# EDGAR Filing Document

**Accession Number:** 0001503123
**File Stem:** 0001193125-25-262735
**Filing Date:** 2025-11
**Character Count:** 1748890
**Document Hash:** fc476978900423af7c8deef1680177a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-262735.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-262735

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DBX ETF TRUST
- **CENTRAL INDEX KEY:** 0001503123

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22487
- **FILM NUMBER:** 251444975

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DBX ETF Trust
- **DATE OF NAME CHANGE:** 20101008

## Series and Classes Contracts Data

### Xtrackers USD High Yield Corporate Bond ETF (Series ID: S000044475)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000138373 | Xtrackers USD High Yield Corporate Bond ETF | HYLB            |

### Xtrackers Russell US Multifactor ETF (Series ID: S000048521)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000152991 | Xtrackers Russell US Multifactor ETF | DEUS            |

### Xtrackers FTSE Developed ex US Multifactor ETF (Series ID: S000048523)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000152993 | Xtrackers FTSE Developed ex US Multifactor ETF | DEEF            |

### Xtrackers Short Duration High Yield Bond ETF (Series ID: S000058422)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000191727 | Xtrackers Short Duration High Yield Bond ETF | SHYL            |

### Xtrackers High Beta High Yield Bond ETF (Series ID: S000058424)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000191729 | Xtrackers High Beta High Yield Bond ETF | HYUP            |

### Xtrackers Low Beta High Yield Bond ETF (Series ID: S000059264)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000194565 | Xtrackers Low Beta High Yield Bond ETF | HYDW            |

### Xtrackers MSCI Emerging Markets Climate Selection ETF (Series ID: S000060054)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000196637 | Xtrackers MSCI Emerging Markets Climate Selection ETF | EMCS            |

### Xtrackers MSCI EAFE Selection Equity ETF (Series ID: S000060055)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000196638 | Xtrackers MSCI EAFE Selection Equity ETF | EASG            |

### Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Series ID: S000060056)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000196639 | Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | EMCR            |

### Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (Series ID: S000060057)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000196640 | Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | QARP            |

### Xtrackers MSCI USA Selection Equity ETF (Series ID: S000064994)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000210444 | Xtrackers MSCI USA Selection Equity ETF | USSG            |

### Xtrackers S&P 500 Scored & Screened ETF (Series ID: S000065220)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000211086 | Xtrackers S&P 500 Scored & Screened ETF | SNPE            |

### Xtrackers MSCI Kokusai Equity ETF (Series ID: S000067508)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000217052 | Xtrackers MSCI Kokusai Equity ETF | KOKU            |

### Xtrackers S&P MidCap 400 Scored & Screened ETF (Series ID: S000070348)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000223768 | Xtrackers S&P MidCap 400 Scored & Screened ETF | MIDE            |

### Xtrackers Risk Managed USD High Yield Strategy ETF (Series ID: S000074793)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000232992 | Xtrackers Risk Managed USD High Yield Strategy ETF | HYRM            |

### Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (Series ID: S000076557)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000236536 | Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | USNZ            |

### Xtrackers S&P 500 Growth Scored & Screened ETF (Series ID: S000077073)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000237217 | Xtrackers S&P 500 Growth Scored & Screened ETF | SNPG            |

### Xtrackers S&P 500 Value Scored & Screened ETF (Series ID: S000077074)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000237218 | Xtrackers S&P 500 Value Scored & Screened ETF | SNPV            |

### Xtrackers S&P Dividend Aristocrats Screened ETF (Series ID: S000077827)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000238398 | Xtrackers S&P Dividend Aristocrats Screened ETF | SNPD            |

### Xtrackers MSCI USA Climate Action Equity ETF (Series ID: S000079909)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000241385 | Xtrackers MSCI USA Climate Action Equity ETF | USCA            |

### Xtrackers USD High Yield BB-B ex Financials ETF (Series ID: S000082359)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245668 | Xtrackers USD High Yield BB-B ex Financials ETF | BHYB            |

### Xtrackers RREEF Global Natural Resources ETF (Series ID: S000083869)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000247939 | Xtrackers RREEF Global Natural Resources ETF | NRES            |

### Xtrackers S&P 500 Diversified Sector Weight ETF (Series ID: S000093271)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000261436 | Xtrackers S&P 500 Diversified Sector Weight ETF | SPXD            |

?xml version='1.0' encoding='ASCII'? DBX ETF Trust

### 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: August 31, 2025

------

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) # Xtrackers High Beta High Yield Bond ETF
HYUP: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $21 | 0.20% |

---

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 annual shareholder report contains important information about the Xtrackers High Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the Underlying Index). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market.

The Fund returned 9.45% for the period ended August 31, 2025. The Fund's underlying index returned 9.53% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 8.10%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Communications, Consumer Cyclical and Consumer Non-Cyclical.

## Fund Performance
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.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield liquid corporate bonds.

The Solactive USD High Yield Corporates Total Market Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i5530d9953b2e2793aad4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers High Beta High Yield Bond ETF - NAV** | **Solactive USD High Yield Corporates Total Market High Beta Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** | **Solactive USD High Yield Corporates Total Market Index** |
| **1/11/18** | $10000 | $10000 | $10000 | $10000 |
| **1/31/18** | $10000 | $10011 | $9939 | $9994 |
| **2/28/18** | $9905 | $9914 | $9845 | $9906 |
| **3/31/18** | $9808 | $9821 | $9895 | $9846 |
| **4/30/18** | $9908 | $9921 | $9829 | $9914 |
| **5/31/18** | $9934 | $9944 | $9882 | $9928 |
| **6/30/18** | $10000 | $10008 | $9868 | $9966 |
| **7/31/18** | $10134 | $10147 | $9889 | $10087 |
| **8/31/18** | $10206 | $10214 | $9937 | $10157 |
| **9/30/18** | $10275 | $10288 | $9895 | $10212 |
| **10/31/18** | $10045 | $10064 | $9812 | $10053 |
| **11/30/18** | $9932 | $9949 | $9856 | $9993 |
| **12/31/18** | $9621 | $9643 | $10010 | $9774 |
| **1/31/19** | $10158 | $10183 | $10148 | $10237 |
| **2/28/19** | $10373 | $10394 | $10159 | $10406 |
| **3/31/19** | $10467 | $10490 | $10343 | $10506 |
| **4/30/19** | $10646 | $10669 | $10357 | $10637 |
| **5/31/19** | $10433 | $10457 | $10516 | $10497 |
| **6/30/19** | $10744 | $10761 | $10665 | $10766 |
| **7/31/19** | $10800 | $10820 | $10696 | $10818 |
| **8/31/19** | $10805 | $10814 | $10939 | $10866 |
| **9/30/19** | $10820 | $10836 | $10891 | $10888 |
| **10/31/19** | $10855 | $10867 | $10926 | $10926 |
| **11/30/19** | $10858 | $10884 | $10924 | $10958 |
| **12/31/19** | $11190 | $11215 | $10940 | $11175 |
| **1/31/20** | $11125 | $11148 | $11137 | $11146 |
| **2/29/20** | $10877 | $10897 | $11304 | $10960 |
| **3/31/20** | $9552 | $9510 | $11083 | $9840 |
| **4/30/20** | $9785 | $9759 | $11305 | $10185 |
| **5/31/20** | $10307 | $10278 | $11410 | $10610 |
| **6/30/20** | $10363 | $10329 | $11506 | $10630 |
| **7/31/20** | $10906 | $10871 | $11708 | $11142 |
| **8/31/20** | $11063 | $11028 | $11640 | $11223 |
| **9/30/20** | $10929 | $10904 | $11619 | $11099 |
| **10/31/20** | $10933 | $10923 | $11578 | $11132 |
| **11/30/20** | $11521 | $11510 | $11729 | $11551 |
| **12/31/20** | $11824 | $11800 | $11769 | $11752 |
| **1/31/21** | $11856 | $11834 | $11695 | $11765 |
| **2/28/21** | $11902 | $11882 | $11544 | $11775 |
| **3/31/21** | $11973 | $11960 | $11410 | $11822 |
| **4/30/21** | $12108 | $12090 | $11506 | $11932 |
| **5/31/21** | $12129 | $12106 | $11550 | $11953 |
| **6/30/21** | $12283 | $12269 | $11634 | $12094 |
| **7/31/21** | $12292 | $12278 | $11751 | $12120 |
| **8/31/21** | $12358 | $12352 | $11743 | $12189 |
| **9/30/21** | $12371 | $12362 | $11643 | $12181 |
| **10/31/21** | $12313 | $12303 | $11633 | $12142 |
| **11/30/21** | $12140 | $12126 | $11647 | $12011 |
| **12/31/21** | $12449 | $12438 | $11639 | $12258 |
| **1/31/22** | $12059 | $12048 | $11384 | $11910 |
| **2/28/22** | $11948 | $11941 | $11229 | $11813 |
| **3/31/22** | $11859 | $11855 | $10928 | $11724 |
| **4/30/22** | $11331 | $11318 | $10520 | $11269 |
| **5/31/22** | $11322 | $11307 | $10578 | $11366 |
| **6/30/22** | $10394 | $10375 | $10367 | $10561 |
| **7/31/22** | $11131 | $11116 | $10627 | $11256 |
| **8/31/22** | $10805 | $10802 | $10351 | $10904 |
| **9/30/22** | $10315 | $10297 | $9905 | $10471 |
| **10/31/22** | $10715 | $10697 | $9796 | $10820 |
| **11/30/22** | $10882 | $10872 | $10162 | $11003 |
| **12/31/22** | $10768 | $10748 | $10127 | $10910 |
| **1/31/23** | $11274 | $11267 | $10441 | $11338 |
| **2/28/23** | $11130 | $11127 | $10185 | $11168 |
| **3/31/23** | $11151 | $11147 | $10424 | $11327 |
| **4/30/23** | $11257 | $11253 | $10487 | $11407 |
| **5/31/23** | $11118 | $11118 | $10379 | $11279 |
| **6/30/23** | $11424 | $11421 | $10362 | $11476 |
| **7/31/23** | $11622 | $11627 | $10373 | $11628 |
| **8/31/23** | $11681 | $11687 | $10310 | $11659 |
| **9/30/23** | $11558 | $11561 | $10064 | $11519 |
| **10/31/23** | $11319 | $11331 | $9913 | $11379 |
| **11/30/23** | $11879 | $11893 | $10359 | $11900 |
| **12/31/23** | $12426 | $12436 | $10752 | $12342 |
| **1/31/24** | $12379 | $12392 | $10727 | $12317 |
| **2/29/24** | $12467 | $12483 | $10598 | $12349 |
| **3/31/24** | $12612 | $12621 | $10702 | $12485 |
| **4/30/24** | $12470 | $12481 | $10452 | $12359 |
| **5/31/24** | $12608 | $12617 | $10625 | $12501 |
| **6/30/24** | $12712 | $12720 | $10722 | $12619 |
| **7/31/24** | $13041 | $13058 | $10966 | $12881 |
| **8/31/24** | $13266 | $13271 | $11127 | $13087 |
| **9/30/24** | $13570 | $13581 | $11294 | $13309 |
| **10/31/24** | $13511 | $13525 | $11037 | $13223 |
| **11/30/24** | $13704 | $13711 | $11154 | $13372 |
| **12/31/24** | $13648 | $13665 | $10985 | $13313 |
| **1/31/25** | $13866 | $13884 | $11051 | $13505 |
| **2/28/25** | $13956 | $13981 | $11280 | $13596 |
| **3/31/25** | $13710 | $13744 | $11277 | $13458 |
| **4/30/25** | $13662 | $13698 | $11317 | $13477 |
| **5/31/25** | $13955 | $13993 | $11260 | $13701 |
| **6/30/25** | $14258 | $14280 | $11435 | $13945 |
| **7/31/25** | $14322 | $14347 | $11419 | $13985 |
| **8/31/25** | $14520 | $14536 | $11556 | $14147 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 1/11/18** |
| Xtrackers High Beta High Yield Bond ETF - NAV | 9.45% | 5.59% | 5.00% |
| Solactive USD High Yield Corporates Total Market High Beta Index | 9.53% | 5.68% | 5.01% |
| Bloomberg U.S. Universal Bond Index | 3.72% | -0.17% | 1.91% |
| Solactive USD High Yield Corporates Total Market Index | 8.10% | 4.74% | 4.64% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 17010509 |
| Number of Portfolio Holdings | 650 |
| Portfolio Turnover Rate (%) | 66 |
| Total Net Advisory Fees Paid ($) | 23733 |
| 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?
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.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 2% |
| BB | 49% |
| B | 35% |
| CCC | 13% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communications | 24% |
| Consumer, Cyclical | 16% |
| Consumer, Non-cyclical | 14% |
| Financial | 13% |
| Energy | 12% |
| Basic Materials | 7% |
| Industrial | 6% |
| Technology | 5% |
| Utilities | 3% |
| Diversified | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 79% |
| Canada | 5% |
| United Kingdom | 4% |
| Luxembourg | 2% |
| Japan | 2% |
| Other | 5% |

---

## 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-TSRA** 
R-102629-2 (10/25) DBX006858 (10/26)

# Xtrackers Low Beta High Yield Bond ETF
HYDW: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $21 | 0.20% |

---

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 annual shareholder report contains important information about the Xtrackers Low Beta High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the Underlying Index). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market.

The Fund returned 6.15% for the period ended August 31, 2025. The Fund's underlying index returned 6.34% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 8.10%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Capital Goods.

## Fund Performance
Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield liquid corporate bonds.

The Solactive USD High Yield Corporates Total Market Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151ibb0dab5b80c9f89140cd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers Low Beta High Yield Bond ETF - NAV** | **Solactive USD High Yield Corporates Total Market Low Beta Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** | **Solactive USD High Yield Corporates Total Market Index** |
| **1/11/18** | $10000 | $10000 | $10000 | $10000 |
| **1/31/18** | $9972 | $9980 | $9939 | $9994 |
| **2/28/18** | $9894 | $9899 | $9845 | $9906 |
| **3/31/18** | $9867 | $9877 | $9895 | $9846 |
| **4/30/18** | $9892 | $9905 | $9829 | $9914 |
| **5/31/18** | $9892 | $9906 | $9882 | $9928 |
| **6/30/18** | $9905 | $9913 | $9868 | $9966 |
| **7/31/18** | $9998 | $10011 | $9889 | $10087 |
| **8/31/18** | $10072 | $10083 | $9937 | $10157 |
| **9/30/18** | $10103 | $10115 | $9895 | $10212 |
| **10/31/18** | $10006 | $10027 | $9812 | $10053 |
| **11/30/18** | $10012 | $10029 | $9856 | $9993 |
| **12/31/18** | $9894 | $9912 | $10010 | $9774 |
| **1/31/19** | $10256 | $10278 | $10148 | $10237 |
| **2/28/19** | $10371 | $10394 | $10159 | $10406 |
| **3/31/19** | $10473 | $10497 | $10343 | $10506 |
| **4/30/19** | $10543 | $10569 | $10357 | $10637 |
| **5/31/19** | $10490 | $10513 | $10516 | $10497 |
| **6/30/19** | $10713 | $10737 | $10665 | $10766 |
| **7/31/19** | $10752 | $10779 | $10696 | $10818 |
| **8/31/19** | $10863 | $10882 | $10939 | $10866 |
| **9/30/19** | $10879 | $10901 | $10891 | $10888 |
| **10/31/19** | $10921 | $10944 | $10926 | $10926 |
| **11/30/19** | $10962 | $10988 | $10924 | $10958 |
| **12/31/19** | $11041 | $11073 | $10940 | $11175 |
| **1/31/20** | $11053 | $11082 | $11137 | $11146 |
| **2/29/20** | $10934 | $10959 | $11304 | $10960 |
| **3/31/20** | $10148 | $10121 | $11083 | $9840 |
| **4/30/20** | $10578 | $10564 | $11305 | $10185 |
| **5/31/20** | $10876 | $10853 | $11410 | $10610 |
| **6/30/20** | $10857 | $10838 | $11506 | $10630 |
| **7/31/20** | $11332 | $11316 | $11708 | $11142 |
| **8/31/20** | $11336 | $11324 | $11640 | $11223 |
| **9/30/20** | $11209 | $11195 | $11619 | $11099 |
| **10/31/20** | $11254 | $11240 | $11578 | $11132 |
| **11/30/20** | $11502 | $11494 | $11729 | $11551 |
| **12/31/20** | $11620 | $11609 | $11769 | $11752 |
| **1/31/21** | $11611 | $11601 | $11695 | $11765 |
| **2/28/21** | $11585 | $11574 | $11544 | $11775 |
| **3/31/21** | $11593 | $11590 | $11410 | $11822 |
| **4/30/21** | $11682 | $11677 | $11506 | $11932 |
| **5/31/21** | $11706 | $11699 | $11550 | $11953 |
| **6/30/21** | $11819 | $11815 | $11634 | $12094 |
| **7/31/21** | $11863 | $11857 | $11751 | $12120 |
| **8/31/21** | $11917 | $11920 | $11743 | $12189 |
| **9/30/21** | $11888 | $11891 | $11643 | $12181 |
| **10/31/21** | $11868 | $11870 | $11633 | $12142 |
| **11/30/21** | $11783 | $11783 | $11647 | $12011 |
| **12/31/21** | $11956 | $11957 | $11639 | $12258 |
| **1/31/22** | $11656 | $11658 | $11384 | $11910 |
| **2/28/22** | $11570 | $11570 | $11229 | $11813 |
| **3/31/22** | $11480 | $11482 | $10928 | $11724 |
| **4/30/22** | $11114 | $11114 | $10520 | $11269 |
| **5/31/22** | $11332 | $11332 | $10578 | $11366 |
| **6/30/22** | $10681 | $10676 | $10367 | $10561 |
| **7/31/22** | $11319 | $11312 | $10627 | $11256 |
| **8/31/22** | $10922 | $10922 | $10351 | $10904 |
| **9/30/22** | $10577 | $10568 | $9905 | $10471 |
| **10/31/22** | $10865 | $10861 | $9796 | $10820 |
| **11/30/22** | $11042 | $11045 | $10162 | $11003 |
| **12/31/22** | $10996 | $10986 | $10127 | $10910 |
| **1/31/23** | $11313 | $11314 | $10441 | $11338 |
| **2/28/23** | $11114 | $11117 | $10185 | $11168 |
| **3/31/23** | $11401 | $11406 | $10424 | $11327 |
| **4/30/23** | $11458 | $11462 | $10487 | $11407 |
| **5/31/23** | $11331 | $11341 | $10379 | $11279 |
| **6/30/23** | $11426 | $11435 | $10362 | $11476 |
| **7/31/23** | $11515 | $11529 | $10373 | $11628 |
| **8/31/23** | $11517 | $11531 | $10310 | $11659 |
| **9/30/23** | $11366 | $11375 | $10064 | $11519 |
| **10/31/23** | $11307 | $11322 | $9913 | $11379 |
| **11/30/23** | $11782 | $11803 | $10359 | $11900 |
| **12/31/23** | $12115 | $12134 | $10752 | $12342 |
| **1/31/24** | $12106 | $12131 | $10727 | $12317 |
| **2/29/24** | $12082 | $12107 | $10598 | $12349 |
| **3/31/24** | $12215 | $12240 | $10702 | $12485 |
| **4/30/24** | $12106 | $12133 | $10452 | $12359 |
| **5/31/24** | $12247 | $12276 | $10625 | $12501 |
| **6/30/24** | $12378 | $12407 | $10722 | $12619 |
| **7/31/24** | $12542 | $12577 | $10966 | $12881 |
| **8/31/24** | $12746 | $12773 | $11127 | $13087 |
| **9/30/24** | $12858 | $12893 | $11294 | $13309 |
| **10/31/24** | $12738 | $12775 | $11037 | $13222 |
| **11/30/24** | $12848 | $12881 | $11154 | $13372 |
| **12/31/24** | $12774 | $12809 | $10985 | $13313 |
| **1/31/25** | $12932 | $12970 | $11051 | $13505 |
| **2/28/25** | $13012 | $13052 | $11280 | $13596 |
| **3/31/25** | $12967 | $13015 | $11277 | $13458 |
| **4/30/25** | $13048 | $13096 | $11317 | $13477 |
| **5/31/25** | $13201 | $13252 | $11260 | $13706 |
| **6/30/25** | $13383 | $13438 | $11435 | $13945 |
| **7/31/25** | $13393 | $13450 | $11419 | $13985 |
| **8/31/25** | $13530 | $13584 | $11556 | $14147 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 1/11/18** |
| Xtrackers Low Beta High Yield Bond ETF - NAV | 6.15% | 3.60% | 4.04% |
| Solactive USD High Yield Corporates Total Market Low Beta Index | 6.34% | 3.71% | 4.09% |
| Bloomberg U.S. Universal Bond Index | 3.72% | -0.17% | 1.91% |
| Solactive USD High Yield Corporates Total Market Index | 8.10% | 4.74% | 4.64% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 146674445 |
| Number of Portfolio Holdings | 570 |
| Portfolio Turnover Rate (%) | 54 |
| Total Net Advisory Fees Paid ($) | 523541 |
| Modified duration to worst | 2.8 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?
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.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 10% |
| BB | 80% |
| B | 9% |
| CCC | 0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 22% |
| Consumer, Cyclical | 17% |
| Industrial | 15% |
| Financial | 15% |
| Energy | 8% |
| Communications | 6% |
| Technology | 5% |
| Basic Materials | 4% |
| Utilities | 4% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 85% |
| Canada | 5% |
| Netherlands | 2% |
| Other | 4% |

---

## 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. 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.

**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.

# **HYDW-TSRA** 
R-102630-2 (10/25) DBX006859 (10/26)

# Xtrackers Risk Managed USD High Yield Strategy ETF
HYRM: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $25 | 0.24% |

---

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 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 August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the Underlying Index). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions.

The Fund returned 5.34% for the period ended August 31, 2025. The Fund's underlying index returned 5.74% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 8.10%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Communications, Consumer Cyclical and Consumer Non-Cyclical.

## Fund Performance
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.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield liquid corporate bonds.

The Solactive USD High Yield Corporates Total Market Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151ibf29cf6165fd4d157e6c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers Risk Managed USD High Yield Strategy ETF - NAV** | **Adaptive Wealth Strategies Risk Managed High Yield Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** | **Solactive USD High Yield Corporates Total Market Index** |
| **2/10/22** | $10000 | $10000 | $10000 | $10000 |
| **2/28/22** | $9949 | $9915 | $10044 | $9915 |
| **3/31/22** | $9830 | $9840 | $9774 | $9840 |
| **4/30/22** | $9409 | $9458 | $9410 | $9458 |
| **5/31/22** | $9589 | $9540 | $9462 | $9540 |
| **6/30/22** | $8898 | $8864 | $9272 | $8864 |
| **7/31/22** | $9483 | $9447 | $9506 | $9447 |
| **8/31/22** | $9087 | $9152 | $9258 | $9152 |
| **9/30/22** | $8761 | $8789 | $8860 | $8789 |
| **10/31/22** | $9057 | $9082 | $8762 | $9081 |
| **11/30/22** | $9343 | $9234 | $9089 | $9234 |
| **12/31/22** | $9178 | $9157 | $9058 | $9157 |
| **1/31/23** | $9521 | $9516 | $9339 | $9516 |
| **2/28/23** | $9347 | $9373 | $9110 | $9373 |
| **3/31/23** | $9550 | $9507 | $9323 | $9507 |
| **4/30/23** | $9558 | $9574 | $9380 | $9574 |
| **5/31/23** | $9436 | $9466 | $9283 | $9466 |
| **6/30/23** | $9624 | $9632 | $9269 | $9632 |
| **7/31/23** | $9723 | $9760 | $9278 | $9759 |
| **8/31/23** | $9747 | $9785 | $9222 | $9785 |
| **9/30/23** | $9601 | $9668 | $9002 | $9668 |
| **10/31/23** | $9503 | $9550 | $8867 | $9550 |
| **11/30/23** | $9941 | $9988 | $9266 | $9988 |
| **12/31/23** | $10269 | $10359 | $9617 | $10359 |
| **1/31/24** | $10273 | $10338 | $9594 | $10338 |
| **2/29/24** | $10305 | $10364 | $9479 | $10364 |
| **3/31/24** | $10415 | $10479 | $9572 | $10479 |
| **4/30/24** | $10281 | $10373 | $9349 | $10373 |
| **5/31/24** | $10437 | $10469 | $9504 | $10492 |
| **6/30/24** | $10498 | $10591 | $9591 | $10591 |
| **7/31/24** | $10741 | $10811 | $9808 | $10811 |
| **8/31/24** | $10908 | $10984 | $9953 | $10984 |
| **9/30/24** | $11098 | $11171 | $10008 | $11170 |
| **10/31/24** | $10984 | $11098 | $9781 | $11098 |
| **11/30/24** | $11163 | $11223 | $9884 | $11223 |
| **12/31/24** | $11079 | $11174 | $9735 | $11174 |
| **1/31/25** | $11230 | $11335 | $9794 | $11335 |
| **2/28/25** | $11332 | $11411 | $9996 | $11411 |
| **3/31/25** | $11207 | $11296 | $9994 | $11295 |
| **4/30/25** | $10963 | $11064 | $10029 | $11311 |
| **5/31/25** | $11150 | $11252 | $9978 | $11503 |
| **6/30/25** | $11351 | $11449 | $10133 | $11704 |
| **7/31/25** | $11360 | $11481 | $10119 | $11737 |
| **8/31/25** | $11491 | $11615 | $10241 | $11874 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 2/10/22** |
| Xtrackers Risk Managed USD High Yield Strategy ETF - NAV | 5.34% | 3.99% |
| Adaptive Wealth Strategies Risk Managed High Yield Index | 5.74% | 4.30% |
| Bloomberg U.S. Universal Bond Index | 3.72% | 0.67% |
| Solactive USD High Yield Corporates Total Market Index | 8.10% | 4.94% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 47701300 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate (%) | 100 |
| Total Net Advisory Fees Paid ($) | 109776 |
| Modified duration to worst | 3.0 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?
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.

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

Holdings-based data is subject to change.

### Credit Quality\*

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 6% |
| BB | 63% |
| B | 23% |
| CCC | 7% |

---

### Sector Allocation\*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Cyclical | 18% |
| Communications | 17% |
| Consumer, Non-cyclical | 17% |
| Financial | 14% |
| Industrial | 10% |
| Energy | 10% |
| Basic Materials | 5% |
| Technology | 5% |
| Utilities | 4% |
| Diversified | 0% |

---

## 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.

The Fund changed from a non-diversified fund to a diversified fund.

## 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. 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.

**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.** 

*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-TSRA** 
R-102631-2 (10/25) DBX006860 (10/26)

# Xtrackers Short Duration High Yield Bond ETF
SHYL: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $21 | 0.20% |

---

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 annual shareholder report contains important information about the Xtrackers Short Duration High Yield Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the Underlying Index). The Underlying Index is designed to track the performance of short-term publicly issued US dollar denominated below investment grade corporate debt.

The Fund returned 8.24% for the period ended August 31, 2025. The Fund's underlying index returned 8.24% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period, while the Fund's additional, more narrowly based index, the Solactive USD High Yield Corporates Total Market Index, returned 8.10%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Communications, Consumer Cyclical and Consumer Non-Cyclical.

## Fund Performance
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.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield liquid corporate bonds.

The Solactive USD High Yield Corporates Total Market Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i1056ff2bfb0908baa758.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers Short Duration High Yield Bond ETF - NAV** | **Solactive USD High Yield Corporates Total Market 0-5 Year Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** | **Solactive USD High Yield Corporates Total Market Index** |
| **1/10/18** | $10000 | $10000 | $10000 | $10000 |
| **1/31/18** | $10019 | $10025 | $9952 | $9965 |
| **2/28/18** | $9978 | $9986 | $9857 | $9876 |
| **3/31/18** | $9954 | $9957 | $9907 | $9817 |
| **4/30/18** | $10016 | $10028 | $9841 | $9884 |
| **5/31/18** | $10055 | $10065 | $9895 | $9898 |
| **6/30/18** | $10093 | $10098 | $9880 | $9936 |
| **7/31/18** | $10188 | $10198 | $9901 | $10057 |
| **8/31/18** | $10247 | $10249 | $9950 | $10126 |
| **9/30/18** | $10308 | $10311 | $9907 | $10181 |
| **10/31/18** | $10177 | $10192 | $9824 | $10023 |
| **11/30/18** | $10140 | $10147 | $9868 | $9963 |
| **12/31/18** | $9939 | $9948 | $10023 | $9745 |
| **1/31/19** | $10315 | $10320 | $10161 | $10206 |
| **2/28/19** | $10458 | $10463 | $10172 | $10374 |
| **3/31/19** | $10514 | $10519 | $10356 | $10475 |
| **4/30/19** | $10597 | $10601 | $10370 | $10606 |
| **5/31/19** | $10504 | $10503 | $10529 | $10465 |
| **6/30/19** | $10676 | $10680 | $10678 | $10734 |
| **7/31/19** | $10714 | $10719 | $10710 | $10786 |
| **8/31/19** | $10735 | $10734 | $10952 | $10833 |
| **9/30/19** | $10741 | $10747 | $10905 | $10856 |
| **10/31/19** | $10761 | $10770 | $10940 | $10894 |
| **11/30/19** | $10747 | $10772 | $10938 | $10925 |
| **12/31/19** | $10931 | $10966 | $10954 | $11141 |
| **1/31/20** | $10905 | $10940 | $11151 | $11113 |
| **2/29/20** | $10763 | $10804 | $11318 | $10927 |
| **3/31/20** | $9732 | $9700 | $11097 | $9810 |
| **4/30/20** | $9926 | $9970 | $11319 | $10154 |
| **5/31/20** | $10241 | $10278 | $11425 | $10578 |
| **6/30/20** | $10314 | $10352 | $11520 | $10598 |
| **7/31/20** | $10699 | $10734 | $11722 | $11109 |
| **8/31/20** | $10796 | $10832 | $11655 | $11190 |
| **9/30/20** | $10721 | $10759 | $11634 | $11065 |
| **10/31/20** | $10753 | $10789 | $11592 | $11099 |
| **11/30/20** | $11119 | $11160 | $11743 | $11516 |
| **12/31/20** | $11308 | $11345 | $11784 | $11717 |
| **1/31/21** | $11357 | $11393 | $11710 | $11730 |
| **2/28/21** | $11420 | $11457 | $11559 | $11775 |
| **3/31/21** | $11499 | $11546 | $11424 | $11787 |
| **4/30/21** | $11594 | $11641 | $11520 | $11896 |
| **5/31/21** | $11634 | $11679 | $11564 | $11917 |
| **6/30/21** | $11721 | $11775 | $11648 | $12057 |
| **7/31/21** | $11715 | $11769 | $11765 | $12084 |
| **8/31/21** | $11753 | $11823 | $11758 | $12153 |
| **9/30/21** | $11768 | $11839 | $11657 | $12144 |
| **10/31/21** | $11773 | $11846 | $11648 | $12106 |
| **11/30/21** | $11673 | $11744 | $11662 | $11975 |
| **12/31/21** | $11832 | $11911 | $11654 | $12221 |
| **1/31/22** | $11644 | $11721 | $11398 | $11874 |
| **2/28/22** | $11586 | $11658 | $11243 | $11778 |
| **3/31/22** | $11556 | $11630 | $10941 | $11689 |
| **4/30/22** | $11308 | $11375 | $10533 | $11235 |
| **5/31/22** | $11355 | $11422 | $10591 | $11332 |
| **6/30/22** | $10759 | $10815 | $10380 | $10530 |
| **7/31/22** | $11280 | $11348 | $10641 | $11222 |
| **8/31/22** | $11065 | $11143 | $10364 | $10871 |
| **9/30/22** | $10795 | $10861 | $9917 | $10440 |
| **10/31/22** | $11101 | $11166 | $9809 | $10788 |
| **11/30/22** | $11245 | $11309 | $10174 | $10970 |
| **12/31/22** | $11205 | $11261 | $10140 | $10877 |
| **1/31/23** | $11541 | $11609 | $10454 | $11304 |
| **2/28/23** | $11445 | $11506 | $10197 | $11134 |
| **3/31/23** | $11544 | $11601 | $10437 | $11293 |
| **4/30/23** | $11634 | $11689 | $10500 | $11373 |
| **5/31/23** | $11539 | $11602 | $10392 | $11245 |
| **6/30/23** | $11731 | $11791 | $10375 | $11442 |
| **7/31/23** | $11848 | $11914 | $10386 | $11593 |
| **8/31/23** | $11910 | $11975 | $10323 | $11624 |
| **9/30/23** | $11850 | $11909 | $10077 | $11485 |
| **10/31/23** | $11724 | $11787 | $9925 | $11345 |
| **11/30/23** | $12132 | $12200 | $10372 | $11864 |
| **12/31/23** | $12512 | $12579 | $10766 | $12305 |
| **1/31/24** | $12501 | $12572 | $10740 | $12281 |
| **2/29/24** | $12580 | $12654 | $10611 | $12312 |
| **3/31/24** | $12683 | $12753 | $10715 | $12448 |
| **4/30/24** | $12594 | $12667 | $10465 | $12322 |
| **5/31/24** | $12714 | $12790 | $10638 | $12464 |
| **6/30/24** | $12823 | $12899 | $10736 | $12581 |
| **7/31/24** | $13055 | $13138 | $10979 | $12842 |
| **8/31/24** | $13250 | $13324 | $11141 | $13048 |
| **9/30/24** | $13474 | $13557 | $11292 | $13309 |
| **10/31/24** | $13442 | $13527 | $11036 | $13223 |
| **11/30/24** | $13587 | $13665 | $11152 | $13372 |
| **12/31/24** | $13563 | $13640 | $10984 | $13313 |
| **1/31/25** | $13742 | $13822 | $11050 | $13505 |
| **2/28/25** | $13825 | $13912 | $11278 | $13596 |
| **3/31/25** | $13681 | $13775 | $11276 | $13458 |
| **4/30/25** | $13701 | $13794 | $11315 | $13477 |
| **5/31/25** | $13918 | $14014 | $11258 | $13701 |
| **6/30/25** | $14134 | $14216 | $11433 | $13945 |
| **7/31/25** | $14183 | $14267 | $11417 | $13985 |
| **8/31/25** | $14342 | $14422 | $11554 | $14147 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 1/10/18** |
| Xtrackers Short Duration High Yield Bond ETF - NAV | 8.24% | 5.84% | 4.83% |
| Solactive USD High Yield Corporates Total Market 0-5 Year Index | 8.24% | 5.89% | 4.90% |
| Bloomberg U.S. Universal Bond Index | 3.72% | -0.17% | 1.91% |
| Solactive USD High Yield Corporates Total Market Index | 8.10% | 4.74% | 4.60% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 224464085 |
| Number of Portfolio Holdings | 793 |
| Portfolio Turnover Rate (%) | 48 |
| Total Net Advisory Fees Paid ($) | 293239 |
| Modified duration to worst | 2.3 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?
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.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 5% |
| BB | 63% |
| B | 21% |
| CCC | 10% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communications | 18% |
| Consumer, Cyclical | 17% |
| Consumer, Non-cyclical | 17% |
| Financial | 15% |
| Energy | 9% |
| Industrial | 9% |
| Technology | 5% |
| Basic Materials | 5% |
| Utilities | 3% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 81% |
| Canada | 6% |
| United Kingdom | 2% |
| Luxembourg | 2% |
| Japan | 2% |
| Other | 4% |

---

## 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.

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.

**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.

# **SHYL-TSRA** 
R-102632-2 (10/25) DBX006861 (10/26)

# Xtrackers USD High Yield BB-B ex Financials ETF
BHYB: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $21 | 0.20% |

---

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 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 August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the Underlying Index). The Underlying Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

The Fund returned 7.13% for the period ended August 31, 2025. The Fund's underlying index returned 7.21% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Communications and Consumer Non-Cyclical.

## Fund Performance
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.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i0b18fd9168cbf0490ac3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers USD High Yield BB-B ex Financials ETF - NAV** | **ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** |
| **10/27/23** | $10000 | $10000 | $10000 |
| **10/31/23** | $10047 | $10052 | $9975 |
| **11/30/23** | $10507 | $10515 | $10424 |
| **12/31/23** | $10856 | $10862 | $10820 |
| **1/31/24** | $10867 | $10876 | $10794 |
| **2/29/24** | $10864 | $10877 | $10665 |
| **3/31/24** | $10991 | $11002 | $10769 |
| **4/30/24** | $10883 | $10897 | $10518 |
| **5/31/24** | $11001 | $11012 | $10692 |
| **6/30/24** | $11108 | $11119 | $10790 |
| **7/31/24** | $11287 | $11302 | $11035 |
| **8/31/24** | $11462 | $11474 | $11197 |
| **9/30/24** | $11582 | $11600 | $11353 |
| **10/31/24** | $11495 | $11513 | $11095 |
| **11/30/24** | $11614 | $11631 | $11212 |
| **12/31/24** | $11552 | $11569 | $11043 |
| **1/31/25** | $11709 | $11723 | $11109 |
| **2/28/25** | $11781 | $11802 | $11339 |
| **3/31/25** | $11676 | $11700 | $11336 |
| **4/30/25** | $11686 | $11711 | $11376 |
| **5/31/25** | $11878 | $11898 | $11318 |
| **6/30/25** | $12095 | $12122 | $11495 |
| **7/31/25** | $12127 | $12155 | $11478 |
| **8/31/25** | $12279 | $12302 | $11616 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 10/27/23** |
| Xtrackers USD High Yield BB-B ex Financials ETF - NAV | 7.13% | 11.74% |
| ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index | 7.21% | 11.85% |
| Bloomberg U.S. Universal Bond Index | 3.72% | 8.46% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 1138324192 |
| Number of Portfolio Holdings | 1460 |
| Portfolio Turnover Rate (%) | 37 |
| Total Net Advisory Fees Paid ($) | 1604517 |
| 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?
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.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 6% |
| BB | 70% |
| B | 24% |

---

### 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 | 5% |
| United Kingdom | 2% |
| Japan | 2% |
| Other | 5% |

---

## 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.

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.

**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.** 

ICE Data Indices, LLC, is used with permission. "ICE<sup>®</sup>" is a trade mark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> 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-TSRA** 
R-102633-2 (10/25) DBX006862 (10/26)

# Xtrackers USD High Yield Corporate Bond ETF
HYLB: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $5 | 0.05% |

---

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 annual shareholder report contains important information about the Xtrackers USD High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the Underlying Index). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds.

The Fund returned 8.17% for the period ended August 31, 2025. The Fund's underlying index returned 8.10% and the Fund's broad-based index the Bloomberg U.S. Universal Bond Index returned 3.72% during the same period, while the Fund's additional, more narrowly based index, the iBoxx USD Liquid High Yield Index, returned 8.44%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Communications, Consumer Cyclical and Consumer Non-Cyclical.

## Fund Performance
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.

Bloomberg U.S. Universal Bond Index measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Bloomberg U.S. Universal Bond Index is a required broad-based index that represents the fund's overall debt market.

The iBoxx USD Liquid High Yield Index consists of liquid USD high yield bonds, selected to provide a balanced representation of the USD high yield corporate bond universe.

The iBoxx USD Liquid High Yield Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i47989fd62b277ee24158.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers USD High Yield Corporate Bond ETF - NAV** | **Solactive USD High Yield Corporates Total Market Index (the Underlying Index)** | **Bloomberg U.S. Universal Bond Index** | **iBoxx USD Liquid High Yield Index** |
| **12/7/16** | $10000 | $10000 | $10000 | $10000 |
| **12/31/16** | $10121 | $10132 | $10005 | $10086 |
| **1/31/17** | $10216 | $10243 | $10040 | $10195 |
| **2/28/17** | $10371 | $10396 | $10118 | $10348 |
| **3/31/17** | $10347 | $10374 | $10103 | $10320 |
| **4/30/17** | $10451 | $10474 | $10198 | $10422 |
| **5/31/17** | $10541 | $10568 | $10277 | $10523 |
| **6/30/17** | $10550 | $10578 | $10281 | $10534 |
| **7/31/17** | $10656 | $10693 | $10319 | $10647 |
| **8/31/17** | $10644 | $10684 | $10408 | $10630 |
| **9/30/17** | $10726 | $10762 | $10371 | $10713 |
| **10/31/17** | $10751 | $10795 | $10384 | $10745 |
| **11/30/17** | $10705 | $10753 | $10368 | $10703 |
| **12/31/17** | $10725 | $10771 | $10414 | $10723 |
| **1/31/18** | $10770 | $10823 | $10314 | $10771 |
| **2/28/18** | $10672 | $10727 | $10216 | $10671 |
| **3/31/18** | $10608 | $10663 | $10268 | $10612 |
| **4/30/18** | $10678 | $10736 | $10199 | $10694 |
| **5/31/18** | $10691 | $10751 | $10255 | $10713 |
| **6/30/18** | $10736 | $10792 | $10240 | $10759 |
| **7/31/18** | $10861 | $10923 | $10261 | $10888 |
| **8/31/18** | $10942 | $10999 | $10312 | $10969 |
| **9/30/18** | $11000 | $11059 | $10268 | $11028 |
| **10/31/18** | $10821 | $10887 | $10182 | $10850 |
| **11/30/18** | $10759 | $10822 | $10228 | $10797 |
| **12/31/18** | $10520 | $10584 | $10388 | $10564 |
| **1/31/19** | $11013 | $11086 | $10531 | $11069 |
| **2/28/19** | $11193 | $11268 | $10542 | $11248 |
| **3/31/19** | $11301 | $11377 | $10733 | $11356 |
| **4/30/19** | $11440 | $11519 | $10748 | $11502 |
| **5/31/19** | $11294 | $11367 | $10912 | $11343 |
| **6/30/19** | $11583 | $11658 | $11067 | $11631 |
| **7/31/19** | $11635 | $11715 | $11100 | $11698 |
| **8/31/19** | $11692 | $11767 | $11351 | $11750 |
| **9/30/19** | $11710 | $11791 | $11302 | $11785 |
| **10/31/19** | $11748 | $11832 | $11338 | $11831 |
| **11/30/19** | $11770 | $11866 | $11336 | $11880 |
| **12/31/19** | $11999 | $12101 | $11353 | $12112 |
| **1/31/20** | $11969 | $12070 | $11556 | $12071 |
| **2/29/20** | $11767 | $11868 | $11729 | $11872 |
| **3/31/20** | $10616 | $10656 | $11500 | $10659 |
| **4/30/20** | $10966 | $11029 | $11731 | $11038 |
| **5/31/20** | $11400 | $11489 | $11840 | $11502 |
| **6/30/20** | $11407 | $11511 | $11939 | $11485 |
| **7/31/20** | $11952 | $12066 | $12149 | $12035 |
| **8/31/20** | $12028 | $12154 | $12079 | $12126 |
| **9/30/20** | $11891 | $12019 | $12057 | $11974 |
| **10/31/20** | $11925 | $12055 | $12014 | $12015 |
| **11/30/20** | $12366 | $12508 | $12171 | $12467 |
| **12/31/20** | $12584 | $12726 | $12213 | $12677 |
| **1/31/21** | $12595 | $12740 | $12136 | $12706 |
| **2/28/21** | $12605 | $12752 | $11979 | $12713 |
| **3/31/21** | $12645 | $12802 | $11840 | $12763 |
| **4/30/21** | $12765 | $12921 | $11939 | $12889 |
| **5/31/21** | $12788 | $12944 | $11985 | $12917 |
| **6/30/21** | $12932 | $13096 | $12072 | $13062 |
| **7/31/21** | $12963 | $13125 | $12194 | $13087 |
| **8/31/21** | $13027 | $13200 | $12185 | $13170 |
| **9/30/21** | $13018 | $13190 | $12081 | $13148 |
| **10/31/21** | $12979 | $13149 | $12072 | $13111 |
| **11/30/21** | $12841 | $13007 | $12086 | $12969 |
| **12/31/21** | $13102 | $13274 | $12078 | $13244 |
| **1/31/22** | $12729 | $12897 | $11813 | $12865 |
| **2/28/22** | $12624 | $12792 | $11652 | $12777 |
| **3/31/22** | $12525 | $12696 | $11340 | $12664 |
| **4/30/22** | $12041 | $12203 | $10917 | $12167 |
| **5/31/22** | $12143 | $12308 | $10977 | $12285 |
| **6/30/22** | $11286 | $11437 | $10757 | $11412 |
| **7/31/22** | $12023 | $12189 | $11028 | $12194 |
| **8/31/22** | $11636 | $11808 | $10741 | $11772 |
| **9/30/22** | $11184 | $11340 | $10278 | $11333 |
| **10/31/22** | $11552 | $11717 | $10166 | $11689 |
| **11/30/22** | $11739 | $11915 | $10545 | $11950 |
| **12/31/22** | $11649 | $11814 | $10509 | $11824 |
| **1/31/23** | $12090 | $12278 | $10835 | $12292 |
| **2/28/23** | $11903 | $12094 | $10569 | $12092 |
| **3/31/23** | $12071 | $12266 | $10816 | $12253 |
| **4/30/23** | $12154 | $12353 | $10883 | $12352 |
| **5/31/23** | $12011 | $12214 | $10770 | $12196 |
| **6/30/23** | $12223 | $12428 | $10753 | $12403 |
| **7/31/23** | $12376 | $12592 | $10764 | $12575 |
| **8/31/23** | $12410 | $12626 | $10699 | $12602 |
| **9/30/23** | $12261 | $12474 | $10444 | $12450 |
| **10/31/23** | $12105 | $12322 | $10287 | $12286 |
| **11/30/23** | $12656 | $12887 | $10750 | $12856 |
| **12/31/23** | $13132 | $13366 | $11157 | $13350 |
| **1/31/24** | $13099 | $13339 | $11131 | $13317 |
| **2/29/24** | $13132 | $13373 | $10997 | $13349 |
| **3/31/24** | $13282 | $13521 | $11105 | $13503 |
| **4/30/24** | $13146 | $13384 | $10846 | $13360 |
| **5/31/24** | $13299 | $13538 | $11026 | $13521 |
| **6/30/24** | $13428 | $13665 | $11126 | $13654 |
| **7/31/24** | $13699 | $13948 | $11379 | $13936 |
| **8/31/24** | $13931 | $14172 | $11546 | $14154 |
| **9/30/24** | $14161 | $14413 | $11738 | $14447 |
| **10/31/24** | $14068 | $14319 | $11471 | $14366 |
| **11/30/24** | $14238 | $14481 | $11592 | $14535 |
| **12/31/24** | $14170 | $14417 | $11417 | $14469 |
| **1/31/25** | $14373 | $14625 | $11486 | $14677 |
| **2/28/25** | $14469 | $14723 | $11723 | $14774 |
| **3/31/25** | $14315 | $14574 | $11721 | $14635 |
| **4/30/25** | $14337 | $14594 | $11762 | $14648 |
| **5/31/25** | $14580 | $14842 | $11702 | $14898 |
| **6/30/25** | $14845 | $15101 | $11885 | $15174 |
| **7/31/25** | $14886 | $15144 | $11868 | $15236 |
| **8/31/25** | $15069 | $15320 | $12010 | $15416 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 12/7/16** |
| Xtrackers USD High Yield Corporate Bond ETF - NAV | 8.17% | 4.61% | 4.81% |
| Solactive USD High Yield Corporates Total Market Index | 8.10% | 4.74% | 5.00% |
| Bloomberg U.S. Universal Bond Index | 3.72% | -0.17% | 2.12% |
| iBoxx USD Liquid High Yield Index | 8.44% | 4.83% | 5.08% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 3939732648 |
| Number of Portfolio Holdings | 1222 |
| Portfolio Turnover Rate (%) | 29 |
| Total Net Advisory Fees Paid ($) | 1767646 |
| Modified duration to worst | 3.0 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?
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.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 6% |
| BB | 64% |
| B | 22% |
| CCC | 7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 17% |
| Consumer, Cyclical | 17% |
| Communications | 16% |
| Financial | 14% |
| Industrial | 10% |
| Energy | 10% |
| Basic Materials | 5% |
| Technology | 5% |
| Utilities | 4% |
| Diversified | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 82% |
| Canada | 5% |
| United Kingdom | 2% |
| Luxembourg | 2% |
| Other | 6% |

---

## 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. 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.

**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.

# **HYLB-TSRA** 
R-102634-2 (10/25) DBX006863 (10/26)

# Xtrackers S&P 500 Diversified Sector Weight ETF
SPXD: Nasdaq Stock Market

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPXD | $1<sup>Footnote Reference(a)</sup> | 0.09%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period July 24, 2025 (commencement of operations) through August 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;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 annual shareholder report contains important information about the Xtrackers S&P 500 Diversified Sector Weight ETF (the "Fund") for the period July 24, 2025 (commencement of operations) to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500<sup>®</sup> Diversified Sector Weight Index (the Underlying Index). The Underlying Index is designed to track the performance of the constituent securities of the S&P 500<sup>®</sup> Index reweighted to mitigate concentration risk and address sector imbalances. The S&P 500<sup>®</sup> Diversified Sector Weight Index's reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500<sup>®</sup>, rather than a return tied principally to the business opportunities represented by the S&P 500's<sup>®</sup> largest constituent companies.

The Fund returned 0.88% for the period ended August 31, 2025. The Fund's underlying index returned 0.91% and the Fund's broad-based index the S&P 500<sup>®</sup> Index returned 1.73% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Consumer Discretionary and Energy. Information Technology, Consumer Staples and Materials sectors contributed negatively to performance.

## Fund Performance
S&P 500<sup>®</sup> Diversified Sector Weight Index is designed to track the performance of the constituent securities of the S&P 500<sup>®</sup> Index reweighted to mitigate concentration risk and address sector imbalances. The S&P 500<sup>®</sup> Diversified Sector Weight Index's reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500<sup>®</sup>, rather than a return tied principally to the business opportunities represented by the S&P 500<sup>®</sup>'s largest constituent companies.

S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i84ff82cf2edef3c0e3f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers S&P 500 Diversified Sector Weight ETF - NAV** | **S&P 500<sup>®</sup> Diversified Sector Weight Index (the Underlying Index)** | **S&P 500<sup>®</sup> Index** |
| **7/24/25** | $10000 | $10000 | $10000 |
| **7/25** | $9784 | $9786 | $9971 |
| **8/25** | $10088 | $10091 | $10173 |

---

---

| | |
|:---|:---|
| **Fund/Index** | **Since Inception 7/24/25** |
| Xtrackers S&P 500 Diversified Sector Weight ETF - NAV | 0.88% |
| S&P 500<sup>®</sup> Diversified Sector Weight Index | 0.91% |
| S&P 500<sup>®</sup> Index | 1.73% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6053031 |
| Number of Portfolio Holdings | 500 |
| Portfolio Turnover Rate (%) | 1 |
| Total Net Advisory Fees Paid ($) | 477 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **15.5% of Net Assets** |
| Berkshire Hathaway, Inc. | 3.8% |
| Abbott Laboratories | 1.8% |
| Jabil, Inc. | 1.5% |
| Microsoft Corp. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| Costco Wholesale Corp. | 1.2% |
| Walt Disney Co. | 1.1% |
| Sysco Corp. | 1.1% |
| Regeneron Pharmaceuticals, Inc. | 1.1% |
| Apple, Inc. | 1.1% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 14% |
| Financials | 13% |
| Health Care | 12% |
| Industrials | 12% |
| Consumer Staples | 12% |
| Consumer Discretionary | 11% |
| Communication Services | 6% |
| Utilities | 6% |
| Energy | 6% |
| Real Estate | 4% |
| Materials | 4% |

---

## 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.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. The securities markets are volatile and the market prices of the fund's securities may decline. If the market prices of the securities owned by the fund fall, the value of your investment in the fund will decline. 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. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. 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.

**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.

# **SPXD-TSRA** 
R-107252-1 (10/25) DBX006876 (10/26)

# Xtrackers S&P 500 Growth Scored & Screened ETF
SNPG: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $16 | 0.15% |

---

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 annual shareholder report contains important information about the Xtrackers S&P 500 Growth Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500<sup>®</sup> Growth Scored & Screened Index (the Underlying Index). The Underlying 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<sup>®</sup> Growth Index.

The Fund returned 17.65% for the period ended August 31, 2025. The Fund's underlying index returned 17.83% and the Fund's broad-based index the S&P 500<sup>®</sup> Index returned 15.88% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Communication Services, Information Technology and Consumer Discretionary. Health Care, Consumer Staples and Energy sectors contributed negatively to performance.

