,770		20,564,716

Alphabet, Inc., Class C		103,183		17,770,176

Charter Communications, Inc., Class A *		1,923		699,145

Comcast Corp., Class A		78,658		2,822,249

Electronic Arts, Inc.		5,131		662,515

Fox Corp., Class A		4,802		276,595

Fox Corp., Class B		2,417		130,687

Interpublic Group of Cos., Inc.		7,836		214,706

Omnicom Group, Inc.		4,252		351,896

Take-Two Interactive Software, Inc.*		3,638		771,183

Verizon Communications, Inc.		86,606		3,732,719

Walt Disney Co.		37,616		4,280,701

(Cost $51,328,910)				52,277,288

Consumer Discretionary — 10.8%

Aptiv PLC *		4,836		314,920

AutoZone, Inc. *		345		1,205,088

Best Buy Co., Inc.		4,152		373,306

Booking Holdings, Inc.		681		3,415,903

Burlington Stores, Inc. *		1,251		311,912

CarMax, Inc. *		3,361		278,862

D.R. Horton, Inc.		6,118		775,824

Darden Restaurants, Inc.		2,394		479,901

Deckers Outdoor Corp. *		3,125		435,500

Dick’s Sporting Goods, Inc.		1,137		255,939

Domino’s Pizza, Inc.		762		373,159

DoorDash, Inc., Class A *		7,222		1,433,134

eBay, Inc.		10,151		657,176

Genuine Parts Co.		2,832		353,660

Hilton Worldwide Holdings, Inc.		4,981		1,319,766

Home Depot, Inc.		20,563		8,155,286

LKQ Corp.		5,580		235,420

Lowe’s Cos., Inc.		11,840		2,943,898

Lululemon Athletica, Inc. *		2,351		859,549

McDonald’s Corp.		14,844		4,576,850

MercadoLibre, Inc. *		942		1,998,802

NIKE, Inc., Class B		24,353		1,934,359

NVR, Inc. *		59		427,489

O’Reilly Automotive, Inc. *		1,190		1,634,632

Pool Corp.		836		290,092

PulteGroup, Inc.		4,179		431,607

Rivian Automotive, Inc., Class A*		14,123		167,216

Royal Caribbean Cruises Ltd.		5,255		1,293,255

Tesla, Inc. *		59,732		17,500,281

TJX Cos., Inc.		23,528		2,935,353

Tractor Supply Co.		10,907		603,702


	Number of Shares		Value $

Ulta Beauty, Inc. *		971		355,736

Williams-Sonoma, Inc.		2,643		514,275

Yum! Brands, Inc.		5,837		912,732

(Cost $59,036,707)				59,754,584

Consumer Staples — 5.6%

Albertsons Cos., Inc., Class A		7,020		147,701

Bunge Global SA		2,919		216,560

Church & Dwight Co., Inc.		5,100		567,120

Clorox Co.		2,666		416,936

Coca-Cola Co.		84,522		6,018,812

Colgate-Palmolive Co.		16,060		1,464,190

Conagra Brands, Inc.		9,903		252,923

Dollar General Corp.		4,339		321,867

Estee Lauder Cos., Inc., Class A		4,599		330,714

General Mills, Inc.		11,590		702,586

Hormel Foods Corp.		6,071		173,813

J M Smucker Co.		2,334		257,977

Kellanova		5,578		462,416

Kenvue, Inc.		37,748		890,853

Keurig Dr Pepper, Inc.		23,806		797,977

Kimberly-Clark Corp.		6,912		981,573

Kroger Co.		14,088		913,184

McCormick & Co., Inc.		5,503		454,603

Monster Beverage Corp. *		14,338		783,572

PepsiCo, Inc.		28,340		4,349,340

Procter & Gamble Co.		48,688		8,463,922

Sysco Corp.		9,600		725,184

Target Corp.		9,591		1,191,586

The Campbell’s Company		4,059		162,603

Walgreens Boots Alliance, Inc.		14,402		153,813

(Cost $31,471,351)				31,201,825

Energy — 1.9%

Baker Hughes Co.		20,070		894,921

Cheniere Energy, Inc.		4,720		1,078,803

Halliburton Co.		18,592		490,271

Marathon Petroleum Corp.		6,571		986,833

ONEOK, Inc.		13,005		1,305,572

Phillips 66		8,420		1,091,990

Schlumberger NV		29,286		1,220,055

Targa Resources Corp.		4,347		876,877

Valero Energy Corp.		6,440		841,901

Williams Cos., Inc.		25,335		1,473,990

(Cost $8,592,244)				10,261,213

Financials — 13.9%

Aflac, Inc.		10,782		1,180,306

Allstate Corp.		5,480		1,091,342

Ally Financial, Inc.		5,832		216,367

American Express Co.		11,579		3,484,816

Ameriprise Financial, Inc.		2,003		1,076,212

Annaly Capital Management, Inc. REIT		10,903		239,430

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Arch Capital Group Ltd.		7,663		711,969

Assurant, Inc.		1,137		236,371

Bank of New York Mellon Corp.		14,872		1,322,864

Blackrock, Inc.		3,053		2,985,162

Capital One Financial Corp.		7,917		1,587,754

Cboe Global Markets, Inc.		2,225		469,030

Charles Schwab Corp.		35,571		2,828,962

Citizens Financial Group, Inc.		8,901		407,399

Discover Financial Services		5,200		1,014,988

Equitable Holdings, Inc.		6,604		363,352

FactSet Research Systems, Inc.		785		362,466

Fidelity National Information Services, Inc.		11,282		802,376

Fiserv, Inc. *		11,760		2,771,714

Franklin Resources, Inc.		6,649		134,642

Hartford Insurance Group, Inc.		6,123		724,228

Huntington Bancshares, Inc.		30,032		494,627

Intercontinental Exchange, Inc.		11,998		2,078,414

KeyCorp		18,560		321,459

LPL Financial Holdings, Inc.		1,509		560,956

Marsh & McLennan Cos., Inc.		10,223		2,431,438

Mastercard, Inc., Class A		16,960		9,774,218

Moody’s Corp.		3,349		1,687,695

Morgan Stanley		24,917		3,316,702

Nasdaq, Inc.		8,880		735,086

Northern Trust Corp.		4,062		447,714

PayPal Holdings, Inc. *		19,683		1,398,477

PNC Financial Services Group, Inc.		8,190		1,571,825

Principal Financial Group, Inc.		4,738		421,872

Progressive Corp.		12,154		3,427,428

Prudential Financial, Inc.		7,400		851,740

Raymond James Financial, Inc.		4,159		643,273

Regions Financial Corp.		18,967		449,708

S&P Global, Inc.		6,555		3,498,666

State Street Corp.		5,823		577,816

Synchrony Financial		7,907		479,797

T. Rowe Price Group, Inc.		4,591		485,360

Travelers Cos., Inc.		4,723		1,220,848

Truist Financial Corp.		27,589		1,278,750

US Bancorp		32,147		1,507,694

Visa, Inc., Class A		35,729		12,959,266

Willis Towers Watson PLC		2,145		728,549

(Cost $60,021,950)				77,361,128

Health Care — 10.6%

Agilent Technologies, Inc.		5,995		766,880

Align Technology, Inc. *		1,521		284,473

Amgen, Inc.		11,111		3,422,855

Avantor, Inc. *		14,508		242,284

Biogen, Inc. *		2,892		406,326

Bio-Techne Corp.		3,224		199,082


	Number of Shares		Value $

Bristol-Myers Squibb Co.		41,866		2,496,051

Cencora, Inc.		3,556		901,588

Cigna Group		5,716		1,765,387

Cooper Cos., Inc. *		3,943		356,368

Danaher Corp.		13,465		2,797,488

DaVita, Inc. *		1,000		147,880

Dexcom, Inc. *		8,007		707,579

Edwards Lifesciences Corp. *		12,512		896,109

Elevance Health, Inc.		4,766		1,891,530

Eli Lilly & Co.		16,691		15,366,235

GE HealthCare Technologies, Inc.		9,615		839,870

Gilead Sciences, Inc.		25,550		2,920,620

HCA Healthcare, Inc.		3,939		1,206,516

Hologic, Inc. *		4,769		302,307

Humana, Inc.		2,548		689,030

IDEXX Laboratories, Inc. *		1,718		750,955

Insulet Corp. *		1,468		399,692

IQVIA Holdings, Inc. *		3,826		722,349

Johnson & Johnson		49,695		8,200,669

Labcorp Holdings, Inc.		1,753		440,073

Merck & Co., Inc.		52,324		4,826,889

Mettler-Toledo International, Inc.*		432		549,815

Molina Healthcare, Inc. *		1,200		361,344

Neurocrine Biosciences, Inc. *		2,130		252,874

Quest Diagnostics, Inc.		2,121		366,721

Solventum Corp. *		2,982		237,814

STERIS PLC		2,134		467,901

Waters Corp. *		1,253		472,807

West Pharmaceutical Services, Inc.		1,589		369,188

Zimmer Biomet Holdings, Inc.		4,171		435,119

Zoetis, Inc.		9,278		1,551,653

(Cost $58,607,160)				59,012,321

Industrials — 8.3%

3M Co.		11,351		1,760,767

Allegion PLC		1,970		253,559

Automatic Data Processing, Inc.		8,438		2,659,489

Axon Enterprise, Inc. *		1,522		804,301

Broadridge Financial Solutions, Inc.		2,378		573,621

C.H. Robinson Worldwide, Inc.		2,368		240,636

Carrier Global Corp.		16,587		1,074,838

Caterpillar, Inc.		9,945		3,420,583

Cintas Corp.		7,577		1,572,227

CNH Industrial NV		17,353		223,507

CSX Corp.		40,320		1,290,643

Cummins, Inc.		2,830		1,041,949

Dayforce, Inc. *		2,943		182,437

Deere & Co.		5,381		2,587,131

Delta Air Lines, Inc.		2,956		177,715

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Dover Corp.		2,807		557,947

Eaton Corp. PLC		8,124		2,382,932

EMCOR Group, Inc.		964		394,189

Expeditors International of Washington, Inc.		3,015		353,840

Ferguson Enterprises, Inc.		4,176		741,240

Fortive Corp.		7,214		573,802

Fortune Brands Innovations, Inc.		2,377		153,839

GE Aerospace.		22,369		4,629,936

Graco, Inc.		3,549		309,011

IDEX Corp.		1,543		299,851

Illinois Tool Works, Inc.		6,157		1,625,325

Ingersoll Rand, Inc.		8,135		689,685

JB Hunt Transport Services, Inc.		1,700		274,023

Johnson Controls International PLC		13,799		1,182,022

Lennox International, Inc.		648		389,480

Old Dominion Freight Line, Inc.		4,050		714,825

Owens Corning		1,767		272,189

Paychex, Inc.		6,771		1,026,958

Pentair PLC		3,435		323,577

Quanta Services, Inc.		3,006		780,448

Rockwell Automation, Inc.		2,387		685,427

Trane Technologies PLC		4,640		1,641,168

TransUnion		3,931		363,342

Union Pacific Corp.		12,553		3,096,700

United Parcel Service, Inc., Class B		14,938		1,778,070

United Rentals, Inc.		1,336		858,140

Veralto Corp.		5,000		498,800

W.W. Grainger, Inc.		906		925,216

Xylem, Inc.		4,980		651,832

(Cost $40,659,033)				46,037,217

Information Technology — 32.9%

Accenture PLC, Class A		12,906		4,497,741

Adobe, Inc. *		9,013		3,952,741

Advanced Micro Devices, Inc. *		33,734		3,368,677

Akamai Technologies, Inc. *		3,167		255,514

ANSYS, Inc. *		1,803		600,850

Applied Materials, Inc.		16,764		2,649,886

Aspen Technology, Inc. *		522		138,461

Atlassian Corp., Class A *		3,375		959,378

Autodesk, Inc. *		4,452		1,220,783

Cadence Design Systems, Inc. *		5,700		1,427,850

DocuSign, Inc. *		4,216		350,645

Fair Isaac Corp. *		504		950,720

First Solar, Inc. *		2,068		281,620

Gartner, Inc. *		1,631		812,760

Gen Digital, Inc.		11,328		309,594

Hewlett Packard Enterprise Co.		26,792		530,750

HP, Inc.		19,739		609,343


	Number of Shares		Value $

HubSpot, Inc. *		1,013		733,402

Intel Corp.		89,074		2,113,726

International Business Machines Corp.		19,125		4,827,915

Intuit, Inc.		5,808		3,565,183

Juniper Networks, Inc.		6,514		235,807

Keysight Technologies, Inc. *		3,655		583,082

Lam Research Corp.		26,523		2,035,375

Manhattan Associates, Inc. *		1,231		217,739

Marvell Technology, Inc.		17,808		1,635,131

Microsoft Corp.		146,081		57,992,696

NetApp, Inc.		4,273		426,488

NVIDIA Corp.		506,620		63,286,970

NXP Semiconductors NV		5,269		1,135,944

Palo Alto Networks, Inc. *		13,563		2,582,802

PTC, Inc. *		2,399		392,548

Salesforce, Inc.		19,848		5,911,727

Seagate Technology Holdings PLC		4,357		444,022

ServiceNow, Inc. *		4,261		3,961,707

Synopsys, Inc. *		3,217		1,471,070

Texas Instruments, Inc.		18,863		3,696,959

Trimble, Inc. *		4,957		356,805

Twilio, Inc., Class A *		3,211		385,095

Western Digital Corp. *		7,254		354,938

Workday, Inc., Class A *		4,386		1,155,009

Zscaler, Inc. *		1,976		387,750

(Cost $150,481,548)				182,807,203

Materials — 2.7%

Air Products and Chemicals, Inc.		4,568		1,444,173

Avery Dennison Corp.		1,546		290,602

Ball Corp.		5,877		309,659

CRH PLC		14,055		1,440,919

Ecolab, Inc.		5,278		1,419,835

International Flavors & Fragrances, Inc.		5,255		429,911

International Paper Co.		10,296		580,180

Linde PLC		9,830		4,591,101

LyondellBasell Industries NV, Class A		5,476		420,721

Martin Marietta Materials, Inc.		1,240		599,094

Newmont Corp.		23,975		1,027,089

Nucor Corp.		4,790		658,481

PPG Industries, Inc.		4,874		551,834

Smurfit WestRock PLC		11,040		574,853

Steel Dynamics, Inc.		3,017		407,506

(Cost $14,278,591)				14,745,958

Real Estate — 2.3%

American Tower Corp. REIT		9,709		1,996,365

BXP, Inc. REIT		3,349		237,545

CBRE Group, Inc., Class A *		6,300		894,222

Crown Castle, Inc. REIT		8,866		834,291

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Digital Realty Trust, Inc. REIT		6,823		1,066,571

Equinix, Inc. REIT		1,991		1,801,098

Healthpeak Properties, Inc. REIT		13,890		284,189

Iron Mountain, Inc. REIT		6,197		577,374

Prologis, Inc. REIT		19,179		2,376,662

SBA Communications Corp. REIT		2,184		475,894

Welltower, Inc. REIT		12,810		1,966,463

Weyerhaeuser Co. REIT		14,569		438,527

(Cost $13,720,814)				12,949,201

Utilities — 1.1%

American Water Works Co., Inc.		4,066		552,854

Atmos Energy Corp.		3,154		479,818

CMS Energy Corp.		6,146		448,965

Consolidated Edison, Inc.		7,056		716,325

Edison International		8,084		440,093

Essential Utilities, Inc.		4,969		188,723

Eversource Energy		7,479		471,252

Exelon Corp.		20,848		921,482

NiSource, Inc.		9,346		381,410


	Number of Shares		Value $

NRG Energy, Inc.		4,344		459,204

Sempra		12,909		923,897

(Cost $6,051,929)				5,984,023

TOTAL COMMON STOCKS

(Cost $494,250,237)				552,391,961

EXCHANGE-TRADED FUNDS — 0.1%

Xtrackers S&P 500 Scored & Screened ETF (a)
(Cost $356,088)		6,500		348,075

CASH EQUIVALENTS — 0.6%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
(Cost $3,286,778)		3,286,778		3,286,778

TOTAL INVESTMENTS — 100.2%

(Cost $497,893,103)				556,026,814

Other assets and liabilities, net — (0.2%)				(1,078,920	)

NET ASSETS — 100.0%				554,947,894

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

EXCHANGE-TRADED FUNDS — 0.1%

Xtrackers S&P 500 Scored & Screened ETF

—		410,088		(54,791	)		791		(8,013	)		—		—		6,500		348,075

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

354,960		—		(354,960	) (d)		—		—			83		—		—		—

CASH EQUIVALENTS — 0.6%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

1,394,044		10,081,563		(8,188,829	)		—		—			99,577		—		3,286,778		3,286,778

1,749,004		10,491,651		(8,598,580	)		791		(8,013	)		99,660		—		3,293,278		3,634,853

*	Non-income producing security.

(a)	Affiliated fund advised by DBX Advisors LLC.

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

(c)	Represents 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 28, 2025.

REIT:

Real Estate Investment Trust

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2025 (Unaudited)

At February 28, 2025, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount ($)		Contract Value ($)		Expiration Date		Unrealized Depreciation ($)

E-Mini S&P 500 ESG Index		USD		6		1,590,933		1,558,680		3/21/2025		(32,253	)

E-Mini S&P 500 Index		USD		1		306,490		298,163		3/21/2025		(8,327	)

E-Mini S&P Mid 400 Index		USD		1		331,740		309,970		3/21/2025		(21,770	)

Total unrealized depreciation												(62,350	)

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


Assets		Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	552,391,961		$	—	$	—	$	552,391,961

Exchange-Traded Funds		348,075			—		—		348,075

Short-Term Investments (a)		3,286,778			—		—		3,286,778

TOTAL	$	556,026,814		$	—	$	—	$	556,026,814

Liabilities		Level 1			Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$	(62,350	)	$	—	$	—	$	(62,350	)

TOTAL	$	(62,350	)	$	—	$	—	$	(62,350	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.6%

