DBX

ETF

Trust

|

1

Schedule

of

Investments

Xtrackers

MSCI

Emerging

Markets

Climate

Selection

ETF

May

31,

2025

(Unaudited)

Number

of

Shares

Value

$

COMMON

STOCKS

—

95.7%

Brazil

—

1.9%

NU

Holdings

Ltd.,

Class

A

*

154,328

1,853,479

Petroleo

Brasileiro

SA

338,368

1,942,707

(Cost

$4,107,629)

3,796,186

China

—

29.5%

Alibaba

Group

Holding

Ltd.

666,808

9,685,513

Bank

of

China

Ltd.,

Class

H

6,676,818

3,882,688

BYD

Co.

Ltd.,

Class

H

65,067

3,259,345

China

Construction

Bank

Corp.,

Class

H

5,115,537

4,592,635

China

Merchants

Bank

Co.

Ltd.,

Class

H

453,949

2,830,831

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

4,261,227

3,102,908

JD.com,

Inc.,

Class

A

166,220

2,732,337

Meituan,

Class

B,

144A

*

250,030

4,400,168

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

723,990

4,260,910

Tencent

Holdings

Ltd.

250,981

15,945,666

Xiaomi

Corp.,

Class

B,

144A

*

730,064

4,743,547

(Cost

$50,175,522)

59,436,548

Greece

—

1.3%

Piraeus

Financial

Holdings

SA

(Cost

$2,610,675)

391,447

2,609,461

India

—

17.5%

Axis

Bank

Ltd.

181,514

2,528,788

Bharti

Airtel

Ltd.

177,591

3,852,111

HDFC

Bank

Ltd.

*

248,627

5,650,653

Hindustan

Unilever

Ltd.

94,111

2,582,540

ICICI

Bank

Ltd.

270,235

4,565,653

Infosys

Ltd.

195,352

3,567,357

Infosys

Ltd.,

ADR

6,651

120,982

Mahindra

&

Mahindra

Ltd.

71,597

2,490,563

Power

Grid

Corp.

of

India

Ltd.

728,061

2,465,155

Reliance

Industries

Ltd.

292,292

4,853,260

Tata

Consultancy

Services

Ltd.

66,239

2,680,832

(Cost

$33,426,283)

35,357,894

Ireland

—

1.4%

PDD

Holdings,

Inc.,

ADR

*

(Cost

$3,413,518)

29,249

2,822,821

Kazakhstan

—

0.0%

Solidcore

Resources

PLC

*

(a)

(Cost

$30,722)

1,583

0

Mexico

—

1.2%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Cost

$2,030,644)

288,600

2,549,900

Russia

—

0.0%

Gazprom

PJSC

*

(a)

68,905

0

LUKOIL

PJSC

*

(a)

2,409

0

Number

of

Shares

Value

$

Mobile

TeleSystems

PJSC,

ADR

*

(a)

2,662

0

Moscow

Exchange

MICEX-RTS

PJSC

*

(a)

8,602

0

Novatek

PJSC

*

(a)

5,300

0

Novolipetsk

Steel

PJSC

*

(a)

8,462

0

PhosAgro

PJSC

*

(a)

168

0

PhosAgro

PJSC,

GDR

*

(a)

300

0

PhosAgro

PJSC,

GDR

*

(a)

4

0

Polyus

PJSC

*

(a)

1,930

0

(Cost

$634,818)

0

Singapore

—

1.3%

Trip.com

Group

Ltd.

(Cost

$2,679,044)

41,523

2,615,855

South

Africa

—

3.7%

FirstRand

Ltd.

598,380

2,469,073

Naspers

Ltd.,

Class

N

8,318

2,378,669

Standard

Bank

Group

Ltd.

204,764

2,644,838

(Cost

$7,147,558)

7,492,580

South

Korea

—

5.8%

Samsung

Electronics

Co.

Ltd.

200,656

8,173,420

SK

Hynix,

Inc.

23,494

3,482,295

(Cost

$10,056,015)

11,655,715

Taiwan

—

30.9%

Cathay

Financial

Holding

Co.

Ltd.

1,396,064

2,785,746

CTBC

Financial

Holding

Co.

Ltd.

1,764,438

2,405,102

E.Sun

Financial

Holding

Co.

Ltd.

2,826,965

2,811,070

First

Financial

Holding

Co.

Ltd.

3,314,620

2,991,824

Fubon

Financial

Holding

Co.

Ltd.

1,097,352

2,914,701

Hon

Hai

Precision

Industry

Co.

Ltd.

646,659

3,366,161

MediaTek,

Inc.

66,744

2,806,194

Mega

Financial

Holding

Co.

Ltd.

2,226,655

2,945,989

SinoPac

Financial

Holdings

Co.