## Fund Performance
S&P 500<sup>®</sup> 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<sup>®</sup> Growth Index.

S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500<sup>®</sup> Index is a required broad-based index that represents the fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i2ee71dc2c2180850d92e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers S&P 500 Growth Scored & Screened ETF - NAV** | **S&P 500<sup>®</sup> Growth Scored & Screened Index (the Underlying Index)** | **S&P 500<sup>®</sup> Index** |
| **11/9/22** | $10000 | $10000 | $10000 |
| **11/30/22** | $10838 | $10840 | $10676 |
| **12/31/22** | $9962 | $9963 | $10061 |
| **1/31/23** | $10853 | $10856 | $10693 |
| **2/28/23** | $10616 | $10620 | $10432 |
| **3/31/23** | $11477 | $11486 | $10815 |
| **4/30/23** | $11694 | $11704 | $10984 |
| **5/31/23** | $12037 | $12050 | $11031 |
| **6/30/23** | $12766 | $12782 | $11760 |
| **7/31/23** | $13233 | $13251 | $12138 |
| **8/31/23** | $13221 | $13241 | $11945 |
| **9/30/23** | $12635 | $12655 | $11375 |
| **10/31/23** | $12322 | $12342 | $11136 |
| **11/30/23** | $13327 | $13352 | $12153 |
| **12/31/23** | $13787 | $13815 | $12705 |
| **1/31/24** | $14182 | $14213 | $12919 |
| **2/29/24** | $15206 | $15241 | $13609 |
| **3/31/24** | $15595 | $15635 | $14047 |
| **4/30/24** | $15144 | $15184 | $13473 |
| **5/31/24** | $16096 | $16141 | $14141 |
| **6/30/24** | $17044 | $17094 | $14648 |
| **7/31/24** | $16848 | $16901 | $14827 |
| **8/31/24** | $17349 | $17406 | $15186 |
| **9/30/24** | $17872 | $17934 | $15511 |
| **10/31/24** | $17617 | $17681 | $15370 |
| **11/30/24** | $18627 | $18696 | $16272 |
| **12/31/24** | $18481 | $18551 | $15884 |
| **1/31/25** | $19017 | $19093 | $16327 |
| **2/28/25** | $18615 | $18691 | $16114 |
| **3/31/25** | $17126 | $17198 | $15206 |
| **4/30/25** | $17229 | $17304 | $15103 |
| **5/31/25** | $18480 | $18564 | $16053 |
| **6/30/25** | $19500 | $19591 | $16870 |
| **7/31/25** | $20105 | $20201 | $17248 |
| **8/31/25** | $20411 | $20509 | $17598 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 11/9/22** |
| Xtrackers S&P 500 Growth Scored & Screened ETF - NAV | 17.65% | 28.89% |
| S&P 500<sup>®</sup> Growth Scored & Screened Index | 17.83% | 29.08% |
| S&P 500<sup>®</sup> Index | 15.88% | 22.25% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 17493937 |
| Number of Portfolio Holdings | 128 |
| Portfolio Turnover Rate (%) | 50 |
| Total Net Advisory Fees Paid ($) | 23567 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **61.2% of Net Assets** |
| Alphabet, Inc. | 9.7% |
| Apple, Inc. | 9.4% |
| Meta Platforms, Inc. | 9.1% |
| NVIDIA Corp. | 9.1% |
| Microsoft Corp. | 8.7% |
| Visa, Inc. | 3.9% |
| Eli Lilly & Co. | 3.7% |
| Mastercard, Inc. | 3.1% |
| Costco Wholesale Corp. | 2.7% |
| Walmart, Inc. | 1.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 35% |
| Communication Services | 19% |
| Financials | 13% |
| Industrials | 10% |
| Health Care | 7% |
| Consumer Discretionary | 7% |
| Consumer Staples | 5% |
| Real Estate | 2% |
| Energy | 1% |
| Materials | 1% |
| Utilities | 0% |

---

## 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 February 10, 2025, the Fund changed its name from Xtrackers S&P 500 Growth ESG ETF to Xtrackers S&P 500 Growth Scored & Screened ETF due to a change in the name of the Fund's Underlying Index from S&P 500 Growth ESG Index to S&P 500 Growth Scored & Screened Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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. 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.

**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.

# **SNPG-TSRA** 
R-102665-2 (10/25) DBX006872 (10/26)

# Xtrackers S&P 500 Scored & Screened ETF
SNPE: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $11 | 0.10% |

---

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 annual shareholder report contains important information about the Xtrackers S&P 500 Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500<sup>®</sup> Scored & Screened Index (the Underlying Index). The Underlying 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<sup>®</sup> Index.

The Fund returned 13.56% for the period ended August 31, 2025. The Fund's underlying index returned 13.67% and the Fund's broad-based index the S&P 500<sup>®</sup> Index returned 15.88% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Financials. Health Care and Utilities sectors contributed negatively to performance.

## Fund Performance
S&P 500<sup>®</sup> 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<sup>®</sup> index.

S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151idcb40f194657cac159f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers S&P 500 Scored & Screened ETF - NAV** | **S&P 500<sup>®</sup> Scored & Screened Index (the Underlying Index)** | **S&P 500<sup>®</sup> Index** |
| **6/26/19** | $10000 | $10000 | $10000 |
| **8/31/19** | $10119 | $10122 | $10068 |
| **2/29/20** | $10401 | $10409 | $10262 |
| **8/31/20** | $12724 | $12744 | $12277 |
| **2/28/21** | $13728 | $13756 | $13473 |
| **8/31/21** | $16560 | $16601 | $16103 |
| **2/28/22** | $16493 | $16542 | $15681 |
| **8/31/22** | $14972 | $15024 | $14295 |
| **2/28/23** | $15163 | $15223 | $14475 |
| **8/31/23** | $17666 | $17746 | $16575 |
| **2/29/24** | $19969 | $20071 | $18883 |
| **8/31/24** | $22398 | $22532 | $21072 |
| **2/28/25** | $23330 | $23482 | $22359 |
| **8/31/25** | $25434 | $25613 | $24418 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 6/26/19** |
| Xtrackers S&P 500 Scored & Screened ETF - NAV | 13.56% | 14.86% | 16.30% |
| S&P 500<sup>®</sup> Scored & Screened Index | 13.67% | 14.98% | 16.41% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 15.52% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2061864282 |
| Number of Portfolio Holdings | 322 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 1677638 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **47.5% of Net Assets** |
| NVIDIA Corp. | 11.3% |
| Microsoft Corp. | 10.0% |
| Apple, Inc. | 9.2% |
| Alphabet, Inc. | 5.9% |
| Meta Platforms, Inc. | 4.3% |
| Visa, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |
| Exxon Mobil Corp. | 1.3% |
| Mastercard, Inc. | 1.3% |
| Walmart, Inc. | 1.1% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 38% |
| Financials | 14% |
| Communication Services | 12% |
| Health Care | 10% |
| Industrials | 7% |
| Consumer Discretionary | 5% |
| Consumer Staples | 5% |
| Energy | 4% |
| Real Estate | 2% |
| Materials | 2% |
| Utilities | 1% |

---

## 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 February 10, 2025, the Fund changed its name from Xtrackers S&P 500 ESG ETF to Xtrackers S&P 500 Scored & Screened ETF due to a change in the name of the Fund's Underlying Index from S&P 500 ESG Index to S&P 500 Scored & Screened Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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.

**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.

# **SNPE-TSRA** 
R-102664-2 (10/25) DBX006871 (10/26)

# Xtrackers S&P 500 Value Scored & Screened ETF
SNPV: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $16 | 0.15% |

---

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 annual shareholder report contains important information about the Xtrackers S&P 500 Value Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500<sup>®</sup> Value Scored & Screened Index (the Underlying Index). The Underlying 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<sup>®</sup> Value Index.

The Fund returned 9.69% for the period ended August 31, 2025. The Fund's underlying index returned 9.86% and the Fund's broad-based index the S&P 500<sup>®</sup> Index returned 15.88% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Information Technology and Communication Services. Health Care and Utilities sectors contributed negatively to performance.

## Fund Performance
S&P 500<sup>®</sup> 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<sup>®</sup> value index.

S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i2035b7b430ea57aaccdc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers S&P 500 Value Scored & Screened ETF - NAV** | **S&P 500<sup>®</sup> Value Scored & Screened Index (the Underlying Index)** | **S&P 500<sup>®</sup> Index** |
| **11/9/22** | $10000 | $10000 | $10000 |
| **11/30/22** | $10521 | $10523 | $10676 |
| **12/31/22** | $10105 | $10108 | $10061 |
| **1/31/23** | $10642 | $10646 | $10693 |
| **2/28/23** | $10288 | $10294 | $10432 |
| **3/31/23** | $10231 | $10238 | $10815 |
| **4/30/23** | $10302 | $10309 | $10984 |
| **5/31/23** | $10068 | $10076 | $11031 |
| **6/30/23** | $10746 | $10758 | $11760 |
| **7/31/23** | $11106 | $11120 | $12138 |
| **8/31/23** | $10790 | $10805 | $11945 |
| **9/30/23** | $10261 | $10275 | $11375 |
| **10/31/23** | $10119 | $10135 | $11136 |
| **11/30/23** | $11114 | $11134 | $12153 |
| **12/31/23** | $11720 | $11743 | $12705 |
| **1/31/24** | $11716 | $11740 | $12919 |
| **2/29/24** | $12096 | $12123 | $13609 |
| **3/31/24** | $12699 | $12730 | $14047 |
| **4/30/24** | $12081 | $12113 | $13473 |
| **5/31/24** | $12406 | $12442 | $14141 |
| **6/30/24** | $12321 | $12358 | $14648 |
| **7/31/24** | $12893 | $12933 | $14827 |
| **8/31/24** | $13212 | $13257 | $15186 |
| **9/30/24** | $13412 | $13459 | $15511 |
| **10/31/24** | $13236 | $13284 | $15370 |
| **11/30/24** | $14052 | $14107 | $16272 |
| **12/31/24** | $13135 | $13187 | $15884 |
| **1/31/25** | $13799 | $13857 | $16327 |
| **2/28/25** | $13917 | $13978 | $16114 |
| **3/31/25** | $13523 | $13583 | $15206 |
| **4/30/25** | $12879 | $12935 | $15103 |
| **5/31/25** | $13260 | $13320 | $16053 |
| **6/30/25** | $13862 | $13927 | $16870 |
| **7/31/25** | $13958 | $14025 | $17248 |
| **8/31/25** | $14492 | $14564 | $17598 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 11/9/22** |
| Xtrackers S&P 500 Value Scored & Screened ETF - NAV | 9.69% | 14.11% |
| S&P 500<sup>®</sup> Value Scored & Screened Index | 9.86% | 14.30% |
| S&P 500<sup>®</sup> Index | 15.88% | 22.25% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 7202873 |
| Number of Portfolio Holdings | 257 |
| Portfolio Turnover Rate (%) | 50 |
| Total Net Advisory Fees Paid ($) | 10997 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **32.2% of Net Assets** |
| Apple, Inc. | 9.4% |
| Microsoft Corp. | 8.8% |
| Exxon Mobil Corp. | 2.9% |
| Bank of America Corp. | 1.9% |
| UnitedHealth Group, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.6% |
| Coca-Cola Co. | 1.6% |
| Wells Fargo & Co. | 1.6% |
| Advanced Micro Devices, Inc. | 1.5% |
| Abbott Laboratories | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 29% |
| Financials | 18% |
| Health Care | 15% |
| Energy | 7% |
| Consumer Staples | 7% |
| Industrials | 6% |
| Consumer Discretionary | 5% |
| Materials | 4% |
| Communication Services | 4% |
| Real Estate | 3% |
| Utilities | 2% |

---

## 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 February 10, 2025, the Fund changed its name from Xtrackers S&P 500 Value ESG ETF to Xtrackers S&P 500 Value Scored & Screened ETF due to a change in the name of the Fund's Underlying Index from S&P 500 Value ESG Index to S&P 500 Value Scored & Screened Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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. 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.

**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.

# **SNPV-TSRA** 
R-102666-2 (10/25) DBX006873 (10/26)

# Xtrackers S&P Dividend Aristocrats Screened ETF
SNPD: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $15 | 0.15% |

---

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 annual shareholder report contains important information about the Xtrackers S&P Dividend Aristocrats Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P High Yield Dividend Aristocrats Screened<sup>®</sup> Index (the Underlying Index). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats<sup>®</sup> Index that meet certain environmental, social and governance ("ESG") criteria. The S&P High Yield Dividend Aristocrats<sup>®</sup> Index measures the performance of companies within the S&P Composite 1500<sup>®</sup> Index that have followed a policy of consistently increasing dividends every year for at least 20 years.

The Fund returned 0.67% for the period ended August 31, 2025. The Fund's underlying index returned 0.75% and the Fund's broad-based index the S&P Composite 1500<sup>®</sup> Index returned 15.06% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Utilities and Information Technology. Consumer Staples, Consumer Discretionary and Real Estate sectors contributed negatively to performance.

## Fund Performance
S&P High Yield Dividend Aristocrats Screened<sup>®</sup> Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats<sup>®</sup> Index that meet certain environmental, social and governance ("ESG") criteria. The S&P High Yield Dividend Aristocrats<sup>®</sup> Index measures the performance of companies within the S&P Composite 1500<sup>®</sup> Index that have followed a policy of consistently increasing dividends every year for at least 20 years.

S&P Composite 1500<sup>®</sup> Index is a broad measure of the U.S. equity market which covers approximately 90% of the market capitalization of US stocks and includes all stocks in the S&P 500<sup>®</sup>, S&P 400<sup>®</sup> and S&P 600<sup>®</sup> Indices.

The S&P Composite 1500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i76b230b8c7bd80f230ab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers S&P Dividend Aristocrats Screened ETF - NAV** | **S&P High Yield Dividend Aristocrats Screened<sup>®</sup> Index (the Underlying Index)** | **S&P Composite 1500<sup>®</sup> Index** |
| **11/9/22** | $10000 | $10000 | $10000 |
| **11/30/22** | $10554 | $10556 | $10668 |
| **12/31/22** | $10204 | $10206 | $10052 |
| **1/31/23** | $10428 | $10432 | $10709 |
| **2/28/23** | $10093 | $10098 | $10456 |
| **3/31/23** | $10060 | $10063 | $10772 |
| **4/30/23** | $10192 | $10196 | $10914 |
| **5/31/23** | $9556 | $9560 | $10934 |
| **6/30/23** | $10219 | $10225 | $11676 |
| **7/31/23** | $10582 | $10591 | $12064 |
| **8/31/23** | $10201 | $10210 | $11855 |
| **9/30/23** | $9650 | $9659 | $11283 |
| **10/31/23** | $9300 | $9309 | $11015 |
| **11/30/23** | $9857 | $9869 | $12014 |
| **12/31/23** | $10457 | $10473 | $12612 |
| **1/31/24** | $10414 | $10430 | $12781 |
| **2/29/24** | $10640 | $10659 | $13461 |
| **3/31/24** | $11154 | $11176 | $13912 |
| **4/30/24** | $10745 | $10769 | $13324 |
| **5/31/24** | $10908 | $10934 | $13980 |
| **6/30/24** | $10718 | $10744 | $14422 |
| **7/31/24** | $11295 | $11325 | $14666 |
| **8/31/24** | $11644 | $11677 | $14987 |
| **9/30/24** | $11825 | $11858 | $15294 |
| **10/31/24** | $11384 | $11416 | $15150 |
| **11/30/24** | $11884 | $11920 | $16083 |
| **12/31/24** | $11048 | $11080 | $15633 |
| **1/31/25** | $11252 | $11286 | $16078 |
| **2/28/25** | $11502 | $11541 | $15824 |
| **3/31/25** | $11288 | $11328 | $14932 |
| **4/30/25** | $10835 | $10873 | $14805 |
| **5/31/25** | $11138 | $11178 | $15726 |
| **6/30/25** | $11289 | $11328 | $16510 |
| **7/31/25** | $11329 | $11368 | $16870 |
| **8/31/25** | $11722 | $11765 | $17243 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 11/9/22** |
| Xtrackers S&P Dividend Aristocrats Screened ETF - NAV | 0.67% | 5.82% |
| S&P High Yield Dividend Aristocrats Screened<sup>®</sup> Index | 0.75% | 5.95% |
| S&P Composite 1500<sup>®</sup> Index | 15.06% | 21.37% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6268114 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate (%) | 31 |
| Total Net Advisory Fees Paid ($) | 8299 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **23.9% of Net Assets** |
| Franklin Resources, Inc. | 3.5% |
| Verizon Communications, Inc. | 3.3% |
| Realty Income Corp. | 2.6% |
| UGI Corp. | 2.4% |
| Eversource Energy | 2.4% |
| AbbVie, Inc. | 2.2% |
| Amcor PLC | 1.9% |
| Chevron Corp. | 1.9% |
| Archer-Daniels-Midland Co. | 1.9% |
| Best Buy Co., Inc. | 1.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Utilities | 17% |
| Industrials | 17% |
| Consumer Staples | 16% |
| Materials | 10% |
| Financials | 9% |
| Health Care | 7% |
| Real Estate | 7% |
| Information Technology | 6% |
| Energy | 4% |
| Consumer Discretionary | 4% |
| Communication Services | 3% |

---

## 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 February 10, 2025, the Fund changed its name from Xtrackers S&P ESG Dividend Aristocrats ETF to Xtrackers S&P Dividend Aristocrats Screened ETF due to a change in the name of the Fund's Underlying Index from S&P ESG High Yield Dividend Aristocrats Index to S&P High Yield Dividend Aristocrats Screened Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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. 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.

**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.

# **SNPD-TSRA** 
R-102667-2 (10/25) DBX006874 (10/26)

# Xtrackers S&P MidCap 400 Scored & Screened ETF
MIDE: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $16 | 0.15% |

---

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 annual shareholder report contains important information about the Xtrackers S&P MidCap 400 Scored & Screened ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400<sup>®</sup> Scored & Screened Index (the Underlying Index). The Underlying 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<sup>®</sup> Index.

The Fund returned 7.25% for the period ended August 31, 2025. The Fund's underlying index returned 7.46% and the Fund's broad-based index the S&P Composite 1500<sup>®</sup> Index returned 15.06% during the same period, while the Fund's additional, more narrowly based index, the S&P MidCap 400<sup>®</sup> Index, returned 6.86%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Information Technology.

## Fund Performance
S&P MidCap 400<sup>®</sup> 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<sup>®</sup> Index.

S&P Composite 1500<sup>®</sup> Index is a broad measure of the U.S. equity market which covers approximately 90% of the market capitalization of U.S. stocks and includes all stocks in the S&P 500<sup>®</sup>, S&P 400<sup>®</sup> and S&P 600<sup>®</sup> Indices.

The S&P Composite 1500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market. It replaces the S&P MidCap 400<sup>®</sup> Index as the Fund's broad-based index in compliance with updated regulatory requirements.

S&P MidCap 400<sup>®</sup> Index seeks to measure the mid-cap segment of the U.S. equity market. The index is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

The S&P MidCap 400<sup>®</sup> Index is a more narrowly based index that reflects the market sector in which the Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i40236080fe43153fc117.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers S&P MidCap 400 Scored & Screened ETF - NAV** | **S&P MidCap 400<sup>®</sup> Scored & Screened Index (the Underlying Index)** | **S&P Composite 1500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2/24/21** | $10000 | $10000 | $10000 | $10000 |
| **2/21** | $9864 | $9864 | $9708 | $9867 |
| **8/21** | $10992 | $11001 | $10295 | $10949 |
| **2/22** | $10754 | $10769 | $9734 | $10654 |
| **8/22** | $9932 | $9954 | $9597 | $9813 |
| **2/23** | $10852 | $10889 | $9763 | $10587 |
| **8/23** | $10944 | $10988 | $9827 | $10864 |
| **2/24** | $11839 | $11897 | $10532 | $11969 |
| **8/24** | $12771 | $12846 | $10218 | $13501 |
| **2/25** | $12828 | $12913 | $15949 | $12297 |
| **8/25** | $13698 | $13805 | $17380 | $13787 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 2/24/21** |
| Xtrackers S&P MidCap 400 Scored & Screened ETF - NAV | 7.25% | 7.21% |
| S&P MidCap 400<sup>®</sup> Scored & Screened Index | 7.46% | 7.39% |
| S&P Composite 1500<sup>®</sup> Index | 15.06% | 13.01% |
| S&P MidCap 400<sup>®</sup> Index | 6.86% | 7.36% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 4842096 |
| Number of Portfolio Holdings | 278 |
| Portfolio Turnover Rate (%) | 28 |
| Total Net Advisory Fees Paid ($) | 9635 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **10.0% of Net Assets** |
| EMCOR Group, Inc. | 1.3% |
| Comfort Systems USA, Inc. | 1.2% |
| Pure Storage, Inc. | 1.1% |
| iShares ESG Select Screened S&P Mid-Cap ETF | 1.1% |
| RB Global, Inc. | 1.0% |
| Flex Ltd. | 1.0% |
| Burlington Stores, Inc. | 0.9% |
| Guidewire Software, Inc. | 0.8% |
| US Foods Holding Corp. | 0.8% |
| Somnigroup International, Inc. | 0.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 22% |
| Financials | 19% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 9% |
| Real Estate | 8% |
| Materials | 5% |
| Energy | 4% |
| Consumer Staples | 3% |
| Utilities | 2% |
| Communication Services | 1% |

---

## 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 February 10, 2025, the Fund changed its name from Xtrackers S&P MidCap 400 ESG ETF to Xtrackers S&P MidCap 400 Scored & Screened ETF due to a change in the name of the Fund's Underlying Index from S&P MidCap 400 ESG Index to S&P MidCap 400 Scored & Screened Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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.

**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.

# **MIDE-TSRA** 
R-102669-2 (10/25) DBX006875 (10/26)

# Xtrackers FTSE Developed ex US Multifactor ETF
DEEF: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $26 | 0.24% |

---

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 annual shareholder report contains important information about the Xtrackers FTSE Developed ex US Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the Underlying Index). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria ("factors") of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Net Tax (US RIC) Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States).

The Fund returned 16.76% for the period ended August 31, 2025. The Fund's underlying index returned 17.28% and the Fund's broad-based index the FTSE Developed ex US Net Tax (US RIC) Index returned 15.09% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Financials and Consumer Staples. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Japan, the United Kingdom and Israel while New Zealand, Ireland and Denmark contributed negatively to performance.

## Fund Performance
FTSE Developed ex US Comprehensive Factor Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria ("factors") of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Net Tax (US RIC) Index.

The FTSE Developed ex US Net Tax (US RIC) Index is comprised of large- and mid-capitalization equity securities from developed markets (except the United States).

The FTSE Developed ex US Net Tax (US RIC) Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151ic91c50820a941164cb11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers FTSE Developed ex US Multifactor ETF - NAV** | **FTSE Developed ex US Comprehensive Factor Index (the Underlying Index)** | **FTSE Developed ex US Net Tax (US RIC) Index** |
| **11/24/15** | $10000 | $10000 | $10000 |
| **11/30/15** | $9992 | $9987 | $9987 |
| **12/31/15** | $9912 | $9940 | $9823 |
| **1/31/16** | $9360 | $9403 | $9144 |
| **2/29/16** | $9340 | $9370 | $9003 |
| **3/31/16** | $10017 | $10075 | $9651 |
| **4/30/16** | $10214 | $10270 | $9943 |
| **5/31/16** | $10150 | $10232 | $9831 |
| **6/30/16** | $9882 | $9979 | $9554 |
| **7/31/16** | $10390 | $10488 | $10033 |
| **8/31/16** | $10321 | $10398 | $10059 |
| **9/30/16** | $10480 | $10594 | $10186 |
| **10/31/16** | $10099 | $10218 | $9983 |
| **11/30/16** | $9814 | $9934 | $9812 |
| **12/31/16** | $10042 | $10165 | $10126 |
| **1/31/17** | $10342 | $10471 | $10443 |
| **2/28/17** | $10525 | $10669 | $10586 |
| **3/31/17** | $10725 | $10876 | $10866 |
| **4/30/17** | $11047 | $11204 | $11108 |
| **5/31/17** | $11429 | $11595 | $11507 |
| **6/30/17** | $11471 | $11636 | $11523 |
| **7/31/17** | $11792 | $11964 | $11866 |
| **8/31/17** | $11887 | $12061 | $11854 |
| **9/30/17** | $12136 | $12309 | $12161 |
| **10/31/17** | $12413 | $12603 | $12379 |
| **11/30/17** | $12560 | $12762 | $12515 |
| **12/31/17** | $12811 | $13010 | $12752 |
| **1/31/18** | $13318 | $13546 | $13337 |
| **2/28/18** | $12797 | $13026 | $12701 |
| **3/31/18** | $12616 | $12855 | $12494 |
| **4/30/18** | $12842 | $13094 | $12806 |
| **5/31/18** | $12746 | $13003 | $12550 |
| **6/30/18** | $12488 | $12742 | $12374 |
| **7/31/18** | $12652 | $12913 | $12651 |
| **8/31/18** | $12519 | $12780 | $12437 |
| **9/30/18** | $12561 | $12828 | $12535 |
| **10/31/18** | $11530 | $11777 | $11491 |
| **11/30/18** | $11530 | $11781 | $11502 |
| **12/31/18** | $11068 | $11307 | $10924 |
| **1/31/19** | $11891 | $12152 | $11713 |
| **2/28/19** | $12061 | $12328 | $11983 |
| **3/31/19** | $12138 | $12414 | $12030 |
| **4/30/19** | $12230 | $12508 | $12357 |
| **5/31/19** | $11787 | $12057 | $11749 |
| **6/30/19** | $12323 | $12605 | $12453 |
| **7/31/19** | $12192 | $12479 | $12285 |
| **8/31/19** | $11953 | $12239 | $11972 |
| **9/30/19** | $12242 | $12540 | $12338 |
| **10/31/19** | $12647 | $12957 | $12757 |
| **11/30/19** | $12760 | $13077 | $12899 |
| **12/31/19** | $13128 | $13457 | $13357 |
| **1/31/20** | $12945 | $13274 | $13068 |
| **2/29/20** | $11769 | $12066 | $11916 |
| **3/31/20** | $10032 | $10287 | $10268 |
| **4/30/20** | $10836 | $11116 | $11000 |
| **5/31/20** | $11409 | $11709 | $11488 |
| **6/30/20** | $11648 | $11950 | $11896 |
| **7/31/20** | $12089 | $12404 | $12228 |
| **8/31/20** | $12847 | $13185 | $12864 |
| **9/30/20** | $12648 | $12989 | $12553 |
| **10/31/20** | $12221 | $12551 | $12083 |
| **11/30/20** | $13595 | $13964 | $13953 |
| **12/31/20** | $14228 | $14616 | $14685 |
| **1/31/21** | $14131 | $14521 | $14557 |
| **2/28/21** | $14142 | $14533 | $14901 |
| **3/31/21** | $14686 | $15105 | $15277 |
| **4/30/21** | $15095 | $15531 | $15755 |
| **5/31/21** | $15543 | $15999 | $16329 |
| **6/30/21** | $15419 | $15873 | $16138 |
| **7/31/21** | $15582 | $16056 | $16186 |
| **8/31/21** | $15762 | $16243 | $16431 |
| **9/30/21** | $15264 | $15742 | $15939 |
| **10/31/21** | $15462 | $15947 | $16341 |
| **11/30/21** | $14767 | $15231 | $15571 |
| **12/31/21** | $15549 | $16048 | $16373 |
| **1/31/22** | $14729 | $15203 | $15602 |
| **2/28/22** | $14629 | $15109 | $15379 |
| **3/31/22** | $14718 | $15210 | $15538 |
| **4/30/22** | $13930 | $14405 | $14536 |
| **5/31/22** | $13860 | $14330 | $14654 |
| **6/30/22** | $12631 | $13062 | $13235 |
| **7/31/22** | $13191 | $13644 | $13891 |
| **8/31/22** | $12649 | $13089 | $13270 |
| **9/30/22** | $11280 | $11677 | $11975 |
| **10/31/22** | $11639 | $12050 | $12629 |
| **11/30/22** | $12795 | $13245 | $14005 |
| **12/31/22** | $12889 | $13349 | $13941 |
| **1/31/23** | $13714 | $14203 | $15083 |
| **2/28/23** | $13385 | $13869 | $14690 |
| **3/31/23** | $13692 | $14198 | $15018 |
| **4/30/23** | $13994 | $14509 | $15423 |
| **5/31/23** | $13434 | $13934 | $14841 |
| **6/30/23** | $13994 | $14514 | $15505 |
| **7/31/23** | $14527 | $15069 | $16039 |
| **8/31/23** | $14114 | $14649 | $15411 |
| **9/30/23** | $13703 | $14236 | $14888 |
| **10/31/23** | $13103 | $13614 | $14247 |
| **11/30/23** | $14297 | $14857 | $15627 |
| **12/31/23** | $15093 | $15688 | $16496 |
| **1/31/24** | $15041 | $15636 | $16471 |
| **2/29/24** | $15173 | $15775 | $16792 |
| **3/31/24** | $15626 | $16256 | $17364 |
| **4/30/24** | $15268 | $15892 | $16902 |
| **5/31/24** | $15689 | $16332 | $17485 |
| **6/30/24** | $15363 | $15998 | $17250 |
| **7/31/24** | $16119 | $16794 | $17808 |
| **8/31/24** | $16606 | $17302 | $18335 |
| **9/30/24** | $16956 | $17673 | $18534 |
| **10/31/24** | $15948 | $16634 | $17565 |
| **11/30/24** | $16091 | $16792 | $17565 |
| **12/31/24** | $15579 | $16266 | $17074 |
| **1/31/25** | $16123 | $16836 | $17914 |
| **2/28/25** | $16323 | $17046 | $18185 |
| **3/31/25** | $16486 | $17226 | $18105 |
| **4/30/25** | $17504 | $18297 | $18940 |
| **5/31/25** | $18175 | $19001 | $19854 |
| **6/30/25** | $18758 | $19619 | $20422 |
| **7/31/25** | $18635 | $19502 | $20261 |
| **8/31/25** | $19388 | $20292 | $21101 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 11/24/15** |
| Xtrackers FTSE Developed ex US Multifactor ETF - NAV | 16.76% | 8.58% | 7.01% |
| FTSE Developed ex US Comprehensive Factor Index | 17.28% | 9.01% | 7.51% |
| FTSE Developed ex US Net Tax (US RIC) Index | 15.09% | 10.40% | 7.94% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 52243980 |
| Number of Portfolio Holdings | 1188 |
| Portfolio Turnover Rate (%) | 47 |
| Total Net Advisory Fees Paid ($) | 123159 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **6.3% of Net Assets** |
| Imperial Brands PLC (United Kingdom) | 1.0% |
| Tesco PLC (United Kingdom) | 0.7% |
| Fairfax Financial Holdings Ltd. (Canada) | 0.7% |
| Bank Leumi Le-Israel BM (Israel) | 0.7% |
| Koninklijke Ahold Delhaize NV (Netherlands) | 0.6% |
| Brambles Ltd. (Australia) | 0.6% |
| ENEOS Holdings, Inc. (Japan) | 0.5% |
| Coles Group Ltd. (Australia) | 0.5% |
| Bank Hapoalim BM (Israel) | 0.5% |
| 3i Group PLC (United Kingdom) | 0.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 24% |
| Financials | 14% |
| Consumer Staples | 12% |
| Consumer Discretionary | 10% |
| Materials | 9% |
| Communication Services | 7% |
| Utilities | 6% |
| Information Technology | 6% |
| Health Care | 5% |
| Real Estate | 4% |
| Energy | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 30% |
| United Kingdom | 11% |
| Australia | 9% |
| Sweden | 4% |
| Canada | 4% |
| Switzerland | 4% |
| Germany | 4% |
| South Korea | 4% |
| France | 4% |
| Israel | 4% |
| Singapore | 3% |
| Other | 15% |

---

## 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.

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.

**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.

# **DEEF-TSRA** 
R-102612-2 (10/25) DBX006854 (10/26)

# Xtrackers MSCI Kokusai Equity ETF
KOKU: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $10 | 0.09% |

---

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 annual shareholder report contains important information about the Xtrackers MSCI Kokusai Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the Underlying Index). The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The Underlying Index is also known as the MSCI World ex Japan Index.

The Fund returned 16.13% for the period ended August 31, 2025. The Fund's underlying index returned 15.85% and the Fund's broad-based index the MSCI World Index returned 15.68% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Communication Services. Health Care was the only sector that contributed negatively to performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from the United States, Canada and Germany while Denmark and the Netherlands contributed negatively to performance.

## Fund Performance
MSCI Kokusai Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index.

MSCI World Index captures large and mid-cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i69f34cf15db7339cc895.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI Kokusai Equity ETF - NAV** | **MSCI Kokusai Index (the Underlying Index)** | **MSCI World Index** |
| **4/8/20** | $10000 | $10000 | $10000 |
| **8/31/20** | $13166 | $13148 | $13043 |
| **2/28/21** | $14672 | $14634 | $14572 |
| **8/31/21** | $17231 | $17160 | $16925 |
| **2/28/22** | $16482 | $16395 | $16138 |
| **8/31/22** | $14723 | $14620 | $14374 |
| **2/28/23** | $15348 | $15215 | $14955 |
| **8/31/23** | $17082 | $16904 | $16616 |
| **2/29/24** | $19215 | $18992 | $18687 |
| **8/31/24** | $21364 | $21086 | $20677 |
| **2/28/25** | $22459 | $22144 | $21607 |
| **8/31/25** | $24809 | $24428 | $23918 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 4/8/20** |
| Xtrackers MSCI Kokusai Equity ETF - NAV | 16.13% | 13.51% | 18.33% |
| MSCI Kokusai Index | 15.85% | 13.19% | 17.98% |
| MSCI World Index | 15.68% | 17.52% | 17.52% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 667303684 |
| Number of Portfolio Holdings | 1147 |
| Portfolio Turnover Rate (%) | 2 |
| Total Net Advisory Fees Paid ($) | 563583 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **28.6% of Net Assets** |
| NVIDIA Corp. (United States) | 5.7% |
| Microsoft Corp. (United States) | 4.8% |
| Apple, Inc. (United States) | 4.7% |
| Alphabet, Inc. (United States) | 3.1% |
| Amazon.com, Inc. (United States) | 3.0% |
| Meta Platforms, Inc. (United States) | 2.2% |
| Broadcom, Inc. (United States) | 1.8% |
| Tesla, Inc. (United States) | 1.3% |
| JPMorgan Chase & Co. (United States) | 1.1% |
| Berkshire Hathaway, Inc. (United States) | 0.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 27% |
| Financials | 17% |
| Industrials | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |
| Communication Services | 8% |
| Consumer Staples | 6% |
| 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% |

---

## 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.

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.

**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.

# **KOKU-TSRA** 
R-102626-2 (10/25) DBX006855 (10/26)

# Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
QARP: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $20 | 0.19% |

---

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 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 August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000<sup>®</sup> 2Qual/Val 5% Capped Factor Index (the Underlying Index). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000<sup>®</sup> Index, which is comprised of large-cap equity securities from issuers in the United States.

The Fund returned 10.27% for the period ended August 31, 2025. The Fund's underlying index returned 10.42% and the Fund's broad-based index the Russell 1000<sup>®</sup> Index returned 16.24% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Communication Services, Consumer Discretionary and Information Technology. Health Care was the only sector that contributed negatively to performance.

## Fund Performance
Russell 1000<sup>®</sup> 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 Russell 1000<sup>®</sup> 2Qual/Val 5% Capped Factor Index are derived from its starting universe, the Russell 1000<sup>®</sup> Index.

Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the US equity universe, is a subset of the Russell 3000<sup>®</sup> Index and represents approximately 93% of the US equity market.

The Russell 1000<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151ie2e9097f483cfeed5851.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Russell 1000 US QARP ETF - NAV** | **Russell 1000<sup>®</sup> 2Qual/Val 5% Capped Factor Index (the Underlying Index)** | **Russell 1000<sup>®</sup> Index** |
| **4/5/18** | $10000 | $10000 | $10000 |
| **4/30/18** | $9948 | $9950 | $10023 |
| **5/31/18** | $10184 | $10188 | $10279 |
| **6/30/18** | $10253 | $10259 | $10346 |
| **7/31/18** | $10620 | $10628 | $10703 |
| **8/31/18** | $10953 | $10965 | $11072 |
| **9/30/18** | $11023 | $11036 | $11114 |
| **10/31/18** | $10326 | $10339 | $10327 |
| **11/30/18** | $10481 | $10497 | $10537 |
| **12/31/18** | $9525 | $9539 | $9578 |
| **1/31/19** | $10273 | $10290 | $10380 |
| **2/28/19** | $10630 | $10650 | $10732 |
| **3/31/19** | $10776 | $10797 | $10919 |
| **4/30/19** | $11086 | $11109 | $11359 |
| **5/31/19** | $10312 | $10334 | $10636 |
| **6/30/19** | $11057 | $11083 | $11382 |
| **7/31/19** | $11294 | $11322 | $11559 |
| **8/31/19** | $11063 | $11097 | $11347 |
| **9/30/19** | $11296 | $11352 | $11544 |
| **10/31/19** | $11618 | $11674 | $11789 |
| **11/30/19** | $12085 | $12147 | $12234 |
| **12/31/19** | $12441 | $12506 | $12587 |
| **1/31/20** | $12209 | $12275 | $12601 |
| **2/29/20** | $11200 | $11261 | $11571 |
| **3/31/20** | $9680 | $9732 | $10042 |
| **4/30/20** | $10986 | $11047 | $11369 |
| **5/31/20** | $11655 | $11722 | $11969 |
| **6/30/20** | $11829 | $11899 | $12234 |
| **7/31/20** | $12252 | $12325 | $12950 |
| **8/31/20** | $13134 | $13216 | $13901 |
| **9/30/20** | $12626 | $12706 | $13393 |
| **10/31/20** | $12236 | $12314 | $13070 |
| **11/30/20** | $13746 | $13835 | $14609 |
| **12/31/20** | $14271 | $14365 | $15226 |
| **1/31/21** | $14135 | $14229 | $15101 |
| **2/28/21** | $14822 | $14926 | $15538 |
| **3/31/21** | $15663 | $15780 | $16126 |
| **4/30/21** | $16337 | $16462 | $16995 |
| **5/31/21** | $16547 | $16676 | $17075 |
| **6/30/21** | $16930 | $17064 | $17503 |
| **7/31/21** | $17310 | $17450 | $17867 |
| **8/31/21** | $17766 | $17914 | $18384 |
| **9/30/21** | $16863 | $17004 | $17539 |
| **10/31/21** | $17888 | $18040 | $18756 |
| **11/30/21** | $17806 | $17961 | $18505 |
| **12/31/21** | $18779 | $18946 | $19254 |
| **1/31/22** | $17859 | $18021 | $18169 |
| **2/28/22** | $17341 | $17502 | $17670 |
| **3/31/22** | $17989 | $18158 | $18266 |
| **4/30/22** | $16709 | $16874 | $16638 |
| **5/31/22** | $16676 | $16840 | $16613 |
| **6/30/22** | $15349 | $15504 | $15222 |
| **7/31/22** | $16630 | $16800 | $16639 |
| **8/31/22** | $16020 | $16184 | $16000 |
| **9/30/22** | $14601 | $14752 | $14520 |
| **10/31/22** | $15897 | $16064 | $15684 |
| **11/30/22** | $16962 | $17145 | $16533 |
| **12/31/22** | $16056 | $16231 | $15572 |
| **1/31/23** | $16984 | $17173 | $16616 |
| **2/28/23** | $16454 | $16639 | $16220 |
| **3/31/23** | $17192 | $17388 | $16733 |
| **4/30/23** | $17510 | $17712 | $16941 |
| **5/31/23** | $17313 | $17515 | $17020 |
| **6/30/23** | $18420 | $18640 | $18169 |
| **7/31/23** | $19083 | $19316 | $18794 |
| **8/31/23** | $18845 | $19078 | $18465 |
| **9/30/23** | $18231 | $18461 | $17597 |
| **10/31/23** | $17659 | $17884 | $17172 |
| **11/30/23** | $18862 | $19106 | $18776 |
| **12/31/23** | $19703 | $19962 | $19703 |
| **1/31/24** | $19897 | $20163 | $19977 |
| **2/29/24** | $20847 | $21129 | $21056 |
| **3/31/24** | $21597 | $21894 | $21731 |
| **4/30/24** | $20569 | $20854 | $20806 |
| **5/31/24** | $21393 | $21693 | $21786 |
| **6/30/24** | $21840 | $22149 | $22507 |
| **7/31/24** | $22372 | $22695 | $22835 |
| **8/31/24** | $22888 | $23222 | $23376 |
| **9/30/24** | $23283 | $23628 | $23876 |
| **10/31/24** | $22933 | $23276 | $23709 |
| **11/30/24** | $24339 | $24707 | $25235 |
| **12/31/24** | $23329 | $23683 | $24532 |
| **1/31/25** | $24364 | $24739 | $25313 |
| **2/28/25** | $24205 | $24583 | $24870 |
| **3/31/25** | $23203 | $23566 | $23431 |
| **4/30/25** | $22632 | $22981 | $23291 |
| **5/31/25** | $23432 | $23794 | $24778 |
| **6/30/25** | $24111 | $24486 | $26033 |
| **7/31/25** | $24376 | $24759 | $26611 |
| **8/31/25** | $25239 | $25643 | $27172 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 4/5/18** |
| Xtrackers Russell 1000 US QARP ETF - NAV | 10.27% | 13.95% | 13.31% |
| Russell 1000<sup>®</sup> 2Qual/Val 5% Capped Factor Index | 10.42% | 14.18% | 13.54% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.43% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 70073698 |
| Number of Portfolio Holdings | 352 |
| Portfolio Turnover Rate (%) | 19 |
| Total Net Advisory Fees Paid ($) | 122611 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **40.6% of Net Assets** |
| NVIDIA Corp. | 5.7% |
| Alphabet, Inc. | 5.6% |
| Apple, Inc. | 5.5% |
| Amazon.com, Inc. | 5.0% |
| Meta Platforms, Inc. | 5.0% |
| Berkshire Hathaway, Inc. | 4.8% |
| Walmart, Inc. | 2.7% |
| Chevron Corp. | 2.2% |
| Costco Wholesale Corp. | 2.1% |
| Visa, Inc. | 2.0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 19% |
| Consumer Discretionary | 15% |
| Communication Services | 13% |
| Financials | 12% |
| Health Care | 11% |
| Consumer Staples | 11% |
| Industrials | 9% |
| Energy | 6% |
| Materials | 2% |
| Real Estate | 1% |
| Utilities | 0% |

---

## 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.

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.

**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.

# **QARP-TSRA** 
R-102627-2 (10/25) DBX006856 (10/26)

# Xtrackers Russell US Multifactor ETF
DEUS: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $18 | 0.17% |

---

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 annual shareholder report contains important information about the Xtrackers Russell US Multifactor ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000<sup>®</sup> Comprehensive Factor Index (the Underlying Index). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria ("factors") of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000<sup>®</sup> Index, which is comprised of large-cap equity securities from issuers in the United States.

The Fund returned 8.87% for the period ended August 31, 2025. The Fund's underlying index returned 9.00% and the Fund's broad-based index the Russell 1000<sup>®</sup> Index returned 16.24% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Financials and Utilities. Materials was the only sector that contributed negatively to performance.

## Fund Performance
Russell 1000<sup>®</sup> 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<sup>®</sup> Index.

Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the US equity universe, is a subset of the Russell 3000<sup>®</sup> Index and represents approximately 93% of the US equity market.

The Russell 1000<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i1c3c483dbddfba7851de.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Russell US Multifactor ETF - NAV** | **Russell 1000<sup>®</sup> Comprehensive Factor Index (the Underlying Index)** | **Russell 1000<sup>®</sup> Index** |
| **11/24/15** | $10000 | $10000 | $10000 |
| **11/30/15** | $10004 | $10003 | $9983 |
| **12/31/15** | $9856 | $9862 | $9803 |
| **1/31/16** | $9448 | $9452 | $9275 |
| **2/29/16** | $9608 | $9613 | $9272 |
| **3/31/16** | $10273 | $10282 | $9918 |
| **4/30/16** | $10257 | $10269 | $9972 |
| **5/31/16** | $10438 | $10452 | $10147 |
| **6/30/16** | $10563 | $10579 | $10170 |
| **7/31/16** | $10878 | $10897 | $10557 |
| **8/31/16** | $10806 | $10826 | $10571 |
| **9/30/16** | $10734 | $10755 | $10579 |
| **10/31/16** | $10498 | $10525 | $10373 |
| **11/30/16** | $10953 | $10982 | $10782 |
| **12/31/16** | $11118 | $11151 | $10985 |
| **1/31/17** | $11344 | $11380 | $11205 |
| **2/28/17** | $11759 | $11801 | $11639 |
| **3/31/17** | $11756 | $11800 | $11647 |
| **4/30/17** | $11899 | $11945 | $11770 |
| **5/31/17** | $11983 | $12032 | $11920 |
| **6/30/17** | $12057 | $12109 | $12003 |
| **7/31/17** | $12223 | $12276 | $12241 |
| **8/31/17** | $12185 | $12240 | $12279 |
| **9/30/17** | $12526 | $12585 | $12541 |
| **10/31/17** | $12812 | $12874 | $12828 |
| **11/30/17** | $13307 | $13375 | $13219 |
| **12/31/17** | $13334 | $13405 | $13367 |
| **1/31/18** | $13871 | $13946 | $14101 |
| **2/28/18** | $13320 | $13393 | $13583 |
| **3/31/18** | $13274 | $13352 | $13275 |
| **4/30/18** | $13189 | $13267 | $13320 |
| **5/31/18** | $13413 | $13491 | $13660 |
| **6/30/18** | $13444 | $13525 | $13748 |
| **7/31/18** | $13883 | $13968 | $14223 |
| **8/31/18** | $14250 | $14340 | $14713 |
| **9/30/18** | $14162 | $14252 | $14768 |
| **10/31/18** | $13137 | $13222 | $13723 |
| **11/30/18** | $13445 | $13534 | $14003 |
| **12/31/18** | $12166 | $12241 | $12727 |
| **1/31/19** | $13185 | $13270 | $13794 |
| **2/28/19** | $13707 | $13798 | $14261 |
| **3/31/19** | $13831 | $13925 | $14509 |
| **4/30/19** | $14316 | $14415 | $15095 |
| **5/31/19** | $13553 | $13648 | $14133 |
| **6/30/19** | $14469 | $14573 | $15126 |
| **7/31/19** | $14657 | $14763 | $15360 |
| **8/31/19** | $14471 | $14578 | $15079 |
| **9/30/19** | $14794 | $14907 | $15340 |
| **10/31/19** | $14944 | $15060 | $15666 |
| **11/30/19** | $15384 | $15506 | $16258 |
| **12/31/19** | $15658 | $15782 | $16727 |
| **1/31/20** | $15464 | $15589 | $16745 |
| **2/29/20** | $14038 | $14149 | $15377 |
| **3/31/20** | $11454 | $11534 | $13345 |
| **4/30/20** | $12942 | $13034 | $15108 |
| **5/31/20** | $13810 | $13910 | $15905 |
| **6/30/20** | $13918 | $14019 | $16257 |
| **7/31/20** | $14733 | $14846 | $17209 |
| **8/31/20** | $15185 | $15299 | $18472 |
| **9/30/20** | $14830 | $14944 | $17797 |
| **10/31/20** | $14759 | $14875 | $17368 |
| **11/30/20** | $16339 | $16463 | $19413 |
| **12/31/20** | $16983 | $17114 | $20234 |
| **1/31/21** | $16828 | $16962 | $20067 |
| **2/28/21** | $17392 | $17531 | $20649 |
| **3/31/21** | $18451 | $18607 | $21430 |
| **4/30/21** | $19299 | $19466 | $22584 |
| **5/31/21** | $19541 | $19713 | $22691 |
| **6/30/21** | $19542 | $19716 | $23259 |
| **7/31/21** | $19891 | $20069 | $23742 |
| **8/31/21** | $20474 | $20659 | $24430 |
| **9/30/21** | $19518 | $19699 | $23307 |
| **10/31/21** | $20671 | $20865 | $24925 |
| **11/30/21** | $20263 | $20453 | $24590 |
| **12/31/21** | $21495 | $21702 | $25586 |
| **1/31/22** | $20159 | $20353 | $24144 |
| **2/28/22** | $19860 | $20055 | $23481 |
| **3/31/22** | $20373 | $20572 | $24274 |
| **4/30/22** | $19140 | $19335 | $22110 |
| **5/31/22** | $19417 | $19617 | $22076 |
| **6/30/22** | $17877 | $18063 | $20227 |
| **7/31/22** | $19242 | $19443 | $22111 |
| **8/31/22** | $18673 | $18873 | $21262 |
| **9/30/22** | $17074 | $17259 | $19295 |
| **10/31/22** | $18810 | $19018 | $20843 |
| **11/30/22** | $20040 | $20266 | $21970 |
| **12/31/22** | $19112 | $19333 | $20693 |
| **1/31/23** | $20209 | $20443 | $22080 |
| **2/28/23** | $19695 | $19926 | $21554 |
| **3/31/23** | $19646 | $19878 | $22236 |
| **4/30/23** | $19664 | $19899 | $22512 |
| **5/31/23** | $18895 | $19116 | $22617 |
| **6/30/23** | $20501 | $20747 | $24144 |
| **7/31/23** | $21017 | $21271 | $24974 |
| **8/31/23** | $20562 | $20812 | $24538 |
| **9/30/23** | $19739 | $19982 | $23384 |
| **10/31/23** | $19044 | $19279 | $22819 |
| **11/30/23** | $20660 | $20915 | $24950 |
| **12/31/23** | $21932 | $22209 | $26182 |
| **1/31/24** | $21968 | $22244 | $26547 |
| **2/29/24** | $23063 | $23356 | $27981 |
| **3/31/24** | $24071 | $24382 | $28878 |
| **4/30/24** | $22705 | $22998 | $27649 |
| **5/31/24** | $23378 | $23679 | $28951 |
| **6/30/24** | $23334 | $23634 | $29909 |
| **7/31/24** | $24486 | $24814 | $30344 |
| **8/31/24** | $25040 | $25379 | $31064 |
| **9/30/24** | $25476 | $25825 | $31728 |
| **10/31/24** | $25132 | $25477 | $31506 |
| **11/30/24** | $26980 | $27353 | $33535 |
| **12/31/24** | $25088 | $25431 | $32600 |
| **1/31/25** | $25964 | $26323 | $33637 |
| **2/28/25** | $25717 | $26081 | $33049 |
| **3/31/25** | $25122 | $25486 | $31136 |
| **4/30/25** | $24841 | $25201 | $30951 |
| **5/31/25** | $25785 | $26160 | $32927 |
| **6/30/25** | $26438 | $26822 | $34594 |
| **7/31/25** | $26544 | $26929 | $35363 |
| **8/31/25** | $27262 | $27663 | $36107 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 11/24/15** |
| Xtrackers Russell US Multifactor ETF - NAV | 8.87% | 12.42% | 10.81% |
| Russell 1000<sup>®</sup> Comprehensive Factor Index | 9.00% | 12.58% | 10.97% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.03% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 185388961 |
| Number of Portfolio Holdings | 860 |
| Portfolio Turnover Rate (%) | 35 |
| Total Net Advisory Fees Paid ($) | 288828 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **7.9% of Net Assets** |
| Cardinal Health, Inc. | 1.2% |
| Cencora, Inc. | 1.0% |
| Altria Group, Inc. | 0.9% |
| McKesson Corp. | 0.8% |
| Cognizant Technology Solutions Corp. | 0.7% |
| Jabil, Inc. | 0.7% |
| Flex Ltd. | 0.7% |
| VeriSign, Inc. | 0.7% |
| Leidos Holdings, Inc. | 0.6% |
| Synchrony Financial | 0.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 20% |
| Financials | 16% |
| Information Technology | 11% |
| Consumer Discretionary | 11% |
| Health Care | 10% |
| Utilities | 8% |
| Consumer Staples | 8% |
| Materials | 5% |
| Real Estate | 4% |
| Communication Services | 4% |
| Energy | 2% |

---

## 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.

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.

**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.

# **DEUS-TSRA** 
R-102628-2 (10/25) DBX006857 (10/26)

# Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
EMCR: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $17 | 0.15% |

---

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 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 August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the Underlying Index). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance ("ESG") criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies' greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement.