Communication Services — 10.9%

Alphabet, Inc., Class A		28,475		4,848,723

Alphabet, Inc., Class C		25,288		4,355,099

AT&T, Inc.		35,500		973,055

Charter Communications, Inc., Class A *		583		211,961

Comcast Corp., Class A		20,445		733,567

Electronic Arts, Inc.		1,228		158,559

Fox Corp., Class A		1,733		99,821

Fox Corp., Class B		1,340		72,454

Live Nation Entertainment, Inc. *		1,052		150,815

Meta Platforms, Inc., Class A		13,465		8,997,313

Netflix, Inc. *		2,056		2,016,031

Omnicom Group, Inc.		1,433		118,595

Pinterest, Inc., Class A *		3,822		141,338

ROBLOX Corp., Class A *		2,595		165,146

Snap, Inc., Class A *		5,497		56,344

Spotify Technology SA *		712		432,903

Take-Two Interactive Software, Inc.*		863		182,939

T-Mobile US, Inc.		2,385		643,211

Trade Desk, Inc., Class A *		2,288		160,892

Verizon Communications, Inc.		20,630		889,153

Walt Disney Co.		9,564		1,088,383

Warner Bros Discovery, Inc. *		14,411		165,150

Warner Music Group Corp., Class A		1,091		36,767

(Cost $17,067,663)				26,698,219

Consumer Discretionary — 6.1%

Airbnb, Inc., Class A *		2,704		375,504

Aptiv PLC *		4,498		292,910

AutoZone, Inc. *		185		646,207

Best Buy Co., Inc.		2,662		239,340

Booking Holdings, Inc.		179		897,866

Chipotle Mexican Grill, Inc. *		7,803		421,128

D.R. Horton, Inc.		4,367		553,779

Domino’s Pizza, Inc.		250		122,427

DoorDash, Inc., Class A *		3,274		649,692

eBay, Inc.		7,186		465,222

Expedia Group, Inc. *		974		192,813

Ford Motor Co.		14,794		141,283

Garmin Ltd.		2,006		459,234

General Motors Co.		4,185		205,609

Genuine Parts Co.		3,065		382,757

Home Depot, Inc.		5,176		2,052,802

Lennar Corp., Class A		4,247		508,069

Lennar Corp., Class B		767		88,742

Lowe’s Cos., Inc.		3,330		827,971

Lululemon Athletica, Inc. *		1,383		505,639

McDonald’s Corp.		3,570		1,100,738


	Number of Shares		Value $

MercadoLibre, Inc. *		426		903,917

NIKE, Inc., Class B		9,483		753,235

NVR, Inc. *		68		492,699

O’Reilly Automotive, Inc. *		553		759,623

PulteGroup, Inc.		4,966		512,888

Ulta Beauty, Inc. *		1,002		367,093

Yum! Brands, Inc.		541		84,596

(Cost $12,281,794)				15,003,783

Consumer Staples — 4.8%

Archer-Daniels-Midland Co.		12		566

Church & Dwight Co., Inc.		3,947		438,906

Clorox Co.		2,259		353,285

Coca-Cola Co.		22,926		1,632,560

Colgate-Palmolive Co.		5,633		513,561

Estee Lauder Cos., Inc., Class A		5,070		364,584

General Mills, Inc.		6,254		379,118

Hershey Co.		2,290		395,506

Hormel Foods Corp.		4,950		141,719

Kellanova		4,144		343,538

Kenvue, Inc.		22,902		540,487

Keurig Dr Pepper, Inc.		13,899		465,895

Kimberly-Clark Corp.		3,521		500,017

Kraft Heinz Co.		9,624		295,553

McCormick & Co., Inc.		4,894		404,293

Mondelez International, Inc., Class A		10,440		670,561

PepsiCo, Inc.		8,382		1,286,386

Procter & Gamble Co.		12,691		2,206,203

Sysco Corp.		5,914		446,744

Target Corp.		3,264		405,519

Tyson Foods, Inc., Class A		33		2,024

(Cost $11,726,102)				11,787,025

Financials — 12.2%

Aflac, Inc.		2,394		262,071

Allstate Corp.		593		118,096

American Express Co.		2,826		850,513

American International Group, Inc.		1,968		163,226

Ameriprise Financial, Inc.		364		195,577

Aon PLC, Class A		982		401,756

Apollo Global Management, Inc.		2,063		307,944

Arch Capital Group Ltd.		1,541		143,174

Ares Management Corp., Class A		62		10,598

Arthur J Gallagher & Co.		1,272		429,605

Bank of America Corp.		31,784		1,465,242

Bank of New York Mellon Corp.		3,905		347,350

Blackrock, Inc.		789		771,468

Block, Inc. *		2,878		187,933

Capital One Financial Corp.		1,027		205,965

Cboe Global Markets, Inc.		655		138,074

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Charles Schwab Corp.		7,902		628,446

Chubb Ltd.		1,863		531,849

Cincinnati Financial Corp.		545		80,557

Citigroup, Inc.		9,258		740,177

Citizens Financial Group, Inc.		172		7,873

CME Group, Inc.		1,975		501,196

Coinbase Global, Inc., Class A *		1,140		245,807

Corpay, Inc. *		437		160,401

Discover Financial Services		1,277		249,258

Everest Group Ltd.		41		14,482

Fidelity National Financial, Inc.		509		32,846

Fidelity National Information Services, Inc.		2,912		207,101

Fifth Third Bancorp		3,534		153,623

Fiserv, Inc. *		2,944		693,871

Global Payments, Inc.		1,590		167,395

Goldman Sachs Group, Inc.		1,578		981,974

Hartford Insurance Group, Inc.		640		75,699

Huntington Bancshares, Inc.		8,828		145,397

Interactive Brokers Group, Inc., Class A		705		144,102

Intercontinental Exchange, Inc.		3,078		533,202

JPMorgan Chase & Co.		13,825		3,658,786

KeyCorp		1,794		31,072

KKR & Co., Inc.		3,525		477,955

M&T Bank Corp.		351		67,294

Markel Group, Inc. *		38		73,471

Marsh & McLennan Cos., Inc.		2,448		582,232

Mastercard, Inc., Class A		4,061		2,340,395

MetLife, Inc.		1,515		130,563

Moody’s Corp.		881		443,971

Morgan Stanley		6,265		833,934

MSCI, Inc.		406		239,747

Nasdaq, Inc.		2,595		214,814

Northern Trust Corp.		1,297		142,955

PayPal Holdings, Inc. *		5,150		365,908

PNC Financial Services Group, Inc.		1,845		354,092

Principal Financial Group, Inc.		298		26,534

Progressive Corp.		2,646		746,172

Prudential Financial, Inc.		852		98,065

Raymond James Financial, Inc.		1,091		168,745

Regions Financial Corp.		303		7,184

Rocket Cos., Inc., Class A * (a)		4,800		67,200

S&P Global, Inc.		1,624		866,794

State Street Corp.		1,811		179,706

Synchrony Financial		2,180		132,282

Travelers Cos., Inc.		1,158		299,331

Truist Financial Corp.		5,053		234,207

US Bancorp		5,977		280,321

Visa, Inc., Class A		8,576		3,110,601

W.R. Berkley Corp.		991		62,512


	Number of Shares		Value $

Wells Fargo & Co.		15,614		1,222,889

Willis Towers Watson PLC		470		159,636

(Cost $19,555,292)				29,913,216

Health Care — 16.0%

Abbott Laboratories		10,982		1,515,626

AbbVie, Inc.		10,274		2,147,574

Agilent Technologies, Inc.		3,572		456,930

Align Technology, Inc. *		1,628		304,485

Alnylam Pharmaceuticals, Inc. *		1,876		462,903

Amgen, Inc.		3,759		1,157,998

Avantor, Inc. *		14,667		244,939

Baxter International, Inc.		11,741		405,182

Becton Dickinson & Co.		2,651		597,880

Biogen, Inc. *		2,709		380,614

Boston Scientific Corp. *		10,326		1,071,736

Bristol-Myers Squibb Co.		15,197		906,045

Cardinal Health, Inc.		853		110,446

Cencora, Inc.		1,652		418,848

Centene Corp. *		3,055		177,679

Cigna Group		1,136		350,854

Cooper Cos., Inc. *		4,011		362,514

CVS Health Corp.		13,319		875,325

Danaher Corp.		4,372		908,327

Dexcom, Inc. *		5,654		499,644

Edwards Lifesciences Corp. *		6,911		494,966

Elevance Health, Inc.		1,191		472,684

Eli Lilly & Co.		4,523		4,164,009

GE HealthCare Technologies, Inc.		5,202		454,395

Gilead Sciences, Inc.		9,468		1,082,287

HCA Healthcare, Inc.		918		281,183

Hologic, Inc. *		5,017		318,028

Humana, Inc.		13		3,515

IDEXX Laboratories, Inc. *		1,087		475,139

Illumina, Inc. *		2,938		260,718

Intuitive Surgical, Inc. *		2,287		1,310,794

IQVIA Holdings, Inc. *		922		174,074

Johnson & Johnson		13,800		2,277,276

Labcorp Holdings, Inc.		530		133,051

McKesson Corp.		1,017		651,144

Medtronic PLC		9,644		887,441

Merck & Co., Inc.		15,409		1,421,480

Mettler-Toledo International, Inc.*		338		430,179

Moderna, Inc. *		8,348		258,454

Pfizer, Inc.		38,531		1,018,374

Quest Diagnostics, Inc.		565		97,689

Regeneron Pharmaceuticals, Inc.		919		642,142

ResMed, Inc.		1,941		453,262

Royalty Pharma PLC, Class A		13,376		449,969

STERIS PLC		1,832		401,684

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Stryker Corp.		2,332		900,595

Thermo Fisher Scientific, Inc.		2,402		1,270,562

UnitedHealth Group, Inc.		4,556		2,163,918

Veeva Systems, Inc., Class A *		772		173,036

Vertex Pharmaceuticals, Inc. *		1,997		958,141

Waters Corp. *		1,071		404,131

West Pharmaceutical Services, Inc.		1,196		277,879

Zimmer Biomet Holdings, Inc.		3,866		403,301

Zoetis, Inc.		4,067		680,165

(Cost $35,912,712)				39,201,214

Industrials — 4.8%

Automatic Data Processing, Inc.		2,052		646,749

Broadridge Financial Solutions, Inc.		597		144,008

Carrier Global Corp.		4,138		268,142

Cintas Corp.		2,090		433,675

Copart, Inc. *		10,226		560,385

Deere & Co.		1,582		760,610

Delta Air Lines, Inc.		4,163		250,280

Dover Corp.		1,291		256,612

Equifax, Inc.		725		177,770

Expeditors International of Washington, Inc.		2,897		339,992

Fastenal Co.		7,515		569,111

FedEx Corp.		1,795		471,905

Ferguson Enterprises, Inc.		2,796		496,290

JB Hunt Transport Services, Inc.		1,784		287,563

Johnson Controls International PLC		3,185		272,827

Masco Corp.		3,054		229,600

Old Dominion Freight Line, Inc.		2,567		453,075

Otis Worldwide Corp.		4,773		476,250

PACCAR, Inc.		66		7,078

Paychex, Inc.		1,688		256,019

Rollins, Inc.		3,183		166,757

Snap-on, Inc.		1,484		506,296

Southwest Airlines Co.		3,798		117,966

SS&C Technologies Holdings, Inc.		1,075		95,729

Trane Technologies PLC		5		1,769

TransUnion		1,256		116,092

Uber Technologies, Inc. *		13,569		1,031,380

United Airlines Holdings, Inc. *		1,326		124,392

United Parcel Service, Inc., Class B		5,511		655,974

Verisk Analytics, Inc.		758		225,058

Vertiv Holdings Co., Class A		3,519		334,903

W.W. Grainger, Inc.		185		188,924

Waste Management, Inc.		3,195		743,732

Westinghouse Air Brake Technologies Corp.		824		152,737

(Cost $9,922,107)				11,819,650


	Number of Shares		Value $

Information Technology — 36.9%

Accenture PLC, Class A		3,101		1,080,698

Adobe, Inc. *		2,188		959,569

Advanced Micro Devices, Inc. *		9,938		992,409

Amdocs Ltd.		645		56,276

Analog Devices, Inc.		3,616		831,897

Apple, Inc.		91,712		22,179,630

Applied Materials, Inc.		5,463		863,536

AppLovin Corp., Class A *		1,132		368,738

Arista Networks, Inc. *		7,343		683,266

ARM Holdings PLC, ADR *		2,385		314,081

Atlassian Corp., Class A *		833		236,789

Autodesk, Inc. *		1,131		310,131

Broadcom, Inc.		23,587		4,703,955

Cadence Design Systems, Inc. *		1,416		354,708

CDW Corp.		694		123,671

Cisco Systems, Inc.		23,714		1,520,304

Cloudflare, Inc., Class A *		1,566		227,540

Cognizant Technology Solutions Corp., Class A		2,585		215,408

Corning, Inc.		8,217		412,083

Crowdstrike Holdings, Inc., Class A*		1,180		459,799

Datadog, Inc., Class A *		1,620		188,811

Fair Isaac Corp. *		129		243,339

Fortinet, Inc. *		3,182		343,688

Gartner, Inc. *		392		195,341

Gen Digital, Inc.		3,090		84,450

GLOBALFOUNDRIES, Inc. * (a)		4,826		187,104

HP, Inc.		9,607		296,568

HubSpot, Inc. *		257		186,065

Intel Corp.		20,713		491,519

Intuit, Inc.		1,359		834,209

Keysight Technologies, Inc. *		2,302		367,238

KLA Corp.		1,046		741,447

Lam Research Corp.		10,043		770,700

Marvell Technology, Inc.		5,805		533,015

Microchip Technology, Inc.		6,908		406,605

Micron Technology, Inc.		8,007		749,695

Microsoft Corp.		47,186		18,732,370

MicroStrategy, Inc., Class A *		1,154		294,766

MongoDB, Inc. *		466		124,622

Monolithic Power Systems, Inc.		664		405,711

Motorola Solutions, Inc.		1,386		610,145

NetApp, Inc.		3,217		321,089

NVIDIA Corp.		127,397		15,914,433

ON Semiconductor Corp. *		5,612		264,045

Oracle Corp.		8,027		1,332,964

Palo Alto Networks, Inc. *		3,309		630,133

QUALCOMM, Inc.		7,118		1,118,736

Salesforce, Inc.		4,587		1,366,238

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Sandisk Corp. *		1,243		58,235

Seagate Technology Holdings PLC		3,500		356,685

ServiceNow, Inc. *		1,021		949,285

Skyworks Solutions, Inc.		3,278		218,511

Snowflake, Inc., Class A *		1,584		280,526

Super Micro Computer, Inc. *		10,582		438,730

Synopsys, Inc. *		790		361,251

TE Connectivity PLC		3,292		507,067

Teradyne, Inc.		2,460		270,256

Texas Instruments, Inc.		5,814		1,139,486

VeriSign, Inc. *		470		111,804

Western Digital Corp. *		3,731		182,558

Workday, Inc., Class A *		1,078		283,880

Zebra Technologies Corp., Class A*		896		282,285

Zoom Communications, Inc. *		1,587		116,962

Zscaler, Inc. *		499		97,919

(Cost $62,971,019)				90,284,974

Materials — 1.8%

Ball Corp.		5,419		285,527

Corteva, Inc.		7,761		488,788

CRH PLC		4,331		444,014

Ecolab, Inc.		2,361		635,133

International Flavors & Fragrances, Inc.		3,925		321,104

International Paper Co.		285		16,060

Martin Marietta Materials, Inc.		651		314,524

Nucor Corp.		522		71,759

Packaging Corp. of America		1,360		289,802

PPG Industries, Inc.		2,645		299,467

Sherwin-Williams Co.		1,859		673,460

Southern Copper Corp.		3,299		293,380

Vulcan Materials Co.		1,468		363,051

(Cost $3,874,306)				4,496,069

Real Estate — 5.0%

Alexandria Real Estate Equities, Inc. REIT		3,803		388,895

American Tower Corp. REIT		3,923		806,647

AvalonBay Communities, Inc. REIT		2,135		482,894

CBRE Group, Inc., Class A *		1,504		213,478

CoStar Group, Inc. *		2,130		162,412

Crown Castle, Inc. REIT		5,507		518,209

Digital Realty Trust, Inc. REIT		3,236		505,852

Equinix, Inc. REIT		798		721,887

Equity Residential REIT		6,105		452,808

Essex Property Trust, Inc. REIT		1,407		438,379


	Number of Shares		Value $

Extra Space Storage, Inc. REIT		3,060		466,834

Healthpeak Properties, Inc. REIT		18,148		371,308

Invitation Homes, Inc. REIT		12,537		426,383

Iron Mountain, Inc. REIT		4,324		402,867

Mid-America Apartment Communities, Inc. REIT		2,456		412,903

Millrose Properties, Inc. REIT *		3,298		75,392

Prologis, Inc. REIT		7,355		911,432

Public Storage REIT		1,757		533,460

Realty Income Corp. REIT		9,949		567,391

SBA Communications Corp. REIT		2,074		451,925

Simon Property Group, Inc. REIT		3,267		607,956

Ventas, Inc. REIT		7,276		503,354

VICI Properties, Inc. REIT		15,923		517,338

Welltower, Inc. REIT		5,377		825,423

Weyerhaeuser Co. REIT		11,199		337,090

(Cost $11,125,978)				12,102,517

Utilities — 1.1%

American Water Works Co., Inc.		11,265		1,531,702

Edison International		19,154		1,042,744

(Cost $2,817,179)				2,574,446

TOTAL COMMON STOCKS
(Cost $187,254,152)				243,881,113

EXCHANGE-TRADED FUNDS — 0.1%

iShares Paris-Aligned Climate MSCI USA ETF		300		19,257

Vanguard Mid-Cap ETF		100		27,051

Xtrackers MSCI USA Climate Action Equity ETF (b)		9,500		357,980

(Cost $339,837)				404,288

SECURITIES LENDING

COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

(Cost $62,275)		62,275		62,275

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

(Cost $504,468)		504,468		504,468

TOTAL INVESTMENTS — 99.9%

(Cost $188,160,732)				244,852,144

Other assets and liabilities, net — 0.1%				156,646

NET ASSETS — 100.0%				245,008,790

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

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

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

EXCHANGE-TRADED FUNDS — 0.1%

Xtrackers MSCI USA Climate Action Equity ETF (b)

307,443		137,422		(111,887	)		2,553		22,449		3,140		—		9,500		357,980

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (c)(d)

512,450		—		(450,175	) (e)		—		—		3,296		—		62,275		62,275

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.30% (c)

307,334		1,898,424		(1,701,290	)		—		—		9,375		—		504,468		504,468

1,127,227		2,035,846		(2,263,352	)		2,553		22,449		15,811		—		576,243		924,723

*	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 28, 2025 amounted to $201,495, which is 0.1% of net assets.

(b)	Affiliated fund advised by DBX Advisors LLC.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $138,488.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2025.

ADR:	American Depositary Receipt

REIT:

Real Estate Investment Trust

At February 28, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

Micro E-Mini S&P 500 Index

USD

606,346

596,325

3/21/2025

(10,021

)

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.

46 | DBX ETF Trust

Schedule of Investments

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

February 28, 2025 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	243,881,113		$	—	$	—	$	243,881,113

Exchange-Traded Funds		404,288			—		—		404,288
Short-Term Investments (a)		566,743			—		—		566,743

TOTAL	$	244,852,144		$	—	$	—	$	244,852,144

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)
Futures Contracts	$	(10,021	)	$	—	$	—	$	(10,021	)

TOTAL	$	(10,021	)	$	—	$	—	$	(10,021	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 96.8%

Brazil — 3.7%

Suzano SA, ADR		35,350		339,713

Vale SA		80,584		757,299


(Cost $1,185,389)				1,097,012

Canada — 18.3%

Agnico Eagle Mines Ltd.		12,300		1,189,998

ARC Resources Ltd.		24,782		459,668

First Quantum Minerals Ltd. *		20,010		249,335

Franco-Nevada Corp.		4,076		584,315

Imperial Oil Ltd.		1,882		128,149

Ivanhoe Mines Ltd., Class A *		59,715		569,149

Nutrien Ltd.		20,809		1,095,233

Suncor Energy, Inc.		16,940		651,000

Teck Resources Ltd., Class B		10,826		437,534


(Cost $5,195,419)				5,364,381

Finland — 5.3%

Stora Enso OYJ, Class R		47,542		512,484

UPM-Kymmene OYJ		36,012		1,053,913


(Cost $1,775,814)				1,566,397

France — 3.9%
TotalEnergies SE

(Cost $1,136,808)		18,819		1,130,857

India — 1.4%
Reliance Industries Ltd., GDR, 144A

(Cost $536,879)		7,472		407,971

Ireland — 3.6%

Smurfit WestRock PLC		16,459		857,020

Smurfit WestRock PLC		3,728		192,647


(Cost $930,694)				1,049,667

Luxembourg — 2.3%
ArcelorMittal SA

(Cost $537,321)		23,311		665,240

Norway — 2.6%
Norsk Hydro ASA

(Cost $721,275)		128,247		755,327

Singapore — 1.2%
Wilmar International Ltd.

(Cost $346,681)		149,159		354,982

South Africa — 1.5%
Gold Fields Ltd.