Ltd.

3,511,408

2,689,051

Taishin

Financial

Holding

Co.

Ltd.

5,486,004

3,139,462

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

3,901,767

3,124,694

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

848,300

27,372,278

Yuanta

Financial

Holding

Co.

Ltd.

2,725,494

2,851,135

(Cost

$57,899,274)

62,203,407

Thailand

—

0.0%

Minor

International

PCL,

NVDR

(Cost

$398)

454

343

United

States

—

1.2%

Southern

Copper

Corp.

2

|

DBX

ETF

Trust

Schedule

of

Investments

Xtrackers

MSCI

Emerging

Markets

Climate

Selection

ETF

(Continued)

May

31,

2025

(Unaudited)

Hidden

Row

Securities

are

listed

in

country

of domicile.

Number

of

Shares

Value

$

(Cost

$2,585,822)

26,047

2,367,933

TOTAL

COMMON

STOCKS

(Cost

$176,797,922)

192,908,643

PREFERRED

STOCKS

—

3.1%

Brazil

—

3.1%

Itau

Unibanco

Holding

SA

502,265

3,279,765

Itausa

SA

1,486,474

2,870,747

Klabin

SA

1

1

(Cost

$5,240,058)

6,150,513

Number

of

Shares

Value

$

WARRANTS

—

0.0%

Thailand

—

0.0%

BTS

Group

Holdings

PCL*

,

expires

11/20/26

(Cost

$0)

6,100

4

CASH

EQUIVALENTS

—

0.9%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.26%

(b)

(Cost

$1,780,364)

1,780,364

1,780,364

TOTAL

INVESTMENTS

—

99.7%

(Cost

$183,818,344)  

200,839,524

Other

assets

and

liabilities,

net

—

0.3%

667,525

NET

ASSETS

—

100.0%

201,507,049

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

SECURITIES

LENDING

COLLATERAL

—

0.0%

DWS

Government

&

Agency

Securities

Portfolio

"DWS

Government

Cash

Institutional

Shares”,

4.22%

(b)(c)

34,336

—

(34,336)

(d)

—

—

30

—

—

—

CASH

EQUIVALENTS

—

0.9%

DWS

Government

Money

Market

Series

"Institutional

Shares",

4.26%

(b)

203,173

147,594,110

(146,016,919)

—

—

69,040

—

1,780,364

1,780,364

237,509

147,594,110

(146,051,255)

—

—

69,070

—

1,780,364

1,780,364

*

Non-income

producing

security.

(a)

Investment

was

valued

using

significant

unobservable

inputs.

(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

May

31,

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

under

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

DBX

ETF

Trust

|

3

Schedule

of

Investments

Xtrackers

MSCI

Emerging

Markets

Climate

Selection

ETF

(Continued)

May

31,

2025

(Unaudited)

At

May

31,

2025 the

Xtrackers

MSCI

Emerging

Markets

Climate

Selection

ETF had

the

following

sector

diversification:

At

May

31,

2025,

open

futures

contracts

purchased

were

as

follows:

Currency

Abbreviations

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.

EMCS-PH3

Sector

Diversification

Market

Value

$

As

a

%

of

Total

Investments

excluding

Cash

Equivalents

Financials

78,351,105

39

.4

Information

Technology

56,313,065

28

.3

Consumer

Discretionary

30,385,615

15

.3

Communication

Services

19,797,777

9

.9

Energy

6,795,966

3

.4

Consumer

Staples

2,582,540

1

.3

Utilities

2,465,155

1

.2

Materials

2,367,933

1

.2

Industrials

4

0

.0

Total

199,059,160

100

.0

Contract

Description

Currency

Number

of

Contracts

Notional

Amount

(

$

)

Contract

Value

(

$

)

Expiration

Date

Unrealized

Appreciation

(

$

)

MSCI

Emerging

Markets

Index

USD

45

2,526,833

2,585,925

6/20/2025

59,092

MSCI

India

Index

USD

1

117,800

128,530

6/20/2025

10,730

Total

unrealized

appreciation

69,822

USD

U.S.

Dollar

Assets

Level

1

Level

2

Level

3

Total

Common

Stocks

(a)

$

192,908,643

$

—

$

0

$

192,908,643

Preferred

Stocks

6,150,513

—

—

6,150,513

Warrants

4

—

—

4

Short-Term

Investments

(a)

1,780,364

—

—

1,780,364

Derivatives

(b)

Futures

Contracts

69,822

—

—

69,822

TOTAL

$

200,909,346

$

—

$

0

$

200,909,346

(a)

See

Schedule

of

Investments

for

additional

detailed

categorizations.

(b)

Derivatives

include

unrealized

appreciation

(depreciation)

on

open

futures

contracts.