The Fund returned 20.43% for the period ended August 31, 2025. The Fund's underlying index returned 20.05% and the Fund's broad-based index the MSCI Emerging Markets Index returned 16.80% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Communication Services and Information Technology. Consumer Staples and Utilities sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Hong Kong, Taiwan and China while India, Indonesia and South Africa contributed negatively to performance.

## Fund Performance
Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance ("ESG") criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies' greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement.

MSCI Emerging Markets Index captures large and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151ibf8a78846b8d3286f692.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF - NAV** | **Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the Underlying Index)** | **MSCI Emerging Markets Index** |
| **12/6/18** | $10000 | $10000 | $10000 |
| **12/31/18** | $9478 | $9481 | $9546 |
| **1/31/19** | $10176 | $10179 | $10383 |
| **2/28/19** | $10363 | $10366 | $10406 |
| **3/31/19** | $10414 | $10413 | $10494 |
| **4/30/19** | $10708 | $10713 | $10715 |
| **5/31/19** | $10156 | $10164 | $9937 |
| **6/30/19** | $10754 | $10763 | $10557 |
| **7/31/19** | $10629 | $10640 | $10428 |
| **8/31/19** | $10344 | $10356 | $9920 |
| **9/30/19** | $10623 | $10633 | $10109 |
| **10/31/19** | $11039 | $11052 | $10535 |
| **11/30/19** | $11154 | $11172 | $10521 |
| **12/31/19** | $11614 | $11634 | $11306 |
| **1/31/20** | $11341 | $11368 | $10779 |
| **2/29/20** | $10494 | $10516 | $10210 |
| **3/31/20** | $9073 | $9087 | $8638 |
| **4/30/20** | $9779 | $9794 | $9429 |
| **5/31/20** | $10126 | $10142 | $9501 |
| **6/30/20** | $10636 | $10650 | $10200 |
| **7/31/20** | $11198 | $11215 | $11111 |
| **8/31/20** | $11663 | $11685 | $11357 |
| **9/30/20** | $11433 | $11450 | $10883 |
| **10/31/20** | $11214 | $11229 | $10649 |
| **11/30/20** | $12588 | $12602 | $12081 |
| **12/31/20** | $13166 | $13180 | $12734 |
| **1/31/21** | $13326 | $13344 | $12762 |
| **2/28/21** | $13457 | $13478 | $13015 |
| **3/31/21** | $13624 | $13646 | $13179 |
| **4/30/21** | $13996 | $14015 | $13567 |
| **5/31/21** | $14337 | $14359 | $13977 |
| **6/30/21** | $14326 | $14360 | $13901 |
| **7/31/21** | $14085 | $14123 | $13672 |
| **8/31/21** | $14794 | $14878 | $13755 |
| **9/30/21** | $14125 | $14223 | $13209 |
| **10/31/21** | $14280 | $14377 | $13339 |
| **11/30/21** | $13776 | $13871 | $12795 |
| **12/31/21** | $14000 | $14104 | $13035 |
| **1/31/22** | $13922 | $14022 | $12789 |
| **2/28/22** | $13479 | $13617 | $12406 |
| **3/31/22** | $13305 | $13400 | $12126 |
| **4/30/22** | $12527 | $12620 | $11452 |
| **5/31/22** | $12549 | $12647 | $11502 |
| **6/30/22** | $11713 | $11803 | $10738 |
| **7/31/22** | $11661 | $11750 | $10711 |
| **8/31/22** | $11709 | $11806 | $10756 |
| **9/30/22** | $10331 | $10417 | $9495 |
| **10/31/22** | $9987 | $10070 | $9200 |
| **11/30/22** | $11489 | $11590 | $10565 |
| **12/31/22** | $11313 | $11416 | $10416 |
| **1/31/23** | $12258 | $12369 | $11239 |
| **2/28/23** | $11487 | $11594 | $10510 |
| **3/31/23** | $11830 | $11941 | $10829 |
| **4/30/23** | $11640 | $11750 | $10706 |
| **5/31/23** | $11554 | $11669 | $10526 |
| **6/30/23** | $12000 | $12122 | $10926 |
| **7/31/23** | $12687 | $12822 | $11606 |
| **8/31/23** | $11946 | $12074 | $10891 |
| **9/30/23** | $11605 | $11734 | $10606 |
| **10/31/23** | $11163 | $11284 | $10194 |
| **11/30/23** | $12124 | $12270 | $11010 |
| **12/31/23** | $12526 | $12704 | $11440 |
| **1/31/24** | $11978 | $12158 | $10909 |
| **2/29/24** | $12537 | $12738 | $11428 |
| **3/31/24** | $12816 | $13022 | $11679 |
| **4/30/24** | $12851 | $13059 | $11764 |
| **5/31/24** | $12935 | $13143 | $11830 |
| **6/30/24** | $13463 | $13719 | $12297 |
| **7/31/24** | $13529 | $13804 | $12333 |
| **8/31/24** | $13724 | $14059 | $12532 |
| **9/30/24** | $14818 | $15205 | $13369 |
| **10/31/24** | $14274 | $14601 | $12775 |
| **11/30/24** | $13849 | $14130 | $12316 |
| **12/31/24** | $13825 | $14114 | $12299 |
| **1/31/25** | $13887 | $14299 | $12518 |
| **2/28/25** | $14222 | $14483 | $12579 |
| **3/31/25** | $14167 | $14431 | $12659 |
| **4/30/25** | $14309 | $14592 | $12825 |
| **5/31/25** | $14927 | $15238 | $13372 |
| **6/30/25** | $15806 | $16149 | $14176 |
| **7/31/25** | $16163 | $16506 | $14453 |
| **8/31/25** | $16528 | $16878 | $14638 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 12/6/18** |
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF - NAV | 20.43% | 7.22% | 7.74% |
| Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR | 20.05% | 7.63% | 8.07% |
| MSCI Emerging Markets Index | 16.80% | 5.21% | 5.81% |

---

### Average Annual Total Returns
Prior to August 18, 2021, the Fund operated with a different investment strategy, including tracking a different underlying index. Performance may have been different if the Fund's current investment strategy had been in effect. Index returns prior to August 18, 2021 reflect that of the prior underlying index.

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 40510298 |
| Number of Portfolio Holdings | 1347 |
| Portfolio Turnover Rate (%) | 17 |
| Total Net Advisory Fees Paid ($) | 79409 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **27.7% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 9.7% |
| Tencent Holdings Ltd. (China) | 6.5% |
| Alibaba Group Holding Ltd. (Hong Kong) | 3.4% |
| Samsung Electronics Co. Ltd. (South Korea) | 2.0% |
| PDD Holdings, Inc. (Ireland) | 1.3% |
| HDFC Bank Ltd. (India) | 1.1% |
| Xiaomi Corp. (China) | 1.0% |
| Infosys Ltd. (India) | 0.9% |
| Naspers Ltd. (South Africa) | 0.9% |
| SK Hynix, Inc. (South Korea) | 0.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 26% |
| Financials | 24% |
| Communication Services | 14% |
| Consumer Discretionary | 13% |
| Health Care | 6% |
| Industrials | 6% |
| Consumer Staples | 4% |
| Materials | 4% |
| Real Estate | 2% |
| Utilities | 1% |
| Energy | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 29% |
| Taiwan | 20% |
| India | 15% |
| South Korea | 10% |
| Hong Kong | 4% |
| Brazil | 4% |
| South Africa | 3% |
| Saudi Arabia | 2% |
| United Arab Emirates | 2% |
| Mexico | 2% |
| Other | 9% |

---

## 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.

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.

**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.

# **EMCR-TSRA** 
R-102635-2 (10/25) DBX006864 (10/26)

# Xtrackers MSCI EAFE Selection Equity ETF
EASG: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $14 | 0.14% |

---

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 annual shareholder report contains important information about the Xtrackers MSCI EAFE Selection Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Selection Index (the Underlying Index). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance ("ESG") performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States.

The Fund returned 6.97% for the period ended August 31, 2025. The Fund's underlying index returned 6.98% and the Fund's broad-based index the MSCI EAFE Index returned 13.87% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Communication Services. Health Care, Information Technology and Materials sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Japan, the United Kingdom and Italy while Denmark, the Netherlands and Israel contributed negatively to performance.

## Fund Performance
MSCI EAFE Selection Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance ("ESG") performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States.

MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151id3b6541497c62673c26e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI EAFE Selection Equity ETF - NAV** | **MSCI EAFE Selection Index (the Underlying Index)** | **MSCI EAFE Index** |
| **9/6/18** | $10000 | $10000 | $10000 |
| **9/30/18** | $10245 | $10245 | $10287 |
| **10/31/18** | $9399 | $9396 | $9468 |
| **11/30/18** | $9461 | $9461 | $9457 |
| **12/31/18** | $8988 | $8984 | $8998 |
| **1/31/19** | $9532 | $9533 | $9589 |
| **2/28/19** | $9773 | $9776 | $9833 |
| **3/31/19** | $9817 | $9820 | $9895 |
| **4/30/19** | $10120 | $10113 | $10173 |
| **5/31/19** | $9691 | $9681 | $9685 |
| **6/30/19** | $10274 | $10265 | $10259 |
| **7/31/19** | $10121 | $10115 | $10129 |
| **8/31/19** | $9911 | $9905 | $9867 |
| **9/30/19** | $10256 | $10249 | $10149 |
| **10/31/19** | $10687 | $10681 | $10514 |
| **11/30/19** | $10797 | $10792 | $10633 |
| **12/31/19** | $11134 | $11130 | $10978 |
| **1/31/20** | $10964 | $10960 | $10749 |
| **2/29/20** | $10016 | $10014 | $9777 |
| **3/31/20** | $8799 | $8792 | $8472 |
| **4/30/20** | $9363 | $9355 | $9020 |
| **5/31/20** | $9802 | $9796 | $9412 |
| **6/30/20** | $10152 | $10146 | $9733 |
| **7/31/20** | $10413 | $10406 | $9960 |
| **8/31/20** | $10911 | $10903 | $10472 |
| **9/30/20** | $10687 | $10677 | $10200 |
| **10/31/20** | $10190 | $10183 | $9792 |
| **11/30/20** | $11774 | $11767 | $11310 |
| **12/31/20** | $12298 | $12293 | $11836 |
| **1/31/21** | $12174 | $12170 | $11710 |
| **2/28/21** | $12322 | $12316 | $11973 |
| **3/31/21** | $12620 | $12608 | $12248 |
| **4/30/21** | $12931 | $12917 | $12617 |
| **5/31/21** | $13371 | $13356 | $13069 |
| **6/30/21** | $13200 | $13195 | $12881 |
| **7/31/21** | $13331 | $13326 | $12978 |
| **8/31/21** | $13672 | $13669 | $13207 |
| **9/30/21** | $13262 | $13252 | $12824 |
| **10/31/21** | $13619 | $13610 | $13139 |
| **11/30/21** | $12987 | $12978 | $12528 |
| **12/31/21** | $13689 | $13681 | $13169 |
| **1/31/22** | $12913 | $12907 | $12533 |
| **2/28/22** | $12567 | $12566 | $12311 |
| **3/31/22** | $12654 | $12648 | $12391 |
| **4/30/22** | $11856 | $11846 | $11589 |
| **5/31/22** | $11849 | $11831 | $11676 |
| **6/30/22** | $10797 | $10781 | $10592 |
| **7/31/22** | $11372 | $11356 | $11120 |
| **8/31/22** | $10743 | $10731 | $10592 |
| **9/30/22** | $9683 | $9668 | $9601 |
| **10/31/22** | $10210 | $10194 | $10118 |
| **11/30/22** | $11376 | $11358 | $11257 |
| **12/31/22** | $11371 | $11356 | $11266 |
| **1/31/23** | $12332 | $12316 | $12178 |
| **2/28/23** | $12078 | $12063 | $11924 |
| **3/31/23** | $12409 | $12388 | $12220 |
| **4/30/23** | $12824 | $12803 | $12565 |
| **5/31/23** | $12310 | $12285 | $12033 |
| **6/30/23** | $12813 | $12784 | $12581 |
| **7/31/23** | $13184 | $13155 | $12988 |
| **8/31/23** | $12657 | $12629 | $12490 |
| **9/30/23** | $12183 | $12156 | $12064 |
| **10/31/23** | $11713 | $11686 | $11575 |
| **11/30/23** | $12814 | $12787 | $12649 |
| **12/31/23** | $13521 | $13494 | $13321 |
| **1/31/24** | $13642 | $13614 | $13398 |
| **2/29/24** | $13839 | $13812 | $13643 |
| **3/31/24** | $14219 | $14187 | $14076 |
| **4/30/24** | $13952 | $13917 | $13731 |
| **5/31/24** | $14527 | $14493 | $14262 |
| **6/30/24** | $14439 | $14407 | $14032 |
| **7/31/24** | $14752 | $14719 | $14444 |
| **8/31/24** | $15230 | $15199 | $14914 |
| **9/30/24** | $15310 | $15278 | $15051 |
| **10/31/24** | $14300 | $14272 | $14233 |
| **11/30/24** | $14235 | $14210 | $14152 |
| **12/31/24** | $13821 | $13797 | $13830 |
| **1/31/25** | $14425 | $14400 | $14557 |
| **2/28/25** | $14582 | $14557 | $14839 |
| **3/31/25** | $14395 | $14363 | $14779 |
| **4/30/25** | $15019 | $14982 | $15456 |
| **5/31/25** | $15642 | $15603 | $16164 |
| **6/30/25** | $15989 | $15952 | $16520 |
| **7/31/25** | $15695 | $15662 | $16288 |
| **8/31/25** | $16291 | $16260 | $16982 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 9/6/18** |
| Xtrackers MSCI EAFE Selection Equity ETF - NAV | 6.97% | 8.35% | 7.24% |
| MSCI EAFE Selection Index | 6.98% | 8.32% | 7.20% |
| MSCI EAFE Index | 13.87% | 10.15% | 7.87% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 61124411 |
| Number of Portfolio Holdings | 359 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 76351 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **19.5% of Net Assets** |
| ASML Holding NV (Netherlands) | 3.0% |
| AstraZeneca PLC (United Kingdom) | 2.5% |
| Novartis AG (Switzerland) | 2.4% |
| HSBC Holdings PLC (United Kingdom) | 2.3% |
| Novo Nordisk A/S (Denmark) | 1.8% |
| Sony Group Corp. (Japan) | 1.7% |
| Unilever PLC (United Kingdom) | 1.6% |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 1.5% |
| Schneider Electric SE (France) | 1.4% |
| TotalEnergies SE (France) | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Industrials | 18% |
| Health Care | 12% |
| Consumer Discretionary | 10% |
| Consumer Staples | 8% |
| Information Technology | 7% |
| Materials | 6% |
| Communication Services | 6% |
| Utilities | 4% |
| Energy | 2% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 24% |
| United Kingdom | 14% |
| France | 13% |
| Switzerland | 9% |
| Netherlands | 7% |
| Australia | 5% |
| Germany | 5% |
| Sweden | 5% |
| Denmark | 3% |
| Italy | 3% |
| Spain | 3% |
| Other | 5% |

---

## 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 February 3, 2025, the Fund changed its name from Xtrackers MSCI EAFE ESG Leaders Equity ETF to Xtrackers MSCI EAFE Selection Equity ETF due to a change in the name of the Fund's Underlying Index from MSCI EAFE ESG Leaders Index to MSCI EAFE Selection Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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.

**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.

# **EASG-TSRA** 
R-102658-2 (10/25) DBX006865 (10/26)

# Xtrackers MSCI Emerging Markets Climate Selection ETF
EMCS: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $16 | 0.15% |

---

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 annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Climate Selection ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection Index (the Underlying Index). The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries that meet certain environmental, social and governance ("ESG") criteria, as defined by the index provider.

The Fund returned 18.80% for the period ended August 31, 2025. The Fund's underlying index returned 18.99% and the Fund's broad-based index the MSCI Emerging Markets Index returned 16.80% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Communication Services. Energy, Utilities and Materials sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Hong Kong, Taiwan and South Korea while India, Indonesia and Turkey contributed negatively to performance.

## Fund Performance
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 as defined by the index provider.

MSCI Emerging Markets Index captures large and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index is a required broad-based index that represents the Fund's overall equity market.

MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance ("ESG") performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as deﬁned by the index provider.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151iea237afb48bbaad09ba4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers MSCI Emerging Markets Climate Selection ETF - NAV** | **MSCI Global Climate 500 Emerging Markets Selection Index (the Underlying Index)** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets ESG Leaders Index** |
| **12/6/18** | $10000 | $10000 | $10000 | $10000 |
| **12/31/18** | $9543 | $9542 | $9546 | $9551 |
| **1/31/19** | $10391 | $10390 | $10383 | $10399 |
| **2/28/19** | $10386 | $10384 | $10406 | $10393 |
| **3/31/19** | $10487 | $10494 | $10494 | $10503 |
| **4/30/19** | $10756 | $10768 | $10715 | $10778 |
| **5/31/19** | $9945 | $9969 | $9937 | $9978 |
| **6/30/19** | $10501 | $10533 | $10557 | $10543 |
| **7/31/19** | $10452 | $10491 | $10428 | $10500 |
| **8/31/19** | $9983 | $10018 | $9920 | $10027 |
| **9/30/19** | $10070 | $10107 | $10109 | $10116 |
| **10/31/19** | $10522 | $10565 | $10535 | $10575 |
| **11/30/19** | $10608 | $10660 | $10521 | $10669 |
| **12/31/19** | $11367 | $11427 | $11306 | $11438 |
| **1/31/20** | $10827 | $10893 | $10779 | $10903 |
| **2/29/20** | $10343 | $10395 | $10210 | $10404 |
| **3/31/20** | $8797 | $8839 | $8638 | $8847 |
| **4/30/20** | $9664 | $9712 | $9429 | $9721 |
| **5/31/20** | $9726 | $9770 | $9501 | $9779 |
| **6/30/20** | $10546 | $10598 | $10200 | $10607 |
| **7/31/20** | $11695 | $11759 | $11111 | $11769 |
| **8/31/20** | $12009 | $12076 | $11357 | $12087 |
| **9/30/20** | $11851 | $11918 | $11174 | $11929 |
| **10/31/20** | $12296 | $12372 | $11405 | $12383 |
| **11/30/20** | $12999 | $13078 | $12459 | $13090 |
| **12/31/20** | $13629 | $13723 | $13375 | $13735 |
| **1/31/21** | $14457 | $14551 | $13785 | $14563 |
| **2/28/21** | $14386 | $14490 | $13891 | $14503 |
| **3/31/21** | $14195 | $14295 | $13681 | $14308 |
| **4/30/21** | $14586 | $14688 | $14022 | $14701 |
| **5/31/21** | $14576 | $14683 | $14183 | $14696 |
| **6/30/21** | $14889 | $15009 | $14372 | $15023 |
| **7/31/21** | $13847 | $13956 | $13404 | $13968 |
| **8/31/21** | $14230 | $14340 | $13755 | $14352 |
| **9/30/21** | $13586 | $13709 | $13209 | $13721 |
| **10/31/21** | $13827 | $13948 | $13339 | $13961 |
| **11/30/21** | $13152 | $13262 | $12795 | $13274 |
| **12/31/21** | $13321 | $13440 | $13035 | $13452 |
| **1/31/22** | $13180 | $13292 | $12789 | $13304 |
| **2/28/22** | $12508 | $12704 | $12406 | $12715 |
| **3/31/22** | $12353 | $12472 | $12126 | $12483 |
| **4/30/22** | $11523 | $11638 | $11452 | $11649 |
| **5/31/22** | $11558 | $11659 | $11502 | $11669 |
| **6/30/22** | $10764 | $10853 | $10738 | $10862 |
| **7/31/22** | $10607 | $10706 | $10711 | $10716 |
| **8/31/22** | $10595 | $10714 | $10756 | $10723 |
| **9/30/22** | $9263 | $9356 | $9495 | $9365 |
| **10/31/22** | $8871 | $8967 | $9200 | $8975 |
| **11/30/22** | $10359 | $10482 | $10565 | $10492 |
| **12/31/22** | $10260 | $10376 | $10416 | $10385 |
| **1/31/23** | $11198 | $11313 | $11239 | $11323 |
| **2/28/23** | $10413 | $10522 | $10510 | $10532 |
| **3/31/23** | $10777 | $10891 | $10829 | $10900 |
| **4/30/23** | $10481 | $10591 | $10706 | $10601 |
| **5/31/23** | $10273 | $10398 | $10526 | $10407 |
| **6/30/23** | $10652 | $10785 | $10926 | $10795 |
| **7/31/23** | $11283 | $11429 | $11606 | $11439 |
| **8/31/23** | $10539 | $10682 | $10891 | $10692 |
| **9/30/23** | $10194 | $10335 | $10606 | $10345 |
| **10/31/23** | $9814 | $9948 | $10194 | $9957 |
| **11/30/23** | $10530 | $10686 | $11010 | $10695 |
| **12/31/23** | $10838 | $11015 | $11440 | $11025 |
| **1/31/24** | $10374 | $10549 | $10909 | $10559 |
| **2/29/24** | $10804 | $10995 | $11428 | $11005 |
| **3/31/24** | $11043 | $11239 | $11679 | $11249 |
| **4/30/24** | $11140 | $11346 | $11764 | $11356 |
| **5/31/24** | $11257 | $11473 | $11830 | $11483 |
| **6/30/24** | $11752 | $11995 | $12297 | $12005 |
| **7/31/24** | $11767 | $12016 | $12333 | $12027 |
| **8/31/24** | $12093 | $12376 | $12532 | $12387 |
| **9/30/24** | $13076 | $13400 | $14453 | $13594 |
| **10/31/24** | $12516 | $12784 | $14176 | $12969 |
| **11/30/24** | $11967 | $12277 | $13372 | $12547 |
| **12/31/24** | $12032 | $12328 | $12825 | $12648 |
| **1/31/25** | $12158 | $12642 | $12659 | $12919 |
| **2/28/25** | $12679 | $12994 | $12579 | $13139 |
| **3/31/25** | $12679 | $12992 | $12518 | $13059 |
| **4/30/25** | $12703 | $13038 | $12299 | $13270 |
| **5/31/25** | $13278 | $13640 | $12316 | $13899 |
| **6/30/25** | $14121 | $14521 | $12775 | $14756 |
| **7/31/25** | $14325 | $14716 | $13369 | $15145 |
| **8/31/25** | $14366 | $14726 | $14638 | $15311 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 12/6/18** |
| Xtrackers MSCI Emerging Markets Climate Selection ETF - NAV | 18.80% | 3.65% | 5.52% |
| MSCI Global Climate 500 Emerging Markets Selection Index | 18.99% | 4.05% | 5.92% |
| MSCI Emerging Markets Index | 16.80% | 5.21% | 5.81% |
| MSCI Emerging Markets ESG Leaders Index | 21.96% | 4.56% | 6.53% |

---

### Average Annual Total Returns
Prior to November 4, 2024, the Fund operated with a different investment strategy, including tracking a different underlying index. Performance may have been different if the Fund's current investment strategy had been in effect. Index returns prior to November 4, 2024 reflect that of the prior underlying index..

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 480740720 |
| Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate (%) | 171 |
| Total Net Advisory Fees Paid ($) | 441437 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **46.7% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 14.9% |
| Tencent Holdings Ltd. (China) | 8.9% |
| Samsung Electronics Co. Ltd. (South Korea) | 4.6% |
| Alibaba Group Holding Ltd. (Hong Kong) | 4.6% |
| HDFC Bank Ltd. (India) | 2.5% |
| Ping An Insurance Group Co. of China Ltd. (China) | 2.4% |
| Xiaomi Corp. (China) | 2.3% |
| China Construction Bank Corp. (China) | 2.3% |
| SK Hynix, Inc. (South Korea) | 2.1% |
| Reliance Industries Ltd. (India) | 2.1% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 38% |
| Information Technology | 30% |
| Consumer Discretionary | 14% |
| Communication Services | 11% |
| Energy | 3% |
| Consumer Staples | 1% |
| Materials | 1% |
| Utilities | 1% |
| Industrials | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Taiwan | 32% |
| China | 24% |
| India | 16% |
| South Korea | 7% |
| Brazil | 5% |
| Hong Kong | 5% |
| South Africa | 4% |
| Ireland | 2% |
| Other | 4% |

---

## 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 5, 2024:

i. the Fund's name changed from Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to Xtrackers MSCI Emerging Markets Climate Selection ETF;

ii. the Fund's investment objective changed from seeking investment 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 fees and expenses, of the MSCI Global Climate 500 Emerging Markets Selection Index; and

iii. the Fund's Underlying Index changed from the MSCI Emerging Markets ESG Leaders Index to the MSCI Global Climate 500 Emerging Markets Selection Index.

Effective November 5, 2024, the Fund began a contractual expense limitation that capped the fund's operating expenses at 0.15%. Prior to November 5, 2024 the Fund did not have a contractual cap.

Effective November 12, 2024, the Fund's unitary advisory fee was reduced from 0.20% to 0.15%. At the same time, the Board terminated the contractual expense limitation that capped the fund's operating expenses at the same level because of the redundancy.

## 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.

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.

**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.

# **EMCS-TSRA** 
R-102659-2 (10/25) DBX006866 (10/26)

# Xtrackers MSCI USA Climate Action Equity ETF
USCA: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $8 | 0.07% |

---

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 annual shareholder report contains important information about the Xtrackers MSCI USA Climate Action Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the Underlying Index) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index's methodology assesses as leading their sector peers in taking action relating to a climate transition.

The Fund returned 14.82% for the period ended August 31, 2025. The Fund's underlying index returned 14.93% and the Fund's broad-based index the MSCI USA Index returned 16.45% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Financials. Health Care, Consumer Staples and Energy sectors contributed negatively to performance.

## Fund Performance
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.

MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US.

The MSCI USA Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i852fc066b4f3ea70bcc7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI USA Climate Action Equity ETF - NAV** | **MSCI USA Climate Action Index (the Underlying Index)** | **MSCI USA Index** |
| **4/4/23** | $10000 | $10000 | $10000 |
| **4/30/23** | $10109 | $10109 | $10095 |
| **5/31/23** | $10319 | $10320 | $10161 |
| **6/30/23** | $10983 | $10985 | $10838 |
| **7/31/23** | $11409 | $11412 | $11211 |
| **8/31/23** | $11256 | $11260 | $11022 |
| **9/30/23** | $10737 | $10741 | $10505 |
| **10/31/23** | $10452 | $10456 | $10264 |
| **11/30/23** | $11437 | $11437 | $11231 |
| **12/31/23** | $11949 | $11950 | $11761 |
| **1/31/24** | $12202 | $12204 | $11944 |
| **2/29/24** | $12919 | $12922 | $12585 |
| **3/31/24** | $13308 | $13312 | $12985 |
| **4/30/24** | $12793 | $12798 | $12449 |
| **5/31/24** | $13392 | $13398 | $13044 |
| **6/30/24** | $13919 | $13926 | $13510 |
| **7/31/24** | $14048 | $14056 | $13680 |
| **8/31/24** | $14391 | $14400 | $14009 |
| **9/30/24** | $14736 | $14747 | $14311 |
| **10/31/24** | $14663 | $14674 | $14205 |
| **11/30/24** | $15572 | $15584 | $15094 |
| **12/31/24** | $15178 | $15192 | $14710 |
| **1/31/25** | $15738 | $15755 | $15158 |
| **2/28/25** | $15463 | $15482 | $14919 |
| **3/31/25** | $14537 | $14555 | $14046 |
| **4/30/25** | $14415 | $14434 | $13974 |
| **5/31/25** | $15248 | $15270 | $14876 |
| **6/30/25** | $16025 | $16049 | $15642 |
| **7/31/25** | $16369 | $16396 | $16000 |
| **8/31/25** | $16523 | $16550 | $16314 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 4/4/23** |
| Xtrackers MSCI USA Climate Action Equity ETF - NAV | 14.82% | 23.16% |
| MSCI USA Climate Action Index | 14.93% | 23.21% |
| MSCI USA Index | 16.45% | 22.48% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 3086685461 |
| Number of Portfolio Holdings | 274 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 1883226 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **37.7% of Net Assets** |
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 6.2% |
| Alphabet, Inc. | 5.6% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc. | 4.3% |
| Tesla, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.2% |
| Visa, Inc. | 1.6% |
| Eli Lilly & Co. | 1.6% |
| Netflix, Inc. | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 27% |
| Financials | 15% |
| Communication Services | 14% |
| Consumer Discretionary | 12% |
| Health Care | 10% |
| Industrials | 7% |
| Consumer Staples | 5% |
| Energy | 3% |
| Real Estate | 2% |
| Utilities | 2% |
| Materials | 2% |

---

## 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.

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.

**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.

# **USCA-TSRA** 
R-102662-2 (10/25) DBX006867 (10/26)

# Xtrackers MSCI USA Selection Equity ETF
USSG: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $10 | 0.09% |

---

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 annual shareholder report contains important information about the Xtrackers MSCI USA Selection Equity ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Selection Index (the Underlying Index). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance ("ESG") performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market.

The Fund returned 14.70% for the period ended August 31, 2025. The Fund's underlying index returned 14.81% and the Fund's broad-based index the MSCI USA Index returned 16.45% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Consumer Discretionary and Financials. Health Care and Consumer Staples sectors contributed negatively to performance.

## Fund Performance
MSCI USA Selection Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance ("ESG") performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market.

MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US.

The MSCI USA Index is a required broad broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i7bb225bcfd03a28ab9fe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI USA Selection Equity ETF - NAV** | **MSCI USA Selection Index (the Underlying Index)** | **MSCI USA Index** |
| **3/7/19** | $10000 | $10000 | $10000 |
| **3/31/19** | $10228 | $10229 | $10319 |
| **4/30/19** | $10608 | $10610 | $10733 |
| **5/31/19** | $9984 | $9986 | $10054 |
| **6/30/19** | $10634 | $10638 | $10761 |
| **7/31/19** | $10834 | $10839 | $10927 |
| **8/31/19** | $10722 | $10728 | $10737 |
| **9/30/19** | $10908 | $10914 | $10928 |
| **10/31/19** | $11109 | $11116 | $11166 |
| **11/30/19** | $11514 | $11522 | $11585 |
| **12/31/19** | $11847 | $11856 | $11925 |
| **1/31/20** | $11947 | $11957 | $11948 |
| **2/29/20** | $11042 | $11052 | $10974 |
| **3/31/20** | $9662 | $9671 | $9582 |
| **4/30/20** | $10863 | $10874 | $10843 |
| **5/31/20** | $11436 | $11450 | $11407 |
| **6/30/20** | $11626 | $11641 | $11667 |
| **7/31/20** | $12105 | $12121 | $12360 |
| **8/31/20** | $13019 | $13037 | $13287 |
| **9/30/20** | $12569 | $12587 | $12792 |
| **10/31/20** | $12220 | $12239 | $12459 |
| **11/30/20** | $13559 | $13581 | $13900 |
| **12/31/20** | $14067 | $14091 | $14474 |
| **1/31/21** | $13950 | $13976 | $14339 |
| **2/28/21** | $14392 | $14416 | $14714 |
| **3/31/21** | $15048 | $15074 | $15267 |
| **4/30/21** | $15831 | $15859 | $16098 |
| **5/31/21** | $15958 | $15988 | $16176 |
| **6/30/21** | $16378 | $16412 | $16626 |
| **7/31/21** | $16860 | $16895 | $17019 |
| **8/31/21** | $17378 | $17416 | $17521 |
| **9/30/21** | $16524 | $16560 | $16694 |
| **10/31/21** | $18072 | $18114 | $17859 |
| **11/30/21** | $17768 | $17811 | $17679 |
| **12/31/21** | $18517 | $18562 | $18377 |
| **1/31/22** | $17372 | $17415 | $17337 |
| **2/28/22** | $16792 | $16835 | $16829 |
| **3/31/22** | $17424 | $17470 | $17421 |
| **4/30/22** | $15922 | $15965 | $15841 |
| **5/31/22** | $15814 | $15857 | $15807 |
| **6/30/22** | $14642 | $14683 | $14498 |
| **7/31/22** | $15852 | $15898 | $15851 |
| **8/31/22** | $15069 | $15114 | $15230 |
| **9/30/22** | $13718 | $13759 | $13817 |
| **10/31/22** | $14719 | $14763 | $14914 |
| **11/30/22** | $15704 | $15753 | $15726 |
| **12/31/22** | $14764 | $14811 | $14801 |
| **1/31/23** | $15724 | $15774 | $15775 |
| **2/28/23** | $15349 | $15400 | $15398 |
| **3/31/23** | $15969 | $16023 | $15945 |
| **4/30/23** | $16129 | $16184 | $16147 |
| **5/31/23** | $16287 | $16344 | $16253 |
| **6/30/23** | $17366 | $17430 | $17336 |
| **7/31/23** | $17966 | $18033 | $17933 |
| **8/31/23** | $17883 | $17953 | $17631 |
| **9/30/23** | $16983 | $17050 | $16672 |
| **10/31/23** | $16557 | $16624 | $16288 |
| **11/30/23** | $18252 | $18329 | $17824 |
| **12/31/23** | $19045 | $19126 | $18664 |
| **1/31/24** | $19472 | $19555 | $18955 |
| **2/29/24** | $20558 | $20648 | $19972 |
| **3/31/24** | $21312 | $21407 | $20607 |
| **4/30/24** | $20341 | $20433 | $19756 |
| **5/31/24** | $21326 | $21423 | $20700 |
| **6/30/24** | $22107 | $22211 | $21440 |
| **7/31/24** | $22182 | $22287 | $21709 |
| **8/31/24** | $22625 | $22734 | $22233 |
| **9/30/24** | $23147 | $23260 | $22711 |
| **10/31/24** | $22910 | $23022 | $22544 |
| **11/30/24** | $24280 | $24400 | $23955 |
| **12/31/24** | $23519 | $23638 | $23345 |
| **1/31/25** | $23930 | $24051 | $24056 |
| **2/28/25** | $23380 | $23498 | $23677 |
| **3/31/25** | $21979 | $22091 | $22292 |
| **4/30/25** | $22012 | $22129 | $22177 |
| **5/31/25** | $23800 | $23930 | $23609 |
| **6/30/25** | $24905 | $25042 | $24823 |
| **7/31/25** | $25582 | $25726 | $25391 |
| **8/31/25** | $25951 | $26100 | $25890 |

---

Yearly periods ended August 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 3/7/19** |
| Xtrackers MSCI USA Selection Equity ETF - NAV | 14.70% | 14.79% | 15.83% |
| MSCI USA Selection Index | 14.81% | 14.89% | 15.92% |
| MSCI USA Index | 16.45% | 14.45% | 15.78% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 577188130 |
| Number of Portfolio Holdings | 275 |
| Portfolio Turnover Rate (%) | 2 |
| Total Net Advisory Fees Paid ($) | 642642 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **47.4% of Net Assets** |
| NVIDIA Corp. | 14.4% |
| Microsoft Corp. | 12.1% |
| Alphabet, Inc. | 7.8% |
| Tesla, Inc. | 3.3% |
| Visa, Inc. | 2.0% |
| Eli Lilly & Co. | 2.0% |
| Mastercard, Inc. | 1.7% |
| Johnson & Johnson | 1.4% |
| Home Depot, Inc. | 1.4% |
| Procter & Gamble Co. | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 37% |
| Financials | 13% |
| Communication Services | 10% |
| Consumer Discretionary | 10% |
| Health Care | 10% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Materials | 2% |
| Real Estate | 2% |
| Energy | 2% |
| Utilities | 1% |

---

## 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 February 3, 2025, the Fund changed its name from Xtrackers MSCI USA ESG Leaders Equity ETF to Xtrackers MSCI USA Selection Equity ETF due to a change in the name of the Fund's Underlying Index from MSCI USA ESG Leaders Index to MSCI USA Selection Index. The change in the Underlying Index's name did not involve any changes to its methodology or any changes in the Fund's investment policies.

## 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.

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.

**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.

# **USSG-TSRA** 
R-102660-2 (10/25) DBX006868 (10/26)

# Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
USNZ: NYSE Arca, Inc.

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $11 | 0.10% |

---

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 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 August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the Underlying Index), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (" ESG ") criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change.

The Fund returned 12.71% for the period ended August 31, 2025. The Fund's underlying index returned 12.81% and the Fund's broad-based index the S&P 500<sup>®</sup> Index returned 15.88% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Financials. Health Care, Consumer Staples and Utilities sectors contributed negatively to performance.

## Fund Performance
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 environmental, social and governance ("ESG") criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change.

S&P 500<sup>®</sup> Index is a capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500<sup>®</sup>Indexis a required broad-based index that represents the fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151iedced6deb4ba42a5d4c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF - NAV** | **Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the Underlying Index)** | **S&P 500<sup>®</sup> Index** |
| **6/28/22** | $10000 | $10000 | $10000 |
| **6/30/22** | $9687 | $9685 | $9709 |
| **7/31/22** | $10553 | $10552 | $10604 |
| **8/31/22** | $10085 | $10084 | $10171 |
| **9/30/22** | $9117 | $9116 | $9235 |
| **10/31/22** | $9824 | $9824 | $9982 |
| **11/30/22** | $10442 | $10444 | $10540 |
| **12/31/22** | $9853 | $9854 | $9933 |
| **1/31/23** | $10519 | $10522 | $10557 |
| **2/28/23** | $10299 | $10303 | $10299 |
| **3/31/23** | $10745 | $10751 | $10677 |
| **4/30/23** | $10917 | $10924 | $10844 |
| **5/31/23** | $10998 | $11006 | $10891 |
| **6/30/23** | $11670 | $11679 | $11611 |
| **7/31/23** | $12015 | $12026 | $11984 |
| **8/31/23** | $11758 | $11769 | $11793 |
| **9/30/23** | $11139 | $11151 | $11231 |
| **10/31/23** | $10872 | $10884 | $10995 |
| **11/30/23** | $11989 | $12000 | $11999 |
| **12/31/23** | $12598 | $12611 | $12544 |
| **1/31/24** | $12880 | $12895 | $12755 |
| **2/29/24** | $13498 | $13516 | $13436 |
| **3/31/24** | $13894 | $13914 | $13868 |
| **4/30/24** | $13239 | $13258 | $13301 |
| **5/31/24** | $13953 | $13975 | $13961 |
| **6/30/24** | $14520 | $14545 | $14462 |
| **7/31/24** | $14655 | $14681 | $14638 |
| **8/31/24** | $15042 | $15070 | $14993 |
| **9/30/24** | $15311 | $15339 | $15313 |
| **10/31/24** | $15099 | $15128 | $15174 |
| **11/30/24** | $15779 | $15811 | $16065 |
| **12/31/24** | $15363 | $15394 | $15682 |
| **1/31/25** | $15710 | $15743 | $16119 |
| **2/28/25** | $15577 | $15612 | $15909 |
| **3/31/25** | $14638 | $14671 | $15012 |
| **4/30/25** | $14541 | $14575 | $14910 |
| **5/31/25** | $15379 | $15417 | $15849 |
| **6/30/25** | $16246 | $16287 | $16655 |
| **7/31/25** | $16570 | $16614 | $17029 |
| **8/31/25** | $16954 | $17000 | $17374 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 6/28/22** |
| Xtrackers Net Zero Pathway Paris Aligned US Equity ETF - NAV | 12.71% | 18.07% |
| Solactive ISS ESG United States Net Zero Pathway Enhanced Index | 12.81% | 18.15% |
| S&P 500<sup>®</sup> Index | 15.88% | 18.97% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 265275245 |
| Number of Portfolio Holdings | 318 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 233622 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **43.6% of Net Assets** |
| Microsoft Corp. | 8.8% |
| Apple, Inc. | 8.1% |
| NVIDIA Corp. | 8.0% |
| Alphabet, Inc. | 4.3% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc. | 3.1% |
| Broadcom, Inc. | 2.6% |
| Tesla, Inc. | 1.8% |
| JPMorgan Chase & Co. | 1.6% |
| Eli Lilly & Co. | 1.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 39% |
| Financials | 12% |
| Health Care | 12% |
| Consumer Discretionary | 11% |
| Communication Services | 11% |
| Industrials | 4% |
| Consumer Staples | 4% |
| Real Estate | 4% |
| Materials | 2% |
| Utilities | 1% |

---

## 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.

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.

**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.

# **USNZ-TSRA** 
R-102661-2 (10/25) DBX006869 (10/26)

# Xtrackers RREEF Global Natural Resources ETF
NRES: Nasdaq Stock Market

#### Annual Shareholder Report — August 31, 2025
![Image](g14151i6a779541b8c0731e557f.jpg)

## What were the Fund costs for the last year?
(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 | $46 | 0.45% |

---

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 annual shareholder report contains important information about the Xtrackers RREEF Global Natural Resources ETF (the "Fund") for the period September 1, 2024 to August 31, 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.

## How did the fund perform last year and what affected its performance?
The Fund seeks total return from both capital appreciation and current income. The fund is an actively-managed exchange-traded fund ("ETF") that does not seek to replicate the performance of a specific index. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

The Fund returned 3.23% for the period ended August 31, 2025. The Fund's broad-based index, the MSCI World Index, returned 15.68% for the same period, while the Fund's additional, more narrowly based index, S&P Global Natural Resources Net TR index returned 6.64%.

Metals & Mining and Chemicals were the only positive contributors to performance. Oil, Gas & Consumable Fuels, Paper & Forest Products and Containers & Packaging sectors contributed negatively to performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from South Africa, Canada and the United States while South Korea, Finland and France contributed negatively to performance.

## Fund Performance
MSCI World Index captures large and mid-cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World Index is a required broad-based index that represents the Fund's overall equity market.

S&P Global Natural Resources Net TR Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.

The S&P Global Natural Resources Net TR Index is a more narrowly-based index that reflects the market sector in which he Fund invests.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g14151i828faaca4cdd1d55e233.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers RREEF Global Natural Resources ETF - NAV** | **MSCI World Index** | **S&P Global Natural Resources Net TR index** |
| **2/27/24** | $10000 | $10000 | $10000 |
| **2/29/24** | $9993 | $10018 | $10046 |
| **3/31/24** | $10893 | $10337 | $10872 |
| **4/30/24** | $10919 | $9956 | $10865 |
| **5/31/24** | $11231 | $10401 | $11159 |
| **6/30/24** | $10721 | $10612 | $10664 |
| **7/31/24** | $10935 | $10799 | $10811 |
| **8/31/24** | $10875 | $11085 | $10794 |
| **9/30/24** | $11060 | $11309 | $11028 |
| **10/31/24** | $10678 | $11084 | $10534 |
| **11/30/24** | $10543 | $11593 | $10455 |
| **12/31/24** | $9755 | $11291 | $9716 |
| **1/31/25** | $10301 | $11689 | $10259 |
| **2/28/25** | $10289 | $11605 | $10238 |
| **3/31/25** | $10399 | $11089 | $10390 |
| **4/30/25** | $9971 | $11187 | $10072 |
| **5/31/25** | $10292 | $11849 | $10366 |
| **6/30/25** | $10626 | $12361 | $10729 |
| **7/31/25** | $10555 | $12520 | $10806 |
| **8/31/25** | $11227 | $12846 | $11511 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 2/27/24** |
| Xtrackers RREEF Global Natural Resources ETF - NAV | 3.23% | 7.95% |
| MSCI World Index | 15.68% | 18.01% |
| S&P Global Natural Resources Net TR index | 6.64% | 9.75% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 31616471 |
| Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate (%) | 143 |
| Total Net Advisory Fees Paid ($) | 133438 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **42.2% of Net Assets** |
| Shell PLC (United Kingdom) | 6.8% |
| Exxon Mobil Corp. (United States) | 5.1% |
| Newmont Corp. (United States) | 4.9% |
| Rio Tinto PLC (United Kingdom) | 4.4% |
| Steel Dynamics, Inc. (United States) | 4.1% |
| Gold Fields Ltd. (South Africa) | 3.9% |
| Nutrien Ltd. (Canada) | 3.8% |
| UPM-Kymmene OYJ (Finland) | 3.4% |
| Smurfit WestRock PLC (Ireland) | 3.1% |
| TotalEnergies SE (France) | 2.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Industry** | **% of Net Assets** |
| Metals & Mining | 36% |
| Oil, Gas & Consumable Fuels | 31% |
| Paper & Forest Products | 9% |
| Chemicals | 8% |
| Containers & Packaging | 7% |
| Food Products | 6% |
| Energy Equipment & Services | 1% |
| Specialized REITs | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 35% |
| Canada | 17% |
| United Kingdom | 16% |
| Finland | 5% |
| Switzerland | 4% |
| South Africa | 4% |
| Brazil | 4% |
| Ireland | 3% |
| France | 3% |
| India | 3% |
| Chile | 2% |
| Other | 1% |

---

## 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.

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.

**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.

# **NRES-TSRA** 
R-102663-2 (10/25) DBX006870 (10/26)

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(c) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

#### Item 3. Audit Committee Financial Expert.
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not "interested persons" as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $557,250 for 2025 and $517,481 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

------

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $270,088 for 2025 and $434,432 for 2024.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.