(Cost $346,395)		25,020		439,455

Switzerland — 5.9%

Glencore PLC *		292,630		1,175,957

SIG Group AG *		27,591		547,386


(Cost $2,022,076)				1,723,343


	Number of Shares		Value $

United Kingdom — 15.2%

Anglo American PLC		16,563		487,180

BP PLC		151,865		836,305

Mondi PLC		34,581		534,487

Rio Tinto PLC		8,107		489,368

Shell PLC		64,062		2,126,296


(Cost $4,373,051)				4,473,636

United States — 31.9%

Avery Dennison Corp.		1,220		229,323

Berry Global Group, Inc.		4,111		296,691

Bunge Global SA		4,070		301,953

CF Industries Holdings, Inc.		1,844		149,401

Chevron Corp.		2,771		439,536

Cleveland-Cliffs, Inc. *		31,267		338,934

Commercial Metals Co.		6,158		298,294

ConocoPhillips		4,751		471,062

Corteva, Inc.		20,664		1,301,419

Coterra Energy, Inc.		20,328		548,653

Darling Ingredients, Inc. *		5,425		195,788

Diamondback Energy, Inc.		1,363		216,663

Exxon Mobil Corp.		11,048		1,229,974

FMC Corp.		2,813		103,800

Freeport-McMoRan, Inc.		17,074		630,201

Graphic Packaging Holding Co.		7,905		210,905

Ingredion, Inc.		2,092		273,236

International Paper Co.		8,356		460,314

Mosaic Co.		16,557		396,043

Nucor Corp.		4,678		643,085

Sealed Air Corp.		2,945		100,660

Weyerhaeuser Co. REIT		17,663		531,656


(Cost $9,630,081)				9,367,591

TOTAL COMMON STOCKS


(Cost $28,737,883)				28,395,859

PREFERRED STOCKS — 2.1%

Brazil — 2.1%
Petroleo Brasileiro SA

(Cost $628,476)		98,713		604,372

CASH EQUIVALENTS — 0.7%
DWS Government Money Market
Series “Institutional Shares”, 4.30% (a)

(Cost $212,226)		212,226		212,226

TOTAL INVESTMENTS — 99.6%

(Cost $29,578,585)				29,212,457

Other assets and liabilities, net — 0.4%				117,516


NET ASSETS — 100.0%				29,329,973

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

February 28, 2025 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (a)(b)

—		—		—			—		—		280		—		—		—

CASH EQUIVALENTS — 0.7%

DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

—		7,602,232		(7,390,006	)		—		—		3,732		—		212,226		212,226

—		7,602,232		(7,390,006	)		—		—		4,012		—		212,226		212,226

*	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.

ADR:	American Depositary Receipt

GDR:	Global Depositary Receipt

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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	28,395,859	$	—	$	—	$	28,395,859

Preferred Stocks		604,372		—		—		604,372
Short-Term Investments (a)		212,226		—		—		212,226

TOTAL	$	29,212,457	$	—	$	—	$	29,212,457

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

See Notes to Financial Statements.

DBX ETF Trust | 49

Statements of Assets and Liabilities

February 28, 2025 (unaudited)


	Xtrackers
	Emerging
	Markets					Xtrackers MSCI
	Carbon					Emerging			Xtrackers MSCI
	Reduction			Xtrackers MSCI		Markets			USA Climate
	and Climate			EAFE Selection		Climate			Action Equity
	Improvers ETF			Equity ETF		Selection ETF			ETF

Assets
Investment in non-affiliated securities at value	$	41,143,513		$	53,955,998	$	194,647,059		$	2,830,057,181
Investment in DWS Government Money Market Series		150,737			52,686		1,127,113			5,845,554
Investment in DWS Government & Agency Securities Portfolio*		247			—		125,685			—
Foreign currency at value		92,130			114,724		213,670			—
Deposit with broker for futures contracts		8,757			9,206		52,538			418,601
Foreign tax receivable		—			—		83,329			—
Receivables:
Investment securities sold		—			811,087		—			7,517,885
Variation margin on futures contracts		—			3,657		—			130,852
Dividends		50,501			71,590		488,036			3,053,883
Interest		594			190		3,596			18,988
Affiliated securities lending income		26			1		8			13
Foreign tax reclaim		2,252			72,718		—			—
Total assets	$	41,448,757		$	55,091,857	$	196,741,034		$	2,847,042,957

Liabilities
Payable upon return of securities loaned	$	247		$	—	$	125,685		$	—
Payables:
Investment securities purchased		—			980,490		—			7,652,443
Investment advisory fees		4,917			5,808		23,527			155,099
Variation margin on futures contracts		3,771			—		22,633			—
Deferred foreign tax		9,369			—		—			—
Total liabilities		18,304			986,298		171,845			7,807,542
Net Assets, at value	$	41,430,453		$	54,105,559	$	196,569,189		$	2,839,235,415

Net Assets Consist of
Paid-in capital	$	126,475,005		$	50,078,357	$	197,548,035		$	2,183,767,805
Distributable earnings (loss)		(85,044,552	)		4,027,202		(978,846	)		655,467,610

Net Assets, at value	$	41,430,453		$	54,105,559	$	196,569,189		$	2,839,235,415
Number of Common Shares outstanding		1,400,001			1,750,001		7,050,001			75,300,001
Net Asset Value	$	29.59		$	30.92	$	27.88		$	37.71

Investment in non-affiliated securities at cost	$	46,511,822		$	46,491,522	$	184,431,179		$	2,362,866,281
Value of securities loaned	$	241		$	—	$	122,693		$	—
Investment in DWS Government Money Market Series at cost	$	150,737		$	52,686	$	1,127,113		$	5,845,554
Investment in DWS Government & Agency Securities Portfolio at cost*	$	247		$	—	$	125,685		$	—
Foreign currency at cost	$	97,387		$	114,667	$	213,967		$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

50 | DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2025 (unaudited)


			Xtrackers Net		Xtrackers
	Xtrackers MSCI		Zero Pathway		RREEF Global
	USA Selection		Paris Aligned		Natural
	Equity ETF		US Equity ETF		Resources ETF

Assets
Investment in non-affiliated securities at value	$	552,391,961	$	243,927,421	$	29,000,231
Investment in affiliated securities at value		348,075		357,980		—
Investment in DWS Government Money Market Series		3,286,778		504,468		212,226
Investment in DWS Government & Agency Securities Portfolio*		—		62,275		—
Foreign currency at value		—		—		37,590
Deposit with broker for futures contracts		107,350		33,519		—
Receivables:
Investment securities sold		3,320,109		—		—
Variation margin on futures contracts		128,622		8,767		—
Dividends		534,076		194,116		82,103
Interest		11,435		1,499		626
Affiliated securities lending income		1		56		34
Foreign tax reclaim		382		—		7,461
Total assets	$	560,128,789	$	245,090,101	$	29,340,271

Liabilities
Payable upon return of securities loaned	$	—	$	62,275	$	—
Payables:
Investment securities purchased		5,143,212		—		—
Investment advisory fees		37,683		19,036		10,298
Total liabilities		5,180,895		81,311		10,298
Net Assets, at value	$	554,947,894	$	245,008,790	$	29,329,973

Net Assets Consist of
Paid-in capital	$	403,591,194	$	186,665,843	$	30,863,700
Distributable earnings (loss)		151,356,700		58,342,947		(1,533,727	)

Net Assets, at value	$	554,947,894	$	245,008,790	$	29,329,973
Number of Common Shares outstanding		10,350,001		6,500,001		1,175,001
Net Asset Value	$	53.62	$	37.69	$	24.96

Investment in non-affiliated securities at cost	$	494,250,237	$	187,289,487	$	29,366,359
Investment in affiliated securities at cost	$	356,088	$	304,502	$	–
Value of securities loaned	$	—	$	201,495	$	—
Investment in DWS Government Money Market Series at cost	$	3,286,778	$	504,468	$	212,226
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	62,275	$	—
Non-cash collateral for securities on loan	$	—	$	138,488	$	—
Foreign currency at cost	$	—	$	—	$	37,892

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 51

Statements of Operations

For the Six Months Ended February 28, 2025 (Unaudited)


	Xtrackers
	Emerging
	Markets						Xtrackers MSCI
	Carbon						Emerging			Xtrackers MSCI
	Reduction			Xtrackers MSCI			Markets			USA Climate
	and Climate			EAFE Selection			Climate			Action Equity
	Improvers ETF			Equity ETF			Selection ETF			ETF

Investment Income
Unaffiliated dividend income*	$	443,302		$	423,952		$	2,173,320		$	17,042,453
Income distributions from affiliated funds		35,910			1,204			54,351			152,516
Affiliated securities lending income		831			63			19			62
Total investment income		480,043			425,219			2,227,690			17,195,031

Expenses
Investment advisory fees		50,105			36,297			166,590			895,341
Other expenses		58			58			58			58
Total expenses		50,163			36,355			166,648			895,399
Less fees waived (see note 3):
Waiver		(725	)		(25	)		(1,342	)		(3,245	)
Net expenses		49,438			36,330			165,306			892,154
Net investment income (loss)		430,605			388,889			2,062,384			16,302,877

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		2,941,140			(345,568	)		(6,967,383	)		(6,621,692	)
In-kind redemptions		(717,267	)		—			(528,624	)		192,143,498
Futures contracts		(16,646	)		(8,138	)		(15,921	)		262,022
Foreign currency transactions		(22,357	)		(13,263	)		(370,022	)		—
Net realized gain (loss)		2,184,870			(366,969	)		(7,881,950	)		185,783,828
Net change in unrealized appreciation (depreciation) on:
Investments***		371,879			(2,310,080	)		8,113,782			(9,972,480	)
Futures contracts		(29,365	)		1,323			18,880			(352,610	)
Foreign currency translations		(1,529	)		(9,321	)		(10,195	)		—
Net change in unrealized appreciation (depreciation)		340,985			(2,318,078	)		8,122,467			(10,325,090	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2,525,855			(2,685,047	)		240,517			175,458,738
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,956,460		$	(2,296,158	)	$	2,302,901		$	191,761,615

* Unaffiliated foreign tax withheld	$	58,902		$	43,383		$	249,917		$	1,868
** Including foreign taxes	$	385,414		$	—		$	184,118		$	—
*** Including change in deferred foreign taxes	$	871,011		$	—		$	294,752		$	—

See Notes to Financial Statements.

52 | DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 28, 2025 (Unaudited)


				Xtrackers Net			Xtrackers
	Xtrackers MSCI			Zero Pathway			RREEF Global
	USA Selection			Paris Aligned			Natural
	Equity ETF			US Equity ETF			Resources ETF

Investment Income
Unaffiliated dividend income*	$	5,287,401		$	1,499,141		$	352,124
Affiliated dividend income		—			3,140			—
Income distributions from affiliated funds		99,577			9,375			3,732
Affiliated securities lending income		83			3,296			280
Total investment income		5,387,061			1,514,952			356,136

Expenses
Investment advisory fees		402,535			115,287			66,409
Other expenses		58			58			44
Total expenses		402,593			115,345			66,453
Less fees waived (see note 3):
Waiver		(2,120	)		(338	)		(87	)
Net expenses		400,473			115,007			66,366
Net investment income (loss)		4,986,588			1,399,945			289,770

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,403,488	)		(1,045,605	)		(1,171,572	)
Investments in affiliates		791			2,553			—
In-kind redemptions		183,960,855			4,493,713			—
Futures contracts		177,050			22,619			—
Foreign currency transactions		—			—			(17,521	)
Net realized gain (loss)		182,735,208			3,473,280			(1,189,093	)
Net change in unrealized appreciation (depreciation) on:
Investments		(144,583,352	)		2,912,801			(813,636	)
Investments in affiliates		(8,013	)		22,449			—
Futures contracts		(97,556	)		(16,133	)		—
Foreign currency translations		—			—			(3,057	)
Net change in unrealized appreciation (depreciation)		(144,688,921	)		2,919,117			(816,693	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		38,046,287			6,392,397			(2,005,786	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,032,875		$	7,792,342		$	(1,716,016	)

* Unaffiliated foreign tax withheld	$	3,217		$	—		$	24,800

See Notes to Financial Statements.

DBX ETF Trust | 53

Statements of Changes in Net Assets


	Xtrackers Emerging Markets
	Carbon Reduction and Climate						Xtrackers MSCI EAFE Selection
	Improvers ETF						Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	February 28,						February 28,
	2025			Year Ended			2025			Year Ended
	(Unaudited)			August 31, 2024			(Unaudited)			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	430,605		$	7,665,264		$	388,889		$	1,225,950
Net realized gain (loss)		2,184,870			(32,238,810	)		(366,969	)		(5,235	)
Net change in net unrealized appreciation (depreciation)		340,985			83,350,970			(2,318,078	)		7,820,147
Net increase (decrease) in net assets resulting from operations		2,956,460			58,777,424			(2,296,158	)		9,040,862
Distributions to Shareholders		(2,830,262	)		(8,720,560	)		(595,841	)		(1,250,289	)
Fund Shares Transactions
Proceeds from shares sold		1,651,318			329,006,403			3,090,434			4,517,522
Value of shares redeemed		(54,609,967	)		(777,045,199	)		—			(1,584,526	)
Net increase (decrease) in net assets resulting from fund share transactions		(52,958,649	)		(448,038,796	)		3,090,434			2,932,996
Total net increase (decrease) in Net Assets		(52,832,451	)		(397,981,932	)		198,435			10,723,569
Net Assets
Beginning of period		94,262,904			492,244,836			53,907,124			43,183,555
End of period	$	41,430,453		$	94,262,904		$	54,105,559		$	53,907,124

Changes in Shares Outstanding
Shares outstanding, beginning of period		3,100,001			18,400,001			1,650,001			1,550,001
Shares sold		50,000			12,150,000			100,000			150,000
Shares redeemed		(1,750,000	)		(27,450,000	)		—			(50,000	)
Shares outstanding, end of period		1,400,001			3,100,001			1,750,001			1,650,001

See Notes to Financial Statements.

54 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging						Xtrackers MSCI USA Climate
	Markets Climate Selection ETF						Action Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	February 28,						February 28,
	2025			Year Ended			2025			Year Ended
	(Unaudited)			August 31, 2024			(Unaudited)			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,062,384		$	596,277		$	16,302,877		$	28,577,351
Net realized gain (loss)		(7,881,950	)		(782,685	)		185,783,828			231,222,329
Net change in net unrealized appreciation (depreciation)		8,122,467			3,802,076			(10,325,090	)		253,783,232
Net increase (decrease) in net assets resulting from operations		2,302,901			3,615,668			191,761,615			513,582,912
Distributions to Shareholders		(1,503,299	)		(586,531	)		(16,653,058	)		(32,682,806	)
Fund Shares Transactions
Proceeds from shares sold		432,114,694			—			1,002,070,027			575,108,072
Value of shares redeemed		(264,361,248	)		—			(550,392,522	)		(1,118,683,278	)
Net increase (decrease) in net assets resulting from fund share transactions		167,753,446			—			451,677,505			(543,575,206	)
Total net increase (decrease) in Net Assets		168,553,048			3,029,137			626,786,062			(62,675,100	)
Net Assets
Beginning of period		28,016,141			24,987,004			2,212,449,353			2,275,124,453
End of period	$	196,569,189		$	28,016,141		$	2,839,235,415		$	2,212,449,353

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,050,001			1,050,001			62,600,001			81,100,001
Shares sold		16,000,000			—			27,200,000			19,000,000
Shares redeemed		(10,000,000	)		—			(14,500,000	)		(37,500,000	)
Shares outstanding, end of period		7,050,001			1,050,001			75,300,001			62,600,001

See Notes to Financial Statements.

DBX ETF Trust | 55

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI USA Selection						Xtrackers Net Zero Pathway Paris
	Equity ETF						Aligned US Equity ETF
	For the Six						For the Six
	Months Ended						Months Ended
	February 28,						February 28,
	2025			Year Ended			2025			Year Ended
	(Unaudited)			August 31, 2024			(Unaudited)			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	4,986,588		$	13,754,946		$	1,399,945		$	2,267,724
Net realized gain (loss)		182,735,208			139,225,130			3,473,280			5,508,144
Net change in net unrealized appreciation (depreciation)		(144,688,921	)		91,051,668			2,919,117			37,350,208
Net increase (decrease) in net assets resulting from operations		43,032,875			244,031,744			7,792,342			45,126,076
Distributions to Shareholders		(6,608,952	)		(14,649,602	)		(1,509,917	)		(2,136,306	)
Fund Shares Transactions
Proceeds from shares sold		96,414,109			189,393,361			28,334,876			45,647,060
Value of shares redeemed		(622,558,170	)		(656,999,562	)		(11,285,871	)		(14,855,434	)
Net increase (decrease) in net assets resulting from fund share transactions		(526,144,061	)		(467,606,201	)		17,049,005			30,791,626
Total net increase (decrease) in Net Assets		(489,720,138	)		(238,224,059	)		23,331,430			73,781,396
Net Assets
Beginning of period		1,044,668,032			1,282,892,091			221,677,360			147,895,964
End of period	$	554,947,894		$	1,044,668,032		$	245,008,790		$	221,677,360

Changes in Shares Outstanding
Shares outstanding, beginning of period		20,000,001			30,650,001			6,050,001			5,100,001
Shares sold		1,800,000			4,050,000			750,000			1,400,000
Shares redeemed		(11,450,000	)		(14,700,000	)		(300,000	)		(450,000	)
Shares outstanding, end of period		10,350,001			20,000,001			6,500,001			6,050,001

See Notes to Financial Statements.

56 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers RREEF Global Natural
	Resources ETF
	For the Six
	Months Ended			For the Period
	February 28,			February 27,
	2025			2024⁽¹⁾to
	(Unaudited)			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	289,770		$	197,174
Net realized gain (loss)		(1,189,093	)		222,505
Net change in net unrealized appreciation (depreciation)		(816,693	)		450,250
Net increase (decrease) in net assets resulting from operations		(1,716,016	)		869,929
Distributions to Shareholders		(569,915	)		(117,725	)
Fund Shares Transactions
Proceeds from shares sold		676,313			30,187,362
Value of shares redeemed		—			—
Net increase (decrease) in net assets resulting from fund share transactions		676,313			30,187,362
Total net increase (decrease) in Net Assets		(1,609,618	)		30,939,566
Net Assets
Beginning of period		30,939,591			25
End of period	$	29,329,973		$	30,939,591

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			1
Shares sold		25,000			1,150,000
Shares redeemed		—			—
Shares outstanding, end of period		1,175,001			1,150,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 57

Financial Highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	30.41		$	26.75		$	26.93		$	34.69		$	27.90		$	25.42

Income (loss) from investment operations:

Net investment income (loss)(a)		0.20			0.47			0.60			0.70			0.57			0.68

Net realized and unrealized gain (loss)		0.87			3.48			(0.08	)		(7.88	)		6.86			2.53

Total from investment operations		1.07			3.95			0.52			(7.18	)		7.43			3.21

Less distributions from:

Net investment income		(1.89	)		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)

Total from distributions		(1.89	)		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)

Net Asset Value, end of period	$	29.59		$	30.41		$	26.75		$	26.93		$	34.69		$	27.90

Total Return (%)(b)		3.63	**		14.88			2.01			(20.81	)		26.80			12.74

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		41			94			492			493			496			8

Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15			0.16			0.16

Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.16			0.16

Ratio of net investment income (loss) (%)		1.29	*		1.70			2.30			2.30			1.97			2.61

Portfolio turnover rate (%)(c)		7	**		79			16			33			17			13

(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.

58 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI EAFE Selection Equity ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	32.67		$	27.86		$	24.26		$	31.79		$	25.96		$	24.10

Income (loss) from investment operations:

Net investment income (loss)(a)		0.23			0.77			0.78			0.85			0.72			0.59

Net realized and unrealized gain (loss)		(1.64	)		4.82			3.51			(7.57	)		5.80			1.83

Total from investment operations		(1.41	)		5.59			4.29			(6.72	)		6.52			2.42

Less distributions from:

Net investment income		(0.34	)		(0.78	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)

Total from distributions		(0.34	)		(0.78	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)

Net Asset Value, end of period	$	30.92		$	32.67		$	27.86		$	24.26		$	31.79		$	25.96

Total Return (%)(b)		(4.26	)**		20.32			17.79			(21.40	)		25.28			10.12

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		54			54			43			29			19			12

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) (%)		1.50	*		2.59			2.92			3.04			2.45			2.39

Portfolio turnover rate (%)(c)		3	**		12			25			22			22			16

(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.

