DBX

ETF

Trust

|

1

Schedule

of

Investments

Xtrackers

Risk

Managed

USD

High

Yield

Strategy

ETF

May

31,

2025

(Unaudited)

HiddenRow

Number

of

Shares

Value

$

EXCHANGE-TRADED

FUNDS

—

99.3%

Xtrackers

High

Beta

High

Yield

Bond

ETF(a)(b)

30,377

1,270,026

Xtrackers

USD

High

Yield

Corporate

Bond

ETF(a)(b)

1,230,279

44,855,972

(Cost

$45,695,796)

46,125,998

SECURITIES

LENDING

COLLATERAL

—

0.1%

DWS

Government

&

Agency

Securities

Portfolio

“DWS

Government

Cash

Institutional

Shares",

4.22%

(c)(d)

(Cost

$17,100)

17,100

17,100

Number

of

Shares

Value

$

CASH

EQUIVALENTS

—

0.7%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.26%

(c)

(Cost

$316,834)

316,834

316,834

TOTAL

INVESTMENTS

—

100.1%

(Cost

$46,029,730)  

46,459,932

Other

assets

and

liabilities,

net

—

(0.1%)

(24,955)

NET

ASSETS

—

100.0%

46,434,977

For

information

on

the

Fund’s

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Fund’s

most

recent

semi-annual

or

annual

financial

statements.

A

summary

of

the

Fund’s

transactions

with

affiliated

investments

during

the

period ended

May

31,

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

5/31/2025

Value

($)

at

5/31/2025

EXCHANGE-TRADED

FUNDS

—

99.3%

Xtrackers

High

Beta

High

Yield

Bond

ETF

(b)

935,948

1,344,433

(981,153)

(113,113)

83,911

58,107

—

30,377

1,270,026

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

(b)

41,533,720

48,426,420

(43,979,351)

(3,035,603)

1,910,786

2,033,075

—

1,230,279

44,855,972

SECURITIES

LENDING

COLLATERAL

—

0.1%

DWS

Government

&

Agency

Securities

Portfolio

“DWS

Government

Cash

Institutional

Shares",

4.22%

(c)(d)

—

17,100

(e)

—

—

—

2,303

—

17,100

17,100

CASH

EQUIVALENTS

—

0.7%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.26%

(c)

260,490

45,389,717

(45,333,373)

—

—

87,862

—

316,834

316,834

42,730,158

95,177,670

(90,293,877)

(3,148,716)

1,994,697

2,181,347

—

1,594,590

46,459,932

(a)

All

or

a

portion

of

these

securities

were

on

loan.

In

addition,

“Other

assets

and

liabilities,

net”

may

include

pending

sales

that

are

also

on

loan.

The

value

of

securities

loaned

at

May

31,

2025

amounted

to

$16,724,

which

is

0.0%

of

net

assets.

(b)

Affiliated

fund

advised

by

DBX

Advisors

LLC.

(c)

Affiliated

fund

managed

by

DWS

Investment

Management

Americas,

Inc.

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

(d)

Represents

cash

collateral

held

in

connection

with

securities

lending.

Income

earned

by

the

Fund

is

net

of

borrower

rebates.

(e)

Represents

the

net

increase

(purchase

cost)

or

decrease

(sales

proceeds)

in

the

amount

invested

in

cash

collateral

for

the

period

ended

May

31,

2025.

2

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

Risk

Managed

USD

High

Yield

Strategy

ETF

(Continued)

May

31,

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

May

31,

2025

in

valuing

the

Fund’s

investments.

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.

HYRM-PH3

Assets

Level

1

Level

2

Level

3

Total

Exchange-Traded

Funds

$

46,125,998

$

—

$

—

$

46,125,998

Short-Term

Investments

(a)

333,934

—

—

333,934

TOTAL

$

46,459,932

$

—

$

—

$

46,459,932

(a)

See

Schedule

of

Investments

for

additional

detailed

categorizations.