(e)(2) All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024 except for items included in (a) through (d) above.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

------

#### 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](g90073dsp1a.jpg)

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

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

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

![LOGO](g90073dsp1b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; **[Schedule of Investments](#tx90073_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers High Beta High Yield Bond ETF](#tx90073_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Low Beta High Yield Bond ETF](#tx90073_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Risk Managed USD High Yield Strategy ETF](#tx90073_4) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Short Duration High Yield Bond ETF](#tx90073_5) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers USD High Yield BB-B ex Financials ETF](#tx90073_6) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers USD High Yield Corporate Bond ETF](#tx90073_7) | 68 |
| &nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#tx90073_8)** | 89 |
| &nbsp;&nbsp;&nbsp; **[Statements of Operations](#tx90073_9)** | 91 |
| &nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#tx90073_10)** | 93 |
| &nbsp;&nbsp;&nbsp; **[Financial Highlights](#tx90073_11)** | 96 |
| &nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#tx90073_12)** | 102 |
| &nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#tx90073_13)** | 111 |
| &nbsp;&nbsp;&nbsp; **[Board Considerations in Approval of Investment Advisory Contracts](#tx90073_14)** | 113 |
| &nbsp;&nbsp;&nbsp; **[Tax Information](#tx90073_15)** | 116 |
|  <br>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. | <br>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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  **CORPORATE BONDS — 97.5%** |  |  |
|  **Basic Materials — 6.5%** |  |  |
|  **Chemicals — 3.0%** |  |  |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 | 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 30000 | 31215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.879%, 7/15/32 | 35000 | 36178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 31000 | 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 | 34000 | 35399 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 26000 | 25923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 16000 | 15422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 16000 | 14304 |
|  Chemours (The) Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 1/15/33 | 17000 | 16640 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 | 19000 | 16032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 16000 | 14725 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 20000 | 19250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 | 11000 | 9411 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 20000 | 19684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 | 15000 | 15054 |
|  Inversion Escrow Issuer LLC, 144A,6.75%, 8/1/32 | 33000 | 32707 |
|  Methanex US Operations, Inc., 144A,6.25%, 3/15/32 | 17000 | 17165 |
|  NOVA Chemicals Corp., 144A,9.00%, 2/15/30 | 21000 | 22583 |
|  Olin Corp.,144A,6.625%, 4/1/33 | 20000 | 19999 |
|  SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29 | 19000 | 19097 |
|  Tronox, Inc.,144A,4.625%, 3/15/29 | 36000 | 26611 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/29 | 38000 | 35593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 16000 | 15968 |
|  (Cost $508,056) |  | **504340** |
|  **Forest Products & Paper — 0.5%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 16000 | 13703 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 | 20000 | 17678 |
|  Magnera Corp.,144A,7.25%, 11/15/31 | 24000 | 22734 |
|  Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.875%, 10/1/28 | 16000 | 15564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 22000 | 17370 |
|  (Cost $93,627) |  | **87049** |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  **Iron/Steel — 1.4%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 31000 | 31384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 | 25000 | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 (a) | 33000 | 32848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 | 21000 | 20937 |
|  Metinvest BV,144A,7.75%, 10/17/29 | 16000 | 12304 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 5/1/27 | 12000 | 12015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 28000 | 28526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 28000 | 29307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 | 17000 | 17660 |
|  (Cost $239,724) |  | **244905** |
|  **Mining — 1.6%** |  |  |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 10/1/30 | 19000 | 20148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.50%, 10/1/31 | 14000 | 15587 |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 3/1/29 | 40000 | 42574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/31 (a) | 40000 | 41834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/1/33 | 32000 | 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/34 | 27000 | 27284 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 38000 | 39108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 11000 | 10869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/3/31 | 24000 | 25237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.85%, 4/24/33 | 13000 | 12972 |
|  (Cost $264,139) |  | **268886** |
|  **Communications — 23.5%** |  |  |
|  **Advertising — 1.7%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 (a) | 26000 | 25313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 (a) | 33000 | 30707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 24000 | 25018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 34000 | 34567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 27000 | 27500 |
|  Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 80000 | 79610 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 20000 | 19238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 | 10000 | 9550 |
|  Stagwell Global LLC, 144A,5.625%, 8/15/29 | 31000 | 29925 |
|  (Cost $276,705) |  | **281428** |
|  **Internet — 1.5%** |  |  |
|  Arches Buyer, Inc.,144A,6.125%, 12/1/28 | 19000 | 18443 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Cogent Communications Group LLC / Cogent Finance, Inc. | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 | 13000 | 12392 |
|  ION Trading Technologies SARL | 14000 | 13591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 18000 | 18839 |
|  Newfold Digital Holdings Group, Inc., 144A,11.75%, 10/15/28 | 14000 | 9275 |
|  Rakuten Group, Inc.,144A,9.75%, 4/15/29 | 60000 | 66999 |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 45000 | 45515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 12000 | 12061 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 28000 | 28620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 19000 | 19677 |
|  (Cost $258,180) |  | **262365** |
|  **Media — 14.0%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 25000 | 26040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 14000 | 14468 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 18000 | 14905 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 67000 | 66496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 36000 | 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 48000 | 48763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 58000 | 55778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 75000 | 71043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 87000 | 80304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 (a) | 26000 | 26918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 | 35000 | 32489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 75000 | 68631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 | 48000 | 42853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 (a) | 53000 | 46059 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 | 61000 | 58710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 | 22000 | 20210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 25000 | 20158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 | 20000 | 20006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 61000 | 55990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 51000 | 40243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 72000 | 33899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/30 | 33000 | 21647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/30 | 75000 | 32915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/31 | 31000 | 19851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/31 | 43000 | 27927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 11/15/31 (a) | 12000 | 5249 |
|  Directv Financing LLC, 144A,8.875%, 2/1/30 | 25000 | 24835 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 61000 | 60679 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 33000 | 31921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 20000 | 18959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 23000 | 20764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 12000 | 8868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 12000 | 9399 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 66000 | 62167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 45000 | 37188 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 117000 | 123774 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 21000 | 19761 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 (a) | 38000 | 41391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/30 (a) | 29000 | 21839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/31 | 35000 | 25831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 7/15/32 | 24000 | 24141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | 20000 | 19718 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 | 19000 | 16350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 | 20000 | 11852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 21000 | 16741 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 38000 | 23731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 22000 | 12672 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 25000 | 25147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 25000 | 25525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 | 18000 | 18912 |
|  Nexstar Media, Inc.,144A,4.75%, 11/1/28 (a) | 27000 | 26521 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/1/30 | 15000 | 12413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/33 | 38000 | 38964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 2/15/33 | 21000 | 23074 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 (a) | 34000 | 33973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 41000 | 38149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 | 51000 | 45898 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 27000 | 26877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 33000 | 33055 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 44000 | 45703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 28000 | 26283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 23000 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 38000 | 39191 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52686 |
|  Virgin Media Finance PLC, 144A,5.00%, 7/15/30 | 24000 | 21974 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 46000 | 45324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 25000 | 23485 |
|  VTR Finance NV,144A,6.375%, 7/15/28 | 10000 | 9778 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 13000 | 11488 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 30000 | 28184 |
|  (Cost $2,409,304) |  | **2390222** |
|  **Telecommunications — 6.3%** |  |  |
|  Altice Financing SA 144A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/28 | 38000 | 31067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 57000 | 45238 |
|  C&W Senior Finance Ltd.,144A,9.00%, 1/15/33 | 22000 | 23126 |
|  CommScope LLC,144A,9.50%, 12/15/31 | 26000 | 26905 |
|  CommScope Technologies LLC,144A,5.00%, 3/15/27 | 25000 | 24763 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 60000 | 62585 |
|  CT Trust,144A,5.125%, 2/3/32 | 24000 | 22771 |
|  EchoStar Corp.,10.75%, 11/30/29 | 161000 | 173424 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 15000 | 14800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 22000 | 20929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 11000 | 11069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 13000 | 13239 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/29 | 30000 | 28125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/30 | 30000 | 27075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/30 | 10000 | 8550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/31 | 12000 | 10110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 45000 | 45448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 59000 | 59453 |
|  Maya SAS/Paris France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 29000 | 31223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/32 | 26000 | 26773 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 | 22000 | 20514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 14000 | 14459 |
|  Sable International Finance Ltd.,144A,7.125%, 10/15/32 | 28000 | 28500 |
|  Telefonica Moviles Chile SA,144A,3.537%, 11/18/31 | 16000 | 9580 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 4/15/27 | 20000 | 19971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 8000 | 7795 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/30/31 | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20680 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 47000 | 43417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 | 35000 | 32751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 21000 | 21993 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 67000 | 69750 |
|  Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/1/27 | 36000 | 34853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/1/28 | 40000 | 37192 |
|  (Cost $1,033,138) |  | **1068128** |
|  **Consumer, Cyclical — 16.1%** |  |  |
|  **Airlines — 0.7%** |  |  |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/28 | 23000 | 23611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/29 (a) | 28000 | 29360 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 | 62000 | 61657 |
|  (Cost $114,803) |  | **114628** |
|  **Apparel — 0.3%** |  |  |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 | 11000 | 11011 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 13000 | 12561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 27000 | 23575 |
|  (Cost $47,112) |  | **47147** |
|  **Auto Manufacturers — 1.1%** |  |  |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 29000 | 28235 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 26000 | 27183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 77000 | 71990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 20000 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 | 42000 | 44525 |
|  (Cost $190,478) |  | **192896** |
|  **Auto Parts & Equipment — 1.8%** |  |  |
|  Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 (a) | 12000 | 12645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/33 | 24000 | 25007 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/1/28 | 5000 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 22000 | 20785 |
|  Clarios Global LP / Clarios US Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 28000 | 29032 |
|  Dornoch Debt Merger Sub, Inc., 144A,6.625%, 10/15/29 | 20000 | 17383 |
|  Forvia SE,144A,8.00%, 6/15/30 (a) | 12000 | 12669 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 17000 | 16154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 17000 | 15989 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 57000 | 57038 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 17000 | 17232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 17000 | 16938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 30000 | 29280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 19000 | 18233 |
|  (Cost $299,439) |  | **307637** |
|  **Entertainment — 3.2%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 18000 | 18759 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 | 44000 | 41988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 27000 | 26490 |
|  Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/28 | 25000 | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 | 10000 | 10368 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 13000 | 12417 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 23000 | 23610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 11000 | 11490 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 23000 | 23784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 21000 | 22139 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 13000 | 12262 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 | 11000 | 9496 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 11000 | 11089 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/1/29 | 20000 | 11675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/31 | 25000 | 14531 |
|  Six Flags Entertainment Corp.,144A,7.25%, 5/15/31 | 24000 | 24133 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29 | 10000 | 9689 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 29000 | 29489 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58080 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 47000 | 44687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 86000 | 74272 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,7.125%, 2/15/31 | 30000 | 32311 |
|  (Cost $552,455) |  | **547622** |
|  **Food Service — 0.2%** |  |  |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/28 | 14000 | 14085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 5/15/29 | 15000 | 15334 |
|  (Cost $28,507) |  | **29419** |
|  **Home Builders — 0.4%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,6.875%, 8/1/33 | 10000 | 10027 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 16000 | 15950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 20000 | 18362 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 12000 | 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 | 14000 | 13670 |
|  (Cost $70,986) |  | **70586** |
|  **Home Furnishings — 0.1%** |  |  |
|  Whirlpool Corp.,6.50%, 6/15/33 |  |  |
|  (Cost $17,087) | 17000 | **17135** |
|  **Housewares — 0.9%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 23000 | 17551 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 16000 | 16227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 41000 | 43387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 22000 | 22148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 | 17000 | 16808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 | 12000 | 11744 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 20000 | 18420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 9000 | 8316 |
|  (Cost $156,603) |  | **154601** |
|  **Leisure Time — 1.0%** |  |  |
|  Lindblad Expeditions LLC,144A,7.00%, 9/15/30 | 20000 | 20497 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 22000 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 54000 | 55724 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 39000 | 38273 |
|  (Cost $165,200) |  | **163242** |
|  **Lodging — 1.9%** |  |  |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 16000 | 14908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 27000 | 27568 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 144A,5.00%, 6/1/29 | 29000 | 28066 |
|  Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 | 14000 | 13539 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/17/27 | 12000 | 12009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 24000 | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 33000 | 31917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/17/32 | 30000 | 31257 |
|  MGM Resorts International,6.50%, 4/15/32 | 19000 | 19511 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 | 18000 | 17045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 15000 | 15438 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 20000 | 19952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 29000 | 27506 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 18000 | 17448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/1/33 | 15000 | 15065 |
|  (Cost $306,584) |  | **315042** |
|  **Retail — 4.5%** |  |  |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 | 16000 | 14770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 29000 | 29778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 29000 | 29748 |
|  Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32 | 16000 | 15392 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 14000 | 14430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 25000 | 25690 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 30000 | 33167 |
|  Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29 | 20000 | 18529 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 30000 | 28698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 | 34000 | 32004 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  FirstCash, Inc.,144A,6.875%, 3/1/32 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15584 |
|  Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/29 | 25000 | 23468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/1/31 | 23000 | 20845 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 16000 | 14876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 15000 | 13252 |
|  Kohl's Corp.,5.125%, 5/1/31 | 14000 | 11085 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/29 | 22000 | 20206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/15/31 | 28000 | 29380 |
|  LCM Investments Holdings II LLC,144A,8.25%, 8/1/31 | 23000 | 24402 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 (a) | 14000 | 13680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 13000 | 13364 |
|  Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/1/28 | 18000 | 14296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/1/29 | 34000 | 23220 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 | 18000 | 16667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 (a) | 10000 | 8859 |
|  Patrick Industries, Inc.,144A,6.375%, 11/1/32 | 11000 | 11167 |
|  PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/32 | 58000 | 57543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 9/15/33 | 22000 | 21605 |
|  QVC, Inc.,144A,6.875%, 4/15/29 | 18000 | 8746 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 (a) | 19000 | 18483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/15/31 | 10000 | 9563 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 75000 | 72187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 21146 | 15158 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31 | 20000 | 18936 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a) | 15000 | 15729 |
|  White Cap Buyer LLC,144A,6.875%,<br>10/15/28 (a) | 18000 | 17998 |
|  (Cost $774,351) |  | **772505** |
|  **Consumer, Non-cyclical — 13.6%** |  |  |
|  **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc.,144A,6.25%, 4/1/29 |  |  |
|  (Cost $17,990) | 18000 | **18141** |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  **Commercial Services — 4.5%** |  |  |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc., 144A,7.00%, 5/21/30 | 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41376 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 76000 | 79926 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 23000 | 22763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 29000 | 29888 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 41000 | 40044 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 10000 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 | 15000 | 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 33000 | 34189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 | 14000 | 14458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 | 18000 | 18800 |
|  Brink's Co.,144A,6.75%, 6/15/32 | 13000 | 13477 |
|  Clarivate Science Holdings Corp.,144A,4.875%, 7/1/29 | 32000 | 30259 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 13000 | 14019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 | 15000 | 15949 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 15000 | 14889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/32 | 18000 | 18732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/15/32 | 27000 | 28185 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 20000 | 21165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 17000 | 18752 |
|  Herc Holdings, Inc.,144A,7.25%, 6/15/33 | 38000 | 39890 |
|  Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/26 | 19000 | 17629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 38000 | 39520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 | 25000 | 18025 |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 36000 | 36764 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 32000 | 32495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 15000 | 14481 |
|  Sotheby's,144A,7.375%, 10/15/27 | 21000 | 20874 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 29000 | 31428 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 39000 | 41364 |
|  (Cost $764,343) |  | **773602** |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  **Cosmetics/Personal Care — 0.1%** |  |  |
|  Edgewell Personal Care Co.,144A,4.125%, 4/1/29 |  |  |
|  (Cost $9,982) | 10000 | **9527** |
|  **Food — 1.5%** |  |  |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 19000 | 18190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 21000 | 20667 |
|  Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 3/1/31 | 20000 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 9/15/32 | 12000 | 12923 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 30000 | 31619 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 12/15/29 | 33000 | 32921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 34000 | 32819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 40000 | 37338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 37000 | 37468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 | 18000 | 18152 |
|  (Cost $263,715) |  | **263344** |
|  **Healthcare-Products — 0.3%** |  |  |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 |  |  |
|  (Cost $43,691) | 43000 | **44845** |
|  **Healthcare-Services — 3.7%** |  |  |
|  Acadia Healthcare Co., Inc.,144A,7.375%, 3/15/33 (a) | 15000 | 15640 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 15000 | 14476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 (a) | 46000 | 36615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 40000 | 28785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 52000 | 46658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 40000 | 34133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 70000 | 74164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 1/15/34 | 55000 | 55772 |
|  DaVita, Inc.,144A,6.875%, 9/1/32 | 27000 | 27953 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 | 10000 | 9511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 22000 | 23848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 38000 | 41938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 21000 | 22271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/32 | 26000 | 26810 |
|  MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30 | 23000 | 20138 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 45000 | 46477 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24531 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 28000 | 29677 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 13000 | 13170 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 34000 | 34934 |
|  (Cost $625,414) |  | 627501 |
|  **Household Products/Wares — 0.2%** |  |  |
|  Central Garden & Pet Co.,144A,4.125%, 4/30/31 | 9000 | 8395 |
|  Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/31 | 19000 | 14202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 6/30/32 (a) | 12000 | 6074 |
|  (Cost $34,975) |  | 28671 |
|  **Pharmaceuticals — 3.2%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 135000 | 140285 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 16000 | 15142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 13000 | 12411 |
|  Bausch Health Americas, Inc.,144A,8.50%, 1/31/27 | 20000 | 19969 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 8000 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 44000 | 39753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 53000 | 55633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 12000 | 9213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 | 25000 | 19687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 23000 | 16768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 2/15/31 | 13000 | 8787 |
|  Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a) | 28000 | 29844 |
|  Grifols SA,144A,4.75%, 10/15/28 | 25000 | 24247 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 22000 | 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 17000 | 14970 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 48000 | 41167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 12000 | 11376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 | 22000 | 19860 |
|  Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 20000 | 17006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 (a) | 15000 | 13025 |
|  (Cost $524,557) |  | 540102 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Diversified — 0.2%** |  |  |
|  **Holding Companies-Diversified — 0.2%** |  |  |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 15000 | 15487 |
|  (Cost $34,074) |  | **33862** |
|  **Energy — 11.7%** |  |  |
|  **Oil & Gas — 6.0%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 30000 | 31313 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,6.625%, 7/15/33 | 14000 | 14222 |
|  Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/30/30 | 26000 | 26562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/32 | 19000 | 18578 |
|  California Resources Corp.,144A,8.25%, 6/15/29 | 24000 | 24817 |
|  Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 41000 | 42630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 28000 | 29168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 | 37000 | 38109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 26000 | 27536 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 44000 | 43414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 8000 | 7881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 27000 | 25360 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 45000 | 44847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 29000 | 28353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 10000 | 10155 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/15/28 | 14000 | 13654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/29 | 14000 | 14161 |
|  Energean PLC,144A,6.50%, 4/30/27 | 13000 | 12885 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 20000 | 20118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 15000 | 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 11000 | 10893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 25000 | 24150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 10000 | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 22000 | 22990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 29000 | 28316 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 21000 | 21908 |
|  Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/1/28 | 11000 | 9250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 10/1/31 (a) | 15000 | 11235 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12577 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 39000 | 40413 |
|  Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 3/1/28 | 21000 | 21172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 6/15/31 | 15000 | 15429 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 20000 | 19371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 16000 | 16490 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 27000 | 26544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 27000 | 27898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 | 13000 | 12597 |
|  Puma International Financing SA,144A,7.75%, 4/25/29 | 16000 | 16591 |
|  SM Energy Co.,144A,7.00%, 8/1/32 (a) | 21000 | 21165 |
|  Sunoco LP,144A,7.25%, 5/1/32 | 19000 | 20112 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 17000 | 17513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 18000 | 18667 |
|  Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/1/27 | 25000 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/29 | 27000 | 26144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/31 | 25000 | 23510 |
|  Vital Energy, Inc.,144A,7.875%, 4/15/32 | 30000 | 29578 |
|  (Cost $1,001,847) |  | **1017650** |
|  **Oil & Gas Services — 0.8%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/28 | 21000 | 21083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/1/32 | 19000 | 19490 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/27 | 32000 | 32027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 23000 | 23592 |
|  Weatherford International Ltd.,144A,8.625%, 4/30/30 | 46000 | 47175 |
|  (Cost $141,909) |  | **143367** |
|  **Pipelines — 4.9%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.,144A,6.625%, 2/1/32 | 18000 | 18627 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/29 | 15000 | 15659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/32 | 12000 | 12743 |
|  Buckeye Partners LP,144A,6.875%, 7/1/29 | 18000 | 18666 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 15000 | 16098 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 29000 | 30336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 | 28000 | 28039 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 12000 | 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 28000 | 29653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 19000 | 19734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 15000 | 15678 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 16000 | 16831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 14000 | 14340 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 22000 | 22250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 14000 | 14426 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 32000 | 31399 |
|  New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a) | 14000 | 4912 |
|  NFE Financing LLC,144A,12.00%, 11/15/29 | 81000 | 29836 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 24000 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 45000 | 45802 |
|  Rockies Express Pipeline LLC, 144A,6.75%, 3/15/33 | 14000 | 14642 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 26000 | 25972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 17000 | 17527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 15000 | 14787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 22000 | 21628 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 | 63000 | 66138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 | 68000 | 74086 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 63000 | 65809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 63000 | 66155 |
|  (Cost $848,398) |  | **826312** |
|  **Financial — 13.0%** |  |  |
|  **Banks — 0.2%** |  |  |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/27 | 16000 | 16052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 10/1/30 | 15000 | 16646 |
|  (Cost $30,806) |  | **32698** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Diversified Financial Services — 5.4%** |  |  |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 23000 | 25134 |
|  Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/30 | 13000 | 13658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 22000 | 22777 |
|  Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29 | 21000 | 22456 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 7/1/31 | 18000 | 19184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/33 | 13000 | 13302 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/15/28 | 18000 | 19025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/30 | 10000 | 10148 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/1/29 | 10000 | 10571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 25000 | 26438 |
|  Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/15/28 | 11000 | 11736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 8/1/29 | 14000 | 14774 |
|  Focus Financial Partners LLC,144A,6.75%, 9/15/31 | 35000 | 36197 |
|  Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/1/29 | 30000 | 31376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/15/31 | 25000 | 26329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 4/1/32 | 20000 | 20641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/33 | 10000 | 10175 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 20000 | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 22000 | 22798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 12000 | 12193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/30 | 7000 | 7219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/31 | 13000 | 13009 |
|  Jefferies Finance LLC / JFIN Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/28 | 27000 | 26220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/31 | 14000 | 14051 |
|  LD Holdings Group LLC,144A,6.125%, 4/1/28 | 15000 | 13221 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/1/28 | 28000 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/15/30 | 11000 | 10474 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 (a) | 26000 | 25724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 13000 | 14370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31 | 13000 | 14683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/32 (a) | 15000 | 15842 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 19000 | 20115 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31 | 35000 | 36712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 | 19000 | 19749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32 | 19000 | 19475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/15/32 | 22000 | 22935 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 10000 | 10197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/33 | 12000 | 12168 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 11/15/30 | 13000 | 13475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/31 | 21000 | 20619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/32 | 29000 | 29709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/33 | 22000 | 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/34 | 19000 | 19144 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 17000 | 17877 |
|  Stonex Escrow Issuer LLC,144A,6.875%, 7/15/32 | 17000 | 17486 |
|  Synchrony Financial,7.25%, 2/2/33 | 22000 | 23195 |
|  UWM Holdings LLC,144A,6.625%, 2/1/30 | 19000 | 19314 |
|  (Cost $904,825) |  | **924928** |
|  **Insurance — 2.3%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 39000 | 40584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 10000 | 10522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 | 19000 | 18639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 11/6/30 | 26000 | 26962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/1/32 | 8000 | 8214 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 9000 | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/32 | 28000 | 28882 |
|  Ardonagh Finco Ltd.,144A,7.75%, 2/15/31 | 36000 | 37700 |
|  Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32 | 49000 | 51912 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 28000 | 28941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/32 | 14000 | 14586 |
|  Jones Deslauriers Insurance Management, Inc.,144A,10.50%, 12/15/30 | 15000 | 15939 |
|  Panther Escrow Issuer LLC,144A,7.125%, 6/1/31 | 91000 | 94496 |
|  (Cost $378,710) |  | **386277** |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Real Estate — 0.8%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 24200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23845 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 22000 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 14000 | 12282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 8000 | 8505 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 23000 | 22537 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 22000 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 15000 | 14073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 15000 | 14015 |
|  (Cost $134,110) |  | **136692** |
|  **Real Estate Investment Trusts — 3.5%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 | 15000 | 14433 |
|  Arbor Realty SR, Inc.,144A,7.875%, 7/15/30 | 15000 | 15623 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 12000 | 12805 |
|  Brandywine Operating Partnership LP,8.875%, 4/12/29 | 13000 | 14144 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 | 10000 | 9429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 23000 | 19550 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 13000 | 12438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 12000 | 11041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 13000 | 11010 |
|  Millrose Properties, Inc.,144A,6.375%, 8/1/30 | 33000 | 33319 |
|  MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (a) | 35000 | 33179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 (a) | 26000 | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31 | 36000 | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 2/15/32 | 55000 | 57707 |
|  Office Properties Income Trust,144A,9.00%, 9/30/29 | 17000 | 11698 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 27000 | 27768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/33 | 17000 | 17571 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 21000 | 21517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 14000 | 14304 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/26 | 14000 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/27 | 13000 | 12634 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 | 10000 | 9300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 17000 | 17555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 11000 | 9742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 | 8000 | 6813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 36000 | 38394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 | 19000 | 19620 |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital L LC,144A,6.00%, 1/15/30 | 21000 | 19324 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,144A,8.625%, 6/15/32 (a) | 17000 | 16731 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,6.50%, 2/15/29 (a) | 33000 | 31460 |
|  (Cost $584,917) |  | **592704** |
|  **Venture Capital — 0.8%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 47000 | 45882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 19000 | 18912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 17000 | 14323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 27000 | 26760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 28000 | 26699 |
|  (Cost $130,904) |  | **132576** |
|  **Industrial — 5.5%** |  |  |
|  **Building Materials — 1.6%** |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 28000 | 28873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 23000 | 24014 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 | 22000 | 21189 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 | 14000 | 13487 |
|  Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 71000 | 73008 |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31 | 29000 | 30025 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 13000 | 12812 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 39000 | 39114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 29000 | 30956 |
|  (Cost $267,792) |  | **273478** |
|  **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 12000 | 11813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 25000 | 23959 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  WESCO Distribution, Inc.,144A,6.375%, 3/15/33 | 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19719 |
|  (Cost $54,542) |  | **55491** |
|  **Engineering & Construction — 0.7%** |  |  |
|  Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 43000 | 42271 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 26000 | 27015 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 24000 | 23808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 11000 | 11249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/29/31 | 15000 | 15540 |
|  (Cost $115,595) |  | **119883** |
|  **Environmental Control — 0.4%** |  |  |
|  Madison IAQ LLC,144A,5.875%, 6/30/29 | 29000 | 28734 |
|  Reworld Holding Corp.,5.00%, 9/1/30 | 13000 | 12574 |
|  Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 25000 | 26203 |
|  (Cost $65,505) |  | **67511** |
|  **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |  |
|  Terex Corp.,144A,6.25%, 10/15/32 |  |  |
|  (Cost $25,973) | 26000 | **26337** |
|  **Machinery-Diversified — 0.4%** |  |  |
|  Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29 | 33000 | 34670 |
|  Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 13000 | 13753 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 14000 | 14558 |
|  (Cost $59,781) |  | **62981** |
|  **Packaging & Containers — 1.7%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,144A,4.00%, 9/1/29 | 27000 | 24798 |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. |  |  |
|  144A,5.25%, 8/15/27 | 28000 | 12363 |
|  144A,5.25%, 8/15/27 | 26000 | 11480 |
|  LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/28 | 12000 | 9540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/1/29 (a) | 17000 | 11063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 10/1/31 | 28000 | 20696 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/27 | 86000 | 87131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/27 | 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35870 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 17000 | 16093 |
|  Owens-Brockway Glass Container, Inc.,144A,7.25%, 5/15/31 (a) | 18000 | 18337 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 7/15/30 | 17000 | 18072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 1/15/31 | 17000 | 18245 |
|  (Cost $308,665) |  | **283688** |
|  **Transportation — 0.3%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 (a) | 35000 | 20142 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 19000 | 18031 |
|  XPO, Inc.,144A,7.125%, 2/1/32 | 16000 | 16793 |
|  (Cost $63,232) |  | **54966** |
|  **Technology — 4.6%** |  |  |
|  **Computers — 0.7%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 28000 | 29220 |
|  CA Magnum Holdings,144A,5.375%, 10/31/26 | 29000 | 28891 |
|  McAfee Corp.,144A,7.375%, 2/15/30 | 57000 | 52704 |
|  (Cost $111,916) |  | **110815** |
|  **Office/Business Equipment — 0.3%** |  |  |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 10/15/30 | 9000 | 9350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,13.50%, 4/15/31 | 14000 | 14061 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 25000 | 16285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 (a) | 14000 | 8579 |
|  (Cost $54,806) |  | **48275** |
|  **Semiconductors — 0.5%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 22000 | 23934 |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 | 29000 | 29048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 39000 | 38812 |
|  (Cost $91,501) |  | **91794** |
|  **Software — 3.1%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 73000 | 71676 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 | 19000 | 16536 |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 24000 | 20303 |
|  Cloud Software Group, Inc. 144A,6.50%, 3/31/29 | 114000 | 115344 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 119000 | &nbsp;&nbsp;&nbsp;&nbsp;124178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 | 30000 | 30440 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 55000 | 55255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 52000 | 51545 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29 | 26000 | 26705 |
|  Rocket Software, Inc.,144A,6.50%, 2/15/29 | 21000 | 20223 |
|  West Technology Group LLC,144A,8.50%, 4/10/27 | 11000 | 825 |
|  (Cost $523,861) |  | **533030** |
|  **Utilities — 2.8%** |  |  |
|  **Electric — 2.1%** |  |  |
|  Alpha Generation LLC,144A,6.75%, 10/15/32 | 34000 | 35078 |
|  Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 9000 | 9294 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 12000 | 12405 |
|  EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30 | 24000 | 22193 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 49000 | 52012 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 29000 | 29409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 25000 | 25647 |
|  PG&E Corp.,5.25%, 7/1/30 | 27000 | 26330 |
|  Pike Corp.,144A,8.625%, 1/31/31 | 8000 | 8571 |
|  Saavi Energia Sarl,144A,8.875%, 2/10/35 | 32000 | 33960 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/26 | 14000 | 13727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 15000 | 14722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 21000 | 21463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 21000 | 21975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 | 30000 | 31659 |
|  (Cost $348,939) |  | **358445** |
|  **Gas — 0.7%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 22000 | 21969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 10000 | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 15000 | 15724 |
|  Venture Global Plaquemines LNG LLC 144A,7.50%, 5/1/33 | 33000 | 36217 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 34000 | 37879 |
|  (Cost $116,643) |  | **122117** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $16,490,396) |  | **16581393** |
|  | **Number**<br> **of Shares** |  |
| **SECURITIES LENDING<br>COLLATERAL — 5.7%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $970,915) | 970915 | **970915** |
|  **CASH EQUIVALENTS — 1.8%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $304,525) | 304525 | **304525** |
|  **TOTAL INVESTMENTS — 105.0%** |  |  |
|  (Cost $17,765,836) |  | **17856833** |
|  **Other assets and liabilities, net — (5.0%)** |  | **(846324)** |
|  **NET ASSETS — 100.0%** |  | **17010509** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at** <br> **8/31/2024** | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  SECURITIES LENDING COLLATERAL **—** 5.7% | SECURITIES LENDING COLLATERAL **—** 5.7% | SECURITIES LENDING COLLATERAL **—** 5.7% |  |  |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| 1027697 |  | (56782) (d) |  |  | 11315 |  | 970915 | 970915 |
|  CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |  |
| 127410 | 1858377 | (1681262) |  |  | 4903 |  | 304525 | 304525 |
| **1155107** | 1858377 | (1738044) |  |  | 16218 |  | 1275440 | 1275440 |

---

(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 August 31, 2025 amounted to $949,389, which is 5.6% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2025.

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.

#### 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 August 31, 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 |
|  Corporate Bonds (a) | $— | $16581393 | $— | $16581393 |
|  Short-Term Investments (a) | 1275440 |  |  | 1275440 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16581393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17856833 |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  **CORPORATE BONDS — 96.7%** |  |  |
|  **Basic Materials — 4.2%** |  |  |
|  **Chemicals — 2.5%** |  |  |
|  Ashland, Inc.,144A,3.375%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114286 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 193000 | 199543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 185000 | 188569 |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 152000 | 160156 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 199000 | 188152 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.665%, 7/15/27 | 432000 | 444819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 294000 | 306610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 7/15/29 | 213000 | 221898 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 199000 | 198240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 | 199000 | 197831 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 298000 | 298938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 100000 | 104879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 163000 | 156615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 124000 | 130531 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 | 200000 | 199691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 (a) | 149000 | 144731 |
|  SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 322000 | 314899 |
|  WR Grace Holdings LLC,144A,4.875%, 6/15/27 | 140000 | 139049 |
|  (Cost $3,727,039) |  | 3709437 |
|  **Iron/Steel — 0.2%** |  |  |
|  Cleveland-Cliffs, Inc.,5.875%, 6/1/27 | 153000 | 152922 |
|  United States Steel Corp.,6.875%, 3/1/29 | 135000 | 136112 |
|  (Cost $291,199) |  | 289034 |
|  **Mining — 1.5%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 | 142000 | 136856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 213000 | 224811 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 142000 | 144402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 142000 | 144924 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 167000 | 165600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 199000 | 203376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 446000 | 424376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 | 227000 | 233120 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165919 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/28 | 162000 | 159363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/31 | 156000 | 146473 |
|  (Cost $2,140,899) |  | **2149220** |
|  **Communications — 6.4%** |  |  |
|  **Advertising — 0.6%** |  |  |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 169000 | 164445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 166000 | 157930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 156000 | 144557 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 184000 | 182636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 138000 | 145714 |
|  (Cost $818,031) |  | **795282** |
|  **Internet — 1.8%** |  |  |
|  Arches Buyer, Inc.,144A,4.25%, 6/1/28 | 270000 | 262774 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 256000 | 260759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 9/30/30 | 167000 | 173004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 280000 | 288625 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 170000 | 169473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 227000 | 215244 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 128000 | 127403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 152000 | 149804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 142000 | 133812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 142000 | 128259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 200000 | 202333 |
|  Rakuten Group, Inc.,144A,11.25%, 2/15/27 | 504000 | 545401 |
|  (Cost $2,682,588) |  | **2656891** |
|  **Media — 1.8%** |  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.,144A,5.125%, 5/1/27 | 943000 | 938837 |
|  Nexstar Media, Inc.,144A,5.625%, 7/15/27 | 487000 | 486776 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 9/1/26 | 284000 | 282422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 436000 | 434305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 573000 | 553377 |
|  (Cost $2,725,503) |  | **2695717** |
|  **Telecommunications — 2.2%** |  |  |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 3/1/27 | 27000 | 27341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/28 | 19000 | 19076 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267098 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/27 | 327000 | 327131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/1/28 | 470000 | 469094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/29 | 284000 | 286958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/29 | 213000 | 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/30 | 284000 | 287343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/15/30 | 281000 | 293906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/31 | 223000 | 236871 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/30 | 55000 | 54175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 10/15/32 | 8400 | 8519 |
|  Maya SAS/Paris France,144A,7.00%, 10/15/28 | 243000 | 247459 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 111600 | 110681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 172800 | 173328 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 236000 | 251408 |
|  (Cost $3,274,934) |  | **3275388** |
|  **Consumer, Cyclical — 17.2%** |  |  |
|  **Apparel — 0.1%** |  |  |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 |  |  |
|  (Cost $139,818) | 152000 | **140368** |
|  **Auto Manufacturers — 1.2%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 114000 | 113097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 142000 | 143197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 294000 | 271526 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 114000 | 113506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 170000 | 158514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 199000 | 206040 |
|  Nissan Motor Co. Ltd.,144A,4.345%, 9/17/27 | 730000 | 714125 |
|  (Cost $1,742,158) |  | **1720005** |
|  **Auto Parts & Equipment — 1.6%** |  |  |
|  Adient Global Holdings Ltd.,144A,7.00%, 4/15/28 | 142000 | 146408 |
|  American Axle & Manufacturing, Inc.,6.50%, 4/1/27 | 19000 | 19139 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/27 | 451000 | 453743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 223000 | 228117 |
|  Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/27 | 124000 | 123887 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30 | 114000 | 112782 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 199000 | 197721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 240000 | 232872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 | 142000 | 144573 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 285000 | 290081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 216000 | 223554 |
|  (Cost $2,283,591) |  | **2286891** |
|  **Distribution/Wholesale — 0.5%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 199000 | 194822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 114000 | 108212 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 166000 | 170113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 237000 | 249003 |
|  (Cost $725,742) |  | **722150** |
|  **Entertainment — 3.0%** |  |  |
|  Brightstar Lottery PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/27 | 223000 | 225377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/15/29 | 213000 | 211959 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 568000 | 587734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 | 446000 | 457511 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 170000 | 170021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 199000 | 196984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 351000 | 351275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 180000 | 185224 |
|  Light & Wonder International, Inc.,144A,7.00%, 5/15/28 | 209000 | 209836 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 341000 | 344790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 270000 | 267921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 162000 | 157970 |
|  Six Flags Entertainment Corp.,144A,5.50%, 4/15/27 | 152000 | 151691 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.,5.375%, 4/15/27 | 152000 | 151367 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 142000 | 143982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 170000 | 176191 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 213000 | 212726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 227000 | 229938 |
|  (Cost $4,431,322) |  | **4432497** |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Food Service — 0.2%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 |  |  |
|  (Cost $324,655) | &nbsp;&nbsp;&nbsp;&nbsp;327000 | **324895** |
|  **Home Builders — 0.7%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30 | 114000 | 107651 |
|  Century Communities, Inc.,144A,3.875%, 8/15/29 | 142000 | 132382 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/15/27 | 142000 | 141618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 180000 | 172552 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/27 | 142000 | 143382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 128000 | 129701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 142000 | 141689 |
|  (Cost $968,836) |  | **968975** |
|  **Home Furnishings — 0.5%** |  |  |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 227000 | 218419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 227000 | 207831 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 199000 | 196619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 170000 | 172023 |
|  (Cost $783,740) |  | **794892** |
|  **Housewares — 0.1%** |  |  |
|  Scotts Miracle-Gro Co.,4.50%, 10/15/29 |  |  |
|  (Cost $111,670) | 117000 | **113142** |
|  **Leisure Time — 2.3%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/1/29 | 568000 | 575720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 284000 | 291335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 284000 | 291319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 862000 | 877300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 | 593000 | 609325 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 142000 | 143599 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/27 | 284000 | 284774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 1/15/29 | 224000 | 235698 |
|  (Cost $3,272,299) |  | **3309070** |
|  **Lodging — 2.7%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 284000 | 281952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 256000 | 246554 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 166000 | 169147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 237000 | 227441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 284000 | 283395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 | 312000 | 294111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 436000 | 398239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 128000 | 131543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 284000 | 290009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 279000 | 281476 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/1/26 | 124000 | 123262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 192000 | 193214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 213000 | 212147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 241000 | 246298 |
|  Station Casinos LLC,144A,4.50%, 2/15/28 | 196000 | 193312 |
|  Travel + Leisure Co.,6.00%, 4/1/27 | 114000 | 115563 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 266000 | 266344 |
|  (Cost $4,058,138) |  | **4015157** |
|  **Retail — 4.3%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 440000 | 428659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 223000 | 219527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 213000 | 202845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 351000 | 359864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 142000 | 143867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 843000 | 788988 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 115000 | 113726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 227000 | 220983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 126000 | 123147 |
|  Bath & Body Works, Inc.,5.25%, 2/1/28 | 126000 | 126752 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 152000 | 149357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 166000 | 165842 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 213000 | 206823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 162000 | 166292 |
|  LCM Investments Holdings II LLC,144A,4.875%, 5/1/29 | 304000 | 298723 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 115000 | 114029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 227000 | 217809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 156000 | 148365 |
|  Murphy Oil USA, Inc. 4.75%, 9/15/29 | 142000 | 139778 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131599 |
|  Penske Automotive Group, Inc.,3.75%, 6/15/29 | 142000 | 135502 |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 649000 | 671913 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 237000 | 235255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 298000 | 277383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 312000 | 301806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 294000 | 296011 |
|  (Cost $6,466,599) |  | **6384845** |
|  **Consumer, Non-cyclical — 21.5%** |  |  |
|  **Agriculture — 0.3%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 131000 | 130799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 284000 | 287317 |
|  (Cost $419,633) |  | **418116** |
|  **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc.,144A,4.375%, 4/30/29 |  |  |
|  (Cost $204,466) | 212000 | **205194** |
|  **Commercial Services — 6.7%** |  |  |
|  ADT Security Corp.,144A,4.125%, 8/1/29 | 284000 | 274783 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 317000 | 321255 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 346000 | 353898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/31 | 284000 | 262538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 | 568000 | 588876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/15/33 | 288000 | 295855 |
|  Boost Newco Borrower LLC,144A,7.50%, 1/15/31 | 618000 | 656046 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 170000 | 168659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 114000 | 117318 |
|  Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28 | 272000 | 262601 |
|  EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 293000 | 310681 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/15/27 | 162000 | 160957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 114000 | 117684 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/27 | 351000 | 350839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 227000 | 233970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 469000 | 488426 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 8/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/28 | 369000 | 369229 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 156000 | 155312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 213000 | 211931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 251000 | 232088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 237000 | 222967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 227000 | 229539 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32 | 479000 | 496958 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/27 | 129000 | 128986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 233000 | 229186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 474000 | 471681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 233000 | 233852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 213000 | 203581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 312000 | 293771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 223000 | 205661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 312000 | 323553 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 142000 | 139828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 142000 | 145584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 142000 | 147091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 162000 | 169550 |
|  (Cost $9,991,639) |  | **9879207** |
|  **Cosmetics/Personal Care — 0.9%** |  |  |
|  Edgewell Personal Care Co.,144A,5.50%, 6/1/28 | 213000 | 212137 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 322000 | 327876 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/15/30 | 213000 | 208586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/30/32 | 213000 | 214519 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 124000 | 123294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 170000 | 156778 |
|  (Cost $1,255,159) |  | **1243190** |
|  **Food — 3.4%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/27 | 383000 | 380981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/28 | 213000 | 213109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 223000 | 227451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 393000 | 374018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 294000 | 289802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 170000 | 174081 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 285000 | 273448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 199000 | 187325 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/27 | 301000 | 300780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 284000 | 275227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 294000 | 301281 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 273000 | 246857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 262000 | 276447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 142000 | 155662 |
|  Post Holdings, Inc.,144A,6.25%, 2/15/32 | 284000 | 292099 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 142000 | 146481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 266000 | 262192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 142000 | 138903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 152000 | 159790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 142000 | 142819 |
|  (Cost $4,982,823) |  | **4960296** |
|  **Healthcare-Products — 2.5%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 470000 | 462862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 227000 | 215826 |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/28 | 124000 | 122885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 2/15/29 | 262000 | 250480 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 4/1/29 | 1278000 | 1227994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/1/29 | 730000 | 723388 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29 | 426000 | 438160 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 142000 | 140565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 142000 | 139220 |
|  (Cost $3,741,347) |  | **3721380** |
|  **Healthcare-Services — 6.0%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 131000 | 130440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 145000 | 141844 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 152000 | 148557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 152000 | 144219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 142000 | 131460 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 | 185000 | 192012 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 811000 | 781378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 426000 | 388993 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294566 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 237000 | 234877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 227000 | 223928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 114000 | 110603 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 298000 | 297920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 312000 | 310936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 142000 | 147354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 568000 | 586214 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 237000 | 231133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 185000 | 170060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 213000 | 190582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 213000 | 214658 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 156000 | 157040 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/27 | 426000 | 426545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 426000 | 425040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 170000 | 168205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 710000 | 710956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 408000 | 397487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 422000 | 410077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 568000 | 577404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 383000 | 398335 |
|  (Cost $8,805,848) |  | **8742823** |
|  **Household Products/Wares — 0.1%** |  |  |
|  Central Garden & Pet Co.,4.125%, 10/15/30 |  |  |
|  (Cost $131,978) | 142000 | **134432** |
|  **Pharmaceuticals — 1.5%** |  |  |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 426000 | 417299 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28 | 596000 | 571195 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26 | 521000 | 511022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 355000 | 368667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/32 | 142000 | 146125 |
|  Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30 | 219000 | 223806 |
|  (Cost $2,257,549) |  | **2238114** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Energy — 8.4%** |  |  |
|  **Oil & Gas — 3.9%** |  |  |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 170000 | 173190 |
|  Civitas Resources, Inc.,144A,5.00%, 10/15/26 | 124000 | 123741 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 152000 | 152430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 142000 | 147363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 170000 | 176509 |
|  Crescent Energy Finance LLC,144A,9.25%, 2/15/28 | 142000 | 147855 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 180939 | 180849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 156361 | 155442 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 142000 | 145385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 266000 | 270044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 | 213000 | 215107 |
|  Murphy Oil Corp.,6.00%, 10/1/32 | 170000 | 165661 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 152000 | 151999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 227000 | 220588 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 199000 | 199184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 284000 | 294632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 294000 | 299667 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 175000 | 179704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/30 | 142000 | 138613 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/26 | 119000 | 118860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27 | 118000 | 118161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 114000 | 115159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 213000 | 215259 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 213000 | 221331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 284000 | 290433 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 170000 | 170243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 142000 | 146794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 227000 | 221409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 237000 | 229178 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 199000 | 194410 |
|  (Cost $5,648,752) |  | **5693009** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Pipelines — 4.5%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 185000 | 185626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 223000 | 221809 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/26 | 170000 | 168064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 114000 | 112215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 142000 | 139858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 142000 | 147581 |
|  Genesis Energy LP / Genesis Energy Finance Corp.,7.75%, 2/1/28 | 218000 | 220531 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 237000 | 241121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 156000 | 155752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 170000 | 175884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 223000 | 216680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 114000 | 114694 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 170000 | 177395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 216000 | 219664 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 156000 | 156931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 180000 | 186484 |
|  Rockies Express Pipeline LLC,144A,4.95%, 7/15/29 | 166000 | 163443 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,144A,6.00%, 3/1/27 | 122000 | 121927 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 355000 | 340557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 304000 | 316764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 365000 | 342935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/33 | 355000 | 316458 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 649000 | 672901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 852000 | 937233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 436000 | 449567 |
|  (Cost $6,753,590) |  | **6687145** |
|  **Financial — 14.8%** |  |  |
|  **Banks — 0.1%** |  |  |
|  Banco Votorantim SA,144A,5.875%, 4/8/28 | 186000 | 189804 |
|  Freedom Mortgage Corp.,144A,12.00%, 10/1/28 | 17000 | 18191 |
|  (Cost $206,841) |  | **207995** |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Diversified Financial Services — 6.2%** |  |  |
|  Ally Financial, Inc.,6.70%, 2/14/33 | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147552 |
|  Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 10/1/28 | 308000 | 292449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 209000 | 187211 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/27 | 209000 | 214536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/28 | 170000 | 180493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 116000 | 120350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 114000 | 115421 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/29 | 170000 | 164305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/30/31 | 398000 | 416080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 11/1/32 | 484000 | 486586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/33 | 383000 | 396017 |
|  Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/27 | 90000 | 89891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 181000 | 180749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 237000 | 243372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 12/15/30 | 205000 | 208050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/31 | 190000 | 192396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 316000 | 329629 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 199000 | 197681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 142000 | 139365 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/27 | 223000 | 218380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 223000 | 228776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 180000 | 172682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | 256000 | 263561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 210000 | 207772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 210000 | 213406 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 185000 | 178569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 213000 | 226529 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/30 | 568000 | 584827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/33 | 588000 | 610917 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.875%, 10/15/26 | 327000 | 320291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 213000 | 203199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 3/1/31 | 365000 | 341309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/33 | 241000 | 217433 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/2/26 | 142000 | 139314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30 | 142000 | 148725 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  StoneX Group, Inc.,144A,7.875%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175593 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 142000 | 141940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 199000 | 196134 |
|  (Cost $9,068,132) |  | **9091490** |
|  **Insurance — 2.8%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29 | 209000 | 201840 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 213000 | 210111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 355000 | 362394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/31 | 432000 | 447147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/31 | 284000 | 290667 |
|  AmWINS Group, Inc., 144A,6.375%, 2/15/29 | 233000 | 238944 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 156000 | 156643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 940000 | 983831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/31/32 | 540000 | 568326 |
|  Jones Deslauriers Insurance Management, Inc., 144A,8.50%, 3/15/30 | 206000 | 218034 |
|  Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/30 | 124000 | 120001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/1/32 | 341000 | 343551 |
|  (Cost $4,118,580) |  | **4141489** |
|  **Real Estate — 0.6%** |  |  |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 185000 | 186941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 107000 | 114812 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 8/1/28 | 213000 | 212945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 185000 | 177101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 185000 | 172437 |
|  (Cost $877,439) |  | **864236** |
|  **Real Estate Investment Trusts — 5.1%** |  |  |
|  Brandywine Operating Partnership LP,3.95%, 11/15/27 | 138000 | 134465 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 141000 | 138671 |
|  Global Net Lease, Inc.,144A,4.50%, 9/30/28 | 142000 | 138130 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 152000 | 147538 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 244000 | 243574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 142000 | 141029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 294000 | 303027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 294000 | 289171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 379000 | 375311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 312000 | 297012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 170000 | 168830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 341000 | 349155 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/27 | 170000 | 167322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 180000 | 176139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/30 | 152000 | 154975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/31 | 142000 | 149405 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 206000 | 205949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 213000 | 207459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 156000 | 161200 |
|  Pebblebrook Hotel LP / PEB Finance Corp., 144A,6.375%, 10/15/29 | 114000 | 115577 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | 209000 | 208612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 111000 | 114323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 170000 | 166254 |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 142000 | 133355 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 | 435000 | 427876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/1/29 | 436000 | 410073 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/27 | 144000 | 142456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 190000 | 199349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 114000 | 116193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 142000 | 147477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 142000 | 146940 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 2/15/28 | 656000 | 690696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 162000 | 158198 |
|  (Cost $7,426,528) |  | **7427989** |
|  **Industrial — 15.1%** |  |  |
|  **Aerospace/Defense — 4.5%** |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 121000 | 127554 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 213000 | 213381 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 223000 | 240603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 | 213000 | 224829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 | 213000 | 222675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 142000 | 147838 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28 | 199000 | 198623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 11/30/29 | 256000 | 271070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 11/15/30 | 351000 | 387002 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 557000 | 573313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 329000 | 322182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 730000 | 748311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 199000 | 195541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 395000 | 409894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 275000 | 286993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 594000 | 612381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 428000 | 433111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 704000 | 715115 |
|  (Cost $6,521,463) |  | **6563280** |
|  **Building Materials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 156000 | 154391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 369000 | 347061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 219000 | 225986 |
|  James Hardie International Finance DAC, 144A,5.00%, 1/15/28 | 114000 | 112658 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 144A,6.75%, 4/1/32 | 199000 | 205266 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 1132000 | 1168197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33 | 436000 | 452261 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 284000 | 293320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 301000 | 307427 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 284000 | 281532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 484000 | 464113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 312000 | 283385 |
|  (Cost $3,975,097) |  | **4295597** |
| **Electrical Components & Equipment — 0.6%** |  |  |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 376000 | 382054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 256000 | 263892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 241000 | 250188 |
|  (Cost $904,560) |  | **896134** |
|  **Electronics — 1.0%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 568000 | 554109 |

---

See Notes to Financial Statements.

22 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 152000 | 153456 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 128000 | 123343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 213000 | 195947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 (a) | 152000 | 157125 |
|  (Cost $1,487,136) |  | **1456270** |
|  **Engineering & Construction — 0.5%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 341000 | 348281 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 114000 | 110773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 180000 | 187913 |
|  Fluor Corp.,4.25%, 9/15/28 | 139000 | 136862 |
|  (Cost $777,265) |  | **783829** |
|  **Environmental Control — 1.0%** |  |  |
|  Clean Harbors, Inc.,144A,6.375%, 2/1/31 | 142000 | 145617 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 223000 | 217560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 213000 | 209732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 156000 | 151852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 294000 | 307284 |
|  Madison IAQ LLC,144A,4.125%, 6/30/28 | 199000 | 193627 |
|  Wrangler Holdco Corp.,144A,6.625%, 4/1/32 | 152000 | 158557 |
|  (Cost $1,374,685) |  | **1384229** |
| **Machinery-Construction & Mining — 0.1%** |  |  |
|  Terex Corp.,144A,5.00%, 5/15/29 |  |  |
|  (Cost $164,749) | 170000 | **167344** |
|  **Machinery-Diversified — 0.3%** |  |  |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 |  |  |
|  (Cost $450,186) | 453000 | **452023** |
|  **Miscellaneous Manufacturing — 0.5%** |  |  |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 284000 | 292497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 223000 | 231075 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 180000 | 186248 |
|  (Cost $704,013) |  | **709820** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Packaging & Containers — 2.9%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/27 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 170000 | 160804 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/15/28 | 213000 | 217572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 294000 | 301958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 369000 | 334072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 241000 | 217383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 216000 | 218743 |
|  Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29 | 227000 | 214004 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 142000 | 146168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 412000 | 423598 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 | 152000 | 154112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 | 199000 | 201472 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 128000 | 123318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 114000 | 107125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 7/15/32 | 152000 | 154629 |
|  Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27 | 174000 | 174001 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 121000 | 118545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 220000 | 223313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 121000 | 120110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 121000 | 127540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 114000 | 118008 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 182000 | 177246 |
|  (Cost $4,262,247) |  | **4203862** |
|  **Transportation — 0.1%** |  |  |
|  XPO, Inc.,144A,7.125%, 6/1/31 |  |  |
|  (Cost $145,277) | 140000 | **145829** |
|  **Trucking & Leasing — 0.7%** |  |  |
|  FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/1/28 | 294000 | 294080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/1/30 | 152000 | 161679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/31 | 209000 | 218735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/32 | 227000 | 237054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/33 | 142000 | 142392 |
|  (Cost $1,041,817) |  | **1053940** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Technology — 5.1%** |  |  |
|  **Computers — 1.2%** |  |  |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293285 |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 393000 | 426390 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 195000 | 192424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 124000 | 122564 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 122000 | 116106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 150000 | 159704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 114000 | 115653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 144000 | 153171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 207094 | 235314 |
|  (Cost $1,822,236) |  | **1814611** |
|  **Semiconductors — 0.8%** |  |  |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 114000 | 110951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 474000 | 467588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 114000 | 107574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 254000 | 257482 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 199000 | 193559 |
|  (Cost $1,140,068) |  | **1137154** |
|  **Software — 3.1%** |  |  |
|  Cloud Software Group, Inc.,144A,8.25%, 6/30/32 | 511000 | 546713 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 286000 | 278858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 426000 | 432781 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 256000 | 249016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 241000 | 227361 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 262000 | 247551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 | 189000 | 174061 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 295000 | 280710 |
|  Rocket Software, Inc.,144A,9.00%, 11/28/28 | 227000 | 233918 |
|  SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/30/27 | 568000 | 568576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/32 | 223000 | 231575 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 | 142000 | 135677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 | 142000 | 132769 |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 715000 | 739832 |
|  (Cost $4,488,027) |  | **4479398** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Utilities — 4.0%** |  |  |
|  **Electric — 4.0%** |  |  |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/15/28 | 398000 | 397957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/29 | 195000 | 192799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/31 | 251000 | 249109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/1/31 | 256000 | 243398 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 241000 | 238465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 273000 | 251278 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 243000 | 243922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 152000 | 144118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 218000 | 217492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 227000 | 228047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 292000 | 269526 |
|  PG&E Corp.,5.00%, 7/1/28 | 279000 | 275997 |
|  Pike Corp.,144A,5.50%, 9/1/28 | 206000 | 206213 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 341000 | 364370 |
|  TransAlta Corp.,7.75%, 11/15/29 | 114000 | 118598 |
|  Vistra Operations Co. LLC 144A,5.625%, 2/15/27 | 369000 | 369380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 379000 | 378213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 355000 | 347201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 412000 | 438000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/32 | 284000 | 298237 |
|  (Cost $5,821,452) |  | **5824138** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $141,939,343) |  | **141807419** |
|  | **Number<br>of Shares** |  |
| **SECURITIES LENDING COLLATERAL — 0.5%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
|  (Cost $721,426) | 721426 | **721426** |
|  **CASH EQUIVALENTS — 2.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,249,259) | 3249259 | **3249259** |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL INVESTMENTS — 99.4%** |  |  |
|  (Cost $145,910,028) |  | **145778104** |
|  **Other assets and liabilities, net — 0.6%** |  | **896341** |
|  **NET ASSETS — 100.0%** |  | **146674445** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at <br> 8/31/2024 | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4418701 |  | (3697275) (d) |  |  | 4970 |  | 721426 | 721426 |
|  CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% | CASH EQUIVALENTS **—** 2.2% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352412 | 34026061 | (34129214) |  |  | 136003 |  | 3249259 | 3249259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771113 | 34026061 | (37826489) |  |  | 140973 |  | 3970685 | 3970685 |

---

(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 August 31, 2025 amounted to $703,801, which is 0.5% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 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 under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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 August 31, 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 |
|  Corporate Bonds (a) | $— | $141807419 | $— | $141807419 |
|  Short-Term Investments (a) | 3970685 |  |  | 3970685 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141807419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145778104 |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  | Value $ |
|  **EXCHANGE-TRADED FUNDS — 99.4%** |  |  |
|  Xtrackers High Beta High Yield Bond<br>ETF(a)(b) | 30756 | 1310661 |
|  Xtrackers USD High Yield Corporate Bond ETF(a)(b) | 1245632 | 46088384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $46,273,833) |  | 47399045 |
| SECURITIES LENDING COLLATERAL — 0.1% |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $74,375) | 74375 | 74375 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  | **Value $** |
|  **CASH EQUIVALENTS — 0.7%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $310,618) | 310618 | **310618** |
|  **TOTAL INVESTMENTS — 100.2%** |  |  |
|  (Cost $46,658,826) |  | **47784038** |
|  **Other assets and liabilities, net — (0.2%)** |  | **(82738)** |
|  **NET ASSETS — 100.0%** |  | **47701300** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | Purchases Cost<br>($) | **Sales Proceeds**<br> **($)** | Net Realized<br>Gain/(Loss)<br>($) | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% | EXCHANGE-TRADED FUNDS **—** 99.4% |
|  Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) | Xtrackers High Beta High Yield Bond ETF (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935948 | 1360396 | (981153) | (113113) | 108583 | 81457 |  | 30756 | 1310661 |
|  Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) | Xtrackers USD High Yield Corporate Bond ETF (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41533720 | 48988493 | (43979509) | (3035444) | 2581124 | 2756470 |  | 1245632 | 46088384 |
|  SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% | SECURITIES LENDING COLLATERAL **—** 0.1% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 74375 (e) |  |  |  | 3790 |  | 74375 | 74375 |
|  CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260490 | 45410096 | (45359968) |  |  | 91205 |  | 310618 | 310618 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42730158** | 95833360 | (90320630) | (3148557) | 2689707 | 2932922 |  | 1661381 | 47784038 |

---

(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 August 31, 2025 amounted to $72,445, which is 0.2% 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 year ended August 31, 2025.