DBX ETF Trust | 59

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Climate Selection ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	26.68		$	23.80		$	24.39		$	33.60		$	28.57		$	24.70

Income (loss) from investment operations:

Net investment income (loss)(a)		0.25			0.57			0.53			0.64			0.49			0.86

Net realized and unrealized gain (loss)		1.04			2.87			(0.65	)		(9.14	)		4.77			4.07

Total from investment operations		1.29			3.44			(0.12	)		(8.50	)		5.26			4.93

Less distributions from:

Net investment income		(0.09	)		(0.56	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)

Net realized gains		–			–			–			–			–			(0.00	)(b)

Total from distributions		(0.09	)		(0.56	)		(0.47	)		(0.71	)		(0.23	)		(1.06	)

Net Asset Value, end of period	$	27.88		$	26.68		$	23.80		$	24.39		$	33.60		$	28.57

Total Return (%)(c)		4.85	**		14.74			(0.51	)		(25.55	)		18.43			20.32

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		197			28			25			23			25			9

Ratio of expenses before fee waiver (%)		0.15	*		0.20			0.20			0.20			0.20			0.20

Ratio of expenses after fee waiver (%)		0.15	*		0.20			0.20			0.20			0.20			0.20

Ratio of net investment income (loss) (%)		1.89	*		2.33			2.21			2.22			1.48			3.38

Portfolio turnover rate (%)(d)		137	**		14			23			24			26			17

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

(b)	Amount represents less than $0.005.

(c)	Total Return would have been lower if certain 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.

60 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI USA Climate Action Equity ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Year Ended 8/31/2024			Period Ended 8/31/2023(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	35.34		$	28.05		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.23			0.42			0.17

Net realized and unrealized gain (loss)		2.40			7.32			2.96

Total from investment operations		2.63			7.74			3.13

Less distributions from:

Net investment income		(0.26	)		(0.41	)		(0.08	)

Net realized gains		–			(0.04	)		–

Total from distributions		(0.26	)		(0.45	)		(0.08	)

Net Asset Value, end of period	$	37.71		$	35.34		$	28.05

Total Return (%)(c)		7.45	**		27.85			12.55	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		2,839			2,212			2,275

Ratio of expenses before fee waiver (%)		0.07	*		0.07			0.07	*

Ratio of expenses after fee waiver (%)		0.07	*		0.07			0.07	*

Ratio of net investment income (loss) (%)		1.27	*		1.36			1.57	*

Portfolio turnover rate (%)(d)		5	**		20			7	**

(a)	For the period April 4, 2023 (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.

DBX ETF Trust | 61

Financial Highlights (Continued)

Xtrackers MSCI USA Selection Equity ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	52.23		$	41.86		$	35.87		$	41.89		$	31.84		$	26.69

Income (loss) from investment operations:

Net investment income (loss)(a)		0.30			0.58			0.57			0.53			0.50			0.51

Net realized and unrealized gain (loss)		1.45			10.41			6.04			(6.04	)		10.05			5.10

Total from investment operations		1.75			10.99			6.61			(5.51	)		10.55			5.61

Less distributions from:

Net investment income		(0.36	)		(0.62	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)

Total from distributions		(0.36	)		(0.62	)		(0.62	)		(0.51	)		(0.50	)		(0.46	)

Net Asset Value, end of period	$	53.62		$	52.23		$	41.86		$	35.87		$	41.89		$	31.84

Total Return (%)(b)		3.33	**		26.52			18.68			(13.29	)		33.48			21.42

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		555			1,045			1,283			3,060			3,889			2,666

Ratio of expenses before fee waiver (%)		0.09	*		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			0.09

Ratio of net investment income (loss) (%)		1.11	*		1.26			1.56			1.32			1.39			1.83

Portfolio turnover rate (%)(c)		1	**		7			6			6			12			9

(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.

62 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2022(a)
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			Period Ended 8/31/2022(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	36.64		$	29.00		$	25.21		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.23			0.41			0.39			0.07

Net realized and unrealized gain (loss)		1.07			7.62			3.74			0.14

Total from investment operations		1.30			8.03			4.13			0.21

Less distributions from:

Net investment income		(0.25	)		(0.39	)		(0.34	)		–

Net realized gains		–			–			(0.00	)(c)		–

Total from distributions		(0.25	)		(0.39	)		(0.34	)		–

Net Asset Value, end of period	$	37.69		$	36.64		$	29.00		$	25.21

Total Return (%)(d)		3.56	**		27.94			16.60			0.84	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		245			222			148			76

Ratio of expenses before fee waiver (%)		0.10	*		0.10			0.10			0.10	*

Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10	*

Ratio of net investment income (loss) (%)		1.21	*		1.28			1.49			1.50	*

Portfolio turnover rate (%)(e)		4	**		11			8			11	**

(a)	For the period June 28, 2022 (commencement of operations) through August 31, 2022.

(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.

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers RREEF Global Natural Resources ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Period Ended 8/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	26.90		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.25			0.46

Net realized and unrealized gain (loss)		(1.70	)		1.72

Total from investment operations		(1.45	)		2.18

Less distributions from:

Net investment income		(0.26	)		(0.28	)

Net realized gains		(0.23	)		–

Total from distributions		(0.49	)		(0.28	)

Net Asset Value, end of period	$	24.96		$	26.90

Total Return (%)(c)		(5.39	)**		8.75	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		29			31

Ratio of expenses before fee waiver (%)		0.45	*		0.45	*

Ratio of expenses after fee waiver (%)		0.45	*		0.45	*

Ratio of net investment income (loss) (%)		1.96	*		3.41	*

Portfolio turnover rate (%)(d)		64	**		49	**

(a)	For the period February 27, 2024 (commencement of operations) through August 31, 2024.

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

64 | DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE Selection Equity ETF

Xtrackers MSCI Emerging Markets Climate Selection ETF

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA Selection 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”). RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF.

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 10,000 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 Selection Equity ETF (formerly Xtrackers MSCI EAFE ESG Leaders Equity ETF)*		MSCI EAFE Selection Index (formerly MSCI EAFE ESG Leaders Index)*
Xtrackers MSCI Emerging Markets Climate Selection ETF (formerly Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF)**		MSCI Global Climate 500 Emerging Markets Selection Index (formerly MSCI Emerging Markets ESG Leaders Index)**
Xtrackers MSCI USA Climate Action Equity ETF		MSCI USA Climate Action Index
Xtrackers MSCI USA Selection Equity ETF (formerly Xtrackers MSCI USA ESG Leaders Equity ETF)*		MSCI USA Selection Index (formerly MSCI USA ESG Leaders Index)*
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Solactive ISS ESG United States Net Zero Pathway Enhanced Index

* Effective February 3, 2025, MSCI Inc. (the Index Provider) changed the name of the Fund’s Underlying Index. At such time, the Fund also changed its name. There was no change to the index methodology of the Fund’s Underlying Index and no changes in the investment policies of the Fund. The Fund will continue to seek investment results that correspond generally to the performance, before fees and expenses, of its Underlying Index. The Fund’s ticker symbol remains the same.

** Effective November 4, 2024, the Fund’s ticker symbol changed from EMSG to EMCS. At that time, the Fund also changed its investment objective of seeking investments results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection 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

DBX ETF Trust | 65

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 Selection 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.

The MSCI Global Climate 500 Emerging Markets Selection Index is comprised of large and mid-capitalization companies in emerging markets that meet certain environmental, social and governance (“ESG”) criteria. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis as of the close of business of the last business day of May and November, 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 Selection 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 Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF and Xtrackers MSCI USA Selection Equity ETF are diversified series of the Trust. Xtrackers MSCI Emerging Markets Climate Selection 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. Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 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.

66 | DBX ETF Trust

2. Significant Accounting Policies

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.

DBX ETF Trust | 67

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

Investments.

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 Selection Equity ETF and Xtrackers MSCI Emerging Markets Climate Selection ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection 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.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the

Statements of Operations. For the period ended February 28, 2025, the Funds did not incur any interest or penalties.


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	19,232,299	$	61,092,253	$	80,324,552
Xtrackers MSCI EAFE Selection Equity ETF		600,681		1,613,651		2,214,332
Xtrackers MSCI Emerging Markets Climate Selection ETF		884,105		2,515,856		3,399,961
Xtrackers MSCI USA Selection Equity ETF		15,906,539		54,390,232		70,296,771
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		580,526		803,354		1,383,880

68 | DBX ETF Trust


			Net Unrealized			Aggregate Gross		Aggregate Gross
			Appreciation			Unrealized		Unrealized
	Aggregate Tax Cost		(Depreciation)			Appreciation		(Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	101,211,410	$	(6,378,342	)	$	15,741,994	$	(22,120,336	)
Xtrackers MSCI EAFE Selection Equity ETF		45,008,834		8,808,795			10,951,665		(2,142,870	)
Xtrackers MSCI Emerging Markets Climate Selection ETF		26,950,148		1,444,498			5,796,995		(4,352,497	)

Xtrackers MSCI USA Climate Action Equity ETF		1,731,675,833		474,511,057			509,457,751		(34,946,694	)
Xtrackers MSCI USA Selection Equity ETF		857,744,827		182,589,005			238,747,591		(56,158,586	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		169,097,719		52,891,355			56,392,925		(3,501,570	)
Xtrackers RREEF Global Natural Resources ETF		30,501,161		397,452			704,189		(306,737	)

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers MSCI EAFE Selection 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. Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF and Xtrackers MSCI USA Selection 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 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 28, 2025, 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 (0.13% annualized effective rate as of February 28, 2025) 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

DBX ETF Trust | 69

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 28, 2025, the Funds listed below had securities on loan. The value of the related collateral for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and Xtrackers MSCI Emerging Markets Climate Selection ETF exceeded the value of the securities loaned at period end. The value of the related collateral for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF was less than the value of securities on loan due to the increased market value of securities on loan as of at period end. 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 28, 2025
	Overnight				Between
	and				30 & 90
Securities Lending Transactions	Continuous		<30 Days		Days		>90 Days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	247	$	—	$	—	$	—	$	247
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	247
Xtrackers MSCI Emerging Markets Climate Selection ETF
Common Stocks	$	125,685	$	—	$	—	$	—	$	125,685
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	125,685
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	200,763	$	—	$	—	$	—	$	200,763
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	200,763

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 28, 2025, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection 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).

A summary of the open futures contracts as of February 28, 2025 is included in a table following the Funds’ Schedule of Investments.

70 | DBX ETF Trust


	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*	$	1,795
	Total	$	—	Total	$	1,795

Xtrackers MSCI EAFE Selection Equity ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	4,462	Unrealized depreciation on futures contracts*	$	536
	Total	$	4,462	Total	$	536

Xtrackers MSCI Emerging Markets Climate Selection ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	18,930	Unrealized depreciation on futures contracts*	$	—
	Total	$	18,930	Total	$	—

Xtrackers MSCI USA Climate Action Equity ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	234,178
	Total	$	—	Total	$	234,178

Xtrackers MSCI USA Selection Equity ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	62,350
	Total	$	—	Total	$	62,350

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	10,021
	Total	$	—	Total	$	10,021


	Futures Contracts
Net Realized Gain (Loss) from:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(16,646	)
Xtrackers MSCI EAFE Selection Equity ETF		(8,138	)
Xtrackers MSCI Emerging Markets Climate Selection ETF		(15,921	)
Xtrackers MSCI USA Climate Action Equity ETF		262,022
Xtrackers MSCI USA Selection Equity ETF		177,050
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		22,619

	Futures Contracts
Net Change in Unrealized Appreciation (Depreciation) on:	— Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(29,365	)
Xtrackers MSCI EAFE Selection Equity ETF		1,323
Xtrackers MSCI Emerging Markets Climate Selection ETF		18,880
Xtrackers MSCI USA Climate Action Equity ETF		(352,610	)
Xtrackers MSCI USA Selection Equity ETF		(97,556	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(16,133	)

DBX ETF Trust | 71

For the period ended February 28, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts
	(Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	1,626,559
Xtrackers MSCI EAFE Selection Equity ETF		236,714
Xtrackers MSCI Emerging Markets Climate Selection ETF		577,397
Xtrackers MSCI USA Climate Action Equity ETF		10,210,058
Xtrackers MSCI USA Selection Equity ETF		4,205,870
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		408,960

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

3. Investment Advisory and Other Agreements

RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF.

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 (through November 11, 2024 for the Xtrackers MSCI Emerging Markets Climate

Selection ETF), 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 Selection Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets Climate Selection ETF		0.20	%
Xtrackers MSCI USA Climate Action Equity ETF		0.07	%
Xtrackers MSCI USA Selection Equity ETF		0.09	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%
Xtrackers RREEF Global Natural Resources ETF		0.45	%

Effective November 12, 2024, for its investment advisory services to the Fund below, the Advisor was entitled to receive a unitary advisory fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory
	Fee
Xtrackers MSCI Emerging Markets Climate Selection ETF		0.15	%

72 | DBX ETF Trust


	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	725
Xtrackers MSCI EAFE Selection Equity ETF		25
Xtrackers MSCI Emerging Markets Climate Selection ETF		1,342
Xtrackers MSCI USA Climate Action Equity ETF		3,245
Xtrackers MSCI USA Selection Equity ETF		2,120
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		338
Xtrackers RREEF Global Natural Resources ETF		87

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the payments to the subadvisor (as applicable), 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.


	Securities Lending
	Agent Fees
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	61
Xtrackers MSCI Emerging Markets Climate Selection ETF		1
Xtrackers MSCI USA Selection Equity ETF		6

4. Investment Portfolio Transactions

For the period ended February 28, 2025, 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	$	4,823,876	$	51,631,795
Xtrackers MSCI EAFE Selection Equity ETF		1,669,300		1,793,474
Xtrackers MSCI Emerging Markets Climate Selection ETF		484,120,733		278,374,487
Xtrackers MSCI USA Climate Action Equity ETF		133,135,035		134,912,986
Xtrackers MSCI USA Selection Equity ETF		8,960,314		6,753,754
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		8,337,991		8,685,344
Xtrackers RREEF Global Natural Resources ETF		19,107,212		19,677,937

DBX ETF Trust | 73

For the period ended February 28, 2025, 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	$	209,818	$	6,824,474
Xtrackers MSCI EAFE Selection Equity ETF		3,030,326		—
Xtrackers MSCI Emerging Markets Climate Selection ETF		30,405,163		70,172,498
Xtrackers MSCI USA Climate Action Equity ETF		1,000,161,820		546,018,406
Xtrackers MSCI USA Selection Equity ETF		96,413,305		622,405,969
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		28,335,227		11,246,327
Xtrackers RREEF Global Natural Resources ETF		659,200		—

5. Fund Share Transactions

6. Investing in Emerging Markets

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

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.

7. 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 Climate Selection 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,

74 | DBX ETF Trust

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 28, 2025.

8. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of February 28, 2025, there were two affiliated shareholder accounts for Xtrackers Global Natural Resources ETF, each owning 61% and 34%, respectively.

DBX ETF Trust | 75

LOGO

Xtrackers S&P 500 Growth Scored & Screened ETF (SNPG)

Xtrackers S&P 500 Scored & Screened ETF (SNPE)

Xtrackers S&P 500 Value Scored & Screened ETF (SNPV)

Xtrackers S&P Dividend Aristocrats Screened ETF (SNPD)

Xtrackers S&P MidCap 400 Scored & Screened ETF (MIDE)

LOGO

Table of Contents


			Page

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF			2

Xtrackers S&P 500 Scored & Screened ETF			4

Xtrackers S&P 500 Value Scored & Screened ETF			9

Xtrackers S&P Dividend Aristocrats Screened ETF			13

Xtrackers S&P MidCap 400 Scored & Screened ETF			16

Statements of Assets and Liabilities			21

Statements of Operations			23

Statements of Changes in Net Assets			25

Financial Highlights			28

Notes to Financial Statements			33

DBX ETF Trust | 1

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.2%

Communication Services — 17.8%

Alphabet, Inc., Class A		4,060		691,337

Alphabet, Inc., Class C		3,309		569,876

Electronic Arts, Inc.		140		18,077

Meta Platforms, Inc., Class A		2,350		1,570,270

(Cost $2,286,653)				2,849,560

Consumer Discretionary — 9.3%

Carnival Corp. *		1,429		34,196

Chipotle Mexican Grill, Inc. *		1,873		101,086

Deckers Outdoor Corp. *		209		29,126

Expedia Group, Inc. *		170		33,653

Hilton Worldwide Holdings, Inc.		336		89,027

Home Depot, Inc.		601		238,357

Las Vegas Sands Corp.		482		21,550

Lululemon Athletica, Inc. *		76		27,786

Marriott International, Inc., Class A		318		89,183

Norwegian Cruise Line Holdings Ltd. *		583		13,246

PulteGroup, Inc.		286		29,538

Ralph Lauren Corp.		55		14,913

Royal Caribbean Cruises Ltd.		340		83,674

Tesla, Inc. *		1,764		516,817

TJX Cos., Inc.		916		114,280

Tractor Supply Co.		398		22,029

Wynn Resorts Ltd.		122		10,897

Yum! Brands, Inc.		158		24,706

(Cost $1,367,337)				1,494,064

Consumer Staples — 4.3%

Colgate-Palmolive Co.		493		44,947

Costco Wholesale Corp.		609		638,603

(Cost $590,357)				683,550

Energy — 1.3%

Hess Corp.		379		56,448

ONEOK, Inc.		480		48,187

Targa Resources Corp.		299		60,315

Williams Cos., Inc.		866		50,384

(Cost $177,832)				215,334

Financials — 13.2%

American Express Co.		765		230,234

Aon PLC, Class A		152		62,186

Arch Capital Group Ltd.		514		47,756

Arthur J Gallagher & Co.		159		53,701

FactSet Research Systems, Inc.		24		11,082

Marsh & McLennan Cos., Inc.		295		70,163

Mastercard, Inc., Class A		1,128		650,078

Moody’s Corp.		111		55,937

MSCI, Inc.		108		63,775


	Number of Shares		Value $

S&P Global, Inc.		205		109,417

Visa, Inc., Class A		2,064		748,633

(Cost $1,774,667)				2,102,962

Health Care — 9.3%

AbbVie, Inc.		1,019		213,002

Boston Scientific Corp. *		2,025		210,175

DaVita, Inc. *		62		9,168

Dexcom, Inc. *		232		20,502

Eli Lilly & Co.		981		903,138

Mettler-Toledo International, Inc. *		12		15,273

Stryker Corp.		250		96,547

Waters Corp. *		38		14,339

(Cost $1,160,812)				1,482,144

Industrials — 12.3%

Allegion PLC		64		8,237

AMETEK, Inc.		147		27,827

Automatic Data Processing, Inc.		318		100,227

Broadridge Financial Solutions, Inc.		77		18,574

Carrier Global Corp.		555		35,964

Caterpillar, Inc.		663		228,039

Cintas Corp.		471		97,732

CSX Corp.		1,226		39,244

Dayforce, Inc. *		218		13,514

Deere & Co.		156		75,003

Delta Air Lines, Inc.		881		52,966

Eaton Corp. PLC		543		159,273

GE Aerospace		617		127,707

Hubbell, Inc.		74		27,498

Illinois Tool Works, Inc.		152		40,125

Ingersoll Rand, Inc.		556		47,138

PACCAR, Inc.		407		43,647

Parker-Hannifin Corp.		177		118,326

Paychex, Inc.		207		31,396

Pentair PLC		153		14,412

Quanta Services, Inc.		203		52,705

Republic Services, Inc.		278		65,891

Trane Technologies PLC		310		109,647

Uber Technologies, Inc. *		2,892		219,821

United Rentals, Inc.		90		57,809

Verisk Analytics, Inc.		89		26,425

W.W. Grainger, Inc.		61		62,294

Waste Management, Inc.		266		61,919

(Cost $1,853,022)				1,963,360

Information Technology — 30.3%

Adobe, Inc. *		254		111,394

Apple, Inc.		6,549		1,583,810

Autodesk, Inc. *		296		81,166

KLA Corp.		184		130,427

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Microsoft Corp.		3,286		1,304,509