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

August 31, 2025

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 August 31, 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 |
|  Exchange-Traded Funds | $47399045 | $— | $— | $47399045 |
|  Short-Term Investments (a) | 384993 |  |  | 384993 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47784038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47784038 |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **CORPORATE BONDS — 97.6%** |  |  |
|  **Basic Materials — 5.1%** |  |  |
|  **Chemicals — 2.8%** |  |  |
|  Avient Corp.,144A,7.125%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246069 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 227000 | 214625 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/5/26 | 130000 | 125128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.665%, 7/15/27 | 463000 | 476739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 340000 | 354583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 7/15/29 | 228000 | 237525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 | 245000 | 247411 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 166000 | 165510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 232000 | 223623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 217000 | 193998 |
|  Consolidated Energy Finance SA, 144A,5.625%, 10/15/28 | 169000 | 142601 |
|  Huntsman International LLC, 4.50%, 5/1/29 | 260000 | 250250 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 149000 | 146649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 | 235000 | 235837 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 172000 | 171343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (a) | 239000 | 237596 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 272000 | 272857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 150000 | 157319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 210000 | 201774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 270000 | 290351 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 | 225000 | 224652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 (a) | 185000 | 179700 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/28 | 335000 | 327612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/1/29 | 207000 | 208056 |
|  Tronox, Inc.,144A,4.625%, 3/15/29 (a) | 355000 | 262415 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/27 | 183000 | 181756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/29 | 380000 | 355931 |
|  (Cost $6,312,530) |  | **6331910** |
|  **Forest Products & Paper — 0.3%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 214000 | 183273 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 | 170000 | 150260 |
|  Mercer International, Inc. 144A,12.875%, 10/1/28 | 124000 | 120620 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225813 |
|  (Cost $727,722) |  | **679966** |
|  **Iron/Steel — 0.9%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/27 | 168000 | 167915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 279000 | 283561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 287000 | 290557 |
|  Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/23/26 | 172000 | 154308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/17/29 | 153000 | 117652 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 5/1/27 | 241000 | 241306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 178000 | 181347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 335000 | 350633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 | 225000 | 233736 |
|  United States Steel Corp.,6.875%, 3/1/29 | 122000 | 123005 |
|  (Cost $2,123,249) |  | **2144020** |
|  **Mining — 1.1%** |  |  |
|  Alcoa Nederland Holding BV,144A,4.125%, 3/31/29 | 145000 | 139747 |
|  Alumina Pty Ltd.,144A,6.125%, 3/15/30 | 180000 | 183044 |
|  First Quantum Minerals Ltd.,144A,9.375%, 3/1/29 | 506000 | 538555 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 203000 | 201299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 215000 | 219728 |
|  Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/26 | 197000 | 195807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/29 | 150000 | 151755 |
|  Kaiser Aluminum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/28 | 186000 | 182973 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 419000 | 431221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 160000 | 158097 |
|  (Cost $2,364,574) |  | **2402226** |
|  **Communications — 17.6%** |  |  |
|  **Advertising — 1.4%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 (a) | 324000 | 315433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 (a) | 361000 | 335912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 236000 | 246011 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 155000 | 150822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 200000 | 190277 |
|  Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 863000 | 858797 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 282000 | 279910 |

---

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;182000 | 175061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129885 |
|  Stagwell Global LLC, 144A,5.625%, 8/15/29 | 375000 | 361998 |
|  (Cost $2,936,567) |  | **3044106** |
|  **Internet — 1.8%** |  |  |
|  Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 343000 | 333820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/1/28 | 156000 | 151426 |
|  Cogent Communications Group LLC / Cogent Finance, Inc., 144A,7.00%, 6/15/27 | 160000 | 159557 |
|  Gen Digital, Inc.,144A,6.75%, 9/30/27 | 246000 | 250573 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 162000 | 161498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 272000 | 257913 |
|  ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 175000 | 169893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 230000 | 240721 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 179000 | 178165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 194000 | 191197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 150000 | 141351 |
|  Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28 | 170000 | 112625 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/15/27 | 596000 | 644959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/29 | 659000 | 735868 |
|  Wayfair LLC,144A,7.25%, 10/31/29 | 258000 | 263709 |
|  (Cost $3,929,573) |  | **3993275** |
|  **Media — 9.9%** |  |  |
|  AMC Networks, Inc.,144A,10.25%, 1/15/29 | 289000 | 301022 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/1/26 | 217000 | 217358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 1084000 | 1079214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 803000 | 796962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 459000 | 455722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 448000 | 455124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 1099000 | 1056901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 860000 | 814631 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 | 428000 | 411931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 | 309000 | 283865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 347000 | 279798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 | 351000 | 351113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 679000 | 623229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 579000 | 456870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 730000 | 343702 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Directv Financing LLC,144A,8.875%, 2/1/30 | 236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234444 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27 | 1166000 | 1161067 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 380000 | 367578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 250000 | 236985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 290000 | 261803 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/26 | 845000 | 820379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 785000 | 739406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 515000 | 425599 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 1215000 | 1285341 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 247000 | 232429 |
|  Gray Media, Inc.,144A,10.50%, 7/15/29 (a) | 388000 | 422624 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 | 220000 | 189318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 | 238000 | 141035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 210000 | 167413 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 371000 | 231690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 282000 | 162426 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 264000 | 265551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 215000 | 219515 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 542000 | 541751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 (a) | 380000 | 373253 |
|  Sinclair Television Group, Inc.,144A,5.50%, 3/1/30 (a) | 167000 | 138192 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 9/1/26 | 341000 | 339106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 446000 | 444266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 642000 | 620014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 (a) | 401000 | 400678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 505000 | 469883 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 341000 | 339453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 335000 | 335557 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 562000 | 583748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 323000 | 303199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 260000 | 261626 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 328000 | 300308 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 442000 | 435508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 285000 | 267734 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **29**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  VTR Finance NV,144A,6.375%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;132000 | 129063 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 156000 | 137855 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 354000 | 332571 |
|  (Cost $22,079,422) |  | **22245810** |
|  **Telecommunications — 4.5%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/28 | 405000 | 331112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 672000 | 533333 |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 3/1/27 (a) | 308000 | 311887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/28 | 199000 | 199796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 9/1/29 | 303000 | 299743 |
|  CommScope Technologies LLC,144A,5.00%, 3/15/27 | 293000 | 290226 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 590000 | 615417 |
|  EchoStar Corp.,10.75%, 11/30/29 | 1789000 | 1927048 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/27 | 377000 | 377151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/1/28 | 562000 | 560917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/29 | 356000 | 359708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/29 | 220000 | 222066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/30 (a) | 302000 | 305555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/15/30 | 395000 | 413142 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/26 | 300000 | 290995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 8/1/26 | 261000 | 241821 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/29 | 196000 | 183750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/30 | 240000 | 216600 |
|  Lumen Technologies, Inc., 144A,4.125%, 4/15/30 | 252000 | 248220 |
|  Maya SAS/Paris France,144A,7.00%, 10/15/28 | 316000 | 321799 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 100800 | 99969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 228600 | 229298 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 4/15/27 | 247000 | 246641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 185000 | 180249 |
|  Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/1/27 | 505000 | 488910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/1/28 | 356000 | 331009 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 279000 | 297216 |
|  (Cost $9,737,724) |  | **10123578** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Consumer, Cyclical — 17.1%** |  |  |
|  **Airlines — 0.4%** |  |  |
|  Air Canada,144A,3.875%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377632 |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/28 | 214000 | 219684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/29 (a) | 365000 | 382729 |
|  (Cost $971,839) |  | **980045** |
|  **Apparel — 0.4%** |  |  |
|  Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/15/26 | 258000 | 254818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/30 | 133000 | 133126 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 175000 | 169092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 237000 | 206937 |
|  (Cost $757,884) |  | **763973** |
|  **Auto Manufacturers — 1.5%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 171000 | 169646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 153000 | 154290 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 343000 | 333952 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.00%, 3/9/26 | 259000 | 254124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,1.85%, 9/16/26 | 244000 | 234813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 173000 | 172250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 200000 | 186487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 225000 | 232960 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.522%, 9/17/25 | 520000 | 520432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 | 824000 | 806080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 327000 | 341876 |
|  (Cost $3,403,295) |  | **3406910** |
|  **Auto Parts & Equipment — 1.9%** |  |  |
|  Adient Global Holdings Ltd.,144A,7.00%, 4/15/28 | 163000 | 168060 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/27 | 183000 | 184342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/1/28 (a) | 121000 | 121129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 184000 | 173842 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/27 | 321000 | 322952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 324000 | 331434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 283000 | 293427 |
|  Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/27 | 139000 | 138873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | 171000 | 171021 |
|  Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 | 221000 | 192077 |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Forvia SE,144A,8.00%, 6/15/30 (a) | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160479 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 245000 | 243425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 292000 | 283328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 | 120000 | 122174 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 651000 | 651432 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 195000 | 197659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 190000 | 189310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 282000 | 275233 |
|  (Cost $4,110,735) |  | **4220197** |
|  **Distribution/Wholesale — 0.2%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 198000 | 193842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 166000 | 157572 |
|  RB Global Holdings, Inc., 144A,6.75%, 3/15/28 | 178000 | 182411 |
|  (Cost $527,592) |  | **533825** |
|  **Entertainment — 3.0%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 217000 | 226153 |
|  Brightstar Lottery PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/27 | 234000 | 236494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/15/29 | 268000 | 266690 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 404000 | 385524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 610000 | 631193 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 237000 | 237030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 230000 | 227670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 372000 | 372291 |
|  Cinemark USA, Inc.,144A,5.25%, 7/15/28 | 241000 | 239681 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 180000 | 171934 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/15/28 | 186000 | 186744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 159000 | 163218 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 379000 | 383212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 298000 | 295705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 157000 | 153094 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,144A,8.25%, 4/15/30 | 253000 | 261626 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 153000 | 144309 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133061 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,144A,5.625%, 9/1/29 (a) | 245000 | 143019 |
|  Six Flags Entertainment Corp., 144A,5.50%, 4/15/27 | 216000 | 215561 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/27 | 156000 | 155351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29 | 150000 | 145336 |
|  Vail Resorts, Inc.,144A,5.625%, 7/15/30 | 164000 | 166289 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 | 380000 | 374556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 452000 | 429755 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,144A,5.125%, 10/1/29 | 256000 | 255671 |
|  (Cost $6,581,233) |  | **6601167** |
|  **Food Service — 0.3%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 352000 | 349734 |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/28 | 173000 | 174047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 5/15/29 | 207000 | 211619 |
|  (Cost $722,422) |  | **735400** |
|  **Home Builders — 0.8%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30 | 159000 | 150145 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 192000 | 191394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 154000 | 141390 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/27 | 233000 | 233635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 145000 | 135179 |
|  LGI Homes, Inc.,144A,8.75%, 12/15/28 | 153000 | 160360 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/15/27 | 150000 | 149597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 195000 | 186931 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/27 | 137000 | 138333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 135000 | 136794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 180000 | 179605 |
|  (Cost $1,780,845) |  | **1803363** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **31**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Home Furnishings — 0.3%** |  |  |
|  Somnigroup International, Inc.,144A,4.00%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238625 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 217000 | 214404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 216000 | 218571 |
|  (Cost $660,466) |  | **671600** |
|  **Housewares — 0.6%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 256000 | 195346 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 185000 | 187623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 400000 | 423290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 206000 | 207387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 | 210000 | 207633 |
|  Scotts Miracle-Gro Co.,4.50%, 10/15/29 | 130000 | 125714 |
|  (Cost $1,369,356) |  | **1346993** |
|  **Leisure Time — 1.1%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/1/29 | 661000 | 669984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 334000 | 342626 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/27 | 323000 | 323881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 1/15/29 | 270000 | 284100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 192000 | 205224 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 276000 | 267856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 435000 | 426887 |
|  (Cost $2,537,549) |  | **2520558** |
|  **Lodging — 2.3%** |  |  |
|  Boyd Gaming Corp.,4.75%, 12/1/27 | 309000 | 306772 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/1/28 | 196000 | 196482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 178000 | 181375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 267000 | 256231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 317000 | 316325 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 144A,5.00%, 6/1/29 | 273000 | 264211 |
|  Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 (a) | 165000 | 159568 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/26/26 | 135000 | 134986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/17/27 | 192000 | 192137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 358000 | 355210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 383000 | 370435 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/1/26 | 193000 | 191851 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 239000 | 238043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 239000 | 244254 |
|  Station Casinos LLC,144A,4.50%, 2/15/28 | 264000 | 260379 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 237000 | 236433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 295000 | 279805 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/31/26 | 200000 | 201797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 132000 | 133810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 221000 | 214227 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 250000 | 250323 |
|  (Cost $5,118,373) |  | **5236234** |
|  **Retail — 4.3%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 513000 | 499777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 285000 | 280561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 236000 | 224749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 427000 | 437784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 114000 | 115499 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 | 182000 | 168008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 300000 | 308048 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 129000 | 127571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 283000 | 275498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 140000 | 136830 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 149000 | 149890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 150000 | 154606 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 391000 | 432274 |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 4/1/26 | 240000 | 237005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 277000 | 256629 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 310000 | 296548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 | 417000 | 392514 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 174000 | 170974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 207000 | 206803 |
|  Gap, Inc.,144A,3.625%, 10/1/29 | 264000 | 247824 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd.,144A,8.375%, 1/15/29 | 171000 | 158982 |

---

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 164000 | 168345 |
|  LBM Acquisition LLC, 144A,6.25%, 1/15/29 | 239000 | 219505 |
|  LCM Investments Holdings II LLC, 144A,4.875%, 5/1/29 | 338000 | 332133 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 120000 | 118987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 256000 | 245635 |
|  Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/1/28 | 262000 | 208086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/1/29 | 331000 | 226054 |
|  Murphy Oil USA, Inc.,4.75%, 9/15/29 | 164000 | 161433 |
|  Nordstrom, Inc.,4.375%, 4/1/30 | 157000 | 145372 |
|  Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/1/25 | 212000 | 212000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/29 | 156000 | 148861 |
|  QVC, Inc.,144A,6.875%, 4/15/29 | 201000 | 97665 |
|  Sonic Automotive, Inc.,144A,4.625%, 11/15/29 (a) | 210000 | 204285 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 755000 | 726687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 305000 | 218625 |
|  Victra Holdings LLC / Victra Finance Corp., 144A,8.75%, 9/15/29 (a) | 124000 | 130025 |
|  White Cap Buyer LLC,144A,6.875%, 10/15/28 (a) | 245000 | 244973 |
|  Yum! Brands, Inc.,144A,4.75%, 1/15/30 | 279000 | 276946 |
|  (Cost $9,537,412) |  | **9583437** |
|  **Consumer, Non-cyclical — 17.0%** |  |  |
|  **Agriculture — 0.2%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 169000 | 168741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 310000 | 313620 |
|  (Cost $481,746) |  | **482361** |
|  **Beverages — 0.2%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 223000 | 224752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 253000 | 244878 |
|  (Cost $462,573) |  | **469630** |
|  **Commercial Services — 5.2%** |  |  |
|  ADT Security Corp.,144A,4.125%, 8/1/29 | 333000 | 322193 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 465000 | 480997 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 380000 | 391638 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 309000 | 301797 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 (a) | 156000 | 151261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 | 216000 | 209736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 195000 | 202029 |
|  Belron UK Finance PLC, 144A,5.75%, 10/15/29 | 384000 | 389155 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/26 | 332000 | 326587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 395000 | 404016 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 190000 | 188501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 124000 | 127609 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 274000 | 264531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 306000 | 289348 |
|  EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 329000 | 348854 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/15/27 | 162000 | 160957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 169000 | 174462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 160000 | 158820 |
|  GEO Group, Inc.,8.625%, 4/15/29 | 203000 | 214821 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/27 | 409000 | 408812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 249000 | 256645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 552000 | 574863 |
|  Hertz Corp. 144A,4.625%, 12/1/26 | 175000 | 162377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 418000 | 434722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 (a) | 324000 | 233610 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 8/31/27 | 332000 | 321926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/28 | 398000 | 398247 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 323000 | 327995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 166000 | 160256 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 190000 | 189162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 259000 | 257700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 270000 | 249657 |
|  Sotheby's,144A,7.375%, 10/15/27 | 247000 | 245516 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 251000 | 246891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 522000 | 519447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 254000 | 254929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 250000 | 238945 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 134000 | 131950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 166000 | 170190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 182000 | 188525 |
|  (Cost $11,430,806) |  | **11586244** |
|  **Cosmetics/Personal Care — 0.3%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 178000 | 177279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 | 198000 | 188632 |
|  Perrigo Finance Unlimited Co.,4.90%, 6/15/30 | 255000 | 249715 |
|  Prestige Brands, Inc.,144A,5.125%, 1/15/28 | 153000 | 152129 |
|  (Cost $760,734) |  | **767755** |
|  **Food — 2.4%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 3/15/26 | 243000 | 241426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/27 | 459000 | 456580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/28 | 233000 | 233119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 236000 | 240710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 473000 | 450154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 310000 | 305574 |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 173000 | 165624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 275000 | 270633 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 317000 | 334108 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 193000 | 192378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 310000 | 297435 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/27 | 336000 | 335755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 330000 | 319806 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 12/15/29 | 325000 | 324222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 471000 | 454641 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 203000 | 209406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 312000 | 307534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134012 |
|  (Cost $5,204,485) |  | **5273117** |
|  **Healthcare-Products — 2.1%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 536000 | 527859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 259000 | 246251 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 447000 | 466176 |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/28 | 117000 | 115948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 2/15/29 | 323000 | 308798 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 4/1/29 | 1470000 | 1412482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/1/29 | 890000 | 881939 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29 | 406000 | 417589 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 168000 | 166302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 159000 | 155887 |
|  (Cost $4,609,295) |  | **4699231** |
|  **Healthcare-Services — 4.2%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 193000 | 192175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 145000 | 141844 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 163000 | 159308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 163000 | 154656 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 258000 | 248987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 (a) | 365000 | 290530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 406000 | 292165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 550000 | 493499 |
|  DaVita, Inc.,144A,4.625%, 6/1/30 | 906000 | 872908 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 250000 | 247761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 252000 | 248589 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 375000 | 374899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 316000 | 314923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 156000 | 161882 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 (a) | 149000 | 141720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 300000 | 325206 |
|  Molina Healthcare, Inc.,144A,4.375%, 6/15/28 | 255000 | 248687 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 493000 | 509185 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 141000 | 142849 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 489000 | 487898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 211000 | 208772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 913000 | 914230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 436000 | 424766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 498000 | 483929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 654000 | 664828 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 335000 | 344204 |
|  (Cost $9,374,491) |  | **9484904** |
|  **Pharmaceuticals — 2.4%** |  |  |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 171000 | 161829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 195000 | 186165 |
|  Bausch Health Americas, Inc.,144A,8.50%, 1/31/27 | 237000 | 236630 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 102000 | 88971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 514000 | 464391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 663000 | 695941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 150000 | 115159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 (a) | 293000 | 230737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 210000 | 153102 |
|  Grifols SA,144A,4.75%, 10/15/28 | 227000 | 220166 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 246000 | 268147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 203000 | 178758 |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 482000 | 472156 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A,4.125%, 4/30/28 | 713000 | 683326 |
|  Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 162000 | 137748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 (a) | 176000 | 152823 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26 | 535000 | 524754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 422000 | 438246 |
|  (Cost $5,013,523) |  | **5409049** |
|  **Energy — 9.3%** |  |  |
|  **Oil & Gas — 4.6%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 302000 | 315219 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,5.875%, 6/30/29 | 165000 | 164723 |
|  Baytex Energy Corp.,144A,8.50%, 4/30/30 | 250000 | 255408 |
|  California Resources Corp., 144A,8.25%, 6/15/29 | 288000 | 297800 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 419000 | 435662 |
|  CNX Resources Corp.,144A,6.00%, 1/15/29 | 135000 | 135382 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 389000 | 383817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 145000 | 142848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 324000 | 304319 |
|  Crescent Energy Finance LLC, 144A,9.25%, 2/15/28 | 154000 | 160350 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/15/28 | 103000 | 100457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/29 | 205000 | 207362 |
|  Energean PLC,144A,6.50%, 4/30/27 | 150000 | 148673 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 152000 | 152894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 199000 | 196566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 185000 | 183202 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 233000 | 243079 |
|  Kosmos Energy Ltd.,144A,7.50%, 3/1/28 | 134000 | 112685 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 225000 | 224888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 170708 | 169705 |
|  Matador Resources Co.,144A,6.875%, 4/15/28 | 153000 | 156647 |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 168000 | 176075 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 465000 | 481844 |
|  Northern Oil & Gas, Inc.,144A,8.125%, 3/1/28 | 294000 | 296411 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 167000 | 166999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 285000 | 276949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 255000 | 246985 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 272000 | 267411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 267000 | 275879 |
|  Permian Resources Operating LLC,144A,5.875%, 7/1/29 | 227000 | 227210 |
|  Puma International Financing SA,144A,7.75%, 4/25/29 | 196000 | 203239 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 185000 | 189973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/30 | 197000 | 192302 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/26 | 165000 | 164806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27 | 104000 | 104142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 163000 | 164657 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248609 |
|  Sunoco LP,144A,7.00%, 5/1/29 | 188000 | 195353 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 167000 | 167239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 206000 | 212955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 268000 | 261399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 270000 | 261089 |
|  Talos Production, Inc.,144A,9.00%, 2/1/29 | 205000 | 211191 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 207000 | 202226 |
|  Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/1/27 | 286000 | 285728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/29 | 290000 | 280801 |
|  (Cost $10,213,643) |  | **10383884** |
|  **Oil & Gas Services — 0.6%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.25%, 4/1/28 | 252000 | 253001 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/27 | 249000 | 249209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 296000 | 303625 |
|  Weatherford International Ltd.,144A,8.625%, 4/30/30 | 470000 | 482001 |
|  (Cost $1,267,558) |  | **1287836** |
|  **Pipelines — 4.1%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/1/27 | 233000 | 233089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 156000 | 156527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 264000 | 262590 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29 | 136000 | 141974 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/26 | 157000 | 155212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 136000 | 133871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 164000 | 161526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 232000 | 240590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 136000 | 141345 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29 | 336000 | 351475 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 157000 | 158823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 220000 | 229838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 180000 | 190624 |
|  Harvest Midstream I LP,144A,7.50%, 9/1/28 | 216000 | 218455 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 167000 | 166735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 224000 | 231753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 236000 | 229312 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 417000 | 409170 |
|  New Fortress Energy, Inc.,144A,6.50%, 9/30/26 (a) | 159000 | 55787 |
|  NFE Financing LLC,144A,12.00%, 11/15/29 | 901000 | 331879 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,8.125%, 2/15/29 | 284000 | 289935 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/26 | 247000 | 248429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 206000 | 207230 |
|  Rockies Express Pipeline LLC,144A,4.95%, 7/15/29 | 194000 | 191012 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/1/27 | 136000 | 135919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 308000 | 307675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 233000 | 240217 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 350000 | 335760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 312000 | 325100 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 794000 | 823241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 937000 | 1030736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 589000 | 607327 |
|  (Cost $9,543,755) |  | **9197503** |
|  **Financial — 14.6%** |  |  |
|  **Banks — 0.2%** |  |  |
|  Banco Votorantim SA,144A,5.875%, 4/8/28 | 207000 | 211233 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/27 | 144000 | 144467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 10/1/28 | 196000 | 209733 |
|  (Cost $551,410) |  | **565433** |
|  **Diversified Financial Services — 5.6%** |  |  |
|  AG Issuer LLC,144A,6.25%, 3/1/28 | 167000 | 167452 |
|  Ally Financial, Inc.,5.75%, 11/20/25 | 353000 | 353565 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 (a) | 153000 | 153672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 230000 | 251337 |
|  Azorra Finance Ltd.,144A,7.75%, 4/15/30 | 169000 | 177547 |

---

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Bread Financial Holdings, Inc.,144A,9.75%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258777 |
|  Coinbase Global, Inc., 144A,3.375%, 10/1/28 | 359000 | 340874 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/15/28 | 227000 | 239924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/30 | 179000 | 181651 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/1/29 | 158000 | 167028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 163000 | 172373 |
|  Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/15/28 | 141000 | 150438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 8/1/29 | 184000 | 194166 |
|  Freedom Mortgage Holdings LLC,144A,9.25%, 2/1/29 | 362000 | 378602 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/15/26 | 132000 | 132557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/27 | 280000 | 287417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/28 | 209000 | 221900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 150000 | 155626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 124000 | 125545 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 238000 | 250635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 180000 | 186529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 146000 | 148350 |
|  Jane Street Group / JSG Finance, Inc.,144A,4.50%, 11/15/29 | 170000 | 164306 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28 | 301000 | 292308 |
|  LD Holdings Group LLC,144A,6.125%, 4/1/28 (a) | 155000 | 136619 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/1/28 | 300000 | 299336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/15/30 | 140000 | 133302 |
|  Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/26 | 169000 | 168742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/27 | 224000 | 223729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 333000 | 332538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 225000 | 231050 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/26 | 144000 | 145665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 244000 | 242383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 152000 | 149180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 (a) | 277000 | 274061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 150000 | 165804 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 3/15/26 | 155000 | 156805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/27 | 224000 | 219360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 209000 | 214413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 209000 | 200503 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 265000 | 262189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 257000 | 272088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 235000 | 238812 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 245000 | 236483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 228000 | 242482 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 169000 | 177722 |
|  Rocket Cos., Inc.,144A,6.125%, 8/1/30 | 658000 | 677493 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.875%, 10/15/26 | 357000 | 349675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 234000 | 223232 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/2/26 | 129000 | 126560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30 | 161000 | 168625 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 11/15/25 | 252000 | 252268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 192000 | 191919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 205000 | 202047 |
|  UWM Holdings LLC,144A,6.625%, 2/1/30 | 250000 | 254132 |
|  (Cost $12,422,639) |  | **12619332** |
|  **Insurance — 1.8%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 310000 | 322594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 257000 | 248196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 204000 | 214656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 | 130000 | 127533 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 211000 | 208138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 323000 | 323977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 415000 | 423644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 203000 | 200736 |
|  AmWINS Group, Inc.,144A,6.375%, 2/15/29 | 204000 | 209204 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 200000 | 200824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 1039000 | 1087448 |
|  Jones Deslauriers Insurance Management, Inc.,144A,8.50%, 3/15/30 | 233000 | 246610 |
|  Ryan Specialty LLC,144A,4.375%, 2/1/30 | 143000 | 138389 |
|  (Cost $3,899,910) |  | **3951949** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **37**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Real Estate — 0.9%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211849 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 206000 | 191635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 144000 | 126323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 145000 | 154154 |
|  Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28 | 220000 | 222308 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 8/1/28 | 208000 | 207947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 220000 | 210606 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 228000 | 223410 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 240000 | 228751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 166000 | 155738 |
|  (Cost $1,844,979) |  | **1932721** |
|  **Real Estate Investment Trusts — 5.3%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 | 186000 | 178968 |
|  Arbor Realty SR, Inc.,144A,7.875%, 7/15/30 | 164000 | 170814 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 162000 | 172869 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 177000 | 172465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 178000 | 193659 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/26 | 273000 | 272988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/27 | 126000 | 123918 |
|  Diversified Healthcare Trust,4.75%, 2/15/28 | 167000 | 157466 |
|  Global Net Lease, Inc.,144A,4.50%, 9/30/28 | 146000 | 142021 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 178000 | 172774 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 126000 | 120551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 167000 | 153652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 133000 | 112641 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 376000 | 373834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 285000 | 284503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 206000 | 204591 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 342000 | 336383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 360000 | 356496 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/27 | 139000 | 136810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 237000 | 231917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/30 | 164000 | 167209 |
|  Millrose Properties, Inc.,144A,6.375%, 8/1/30 | 411000 | 414976 |
|  MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (a) | 455000 | 431323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 (a) | 294000 | 232018 |
|  Office Properties Income Trust,144A,9.00%, 9/30/29 | 186000 | 127988 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 299000 | 298926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 263000 | 256158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 128000 | 132266 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 113000 | 114564 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | 162000 | 161700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 191000 | 196718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 150000 | 146695 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 280000 | 286892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 154000 | 157347 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 7/1/26 | 169000 | 166976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/15/29 | 171000 | 160590 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 | 464000 | 456401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/1/29 | 502000 | 472149 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/26 | 173000 | 171532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/27 (a) | 126000 | 122457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 193000 | 190621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 (a) | 142000 | 132056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 229000 | 236472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 117000 | 103621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 | 136000 | 115826 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 7/15/26 | 136000 | 134026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/27 | 102000 | 100906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 210000 | 220333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 145000 | 150593 |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209798 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 2/15/28 | 744000 | 783350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 177000 | 172846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 (a) | 366000 | 348924 |
|  (Cost $11,717,987) |  | **11954850** |
|  **REITS — 0.1%** |  |  |
|  Starwood Property Trust, Inc.,144A,6.00%, 4/15/30 |  |  |
|  (Cost $150,620) | 151000 | **153905** |
|  **Venture Capital — 0.7%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/26 | 243000 | 243156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 470000 | 458816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 206000 | 205042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 233000 | 196315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 336000 | 333021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 260000 | 247919 |
|  (Cost $1,696,145) |  | **1684269** |
|  **Industrial — 8.5%** |  |  |
|  **Aerospace/Defense — 1.6%** |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 140000 | 147584 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 241000 | 241431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 242000 | 252705 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28 | 222000 | 221580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 11/30/29 | 302000 | 319778 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 714000 | 734911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 379000 | 371145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 896000 | 918474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 283000 | 278081 |
|  (Cost $3,421,655) |  | **3485689** |
|  **Building Materials — 0.9%** |  |  |
|  Builders FirstSource, Inc.,144A,5.00%, 3/1/30 | 171000 | 169237 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 | 228000 | 219594 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 | 175000 | 168591 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 101000 | 99811 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 165000 | 162614 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365066 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 310000 | 307306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 522000 | 500551 |
|  (Cost $1,969,045) |  | **1992770** |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 171000 | 168342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 249000 | 238629 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 335000 | 340394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 289000 | 297909 |
|  (Cost $1,026,639) |  | **1045274** |
|  **Electronics — 0.5%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 634000 | 618495 |
|  Sensata Technologies BV,144A,4.00%, 4/15/29 | 319000 | 305847 |
|  Sensata Technologies, Inc.,144A,4.375%, 2/15/30 | 160000 | 154179 |
|  (Cost $1,063,333) |  | **1078521** |
|  **Engineering & Construction — 0.6%** |  |  |
|  Arcosa, Inc.,144A,4.375%, 4/15/29 | 140000 | 136037 |
|  Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 472000 | 463993 |
|  Fluor Corp.,4.25%, 9/15/28 | 169000 | 166400 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 251000 | 260800 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 175000 | 173601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 181000 | 185096 |
|  (Cost $1,361,962) |  | **1385927** |
|  **Environmental Control — 0.6%** |  |  |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 296000 | 288779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 225000 | 221548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 176000 | 171320 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 214000 | 208222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 365000 | 361649 |
|  (Cost $1,223,985) |  | **1251518** |
| **Machinery-Construction & Mining — 0.1%** |  |  |
|  Terex Corp.,144A,5.00%, 5/15/29 |  |  |
|  (Cost $202,545) | 209000 | **205735** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Machinery-Diversified — 0.5%** |  |  |
|  Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337239 |
|  Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 169000 | 178794 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 200000 | 207976 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 516000 | 514887 |
|  (Cost $1,218,262) |  | **1238896** |
|  **Miscellaneous Manufacturing — 0.2%** |  |  |
|  Axon Enterprise, Inc.,144A,6.125%, 3/15/30 | 322000 | 331634 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 215000 | 222463 |
|  (Cost $547,899) |  | **554097** |
|  **Packaging & Containers — 2.7%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/27 | 527000 | 527437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 231000 | 218504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 | 396000 | 363702 |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 8/15/27 | 310000 | 136880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 8/15/27 | 265000 | 117011 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/15/28 | 250000 | 255366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 316000 | 324553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 427000 | 386583 |
|  Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29 | 246000 | 231916 |
|  Clydesdale Acquisition Holdings, Inc., 144A,6.875%, 1/15/30 | 155000 | 159549 |
|  Crown Americas LLC,5.25%, 4/1/30 | 162000 | 164251 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 191000 | 184014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 128000 | 120281 |
|  LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/28 | 155000 | 123218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/1/29 (a) | 158000 | 102816 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/27 | 871000 | 882456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/27 | 472000 | 470296 |
|  OI European Group BV, 144A,4.75%, 2/15/30 | 153000 | 144834 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232001 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 115000 | 112666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 310000 | 314668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 105000 | 104228 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 219000 | 213280 |
|  Trivium Packaging Finance BV,144A,8.25%, 7/15/30 | 180000 | 191354 |
|  (Cost $6,228,333) |  | **6081864** |
|  **Transportation — 0.2%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 (a) | 369000 | 212358 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 244000 | 231558 |
|  (Cost $556,891) |  | **443916** |
|  **Trucking & Leasing — 0.1%** |  |  |
|  FTAI Aviation Investors LLC,144A,5.50%, 5/1/28 |  |  |
|  (Cost $302,759) | 312000 | **312084** |
|  **Technology — 5.4%** |  |  |
|  **Computers — 1.1%** |  |  |
|  CA Magnum Holdings,144A,5.375%, 10/31/26 | 384000 | 382555 |
|  McAfee Corp.,144A,7.375%, 2/15/30 (a) | 659000 | 609328 |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 443000 | 480638 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 175000 | 172688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 167000 | 165066 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 162000 | 154174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 188000 | 200162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 100000 | 101450 |
|  Western Digital Corp.,4.75%, 2/15/26 | 174000 | 173828 |
|  (Cost $2,444,475) |  | **2439889** |
|  **Office/Business Equipment — 0.1%** |  |  |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 246000 | 160240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 (a) | 166000 | 101727 |
|  (Cost $344,954) |  | **261967** |
|  **Semiconductors — 0.9%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 247000 | 268718 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 154000 | 149882 |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 193000 | 182122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 292000 | 296003 |
|  Kioxia Holdings Corp.,144A,6.25%, 7/24/30 | 368000 | 368612 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 257000 | 249973 |
|  (Cost $1,914,480) |  | **1944425** |
|  **Software — 3.3%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 776000 | 761921 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 | 253000 | 220190 |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 244000 | 206416 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 1253000 | 1267775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 1326000 | 1383694 |
|  CoreWeave, Inc.,144A,9.25%, 6/1/30 | 662000 | 665072 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/26 | 130000 | 130243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 313000 | 305183 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A,8.75%, 5/1/29 | 232000 | 238292 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 241000 | 234425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 312000 | 294343 |
|  Open Text Holdings, Inc.,144A,4.125%, 2/15/30 | 262000 | 247551 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 316000 | 300693 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/28/28 | 280000 | 288533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 183000 | 176229 |
|  SS&C Technologies, Inc.,144A,5.50%, 9/30/27 | 594000 | 594603 |
|  Twilio, Inc.,3.625%, 3/15/29 | 149000 | 142366 |
|  (Cost $7,392,977) |  | **7457529** |
|  **Utilities — 3.0%** |  |  |
|  **Electric — 2.7%** |  |  |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 444000 | 440020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/15/28 | 441000 | 440952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/29 | 211000 | 208619 |
|  Clearway Energy Operating LLC,144A,4.75%, 3/15/28 | 326000 | 322571 |
|  Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 151000 | 155938 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 159000 | 164366 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 146000 | 138429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 280000 | 279347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 215000 | 215992 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 292000 | 288857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 355000 | 346194 |
|  Pike Corp.,144A,5.50%, 9/1/28 | 224000 | 224232 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 372000 | 397495 |
|  TransAlta Corp.,7.75%, 11/15/29 | 132000 | 137323 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/1/26 | 224000 | 223813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/27 | 448000 | 448461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 411000 | 410147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 400000 | 391213 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/26 | 174000 | 170608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 148000 | 145255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 256000 | 261640 |
|  (Cost $6,036,094) |  | **6122648** |
|  **Gas — 0.3%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 253000 | 252644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 138000 | 142529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 165000 | 172958 |
|  (Cost $560,072) |  | **568131** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $216,753,021) |  | **219143446** |
|  | **Number**<br> **of Shares** |  |
| **SECURITIES LENDING COLLATERAL — 3.9%** | **SECURITIES LENDING COLLATERAL — 3.9%** | **SECURITIES LENDING COLLATERAL — 3.9%** |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,751,783) | 8751783 | 8751783 |
|  **CASH EQUIVALENTS — 2.6%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,758,661) | 5758661 | 5758661 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **41**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  | Value $ |
|  **TOTAL INVESTMENTS — 104.1%** |  |  |
|  (Cost $231,263,465) |  | 233653890 |
|  **Other assets and liabilities, net — (4.1%)** |  | (9189805) |
|  **NET ASSETS — 100.0%** |  | 224464085 |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **8/31/2025** | **Value ($) at**<br> **8/31/2025** |
|  SECURITIES LENDING COLLATERAL **—** 3.9% | SECURITIES LENDING COLLATERAL **—** 3.9% | SECURITIES LENDING COLLATERAL **—** 3.9% | SECURITIES LENDING COLLATERAL **—** 3.9% | SECURITIES LENDING COLLATERAL **—** 3.9% |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| 4160683  | 4591100 (d) |  |  |  | 107801 |  | 8751783 | 8751783 |
|  CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| 1306482  | 34031607 | (29579428) |  |  | 87323 |  | 5758661 | 5758661 |
| **5467165** | 38622707 | (29579428) |  |  | 195124 |  | 14510444 | 14510444 |

---

(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 August 31, 2025 amounted to $8,563,167, which is 3.8% 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 year ended August 31, 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 under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

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 August 31, 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 |
|  Corporate Bonds (a) | $— | $219143446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $219143446 |
|  Short-Term Investments (a) | 14510444 |  |  | 14510444 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14510444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219143446 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233653890 |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **CORPORATE BONDS — 97.8%** |  |  |
|  **Basic Materials — 6.7%** |  |  |
|  **Aerospace/Defense — 0.1%** |  |  |
|  ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/1/29 | 320000 | 313487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/1/31 | 345000 | 336726 |
|  (Cost $880,802) |  | **913832** |
|  **Chemicals — 3.6%** |  |  |
|  Ashland, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 9/1/31 | 443000 | 395142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/43 | 277000 | 290674 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 714000 | 737653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 730000 | 743515 |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 492000 | 517784 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 829000 | 783140 |
|  Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27 | 492000 | 489761 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.665%, 7/15/27 | 1477000 | 1519815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 1014000 | 1056777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 7/15/29 | 738000 | 768331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 (a) | 709000 | 715394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 1004000 | 1043906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.879%, 7/15/32 | 1034000 | 1068088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 1083000 | 1090488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 | 1034000 | 1075891 |
|  Cerdia Finanz GMBH,144A,9.375%, 10/3/31 | 886000 | 937636 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 667000 | 664539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 800000 | 770330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 631000 | 563449 |
|  Chemours (The) Co., 144A,8.00%, 1/15/33 | 591000 | 578126 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 | 517000 | 433657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 600000 | 551450 |
|  CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28 | 521000 | 520281 |
|  Element Solutions, Inc.,144A,3.875%, 9/1/28 | 787000 | 762876 |
|  FMC Corp.,8.45%, 11/1/55 | 738000 | 771051 |
|  HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/27 | 295000 | 291023 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/28 | 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286507 |
|  Herens Holdco SARL,144A,4.75%, 5/15/28 | 370000 | 318274 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 758000 | 729282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 | 414000 | 353969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/34 | 345000 | 319418 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 418000 | 410699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 (a) | 734000 | 735697 |
|  INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29 (a) | 434000 | 435008 |
|  Ingevity Corp.,144A,3.875%, 11/1/28 | 541000 | 518281 |
|  Inversion Escrow Issuer LLC,144A,6.75%, 8/1/32 | 1100000 | 1089257 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 689000 | 685937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (a) | 719000 | 714328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/1/44 | 315000 | 262201 |
|  Methanex US Operations, Inc.,144A,6.25%, 3/15/32 | 611000 | 616541 |
|  Minerals Technologies, Inc.,144A,5.00%, 7/1/28 | 384000 | 378240 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 1044000 | 1046635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 394000 | 412731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 566000 | 543370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 640000 | 687440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 464000 | 487378 |
|  Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30 | 315000 | 290041 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 | 679000 | 677475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 | 520000 | 504731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/33 | 591000 | 590234 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 10/1/27 | 312000 | 317633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/1/28 | 802000 | 768616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 11/15/28 | 1673000 | 1753895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/31 | 787000 | 803598 |
|  Rain Carbon, Inc.,144A,12.25%, 9/1/29 (a) | 443000 | 475609 |
|  SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 1083000 | 1058234 |
|  SCIL IV LLC / SCIL USA Holdings LLC,144A,5.375%, 11/1/26 | 865000 | 859160 |
|  SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 664000 | 650630 |
|  SNF Group SACA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 3/15/27 | 355000 | 344723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 3/15/30 | 405000 | 373553 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **43**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 | 266000 | 270750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 750000 | 747900 |
|  (Cost $40,625,514) |  | **41227142** |
|  **Forest Products & Paper — 0.2%** |  |  |
|  Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28 | 300000 | 288150 |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 672000 | 574866 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 | 492000 | 434388 |
|  Magnera Corp.,144A,7.25%, 11/15/31 | 827000 | 782681 |
|  Mercer International, Inc.,5.125%, 2/1/29 | 908000 | 716004 |
|  (Cost $2,920,480) |  | **2796089** |
|  **Iron/Steel — 1.2%** |  |  |
|  Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29 | 709000 | 710145 |
|  Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 7/15/28 | 315000 | 315937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/15/30 | 394000 | 405680 |
|  Champion Iron Canada, Inc.,144A,7.875%, 7/15/32 | 492000 | 513469 |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/27 | 546000 | 545338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/29 | 363000 | 343883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 911000 | 925247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 1007000 | 1018223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 3/1/31 | 320000 | 292576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 | 837000 | 848499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 (a) | 1403000 | 1394788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 | 886000 | 882778 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/30 | 304000 | 290668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 295000 | 273833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/32 | 295000 | 276343 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 5/1/27 | 689000 | 689391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 615000 | 625964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 1108000 | 1158322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 (a) | 654000 | 678806 |
|  TMS International Corp.,144A,6.25%, 4/15/29 | 345000 | 333441 |
|  United States Steel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/1/29 | 468000 | 471515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 6/1/37 | 300000 | 311828 |
|  (Cost $13,163,968) |  | **13306674** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Mining — 1.6%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 738000 | 778385 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 492000 | 499935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 492000 | 501744 |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 10/1/30 | 689000 | 729779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.50%, 10/1/31 | 502000 | 558291 |
|  Century Aluminum Co.,144A,6.875%, 8/1/32 | 394000 | 402700 |
|  Coeur Mining, Inc.,144A,5.125%, 2/15/29 | 289000 | 281495 |
|  Compass Minerals International, Inc.,144A,8.00%, 7/1/30 | 710000 | 742649 |
|  Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 6/15/28 | 320000 | 318168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/15/29 | 492000 | 466379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/15/32 | 425000 | 433841 |
|  Eldorado Gold Corp.,144A,6.25%, 9/1/29 | 492000 | 493193 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 641000 | 635141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 690000 | 704670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 1477000 | 1404437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 | 787000 | 807726 |
|  Hecla Mining Co.,7.25%, 2/15/28 | 199000 | 200976 |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | 564000 | 570167 |
|  IAMGOLD Corp.,144A,5.75%, 10/15/28 | 460000 | 456829 |
|  Jw Aluminum Continuous Cast Co.,144A,10.25%, 4/1/30 | 345000 | 356731 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/28 | 492000 | 483598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/31 | 541000 | 507517 |
|  New Gold, Inc.,144A,6.875%, 4/1/32 | 394000 | 410693 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/30/30 | 1635000 | 1572321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/30/30 | 738000 | 765758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/31 | 738000 | 669290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/15/33 | 750000 | 757704 |
|  Perenti Finance Pty Ltd.,144A,7.50%, 4/26/29 | 345000 | 360094 |
|  Taseko Mines Ltd.,144A,8.25%, 5/1/30 | 492000 | 517277 |
|  (Cost $17,568,547) |  | **17947945** |
|  **Communications — 14.5%** |  |  |
|  **Advertising — 1.0%** |  |  |
|  Advantage Sales & Marketing, Inc.,144A,6.50%, 11/15/28 | 600000 | 498041 |

---

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 1132000 | 1149861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 976000 | 993424 |
|  Dotdash Meredith, Inc.,144A,7.625%, 6/15/32 | 394000 | 386002 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 586000 | 569766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/29 | 393000 | 387703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 541000 | 514297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 551000 | 510238 |
|  Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 2629000 | 2614514 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 669000 | 663566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 512000 | 492078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 (a) | 472000 | 450401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 443000 | 467465 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 1083000 | 1044568 |
|  (Cost $11,331,970) |  | **11628385** |
|  **Internet — 2.0%** |  |  |
|  ANGI Group LLC,144A,3.875%, 8/15/28 | 492000 | 463309 |
|  Arches Buyer, Inc.,144A,4.25%, 6/1/28 | 935000 | 909345 |
|  Cablevision Lightpath LLC,144A,3.875%, 9/15/27 | 443000 | 437051 |
|  Cars.com, Inc.,144A,6.375%, 11/1/28 | 394000 | 393707 |
|  Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 | 443000 | 441368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 | 295000 | 293675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 | 591000 | 562602 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 956000 | 973023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 9/30/30 | 591000 | 611391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 935000 | 961462 |
|  Getty Images, Inc.,144A,11.25%, 2/21/30 | 551000 | 504126 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 591000 | 588645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 787000 | 745600 |
|  GrubHub Holdings, Inc.,144A,5.50%, 7/1/27 (a) | 622000 | 619859 |
|  ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 443000 | 429518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 763000 | 794751 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 443000 | 440622 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;542000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/29 | 345000 | 345309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 492000 | 463268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 492000 | 444081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 750000 | 758248 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, Perpetual | 1054000 | 991979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, Perpetual | 581000 | 597137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/15/27 | 1824000 | 1972191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/29 | 1975000 | 2194113 |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 1477000 | 1492352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 575000 | 576502 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 787000 | 802448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 689000 | 711843 |
|  Ziff Davis, Inc.,144A,4.625%, 10/15/30 | 523000 | 492980 |
|  (Cost $21,870,293) |  | **22546279** |
|  **Media — 6.4%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 951000 | 989896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 394000 | 406919 |
|  Block Communications, Inc.,144A,4.875%, 3/1/28 | 295000 | 277734 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 623000 | 515415 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 2893000 | 2878420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 2163000 | 2145383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 1338000 | 1327609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 1418000 | 1439605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 2719000 | 2613144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 2379000 | 2251868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 2676000 | 2468381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 | 952000 | 985031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 | 1089000 | 1010187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 2554000 | 2335520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 | 1564000 | 1395025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 | 1781000 | 1546402 |
|  Directv Financing LLC,144A,8.875%, 2/1/30 | 778000 | 772318 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 3349000 | 3332252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 2092000 | 2079697 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 1229000 | 1187976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 652000 | 617529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 903000 | 814569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 478000 | 352821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 437000 | 340104 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **45**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 3445000 | 3642290 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 | 1230000 | 1338795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;763000 | 751681 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 | 640000 | 671868 |
|  Midcontinent Communications,144A,8.00%, 8/15/32 | 640000 | 666751 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 1737000 | 1735117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 (a) | 984000 | 965908 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/28/57 | 640000 | 623005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/30/62 | 984000 | 985641 |
|  Scripps Escrow II, Inc.,144A,3.875%, 1/15/29 (a) | 515000 | 456158 |
|  Sinclair Television Group, Inc.,144A,8.125%, 2/15/33 | 1458000 | 1493721 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 9/1/26 | 1024000 | 1017672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 1477000 | 1470334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 1969000 | 1900249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 | 1470000 | 1467902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 1477000 | 1373323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 (a) | 1517000 | 1364284 |
|  Sunrise FinCo I BV,144A,4.875%, 7/15/31 | 1231000 | 1176171 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 1004000 | 995679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 1103000 | 1104145 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 1558000 | 1617090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 1034000 | 969831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 885000 | 889832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 1235000 | 1272619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 1567000 | 1650195 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 961000 | 878971 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 1433000 | 1410994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 901000 | 845853 |
|  Virgin Media Vendor Financing Notes IV DAC,144A,5.00%, 7/15/28 | 632000 | 618716 |
|  VZ Secured Financing BV,144A,5.00%, 1/15/32 | 1561000 | 1386166 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 522000 | 460739 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 995000 | 933769 |
|  (Cost $70,911,896) |  | **73038516** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Telecommunications — 5.1%** |  |  |
|  Africell Holding Ltd.,144A,10.50%, 10/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289173 |
|  Bell Telephone Co. of Canada Or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/15/55 | 984000 | 1004970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/55 | 1270000 | 1298937 |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 11/23/81 | 492000 | 486079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/23/81 (a) | 491000 | 460889 |
|  Ciena Corp.,144A,4.00%, 1/31/30 | 394000 | 374014 |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 9/1/29 | 936000 | 924768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 12/15/31 | 1094000 | 1131406 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 1944000 | 2025316 |
|  EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 | 5569000 | 5993636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% Cash or PIK, 11/30/30 | 2334968 | 2303609 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 492000 | 482997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 492000 | 465582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 492000 | 492605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 567000 | 576410 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/27 | 1092000 | 1091688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/1/28 | 1566000 | 1561932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/29 | 1014000 | 1023858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/29 | 738000 | 744432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/30 | 1004000 | 1015075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/15/30 | 1181000 | 1234304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/31 | 768000 | 815276 |
|  Frontier Florida LLC, Series E, 6.86%, 2/1/28 | 295000 | 305694 |
|  GCI LLC,144A,4.75%, 10/15/28 | 611000 | 595044 |
|  GoTo Group, Inc.,144A,5.50%, 5/1/28 | 354000 | 294355 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 12/15/30 | 428420 | 483570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 2028000 | 2046201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 1910000 | 1922973 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 675000 | 661500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/30 | 327000 | 320460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 10/15/32 | 385000 | 389966 |
|  Maya SAS/Paris France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 10/15/28 | 841000 | 855832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 1025000 | 1102767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/32 | 837000 | 860845 |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;412200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 655200 | 656701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 (a) | 763000 | 710989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 472000 | 487107 |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/55 | 1083000 | 1110920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 4/15/55 | 1024000 | 1062991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/82 (a) | 738000 | 731476 |
|  Sunrise HoldCo IV BV,144A,5.50%, 1/15/28 | 389000 | 387428 |
|  Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/15/33 | 491000 | 508807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/34 (a) | 492000 | 490077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/36 | 492000 | 520783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | 522000 | 569608 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/55 | 689000 | 700944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/55 | 817000 | 838390 |
|  Viasat, Inc.,144A,5.625%, 4/15/27 | 591000 | 589673 |
|  Viavi Solutions, Inc.,144A,3.75%, 10/1/29 | 345000 | 321492 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 1329000 | 1226717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 | 1438000 | 1344553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 738000 | 771990 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/79 | 1969000 | 2077642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/4/81 | 666000 | 650906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/4/81 | 1044000 | 966483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/4/81 | 975000 | 756075 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 2266000 | 2357041 |
|  Zayo Group Holdings, Inc.,144A,4.00%, 3/1/27 | 1454000 | 1406532 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 886000 | 942376 |
|  (Cost $56,588,980) |  | **58232357** |
|  **Consumer, Cyclical — 21.7%** |  |  |
|  **Airlines — 0.9%** |  |  |
|  Allegiant Travel Co.,144A,7.25%, 8/15/27 | 671000 | 682602 |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/28 (a) | 738000 | 757138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/29 | 984000 | 1031179 |
|  American Airlines, Inc. / AAdvantage Loyalty IP Ltd.,144A,5.75%, 4/20/29 | 3033000 | 3049739 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 | 2039000 | 2026142 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  OneSky Flight LLC,144A,8.875%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;541000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568368 |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/1/27 | 492000 | 497276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/28 (a) | 492000 | 511668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/30 (a) | 984000 | 947159 |
|  (Cost $9,770,406) |  | **10071271** |
|  **Apparel — 0.7%** |  |  |
|  Beach Acquisition Bidco LLC,144A,10.00% Cash or 10.75% PIK, 7/15/33 | 2256000 | 2394642 |
|  Champ Acquisition Corp.,144A,8.375%, 12/1/31 | 492000 | 523008 |
|  Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 3/15/29 | 345000 | 328074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 345000 | 309699 |
|  Hanesbrands, Inc.,144A,9.00%, 2/15/31 (a) | 591000 | 628291 |
|  Kontoor Brands, Inc.,144A,4.125%, 11/15/29 | 394000 | 371376 |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 | 492000 | 453935 |
|  S&s Holdings LLC,144A,8.375%, 10/1/31 | 631000 | 592637 |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 | 394000 | 393388 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 492000 | 474983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 828000 | 722368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/33 | 272000 | 258064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/1/37 | 282000 | 259309 |
|  William Carter Co.,144A,5.625%, 3/15/27 | 492000 | 491009 |
|  (Cost $8,166,039) |  | **8200783** |
|  **Auto Manufacturers — 1.6%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 394000 | 390612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 492000 | 495834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 984000 | 908167 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 (a) | 1034000 | 1005872 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/27 | 492000 | 487040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/28 (a) | 664000 | 664819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/29 (a) | 428000 | 427563 |
|  JB Poindexter & Co., Inc.,144A,8.75%, 12/15/31 | 851000 | 878905 |
|  New Flyer Holdings, Inc.,144A,9.25%, 7/1/30 | 651000 | 698325 |
|  Nissan Motor Acceptance Co. LLC 144A,6.95%, 9/15/26 | 300000 | 302022 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **47**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,1.85%, 9/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 394000 | 392010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 591000 | 550625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.45%, 9/15/28 | 365000 | 331613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 689000 | 712854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.55%, 9/13/29 | 295000 | 291086 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 | 2461000 | 2405942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 1044000 | 1090764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 2461000 | 2299016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 798000 | 835923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 | 1230000 | 1303192 |
|  Wabash National Corp.,144A,4.50%, 10/15/28 | 394000 | 361605 |
|  (Cost $17,803,503) |  | **17781081** |
|  **Auto Parts & Equipment — 2.0%** |  |  |
|  Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/28 | 522000 | 536856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 | 492000 | 518099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/33 | 853000 | 888264 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/27 | 376000 | 377756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/1/28 | 644000 | 644258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 (a) | 591000 | 557870 |
|  Aptiv Swiss Holdings Ltd.,6.875%, 12/15/54 | 492000 | 497268 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/27 | 780000 | 783281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 758000 | 774919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 984000 | 1019640 |
|  Cooper-Standard Automotive, Inc.,144A,13.50%, 3/31/27 (a) | 500000 | 523695 |
|  Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/27 | 526000 | 525164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | 434000 | 433756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30 | 414000 | 409317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/32 | 345000 | 338435 |
|  Forvia SE,144A,8.00%, 6/15/30 (a) | 492000 | 518829 |
|  Garrett Motion Holdings, Inc. / Garrett LX I SARL,144A,7.75%, 5/31/32 | 877000 | 917045 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 1010000 | 1002810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 851000 | 825114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 | 492000 | 500531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 (a) | 561000 | 532472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 670000 | 636256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 404000 | 379681 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A,6.3750% Cash or 7.125% PIK, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A,7.750% Cash or 8.5% PIK, 11/15/30 | 612000 | 636361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A,8.000% Cash or 8.750% PIK, 11/15/32 | 442000 | 461482 |
|  Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/29 | 517000 | 533674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 443000 | 454973 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 1000000 | 1016579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 750000 | 775292 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 1870000 | 1869960 |
|  Titan International, Inc.,7.00%, 4/30/28 | 393000 | 393783 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 592000 | 599640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 611000 | 608276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 807000 | 786906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 709000 | 679900 |
|  (Cost $22,884,832) |  | **23353232** |
|  **Distribution/Wholesale — 0.5%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 689000 | 674043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 394000 | 373711 |
|  Gates Corp.,144A,6.875%, 7/1/29 | 492000 | 511553 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 541000 | 553729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 787000 | 825873 |
|  Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 | 295000 | 282889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 661000 | 674935 |
|  Velocity Vehicle Group LLC,144A,8.00%, 6/1/29 | 492000 | 498659 |
|  Windsor Holdings III LLC,144A,8.50%, 6/15/30 | 787000 | 836328 |
|  (Cost $5,150,208) |  | **5231720** |
|  **Entertainment — 4.0%** |  |  |
|  Banijay Entertainment SAS,144A,8.125%, 5/1/29 | 394000 | 409879 |
|  Boyne USA, Inc.,144A,4.75%, 5/15/29 | 679000 | 666604 |
|  Brightstar Lottery PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/27 | 738000 | 745404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/15/29 | 738000 | 733933 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 | 1221000 | 1164275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 1969000 | 2036178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 | 1532000 | 1570582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 1113000 | 1091244 |