NVIDIA Corp.		9,966		1,244,953

Salesforce, Inc.		1,318		392,566

(Cost $3,912,321)				4,848,825

Materials — 0.7%

Ecolab, Inc.		171		46,001

Sherwin-Williams Co.		182		65,933

(Cost $101,424)				111,934

Real Estate — 0.7%

Equinix, Inc. REIT		63		56,991

Host Hotels & Resorts, Inc. REIT		555		8,952

Iron Mountain, Inc. REIT		406		37,827

(Cost $99,541)				103,770

TOTAL COMMON STOCKS

(Cost $13,323,966)				15,855,503


	Number of Shares		Value $

EXCHANGE-TRADED FUNDS — 0.8%

SPDR Portfolio S&P 500 Growth ETF		1,358		118,947

Vanguard S&P 500 Growth ETF		20		7,296

(Cost $123,332)				126,243

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

(Cost $5,532)		5,532		5,532

TOTAL INVESTMENTS — 100.0%

(Cost $13,452,830)				15,987,278

Other assets and liabilities, net — 0.0%				6,843

NET ASSETS — 100.0%				15,994,121

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.30% (a)

5,966		89,633		(90,067	)		—		—		204		—		5,532		5,532

*	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


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	15,855,503	$	—	$	—	$	15,855,503

Exchange-Traded Funds		126,243		—		—		126,243

Short-Term Investments (a)		5,532		—		—		5,532

TOTAL	$	15,987,278	$	—	$	—	$	15,987,278

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

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.8%

Communication Services — 7.4%

Alphabet, Inc., Class A		275,211		46,862,929

Alphabet, Inc., Class C		224,237		38,618,096

AT&T, Inc.		335,913		9,207,375

Comcast Corp., Class A		180,020		6,459,118

Electronic Arts, Inc.		11,284		1,456,990

Interpublic Group of Cos., Inc.		19,109		523,587

News Corp., Class A		18,674		534,450

News Corp., Class B		5,728		184,900

Omnicom Group, Inc.		9,204		761,723

Paramount Global, Class B (a)		28,096		319,170

Take-Two Interactive Software, Inc. *		7,621		1,615,500

T-Mobile US, Inc.		22,944		6,187,767

Walt Disney Co.		85,270		9,703,726

(Cost $107,908,022)				122,435,331

Consumer Discretionary — 7.9%

Aptiv PLC *		12,395		807,162

Best Buy Co., Inc.		8,997		808,920

BorgWarner, Inc.		11,200		333,424

Caesars Entertainment, Inc. *		9,798		325,490

CarMax, Inc. *		7,244		601,035

Carnival Corp. *		48,657		1,164,362

Chipotle Mexican Grill, Inc. *		63,937		3,450,680

D.R. Horton, Inc.		13,559		1,719,417

Deckers Outdoor Corp. *		7,230		1,007,573

eBay, Inc.		22,960		1,486,430

Expedia Group, Inc. *		5,755		1,139,260

General Motors Co.		52,293		2,569,155

Genuine Parts Co.		6,400		799,232

Hasbro, Inc.		6,057		394,371

Hilton Worldwide Holdings, Inc.		11,688		3,096,852

Home Depot, Inc.		46,735		18,535,101

Las Vegas Sands Corp.		16,514		738,341

LKQ Corp.		12,164		513,199

Lowe’s Cos., Inc.		26,669		6,630,980

Lululemon Athletica, Inc. *		5,392		1,971,369

Marriott International, Inc., Class A		10,985		3,080,743

McDonald’s Corp.		33,836		10,432,654

MGM Resorts International *		10,605		368,630

Mohawk Industries, Inc. *		2,372		278,923

NIKE, Inc., Class B		56,498		4,487,636

Norwegian Cruise Line Holdings Ltd. *		19,525		443,608

Pool Corp.		1,787		620,089

PulteGroup, Inc.		9,793		1,011,421

Ralph Lauren Corp.		1,923		521,402

Ross Stores, Inc.		15,551		2,182,116

Royal Caribbean Cruises Ltd.		11,585		2,851,069


	Number of Shares		Value $

Starbucks Corp.		53,099		6,149,395

Tapestry, Inc.		10,449		892,554

Tesla, Inc. *		131,552		38,542,105

TJX Cos., Inc.		53,055		6,619,142

Tractor Supply Co.		25,625		1,418,344

Ulta Beauty, Inc. *		2,301		842,994

Wynn Resorts Ltd.		4,249		379,521

Yum! Brands, Inc.		13,499		2,110,839

(Cost $110,180,525)				131,325,538

Consumer Staples — 6.7%

Archer-Daniels-Midland Co.		22,850		1,078,520

Coca-Cola Co.		183,124		13,040,260

Colgate-Palmolive Co.		38,183		3,481,144

Conagra Brands, Inc.		21,437		547,501

Costco Wholesale Corp.		20,876		21,890,782

Estee Lauder Cos., Inc., Class A		10,741		772,385

General Mills, Inc.		26,059		1,579,697

Hershey Co.		6,912		1,193,771

Hormel Foods Corp.		13,470		385,646

J M Smucker Co.		5,159		570,224

Kellanova		12,287		1,018,592

Keurig Dr Pepper, Inc.		53,553		1,795,097

Kraft Heinz Co.		41,397		1,271,302

Kroger Co.		31,655		2,051,877

Lamb Weston Holdings, Inc.		6,609		342,809

McCormick & Co., Inc.		12,751		1,053,360

Molson Coors Beverage Co., Class B		8,210		503,191

Mondelez International, Inc., Class A		62,503		4,014,568

PepsiCo, Inc.		64,529		9,903,266

Procter & Gamble Co.		110,756		19,253,823

Sysco Corp.		23,092		1,744,370

Target Corp.		21,520		2,673,645

The Campbell’s Company		9,304		372,718

Tyson Foods, Inc., Class A		13,776		845,020

Walgreens Boots Alliance, Inc.		34,549		368,983

Walmart, Inc.		204,290		20,145,037

(Cost $100,444,630)				111,897,588

Energy — 4.0%

Baker Hughes Co.		46,792		2,086,455

Chevron Corp.		78,926		12,519,242

Devon Energy Corp.		29,458		1,066,969

Diamondback Energy, Inc.		8,750		1,390,900

EQT Corp.		27,808		1,339,511

Exxon Mobil Corp.		207,317		23,080,602

Halliburton Co.		41,156		1,085,284

Hess Corp.		12,853		1,914,326

Kinder Morgan, Inc.		92,183		2,498,159

Marathon Petroleum Corp.		15,184		2,280,333

Occidental Petroleum Corp.		31,729		1,549,644

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

ONEOK, Inc.		29,225		2,933,898

Phillips 66		19,621		2,544,648

Schlumberger NV		66,359		2,764,516

Targa Resources Corp.		10,345		2,086,793

Valero Energy Corp.		14,968		1,956,767

Williams Cos., Inc.		56,658		3,296,362

(Cost $63,789,882)				66,394,409

Financials — 15.9%

Aflac, Inc.		23,596		2,583,054

Allstate Corp.		12,376		2,464,680

American Express Co.		26,160		7,873,114

American International Group, Inc.		29,520		2,448,389

Ameriprise Financial, Inc.		4,550		2,444,715

Aon PLC, Class A		10,089		4,127,612

Arch Capital Group Ltd.		17,554		1,630,942

Arthur J Gallagher & Co.		11,761		3,972,160

Assurant, Inc.		2,428		504,757

Bank of America Corp.		314,268		14,487,755

Bank of New York Mellon Corp.		35,013		3,114,406

Blackrock, Inc.		6,844		6,691,926

Capital One Financial Corp.		17,890		3,587,839

Cboe Global Markets, Inc.		4,899		1,032,709

Charles Schwab Corp.		80,239		6,381,408

Chubb Ltd.		17,577		5,017,882

Citigroup, Inc.		89,743		7,174,953

Citizens Financial Group, Inc.		20,784		951,284

CME Group, Inc.		16,734		4,246,587

Corpay, Inc. *		3,287		1,206,493

Discover Financial Services		11,714		2,286,456

Everest Group Ltd.		2,020		713,504

FactSet Research Systems, Inc.		1,796		829,285

Fidelity National Information Services, Inc.		25,559		1,817,756

Fifth Third Bancorp		32,333		1,405,515

Fiserv, Inc. *		27,001		6,363,866

Franklin Resources, Inc.		14,239		288,340

Global Payments, Inc.		11,953		1,258,412

Globe Life, Inc.		4,162		530,364

Goldman Sachs Group, Inc.		14,913		9,280,211

Hartford Insurance Group, Inc.		13,659		1,615,587

Huntington Bancshares, Inc.		69,753		1,148,832

Intercontinental Exchange, Inc.		26,864		4,653,651

Invesco Ltd.		20,573		357,764

Jack Henry & Associates, Inc.		3,285		570,243

JPMorgan Chase & Co.		132,608		35,094,707

KeyCorp		44,712		774,412

M&T Bank Corp.		7,818		1,498,867

MarketAxess Holdings, Inc.		1,925		371,121

Marsh & McLennan Cos., Inc.		22,968		5,462,709

Mastercard, Inc., Class A		38,681		22,292,247


	Number of Shares		Value $

MetLife, Inc.		27,472		2,367,537

Moody’s Corp.		7,412		3,735,203

Morgan Stanley		58,785		7,824,871

MSCI, Inc.		3,666		2,164,810

Nasdaq, Inc.		19,366		1,603,117

Northern Trust Corp.		9,380		1,033,864

PayPal Holdings, Inc. *		47,169		3,351,357

PNC Financial Services Group, Inc.		18,565		3,562,995

Principal Financial Group, Inc.		9,845		876,599

Prudential Financial, Inc.		16,667		1,918,372

Raymond James Financial, Inc.		8,642		1,336,658

Regions Financial Corp.		42,727		1,013,057

S&P Global, Inc.		15,116		8,068,014

State Street Corp.		14,121		1,401,227

Synchrony Financial		18,518		1,123,672

T. Rowe Price Group, Inc.		10,348		1,093,991

Travelers Cos., Inc.		10,606		2,741,545

Truist Financial Corp.		62,479		2,895,902

US Bancorp		72,955		3,421,589

Visa, Inc., Class A		81,247		29,469,099

Willis Towers Watson PLC		4,807		1,632,698

(Cost $200,061,668)				263,192,691

Health Care — 11.2%

Abbott Laboratories		82,116		11,332,829

AbbVie, Inc.		83,179		17,386,906

Agilent Technologies, Inc.		13,972		1,787,298

Amgen, Inc.		25,180		7,756,951

Baxter International, Inc.		24,385		841,526

Becton Dickinson & Co.		13,750		3,101,037

Biogen, Inc. *		6,916		971,698

Boston Scientific Corp. *		69,717		7,235,927

Bristol-Myers Squibb Co.		95,704		5,705,872

Cardinal Health, Inc.		11,325		1,466,361

Cencora, Inc.		8,180		2,073,957

Centene Corp. *		23,732		1,380,253

Charles River Laboratories International, Inc. *		2,396		396,083

Cigna Group		13,067		4,035,743

CVS Health Corp.		59,350		3,900,482

Danaher Corp.		30,124		6,258,562

DaVita, Inc. *		2,136		315,872

Edwards Lifesciences Corp. *		28,195		2,019,326

Elevance Health, Inc.		11,000		4,365,680

Eli Lilly & Co.		37,098		34,153,532

Gilead Sciences, Inc.		58,900		6,732,859

Hologic, Inc. *		10,701		678,336

Humana, Inc.		5,628		1,521,924

IDEXX Laboratories, Inc. *		3,811		1,665,826

Incyte Corp. *		7,395		543,533

Medtronic PLC		60,238		5,543,101

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Merck & Co., Inc.		118,655		10,945,924

Mettler-Toledo International, Inc. *		1,012		1,287,993

Moderna, Inc. *		16,141		499,725

Quest Diagnostics, Inc.		5,097		881,271

Regeneron Pharmaceuticals, Inc.		4,978		3,478,328

ResMed, Inc.		6,780		1,583,266

Revvity, Inc.		5,559		623,442

Stryker Corp.		16,125		6,227,314

Teleflex, Inc.		2,069		274,660

UnitedHealth Group, Inc.		43,419		20,622,288

Waters Corp. *		2,706		1,021,082

Zimmer Biomet Holdings, Inc.		9,536		994,796

Zoetis, Inc.		21,267		3,556,693

(Cost $170,100,353)				185,168,256

Industrials — 7.7%

Allegion PLC		3,858		496,563

AMETEK, Inc.		10,902		2,063,749

Automatic Data Processing, Inc.		19,020		5,994,724

Axon Enterprise, Inc. *		3,420		1,807,299

Broadridge Financial Solutions, Inc.		5,475		1,320,680

C.H. Robinson Worldwide, Inc.		5,481		556,979

Carrier Global Corp.		39,336		2,548,973

Caterpillar, Inc.		22,898		7,875,767

Cintas Corp.		16,461		3,415,658

CSX Corp.		91,549		2,930,484

Cummins, Inc.		6,410		2,360,034

Dayforce, Inc. *		6,899		427,669

Deere & Co.		11,934		5,737,748

Delta Air Lines, Inc.		30,447		1,830,474

Dover Corp.		6,442		1,280,476

Eaton Corp. PLC		18,617		5,460,738

Emerson Electric Co.		26,838		3,263,769

Fortive Corp.		16,473		1,310,262

GE Aerospace		50,737		10,501,544

Hubbell, Inc.		2,486		923,773

IDEX Corp.		3,616		702,697

Illinois Tool Works, Inc.		12,509		3,302,126

Ingersoll Rand, Inc.		18,845		1,597,679

JB Hunt Transport Services, Inc.		3,690		594,791

Johnson Controls International PLC		31,480		2,696,577

Masco Corp.		10,012		752,702

Norfolk Southern Corp.		10,704		2,630,508

Otis Worldwide Corp.		18,492		1,845,132

PACCAR, Inc.		24,575		2,635,423

Parker-Hannifin Corp.		6,030		4,031,115

Paychex, Inc.		15,598		2,365,749

Pentair PLC		7,802		734,948

Quanta Services, Inc.		6,884		1,787,293

Republic Services, Inc.		9,691		2,296,961


	Number of Shares		Value $

Rockwell Automation, Inc.		5,347		1,535,391

Stanley Black & Decker, Inc.		7,295		631,236

Trane Technologies PLC		10,552		3,732,242

Uber Technologies, Inc. *		99,069		7,530,235

Union Pacific Corp.		28,787		7,101,465

United Parcel Service, Inc., Class B		34,245		4,076,182

United Rentals, Inc.		3,116		2,001,469

Verisk Analytics, Inc.		6,631		1,968,810

W.W. Grainger, Inc.		2,060		2,103,693

Waste Management, Inc.		17,100		3,980,538

Westinghouse Air Brake Technologies Corp.		8,495		1,574,633

Xylem, Inc.		11,647		1,524,476

(Cost $104,784,733)				127,841,434

Information Technology — 33.2%

Accenture PLC, Class A		29,551		10,298,524

Adobe, Inc. *		20,788		9,116,785

Advanced Micro Devices, Inc. *		76,150		7,604,339

Akamai Technologies, Inc. *		7,454		601,389

Apple, Inc.		712,061		172,204,832

Applied Materials, Inc.		39,057		6,173,740

Autodesk, Inc. *		10,249		2,810,378

Cisco Systems, Inc.		187,722		12,034,858

Hewlett Packard Enterprise Co.		60,098		1,190,541

HP, Inc.		45,920		1,417,550

Intel Corp.		203,022		4,817,712

KLA Corp.		6,282		4,452,933

Lam Research Corp.		60,490		4,642,003

Micron Technology, Inc.		51,991		4,867,917

Microsoft Corp.		350,217		139,032,647

NVIDIA Corp.		1,155,572		144,354,054

ON Semiconductor Corp. *		19,984		940,247

QUALCOMM, Inc.		52,488		8,249,539

Salesforce, Inc.		45,020		13,409,207

TE Connectivity PLC		14,152		2,179,833

Western Digital Corp. *		16,171		791,247

(Cost $426,939,345)				551,190,275

Materials — 2.2%

Air Products and Chemicals, Inc.		10,493		3,317,362

Albemarle Corp.		5,567		428,826

Amcor PLC		67,741		685,539

Avery Dennison Corp.		3,732		701,504

Ball Corp.		14,046		740,084

CF Industries Holdings, Inc.		8,472		686,401

Corteva, Inc.		32,405		2,040,867

Dow, Inc.		34,377		1,310,108

Ecolab, Inc.		11,992		3,225,968

FMC Corp.		5,812		214,463

Freeport-McMoRan, Inc.		67,688		2,498,364

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

International Flavors & Fragrances, Inc.		11,782		963,885

Linde PLC		22,408		10,465,656

LyondellBasell Industries NV, Class A		12,212		938,248

Mosaic Co.		14,285		341,697

Newmont Corp.		53,305		2,283,586

PPG Industries, Inc.		10,990		1,244,288

Sherwin-Williams Co.		10,870		3,937,875

Smurfit WestRock PLC		23,057		1,200,578

(Cost $37,141,814)				37,225,299

Real Estate — 2.4%

Alexandria Real Estate Equities, Inc. REIT		7,196		735,863

American Tower Corp. REIT		21,835		4,489,713

AvalonBay Communities, Inc. REIT		6,759		1,528,751

BXP, Inc. REIT		6,712		476,082

CBRE Group, Inc., Class A *		14,102		2,001,638

CoStar Group, Inc. *		19,034		1,451,343

Digital Realty Trust, Inc. REIT		14,748		2,305,407

Equinix, Inc. REIT		4,552		4,117,830

Equity Residential REIT		16,700		1,238,639

Extra Space Storage, Inc. REIT		9,923		1,513,853

Federal Realty Investment Trust REIT		3,620		381,620

Healthpeak Properties, Inc. REIT		32,616		667,323

Host Hotels & Resorts, Inc. REIT		32,757		528,370

Iron Mountain, Inc. REIT		13,862		1,291,523

Kimco Realty Corp. REIT		30,949		683,973

Prologis, Inc. REIT		43,333		5,369,825

Public Storage REIT		7,523		2,284,133

Regency Centers Corp. REIT		7,304		560,217

SBA Communications Corp. REIT		5,371		1,170,341

UDR, Inc. REIT		15,479		699,341


	Number of Shares		Value $

Ventas, Inc. REIT		19,344		1,338,218

Welltower, Inc. REIT		27,908		4,284,157

Weyerhaeuser Co. REIT		34,007		1,023,611

(Cost $38,045,039)				40,141,771

Utilities — 1.2%

American Water Works Co., Inc.		9,390		1,276,758

Consolidated Edison, Inc.		16,047		1,629,091

Edison International		18,076		984,057

Entergy Corp.		19,946		1,741,485

Eversource Energy		16,845		1,061,404

Exelon Corp.		47,654		2,106,307

NextEra Energy, Inc.		97,081		6,812,174

Public Service Enterprise Group, Inc.		23,397		1,898,667

Sempra		29,804		2,133,072

(Cost $19,795,307)				19,643,015

TOTAL COMMON STOCKS

(Cost $1,379,191,318)				1,656,455,607

SECURITIES LENDING

COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c) (Cost $287,155)		287,155		287,155

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b) (Cost $2,489,417)		2,489,417		2,489,417

TOTAL INVESTMENTS — 99.9%

(Cost $1,381,967,890)				1,659,232,179

Other assets and liabilities, net — 0.1%				1,442,590

NET ASSETS — 100.0%				1,660,674,769

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

181,933		105,222	(d)		—			—		—		163		—		287,155		287,155

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

2,883,809		11,318,872			(11,713,264	)		—		—		69,048		—		2,489,417		2,489,417

3,065,742		11,424,094			(11,713,264	)		—		—		69,211		—		2,776,572		2,776,572

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)

*	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 28, 2025 amounted to $280,663, which is 0.0% 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 28, 2025.

REIT:

Real Estate Investment Trust

At February 28, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

E-Mini S&P 500 ESG Index

USD

3,685,550

3,636,920

3/21/2025

(48,630

)

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


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	1,656,455,607	$	—	$	—	$	1,656,455,607

Short-Term Investments (a)		2,776,572		—		—		2,776,572

TOTAL	$	1,659,232,179	$	—	$	—	$	1,659,232,179


Liabilities	Level 1		Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$	(48,630)	$	—	$	—	$	(48,630)

TOTAL	$	(48,630)	$	—	$	—	$	(48,630)

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

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

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.5%

Communication Services — 5.0%

AT&T, Inc.		4,172		114,354

Comcast Corp., Class A		2,211		79,331

Interpublic Group of Cos., Inc.		229		6,275

News Corp., Class A		197		5,638

News Corp., Class B		77		2,485

Omnicom Group, Inc.		112		9,269

Paramount Global, Class B (a)		371		4,215

Take-Two Interactive Software, Inc. *		96		20,350

T-Mobile US, Inc.		132		35,599

Walt Disney Co.		1,050		119,490

(Cost $334,748)				397,006

Consumer Discretionary — 7.3%

Aptiv PLC *		135		8,791

Best Buy Co., Inc.		113		10,160

BorgWarner, Inc.		136		4,049

Caesars Entertainment, Inc. *		118		3,920

eBay, Inc.		85		5,503

General Motors Co.		637		31,296

Hasbro, Inc.		84		5,469

Home Depot, Inc.		323		128,102

Lowe’s Cos., Inc.		329		81,803

McDonald’s Corp.		415		127,957

MGM Resorts International *		127		4,414

Mohawk Industries, Inc. *		32		3,763

NIKE, Inc., Class B		689		54,727

Starbucks Corp.		657		76,087

Tractor Supply Co.		144		7,970

Ulta Beauty, Inc. *		27		9,892

Yum! Brands, Inc.		95		14,855

(Cost $531,248)				578,758

Consumer Staples — 11.6%

Archer-Daniels-Midland Co.		277		13,074

Coca-Cola Co.		2,245		159,867

Colgate-Palmolive Co.		267		24,342

Conagra Brands, Inc.		275		7,024

Estee Lauder Cos., Inc., Class A		135		9,708

General Mills, Inc.		323		19,580

Hershey Co.		85		14,680

Hormel Foods Corp.		172		4,924

J M Smucker Co.		61		6,742

Kellanova		157		13,015

Keurig Dr Pepper, Inc.		657		22,023

Kraft Heinz Co.		510		15,662

Kroger Co.		388		25,150

Lamb Weston Holdings, Inc.		82		4,253

McCormick & Co., Inc.		148		12,226


	Number of Shares		Value $

Molson Coors Beverage Co., Class B		109		6,681

Mondelez International, Inc., Class A		776		49,843

PepsiCo, Inc.		795		122,009

Procter & Gamble Co.		1,364		237,118

Sysco Corp.		286		21,604

Target Corp.		267		33,172

The Campbell’s Company		117		4,687

Tyson Foods, Inc., Class A		167		10,244

Walgreens Boots Alliance, Inc.		426		4,550

Walmart, Inc.		829		81,748

(Cost $897,242)				923,926

Energy — 5.3%

Baker Hughes Co.		575		25,639

Chevron Corp.		970		153,861

Devon Energy Corp.		377		13,655

EQT Corp.		347		16,715

Halliburton Co.		501		13,211

Kinder Morgan, Inc.		1,118		30,298

Marathon Petroleum Corp.		187		28,084

Occidental Petroleum Corp.		391		19,096

ONEOK, Inc.		158		15,862

Phillips 66		239		30,996

Schlumberger NV		818		34,078

Valero Energy Corp.		184		24,054

Williams Cos., Inc.		336		19,549

(Cost $413,792)				425,098

Financials — 21.9%

Aflac, Inc.		290		31,746

Allstate Corp.		154		30,669

American International Group, Inc.		357		29,610

Aon PLC, Class A		62		25,365

Arthur J Gallagher & Co.		82		27,695

Assurant, Inc.		31		6,445

Bank of America Corp.		3,871		178,453

Bank of New York Mellon Corp.		186		16,545

Blackrock, Inc.		84		82,134

Blackstone, Inc.		420		67,687

Capital One Financial Corp.		220		44,121

Cboe Global Markets, Inc.		61		12,859

Charles Schwab Corp.		987		78,496

Chubb Ltd.		217		61,949

Citigroup, Inc.		1,094		87,465

Citizens Financial Group, Inc.		255		11,671

CME Group, Inc.		209		53,038

FactSet Research Systems, Inc.		11		5,079

Fidelity National Information Services, Inc.		312		22,189

Fifth Third Bancorp		385		16,736

Franklin Resources, Inc.		177		3,584

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Global Payments, Inc.		146		15,371

Globe Life, Inc.		55		7,009

Goldman Sachs Group, Inc.		182		113,257

Hartford Insurance Group, Inc.		76		8,989

Huntington Bancshares, Inc.		839		13,818

Intercontinental Exchange, Inc.		159		27,544

Invesco Ltd.		287		4,991

Jack Henry & Associates, Inc.		26		4,513

JPMorgan Chase & Co.		701		185,520

KeyCorp		568		9,838

M&T Bank Corp.		96		18,405

MarketAxess Holdings, Inc.		24		4,627

MetLife, Inc.		337		29,043

Moody’s Corp.		44		22,173

Morgan Stanley		395		52,578

Nasdaq, Inc.		137		11,341

Northern Trust Corp.		114		12,565

PayPal Holdings, Inc. *		194		13,784

PNC Financial Services Group, Inc.		230		44,142

Principal Financial Group, Inc.		131		11,664

Prudential Financial, Inc.		205		23,595

Raymond James Financial, Inc.		37		5,723

Regions Financial Corp.		520		12,329

S&P Global, Inc.		98		52,307

State Street Corp.		173		17,167

T. Rowe Price Group, Inc.		128		13,532

Travelers Cos., Inc.		132		34,121

Truist Financial Corp.		767		35,550

US Bancorp		900		42,210

Willis Towers Watson PLC		30		10,189

(Cost $1,450,027)				1,751,431

Health Care — 20.6%

Abbott Laboratories		1,007		138,976

AbbVie, Inc.		594		124,164

Agilent Technologies, Inc.		167		21,363

Amgen, Inc.		178		54,835

Baxter International, Inc.		289		9,973

Becton Dickinson & Co.		167		37,664

Biogen, Inc. *		82		11,521

Bristol-Myers Squibb Co.		1,176		70,113

Cardinal Health, Inc.		142		18,386

Cencora, Inc.		103		26,115

Centene Corp. *		291		16,925

Charles River Laboratories International, Inc. *		31		5,125

Cigna Group		161		49,725

CVS Health Corp.		728		47,844

Danaher Corp.		372		77,287

Edwards Lifesciences Corp. *		342		24,494

Elevance Health, Inc.		134		53,182


	Number of Shares		Value $

Gilead Sciences, Inc.		724		82,760

Humana, Inc.		70		18,929

Incyte Corp. *		33		2,425

IQVIA Holdings, Inc. *		99		18,691

Medtronic PLC		744		68,463

Merck & Co., Inc.		1,465		135,146

Mettler-Toledo International, Inc. *		7		8,909

Moderna, Inc. *		196		6,068

Quest Diagnostics, Inc.		65		11,238

Regeneron Pharmaceuticals, Inc.		61		42,623

Revvity, Inc.		71		7,963

Stryker Corp.		94		36,302

Thermo Fisher Scientific, Inc.		222		117,429

UnitedHealth Group, Inc.		533		253,154

Waters Corp. *		19		7,169

Zoetis, Inc.		261		43,650

(Cost $1,656,396)				1,648,611

Industrials — 7.8%

Allegion PLC		23		2,960

AMETEK, Inc.		71		13,440

Automatic Data Processing, Inc.		100		31,518

Broadridge Financial Solutions, Inc.		37		8,925

C.H. Robinson Worldwide, Inc.		69		7,012

Carrier Global Corp.		252		16,330

CSX Corp.		595		19,046

Deere & Co.		83		39,906

Dover Corp.		43		8,547

Emerson Electric Co.		107		13,012

GE Aerospace		371		76,790

IDEX Corp.		43		8,356

Illinois Tool Works, Inc.		91		24,022

JB Hunt Transport Services, Inc.		49		7,898

Johnson Controls International PLC		387		33,150

Masco Corp.		73		5,488

Norfolk Southern Corp.		131		32,193

Otis Worldwide Corp.		231		23,049

PACCAR, Inc.		138		14,799

Paychex, Inc.		100		15,167

Pentair PLC		32		3,014

Rockwell Automation, Inc.		65		18,665

Stanley Black & Decker, Inc.		88		7,615

Union Pacific Corp.		351		86,588

United Parcel Service, Inc., Class B		422		50,231

Verisk Analytics, Inc.		44		13,064

Waste Management, Inc.		101		23,511

Xylem, Inc.		141		18,456

(Cost $551,104)				622,752

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Information Technology — 8.8%

Accenture PLC, Class A		362		126,157

Akamai Technologies, Inc. *		87		7,019

Analog Devices, Inc.		288		66,257

Cisco Systems, Inc.		2,310		148,094

First Solar, Inc. *		29		3,949

Hewlett Packard Enterprise Co.		755		14,957

HP, Inc.		560		17,287

Intel Corp.		2,496		59,230

Keysight Technologies, Inc. *		100		15,953

Micron Technology, Inc.		643		60,204

NetApp, Inc.		64		6,388

NXP Semiconductors NV		88		18,972

ON Semiconductor Corp. *		246		11,575

QUALCOMM, Inc.		645		101,375

Seagate Technology Holdings PLC		123		12,535

TE Connectivity PLC		173		26,647

Western Digital Corp. *		200		9,786

(Cost $673,740)				706,385

Materials — 4.9%

Air Products and Chemicals, Inc.		129		40,783

Albemarle Corp.		67		5,161

Amcor PLC		839		8,491

Ball Corp.		171		9,010

Corteva, Inc.		400		25,192

Dow, Inc.		391		14,901

Ecolab, Inc.		76		20,445

FMC Corp.		75		2,767

Freeport-McMoRan, Inc.		832		30,709

International Flavors &

Fragrances, Inc.		148		12,108

Linde PLC		276		128,906

LyondellBasell Industries NV,

Class A		144		11,063

Newmont Corp.		663		28,403

PPG Industries, Inc.		132		14,945

Sherwin-Williams Co.		58		21,012

Smurfit WestRock PLC		288		14,996

(Cost $366,003)				388,892

Real Estate — 4.1%

Alexandria Real Estate Equities, Inc. REIT		86		8,794

American Tower Corp. REIT		270		55,517

AvalonBay Communities, Inc. REIT		47		10,630

BXP, Inc. REIT		86		6,100

Digital Realty Trust, Inc. REIT		181		28,294

Equinix, Inc. REIT		30		27,139

Equity Residential REIT		197		14,611

Extra Space Storage, Inc. REIT		67		10,222


	Number of Shares		Value $

Federal Realty Investment Trust REIT		48		5,060

Healthpeak Properties, Inc. REIT		397		8,123

Host Hotels & Resorts, Inc. REIT		175		2,823

Kimco Realty Corp. REIT		388		8,575

Prologis, Inc. REIT		536		66,421

Regency Centers Corp. REIT		94		7,210

SBA Communications Corp. REIT		61		13,292

UDR, Inc. REIT		92		4,157

Ventas, Inc. REIT		244		16,880

Welltower, Inc. REIT		155		23,794

Weyerhaeuser Co. REIT		415		12,491

(Cost $312,523)				330,133

Utilities — 2.2%

American Water Works Co., Inc.		111		15,093

Consolidated Edison, Inc.		201		20,406

Edison International		223		12,140

Entergy Corp.		250		21,827

Eversource Energy		211		13,295

Exelon Corp.		583		25,769

NextEra Energy, Inc.		394		27,647

Public Service Enterprise Group, Inc.		156		12,659

Sempra		368		26,338

(Cost $162,064)				175,174

TOTAL COMMON STOCKS

(Cost $7,348,887)				7,948,166

EXCHANGE-TRADED FUNDS — 0.4%

SPDR Portfolio S&P 500 Value ETF		195		10,304

Vanguard S&P 500 Value ETF		100		19,066

(Cost $28,315)				29,370

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c) (Cost $1,564)		1,564		1,564

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b) (Cost $9,356)		9,356		9,356

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares	Value $

TOTAL INVESTMENTS — 100.0%

(Cost $7,388,122)			7,988,456

Other assets and liabilities, net — 0.0%			336

NET ASSETS — 100.0%			7,988,792

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

2,333		—		(769	) (d)		—		—		1		—		1,564		1,564

CASH EQUIVALENTS — 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

2,715		139,460		(132,819	)		—		—		150		—		9,356		9,356

5,048		139,460		(133,588	)		—		—		151		—		10,920		10,920

*	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 28, 2025 amounted to $1,529, which is 0.0% 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 28, 2025.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	7,948,166	$	—	$	—	$	7,948,166

Exchange-Traded Funds		29,370		—		—		29,370

Short-Term Investments (a)		10,920		—		—		10,920

TOTAL	$	7,988,456	$	—	$	—	$	7,988,456

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

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 99.3%

Communication Services — 3.1%

Verizon Communications, Inc.

(Cost $154,990)		3,934		169,555

Consumer Discretionary — 3.7%

Best Buy Co., Inc.		1,181		106,184

Lowe’s Cos., Inc.		163		40,528

NIKE, Inc., Class B		646		51,312

(Cost $175,750)				198,024

Consumer Staples — 17.5%

Archer-Daniels-Midland Co.		1,772		83,638

Church & Dwight Co., Inc.		230		25,576

Clorox Co.		428		66,935

Coca-Cola Co.		1,140		81,179

Colgate-Palmolive Co.		568		51,785

Costco Wholesale Corp.		12		12,583

Hormel Foods Corp.		2,755		78,876

J M Smucker Co.		868		95,940

Kimberly-Clark Corp.		668		94,863

McCormick & Co., Inc.		729		60,223

PepsiCo, Inc.		544		83,488

Procter & Gamble Co.		330		57,367

Sysco Corp.		822		62,094

Target Corp.		552		68,580

Walmart, Inc.		223		21,990

(Cost $962,528)				945,117

Energy — 3.7%

Chevron Corp.		651		103,262

Exxon Mobil Corp.		760		84,611

Texas Pacific Land Corp.		9		12,851

(Cost $200,229)				200,724

Financials — 8.0%

Aflac, Inc.		486		53,202

Assurant, Inc.		164		34,094

Chubb Ltd.		111		31,688

FactSet Research Systems, Inc.		42		19,393

Franklin Resources, Inc.		7,179		145,375

Jack Henry & Associates, Inc.		164		28,469

RenaissanceRe Holdings Ltd.		55		13,069

S&P Global, Inc.		32		17,080

T. Rowe Price Group, Inc.		873		92,294

(Cost $424,468)				434,664

Health Care — 6.4%

Abbott Laboratories		401		55,342

AbbVie, Inc.		493		103,052

Becton Dickinson & Co.		174		39,242

Cardinal Health, Inc.		300		38,844

Cencora, Inc.		90		22,819


	Number of Shares		Value $

Medtronic PLC		902		83,002

West Pharmaceutical Services, Inc.		17		3,950

(Cost $284,048)				346,251

Industrials — 16.3%

ABM Industries, Inc.		884		48,028

Automatic Data Processing, Inc.		161		50,744

C.H. Robinson Worldwide, Inc.		516		52,436

Carlisle Cos., Inc.		61		20,786

Caterpillar, Inc.		88		30,268

Cintas Corp.		97		20,127

CSX Corp.		1,012		32,394

Donaldson Co., Inc.		508		35,098

Dover Corp.		125		24,846

Emerson Electric Co.		296		35,997

Expeditors International of Washington, Inc.		265		31,100

Franklin Electric Co., Inc.		232		23,699

Illinois Tool Works, Inc.		206		54,380

JB Hunt Transport Services, Inc.		130		20,955

Lincoln Electric Holdings, Inc.		182		37,618

MSA Safety, Inc.		168		27,502

Pentair PLC		215		20,253

Republic Services, Inc.		123		29,153

Robert Half, Inc.		957		56,549

Ryder System, Inc.		283		46,545

Stanley Black & Decker, Inc.		1,070		92,587

Toro Co.		510		40,907

W.W. Grainger, Inc.		16		16,339

Waste Management, Inc.		159		37,012

(Cost $802,666)				885,323

Information Technology — 5.0%

Analog Devices, Inc.		175		40,260

Badger Meter, Inc.		66		13,882

Microchip Technology, Inc.		1,227		72,221

Microsoft Corp.		40		15,880

QUALCOMM, Inc.		294		46,208

Roper Technologies, Inc.		27		15,781

Texas Instruments, Inc.		333		65,265

(Cost $253,756)				269,497

Materials — 10.4%

Air Products and Chemicals, Inc.		174		55,010

Albemarle Corp.		472		36,358

Amcor PLC		12,608		127,593

AptarGroup, Inc.		163		23,920

Ecolab, Inc.		104		27,977

HB Fuller Co.		483		27,406

Linde PLC		68		31,760

Nucor Corp.		349		47,977

PPG Industries, Inc.		419		47,439

Royal Gold, Inc.		223		32,781

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Sherwin-Williams Co.		53		19,200

Sonoco Products Co.		1,778		85,024

(Cost $575,372)				562,445

Real Estate — 7.1%

Equity LifeStyle Properties, Inc. REIT		985		67,551

Essex Property Trust, Inc. REIT		277		86,305

Federal Realty Investment Trust REIT		851		89,712

Realty Income Corp. REIT		2,486		141,777

(Cost $351,932)				385,345

Utilities — 18.1%

American States Water Co.		620		47,455

California Water Service Group		896		40,723

Consolidated Edison, Inc.		927		94,109

Edison International		1,608		87,540

Essential Utilities, Inc.		2,412		91,608

Eversource Energy		2,018		127,154

National Fuel Gas Co.		1,109		83,397

New Jersey Resources Corp.		1,217		58,878

NextEra Energy, Inc.		949		66,591

ONE Gas, Inc.		1,013		76,127


	Number of Shares		Value $

Spire, Inc.		926		71,172

UGI Corp.		3,975		135,786

(Cost $897,944)				980,540

TOTAL COMMON STOCKS

(Cost $5,083,683)				5,377,485

EXCHANGE-TRADED FUNDS — 0.5%

ProShares S&P 500 Dividend Aristocrats ETF		41		4,266

Xtrackers S&P 500 Scored & Screened ETF (a)		375		20,081

Xtrackers S&P 500 Value Scored & Screened ETF (a)		25		832

(Cost $25,011)				25,179

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)
(Cost $473)		473		473

TOTAL INVESTMENTS — 99.8%

(Cost $5,109,167)				5,403,137

Other assets and liabilities, net — 0.2%				12,192

NET ASSETS — 100.0%				5,415,329

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

EXCHANGE-TRADED FUNDS —0.4%

Xtrackers S&P 500 Scored & Screened ETF (a)

—		36,449		(16,134)		(128)		(106)		67		—		375		20,081

Xtrackers S&P 500 Value Scored & Screened ETF (a)

—		4,975		(3,920)		(226)		3		29		—		25		832

CASH EQUIVALENTS — 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

2,341		132,297		(134,165)		—		—		131		—		473		473

2,341		173,721		(154,219)		(354)		(103)		227		—		873		21,386

(a)	Affiliated fund advised by DBX Advisors LLC.