---

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;831000 | 829031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 689000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 1201000 | 1201190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 611000 | 627971 |
|  Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/28 | 853000 | 847777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 | 502000 | 520116 |
|  Empire Resorts, Inc.,144A,7.75%, 11/1/26 | 294000 | 293783 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 532000 | 507734 |
|  Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29 | 502000 | 486775 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/15/28 | 689000 | 690635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 592000 | 607333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 541000 | 564733 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 1231000 | 1243912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 935000 | 927215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 492000 | 478529 |
|  Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31 | 522000 | 446272 |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29 | 738000 | 713954 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 738000 | 762653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 689000 | 725822 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 | 404000 | 348481 |
|  Odeon Finco PLC,144A,12.75%, 11/1/27 | 419000 | 434309 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 394000 | 396856 |
|  Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/15/27 | 405000 | 404594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/29 (a) | 394000 | 367203 |
|  Resorts World Las Vegas LLC / RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/16/29 | 960000 | 863181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.45%, 7/27/30 | 390000 | 392121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/6/31 | 390000 | 328871 |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33 | 661000 | 668390 |
|  Scientific Games Holdings LP/ Scientific Games US FinCo, Inc.,144A,6.625%, 3/1/30 | 832000 | 798474 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700806 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 | 572000 | 570478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 877000 | 881202 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/27 | 492000 | 489630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/28 | 295000 | 296745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29 | 492000 | 476367 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 837000 | 850602 |
|  Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27 | 345000 | 341576 |
|  Universal Entertainment Corp.,144A,9.875%, 8/1/29 (a) | 315000 | 309499 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 492000 | 498519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 591000 | 612152 |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 1881000 | 1985155 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 | 1520000 | 1497200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 1337000 | 1270150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 2819000 | 2432797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 230000 | 181516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42 | 4146000 | 2793367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 3/15/52 | 979000 | 609241 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 738000 | 736590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 983000 | 1058118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 787000 | 796682 |
|  (Cost $45,453,245) |  | **45965966** |
|  **Food Service — 0.1%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 1132000 | 1123684 |
|  TKC Holdings, Inc.,144A,6.875%, 5/15/28 | 418000 | 419892 |
|  (Cost $1,506,691) |  | **1543576** |
|  **Home Builders — 1.4%** |  |  |
|  Adams Homes, Inc.,144A,9.25%, 10/15/28 | 394000 | 409070 |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 345000 | 330742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/1/30 | 394000 | 371753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/1/33 | 443000 | 443870 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **49**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29 | 343000 | 346551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/31 | 246000 | 250022 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 681000 | 678352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/15/29 | 375000 | 351475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 522000 | 478707 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/27 | 487000 | 487986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 582000 | 542134 |
|  Dream Finders Homes, Inc.,144A,8.25%, 8/15/28 | 295000 | 305818 |
|  Empire Communities Corp.,144A,9.75%, 5/1/29 | 468000 | 477360 |
|  Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/28 | 295000 | 292778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/15/33 | 492000 | 500944 |
|  Installed Building Products, Inc.,144A,5.75%, 2/1/28 | 394000 | 393293 |
|  K Hovnanian Enterprises, Inc.,144A,11.75%, 9/30/29 | 423000 | 457356 |
|  KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/27 | 295000 | 301182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/29 | 295000 | 289662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30 | 345000 | 354980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31 | 384000 | 357269 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 394000 | 412706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/29 | 325000 | 297072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 | 404000 | 394003 |
|  M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/1/28 | 463000 | 458145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/30 | 295000 | 277471 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/15/27 | 522000 | 520233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 591000 | 566129 |
|  New Home Co., Inc.,144A,9.25%, 10/1/29 | 369000 | 389679 |
|  New Home Co., (The), Inc.,144A,8.50%, 11/1/30 | 295000 | 305964 |
|  Shea Homes LP / Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 | 442000 | 436046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/29 | 298000 | 289878 |
|  STL Holding Co. LLC,144A,8.75%, 2/15/29 | 271000 | 283862 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/27 | 492000 | 495369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 443000 | 448584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 492000 | 490572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Thor Industries, Inc.,144A,4.00%, 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464589 |
|  Tri Pointe Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27 | 295000 | 294865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 6/15/28 | 345000 | 350583 |
|  (Cost $15,674,908) |  | **15948377** |
|  **Home Furnishings — 0.5%** |  |  |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 788000 | 757443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 787000 | 719983 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 902000 | 890578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 591000 | 597570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 5/15/31 | 295000 | 247838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/14/32 | 295000 | 274025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/33 | 295000 | 284270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 | 591000 | 595130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/34 | 295000 | 286107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/43 | 260000 | 219716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/46 | 492000 | 370530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/50 | 492000 | 365953 |
|  (Cost $5,513,333) |  | **5609143** |
|  **Housewares — 0.5%** |  |  |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 492000 | 497440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 1230000 | 1298542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 492000 | 494391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 | 738000 | 727837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (a) | 492000 | 480260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 4/1/36 | 413000 | 403572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/46 | 686000 | 596121 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/26 | 246000 | 245613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 | 405000 | 391188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 468000 | 430587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 394000 | 363661 |
|  (Cost $5,802,069) |  | **5929212** |
|  **Leisure Time — 1.9%** |  |  |
|  Acushnet Co.,144A,7.375%, 10/15/28 | 254000 | 265487 |
|  Amer Sports Co.,144A,6.75%, 2/16/31 | 787000 | 820348 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/1/29 | 2009000 | 2035051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 1009000 | 1034429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 984000 | 1008743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 3043000 | 3093210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 | 2039000 | 2093857 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 492000 | 497233 |
|  Lindblad Expeditions LLC,144A,7.00%, 9/15/30 | 675000 | 691268 |

---

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/27 | 1044000 | 1046194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 591000 | 631302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/1/30 | 310000 | 314588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 1822000 | 1879052 |
|  NCL Finance Ltd.,144A,6.125%, 3/15/28 | 517000 | 524326 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/27 | 327000 | 330970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 842000 | 813997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 1324000 | 1297652 |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/15/27 | 812000 | 810921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 503000 | 506430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 7/15/31 | 709000 | 763882 |
|  Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29 | 345000 | 344768 |
|  VOC Escrow Ltd.,144A,5.00%, 2/15/28 | 664000 | 660163 |
|  (Cost $22,048,426) |  | **22282015** |
|  **Lodging — 2.0%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 984000 | 975059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 976000 | 939378 |
|  Genting New York LLC / Genny Capital, Inc.,144A,7.25%, 10/1/29 | 615000 | 638657 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/1/28 | 492000 | 492903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 551000 | 561086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 787000 | 754765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 984000 | 981289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 | 1103000 | 1039068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 1517000 | 1384668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 443000 | 454984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 984000 | 1004204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 1014000 | 1022366 |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 492000 | 458108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 886000 | 904072 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29 | 837000 | 809530 |
|  Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27 | 591000 | 589430 |
|  Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 | 385000 | 377701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/15/29 (a) | 572000 | 552751 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 664000 | 667782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 738000 | 733514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 837000 | 854878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 (a) | 738000 | 757373 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 680000 | 670229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 | 492000 | 465567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 562000 | 578033 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 396000 | 401182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 690000 | 668422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 345000 | 332351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/1/33 | 480000 | 481751 |
|  Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28 | 532000 | 519398 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 886000 | 886591 |
|  (Cost $21,883,055) |  | **22348491** |
|  **Office Furnishings — 0.1%** |  |  |
|  Interface, Inc.,144A,5.50%, 12/1/28 | 295000 | 293676 |
|  Steelcase, Inc.,5.125%, 1/18/29 | 553000 | 550594 |
|  (Cost $819,547) |  | **844270** |
|  **Retail — 5.5%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 1566000 | 1524296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 938000 | 922504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 738000 | 702153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 1181000 | 1209651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 492000 | 497855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 3010000 | 2814406 |
|  Academy Ltd.,144A,6.00%, 11/15/27 | 385000 | 385404 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/1/27 | 345000 | 321777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/9/28 | 315000 | 320760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 | 522000 | 481505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 975000 | 1000475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/32 | 365000 | 318528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 975000 | 999375 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 399000 | 394294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 787000 | 764325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 448000 | 437550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/32 | 591000 | 568182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.694%, 1/15/27 | 279000 | 285175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 438000 | 440169 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **51**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 831000 | 853097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/1/33 | 280000 | 289820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/35 | 868000 | 904031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36 | 566000 | 575809 |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc.,144A,9.50%, 7/1/32 | 500000 | 518542 |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29 | 335000 | 291150 |
|  BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29 | 295000 | 288899 |
|  Brinker International, Inc.,144A,8.25%, 7/15/30 | 345000 | 366848 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 12/1/28 | 550000 | 562523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 6/1/30 | 1633000 | 1708190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 6/1/31 | 2305500 | 2615793 |
|  Cougar JV Subsidiary LLC,144A,8.00%, 5/15/32 | 664000 | 703722 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 1083000 | 1196256 |
|  Evergreen Acqco 1 LP / TVI, Inc.,144A,9.75%, 4/26/28 | 395000 | 411511 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29 | 1064000 | 1017131 |
|  Foot Locker, Inc.,144A,4.00%, 10/1/29 | 394000 | 377129 |
|  Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/29 | 828000 | 776544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/1/31 | 738000 | 665173 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 567000 | 526670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 517000 | 456408 |
|  Global Auto Holdings Ltd./ Aag Fh UK Ltd.,144A,11.50%, 8/15/29 | 532000 | 527387 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 738000 | 716088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 492000 | 504112 |
|  GYP Holdings III Corp.,144A,4.625%, 5/1/29 | 287000 | 289956 |
|  Ken Garff Automotive LLC,144A,4.875%, 9/15/28 | 454000 | 445145 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27 | 738000 | 736777 |
|  Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/30 | 354000 | 380184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/1/31 | 492000 | 387108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/17/45 | 460000 | 282121 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  LBM Acquisition LLC,144A,9.50%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995619 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/29 | 984000 | 966304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/31 | 987000 | 1046549 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 394000 | 390405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 757000 | 725878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 591000 | 561707 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 (a) | 418000 | 407987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 492000 | 505176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 | 361000 | 300637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/42 | 246000 | 179126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 2/15/43 | 246000 | 165484 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/1/27 | 295000 | 294749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 492000 | 483798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 492000 | 455489 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/27 | 345000 | 335041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/28 | 304000 | 312175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 | 492000 | 453099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 | 418000 | 368216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/44 | 980000 | 665944 |
|  Papa John's International, Inc.,144A,3.875%, 9/15/29 | 394000 | 378235 |
|  Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 5/1/29 | 351000 | 344301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/1/32 | 492000 | 499086 |
|  Penske Automotive Group, Inc.,3.75%, 6/15/29 | 492000 | 469117 |
|  PetSmart LLC / PetSmart Finance Corp.,144A,7.50%, 9/15/32 | 1950000 | 1929759 |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 2275000 | 2349631 |
|  Raising Cane's Restaurants LLC,144A,9.375%, 5/1/29 | 492000 | 518623 |
|  Sally Holdings LLC / Sally Capital, Inc.,6.75%, 3/1/32 (a) | 701000 | 727283 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 640000 | 622153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/15/31 | 462000 | 441209 |
|  Specialty Building Products Holdings LLC / Sbp Finance Corp.,144A,7.75%, 10/15/29 | 502000 | 503771 |
|  Staples, Inc.,144A,10.75%, 9/1/29 | 2507000 | 2400452 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/27 | 345000 | 343240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/1/31 | 660000 | 624463 |

---

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567850 |
|  Victoria's Secret & Co.,144A,4.625%, 7/15/29 (a) | 591000 | 560748 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a) | 443000 | 463274 |
|  Vivo Energy Investments BV,144A,5.125%, 9/24/27 | 345000 | 342287 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 787000 | 780589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 1054000 | 980335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 1103000 | 1066188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 984000 | 989890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/37 (a) | 320000 | 348098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/1/43 | 271000 | 259115 |
|  (Cost $61,036,502) |  | **62373393** |
|  **Consumer, Non-cyclical — 16.8%** |  |  |
|  **Agriculture — 0.2%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 526000 | 524785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 1004000 | 1014886 |
|  Turning Point Brands, Inc.,144A,7.625%, 3/15/32 | 295000 | 308396 |
|  (Cost $1,824,830) |  | **1848067** |
|  **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 702000 | 705696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 735000 | 710599 |
|  (Cost $1,396,341) |  | **1416295** |
|  **Commercial Services — 5.2%** |  |  |
|  ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/29 | 984000 | 951191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/15/32 | 717000 | 689939 |
|  Adtalem Global Education, Inc.,144A,5.50%, 3/1/28 | 399000 | 397325 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 1378000 | 1421962 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 2403000 | 2525253 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp.,144A,6.875%, 6/15/30 | 1154000 | 1188478 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 1207000 | 1177977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 762000 | 744877 |
|  Alta Equipment Group, Inc.,144A,9.00%, 6/1/29 | 522000 | 496640 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 345000 | 321772 |
|  APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/15/29 | 332000 | 318686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/29 | 273000 | 268347 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/27 | 341000 | 339581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/27 | 310000 | 308330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 492000 | 476635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 | 641000 | 621910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 689000 | 713202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 | 497000 | 512800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 | 631000 | 658624 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 1098000 | 1112009 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 591000 | 585913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 394000 | 405187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/32 | 394000 | 408192 |
|  Carriage Services, Inc.,144A,4.25%, 5/15/29 | 419000 | 395181 |
|  Cimpress PLC,144A,7.375%, 9/15/32 | 557000 | 558895 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 907000 | 875058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 907000 | 856971 |
|  CoreCivic, Inc.,8.25%, 4/15/29 | 492000 | 520717 |
|  Deluxe Corp.,144A,8.125%, 9/15/29 | 468000 | 487545 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 5/15/28 | 1014000 | 1073923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 591000 | 636571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 | 492000 | 522706 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/15/27 | 561000 | 556987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 395000 | 406356 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 640000 | 676826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 635000 | 700007 |
|  Grand Canyon University,5.125%, 10/1/28 | 319000 | 313398 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/27 | 1331000 | 1329557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 787000 | 810671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 1624000 | 1690185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/33 | 1083000 | 1136052 |
|  Hertz Corp.,144A,12.625%, 7/15/29 (a) | 1270000 | 1319789 |
|  Korn Ferry,144A,4.625%, 12/15/27 | 394000 | 387476 |
|  Matthews International Corp.,144A,8.625%, 10/1/27 | 295000 | 305071 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **53**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  NESCO Holdings II, Inc.,144A,5.50%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;981000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957028 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 8/31/27 | 984000 | 953253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/28 | 1280000 | 1279609 |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 1280000 | 1303955 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 1084000 | 1099800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 478000 | 461014 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 566000 | 563085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 738000 | 732450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 857000 | 791881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 787000 | 739909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 787000 | 794820 |
|  Sotheby's,144A,7.375%, 10/15/27 | 753000 | 744712 |
|  Sotheby's/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29 | 295000 | 268621 |
|  StoneMor, Inc.,144A,8.50%, 5/15/29 | 394000 | 380103 |
|  TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 492000 | 460670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/15/31 | 504000 | 524098 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/27 | 492000 | 491639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 738000 | 725458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 1668000 | 1658799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 748000 | 750268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 738000 | 704904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 1083000 | 1019046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 738000 | 680156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 1133000 | 1173539 |
|  Upbound Group, Inc.,144A,6.375%, 2/15/29 | 443000 | 434185 |
|  Valvoline, Inc.,144A,3.625%, 6/15/31 | 527000 | 480698 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 1034000 | 1119272 |
|  VM Consolidated, Inc.,144A,5.50%, 4/15/29 | 345000 | 341444 |
|  VT Topco, Inc.,144A,8.50%, 8/15/30 | 492000 | 525035 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 1230000 | 1301357 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 492000 | 484088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 492000 | 504035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 492000 | 509257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 602000 | 629681 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  ZipRecruiter, Inc.,144A,5.00%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462578 |
|  (Cost $57,579,506) |  | **58729435** |
|  **Cosmetics/Personal Care — 0.5%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 738000 | 734384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 | 492000 | 468170 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 1153000 | 1173251 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/15/30 | 818000 | 800536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/30/32 | 704000 | 708391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 | 299000 | 238284 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 394000 | 391466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 671000 | 618367 |
|  (Cost $5,041,523) |  | **5132849** |
|  **Food — 2.6%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/27 | 1359000 | 1350727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/28 (a) | 758000 | 757767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 738000 | 752063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 1328000 | 1262615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 984000 | 969084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 591000 | 604529 |
|  Aragvi Finance International Dac,144A,11.125%, 11/20/29 | 640000 | 646308 |
|  B&G Foods, Inc.,144A,8.00%, 9/15/28 | 787000 | 773518 |
|  Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28 | 418000 | 411685 |
|  Fiesta Purchaser, Inc.,144A,7.875%, 3/1/31 | 492000 | 522137 |
|  Froneri Lux FinCo SARL,144A,6.00%, 8/1/32 | 571000 | 574118 |
|  Ingles Markets, Inc.,144A,4.00%, 6/15/31 | 344000 | 322346 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 984000 | 1035875 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 492000 | 488961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 955000 | 915608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 769000 | 723403 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/27 | 1043000 | 1041582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 1004000 | 972248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 1034000 | 1058316 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 896000 | 809638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 998000 | 1051784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 502000 | 549672 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 12/15/29 | 1215000 | 1211228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 1408000 | 1357852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 1035000 | 965477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/32 | 984000 | 1010830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 1181000 | 1192992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 | 591000 | 594500 |
|  Safeway, Inc.,7.25%, 2/1/31 | 307000 | 330336 |
|  Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29 | 837000 | 803758 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 492000 | 506911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 886000 | 872701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 492000 | 479825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 492000 | 516598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 492000 | 493606 |
|  Viking Baked Goods Acquisition Corp.,144A,8.625%, 11/1/31 | 926000 | 917092 |
|  (Cost $29,082,999) |  | **29620097** |
|  **Healthcare-Products — 1.5%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 1526000 | 1501869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 897000 | 852285 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 1378000 | 1435394 |
|  DENTSPLY SIRONA, Inc.,8.375%, 9/12/55 | 541000 | 550682 |
|  Embecta Corp.,144A,5.00%, 2/15/30 (a) | 552000 | 517272 |
|  Garden Spinco Corp.,144A,8.625%, 7/20/30 | 345000 | 361368 |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/28 | 394000 | 390160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 2/15/29 | 935000 | 893267 |
|  Insulet Corp.,144A,6.50%, 4/1/33 | 443000 | 459280 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 4/1/29 | 4550000 | 4369123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/1/29 | 2461000 | 2437074 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29 | 1477000 | 1517315 |
|  Sotera Health Holdings LLC,144A,7.375%, 6/1/31 | 738000 | 775743 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 492000 | 486660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 496000 | 485915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Varex Imaging Corp.,144A,7.875%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369120 |
|  (Cost $17,046,290) |  | **17402527** |
|  **Healthcare-Services — 4.6%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 503000 | 500464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 468000 | 457427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/33 (a) | 561000 | 584216 |
|  AHP Health Partners, Inc.,144A,5.75%, 7/15/29 | 295000 | 292917 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 492000 | 480478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 492000 | 466436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 492000 | 455151 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 761000 | 733641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 1645000 | 1474455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 1041000 | 887342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 2245000 | 2375729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 1/15/34 | 1720000 | 1741995 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 | 640000 | 663459 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 2787000 | 2683113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1507000 | 1375143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/1/32 | 1004000 | 1038670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | 1004000 | 1040574 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 787000 | 779459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 787000 | 775856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 394000 | 382000 |
|  Fortrea Holdings, Inc.,144A,7.50%, 7/1/30 | 561000 | 534479 |
|  Global Medical Response, Inc.,144A,10.00% PIK, 10/31/28 | 575497 | 575497 |
|  Hah Group Holding Co. LLC,144A,9.75%, 10/1/31 | 684000 | 632423 |
|  HealthEquity, Inc.,144A,4.50%, 10/1/29 | 701000 | 677649 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 1053000 | 1052033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 1083000 | 1078631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 492000 | 510179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 1969000 | 2029679 |
|  Kedrion SpA,144A,6.50%, 9/1/29 | 858000 | 842288 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 787000 | 852141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 1083000 | 1193872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 689000 | 730078 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **55**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 787000 | 767025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 640000 | 587875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 798000 | 713512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 738000 | 743249 |
|  Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30 | 529000 | 523300 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 1497000 | 1544769 |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 926000 | 945316 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 581000 | 584359 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 1104000 | 1168744 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 423000 | 428190 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/27 | 1497000 | 1497876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 1507000 | 1502622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 591000 | 584293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 2461000 | 2462777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 1418000 | 1380456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 1590000 | 1544001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 1969000 | 1999140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 1329000 | 1381308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/31 | 356000 | 382284 |
|  Toledo Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.325%, 11/15/28 | 330000 | 332736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.982%, 11/15/45 | 269000 | 219184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.015%, 11/15/48 | 394000 | 365435 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 984000 | 1009805 |
|  (Cost $51,453,468) |  | 52565730 |
|  **Household Products/Wares** — **0.1%** |  |  |
|  ACCO Brands Corp.,144A,4.25%, 3/15/29 | 542000 | 486180 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28 | 295000 | 293677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 | 592000 | 559939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/31 | 394000 | 367158 |
|  (Cost $1,678,331) |  | 1706954 |
|  **Pharmaceuticals** — **2.0%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 4406000 | 4574975 |
|  180 Medical, Inc.,144A,3.875%, 10/15/29 | 492000 | 471898 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/28 | 535000 | 532820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 492000 | 465184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 591000 | 563705 |
|  Amneal Pharmaceuticals LLC,144A,6.875%, 8/1/32 | 661000 | 680113 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  BellRing Brands, Inc.,144A,7.00%, 3/15/30 | 827000 | 855342 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 | 738000 | 748117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/10/55 | 2295000 | 2389343 |
|  Elanco Animal Health, Inc.,6.65%, 8/28/28 | 720000 | 749598 |
|  Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 | 984000 | 1047573 |
|  Grifols SA,144A,4.75%, 10/15/28 | 694000 | 672498 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 787000 | 853918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 591000 | 517468 |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 1477000 | 1445904 |
|  Option Care Health, Inc.,144A,4.375%, 10/31/29 | 592000 | 570861 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/28 | 2067000 | 1979454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 1781000 | 1526110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 522000 | 494188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 | 492000 | 443540 |
|  Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 471000 | 400032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 (a) | 594000 | 515255 |
|  Paradigm Parent LLC And Paradigm Parent Co.-Issuer, Inc.,144A,8.75%, 4/17/32 | 492000 | 469973 |
|  (Cost $22,449,229) |  | **22967869** |
|  **Diversified** — **0.2%** |  |  |
|  **Holding Companies-Diversified** — **0.2%** |  |  |
|  Clue Opco LLC,144A,9.50%, 10/15/31 (a) | 714000 | 760128 |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 847000 | 863830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 394000 | 406444 |
|  (Cost $1,971,280) |  | **2030402** |
|  **Energy** — **12.8%** |  |  |
|  **Coal** — **0.1%** |  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,8.625%, 6/15/29 | 394000 | 416369 |
|  SunCoke Energy, Inc.,144A,4.875%, 6/30/29 | 492000 | 449140 |
|  (Cost $857,541) |  | **865509** |
|  **Energy-Alternate Sources** — **0.2%** |  |  |
|  TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/31/28 | 729000 | 722784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 689000 | 664835 |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Topaz Solar Farms LLC,144A,5.75%, 9/30/39 | 489173 | 493527 |
|  (Cost $1,837,955) |  | 1881146 |
|  **Oil & Gas — 6.1%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 984000 | 1026354 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/1/27 | 213000 | 257464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 409000 | 408014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 590000 | 600624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/33 | 492000 | 499432 |
|  Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/30/30 | 748000 | 763495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/32 (a) | 586000 | 572580 |
|  Borr IHC Ltd / Borr Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/28 | 1209841 | 1228097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.375%, 11/15/30 | 633267 | 639970 |
|  California Resources Corp.,144A,8.25%, 6/15/29 | 886000 | 915394 |
|  Caturus Energy LLC,144A,8.50%, 2/15/30 | 492000 | 510451 |
|  Chord Energy Corp.,144A,6.75%, 3/15/33 | 738000 | 756905 |
|  CITGO Petroleum Corp.,144A,8.375%, 1/15/29 | 1083000 | 1129476 |
|  Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 394000 | 392913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 1329000 | 1380189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 1014000 | 1055618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 | 1429000 | 1470044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 738000 | 781130 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 602000 | 603296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 492000 | 510262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 591000 | 613249 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 1205000 | 1187944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 384000 | 377974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 980000 | 919750 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/15/28 | 467000 | 485950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 1113000 | 1108474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 994000 | 971206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 621000 | 630182 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/15/28 | 394000 | 383937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/29 | 591000 | 597367 |
|  Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30 | 541000 | 573830 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Energean PLC,144A,6.50%, 4/30/27 (a) | 443000 | 438094 |
|  EnQuest PLC,144A,11.625%, 11/1/27 | 458000 | 473630 |
|  Gulfport Energy Operating Corp.,144A,6.75%, 9/1/29 | 680000 | 695686 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 591000 | 594106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 591000 | 583360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 492000 | 486905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 591000 | 568685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 517000 | 494931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 591000 | 617120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/34 | 572000 | 549042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 984000 | 960109 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 738000 | 768079 |
|  Karoon USA Finance, Inc.,144A,10.50%, 5/14/29 | 345000 | 358059 |
|  Kraken Oil & Gas Partners LLC,144A,7.625%, 8/15/29 | 492000 | 489612 |
|  Long Ridge Energy LLC,144A,8.75%, 2/15/32 | 631000 | 653578 |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.,144A,6.875%, 12/1/32 | 394000 | 404789 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 492000 | 503401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 906000 | 919209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 | 738000 | 743455 |
|  MEG Energy Corp.,144A,5.875%, 2/1/29 | 591000 | 594699 |
|  Moss Creek Resources Holdings, Inc.,144A,8.25%, 9/1/31 | 778000 | 769420 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 | 671000 | 653411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/1/42 | 334000 | 280257 |
|  Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/15/27 | 675000 | 686250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 1/31/30 | 670000 | 686569 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 1428000 | 1478400 |
|  Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 3/1/28 | 694000 | 699234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 6/15/31 | 542000 | 556814 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 562000 | 561645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 787000 | 764277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 787000 | 761772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 492000 | 506724 |
|  PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28 | 944000 | 927242 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **57**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 787000 | 812530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 | 492000 | 476398 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/15/27 | 551000 | 561292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 689000 | 689149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 7/15/31 | 320000 | 347375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 984000 | 1020221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 1054000 | 1073609 |
|  Precision Drilling Corp.,144A,6.875%, 1/15/29 | 394000 | 397345 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 787000 | 807661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/30 | 492000 | 479941 |
|  Saturn Oil & Gas, Inc.,144A,9.625%, 6/15/29 | 560000 | 571715 |
|  Seadrill Finance Ltd.,144A,8.375%, 8/1/30 | 606000 | 629342 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/26 | 413000 | 412255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27 | 465000 | 465341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 394000 | 397739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 738000 | 745365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 | 758000 | 763451 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 738000 | 766404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/1/32 | 738000 | 780715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 1004000 | 1026113 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 491000 | 491395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/28 | 393000 | 394377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 492000 | 508293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 787000 | 767123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 967000 | 934479 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 655000 | 674256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 635000 | 658038 |
|  Teine Energy Ltd.,144A,6.875%, 4/15/29 | 394000 | 387745 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 689000 | 672633 |
|  Transocean Aquila Ltd.,144A,8.00%, 9/30/28 | 313108 | 321497 |
|  Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28 | 613619 | 629808 |
|  Transocean, Inc.,144A,8.75%, 2/15/30 | 867750 | 918675 |
|  Valaris Ltd.,144A,8.375%, 4/30/30 | 1083000 | 1127496 |
|  Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/1/30 | 394000 | 380370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/33 (a) | 384000 | 360908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/31/29 | 294000 | 293969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/30 | 378000 | 393413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/32 (a) | 984000 | 969525 |
|  W&T Offshore, Inc.,144A,10.75%, 2/1/29 | 350000 | 328146 |
|  Wildfire Intermediate Holdings LLC,144A,7.50%, 10/15/29 | 591000 | 599307 |
|  (Cost $68,415,149) |  | **69615549** |
|  **Oil & Gas Services — 0.9%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/1/27 | 295000 | 295269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/28 | 787000 | 789636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/1/32 | 689000 | 706285 |
|  Aris Water Holdings LLC,144A,7.25%, 4/1/30 | 492000 | 519121 |
|  Bristow Group, Inc.,144A,6.875%, 3/1/28 | 394000 | 394606 |
|  CHC Group LLC,144A,11.75%, 9/1/30 | 550000 | 547501 |
|  Enerflex Ltd.,144A,9.00%, 10/15/27 | 554000 | 568646 |
|  Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29 | 295000 | 307049 |
|  Kodiak Gas Services LLC,144A,7.25%, 2/15/29 | 788000 | 815076 |
|  Oceaneering International, Inc.,6.00%, 2/1/28 | 295000 | 298055 |
|  Star Holding LLC,144A,8.75%, 8/1/31 | 345000 | 343733 |
|  Tgs ASA,144A,8.50%, 1/15/30 | 541000 | 552160 |
|  Tidewater, Inc.,144A,9.125%, 7/15/30 | 700000 | 746892 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/27 | 738000 | 738157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 984000 | 1008675 |
|  Viridien,144A,10.00%, 10/15/30 | 443000 | 442703 |
|  Weatherford International Ltd.,144A,8.625%, 4/30/30 | 1512000 | 1549661 |
|  (Cost $10,526,645) |  | **10623225** |
|  **Pipelines — 5.5%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/1/27 | 640000 | 639844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 670000 | 671847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 738000 | 733598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/32 | 591000 | 611212 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/29 | 492000 | 511860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/32 | 492000 | 522126 |

---

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/26 | 601000 | 593758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 394000 | 387573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 492000 | 484250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 591000 | 612482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 492000 | 511013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 | 414000 | 370857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 | 295000 | 255586 |
|  CNX Midstream Partners LP,144A,4.75%, 4/15/30 | 394000 | 373741 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 1428000 | 1408374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 492000 | 527636 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/28 | 394000 | 395515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 1034000 | 1080847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 | 749000 | 749486 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/54 | 787000 | 838478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 10/1/54 | 394000 | 407037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/56 | 1200000 | 1192178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/56 | 800000 | 796079 |
|  Excelerate Energy LP,144A,8.00%, 5/15/30 | 787000 | 838066 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 869000 | 878546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 591000 | 617029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 492000 | 520718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 689000 | 715147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 591000 | 617330 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/15/29 | 345000 | 349625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 443000 | 465704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 443000 | 453409 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 802000 | 810614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 562000 | 578642 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 787000 | 800192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 561000 | 559753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 601000 | 621410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 738000 | 716624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 394000 | 396142 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 591000 | 616306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 750000 | 762254 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 1201000 | 1177339 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 12/15/28 | 1034000 | 1063797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/30 | 984000 | 992428 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28 | 394000 | 416107 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 886000 | 903770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 1311000 | 1331799 |
|  Northriver Midstream Finance LP,144A,6.75%, 7/15/32 | 600000 | 616181 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 571000 | 574053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 591000 | 611917 |
|  Prairie Acquiror LP,144A,9.00%, 8/1/29 | 394000 | 410790 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.95%, 7/15/29 | 541000 | 532304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.80%, 5/15/30 | 345000 | 335927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 492000 | 513932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/38 | 276000 | 284807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/40 | 492000 | 495340 |
|  South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/1/55 | 635000 | 663697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/55 | 530000 | 551516 |
|  Summit Midstream Holdings LLC,144A,8.625%, 10/31/29 | 862000 | 859579 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/1/27 | 403000 | 402493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 738000 | 736759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 787000 | 810881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 714000 | 703431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 529000 | 519725 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 1230000 | 1179190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 984000 | 1024699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 1270000 | 1192401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/33 | 1230000 | 1095692 |
|  Venture Global LNG, Inc. 144A,8.125%, 6/1/28 | 2275000 | 2357362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 2953000 | 3246570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 1477000 | 1521969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 | 2375000 | 2491798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 | 2159000 | 2350890 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 1994000 | 2081670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 1999000 | 2097851 |
|  (Cost $60,656,895) |  | **62141552** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **59**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  **Financial — 4.6%** |  |  |
|  **Real Estate — 0.8%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a) | 659000 | 648771 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,144A,9.75%, 4/15/30 | 522000 | 554500 |
|  CoreLogic, Inc.,144A,4.50%, 5/1/28 | 738000 | 708120 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 640000 | 646308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 394000 | 422498 |
|  Five Point Operating Co. LP / Five Point Capital Corp.,144A,10.50%, 1/15/28 (b) | 514561 | 518132 |
|  Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30 | 394000 | 417205 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 8/1/28 | 738000 | 737350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 640000 | 612205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 700000 | 651969 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 625000 | 611947 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 591000 | 562814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 641000 | 600861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 591000 | 551743 |
|  Newmark Group, Inc.,7.50%, 1/12/29 | 467000 | 499331 |
|  (Cost $8,407,933) |  | 8743754 |
|  **Real Estate Investment Trusts — 3.8%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a) | 592000 | 569140 |
|  Arbor Realty SR, Inc.,144A,7.875%, 7/15/30 | 492000 | 512174 |
|  Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/27 | 330000 | 322652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 12/1/29 | 443000 | 472376 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 443000 | 431329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 3/15/28 | 345000 | 366875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 631000 | 686007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/1/29 | 345000 | 330833 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 490000 | 481528 |
|  Diversified Healthcare Trust,4.375%, 3/1/31 | 500000 | 424594 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Global Net Lease, Inc.,144A,4.50%, 9/30/28 | 492000 | 478238 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 492000 | 477209 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 474000 | 453137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/15/28 | 395000 | 386409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 | 492000 | 452189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 394000 | 333317 |
|  Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32 | 738000 | 709367 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 1004000 | 997588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 832000 | 830029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 492000 | 488287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 994000 | 1023879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 1094000 | 1075347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 1280000 | 1266614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 1083000 | 1030296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 671000 | 665085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 1181000 | 1208507 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/27 | 590000 | 580331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 624000 | 610176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/30 | 492000 | 501264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/31 | 492000 | 517308 |
|  Millrose Properties, Inc.,144A,6.375%, 8/1/30 | 1250000 | 1261250 |
|  MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32 | 1497000 | 1569498 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 884000 | 883100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 738000 | 718340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 541000 | 558626 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 394000 | 398142 |
|  RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27 | 739000 | 737116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 445000 | 458013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 591000 | 577542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 1014000 | 1042193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/33 | 615000 | 635214 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 853000 | 873203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 492000 | 502317 |

---

See Notes to Financial Statements.

**60** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 492000 | 461673 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 | 1492000 | 1466634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/1/29 | 1476000 | 1387101 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/26 | 443000 | 438913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/27 | 394000 | 381997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 443000 | 437210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 | 394000 | 366029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 689000 | 710982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 | 418000 | 369817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 (a) | 464000 | 394716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 984000 | 1048820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 | 492000 | 507757 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/27 | 502000 | 496251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 591000 | 619341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 492000 | 510639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 492000 | 507885 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 2/15/28 | 2239000 | 2355943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 561000 | 547308 |
|  Vornado Realty LP,3.40%, 6/1/31 | 345000 | 307627 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 492000 | 478730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/15/30 | 394000 | 404411 |
|  (Cost $42,003,512) |  | 43096423 |
|  **REITS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.,144A,6.00%, 4/15/30 |  |  |
|  (Cost $390,183) | 394000 | 400325 |
|  **Industrial — 12.0%** |  |  |
|  **Aerospace/Defense — 2.6%** |  |  |
|  AAR Escrow Issuer LLC,144A,6.75%, 3/15/29 | 681000 | 700761 |
|  ATI, Inc.,7.25%, 8/15/30 | 443000 | 466657 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 748000 | 748867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 738000 | 770173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 764000 | 823353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 | 788000 | 830778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 | 738000 | 770600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 492000 | 511612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.45%, 5/1/34 | 542000 | 590746 |
|  Efesto Bidco S.p.A Efesto US LLC,144A, Series XR, 7.50%, 2/15/32 | 872000 | 890687 |
|  Goat Holdco LLC,144A,6.75%, 2/1/32 | 738000 | 750804 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Moog, Inc.,144A,4.25%, 12/15/27 | 492000 | 484308 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 11/30/29 | 886000 | 937050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 11/15/30 | 1201000 | 1322685 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 2066000 | 2123925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 1206000 | 1180089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 2706000 | 2770492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 818000 | 803099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 1607000 | 1666451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 1124000 | 1171613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 2165000 | 2229287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 1517000 | 1534031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 2608000 | 2642658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/31/34 | 500000 | 513026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/31/34 | 2000000 | 2064523 |
|  (Cost $28,853,314) |  | **29298275** |
|  **Building Materials — 2.6%** |  |  |
|  AmeriTex HoldCo Intermediate LLC,144A,7.625%, 8/15/33 | 758000 | 782114 |
|  Boise Cascade Co.,144A,4.875%, 7/1/30 (a) | 394000 | 385263 |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 541000 | 535045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 1310000 | 1231295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 699000 | 720820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 1064000 | 1095847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 738000 | 769626 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 | 699000 | 672594 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 | 512000 | 492784 |
|  CP Atlas Buyer, Inc.,144A,9.75%, 7/15/30 | 500000 | 515900 |
|  Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 2732000 | 2805835 |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31 | 492000 | 508900 |
|  Griffon Corp.,5.75%, 3/1/28 | 959000 | 957616 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 394000 | 389085 |
|  JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 12/15/27 (a) | 464000 | 456510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/1/32 | 365000 | 315350 |
|  Knife River Corp.,144A,7.75%, 5/1/31 | 418000 | 438402 |
|  Louisiana-Pacific Corp.,144A,3.625%, 3/15/29 | 345000 | 331768 |
|  Masterbrand, Inc.,144A,7.00%, 7/15/32 | 689000 | 713737 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32 | 759000 | 782425 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **61**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 492000 | 483655 |
|  New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28 | 716000 | 707747 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 3888000 | 4009893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33 | 1577000 | 1634611 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 1133000 | 1135576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 1083000 | 1155303 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 984000 | 1015598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 1100000 | 1122672 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 1014000 | 1004555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 1543000 | 1478626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 1173000 | 1064532 |
|  (Cost $29,206,338) |  | 29713684 |
|  **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 12/31/27 | 304000 | 306654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 605000 | 594913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 799000 | 764921 |
|  EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 12/15/27 | 299000 | 293801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 295000 | 303857 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 1304000 | 1324182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 886000 | 912205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 837000 | 867865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 807000 | 837033 |
|  (Cost $6,107,264) |  | 6205431 |
|  **Electronics — 0.6%** |  |  |
|  Atkore, Inc.,144A,4.25%, 6/1/31 | 394000 | 365919 |
|  Coherent Corp.,144A,5.00%, 12/15/29 | 1074000 | 1055478 |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 1969000 | 1919587 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 984000 | 942501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 532000 | 536618 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 443000 | 426481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 738000 | 678318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 | 492000 | 508158 |
|  TTM Technologies, Inc.,144A,4.00%, 3/1/29 | 492000 | 470671 |
|  (Cost $6,747,138) |  | 6903731 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Engineering & Construction — 0.7%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 1181000 | 1205394 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 394000 | 382553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 681000 | 710428 |
|  ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C,144A,7.875%, 2/3/30 | 492000 | 500798 |
|  Brundage-Bone Concrete Pumping Holdings, Inc.,144A,7.50%, 2/1/32 | 418000 | 417061 |
|  Dycom Industries, Inc.,144A,4.50%, 4/15/29 | 496000 | 483846 |
|  Fluor Corp.,4.25%, 9/15/28 | 499000 | 490955 |
|  Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 6/1/29 | 394000 | 395119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/32 | 295000 | 307085 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 837000 | 867420 |
|  Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28 | 320000 | 327165 |
|  TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/15/29 | 394000 | 376277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/32 | 492000 | 458547 |
|  Tutor Perini Corp.,144A,11.875%, 4/30/29 | 394000 | 442345 |
|  Weekley Homes LLC / Weekley Finance Corp.,144A,4.875%, 9/15/28 | 394000 | 383600 |
|  (Cost $7,565,357) |  | **7748593** |
|  **Environmental Control — 0.8%** |  |  |
|  Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/15/27 | 537000 | 534474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 335000 | 331935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/31 | 492000 | 504177 |
|  Enviri Corp.,144A,5.75%, 7/31/27 | 468000 | 462739 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 748000 | 729285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 738000 | 726198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 591000 | 574842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 1004000 | 1048108 |
|  Luna 1.5 Sarl,144A,12.00%, 7/1/32 | 450000 | 458915 |
|  Madison IAQ LLC,144A,4.125%, 6/30/28 | 689000 | 669826 |
|  Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 12/1/29 | 753000 | 728100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/30 | 424000 | 409190 |
|  Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 837000 | 875193 |

---

See Notes to Financial Statements.

**62** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Wrangler Holdco Corp.,144A,6.625%, 4/1/32 | 492000 | 512887 |
|  (Cost $8,355,340) |  | 8565869 |
|  **Machinery-Construction & Mining — 0.2%** |  |  |
|  BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 394000 | 384901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 394000 | 379184 |
|  Manitowoc Co., (The), Inc.,144A,9.25%, 10/1/31 | 345000 | 363117 |
|  Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/29 | 641000 | 630505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/32 | 718000 | 726826 |
|  (Cost $2,432,382) |  | 2484533 |
|  **Machinery-Diversified — 0.6%** |  |  |
|  ATS Corp.,144A,4.125%, 12/15/28 | 375000 | 358731 |
|  Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 1/1/30 | 1634000 | 1712577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 1/1/31 | 422000 | 451946 |
|  Esab Corp.,144A,6.25%, 4/15/29 | 689000 | 708440 |
|  Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29 | 1034000 | 1085016 |
|  Mueller Water Products, Inc.,144A,4.00%, 6/15/29 | 443000 | 425943 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 1555000 | 1550588 |
|  (Cost $6,184,892) |  | 6293241 |
|  **Metal Fabricate/Hardware — 0.2%** |  |  |
|  Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 9/30/27 | 345000 | 342548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/30 | 306000 | 312090 |
|  Park-Ohio Industries, Inc.,144A,8.50%, 8/1/30 | 345000 | 350837 |
|  Roller Bearing Co. of America, Inc.,144A,4.375%, 10/15/29 | 492000 | 478612 |
|  Vallourec SACA,144A,7.50%, 4/15/32 | 827000 | 878261 |
|  (Cost $2,291,768) |  | 2362348 |
|  **Miscellaneous Manufacturing — 0.5%** |  |  |
|  Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/15/30 | 394000 | 379374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 572000 | 585891 |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 984000 | 1010982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 738000 | 762878 |
|  Calderys Financing LLC,144A,11.25%, 6/1/28 | 541000 | 572570 |
|  Enpro, Inc.,144A,6.125%, 6/1/33 | 443000 | 452044 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/29 | 493000 | 503621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 3/1/31 | 315000 | 289620 |
|  LSB Industries, Inc.,144A,6.25%, 10/15/28 | 439000 | 435550 |
|  Maxam Prill Sarl,144A,7.75%, 7/15/30 | 492000 | 479906 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 611000 | 631826 |
|  (Cost $6,001,527) |  | **6104262** |
|  **Packaging & Containers — 2.2%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/27 | 591000 | 590999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 (a) | 591000 | 558532 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/15/28 | 688000 | 702330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 984000 | 1009404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 1280000 | 1157883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 837000 | 754454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 800000 | 809661 |
|  Cascades, Inc./Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/28 | 568000 | 559612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/30 | 394000 | 400269 |
|  Clearwater Paper Corp.,144A,4.75%, 8/15/28 | 271000 | 256510 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/29 | 492000 | 499048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 492000 | 505825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 4/15/30 | 1093000 | 1126363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 1393000 | 1431259 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 | 492000 | 498476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 | 689000 | 696927 |
|  Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26 | 394000 | 392183 |
|  Crown Cork & Seal Co., Inc.,7.375%, 12/15/26 | 345000 | 355111 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/27 | 295000 | 291533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 443000 | 426207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 345000 | 326288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 401000 | 376506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 7/15/32 | 492000 | 499895 |
|  Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/27 | 2654000 | 2685591 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 474000 | 448264 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **63**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/13/27 | 602000 | 601529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 679000 | 690878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/1/32 | 325000 | 327635 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 418000 | 409208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 963000 | 976870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 418000 | 414593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 419000 | 441124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 494000 | 510998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/15/33 | 443000 | 478564 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 561000 | 545909 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC,144A,9.50%, 5/15/30 | 990000 | 989307 |
|  TriMas Corp.,144A,4.125%, 4/15/29 | 419000 | 403215 |
|  Trivium Packaging Finance BV,144A,8.25%, 7/15/30 | 591000 | 627731 |
|  (Cost $24,479,658) |  | 24776691 |
|  **Transportation — 0.5%** |  |  |
|  Beacon Mobility Corp.,144A,7.25%, 8/1/30 | 541000 | 560631 |
|  Danaos Corp.,144A,8.50%, 3/1/28 | 333000 | 338039 |
|  First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29 | 615000 | 583048 |
|  Genesee & Wyoming, Inc.,144A,6.25%, 4/15/32 | 689000 | 700576 |
|  Rand Parent LLC,144A,8.50%, 2/15/30 (a) | 837000 | 867426 |
|  RXO, Inc.,144A,7.50%, 11/15/27 | 349000 | 355806 |
|  Stonepeak Nile Parent LLC,144A,7.25%, 3/15/32 | 572000 | 600512 |
|  Watco Cos. LLC / Watco Finance Corp.,144A,7.125%, 8/1/32 | 689000 | 720375 |
|  XPO CNW, Inc.,6.70%, 5/1/34 | 295000 | 308550 |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/31 | 443000 | 461130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 576000 | 604141 |
|  (Cost $5,972,995) |  | 6100234 |
|  **Technology — 4.3%** |  |  |
|  **Computers — 0.9%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 1084000 | 1130561 |
|  ASGN, Inc.,144A,4.625%, 5/15/28 | 541000 | 529477 |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 984000 | 1014939 |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc.,144A,6.00%, 11/1/29 | 572000 | 547306 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Crane NXT Co.,4.20%, 3/15/48 | 345000 | 209227 |
|  Crowdstrike Holdings, Inc.,3.00%, 2/15/29 | 738000 | 695518 |
|  Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31 | 738000 | 776176 |
|  Insight Enterprises, Inc.,144A,6.625%, 5/15/32 | 492000 | 506546 |
|  KBR, Inc.,144A,4.75%, 9/30/28 | 246000 | 237075 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 650000 | 640792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 527000 | 520377 |
|  Science Applications International Corp.,144A,4.875%, 4/1/28 | 394000 | 388692 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 426000 | 404355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 484000 | 514102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 450000 | 455400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 463000 | 491330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 719000 | 816300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/34 | 362000 | 351535 |
|  Unisys Corp.,144A,10.625%, 1/15/31 | 699000 | 727771 |
|  (Cost $10,859,089) |  | **10957479** |
|  **Office/Business Equipment — 0.2%** |  |  |
|  Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/27 | 362000 | 363097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/15/29 | 321000 | 322550 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 10/15/30 | 395000 | 409885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,13.50%, 4/15/31 | 522000 | 523707 |
|  Zebra Technologies Corp.,144A,6.50%, 6/1/32 | 492000 | 505226 |
|  (Cost $2,068,043) |  | **2124465** |
|  **Semiconductors — 0.7%** |  |  |
|  Amkor Technology, Inc.,144A,6.625%, 9/15/27 | 394000 | 393631 |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 738000 | 799199 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 394000 | 383091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 1575000 | 1552363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 394000 | 371377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 931000 | 942966 |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 | 1083000 | 1083725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 1113000 | 1105949 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 689000 | 669513 |
|  Synaptics, Inc.,144A,4.00%, 6/15/29 | 394000 | 376066 |
|  (Cost $7,579,408) |  | **7677880** |

---

See Notes to Financial Statements.