(b)	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

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

February 28, 2025 (Unaudited)

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	5,377,485	$	—	$	—	$	5,377,485

Exchange-Traded Funds		25,179		—		—		25,179

Short-Term Investments (a)		473		—		—		473

TOTAL	$	5,403,137	$	—	$	—	$	5,403,137

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF

February 28, 2025 (Unaudited)


	Number of Shares		Value $

COMMON STOCKS — 98.1%

Communication Services — 0.8%

Frontier Communications Parent, Inc. *		826		29,728

Nexstar Media Group, Inc.		114		19,283

ZoomInfo Technologies, Inc. *		1,050		12,243

(Cost $57,083)				61,254

Consumer Discretionary — 14.5%

Aramark		986		36,531

Autoliv, Inc.		283		27,550

AutoNation, Inc. *		99		18,055

Boyd Gaming Corp.		248		18,912

Brunswick Corp.		245		14,908

Burlington Stores, Inc. *		237		59,091

Capri Holdings Ltd. *		439		9,649

Choice Hotels International, Inc.		88		12,610

Churchill Downs, Inc.		288		34,128

Dick’s Sporting Goods, Inc.		218		49,072

Floor & Decor Holdings, Inc., Class A *		410		39,618

Gap, Inc.		853		19,286

Goodyear Tire & Rubber Co. *		1,065		10,064

Grand Canyon Education, Inc. *		107		19,241

H&R Block, Inc.		518		28,236

Harley-Davidson, Inc.		427		11,000

Hyatt Hotels Corp., Class A		159		22,411

KB Home		269		16,409

Lear Corp.		210		19,738

Lithia Motors, Inc.		101		34,788

Macy’s, Inc.		1,028		14,752

Marriott Vacations Worldwide Corp.		118		8,902

Nordstrom, Inc.		384		9,327

Penske Automotive Group, Inc.		68		11,474

Planet Fitness, Inc., Class A *		320		29,616

Polaris, Inc.		191		8,580

PVH Corp.		212		15,866

Service Corp. International		553		44,793

Somnigroup International, Inc.		658		42,033

Taylor Morrison Home Corp. *		390		24,040

Texas Roadhouse, Inc.		254		46,759

Thor Industries, Inc.		200		19,878

Toll Brothers, Inc.		388		43,316

TopBuild Corp. *		110		33,703

Travel + Leisure Co.		257		14,346

Under Armour, Inc., Class A *		669		4,556

Under Armour, Inc., Class C *		529		3,359

Valvoline, Inc. *		483		17,813

Visteon Corp. *		99		8,585

Wendy’s Co.		654		10,137


	Number of Shares		Value $

Whirlpool Corp.		210		21,376

Williams-Sonoma, Inc.		482		93,788

Wyndham Hotels & Resorts, Inc.		294		31,849

(Cost $1,003,897)				1,060,145

Consumer Staples — 3.8%

BJ’s Wholesale Club Holdings, Inc. *		499		50,529

Coty, Inc., Class A *		1,325		7,539

Darling Ingredients, Inc. *		596		21,510

elf Beauty, Inc. *		213		14,963

Ingredion, Inc.		247		32,261

Pilgrim’s Pride Corp. *		158		8,594

Post Holdings, Inc. *		179		20,318

Sprouts Farmers Market, Inc. *		379		56,243

US Foods Holding Corp. *		880		63,078

(Cost $239,678)				275,035

Energy — 5.0%

Antero Midstream Corp.		1,278		21,662

Antero Resources Corp. *		1,124		41,251

Civitas Resources, Inc.		340		13,035

CNX Resources Corp. *		572		16,531

DT Midstream, Inc.		370		35,553

Expand Energy Corp.		791		78,214

HF Sinclair Corp.		612		21,585

Murphy Oil Corp.		535		14,172

NOV, Inc.		1,454		21,694

Ovintiv, Inc.		991		43,069

Range Resources Corp.		906		33,631

Valaris Ltd. *		254		9,068

Weatherford International PLC		276		17,087

(Cost $381,386)				366,552

Financials — 19.6%

Affiliated Managers Group, Inc.		112		19,135

Ally Financial, Inc.		1,033		38,324

Annaly Capital Management, Inc. REIT		2,109		46,314

Associated Banc-Corp.		614		15,258

Bank OZK		399		19,156

Brighthouse Financial, Inc. *		226		13,404

Cadence Bank		686		22,748

CNO Financial Group, Inc.		389		16,217

Columbia Banking System, Inc.		795		21,250

Commerce Bancshares, Inc.		461		29,988

Cullen/Frost Bankers, Inc.		242		33,161

East West Bancorp, Inc.		528		49,859

Equitable Holdings, Inc.		1,183		65,089

Essent Group Ltd.		408		23,509

Euronet Worldwide, Inc. *		156		15,984

Evercore, Inc., Class A		136		32,885

Federated Hermes, Inc.		290		11,238

Fidelity National Financial, Inc.		979		63,175

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

First American Financial Corp.		385		25,291

First Horizon Corp.		2,022		43,554

Flagstar Financial, Inc.		1,127		13,524

FNB Corp.		1,351		20,049

Glacier Bancorp, Inc.		422		20,611

Hanover Insurance Group, Inc.		136		23,192

Janus Henderson Group PLC		484		20,425

Jefferies Financial Group, Inc.		620		41,044

MGIC Investment Corp.		967		23,798

Old National Bancorp.		1,207		28,666

Pinnacle Financial Partners, Inc.		294		33,592

Primerica, Inc.		128		37,120

Reinsurance Group of America, Inc.		251		50,875

RenaissanceRe Holdings Ltd.		195		46,336

RLI Corp.		317		24,121

SEI Investments Co.		369		29,538

Selective Insurance Group, Inc.		235		20,221

SLM Corp.		791		23,880

Starwood Property Trust, Inc. REIT		1,227		25,178

Stifel Financial Corp.		385		40,883

Synovus Financial Corp.		547		28,378

Texas Capital Bancshares, Inc. *		181		14,328

UMB Financial Corp.		258		28,465

Unum Group		643		52,912

Valley National Bancorp		1,762		17,338

Voya Financial, Inc.		365		26,375

Webster Financial Corp.		655		36,890

Western Union Co.		1,295		14,025

WEX, Inc. *		149		23,408

Wintrust Financial Corp.		252		31,366

Zions Bancorp NA		550		29,722

(Cost $1,243,911)				1,431,799

Health Care — 7.1%

Acadia Healthcare Co., Inc. *		355		10,643

Amedisys, Inc. *		127		11,684

Cytokinetics, Inc. *		441		20,286

Doximity, Inc., Class A *		485		34,192

Encompass Health Corp.		380		38,053

Envista Holdings Corp. *		644		12,867

Exelixis, Inc. *		1,075		41,592

Haemonetics Corp. *		191		12,510

Halozyme Therapeutics, Inc. *		480		28,392

HealthEquity, Inc. *		331		36,331

Jazz Pharmaceuticals PLC *		233		33,442

Lantheus Holdings, Inc. *		265		24,862

LivaNova PLC *		204		8,493

Neogen Corp. *		764		7,678

Neurocrine Biosciences, Inc. *		380		45,114

Option Care Health, Inc. *		627		21,005


	Number of Shares		Value $

Repligen Corp. *		200		31,852

Tenet Healthcare Corp. *		361		45,699

United Therapeutics Corp. *		169		54,088

(Cost $487,229)				518,783

Industrials — 19.5%

Acuity Brands, Inc.		115		34,170

Advanced Drainage Systems, Inc. (a)		264		29,407

AGCO Corp.		231		22,400

Avis Budget Group, Inc. *		66		5,215

Brink’s Co.		170		15,987

Carlisle Cos., Inc.		171		58,270

Chart Industries, Inc. *		163		31,060

Clean Harbors, Inc. *		190		40,574

Comfort Systems USA, Inc.		136		49,413

Concentrix Corp.		183		8,264

Crane Co.		188		30,642

Donaldson Co., Inc.		457		31,574

EMCOR Group, Inc.		174		71,150

EnerSys		153		15,528

Esab Corp.		212		26,564

ExlService Holdings, Inc. *		607		29,409

Flowserve Corp.		504		27,740

Fortune Brands Innovations, Inc.		463		29,965

FTI Consulting, Inc. *		133		22,025

GATX Corp.		133		22,218

Genpact Ltd.		618		32,890

GXO Logistics, Inc. *		444		17,502

Insperity, Inc.		136		11,964

ITT, Inc.		309		43,643

Kirby Corp. *		218		22,720

Knight-Swift Transportation Holdings, Inc.		615		31,021

Landstar System, Inc.		133		21,120

Lincoln Electric Holdings, Inc.		214		44,232

ManpowerGroup, Inc.		174		10,028

MasTec, Inc. *		233		30,427

Maximus, Inc.		228		14,866

MSA Safety, Inc.		148		24,228

MSC Industrial Direct Co., Inc., Class A		170		13,661

nVent Electric PLC		620		37,411

Owens Corning		328		50,525

Regal Rexnord Corp.		250		32,350

Ryder System, Inc.		161		26,480

Sensata Technologies Holding PLC		563		16,242

Simpson Manufacturing Co., Inc.		157		25,811

Terex Corp.		252		10,256

Tetra Tech, Inc.		1,022		29,832

Timken Co.		248		20,088

Toro Co.		394		31,603

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

Trex Co., Inc. *		412		25,416

Valmont Industries, Inc.		75		26,128

Watsco, Inc.		131		66,067

Watts Water Technologies, Inc., Class A		103		22,102

WESCO International, Inc.		170		30,680

XPO, Inc. *		444		54,594

(Cost $1,385,103)				1,425,462

Information Technology — 9.7%

Allegro MicroSystems, Inc. *		493		10,994

Amkor Technology, Inc.		426		8,989

Arrow Electronics, Inc. *		199		21,506

ASGN, Inc. *		167		11,252

Avnet, Inc.		340		17,184

Belden, Inc.		158		17,385

Blackbaud, Inc. *		149		9,849

Ciena Corp. *		547		43,525

Cirrus Logic, Inc. *		206		21,467

Coherent Corp. *		586		44,061

Commvault Systems, Inc. *		166		28,313

Dolby Laboratories, Inc., Class A		224		18,281

Dropbox, Inc., Class A *		840		21,823

Dynatrace, Inc. *		1,137		65,093

Kyndryl Holdings, Inc. *		887		33,777

Littelfuse, Inc.		96		22,283

Lumentum Holdings, Inc. *		259		18,215

MACOM Technology Solutions Holdings, Inc. *		224		25,908

Manhattan Associates, Inc. *		233		41,213

Novanta, Inc. *		133		19,237

Onto Innovation, Inc. *		186		27,093

Power Integrations, Inc.		220		13,376

Pure Storage, Inc., Class A *		1,175		61,652

Rambus, Inc. *		399		22,300

Silicon Laboratories, Inc. *		120		16,836

Synaptics, Inc. *		151		9,987

Teradata Corp. *		346		8,249

Universal Display Corp.		165		25,347

Vontier Corp.		574		21,439

(Cost $699,238)				706,634

Materials — 7.4%

Alcoa Corp.		968		32,186

AptarGroup, Inc.		254		37,275

Arcadium Lithium PLC *		4,096		23,921

Ashland, Inc.		189		11,495

Avient Corp.		342		14,627

Axalta Coating Systems Ltd. *		811		29,366

Berry Global Group, Inc.		433		31,250

Cabot Corp.		208		17,888

Cleveland-Cliffs, Inc. *		1,881		20,390

Commercial Metals Co.		433		20,975


	Number of Shares		Value $

Crown Holdings, Inc.		450		40,334

Eagle Materials, Inc.		128		28,955

Graphic Packaging Holding Co.		1,175		31,349

Greif, Inc., Class A		90		5,153

Louisiana-Pacific Corp.		238		23,721

Royal Gold, Inc.		249		36,603

RPM International, Inc.		490		60,706

Scotts Miracle-Gro Co.		165		9,664

Sonoco Products Co.		365		17,454

United States Steel Corp.		844		33,946

Westlake Corp.		128		14,374

(Cost $564,157)				541,632

Real Estate — 8.5%

Agree Realty Corp. REIT		389		28,708

American Homes 4 Rent, Class A REIT		1,207		44,671

Brixmor Property Group, Inc. REIT		1,151		32,182

COPT Defense Properties REIT		435		11,758

Cousins Properties, Inc. REIT		634		19,229

CubeSmart REIT		860		35,501

EastGroup Properties, Inc. REIT		187		34,193

Equity LifeStyle Properties, Inc. REIT		719		49,309

Healthcare Realty Trust, Inc. REIT		1,358		23,263

Jones Lang LaSalle, Inc. *		178		48,397

Kilroy Realty Corp. REIT		409		14,601

Kite Realty Group Trust REIT		825		18,917

NNN REIT, Inc. REIT		719		30,522

Omega Healthcare Investors, Inc. REIT		1,016		37,430

Park Hotels & Resorts, Inc. REIT		794		9,750

PotlatchDeltic Corp. REIT		273		12,675

Rayonier, Inc. REIT		543		14,384

Rexford Industrial Realty, Inc. REIT		828		34,213

Sabra Health Care REIT, Inc. REIT		902		14,982

STAG Industrial, Inc. REIT		705		25,366

Vornado Realty Trust REIT		634		26,653

WP Carey, Inc. REIT		829		53,230

(Cost $608,925)				619,934

Utilities — 2.2%

Essential Utilities, Inc.		948		36,005

National Fuel Gas Co.		346		26,019

New Jersey Resources Corp.		373		18,046

ONE Gas, Inc.		214		16,082

Ormat Technologies, Inc.		218		15,225

Spire, Inc.		230		17,678

UGI Corp.		811		27,704

(Cost $147,874)				156,759

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)


	Number of Shares		Value $

TOTAL COMMON STOCKS

(Cost $6,818,481)				7,163,989

EXCHANGE-TRADED FUNDS — 1.0%

iShares ESG Select Screened S&P Mid-Cap ETF		1,100		45,694

SPDR S&P MidCap 400 ETF Trust		45		25,461

(Cost $72,001)				71,155

SECURITIES LENDING COLLATERAL — 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c) (Cost $22,800)		22,800		22,800


	Number of Shares		Value $

CASH EQUIVALENTS — 0.8%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b) (Cost $58,004)		58,004		58,004

TOTAL INVESTMENTS — 100.2%

(Cost $6,971,286)				7,315,948

Other assets and liabilities, net — (0.2%)				(14,082	)

NET ASSETS — 100.0%				7,301,866

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2025 is as follows:


Value ($) at 8/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2025		Value ($) at 2/28/2025

SECURITIES LENDING COLLATERAL — 0.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.27% (b)(c)

11		22,789	(d)		—			—		—		6		—		22,800		22,800

CASH EQUIVALENTS — 0.8%

DWS Government Money Market Series “Institutional Shares”, 4.30% (b)

28,664		169,906			(140,566	)		—		—		1,255		—		58,004		58,004

28,675		192,695			(140,566	)		—		—		1,261		—		80,804		80,804

*	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 28, 2025 amounted to $22,278, which is 0.3% 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 28, 2025.

REIT:

Real Estate Investment Trust

At February 28, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Depreciation ($)

Micro E-mini S&P MidCap 400 Index

USD

62,490

61,994

3/21/2025

(496)

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2025 (Unaudited)

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


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	7,163,989		$	—	$	—	$	7,163,989

Exchange-Traded Funds		71,155			—		—		71,155

Short-Term Investments (a)		80,804			—		—		80,804

TOTAL	$	7,315,948		$	—	$	—	$	7,315,948

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)
Futures Contracts	$	(496	)	$	—	$	—	$	(496	)

TOTAL	$	(496	)	$	—	$	—	$	(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.

20 | DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2025 (Unaudited)


	Xtrackers S&P				Xtrackers S&P		Xtrackers
	500 Growth		Xtrackers S&P		500 Value		S&P Dividend
	Scored &		500 Scored &		Scored &		Aristocrats
	Screened ETF		Screened ETF		Screened ETF		Screened ETF

Assets
Investment in non-affiliated securities at value	$	15,981,746	$	1,656,455,607	$	7,977,536	$	5,381,751
Investment in affiliated securities at value		—		—		—		20,913
Investment in DWS Government Money Market Series		5,532		2,489,417		9,356		473
Investment in DWS Government & Agency Securities Portfolio*		—		287,155		1,564		—
Deposit with broker for futures contracts		—		165,568		—		—
Receivables:
Investment securities sold		30,828		—		—		—
Variation margin on futures contracts		—		36,462		—		—
Dividends		8,510		1,648,849		9,858		12,802
Interest		33		7,399		12		12
Affiliated securities lending income		—		33		—		—
Total assets	$	16,026,649	$	1,661,090,490	$	7,998,326	$	5,415,951

Liabilities
Payable upon return of securities loaned	$	—	$	287,155	$	1,564	$	—
Payables:
Investment securities purchased		30,632		—		7,042		—
Investment advisory fees		1,896		128,566		928		622
Total liabilities		32,528		415,721		9,534		622
Net Assets, at value	$	15,994,121	$	1,660,674,769	$	7,988,792	$	5,415,329

Net Assets Consist of
Paid-in capital	$	12,534,361	$	1,393,050,526	$	6,880,037	$	5,323,203
Distributable earnings (loss)		3,459,760		267,624,243		1,108,755		92,126

Net Assets, at value	$	15,994,121	$	1,660,674,769	$	7,988,792	$	5,415,329
Number of Common Shares outstanding		350,001		31,000,001		240,001		200,001
Net Asset Value	$	45.70	$	53.57	$	33.29	$	27.08

Investment in non-affiliated securities at cost	$	13,447,298	$	1,379,191,318	$	7,377,202	$	5,087,678
Investment in affiliated securities at cost	$	–	$	–	$	–	$	21,016
Value of securities loaned	$	—	$	280,663	$	1,529	$	—
Investment in DWS Government Money Market Series at cost	$	5,532	$	2,489,417	$	9,356	$	473
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	287,155	$	1,564	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 21

Statements of Assets and Liabilities (Continued)

February 28, 2025 (Unaudited)


	Xtrackers S&P MidCap 400 Scored & Screened ETF

Assets
Investment in non-affiliated securities at value	$	7,235,144
Investment in DWS Government Money Market Series		58,004
Investment in DWS Government & Agency Securities Portfolio*		22,800
Deposit with broker for futures contracts		4,160
Receivables:
Variation margin on futures contracts		630
Dividends		4,578
Interest		208
Affiliated securities lending income		2
Total assets	$	7,325,526

Liabilities
Payable upon return of securities loaned	$	22,800
Payables:
Investment advisory fees		860
Total liabilities		23,660

Net Assets, at value	$	7,301,866

Net Assets Consist of
Paid-in capital	$	7,403,449
Distributable earnings (loss)		(101,583	)

Net Assets, at value	$	7,301,866
Number of Common Shares outstanding		240,001

Net Asset Value	$	30.42

Investment in non-affiliated securities at cost	$	6,890,482

Value of securities loaned	$	22,278

Investment in DWS Government Money Market Series at cost	$	58,004

Investment in DWS Government & Agency Securities Portfolio at cost*	$	22,800

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

22 | DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2025 (Unaudited)


	Xtrackers S&P 500 Growth Scored & Screened ETF			Xtrackers S&P 500 Scored & Screened ETF			Xtrackers S&P 500 Value Scored & Screened ETF			Xtrackers S&P Dividend Aristocrats Screened ETF

Investment Income
Unaffiliated dividend income*	$	57,514		$	10,389,844		$	84,185		$	81,330
Affiliated dividend income		—			—			—			96
Income distributions from affiliated funds		204			69,048			150			131
Affiliated securities lending income		—			163			1			—
Total investment income		57,718			10,459,055			84,336			81,557

Expenses
Investment advisory fees		11,316			786,906			5,821			4,048
Other expenses		58			58			58			58
Total expenses		11,374			786,964			5,879			4,106
Less fees waived (see note 3):
Waiver		(4	)		(1,449	)		(3	)		(7	)
Net expenses		11,370			785,515			5,876			4,099
Net investment income (loss)		46,348			9,673,540			78,460			77,458

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(191,971	)		(5,186,171	)		87,968			(156,853	)
Investments in affiliates		—			—			—			(354	)
In-kind redemptions		1,286,711			20,884,415			477,730			274,648
Futures contracts		—			163,026			—			—
Net realized gain (loss)		1,094,740			15,861,270			565,698			117,441
Net change in unrealized appreciation (depreciation) on:
Investments		(63,116	)		33,949,178			(234,849	)		(256,752	)
Investments in affiliates		—			—			—			(103	)
Futures contracts		—			(138,210	)		—			—
Net change in unrealized appreciation (depreciation)		(63,116	)		33,810,968			(234,849	)		(256,855	)
Net realized and unrealized gain (loss) on investments and futures		1,031,624			49,672,238			330,849			(139,414	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,077,972		$	59,345,778		$	409,309		$	(61,956	)

* Unaffiliated foreign tax withheld	$	—		$	—		$	10		$	—

See Notes to Financial Statements.