**64** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  **Software — 2.5%** |  |  |
|  Capstone Borrower, Inc.,144A,8.00%, 6/15/30 | 812000 | 850223 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 | 763000 | 663181 |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 758000 | 638400 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 3987000 | 4030845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/32 | 1932000 | 2065555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 | 1000000 | 1013823 |
|  Consensus Cloud Solutions, Inc.,144A,6.50%, 10/15/28 | 343000 | 344305 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 1969000 | 1976059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 1783000 | 1765164 |
|  Dye & Durham Ltd.,144A,8.625%, 4/15/29 | 546000 | 570645 |
|  Elastic NV,144A,4.125%, 7/15/29 | 566000 | 543905 |
|  Ellucian Holdings, Inc.,144A,6.50%, 12/1/29 | 689000 | 700911 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 906000 | 882708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 1477000 | 1496818 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/28 | 345000 | 326089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/1/29 | 759000 | 778673 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 886000 | 861192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 837000 | 788988 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 926000 | 874190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 | 640000 | 588819 |
|  PTC, Inc.,144A,4.00%, 2/15/28 | 492000 | 482165 |
|  RingCentral, Inc.,144A,8.50%, 8/15/30 | 345000 | 368165 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 987000 | 938399 |
|  Rocket Software, Inc.,144A,9.00%, 11/28/28 | 787000 | 810260 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 | 492000 | 469616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 (a) | 492000 | 459534 |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 2621000 | 2710271 |
|  ZoomInfo Technologies LLC / ZoomInfo Finance Corp.,144A,3.875%, 2/1/29 | 640000 | 600771 |
|  (Cost $28,201,389) |  | 28599674 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  **Utilities — 4.2%** |  |  |
|  **Electric — 3.7%** |  |  |
|  AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 1/15/55 | 935000 | 960737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 7/15/55 | 492000 | 476002 |
|  Algonquin Power & Utilities Corp.,4.75%, 1/18/82 | 738000 | 717663 |
|  Alpha Generation LLC,144A,6.75%, 10/15/32 | 1034000 | 1066029 |
|  Atlantica Sustainable Infrastructure Ltd.,144A,4.125%, 6/15/28 | 394000 | 381578 |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 1230000 | 1218206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/15/28 | 1398000 | 1396975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/29 | 660000 | 652093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/31 | 862000 | 854965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/1/31 | 906000 | 860835 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 837000 | 827674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 961000 | 883934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/32 | 385000 | 346586 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 502000 | 518315 |
|  DPL, Inc.,4.35%, 4/15/29 | 393000 | 388964 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/15/53 (a) | 492000 | 492175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/54 | 443000 | 437934 |
|  Electricite de France SA,144A,9.125%, Perpetual | 1526000 | 1758741 |
|  EUSHI Finance, Inc.,7.625%, 12/15/54 | 492000 | 514041 |
|  Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29 | 369000 | 347174 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 1567000 | 1662355 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 758000 | 760401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 502000 | 475621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 732000 | 729828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 786000 | 785695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 1154000 | 1064462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/32 | 472000 | 433536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 911000 | 923265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 935000 | 958606 |
|  Pacificorp,7.375%, 9/15/55 | 850000 | 882012 |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28 | 749000 | 729952 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1159000 | 1145800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 984000 | 958976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 3/15/55 | 1477000 | 1465752 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **65**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 1/31/31 | 394000 | 421626 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 1181000 | 1261118 |
|  TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 424000 | 440169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/40 | 295000 | 290103 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/1/26 | 1080000 | 1078422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/27 | 1280000 | 1280518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 1330000 | 1326409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 1230000 | 1202211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 1427000 | 1516160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/32 | 1009000 | 1058952 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/26 | 492000 | 482088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 541000 | 530607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 738000 | 753745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 812000 | 849135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 (a) | 961000 | 1013507 |
|  (Cost $41,445,813) |  | **42295859** |
|  **Gas — 0.5%** |  |  |
|  Altagas Ltd.,144A,7.20%, 10/15/54 | 886000 | 897801 |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 734000 | 732456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 485000 | 500511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 541000 | 566715 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/1/33 | 1230000 | 1349154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 1310000 | 1458612 |
|  (Cost $5,325,531) |  | **5505249** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,091,672,070) |  | **1113624955** |
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  |  |
| **SECURITIES LENDING COLLATERAL — 2.6%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $29,466,868) | 29466868 | **29466868** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  | **Value $** |
|  **CASH EQUIVALENTS — 1.9%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,105,991) | 21105991 | **21105991** |
|  **TOTAL INVESTMENTS — 102.3%** |  |  |
|  (Cost $1,142,244,929) |  | **1164197814** |
|  **Other assets and liabilities, net — (2.3%)** |  | **(25873622)** |
|  **NET ASSETS — 100.0%** |  | **1138324192** |

---

See Notes to Financial Statements.

**66** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at<br> 8/31/2024 | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% | SECURITIES LENDING COLLATERAL **—** 2.6% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16776173 | 12690695 (e) |  |  |  | 351918 |  | 29466868 | 29466868 |
|  CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% | CASH EQUIVALENTS **—** 1.9% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081613 | 120656253 | (108631875) |  |  | 304721 |  | 21105991 | 21105991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25857786 | 133346948 | (108631875) |  |  | 656639 |  | 50572859 | 50572859 |

---

(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 August 31, 2025 amounted to $28,346,019, which is 2.5% of net assets.

(b) Security is a "step-up" bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

(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 year ended August 31, 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 under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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 August 31, 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 |
|  Corporate Bonds (a) | $— | $1113624955 | $— | $1113624955 |
|  Short-Term Investments (a) | 50572859 |  |  | 50572859 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50572859 | $1113624955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1164197814 |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  **CORPORATE BONDS — 97.8%** |  |  |
|  **Basic Materials — 5.4%** |  |  |
|  **Chemicals — 2.7%** |  |  |
|  Ashland, Inc.,144A,3.375%, 9/1/31 | 1641000 | 1465180 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 2622000 | 2710894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 2350000 | 2395339 |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 1822000 | 1919761 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 2541000 | 2402477 |
|  Celanese US Holdings LLC 6.665%, 7/15/27 | 5445000 | 5606570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 3489000 | 3638647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 7/15/29 | 2712000 | 2825291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 | 2531000 | 2555903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 3759000 | 3911285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.879%, 7/15/32 | 3739000 | 3864787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 3977000 | 4007997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 | 3616000 | 3764813 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 1836000 | 1830575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 2900000 | 2795289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 2213000 | 1978424 |
|  Chemours (The) Co.,144A,8.00%, 1/15/33 | 2162000 | 2116256 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 (a) | 1915000 | 1615867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 (a) | 2206000 | 2030256 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 2600000 | 2502504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 | 1452000 | 1242304 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 1550000 | 1525540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 | 2622000 | 2631340 |
|  Inversion Escrow Issuer LLC,144A,6.75%, 8/1/32 | 4000000 | 3964415 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 2531000 | 2521332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (a) | 2531000 | 2516135 |
|  Methanex US Operations, Inc.,144A,6.25%, 3/15/32 (a) | 2188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209210 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 3797000 | 3808957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 1427000 | 1496625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 2097000 | 2014856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 2350000 | 2527131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 1446000 | 1522159 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 (a) | 2441000 | 2437227 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 (a) | 1879000 | 1825171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/33 | 2133000 | 2132901 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/28 | 4011000 | 3922545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/1/29 | 2478000 | 2490638 |
|  Tronox, Inc.,144A,4.625%, 3/15/29 (a) | 3887000 | 2873260 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/27 | 1766000 | 1753998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/29 | 4188000 | 3922735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 2723000 | 2717459 |
|  (Cost $109,993,498) |  | **107994053** |
|  **Forest Products & Paper — 0.3%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 2322000 | 1988598 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 | 1808000 | 1598058 |
|  Magnera Corp.,144A,7.25%, 11/15/31 | 2893000 | 2740467 |
|  Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.875%, 10/1/28 | 1446000 | 1406588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 3160000 | 2494995 |
|  (Cost $11,303,305) |  | **10228706** |
|  **Iron/Steel — 0.9%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/1/27 | 2073000 | 2071949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 3254000 | 3307200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 2811000 | 2845842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 | 3073000 | 3118259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 (a) | 5208000 | 5184027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 | 3254000 | 3244200 |
|  Metinvest BV,144A,7.75%, 10/17/29 | 1823000 | 1401829 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 5/1/27 | 2531000 | 2534209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 2279000 | 2321850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 (a) | 3977000 | 4162595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 (a) | 2256000 | 2343589 |
|  United States Steel Corp.,6.875%, 3/1/29 | 1732000 | 1746265 |
|  (Cost $34,188,447) |  | **34281814** |
|  **Mining — 1.5%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 | 1814000 | 1748279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 2711000 | 2861330 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 1823000 | 1853834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 1823000 | 1860536 |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 10/1/30 | 2531000 | 2683964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.50%, 10/1/31 | 1638000 | 1823723 |

---

See Notes to Financial Statements.

**68** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 3/1/29 | 4882000 | 5196101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/31 (a) | 4701000 | 4916564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/1/33 | 3578000 | 3720340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/34 | 3700000 | 3738872 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 2187000 | 2168671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 2543000 | 2598923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 5424000 | 5161024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 (a) | 2892000 | 2969968 |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | 1978000 | 2001141 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/28 | 1823000 | 1793328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/31 | 2006000 | 1883492 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 4356000 | 4483056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 1993000 | 1969298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/3/31 | 1808000 | 1901177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.85%, 4/24/33 | 2006000 | 2001614 |
|  (Cost $59,272,545) |  | **59335235** |
|  **Communications — 15.9%** |  |  |
|  **Advertising — 1.1%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 (a) | 3616000 | 3520390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 (a) | 3797000 | 3533119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 3128000 | 3260690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 4150000 | 4219215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 3300000 | 3361123 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 2170000 | 2111511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 2006000 | 1908481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 2006000 | 1858852 |
|  Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 9436000 | 9390047 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 2369000 | 2351438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 1931000 | 1857380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 | 1815000 | 1733387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 1641000 | 1732732 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 3977000 | 3839111 |
|  (Cost $45,052,172) |  | **44677476** |
|  **Internet — 1.7%** |  |  |
|  Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 3455000 | 3362531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/1/28 | 1823000 | 1769544 |
|  Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 | 1641000 | 1636457 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 | 2188000 | 2085602 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 3254000 | 3314495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 9/30/30 | 2188000 | 2266665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 3435000 | 3540805 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 2188000 | 2181219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 2893000 | 2743174 |
|  ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 1641000 | 1593108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 2802000 | 2932610 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 1697000 | 1689086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 1855000 | 1828199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 1658000 | 1562394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 1808000 | 1633039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 2675000 | 2706209 |
|  Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28 | 1862000 | 1233575 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/15/27 | 6516000 | 7051257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/29 | 7457000 | 8326809 |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 5424000 | 5486127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 2000000 | 2010226 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 2893000 | 2957019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 2531000 | 2621240 |
|  (Cost $66,257,891) |  | **66531390** |
|  **Media — 8.5%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 3164000 | 3295622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 1446000 | 1494383 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 2279000 | 1887127 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 11752000 | 11700118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 9040000 | 8972024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 5424000 | 5385267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 5424000 | 5510247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 11027000 | 10604589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 9941000 | 9416570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 10848000 | 10013134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 (a) | 3977000 | 4117473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 | 4340000 | 4028617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 10505000 | 9612923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 | 6527000 | 5827044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 (a) | 7232000 | 6284878 |
|  CSC Holdings LLC 144A,5.50%, 4/15/27 | 4737000 | 4559154 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **69**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 (a) | 3616000 | 3321859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 3782000 | 3049557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 | 3616000 | 3617161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 7413000 | 6804121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 6408000 | 5056349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 8168000 | 3845697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/30 | 4015000 | 2633750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/30 | 8451000 | 3708828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/31 | 3616000 | 2315501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/31 | 5424000 | 3522701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 11/15/31 (a) | 1823000 | 797402 |
|  Directv Financing LLC,144A,8.875%, 2/1/30 | 2723000 | 2705047 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 11972000 | &nbsp;&nbsp;&nbsp;&nbsp;11921349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 7499000 | 7459585 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 4541000 | 4392555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 2425000 | 2298755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 3479000 | 3140737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 1651000 | 1220106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 1600000 | 1253232 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 9040000 | 8514948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 5423000 | 4481598 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 12656000 | 13388701 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 2723000 | 2562365 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 (a) | 4794000 | 5221797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/30 (a) | 2857000 | 2151492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/31 (a) | 4447000 | 3281991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 7/15/32 | 3282000 | 3301340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | 2750000 | 2711183 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 (a) | 2555439 | 2199049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 | 2478399 | 1468658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 2405000 | 1917279 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 4248000 | 2652885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 2965000 | 1707774 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 3021000 | 3038748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 2116000 | 2160436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 | 2370000 | 2490095 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 6222000 | 6219143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 (a) | 3647000 | 3582245 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/1/30 | 1770000 | 1464675 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/33 | 5171000 | 5302214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 2/15/33 (a) | 1575000 | 1730531 |
|  Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 9/1/26 | 3489000 | 3469619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 5474000 | 5452714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 7432000 | 7177480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 (a) | 4520000 | 4516373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 5424000 | 5046818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 (a) | 5424000 | 4881356 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 3646000 | 3629456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 3977000 | 3983614 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 5253000 | 5456275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 3991000 | 3746335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 3280000 | 3300517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 4577000 | 4720494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 5341000 | 5627903 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 3456000 | 3164216 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 5153000 | 5077319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 3309000 | 3108534 |
|  VTR Finance NV,144A,6.375%, 7/15/28 | 1754000 | 1714974 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 1808000 | 1597707 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 3583000 | 3366107 |
|  (Cost $359,099,351) |  | **336360420** |
|  **Telecommunications — 4.6%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/28 | 4334000 | 3543305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 7413000 | 5883327 |
|  C&W Senior Finance Ltd.,144A,9.00%, 1/15/33 | 2831000 | 2975899 |
|  CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 3/1/27 (a) | 3256000 | 3297094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/28 | 2320000 | 2329280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 9/1/29 | 3380000 | 3343665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 12/15/31 (a) | 3616000 | 3741898 |
|  CommScope Technologies LLC,144A,5.00%, 3/15/27 | 2712000 | 2686325 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 (a) | 7304000 | 7618649 |
|  CT Trust,144A,5.125%, 2/3/32 | 2690000 | 2552245 |
|  EchoStar Corp.,10.75%, 11/30/29 | 20009000 | 21552994 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 1823000 | 1798756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 1908000 | 1815088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 1808000 | 1819264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 1781000 | 1813729 |

---

See Notes to Financial Statements.

**70** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/27 | 4194000 | 4195675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/1/28 | 5653000 | 5642103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/29 | 3647000 | 3684991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/29 | 2735656 | 2761344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/30 (a) | 3647000 | 3689929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/15/30 | 4006000 | 4189996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/31 | 2775000 | 2947613 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/29 | 2470000 | 2315625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/30 | 2748000 | 2480070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/30 | 1657000 | 1416735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/31 | 1636526 | 1378773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 7260000 | 7332273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 7112000 | 7166563 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/30 | 1726000 | 1700110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 10/15/32 | 1686000 | 1709854 |
|  Maya SAS/Paris France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 10/15/28 | 3089000 | 3145686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 3435000 | 3698276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/32 | 3093000 | 3184983 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 1201500 | 1191601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 2375100 | 2382358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 | 2784000 | 2595964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 1782000 | 1840407 |
|  Sable International Finance Ltd.,144A,7.125%, 10/15/32 | 3616000 | 3680629 |
|  Telefonica Moviles Chile SA,144A,3.537%, 11/18/31 | 1808000 | 1082540 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 4/15/27 | 2188000 | 2184818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 1459000 | 1421532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/30/31 (a) | 2652000 | 2492836 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 4881000 | 4508934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 | 5062000 | 4736697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 2812000 | 2945027 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 7955000 | 8281529 |
|  Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/1/27 | 5342000 | 5171797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/1/28 (a) | 3905000 | 3630872 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 2941000 | 3133018 |
|  (Cost $179,526,534) |  | **180692676** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  **Consumer, Cyclical — 16.6%** |  |  |
|  **Airlines — 0.4%** |  |  |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/28 | 2712000 | 2784036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/29 (a) | 3616000 | 3791633 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 (a) | 7261000 | 7220804 |
|  (Cost $14,069,685) |  | **13796473** |
|  **Apparel — 0.2%** |  |  |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 | 1823000 | 1683488 |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 | 1446000 | 1447369 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 1823000 | 1761459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 2735000 | 2388067 |
|  (Cost $7,338,046) |  | **7280383** |
|  **Auto Manufacturers — 1.1%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 1459000 | 1447446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 1823000 | 1838373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 3616000 | 3339591 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 3797000 | 3696841 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 1446000 | 1439731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 2169000 | 2022450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 2532000 | 2621572 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 | 9040000 | 8843406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 3776000 | 3947781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 9041000 | 8452698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 2712000 | 2842575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 | 4520000 | 4791791 |
|  (Cost $45,846,216) |  | **45284255** |
|  **Auto Parts & Equipment — 1.7%** |  |  |
|  Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/28 | 1823000 | 1879593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 (a) | 1823000 | 1920926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/33 | 2875000 | 2995652 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/27 | 1749000 | 1761829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/1/28 (a) | 1459000 | 1460555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 (a) | 2170000 | 2050200 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/27 | 5701000 | 5735674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 2742000 | 2804915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 3630000 | 3763747 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **71**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/27 | 1459000 | 1457665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28 | 1446000 | 1446178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/30 | 1446000 | 1430547 |
|  Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 (a) | 2358000 | 2049400 |
|  Forvia SE,144A,8.00%, 6/15/30 (a) | 1823000 | 1924689 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 2531000 | 2514728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 3066000 | 2974943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 (a) | 1800000 | 1832614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 (a) | 2006000 | 1905243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 2188000 | 2079172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 1641000 | 1543384 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 3630000 | 3694721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 2700000 | 2794427 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 6870000 | 6874558 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 2192000 | 2221888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 2188000 | 2180051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 2904000 | 2834318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 2551000 | 2448020 |
|  (Cost $68,813,907) |  | **68579637** |
|  **Distribution/Wholesale — 0.2%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 2553000 | 2499393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 1414000 | 1342212 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 1989000 | 2038285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 2893000 | 3039513 |
|  (Cost $8,997,843) |  | **8919403** |
|  **Entertainment — 3.1%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 2287000 | 2383469 |
|  Brightstar Lottery PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/27 | 2688000 | 2716649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/15/29 | 2735000 | 2721636 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 4339000 | 4140567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 7294000 | 7547415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 | 5470000 | 5611175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 4126000 | 4048011 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 1999000 | 1999250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 2541000 | 2515263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 4376000 | 4379426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 2188000 | 2251507 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/28 | 2766000 | 2750860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 | 1823000 | 1890145 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 1969000 | 1880762 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/15/28 | 2531000 | 2541119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 1823000 | 1871357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 2006000 | 2095313 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 4356000 | 4404413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 3455000 | 3428393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 1823000 | 1777644 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 2712000 | 2804466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 2531000 | 2668261 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 1495000 | 1410078 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 | 1483000 | 1280290 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 1446000 | 1457626 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/1/29 (a) | 2717000 | 1586049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/31 (a) | 2678000 | 1556587 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 | 1815000 | 1811313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 2893000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909059 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/27 | 1823000 | 1815414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29 | 1808000 | 1751780 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 3073000 | 3124860 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 1823000 | 1848440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 2188000 | 2267677 |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 6689000 | 7063564 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 4952000 | 4708287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 (a) | 9769000 | 8436753 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 2712000 | 2708513 |

---

See Notes to Financial Statements.

**72** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 3611000 | 3889199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 2893000 | 2930444 |
|  (Cost $122,800,822) |  | **120983034** |
|  **Food Service — 0.2%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 4158000 | 4131236 |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/28 | 1550000 | 1559380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 5/15/29 | 2391000 | 2444355 |
|  (Cost $8,253,088) |  | **8134971** |
|  **Home Builders — 0.6%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/1/30 | 1446000 | 1365464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/1/33 | 1600000 | 1604365 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 2188000 | 2181089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 1815000 | 1666386 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/27 | 1636000 | 1640458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 1808000 | 1685546 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 1446000 | 1515557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 | 1459000 | 1424582 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/15/27 | 1823000 | 1818095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 2188000 | 2097466 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/27 | 1823000 | 1840742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 1641000 | 1662809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 1823000 | 1819002 |
|  (Cost $22,829,321) |  | **22321561** |
|  **Home Furnishings — 0.3%** |  |  |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 2893000 | 2783636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 2849000 | 2608417 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 (a) | 2531000 | 2500722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 2334000 | 2361777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 | 2170000 | 2187184 |
|  (Cost $12,621,531) |  | **12441736** |
|  **Housewares — 0.5%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 2806000 | 2141174 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 1808000 | 1833639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 4538000 | 4802225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 1808000 | 1820177 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 | 2712000 | 2681433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (a) | 1808000 | 1769380 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 | 1488000 | 1438937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 1732000 | 1595193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 1446000 | 1336073 |
|  (Cost $20,243,578) |  | **19418231** |
|  **Leisure Time — 1.5%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/1/29 | 7232000 | 7330297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 (a) | 3616000 | 3709390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 3630000 | 3723545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 10878000 | 11071085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 | 7232000 | 7431090 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 1823000 | 1843530 |
|  Lindblad Expeditions LLC,144A,7.00%, 9/15/30 | 2450000 | 2510860 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/27 | 3616000 | 3625857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 1/15/29 | 2681000 | 2821013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 2188000 | 2338694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 6529000 | 6737523 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 2982000 | 2894008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 4791000 | 4701648 |
|  (Cost $60,454,638) |  | **60738540** |
|  **Lodging — 2.3%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 3505000 | 3479723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 3282000 | 3160901 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/1/28 | 1638000 | 1642031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 2006000 | 2044034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 2893000 | 2776314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 3630000 | 3622267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 | 3977000 | 3748971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 5424000 | 4954240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 1800000 | 1849819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 3616000 | 3692507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 3582000 | 3613790 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/1/29 | 3073000 | 2974067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 1823000 | 1698604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 3254000 | 3322406 |
|  Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 (a) | 1823000 | 1762983 |
|  Melco Resorts Finance Ltd. 144A,5.625%, 7/17/27 | 2374000 | 2375697 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **73**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 3100000 | 3075837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 4116000 | 3980972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/17/32 | 2735000 | 2849554 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/1/26 | 1452000 | 1443359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 2441000 | 2456429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 2723000 | 2712099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 3073000 | 3140557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 (a) | 2712000 | 2784888 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 2583000 | 2547576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 | 1869000 | 1769801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 1719000 | 1769176 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 1795000 | 1790703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 3977000 | 3772148 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 1459000 | 1479002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 2350000 | 2277979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/1/33 | 1807000 | 1814849 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 3256000 | 3260207 |
|  (Cost $90,748,860) |  | **89643490** |
|  **Retail — 4.5%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 5605000 | 5460527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 2709000 | 2666808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 2712000 | 2582709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 4339000 | 4448581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 1823000 | 1846974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 10528000 | 9853456 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 | 1823000 | 1682845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 3450000 | 3542556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 3540000 | 3631350 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 1477000 | 1460644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 2893000 | 2816314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 1623000 | 1586246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/32 | 2174000 | 2091421 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 1607000 | 1616595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 1759000 | 1813014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 3052000 | 3136238 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 3977000 | 4396816 |
|  Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.875%, 4/1/29 | 2983000 | 2763627 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 3451000 | 3301246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 | 4645000 | 4372245 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 1808000 | 1776559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 1989000 | 1987104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/32 | 1823000 | 1893979 |
|  Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/29 | 2735000 | 2567414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/1/31 | 2765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505972 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 1915000 | 1780416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 1865000 | 1647727 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 2735000 | 2655684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 1823000 | 1871295 |
|  Kohl's Corp.,5.125%, 5/1/31 | 1789000 | 1416541 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/29 | 1500000 | 1377649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/15/31 | 4425000 | 4643020 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/29 | 3616000 | 3553233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/31 | 3073000 | 3260324 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 1446000 | 1433790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 2893000 | 2775871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 2009000 | 1910681 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 (a) | 1537000 | 1501871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 1800000 | 1850456 |
|  Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/1/28 | 3183000 | 2528001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/1/29 | 3498000 | 2388937 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 1823000 | 1794468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1815000 | 1682054 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 | 1823000 | 1687977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 (a) | 1537000 | 1361628 |
|  Patrick Industries, Inc.,144A,6.375%, 11/1/32 | 1808000 | 1835451 |
|  Penske Automotive Group, Inc.,3.75%, 6/15/29 | 1823000 | 1739579 |
|  PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/32 | 7050000 | 6994447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 9/15/33 | 2700000 | 2651517 |
|  QVC, Inc.,144A,6.875%, 4/15/29 (a) | 2188000 | 1063137 |

---

See Notes to Financial Statements.

**74** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 8168000 | 8456369 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 (a) | 2350000 | 2286043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/15/31 | 1823000 | 1743294 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 8985000 | 8648062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 2987624 | 2141537 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31 | 2350000 | 2224981 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a) | 1641000 | 1720736 |
|  White Cap Buyer LLC,144A,6.875%, 10/15/28 (a) | 2314000 | 2313748 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 2913000 | 2891557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 3797000 | 3534301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 3977000 | 3847056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 3716000 | 3741420 |
|  (Cost $181,627,911) |  | **176756098** |
|  **Consumer, Non-cyclical — 17.2%** |  |  |
|  **Agriculture — 0.2%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 1815000 | 1812214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 3616000 | 3658228 |
|  (Cost $5,450,841) |  | **5470442** |
|  **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 2577000 | 2597242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 2705000 | 2618161 |
|  (Cost $5,263,141) |  | **5215403** |
|  **Commercial Services — 5.5%** |  |  |
|  ADT Security Corp.,144A,4.125%, 8/1/29 | 3616000 | 3498651 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 5062000 | 5236148 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 8497000 | 8935913 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 (a) | 3471000 | 3435208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 3817000 | 3933903 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 4432000 | 4328688 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 (a) | 1806000 | 1751133 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 (a) | 2313000 | 2245919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 2508000 | 2598403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 (a) | 1807000 | 1866062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 | 2168000 | 2264374 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 4032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086126 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 4375000 | 4474865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/31 | 3616000 | 3342739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 | 7232000 | 7497804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/15/33 | 3630000 | 3729011 |
|  Boost Newco Borrower LLC,144A,7.50%, 1/15/31 | 7865000 | 8349193 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 2188000 | 2170743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 1446000 | 1488083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/32 | 1446000 | 1499097 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 3359000 | 3242924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 3350000 | 3167696 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 5/15/28 | 3726000 | 3950849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 2188000 | 2359450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 | 1813000 | 1927656 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/15/27 | 2003000 | 1990103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 1198000 | 1236719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 1808000 | 1794661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/32 | 1997000 | 2078202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/15/32 | 3729000 | 3892689 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 2350000 | 2486843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 2278000 | 2512755 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/27 | 4226000 | 4224060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 2893000 | 2981824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 5990000 | 6238100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/33 | 3993000 | 4191636 |
|  Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/26 | 1823000 | 1691500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 4520000 | 4700818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 (a) | 3616000 | 2607199 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 8/31/27 | 3616000 | 3506283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/28 | 4687500 | 4690403 |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 4701000 | 4800732 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 3797000 | 3855723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 1732000 | 1672065 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **75**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 2006000 | 1997154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 2712000 | 2698384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 3073000 | 2841465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 2893000 | 2721703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 2913000 | 2945588 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32 | 5966000 | 6189665 |
|  Sotheby's,144A,7.375%, 10/15/27 | 2766000 | 2749384 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/27 | 1669000 | 1668818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 2712000 | 2667606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 6361000 | 6329885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 2712000 | 2721918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 2712000 | 2592075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 3977000 | 3744633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 2712000 | 2501130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 3949000 | 4095231 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 3797000 | 4114877 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 4540000 | 4815142 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 1823000 | 1795116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 1823000 | 1869014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 1853000 | 1919430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 1823000 | 1907963 |
|  (Cost $218,889,512) |  | **217419134** |
|  **Cosmetics/Personal Care — 0.4%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 2712000 | 2701018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 | 1823000 | 1736751 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 3977000 | 4049576 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/15/30 | 2712000 | 2655796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/30/32 | 2585000 | 2603436 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 1452000 | 1443729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 2188000 | 2017819 |
|  (Cost $17,498,201) |  | **17208125** |
|  **Food — 2.4%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/27 | 4901000 | 4875158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 2/15/28 | 2693000 | 2694380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 2712000 | 2766131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 4880000 | 4644292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 3616000 | 3564369 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 2188000 | 2240525 |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 1930000 | 1847710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 2888000 | 2842138 |
|  Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 3/1/31 | 1823000 | 1936710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 9/15/32 (a) | 1641000 | 1767210 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/ 29 | 3616000 | 3811152 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 1823000 | 1817126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 3527000 | 3384040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 2531000 | 2382509 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/27 | 3731000 | 3728279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 3616000 | 3504298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 3616000 | 3705554 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 3216000 | 2908033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 3336000 | 3519954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 1825000 | 2000591 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 12/15/29 | 4350000 | 4339582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 5009000 | 4835028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 3546000 | 3310024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/32 | 3616000 | 3719114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 4359000 | 4414159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 | 2270000 | 2289120 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 1808000 | 1865055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 3255000 | 3208405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 1815000 | 1775420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 1808000 | 1900655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 1808000 | 1818423 |
|  (Cost $94,321,549) |  | **93415144** |
|  **Healthcare-Products — 1.3%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 5605000 | 5519871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 2893000 | 2750592 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 5062000 | 5279160 |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/28 | 1392000 | 1379478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 2/15/29 | 3435000 | 3283967 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 4/1/29 | 16521000 | 15874563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/1/29 | 9040000 | 8958124 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc.,144A,6.25%, 4/1/29 | 5424000 | 5578828 |

---

See Notes to Financial Statements.

**76** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 1808000 | 1789722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 1813000 | 1777508 |
|  (Cost $51,879,898) |  | **52191813** |
|  **Healthcare-Services — 4.8%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 1641000 | 1633988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 1732000 | 1694301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/33 (a) | 2006000 | 2091524 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 1823000 | 1781711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 1823000 | 1729683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 1823000 | 1687686 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 2030000 | 1959080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 (a) | 5592000 | 4451084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 5221000 | 3757122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 5890000 | 5284920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 5752000 | 4908320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 8074000 | 8554250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 1/15/34 | 6400000 | 6489842 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 | 2350000 | 2439074 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 10144000 | 9773484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 5424000 | 4952809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/1/32 | 3616000 | 3743616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | 3636000 | 3771270 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 2893000 | 2867087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 2893000 | 2853844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 1446000 | 1402915 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 3597000 | 3596033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 4187000 | 4172726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 1808000 | 1876171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 7232000 | 7463909 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 (a) | 1823000 | 1733928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 2872000 | 3113308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 4077000 | 4499479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 2531000 | 2684227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/32 | 2893000 | 2983097 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 2893000 | 2821381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 2350000 | 2160226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 2712000 | 2426563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 2723000 | 2744190 |
|  MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30 | 2760000 | 2416615 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 5424000 | 5602070 |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 3254000 | 3325946 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 1989000 | 2002261 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 (a) | 3616000 | 3832580 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 1500000 | 1519673 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/27 | 5297000 | 5303780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 5496000 | 5483608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 2170000 | 2147089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 9140000 | 9152312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 5062000 | 4931567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 5443000 | 5289209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 7232000 | 7351740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 4881000 | 5076430 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 3616000 | 3715350 |
|  (Cost $191,050,972) |  | **187253078** |
|  **Household Products/Wares — 0.1%** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 (a) | 1823000 | 1725839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/31 | 1446000 | 1348755 |
|  Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/31 | 2006000 | 1499485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 6/30/32 (a) | 1641000 | 830552 |
|  (Cost $6,489,310) |  | **5404631** |
|  **Pharmaceuticals — 2.4%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 15910000 | 16532813 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 1815000 | 1717663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 2188000 | 2088865 |
|  Bausch Health Americas, Inc.,144A,8.50%, 1/31/27 | 2343000 | 2339345 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 1566000 | 1365963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 5808000 | 5247441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 6547000 | 6872288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 1623000 | 1246026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 (a) | 2980000 | 2346750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 2816000 | 2053019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 2/15/31 | 1687000 | 1140235 |
|  Endo Finance Holdings, Inc.,144A,8.50%, 4/15/31 (a) | 3616000 | 3854139 |
|  Grifols SA,144A,4.75%, 10/15/28 | 2569000 | 2491655 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 2849000 | 3105493 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **77**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 2188000 | 1926711 |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 5424000 | 5313224 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/28 | 7593000 | 7276987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 6384000 | 5475198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 1815000 | 1720564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 (a) | 1808000 | 1632179 |
|  Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 1746000 | 1484613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 (a) | 2014000 | 1748781 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26 | 6539000 | 6413768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 4519000 | 4692972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/32 | 1823000 | 1875956 |
|  Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30 | 2531000 | 2586540 |
|  (Cost $88,721,294) |  | **94549188** |
|  **Diversified — 0.1%** |  |  |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |  |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 3060000 | 3123725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 1446000 | 1492986 |
|  (Cost $4,655,533) |  | **4616711** |
|  **Energy — 10.1%** |  |  |
|  **Oil & Gas — 5.0%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 3616000 | 3774283 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 1446000 | 1443576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 2184000 | 2224976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/33 | 1823000 | 1851860 |
|  Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/30/30 | 2746000 | 2805396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/32 (a) | 2097000 | 2050445 |
|  California Resources Corp.,144A,8.25%, 6/15/29 | 3254000 | 3364721 |
|  Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 1446000 | 1442981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 4881000 | 5075103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 3616000 | 3766888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 | 4881000 | 5027293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 2712000 | 2872216 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 1823000 | 1828163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 1823000 | 1891849 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 2188000 | 2271781 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 4425000 | 4366038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 1446000 | 1424539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 3643000 | 3421708 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/15/28 | 1504000 | 1566016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 4089000 | 4075113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 3816000 | 3730917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 1986000 | 2016783 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/15/28 | 1452000 | 1416157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/29 | 2188000 | 2213212 |
|  Energean PLC,144A,6.50%, 4/30/27 | 1634000 | 1619539 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 2188000 | 2200868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 1963000 | 1938987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 1823000 | 1805279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 2178000 | 2103930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 1823000 | 1746586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 2249000 | 2350173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 3630000 | 3544369 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 2899000 | 3024402 |
|  Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/1/28 | 1587000 | 1334565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 10/1/31 (a) | 1730000 | 1295800 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 2023815 | 2022803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 1967059 | 1955503 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 1808000 | 1851097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 3267000 | 3316675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 | 2712000 | 2738828 |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 1758000 | 1842495 |
|  Murphy Oil Corp.,6.00%, 10/1/32 (a) | 2170000 | 2114614 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 5062000 | 5245366 |
|  Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 3/1/28 | 2498000 | 2518489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 6/15/31 | 1823000 | 1875105 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 2125000 | 2124985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 2893000 | 2811280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 2893000 | 2802072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 1823000 | 1878842 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 2999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948402 |

---

See Notes to Financial Statements.

**78** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 2893000 | 2989206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 | 1765000 | 1710276 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 2531000 | 2533344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 3615000 | 3750328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 3616000 | 3685695 |
|  Puma International Financing SA, 144A,7.75%, 4/25/29 | 2040000 | 2115343 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 2169000 | 2227309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/30 | 1823000 | 1779522 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/26 | 1529000 | 1527206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27 | 1520000 | 1522079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 1459000 | 1473832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 2712000 | 2740758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 (a) | 2712000 | 2733278 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 2712000 | 2818074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/1/32 | 2712000 | 2870663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 3551000 | 3631430 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 2084000 | 2086980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 1808000 | 1869040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 3193000 | 3114350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 2891000 | 2795581 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 2279000 | 2347821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 2260000 | 2343688 |
|  TGNR Intermediate Holdings LLC, 144A,5.50%, 10/15/29 | 2531000 | 2472623 |
|  Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/1/27 | 2369000 | 2366750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/29 | 3304000 | 3199199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/31 | 3254000 | 3059992 |
|  Vital Energy, Inc., 144A,7.875%, 4/15/32 (a) | 3616000 | 3565123 |
|  (Cost $196,816,691) |  | **196262558** |
|  **Oil & Gas Services — 0.5%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/28 | 2893000 | 2904497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/1/32 | 2531000 | 2596267 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/27 | 2997000 | 2999511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 3616000 | 3709152 |
|  Weatherford International Ltd., 144A,8.625%, 4/30/30 | 5553000 | 5694785 |
|  (Cost $17,915,084) |  | **17904212** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Pipelines — 4.6%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/1/27 | 2350000 | 2350897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 2350000 | 2357945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 2712000 | 2697518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/32 | 2181000 | 2256953 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/29 | 1823000 | 1903075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/32 | 1815000 | 1927334 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/26 | 2170000 | 2145283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 1446000 | 1423360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 1808000 | 1780721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 2188000 | 2269017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 1808000 | 1879062 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 5062000 | 4995593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 1823000 | 1956418 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 3744000 | 3916437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 | 2541000 | 2544517 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 2466000 | 2494630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 2170000 | 2267036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 1808000 | 1914717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 2531000 | 2628719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 2188000 | 2286935 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 1641000 | 1726217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 1641000 | 1680871 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 2863000 | 2895541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 1808000 | 1863059 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 2917000 | 2967721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 2006000 | 2002815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 1877000 | 1941963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 2853000 | 2772148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 1459000 | 1467880 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 2188000 | 2283176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 2700000 | 2745803 |
|  ITT Holdings LLC, 144A,6.50%, 8/1/29 | 4411000 | 4328177 |
|  New Fortress Energy, Inc., 144A,6.50%, 9/30/26 (a) | 1826000 | 640670 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **79**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  NFE Financing LLC, 144A,12.00%, 11/15/29 (a) | 9920000 | 3653982 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 3254000 | 3321999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 (a) | 4632000 | 4714519 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 1989000 | 2000876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 2188000 | 2266816 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.95%, 7/15/29 | 2006000 | 1975101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 1808000 | 1890855 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/1/27 | 1555000 | 1554071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 2712000 | 2709136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 2893000 | 2982608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 2631000 | 2593701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 1701000 | 1672256 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 4520000 | 4336108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 3616000 | 3767821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 4520000 | 4246758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/33 | 4520000 | 4029271 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 7912000 | 8203383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 10848000 | 11933223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 5445000 | 5614427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 (a) | 8136000 | 8541197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 | 7232000 | 7879293 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 7432000 | 7763408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 7261000 | 7624595 |
|  (Cost $189,234,033) |  | **182587612** |
|  **Financial — 14.1%** |  |  |
|  **Banks — 0.2%** |  |  |
|  Banco Votorantim SA, 144A,5.875%, 4/8/28 | 2242000 | 2287849 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/27 | 1943000 | 1949303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 10/1/28 | 2893000 | 3095698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 10/1/30 | 1809000 | 2007561 |
|  (Cost $9,247,779) |  | **9340411** |
|  **Diversified Financial Services — 5.9%** |  |  |
|  AG Issuer LLC, 144A,6.25%, 3/1/28 | 1815000 | 1819908 |
|  Ally Financial, Inc., 6.70%, 2/14/33 (a) | 1808000 | 1878687 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 (a) | 1446000 | 1452346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 2531000 | 2765801 |
|  Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/30 | 2000000 | 2101152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 2006000 | 2076876 |
|  Bread Financial Holdings, Inc., 144A,9.75%, 3/15/29 | 2620000 | 2801639 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 7/1/31 | 2441000 | 2601527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/33 | 1823000 | 1865385 |
|  Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 10/1/28 | 3616000 | 3433426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 2667000 | 2388950 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/15/28 | 2188000 | 2312574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/30 | 1823000 | 1850001 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/1/29 | 1808000 | 1911308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 1823000 | 1927830 |
|  Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/15/28 | 1436000 | 1532116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 8/1/29 | 1823000 | 1923721 |
|  Focus Financial Partners LLC, 144A,6.75%, 9/15/31 | 3616000 | 3739685 |
|  Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/1/29 | 4018000 | 4202268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/15/31 | 2622000 | 2761375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 4/1/32 | 2350000 | 2425359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/33 | 1800000 | 1831403 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/27 | 2529000 | 2595988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/28 | 2188000 | 2323052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 1446000 | 1500231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 1446000 | 1464021 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 1989000 | 2094596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 2188000 | 2267359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 1459000 | 1482486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/30 | 1446000 | 1491174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/31 | 1634000 | 1635066 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/29 | 2170000 | 2097311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/30/31 | 5327000 | 5568995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 11/1/32 | 6046000 | 6078298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/33 | 4770000 | 4932113 |
|  Jefferies Finance LLC / JFIN Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/28 | 3691000 | 3584420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/31 | 1808000 | 1814635 |

---

See Notes to Financial Statements.

**80** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  LD Holdings Group LLC, 144A, 6.125%, 4/1/28 (a) | 1821000 | 1605054 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/1/28 | 3616000 | 3608002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/15/30 | 1446000 | 1376823 |
|  Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/27 | 2188000 | 2185351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 3073000 | 3068737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 2758000 | 2832154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 12/15/30 | 2244000 | 2277386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/31 | 2215000 | 2242933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 3677000 | 3835589 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 2531000 | 2514230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 1815000 | 1781322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 (a) | 2712000 | 2683228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 1808000 | 1998496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31 | 1823000 | 2059060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/32 (a) | 1823000 | 1925352 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/27 | 2610000 | 2555932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 2737000 | 2807888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 2188000 | 2099044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | 3267000 | 3363497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 2700000 | 2671356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 2541000 | 2690174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 2700000 | 2743798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 | 3056000 | 2826849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31 | 2723000 | 2856179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 | 2735000 | 2842847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32 | 2188000 | 2242650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/15/32 | 2749000 | 2865861 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 1500000 | 1529568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/33 | 1674000 | 1697468 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 2360000 | 2277959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 2723000 | 2895960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 11/15/30 | 2350000 | 2435897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/31 | 1808000 | 1775187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/32 | 3032000 | 3106169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/33 | 3073000 | 3141832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/34 | 2360000 | 2377897 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 2001000 | 2104267 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/30 | 7232000 | 7446248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/33 | 7232000 | 7513868 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.875%, 10/15/26 | 3799000 | &nbsp;&nbsp;&nbsp;&nbsp;3721055 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 2712000 | 2587207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 3/1/31 | 4538000 | 4243455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/33 | 3086000 | 2784220 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/2/26 | 1692000 | 1659990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30 | 1823000 | 1909334 |
|  Stonex Escrow Issuer LLC,144A,6.875%, 7/15/32 | 2200000 | 2262872 |
|  StoneX Group, Inc.,144A,7.875%, 3/1/31 | 2087000 | 2207601 |
|  Synchrony Financial,7.25%, 2/2/33 | 2712000 | 2859321 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 1808000 | 1807241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 2531000 | 2494544 |
|  UWM Holdings LLC,144A,6.625%, 2/1/30 | 2893000 | 2940813 |
|  (Cost $229,925,479) |  | **230872847** |
|  **Insurance — 2.6%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 3345000 | 3480897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 2531000 | 2444293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 1808000 | 1902443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 | 1823000 | 1788411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 11/6/30 | 3977000 | 4124177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/1/32 | 1997000 | 2050480 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 2712000 | 2675217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 4845000 | 4859651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 4520000 | 4614143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 1641000 | 1622697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/31 | 5259000 | 5443391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/31 | 3630000 | 3715218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/32 | 2531000 | 2610688 |
|  AmWINS Group, Inc.,144A,6.375%, 2/15/29 | 2712000 | 2781188 |
|  Ardonagh Finco Ltd.,144A,7.75%, 2/15/31 | 4664000 | 4884197 |
|  Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32 | 5532000 | 5860772 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 3616000 | 3737508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/32 | 1808000 | 1883630 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 2006000 | 2014263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 11889000 | &nbsp;&nbsp;&nbsp;&nbsp;12443372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/31/32 | 6870000 | 7230373 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **81**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 3/15/30 | 2622000 | 2775162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 12/15/30 | 1815000 | 1928663 |
|  Panther Escrow Issuer LLC,144A,7.125%, 6/1/31 | 10848000 | 11264726 |
|  Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/30 | 1459000 | 1411951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/1/32 | 4339000 | 4371456 |
|  (Cost $102,390,413) |  | **103918967** |
|  **Investment Companies — 0.2%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 5252000 | 5127028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 2520000 | 2123236 |
|  (Cost $7,728,472) |  | **7250264** |
|  **Real Estate — 0.7%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 (a) | 2314197 | 2280278 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 2088000 | 1942403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 1620000 | 1421139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 1823000 | 1938088 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 2350000 | 2374654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 1446000 | 1551567 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 8/1/28 | 2712000 | 2711305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 2350000 | 2249656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 2350000 | 2190421 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 2316000 | 2269378 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 2188000 | 2085444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 2188000 | 2052738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 2179000 | 2035961 |
|  (Cost $27,622,428) |  | **27103032** |
|  **Real Estate Investment Trusts — 0.9%** |  |  |
|  Arbor Realty SR, Inc.,144A,7.875%, 7/15/30 | 1823000 | 1898745 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 1641000 | 1751096 |
|  Iron Mountain, Inc.,144A,6.25%, 1/15/33 | 4489000 | 4596359 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,5.50%, 8/1/30 | 1800000 | 1835226 |
|  Millrose Properties, Inc.,144A,6.375%, 8/1/30 | 4550000 | 4594021 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32 | 5445000 | 5712943 |
|  Office Properties Income Trust,144A,9.00%, 9/30/29 | 2089000 | 1437462 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 1446000 | 1466008 |
|  RHP Hotel Properties LP / RHP Finance Corp.,144A,6.50%, 6/15/33 | 2279000 | 2355513 |
|  Rithm Capital Corp.,144A,8.00%, 7/15/30 | 1688000 | 1724689 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 1808000 | 1877733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 1808000 | 1870893 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC,144A,8.625%, 6/15/32 (a) | 2178000 | 2143586 |
|  (Cost $33,103,879) |  | **33264274** |
|  **REITS — 3.4%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 | 1823000 | 1754082 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 1641000 | 1598958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 2000000 | 2175940 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 1800000 | 1770264 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 | 1823000 | 1718925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 1823000 | 1549510 |
|  Global Net Lease, Inc.,144A,4.50%, 9/30/28 | 1823000 | 1773322 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 1823000 | 1769481 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 1352000 | 1293533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 1823000 | 1677294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 (a) | 1459000 | 1235660 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 3616000 | 3595165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 2983000 | 2977796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 1808000 | 1795631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 3616000 | 3727026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 3616000 | 3556606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 4704000 | 4658217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 4097000 | 3900180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 2170000 | 2155070 |

---

See Notes to Financial Statements.

**82** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/27 | 2168000 | 2133848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 2292000 | 2242838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/31 | 1808000 | 1902287 |
|  MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (a) | 5082000 | 4817545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 (a) | 3254000 | 2567978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31 (a) | 4719000 | 3325359 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 2622000 | 2621350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 2712000 | 2641450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 2006000 | 2072862 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | 2529500 | 2524808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 1459000 | 1502680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 2188000 | 2139784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 3636000 | 3739368 |
|  Rithm Capital Corp.,144A,8.00%, 4/1/29 | 2802000 | 2870971 |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 1815000 | 1704503 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 | 5231000 | 5145335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/1/29 | 5516000 | 5187992 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/26 | 1641000 | 1627074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/15/27 (a) | 1459000 | 1417974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 1641000 | 1620773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 (a) | 1446000 | 1344739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 2531000 | 2613584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 1556000 | 1378070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 (a) | 1442000 | 1228095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 3616000 | 3856460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 (a) | 1815000 | 1874262 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/27 | 1655000 | 1637255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 2270000 | 2381693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 1446000 | 1473818 |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | 2531000 | 2328942 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 2/15/28 | 8226000 | 8661073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 1953000 | 1907161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 (a) | 4048000 | 3859143 |
|  (Cost $136,230,596) |  | **133033734** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Venture Capital — 0.2%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 2518000 | 2506291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 3630000 | 3597817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 2722000 | 2595523 |
|  (Cost $8,918,284) |  | **8699631** |
|  **Industrial — 10.1%** |  |  |
|  **Aerospace/Defense — 2.2%** |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 1550000 | 1633960 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 2712000 | 2716852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 2712000 | 2831965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 2723000 | 2937946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 | 2712000 | 2862616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 (a) | 2712000 | 2835187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 1823000 | 1897945 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/28 | 2531000 | 2526206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 11/30/29 | 3254000 | 3445557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 11/15/30 | 4339000 | 4784051 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 7591000 | 7813320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 4339000 | 4249075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 9940000 | 10189325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 (a) | 2711000 | 2663880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 (a) | 5243000 | 5440687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 3616000 | 3773694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 8155000 | 8407348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 5424000 | 5488774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 9620000 | 9771890 |
|  (Cost $85,305,707) |  | **86270278** |
|  **Building Materials — 2.2%** |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 2006000 | 1985314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 4741000 | 4459123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 2424000 | 2501328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 3647000 | 3760717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 2735000 | 2855623 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 | 2567000 | 2472361 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 | 1808000 | 1741779 |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 12/15/30 | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp;10358852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/31 | 1823000 | 1887425 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 1446000 | 1428980 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32 | 2531000 | 2610696 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **83**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 (a) | 1823000 | 1796637 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 14283000 | 14739713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33 | 5594000 | 5802639 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 3977000 | 3988649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 3977000 | 4245237 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 3616000 | 3734666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 4073000 | 4159962 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 3616000 | 3584579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 5785000 | 5547295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 3977000 | 3612248 |
|  (Cost $87,034,634) |  | **87273823** |
|  **Electrical Components & Equipment — 0.5%** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 2105000 | 2072282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 2861000 | 2741832 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 4791000 | 4868145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 3254000 | 3354311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 3073000 | 3190160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 2874000 | 2982755 |
|  (Cost $19,331,931) |  | **19209485** |
|  **Electronics — 0.5%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 7232000 | 7055138 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 3616000 | 3466899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 1808000 | 1825313 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 1641000 | 1581300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 2717000 | 2499479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 (a) | 1808000 | 1868959 |
|  (Cost $18,544,690) |  | **18297088** |
|  **Engineering & Construction — 0.6%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 4339000 | 4431638 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 1446000 | 1405068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 2170000 | 2265400 |
|  Brand Industrial Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inc.,144A,10.375%, 8/1/30 | 5209000 | 5120631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.,4.25%, 9/15/28 | 1849000 | 1820557 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 3073000 | 3192984 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 1750000 | 1736007 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 1989000 | 2034010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/29/31 (a) | 2350000 | 2434576 |
|  (Cost $24,277,776) |  | **24440871** |
|  **Environmental Control — 0.7%** |  |  |
|  Clean Harbors, Inc.,144A,6.375%, 2/1/31 | 1823000 | 1869434 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 2712000 | 2645839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 2712000 | 2670392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 2006000 | 1952660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 3816000 | 3988414 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 2531000 | 2462667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 3742000 | 3707645 |
|  Reworld Holding Corp.,5.00%, 9/1/30 | 1355000 | 1310618 |
|  Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 3073000 | 3220906 |
|  Wrangler Holdco Corp.,144A,6.625%, 4/1/32 | 1823000 | 1901641 |
|  (Cost $25,544,513) |  | **25730216** |
|  **Machinery-Construction & Mining — 0.1%** |  |  |
|  Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/29 | 2170000 | 2136100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/32 | 2712000 | 2747139 |
|  (Cost $4,806,240) |  | **4883239** |
|  **Machinery-Diversified — 0.4%** |  |  |
|  Husky Injection Molding Systems Ltd. / Titan Co.- Borrower LLC,144A,9.00%, 2/15/29 | 3616000 | 3798926 |
|  Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 1823000 | 1928644 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 1823000 | 1895705 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 5640000 | 5627833 |
|  (Cost $13,229,274) |  | **13251108** |
|  **Miscellaneous Manufacturing — 0.2%** |  |  |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 3616000 | 3724194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 2712000 | 2810202 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 2184000 | 2259807 |
|  (Cost $8,669,690) |  | **8794203** |
|  **Packaging & Containers — 2.2%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A,6.00%, 6/15/27 | 2179000 | 2180806 |

---

See Notes to Financial Statements.