DBX ETF Trust | 23

Statements of Operations (Continued)

For the Six Months Ended February 28, 2025 (Unaudited)


	Xtrackers
	S&P MidCap
	400 Scored &
	Screened ETF

Investment Income
Unaffiliated dividend income	$	56,117
Income distributions from affiliated funds		1,255
Affiliated securities lending income		6
Total investment income		57,378

Expenses
Investment advisory fees		5,321
Other expenses		58
Total expenses		5,379
Less fees waived (see note 3):
Waiver		(27	)
Net expenses		5,352
Net investment income (loss)		52,026

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(23,434	)
In-kind redemptions		87,468
Futures contracts		468

Net realized gain (loss)		64,502

Net change in unrealized appreciation (depreciation) on:
Investments		(168,777	)
Futures contracts		(1,877	)
Net change in unrealized appreciation (depreciation)		(170,654	)
Net realized and unrealized gain (loss) on investments and futures		(106,152	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(54,126	)

See Notes to Financial Statements.

24 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers S&P 500 Growth Scored & Screened ETF						Xtrackers S&P 500 Scored & Screened ETF
	Xtrackers S&P 500 Growth Scored & Screened ETF						Xtrackers S&P 500 Scored & Screened ETF
	For the Six						For the Six
	Months Ended						Months Ended
	February 28,						February 28,
	2025			Year Ended			2025			Year Ended
	(Unaudited)			August 31, 2024			(Unaudited)			August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	46,348		$	63,277		$	9,673,540		$	14,202,455
Net realized gain (loss)		1,094,740			719,864			15,861,270			39,561,461
Net change in net unrealized appreciation (depreciation)		(63,116	)		1,494,326			33,810,968			198,939,784
Net increase (decrease) in net assets resulting from operations		1,077,972			2,277,467			59,345,778			252,703,700
Distributions to Shareholders		(49,388	)		(62,788	)		(9,997,134	)		(13,345,373	)
Fund Shares Transactions
Proceeds from shares sold		5,312,853			7,653,913			254,578,337			520,593,214
Value of shares redeemed		(3,164,508	)		(3,618,529	)		(56,368,693	)		(231,988,742	)
Net increase (decrease) in net assets resulting from fund share transactions		2,148,345			4,035,384			198,209,644			288,604,472
Total net increase (decrease) in Net Assets		3,176,929			6,250,063			247,558,288			527,962,799
Net Assets
Beginning of period		12,817,192			6,567,129			1,413,116,481			885,153,682
End of period	$	15,994,121		$	12,817,192		$	1,660,674,769		$	1,413,116,481

Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			200,001			27,300,001			21,400,001
Shares sold		120,000			200,000			4,750,000			11,000,000
Shares redeemed		(70,000	)		(100,000	)		(1,050,000	)		(5,100,000	)
Shares outstanding, end of period		350,001			300,001			31,000,001			27,300,001

See Notes to Financial Statements.

DBX ETF Trust | 25

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P 500 Value Scored & Screened ETF						Xtrackers S&P Dividend Aristocrats Screened ETF
	For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024			For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	78,460		$	119,508		$	77,458		$	138,708
Net realized gain (loss)		565,698			545,903			117,441			(16,614	)
Net change in net unrealized appreciation (depreciation)		(234,849	)		514,753			(256,855	)		560,820
Net increase (decrease) in net assets resulting from operations		409,309			1,180,164			(61,956	)		682,914
Distributions to Shareholders		(81,280	)		(112,622	)		(84,485	)		(135,267	)

Fund Shares Transactions
Proceeds from shares sold		2,591,202			2,852,603			1,051,641			1,270,790
Value of shares redeemed		(1,322,099	)		(2,846,044	)		(1,059,557	)		(1,259,701	)
Net increase (decrease) in net assets resulting from fund share transactions		1,269,103			6,559			(7,916	)		11,089
Total net increase (decrease) in Net Assets		1,597,132			1,074,101			(154,357	)		558,736

Net Assets
Beginning of period		6,391,660			5,317,559			5,569,686			5,010,950
End of period	$	7,988,792		$	6,391,660		$	5,415,329		$	5,569,686

Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			200,001			200,001			200,001
Shares sold		80,000			100,000			40,000			50,000
Shares redeemed		(40,000	)		(100,000	)		(40,000	)		(50,000	)
Shares outstanding, end of period		240,001			200,001			200,001			200,001

See Notes to Financial Statements.

26 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P MidCap 400 Scored & Screened ETF
	For the Six Months Ended February 28, 2025 (Unaudited)			Year Ended August 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	52,026		$	124,486
Net realized gain (loss)		64,502			1,553,881
Net change in net unrealized appreciation (depreciation)		(170,654	)		(277,304	)
Net increase (decrease) in net assets resulting from operations		(54,126	)		1,401,063
Distributions to Shareholders		(62,640	)		(136,516	)

Fund Shares Transactions
Proceeds from shares sold		1,624,954			2,870,020
Value of shares redeemed		(319,388	)		(9,974,426	)
Net increase (decrease) in net assets resulting from fund share transactions		1,305,566			(7,104,406	)
Total net increase (decrease) in Net Assets		1,188,800			(5,839,859	)

Net Assets
Beginning of period		6,113,066			11,952,925
End of period	$	7,301,866		$	6,113,066

Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			450,001
Shares sold		50,000			100,000
Shares redeemed		(10,000	)		(350,000	)
Shares outstanding, end of period		240,001			200,001

See Notes to Financial Statements.

DBX ETF Trust | 27

Financial Highlights

Xtrackers S&P 500 Growth Scored & Screened ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Year Ended 8/31/2024			Period Ended 8/31/2023(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	42.72		$	32.84		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.14			0.28			0.26

Net realized and unrealized gain (loss)		2.98			9.90			7.77

Total from investment operations		3.12			10.18			8.03

Less distributions from:

Net investment income		(0.14	)		(0.30	)		(0.19	)

Total from distributions		(0.14	)		(0.30	)		(0.19	)

Net Asset Value, end of period	$	45.70		$	42.72		$	32.84

Total Return (%)(c)		7.30	**		31.22			32.23	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		16			13			7

Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15	*

Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15	*

Ratio of net investment income (loss) (%)		0.61	*		0.75			1.11	*

Portfolio turnover rate (%)(d)		30	**		54			57	**

(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.

28 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P 500 Scored & Screened ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/28/2025 (Unaudited)			2024			2023			2022			2021			2020

Selected Per Share Data

Net Asset Value, beginning of period	$	51.76		$	41.36		$	35.61		$	39.93		$	31.08		$	25.30

Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.61			0.60			0.53			0.49			0.50
Net realized and unrealized gain (loss)		1.82			10.38			5.72			(4.32	)		8.79			5.85
Total from investment operations		2.15			10.99			6.32			(3.79	)		9.28			6.35

Less distributions from:
Net investment income		(0.34	)		(0.59	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)
Total from distributions		(0.34	)		(0.59	)		(0.57	)		(0.53	)		(0.43	)		(0.57	)

Net Asset Value, end of period	$	53.57		$	51.76		$	41.36		$	35.61		$	39.93		$	31.08
Total Return (%)(b)		4.16	**		26.79			17.99			(9.59	)		30.16			25.71

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		1,661			1,413			885			748			745			270
Ratio of expenses before fee waiver (%)		0.10	*		0.11			0.11			0.11			0.11			0.11
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.10			0.11
Ratio of net investment income (loss) (%)		1.23	*		1.34			1.63			1.37			1.41			1.86
Portfolio turnover rate (%)(c)		1	**		11			9			6			13			11

(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.

DBX ETF Trust | 29

Financial Highlights (Continued)

Xtrackers S&P 500 Value Scored & Screened ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Year Ended 8/31/2024			Period Ended 8/31/2023(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	31.96		$	26.59		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.32			0.60			0.47
Net realized and unrealized gain (loss)		1.37			5.30			1.48
Total from investment operations		1.69			5.90			1.95

Less distributions from:
Net investment income		(0.36	)		(0.53	)		(0.36	)
Total from distributions		(0.36	)		(0.53	)		(0.36	)

Net Asset Value, end of period	$	33.29		$	31.96		$	26.59
Total Return (%)(c)		5.34	**		22.45			7.91	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		8			6			5
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15	*
Ratio of net investment income (loss) (%)		2.02	*		2.08			2.23	*
Portfolio turnover rate (%)(d)		22	**		42			66	**

(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.

30 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers S&P Dividend Aristocrats Screened ETF


	For the Six Months Ended 2/28/2025 (Unaudited)			Year Ended 8/31/2024			Period Ended 8/31/2023(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	27.85		$	25.05		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.69			0.56
Net realized and unrealized gain (loss)		(0.74	)		2.79			(0.07	)
Total from investment operations		(0.35	)		3.48			0.49

Less distributions from:
Net investment income		(0.42	)		(0.68	)		(0.44	)
Total from distributions		(0.42	)		(0.68	)		(0.44	)

Net Asset Value, end of period	$	27.08		$	27.85		$	25.05
Total Return (%)(c)		(1.23	)**		14.15			1.99	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		5			6			5
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15	*
Ratio of net investment income (loss) (%)		2.87	*		2.74			2.74	*
Portfolio turnover rate (%)(d)		26	**		36			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.

DBX ETF Trust | 31

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 Scored & Screened ETF


	For the Six			Years Ended August 31,
	Months
	Ended
	2/28/2025 (Unaudited)			2024			2023			2022			Period Ended 8/31/2021(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	30.57		$	26.56		$	24.46		$	27.39		$	25.00

Income (loss) from investment operations:

Net investment income (loss)(b)		0.23			0.38			0.37			0.32			0.14

Net realized and unrealized gain (loss)		(0.10	)		4.02			2.09			(2.94	)		2.33

Total from investment operations		0.13			4.40			2.46			(2.62	)		2.47

Less distributions from:

Net investment income		(0.28	)		(0.39	)		(0.36	)		(0.31	)		(0.08	)

Total from distributions		(0.28	)		(0.39	)		(0.36	)		(0.31	)		(0.08	)

Net Asset Value, end of period	$	30.42		$	30.57		$	26.56		$	24.46		$	27.39

Total Return (%)(c)		0.44	**		16.70			10.18			(9.64	)		9.92	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		7			6			12			11			11

Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15			0.15	*

Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.15	*

Ratio of net investment income (loss) (%)		1.47	*		1.38			1.45			1.24			1.00	*

Portfolio turnover rate (%)(d)		4	**		35			39			41			27	**

(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.

32 | DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

Xtrackers S&P 500 Growth Scored & Screened ETF

Xtrackers S&P 500 Scored & Screened ETF

Xtrackers S&P 500 Value Scored & Screened ETF

Xtrackers S&P Dividend Aristocrats Screened ETF

Xtrackers S&P MidCap 400 Scored & Screened ETF

Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P MidCap 400 Scored & Screened ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened 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 10,000 shares except for Xtrackers S&P 500 Scored & Screened ETF which lots consist 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.


Fund		Underlying Index
Xtrackers S&P 500 Growth Scored & Screened ETF (formerly Xtrackers S&P 500 Growth ESG ETF)*		S&P 500 Growth Scored & Screened Index (formerly S&P 500 Growth ESG Index)*
Xtrackers S&P 500 Scored & Screened ETF (formerly Xtrackers S&P 500 ESG ETF)*		S&P 500 Scored & Screened Index (formerly S&P 500 ESG Index)*
Xtrackers S&P 500 Value Scored & Screened ETF (formerly Xtrackers S&P 500 Value ESG ETF)*		S&P 500 Value Scored & Screened Index (formerly S&P 500 Value ESG Index)*
Xtrackers S&P Dividend Aristocrats Screened ETF (formerly Xtrackers S&P ESG Dividend Aristocrats ETF)*		S&P High Yield Dividend Aristocrats Screened Index (formerly S&P ESG High Yield Dividend Aristocrats Index)*
Xtrackers S&P MidCap 400 Scored & Screened ETF (formerly Xtrackers S&P MidCap 400 ESG ETF)*		S&P MidCap 400 Scored & Screened Index (formerly S&P MidCap 400 ESG Index)*

* Effective February 10, 2025, S&P Dow Jones Indices LLC (the Index Provider) changed the name of the Fund’s Underlying Index. At such time, the Fund also changed its name. There was no change to the index methodology of the Fund’s Underlying Index and no changes in the investment policies of the Fund. The Fund will continue to seek investment results that correspond generally to the performance, before fees and expenses, of its Underlying Index. The Fund’s Ticker symbol remains the same.

S&P 500 Growth Scored & Screened Index is a 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. 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.

DBX ETF Trust | 33

S&P 500 Scored & Screened Index is a 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 Value Scored & Screened Index is a 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. 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 High Yield Dividend Aristocrats Screened 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. 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 Scored & Screened Index is a 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.

Xtrackers S&P MidCap 400 Scored & Screened ETF is a diversified series of the Trust. Xtrackers S&P 500 Growth Scored & Screened ETF , Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened 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.

2. Significant Accounting Policies

34 | DBX ETF Trust

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

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

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

DBX ETF Trust | 35

shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended August 31, 2024 (or since the Fund’s inception if the Fund commenced operations less than four years prior to August 31, 2024), remains subject to examination by taxing authorities.


	Short-Term		Long-Term		Total Amount
Xtrackers S&P 500 Growth Scored & Screened ETF	$	60,669	$	22,366	$	83,035
Xtrackers S&P 500 Scored & Screened ETF		4,827,577		9,780,992		14,608,569
Xtrackers S&P 500 Value Scored & Screened ETF		6,519		45,317		51,836
Xtrackers S&P Dividend Aristocrats Screened ETF		117,488		182,720		300,208
Xtrackers S&P MidCap 400 Scored & Screened ETF		86,883		361,471		448,354


			Net Unrealized		Aggregate Gross		Aggregate Gross
			Appreciation		Unrealized		Unrealized
	Aggregate Tax Cost		(Depreciation)		Appreciation		(Depreciation)
Xtrackers S&P 500 Growth Scored & Screened ETF	$	10,312,465	$	2,499,539	$	2,572,319	$	(72,780)
Xtrackers S&P 500 Scored & Screened ETF		1,182,183,809		229,436,990		268,421,487		(38,984,497)
Xtrackers S&P 500 Value Scored & Screened ETF		5,579,091		804,876		969,909		(165,033)
Xtrackers S&P Dividend Aristocrats Screened ETF		5,050,932		510,484		704,178		(193,694)
Xtrackers S&P MidCap 400 Scored & Screened ETF		5,666,329		441,295		837,757		(396,462)

Securities Lending. National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers S&P MidCap 400 Scored & Screened ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG serves as securities lending agent for S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers Xtrackers S&P 500 Value Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened 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 28, 2025, 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 (0.13% annualized effective rate as of February 28, 2025) 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

36 | DBX ETF Trust

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 28, 2025, 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 28, 2025
	Overnight				Between
	and				30 & 90
Securities Lending Transactions	Continuous		<30 Days		Days		>90 Days		Total
Xtrackers S&P 500 Scored & Screened ETF
Common Stocks	$	287,155	$	—	$	—	$	—	$	287,155
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	287,155
Xtrackers S&P 500 Value Scored & Screened ETF
Common Stocks	$	1,564	$	—	$	—	$	—	$	1,564
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	1,564
Xtrackers S&PMidCap 400 Scored & Screened ETF
Common Stocks	$	22,800	$	—	$	—	$	—	$	22,800
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	22,800

As of February 28, 2025, Xtrackers S&P 500 Growth Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened 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 28, 2025, Xtrackers S&P 500 Scored & Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened 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).

A summary of the open futures contracts as of February 28, 2025 is included in a table following the Funds’ Schedule of Investments.

DBX ETF Trust | 37


	Asset Derivatives	Liability Derivatives

Xtrackers S&P 500 Scored & Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	Unrealized depreciation on futures contracts*	$	48,630

	Total	Total	$	48,630

Xtrackers S&P MidCap 400 Scored & Screened ETF
Equity contracts	Unrealized appreciation on futures contracts*	Unrealized depreciation on futures contracts*	$	496

	Total	Total	$	496


Net Realized Gain (Loss) from:	Futures Contracts —Equity Contracts
Xtrackers S&P 500 Scored & Screened ETF	$	163,026
Xtrackers S&P MidCap 400 Scored & Screened ETF		468

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts
Xtrackers S&P 500 Scored & Screened ETF	$	(138,210)
Xtrackers S&P MidCap 400 Scored & Screened ETF		(1,877)

For the period ended February 28, 2025 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers S&P 500 Scored & Screened ETF	$	3,040,854
Xtrackers S&P MidCap 400 Scored & Screened ETF		54,603

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

3. Investment Advisory and Other Agreements

38 | DBX ETF Trust


	Unitary Advisory Fee
Xtrackers S&P 500 Growth Scored & Screened ETF		0.15	%
Xtrackers S&P 500 Scored & Screened ETF		0.10	%
Xtrackers S&P 500 Value Scored & Screened ETF		0.15	%
Xtrackers S&P Dividend Aristocrats Screened ETF		0.15	%

Xtrackers S&P MidCap 400 Scored & Screened ETF		0.15	%


	Expenses Waived
Xtrackers S&P 500 Growth Scored & Screened ETF	$	4
Xtrackers S&P 500 Scored & Screened ETF		1,449
Xtrackers S&P 500 Value Scored & Screened ETF		3
Xtrackers S&P Dividend Aristocrats Screened ETF		7
Xtrackers S&P MidCap 400 Scored & Screened ETF		27

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.

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the fund listed below. For the period ended February 28, 2025, the Fund incurred securities lending agent fees to Deutsche Bank AG as follows:

Securities Lending

Agent Fees

Xtrackers S&P 500 Scored & Screened ETF

4. Investment Portfolio Transactions

For the period ended February 28, 2025, 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 Growth Scored & Screened ETF	$	4,561,558	$	4,546,510
Xtrackers S&P 500 Scored & Screened ETF		21,767,044		21,713,094
Xtrackers S&P 500 Value Scored & Screened ETF		1,717,034		1,725,120
Xtrackers S&P Dividend Aristocrats Screened ETF		1,447,169		1,467,295
Xtrackers S&P MidCap 400 Scored & Screened ETF		293,026		336,351

DBX ETF Trust | 39

For the period ended February 28, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases	Sales
Xtrackers S&P 500 Growth Scored & Screened ETF	$ 5,312,924	$ 3,183,749
Xtrackers S&P 500 Scored & Screened ETF	254,459,944	56,232,966
Xtrackers S&P 500 Value Scored & Screened ETF	2,591,217	1,315,071
Xtrackers S&P Dividend Aristocrats Screened ETF	1,051,602	1,048,087
Xtrackers S&P MidCap 400 Scored & Screened ETF	1,624,975	319,385

5. Fund Share Transactions

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2025, 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 Scored & Screened ETF		45	%
Xtrackers S&P 500 Value Scored & Screened ETF		71	%
Xtrackers S&P Dividend Aristocrats Screened ETF		60	%

40 | DBX ETF Trust

LOGO

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not Applicable. The Independent Trustees are paid by the Advisor out of the unitary advisory fee. See Note 3 to the Financial Statements under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a)	The registrant’s principal executive officer and principal financial officer have 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 have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. 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.

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

SIGNATURES

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


(Registrant) DBX ETF Trust

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

Date May 2, 2025

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


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

Date May 2, 2025

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

Date May 2, 2025