**84** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 2178000 | 2060185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 (a) | 3830000 | 3517621 |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 8/15/27 | 3706000 | 1636384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 8/15/27 | 2907000 | 1283586 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/15/28 | 2712000 | 2770210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 3616000 | 3713875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 4701000 | 4256030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 3073000 | 2771858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 2723000 | 2757587 |
|  Canpack SA / Canpack US LLC,144A,3.875%, 11/15/29 | 2893000 | 2727376 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 1808000 | 1861065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 5116000 | 5260016 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 | 1823000 | 1848325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 | 2549000 | 2580659 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 1641000 | 1580978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 1446000 | 1358802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 7/15/32 | 1808000 | 1839273 |
|  LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/28 | 1823000 | 1449199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/1/29 (a) | 1678000 | 1091934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 10/1/31 | 3435000 | 2538998 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/27 | 9748000 | 9876215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/27 | 4858000 | 4840467 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 1446000 | 1368819 |
|  Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/13/27 | 2212000 | 2212008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 2495000 | 2541766 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 1537000 | 1505811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 2802000 | 2844193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 1537000 | 1525696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 1552000 | 1635890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 1446000 | 1496838 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 2079000 | 2024694 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 7/15/30 | 2170000 | 2306875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 1/15/31 | 2188000 | 2348164 |
|  (Cost $92,908,023) |  | **87612203** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **Transportation — 0.2%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 (a) | 4045000 | 2327885 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 2712000 | 2573703 |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/31 | 1641000 | 1709325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 2133000 | 2238703 |
|  (Cost $10,243,447) |  | **8849616** |
|  **Trucking & Leasing — 0.3%** |  |  |
|  FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/1/28 | 3387000 | 3387919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/1/30 | 1808000 | 1923126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/31 | 2531000 | 2648899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/32 | 2893000 | 3021131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/33 | 1808000 | 1812992 |
|  (Cost $12,601,684) |  | **12794067** |
|  **Technology — 4.8%** |  |  |
|  **Computers — 0.9%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 3630000 | 3788188 |
|  CA Magnum Holdings,144A,5.375%, 10/31/26 | 3652000 | 3638257 |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 3616000 | 3734215 |
|  McAfee Corp.,144A,7.375%, 2/15/30 (a) | 7333000 | 6780279 |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 4902000 | 5318484 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 2337000 | 2306125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 1457000 | 1440126 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 1445000 | 1375192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 1815000 | 1932421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 1400000 | 1420300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 1815000 | 1930594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 2794017 | 3174749 |
|  (Cost $37,152,884) |  | **36838930** |
|  **Office/Business Equipment — 0.2%** |  |  |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 10/15/30 | 1462000 | 1518805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,13.50%, 4/15/31 (a) | 1823000 | 1831003 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 2723000 | 1773714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 (a) | 1816000 | 1112867 |
|  (Cost $7,670,068) |  | **6236389** |
|  **Semiconductors — 0.6%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 2736000 | 2976566 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **85**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 1459000 | 1419987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 5784000 | 5705755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 1452000 | 1370160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 3236000 | 3280359 |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 | 3977000 | 3983618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 3977000 | 3957771 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 2531000 | 2461795 |
|  (Cost $25,021,151) |  | **25156011** |
|  **Software — 3.1%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 (a) | 8497000 | 8342840 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 | 2781000 | 2420347 |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 2682000 | 2268882 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 14464000 | 14634559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 14048000 | 14659226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/32 | 6529000 | 6985299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 | 3700000 | 3754310 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 7432000 | 7466484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 6348000 | 6292432 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 (a) | 3254000 | 3172736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 5424000 | 5510339 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL,144A,8.75%, 5/1/29 | 2531000 | 2599641 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 3254000 | 3165232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 3153000 | 2974565 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 3254000 | 3074541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 | 2350000 | 2164254 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 3626000 | 3450354 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/28/28 | 2893000 | 2981164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 2097000 | 2019415 |
|  SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/30/27 | 7232000 | 7239340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/32 | 2712000 | 2816279 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 | 1808000 | 1727498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 | 1808000 | 1690464 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 9040000 | 9353959 |
|  (Cost $120,580,664) |  | **120764160** |
|  **Utilities — 3.5%** |  |  |
|  **Electric — 3.1%** |  |  |
|  Alpha Generation LLC,144A,6.75%, 10/15/32 | 3756000 | 3875144 |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 4520000 | 4479483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/15/28 | 5062000 | 5061452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/29 | 2350000 | 2323479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/31 | 3323000 | 3297959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/1/31 | 3180000 | 3023461 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 3073000 | 3040681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 3345000 | 3078843 |
|  Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 1497000 | 1545959 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 1860000 | 1922775 |
|  EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30 | 2550000 | 2358014 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 5424000 | 5757451 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 2969000 | 2980261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 1808000 | 1714240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 2650000 | 2643822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 2898000 | 2911365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 3724000 | 3437384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 3358000 | 3405307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 3462000 | 3551569 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 3616000 | 3577079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 3616000 | 3526302 |
|  Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/1/28 | 2622000 | 2624714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 1/31/31 | 1446000 | 1549197 |
|  Saavi Energia Sarl,144A,8.875%, 2/10/35 | 3977000 | 4220591 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 4339000 | 4636369 |
|  TransAlta Corp.,7.75%, 11/15/29 | 1459000 | 1517840 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/1/26 | 3616000 | 3612976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/27 | 4701000 | 4705842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 4701000 | 4691244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 4520000 | 4420706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 5243000 | 5573865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/32 | 3616000 | 3797277 |

---

See Notes to Financial Statements.

**86** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount $ | Value $ |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/26 | 1823000 | 1787467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 2006000 | 1968787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 2712000 | 2771745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 2983000 | 3121510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 | 3358000 | 3543691 |
|  (Cost $122,453,555) |  | 122055851 |
|  **Gas — 0.4%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 1867000 | 1864372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 1797000 | 1855972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 2006000 | 2102753 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/1/33 | 4520000 | 4960691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 4520000 | 5035615 |
|  (Cost $15,169,209) |  | 15819403 |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,903,237,718) |  | 3851657734 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount $** | **Value $** |
|  **TERM LOAN — 0.0%** |  |  |
|  **Healthcare-Services — 0.0%** |  |  |
|  MPH Acquisition Holdings LLC,8.058%, (3 Month SOFR+3.75%), 12/31/30 |  |  |
|  (Cost $407,621) | 358267 | **358715** |
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares**  |  |
|  **SECURITIES LENDING COLLATERAL — 6.2%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c)<br>(Cost $244,717,699) | 244717699 | 244717699 |
|  **CASH EQUIVALENTS — 1.7%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b)<br>(Cost $68,804,966) | 68804966 | 68804966 |
|  **TOTAL INVESTMENTS — 105.7%** |  |  |
|  (Cost $4,217,168,004) |  | **4165539114** |
|  **Other assets and liabilities,net — (5.7%)** |  | **(225806466)** |
|  **NET ASSETS — 100.0%** |  | **3939732648** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | Income ($) | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **8/31/2025** | **Value ($) at**<br> **8/31/2025** |
| SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% | SECURITIES LENDING COLLATERAL **—** 6.2% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| 238972214 | 5745485 (d) |  |  |  | 2623193 |  | 244717699 | 244717699 |
| CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% | CASH EQUIVALENTS **—**1.7% |
| DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40830834 | 509175042 | (481200910) |  |  | 1441632 |  | 68804966 | 68804966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279803048 | 514920527 | (481200910) |  |  | 4064825 |  | 313522665 | 313522665 |

---

(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 August 31, 2025 amounted to $239,416,154, which is 6.1% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2025.

See Notes to Financial Statements.

DBX ETF Trust \| **87**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

August 31, 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 under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |

---

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 August 31, 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** |
|  Corporate Bonds (a) | $— | $3851657734 | $— | $3851657734 |
|  Term Loan |  | 358715 |  | 358715 |
|  Short-Term Investments (a) | 313522665 |  |  | 313522665 |
|  **TOTAL** | $**313522665** | $**3852016449** | $**—** | $**4165539114** |

---

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

See Notes to Financial Statements.

**88** \| DBX ETF Trust

------

Statements of Assets and Liabilities

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers High**<br> **Beta High Yield**<br> **Bond ETF** | **Xtrackers Low**<br> **Beta High Yield**<br> **Bond ETF** | **Xtrackers Risk**<br> **Managed USD**<br> **High Yield**<br> **Strategy ETF** | **Xtrackers Short**<br> **Duration High**<br> **Yield Bond ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $16581393 | $141807419 | $— | $219143446 |
|  Investment in affiliated securities at value |  |  | 47399045 |  |
|  Investment in DWS Government Money Market Series | 304525 | 3249259 | 310618 | 5758661 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 970915 | 721426 | 74375 | 8751783 |
|  Foreign currency at value |  | 3 |  | 13 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 801219 | 2688832 |  | 3207188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 315141 | 2083870 | 1120 | 3678017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 810 | 104 | 399 | 7939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 708 |  |  | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $18974711 | $150550913 | $47785557 | $240553971 |
|  **Liabilities** |  |  |  |  |
|  Due to custodian | $2518 | $— | $— | $506 |
|  Payable upon return of securities loaned | 970915 | 721426 | 74375 | 8751783 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 987965 | 3116588 |  | 7301345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2804 | 38454 | 9882 | 36252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1964202 | 3876468 | 84257 | 16089886 |
|  **Net Assets, at value** | $**17010509** | $**146674445** | $**47701300** | $**224464085** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $29072548 | $214177482 | $49529148 | $225193461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (12062039) | (67503037) | (1827848) | (729376) |
|  **Net Assets, at value** | $**17010509** | $**146674445** | $**47701300** | $**224464085** |
|  Number of Common Shares outstanding | 400001 | 3100001 | 2025001 | 4950001 |
|  **Net Asset Value** | $42.53 | $47.31 | $23.56 | $45.35 |
|  Investment in non-affiliated securities at cost | $16490396 | $141939343 | $– | $216753021 |
|  Investment in affiliated securities at cost | $– | $– | $46273833 | $– |
|  Value of securities loaned | $949389 | $703801 | $72445 | $8563167 |
|  Investment in DWS Government Money Market Series at cost | $304525 | $3249259 | $310618 | $5758661 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $970915 | $721426 | $74375 | $8751783 |
|  Foreign currency at cost | $— | $3 | $— | $13 |

---

\*\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **89**

------

Statements of Assets and Liabilities (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers USD**<br> **High Yield BB-B**<br> **ex Financials**<br> **ETF** | **Xtrackers USD**<br> **High Yield**<br> **Corporate Bond**<br> **ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $1113624955 | $3852016449 |
|  Investment in DWS Government Money Market Series | 21105991 | 68804966 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 29466868 | 244717699 |
|  Cash |  | 2398220 |
|  Foreign currency at value | 64 | 46 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 16384733 | 41578532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18657906 | 65295712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 22128 | 162485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $1199262645 | $4274974109 |
|  **Liabilities** |  |  |
|  Due to custodian | $2 | $— |
|  Payable upon return of securities loaned | 29466868 | 244717699 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 31302632 | 79251559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  | 11111506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 168951 | 160697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 60938453 | 335241461 |
|  **Net Assets, at value** | $**1138324192** | $**3939732648** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1114289165 | $4312438849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 24035027 | (372706201) |
|  **Net Assets, at value** | $**1138324192** | $**3939732648** |
|  Number of Common Shares outstanding | 20850001 | 106387501 |
|  **Net Asset Value** | $54.60 | $37.03 |
|  Investment in non-affiliated securities at cost | $1091672070 | $3903645339 |
|  Value of securities loaned | $28346019 | $239416154 |
|  Investment in DWS Government Money Market Series at cost | $21105991 | $68804966 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $29466868 | $244717699 |
|  Foreign currency at cost | $57 | $46 |

---

\*\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**90** \| DBX ETF Trust

------

Statements of Operations

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers High**<br> **Beta High Yield**<br> **Bond ETF** | **Xtrackers Low**<br> **Beta High Yield**<br> **Bond ETF** | **Xtrackers Risk**<br> **Managed USD**<br> **High Yield**<br> **Strategy ETF** | **Xtrackers Short**<br> **Duration High**<br> **Yield Bond ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $943222 | $14596700 | $— | $10968028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  |  | 2837927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 4903 | 136003 | 91205 | 87323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 11315 | 4970 | 3790 | 107801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 959440 | 14737673 | 2932922 | 11163152 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 23915 | 526936 | 134871 | 295531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 228 | 58 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 23973 | 527164 | 134929 | 295934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (182) | (3395) | (25095) | (2292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 23791 | 523769 | 109834 | 293642 |
| Net investment income (loss) | 935649 | 14213904 | 2823088 | 10869510 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (197828) | (748095) |  | (268025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | (3148557) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 36716 | 2660490 |  | 7375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 28 |  | 2 |
|  Net realized gain (loss) | (161112) | 1912423 | (3148557) | (260648) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 476878 | (575136) |  | 1091543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | 2689707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (40) |  | (4) |
|  Net change in unrealized appreciation (depreciation) | 476878 | (575176) | 2689707 | 1091539 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions | 315766 | 1337247 | (458850) | 830891 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15551151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700401 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **91**

------

Statements of Operations (Continued)

For the Year Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers USD**<br> **High Yield BB-B**<br> **ex Financials**<br> **ETF** | **Xtrackers USD**<br> **High Yield**<br> **Corporate Bond**<br> **ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $55939574 | $228955808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 304721 | 1441632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 351918 | 2623193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 56596213 | 233020633 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1612351 | 1804490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 3650 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1616001 | 1808640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (7834) | (36844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1608167 | 1771796 |
|  Net investment income (loss) | 54988046 | 231248837 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (890022) | (41352167) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 245375 | 16268064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 221 |
|  Net realized gain (loss) | (644647) | (25083882) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 3182827 | 72987241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 7 | (404) |
|  Net change in unrealized appreciation (depreciation) | 3182834 | 72986837 |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 2538187 | 47902955 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57526233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279151792 |

---

See Notes to Financial Statements.

**92** \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers High Beta High Yield**<br> **Bond ETF** | **Xtrackers High Beta High Yield**<br> **Bond ETF** | **Xtrackers Low Beta High Yield**<br> **Bond ETF** | **Xtrackers Low Beta High Yield**<br> **Bond ETF** |
|  | Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> August 31, 2024 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $935649 | $940582 | $14213904 | $11403697 |
|  Net realized gain (loss) | (161112) | (219599) | 1912423 | (2711159) |
|  Net change in net unrealized appreciation (depreciation) | 476878 | 822321 | (575176) | 13481551 |
|  Net increase (decrease) in net assets resulting from operations | 1251415 | 1543304 | 15551151 | 22174089 |
|  **Distributions to Shareholders** | (902850) | (940617) | (14265605) | (12519886) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 6209615 |  | 338493864 | 13667202 |
|  Value of shares redeemed | (2129415) |  | (414228636) | (25205838) |
| Net increase (decrease) in net assets resulting from fund share transactions | 4080200 |  | (75734772) | (11538636) |
|  Total net increase (decrease) in Net Assets | 4428765 | 602687 | (74449226) | (1884433) |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 12581744 | 11979057 | 221123671 | 223008104 |
|  End of year | $17010509 | $12581744 | $146674445 | $221123671 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 300001 | 300001 | 4700001 | 4950001 |
|  Shares sold | 150000 |  | 7250000 | 300000 |
|  Shares redeemed | (50000) |  | (8850000) | (550000) |
|  Shares outstanding, end of year | 400001 | 300001 | 3100001 | 4700001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **93**

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> **Xtrackers Risk Managed USD**<br> **High Yield Strategy ETF** | <br> **Xtrackers Risk Managed USD**<br> **High Yield Strategy ETF** | **Xtrackers Short Duration High**<br> **Yield Bond ETF** | **Xtrackers Short Duration High**<br> **Yield Bond ETF** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **August 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended** <br> **August 31, 2024**  |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $2823088 | $2632841 | $10869510 | $7235313 |
|  Net realized gain (loss) | (3148557) | (15616) | (260648) | (344248) |
|  Net change in net unrealized appreciation (depreciation) | 2689707 | 2328271 | 1091539 | 3611519 |
|  Net increase (decrease) in net assets resulting from operations | 2364238 | 4945496 | 11700401 | 10502584 |
|  **Distributions to Shareholders** | (2666124) | (2639060) | (10297636) | (7056553) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 5280937 | 2286891 | 128248262 | 28559885 |
|  Value of shares redeemed |  | (5797115) | (8760300) | (11133837) |
| Net increase (decrease) in net assets resulting from fund share transactions | 5280937 | (3510224) | 119487962 | 17426048 |
|  Total net increase (decrease) in Net Assets | 4979051 | (1203788) | 120890727 | 20872079 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 42722249 | 43926037 | 103573358 | 82701279 |
|  End of year | $47701300 | $42722249 | $224464085 | $103573358 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 1800001 | 1950001 | 2300001 | 1900001 |
|  Shares sold | 225000 | 100000 | 2850000 | 650000 |
|  Shares redeemed |  | (250000) | (200000) | (250000) |
|  Shares outstanding, end of year | 2025001 | 1800001 | 4950001 | 2300001 |

---

See Notes to Financial Statements.

**94** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Xtrackers USD High Yield BB-B ex<br>Financials ETF | Xtrackers USD High Yield BB-B ex<br>Financials ETF | Xtrackers USD High Yield<br>Corporate Bond ETF | Xtrackers USD High Yield<br>Corporate Bond ETF |
|  | Year Ended<br>August 31, 2025 | For the Period<br>October 27,<br>2023<sup>(1)</sup> to<br>August 31, 2024 | Year Ended<br>August 31, 2025 | Year Ended<br>August 31, 2024 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $54988046 | $32630446 | $231248837 | $203501828 |
|  Net realized gain (loss) | (644647) | (919715) | (25083882) | (107682805) |
|  Net change in net unrealized appreciation (depreciation) | 3182834 | 18770058 | 72986837 | 262068787 |
|  Net increase (decrease) in net assets resulting from operations | 57526233 | 50480789 | 279151792 | 357887810 |
|  **Distributions to Shareholders** | (54379903) | (27841510) | (230660536) | (206009266) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 485467515 | 659400164 | 2256072540 | 3055914014 |
|  Value of shares redeemed | (5371108) | (26958038) | (1967807703) | (3463978979) |
| Net increase (decrease) in net assets resulting from fund share transactions | 480096407 | 632442126 | 288264837 | (408064965) |
|  Total net increase (decrease) in Net Assets | 483242737 | 655081405 | 336756093 | (256186421) |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 655081455 | 50 | 3602976555 | 3859162976 |
|  End of period | $1138324192 | $655081455 | $3939732648 | $3602976555 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 12000001 | 1 | 98787501 | 111587501 |
|  Shares sold | 8950000 | 12500000 | 62100000 | 87300000 |
|  Shares redeemed | (100000) | (500000) | (54500000) | (100100000) |
|  Shares outstanding, end of period | 20850001 | 12000001 | 106387501 | 98787501 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| **95**

------

Financial Highlights

Xtrackers High Beta High Yield Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $41.94 | $39.93 | $39.84 | $48.35 | $46.55 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 3.27 | 3.14 | 2.90 | 2.51 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.53 | 2.01 | 0.15 | (8.37) | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.80 | 5.15 | 3.05 | (5.86) | 5.25 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (3.21) | (3.14) | (2.96) | (2.65) | (3.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (3.21) | (3.14) | (2.96) | (2.65) | (3.45) |
|  Net Asset Value, end of year | $42.53 | $41.94 | $39.93 | $39.84 | $48.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 9.45 | 13.58 | 8.11 | (12.56) | 11.67 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 17 | 13 | 12 | 12 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.34 | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 7.82 | 7.77 | 7.40 | 5.61 | 5.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 66 | 52 | 58 | 55 | 98 |

---

(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.

See Notes to Financial Statements.

**96** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Low Beta High Yield Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $47.05 | $45.05 | $45.09 | $51.05 | $50.50 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 2.52 | 2.40 | 2.24 | 1.69 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 | 2.23 | 0.14 | (5.87) | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.79 | 4.63 | 2.38 | (4.18) | 2.52 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.53) | (2.63) | (2.42) | (1.78) | (1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (2.53) | (2.63) | (2.42) | (1.78) | (1.97) |
|  Net Asset Value, end of year | $47.31 | $47.05 | $45.05 | $45.09 | $51.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 6.15 | 10.68 | 5.44 | (8.36) | 5.12 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 147 | 221 | 223 | 1441 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.25 | 0.25 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 5.39 | 5.27 | 4.97 | 3.53 | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 54 | 50 | 52 | 68 | 88 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| **97**

------

Financial Highlights (Continued)

Xtrackers Risk Managed USD High Yield Strategy ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | <br> **Period Ended** |
|  | **2025** | **2024** | **2023** | **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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 1.47 | 1.38 | 1.28 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.24) | 1.20 | 0.29 | (2.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.23 | 2.58 | 1.57 | (2.26) |
|  Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.40) | (1.38) | (1.33) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.40) | (1.38) | (1.33) | (0.45) |
|  Net Asset Value, end of period | $23.56 | $23.73 | $22.53 | $22.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 5.34 | 11.92 | 7.27 | (9.12)\*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) | 48 | 43 | 44 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%)(d) | 0.30 | 0.30 | 0.30 | 0.30\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%)(d) | 0.24 | 0.23 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.28 | 6.04 | 5.74 | 4.54\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 100 | 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.

**98** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $45.03 | $43.53 | $43.04 | $47.89 | $46.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 3.29 | 3.23 | 2.71 | 2.04 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.28 | 1.44 | 0.45 | (4.76) | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.57 | 4.67 | 3.16 | (2.72) | 4.01 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (3.25) | (3.17) | (2.67) | (2.13) | (2.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (3.25) | (3.17) | (2.67) | (2.13) | (2.69) |
|  Net Asset Value, end of year | $45.35 | $45.03 | $43.53 | $43.04 | $47.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 8.24 | 11.25 | 7.65 | (5.84) | 8.86 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 224 | 104 | 83 | 86 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 7.35 | 7.36 | 6.30 | 4.48 | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 48 | 56 | 49 | 46 | 52 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| **99**

------

Financial Highlights (Continued)

Xtrackers USD High Yield BB-B ex Financials ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>8/31/2025** | **Period Ended<br>8/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $54.59 | $50.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 3.67 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.73 | 7.17 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (3.72) | (2.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (3.72) | (2.58) |
|  Net Asset Value, end of period | $54.60 | $54.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 7.13 | 14.62 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 1138 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.82 | 6.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 37 | 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.

**100** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers USD High Yield Corporate Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $36.47 | $34.58 | $34.37 | $40.31 | $39.06 (a) |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 2.33 | 2.16 | 1.94 | 1.61 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.54 | 1.91 | 0.25 | (5.80) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.87 | 4.07 | 2.19 | (4.19) | 3.49 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.31) | (2.18) | (1.98) | (1.75) | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (2.31) | (2.18) | (1.98) | (1.75) | (2.24) |
|  Net Asset Value, end of year | $37.03 | $36.47 | $34.58 | $34.37 | $40.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 8.17 | 12.26 | 6.63 | (10.67) | 8.31 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 3940 | 3603 | 3859 | 3615 | 6666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.05 | 0.19 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.05 | 0.07 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.41 | 6.15 | 5.69 | 4.24 | 4.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 29 | 31 | 26 | 24 | 37 |

---

(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) 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.

See Notes to Financial Statements.

DBX ETF Trust \| **101**

------

Notes to Financial Statements

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 August 31, 2025, the Trust consists of forty one 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

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

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

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

---

| | |
|:---|:---|
| Fund | Underlying Index |
|  Xtrackers High Beta High Yield Bond ETF | Solactive USD High Yield Corporates Total Market High Beta Index |
|  Xtrackers Low Beta High Yield Bond ETF | 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 |

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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.

**102** \| DBX ETF Trust

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

Xtrackers 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.

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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**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.

DBX ETF Trust \| **103**

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

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

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

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

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

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

**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, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to August 31, 2025), remains subject to examination

**104** \| DBX ETF Trust

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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 year ended August 31, 2025, the Funds did not incur any interest or penalties.

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary Income<sup>\*</sup> | Capital and Other<br>Gains (Losses) | Unrealized<br>Appreciation<br>(Depreciation) | Total<br>Accumulated<br>Earnings (Losses) |
|  Xtrackers High Beta High Yield Bond ETF | $120006 | $(12176986) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5059) | $(12062039) |
|  Xtrackers Low Beta High Yield Bond ETF | 1086980 | (68089220) | (500797) | (67503037) |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 195497 | (45548) | (1977797) | (1827848) |
|  Xtrackers Short Duration High Yield Bond ETF | 1344681 | (4025169) | 1951112 | (729376) |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 5732966 | (2754179) | 21056240 | 24035027 |
|  Xtrackers USD High Yield Corporate Bond ETF | 22241126 | (322496685) | (72450642) | (372706201) |

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\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:

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| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended August** <br> **31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income<sup>\*</sup> |
|  Xtrackers High Beta High Yield Bond ETF | $902850 |
|  Xtrackers Low Beta High Yield Bond ETF | 14265605 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 2666124 |
|  Xtrackers Short Duration High Yield Bond ETF | 10297636 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 54379903 |
|  Xtrackers USD High Yield Corporate Bond ETF | 230660536 |
|  | **Year Ended August** <br> **31, 2024** |
|  | Ordinary Income<sup>\*</sup> |
|  Xtrackers High Beta High Yield Bond ETF | $940617 |
|  Xtrackers Low Beta High Yield Bond ETF | 12519886 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 2639060 |
|  Xtrackers Short Duration High Yield Bond ETF | 7056553 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 27841510 |
|  Xtrackers USD High Yield Corporate Bond ETF | 206009266 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2025, 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.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Amount |
|  Xtrackers High Beta High Yield Bond ETF | $2963916 | $9213070 | $12176986 |
|  Xtrackers Low Beta High Yield Bond ETF | 35317430 | 32771790 | 68089220 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 1617 | 43931 | 45548 |
|  Xtrackers Short Duration High Yield Bond ETF | 1214354 | 2810815 | 4025169 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 2754179 |  | 2754179 |
|  Xtrackers USD High Yield Corporate Bond ETF | 41721189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280775496 | 322496685 |

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DBX ETF Trust \| **105**

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Capital losses incurred after October 31 ("post-October capital losses") and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the fiscal year ended August 31, 2025, the Funds had no post-October capital losses.

For the fiscal year ended August 31, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and non-deductible excise tax expense.

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| | | |
|:---|:---|:---|
|  | Distributable<br>earnings (loss) | Paid-In Capital |
|  Xtrackers High Beta High Yield Bond ETF | $(33471) | $33471 |
|  Xtrackers Low Beta High Yield Bond ETF | (1937564) | 1937564 |
|  Xtrackers Short Duration High Yield Bond ETF | 69702 | (69702) |
|  Xtrackers USD High Yield BB-B ex Financials ETF | (245284) | 245284 |
|  Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996682 |

---

As of August 31, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Aggregate Tax Cost | Net Unrealized<br>Appreciation<br>(Depreciation) | Aggregate Gross<br>Unrealized<br>Appreciation | Aggregate Gross<br>Unrealized<br>(Depreciation) |
|  Xtrackers High Beta High Yield Bond ETF | $17861892 | $(5059) | $455721 | $(460780) |
|  Xtrackers Low Beta High Yield Bond ETF | 146278901 | (500797) | 1098707 | (1599504) |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 49761835 | (1977797) | 1125212 | (3103009) |
|  Xtrackers Short Duration High Yield Bond ETF | 231702778 | 1951112 | 4338563 | (2387451) |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 1143141581 | 21056233 | 24364819 | (3308586) |
|  Xtrackers USD High Yield Corporate Bond ETF | 4237989756 | (72450642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49558909 | (122009551) |

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**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, 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 August 31, 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.** 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

**106** \| DBX ETF Trust

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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 year ended August 31, 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 August 31, 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 August 31, 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 |  |  |  |
| Securities Lending Transactions | **Overnight**<br> **and**<br> **Continuous** | <30 Days | **Between**<br> **30 & 90**<br> **Days** | >90 Days | Total |
|  **Xtrackers High Beta High Yield Bond ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $970915 | $— | $— | $— | $970915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $970915 |
|  **Xtrackers Low Beta High Yield Bond ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $721426 | $— | $— | $— | $721426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $721426 |
|  **Xtrackers Risk Managed USD High Yield Strategy ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $74375 | $— | $— | $— | $74375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $74375 |
|  **Xtrackers Short Duration High Yield Bond ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $8751783 | $— | $— | $— | $8751783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $8751783 |
|  **Xtrackers USD High Yield BB-B ex Financials ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $29466868 | $— | $— | $— | $29466868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $29466868 |
|  **Xtrackers USD High Yield Corporate Bond ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $244717699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $244717699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $244717699 |

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**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.

DBX ETF Trust \| **107**

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

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| | |
|:---|:---|
|  | **Unitary Advisory** <br> **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% |

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The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, 0.01 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 year ended August 31, 2025, the Advisor waived $22,969 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 year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:

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| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers High Beta High Yield Bond ETF | $182 |
|  Xtrackers Low Beta High Yield Bond ETF | 3395 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 2126 |
|  Xtrackers Short Duration High Yield Bond ETF | 2292 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 7834 |
|  Xtrackers USD High Yield Corporate Bond ETF | 36844 |

---

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

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

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

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

**Affiliated Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended August 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending** <br> **Agent Fees** |
|  Xtrackers High Beta High Yield Bond ETF | $831 |
|  Xtrackers Low Beta High Yield Bond ETF | 346 |
|  Xtrackers Short Duration High Yield Bond ETF | 8020 |
|  Xtrackers USD High Yield Corporate Bond ETF | 193008 |

---

**108** \| DBX ETF Trust

------

4. Investment Portfolio Transactions

For the year ended August 31, 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 | $7781711 | $7860051 |
|  Xtrackers Low Beta High Yield Bond ETF | 135988040 | 139749381 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 45124222 | 44960505 |
|  Xtrackers Short Duration High Yield Bond ETF | 69204919 | 73267427 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 293221437 | 299367189 |
|  Xtrackers USD High Yield Corporate Bond ETF | 1032784954 | 1031535916 |

---

For the year ended August 31, 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 | $6070794 | $2063188 |
|  Xtrackers Low Beta High Yield Bond ETF | 331057807 | 403430596 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 5224668 |  |
|  Xtrackers Short Duration High Yield Bond ETF | 126532216 | 8662635 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 476144159 | 5233169 |
|  Xtrackers USD High Yield Corporate Bond ETF | 2205748204 | 1924952693 |

---

**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 year ended August 31, 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<br>Purchased | Securities Sold | Net Realized Gain<br>(Loss) on Securities<br>Sold |
|  Xtrackers High Beta High Yield Bond ETF | $931090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470995 | $60945 |
|  Xtrackers Low Beta High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470995 | 931090 | (21995) |

---

5. Fund Share Transactions

As of August 31, 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 \| **109**

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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 August 31, 2025.

**110** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

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 and Xtrackers USD High Yield Corporate Bond ETF and the Board of Trustees of DBX ETF Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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, and Xtrackers USD High Yield Corporate Bond ETF (collectively referred to as the "Funds"), (six of the funds constituting DBX ETF Trust (the "Trust")), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights |
| Xtrackers High Beta High Yield Bond ETF<br>Xtrackers Low Beta High Yield Bond ETF<br>Xtrackers Short Duration High Yield Bond ETF<br>Xtrackers USD High Yield Corporate Bond ETF | For the year ended August<br> 31, 2025 | For each of the two years<br> in the period ended August 31, 2025 | For each of the five years in<br> the period ended August 31, 2025 |
| Xtrackers Risk Managed USD High Yield Strategy ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the three years in the period ended August 31, 2025 and the period from February 10, 2022 (commencement of operations) through August 31, 2022 |
| Xtrackers USD High Yield BB-B ex Financials ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025 and the period from October 27, 2023 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and the period from October 27, 2023 (commencement of operations) through August 31, 2024 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's

DBX ETF Trust \| **111**

------

Report of Independent Registered Public Accounting Firm (Continued)

internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g90073dsp113.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

112 \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (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, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF** 

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 13-14, 2025 (the "Meeting"), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the "Trust") or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC ("DBX" or the "Advisor") for purposes of reviewing the Investment Advisory Agreement's terms, including statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge") regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds ("ETFs") selected pursuant to Broadridge's proprietary methodology (each, a "Peer Group") and (b) for Funds with two years of performance history as of December 31, 2024, each Fund's tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

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

DBX ETF Trust \| **113**

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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

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

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

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

**Reasonableness of Advisory Fee.** The Board compared each Fund's advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund's respective Peer Group. The Board accordingly noted that each Fund's fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds' operating expenses (subject to certain specified exceptions). The Board considered that each Fund's fee had been priced to scale when it was established. The Board also considered that each Fund's portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

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

**114** \| DBX ETF Trust

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

**Economies of Scale.** The Board considered that Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers USD High Yield BB-B ex Financials ETF and Xtrackers USD High Yield Corporate Bond ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund's unitary fee, which the Board noted was competitive. The Board considered that Xtrackers High Beta High Yield Bond ETF was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

DBX ETF Trust \| **115**

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Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

**116** \| DBX ETF Trust

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![LOGO](g90073dsp120.jpg)

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![LOGO](g98972dsp001.jpg)

Xtrackers S&P 500 Diversified Sector Weight ETF (SPXD)

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](g98972dsp001a.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#tx98972_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Diversified Sector Weight ETF](#tx98972_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Growth Scored & Screened ETF](#tx98972_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Scored & Screened ETF](#tx98972_4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Value Scored & Screened ETF](#tx98972_5) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P Dividend Aristocrats Screened ETF](#tx98972_6) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P MidCap 400 Scored & Screened ETF](#tx98972_7) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#tx98972_8)** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Operations](#tx98972_9)** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#tx98972_10)** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#tx98972_11)** | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#tx98972_12)** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#tx98972_13)** | **53** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Board Considerations in Approval of Investment Advisory Contracts](#tx98972_14)** | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Tax Information](#tx98972_15)** | **59** |
| &nbsp;&nbsp;&nbsp; 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. | &nbsp;&nbsp;&nbsp; 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 S&P 500 Diversified Sector Weight ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.3%** |  |  |
|  **Communication Services — 6.6%** |  |  |
|  Alphabet, Inc., Class A | 168 | 35769 |
|  Alphabet, Inc., Class C | 137 | 29254 |
|  AT&T, Inc. | 1074 | 31458 |
|  Charter Communications, Inc., Class A \* | 46 | 12217 |
|  Comcast Corp., Class A | 1176 | 39949 |
|  Electronic Arts, Inc. | 56 | 9629 |
|  Fox Corp., Class A | 42 | 2507 |
|  Fox Corp., Class B | 25 | 1364 |
|  Interpublic Group of Cos., Inc. | 194 | 5207 |
|  Live Nation Entertainment, Inc. \* | 26 | 4329 |
|  Match Group, Inc. | 26 | 971 |
|  Meta Platforms, Inc., Class A | 56 | 41367 |
|  Netflix, Inc. \* | 2 | 2417 |
|  News Corp., Class A | 556 | 16352 |
|  News Corp., Class B | 167 | 5656 |
|  Omnicom Group, Inc. | 96 | 7520 |
|  Paramount Skydance Corp., Class B \* | 722 | 10613 |
|  Take-Two Interactive Software, Inc. \* | 27 | 6298 |
|  TKO Group Holdings, Inc., Class A | 4 | 758 |
|  T-Mobile US, Inc. | 80 | 20159 |
|  Verizon Communications, Inc. | 769 | 34013 |
|  Walt Disney Co. | 588 | 69607 |
|  Warner Bros Discovery, Inc. \* | 1024 | 11919 |
|  (Cost $396,630) |  | **399333** |
|  **Consumer Discretionary — 10.7%** |  |  |
|  Airbnb, Inc., Class A \* | 16 | 2088 |
|  Amazon.com, Inc. \* | 167 | 38243 |
|  Aptiv PLC \* | 80 | 6362 |
|  AutoZone, Inc. \* | 1 | 4199 |
|  Best Buy Co., Inc. | 45 | 3314 |
|  Booking Holdings, Inc. | 1 | 5599 |
|  Caesars Entertainment, Inc. \* | 276 | 7388 |
|  CarMax, Inc. \* | 183 | 11227 |
|  Carnival Corp. \* | 168 | 5358 |
|  Chipotle Mexican Grill, Inc. \* | 218 | 9187 |
|  D.R. Horton, Inc. | 126 | 21354 |
|  Darden Restaurants, Inc. | 122 | 25247 |
|  Deckers Outdoor Corp. \* | 22 | 2632 |
|  Domino's Pizza, Inc. | 7 | 3208 |
|  DoorDash, Inc., Class A \* | 26 | 6376 |
|  eBay, Inc. | 6 | 544 |
|  Expedia Group, Inc. | 16 | 3437 |
|  Ford Motor Co. | 2049 | 24117 |
|  Garmin Ltd. | 21 | 5078 |
|  General Motors Co. | 479 | 28065 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Genuine Parts Co. | 46 | 6409 |
|  Hasbro, Inc. | 138 | 11201 |
|  Hilton Worldwide Holdings, Inc. | 14 | 3865 |
|  Home Depot, Inc. | 23 | 9356 |
|  Las Vegas Sands Corp. | 150 | 8644 |
|  Lennar Corp., Class A | 197 | 26229 |
|  LKQ Corp. | 112 | 3653 |
|  Lowe's Cos., Inc. | 24 | 6193 |
|  Lululemon Athletica, Inc. \* | 20 | 4044 |
|  Marriott International, Inc., Class A | 25 | 6696 |
|  McDonald's Corp. | 111 | 34803 |
|  MGM Resorts International \* | 374 | 14844 |
|  Mohawk Industries, Inc. \* | 29 | 3848 |
|  NIKE, Inc., Class B | 572 | 44256 |
|  Norwegian Cruise Line Holdings Ltd. \* | 78 | 1938 |
|  NVR, Inc. \* | 1 | 8118 |
|  O'Reilly Automotive, Inc. \* | 52 | 5391 |
|  Pool Corp. | 21 | 6525 |
|  PulteGroup, Inc. | 96 | 12674 |
|  Ralph Lauren Corp. | 96 | 28505 |
|  Ross Stores, Inc. | 160 | 23546 |
|  Royal Caribbean Cruises Ltd. | 8 | 2906 |
|  Starbucks Corp. | 357 | 31484 |
|  Tapestry, Inc. | 279 | 28408 |
|  Tesla, Inc. \* | 50 | 16693 |
|  TJX Cos., Inc. | 167 | 22814 |
|  Tractor Supply Co. | 611 | 37735 |
|  Ulta Beauty, Inc. \* | 15 | 7391 |
|  Williams-Sonoma, Inc. | 4 | 753 |
|  Wynn Resorts Ltd. | 53 | 6718 |
|  Yum! Brands, Inc. | 69 | 10141 |
|  (Cost $636,073) |  | **648804** |
|  **Consumer Staples — 11.8%** |  |  |
|  Altria Group, Inc. | 263 | 17676 |
|  Archer-Daniels-Midland Co. | 529 | 33137 |
|  Brown-Forman Corp., Class B | 580 | 17365 |
|  Bunge Global SA | 196 | 16507 |
|  Church & Dwight Co., Inc. | 135 | 12577 |
|  Clorox Co. | 142 | 16784 |
|  Coca-Cola Co. | 85 | 5864 |
|  Colgate-Palmolive Co. | 330 | 27743 |
|  Conagra Brands, Inc. | 208 | 3979 |
|  Constellation Brands, Inc., Class A | 121 | 19595 |
|  Costco Wholesale Corp. | 75 | 70749 |
|  Dollar General Corp. | 49 | 5329 |
|  Dollar Tree, Inc. \* | 24 | 2620 |
|  Estee Lauder Cos., Inc., Class A | 183 | 16787 |
|  General Mills, Inc. | 259 | 12777 |
|  Hershey Co. | 7 | 1286 |

---

See Notes to Financial Statements.

2 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hormel Foods Corp. | 146 | 3714 |
|  J M Smucker Co. | 66 | 7294 |
|  Kellanova | 52 | 4134 |
|  Kenvue, Inc. | 759 | 15719 |
|  Keurig Dr Pepper, Inc. | 306 | 8902 |
|  Kimberly-Clark Corp. | 229 | 29573 |
|  Kraft Heinz Co. | 587 | 16418 |
|  Kroger Co. | 267 | 18113 |
|  Lamb Weston Holdings, Inc. | 92 | 5293 |
|  McCormick & Co., Inc. | 54 | 3800 |
|  Molson Coors Beverage Co., Class B | 165 | 8331 |
|  Mondelez International, Inc., Class A | 119 | 7311 |
|  Monster Beverage Corp. \* | 18 | 1123 |
|  PepsiCo, Inc. | 92 | 13676 |
|  Philip Morris International, Inc. | 242 | 40445 |
|  Procter & Gamble Co. | 521 | 81818 |
|  Sysco Corp. | 858 | 69043 |
|  Target Corp. | 166 | 15933 |
|  The Campbell's Company | 96 | 3065 |
|  Tyson Foods, Inc., Class A | 389 | 22087 |
|  Walmart, Inc. | 622 | 60322 |
|  (Cost $721,420) |  | **716889** |
|  **Energy — 5.6%** |  |  |
|  APA Corp. | 133 | 3088 |
|  Baker Hughes Co. | 432 | 19613 |
|  Chevron Corp. | 173 | 27784 |
|  ConocoPhillips | 150 | 14845 |
|  Coterra Energy, Inc. | 56 | 1369 |
|  Devon Energy Corp. | 119 | 4296 |
|  Diamondback Energy, Inc. | 22 | 3273 |
|  EOG Resources, Inc. | 78 | 9736 |
|  EQT Corp. | 44 | 2281 |
|  Expand Energy Corp. | 16 | 1548 |
|  Exxon Mobil Corp. | 328 | 37487 |
|  Halliburton Co. | 446 | 10138 |
|  Kinder Morgan, Inc. | 1589 | 42871 |
|  Marathon Petroleum Corp. | 104 | 18690 |
|  Occidental Petroleum Corp. | 192 | 9141 |
|  ONEOK, Inc. | 271 | 20699 |
|  Phillips 66 | 455 | 60779 |
|  Schlumberger NV | 444 | 16357 |
|  Targa Resources Corp. | 32 | 5368 |
|  Texas Pacific Land Corp. | 1 | 933 |
|  Valero Energy Corp. | 97 | 14745 |
|  Williams Cos., Inc. | 267 | 15454 |
|  (Cost $332,766) |  | **340495** |
|  **Financials — 13.0%** |  |  |
|  Aflac, Inc. | 50 | 5343 |
|  Allstate Corp. | 47 | 9562 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  American Express Co. | 28 | 9276 |
|  American International Group, Inc. | 39 | 3171 |
|  Ameriprise Financial, Inc. | 4 | 2059 |
|  Aon PLC, Class A | 5 | 1835 |
|  Apollo Global Management, Inc. | 21 | 2861 |
|  Arch Capital Group Ltd. | 22 | 2014 |
|  Arthur J Gallagher & Co. | 5 | 1514 |
|  Assurant, Inc. | 15 | 3234 |
|  Bank of America Corp. | 349 | 17708 |
|  Bank of New York Mellon Corp. | 111 | 11722 |
|  Berkshire Hathaway, Inc., Class B \* | 458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230365 |
|  Blackrock, Inc. | 16 | 18034 |
|  Blackstone, Inc. | 5 | 857 |
|  Brown & Brown, Inc. | 6 | 582 |
|  Capital One Financial Corp. | 65 | 14769 |
|  Cboe Global Markets, Inc. | 8 | 1888 |
|  Charles Schwab Corp. | 115 | 11022 |
|  Chubb Ltd. | 22 | 6051 |
|  Cincinnati Financial Corp. | 20 | 3072 |
|  Citigroup, Inc. | 220 | 21245 |
|  Citizens Financial Group, Inc. | 61 | 3189 |
|  CME Group, Inc. | 15 | 3998 |
|  Coinbase Global, Inc., Class A \* | 14 | 4263 |
|  Corpay, Inc. \* | 2 | 651 |
|  Erie Indemnity Co., Class A | 5 | 1772 |
|  Everest Group Ltd. | 21 | 7179 |
|  FactSet Research Systems, Inc. | 2 | 747 |
|  Fidelity National Information Services, Inc. | 16 | 1117 |
|  Fifth Third Bancorp | 96 | 4394 |
|  Fiserv, Inc. \* | 100 | 13818 |
|  Franklin Resources, Inc. | 22 | 564 |
|  Global Payments, Inc. | 21 | 1865 |
|  Globe Life, Inc. | 17 | 2379 |
|  Goldman Sachs Group, Inc. | 43 | 32046 |
|  Hartford Insurance Group, Inc. | 187 | 24742 |
|  Huntington Bancshares, Inc. | 144 | 2565 |
|  Intercontinental Exchange, Inc. | 31 | 5475 |
|  Invesco Ltd. | 49 | 1073 |
|  Jack Henry & Associates, Inc. | 17 | 2775 |
|  JPMorgan Chase & Co. | 139 | 41897 |
|  KeyCorp | 186 | 3601 |
|  KKR & Co., Inc. | 38 | 5301 |
|  Loews Corp. | 46 | 4453 |
|  M&T Bank Corp. | 13 | 2622 |
|  MarketAxess Holdings, Inc. | 2 | 368 |
|  Marsh & McLennan Cos., Inc. | 16 | 3293 |
|  Mastercard, Inc., Class A | 5 | 2976 |
|  MetLife, Inc. | 238 | 19364 |
|  Moody's Corp. | 13 | 6627 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Morgan Stanley | 116 | 17456 |
|  MSCI, Inc. | 4 | 2271 |
|  Nasdaq, Inc. | 78 | 7390 |
|  Northern Trust Corp. | 67 | 8796 |
|  PayPal Holdings, Inc. \* | 51 | 3580 |
|  PNC Financial Services Group, Inc. | 41 | 8505 |
|  Principal Financial Group, Inc. | 56 | 4508 |
|  Progressive Corp. | 63 | 15565 |
|  Prudential Financial, Inc. | 247 | 27086 |
|  Raymond James Financial, Inc. | 54 | 9150 |
|  Regions Financial Corp. | 87 | 2383 |
|  S&P Global, Inc. | 14 | 7678 |
|  State Street Corp. | 53 | 6093 |
|  Synchrony Financial | 28 | 2137 |
| T. Rowe Price Group, Inc. | 168 | 18080 |
|  Travelers Cos., Inc. | 64 | 17377 |
|  Truist Financial Corp. | 188 | 8802 |
|  US Bancorp | 189 | 9229 |
|  Visa, Inc., Class A | 14 | 4925 |
|  W.R. Berkley Corp. | 28 | 2007 |
|  Wells Fargo & Co. | 262 | 21531 |
|  Willis Towers Watson PLC | 4 | 1307 |
|  (Cost $771,278) |  | **789154** |
|  **Health Care — 12.0%** |  |  |
|  Abbott Laboratories | 804 | 106659 |
|  AbbVie, Inc. | 22 | 4629 |
|  Agilent Technologies, Inc. | 30 | 3770 |
|  Align Technology, Inc. \* | 15 | 2129 |
|  Amgen, Inc. | 7 | 2014 |
|  Baxter International, Inc. | 282 | 6963 |
|  Becton Dickinson & Co. | 38 | 7333 |
|  Biogen, Inc. \* | 28 | 3702 |
|  Bio-Techne Corp. | 22 | 1202 |
|  Boston Scientific Corp. \* | 55 | 5803 |
|  Bristol-Myers Squibb Co. | 665 | 31375 |
|  Cardinal Health, Inc. | 91 | 13539 |
|  Cencora, Inc. | 24 | 6999 |
|  Centene Corp. \* | 481 | 13968 |
|  Charles River Laboratories International, Inc. \* | 22 | 3593 |
|  Cigna Group | 29 | 8725 |
|  Cooper Cos., Inc. \* | 30 | 2022 |
|  CVS Health Corp. | 635 | 46450 |
|  Danaher Corp. | 47 | 9674 |
|  DaVita, Inc. \* | 15 | 2066 |
|  Dexcom, Inc. \* | 43 | 3240 |
|  Edwards Lifesciences Corp. \* | 25 | 2034 |
|  Elevance Health, Inc. | 40 | 12746 |
|  Eli Lilly & Co. | 4 | 2930 |
|  GE HealthCare Technologies, Inc. | 96 | 7078 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Gilead Sciences, Inc. | 19 | 2146 |
|  HCA Healthcare, Inc. | 64 | 25853 |
|  Henry Schein, Inc. \* | 183 | 12733 |
|  Hologic, Inc. \* | 22 | 1477 |
|  Humana, Inc. | 51 | 15487 |
|  IDEXX Laboratories, Inc. \* | 5 | 3235 |
|  Incyte Corp. \* | 7 | 592 |
|  Insulet Corp. \* | 15 | 5098 |
|  Intuitive Surgical, Inc. \* | 5 | 2366 |
|  IQVIA Holdings, Inc. \* | 87 | 16600 |
|  Johnson & Johnson | 91 | 16122 |
|  Labcorp Holdings, Inc. | 28 | 7784 |
|  McKesson Corp. | 31 | 21286 |
|  Medtronic PLC | 171 | 15871 |
|  Merck & Co., Inc. | 123 | 10347 |
|  Mettler-Toledo International, Inc. \* | 1 | 1301 |
|  Moderna, Inc. \* | 1294 | 31172 |
|  Molina Healthcare, Inc. \* | 15 | 2712 |
|  Pfizer, Inc. | 1348 | 33376 |
|  Quest Diagnostics, Inc. | 25 | 4541 |
|  Regeneron Pharmaceuticals, Inc. | 118 | 68523 |
|  ResMed, Inc. | 43 | 11804 |
|  Revvity, Inc. | 14 | 1262 |
|  Solventum Corp. \* | 32 | 2339 |
|  STERIS PLC | 6 | 1470 |
|  Stryker Corp. | 19 | 7437 |
|  Thermo Fisher Scientific, Inc. | 55 | 27100 |
|  UnitedHealth Group, Inc. | 124 | 38424 |
|  Universal Health Services, Inc., Class B | 31 | 5629 |
|  Vertex Pharmaceuticals, Inc. \* | 1 | 391 |
|  Viatris, Inc. | 847 | 8936 |
|  Waters Corp. \* | 3 | 905 |
|  West Pharmaceutical Services, Inc. | 3 | 741 |
|  Zimmer Biomet Holdings, Inc. | 22 | 2334 |
|  Zoetis, Inc. | 56 | 8758 |
|  (Cost $718,963) |  | **726795** |
|  **Industrials — 11.9%** |  |  |
|  3M Co. | 86 | 13376 |
|  A O Smith Corp. | 44 | 3137 |
|  Allegion PLC | 44 | 7471 |
|  AMETEK, Inc. | 19 | 3511 |
|  Automatic Data Processing, Inc. | 70 | 21283 |
|  Axon Enterprise, Inc. \* | 4 | 2989 |
|  Boeing Co. \* | 26 | 6102 |
|  Broadridge Financial Solutions, Inc. | 24 | 6135 |
|  Builders FirstSource, Inc. \* | 47 | 6518 |
|  C.H. Robinson Worldwide, Inc. | 49 | 6306 |
|  Carrier Global Corp. | 88 | 5738 |

---

See Notes to Financial Statements.

4 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Caterpillar, Inc. | 50 | 20952 |
|  Cintas Corp. | 49 | 10291 |
|  Copart, Inc. \* | 270 | 13179 |
|  CSX Corp. | 193 | 6274 |
|  Cummins, Inc. | 42 | 16734 |
|  Dayforce, Inc. \* | 8 | 558 |
|  Deere & Co. | 31 | 14838 |
|  Delta Air Lines, Inc. | 378 | 23353 |
|  Dover Corp. | 30 | 5366 |
|  Eaton Corp. PLC | 64 | 22345 |
|  Emerson Electric Co. | 28 | 3696 |
|  Equifax, Inc. | 55 | 13546 |
|  Expeditors International of Washington, Inc. | 22 | 2652 |
|  Fastenal Co. | 28 | 1390 |
|  FedEx Corp. | 52 | 12016 |
|  Fortive Corp. | 19 | 909 |
|  GE Aerospace | 13 | 3578 |
|  GE Vernova, Inc. | 19 | 11646 |
|  Generac Holdings, Inc. \* | 6 | 1111 |
|  General Dynamics Corp. | 42 | 13632 |
|  Honeywell International, Inc. | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14268 |
|  Howmet Aerospace, Inc. | 39 | 6790 |
|  Hubbell, Inc. | 6 | 2586 |
|  Huntington Ingalls Industries, Inc. | 2 | 542 |
|  IDEX Corp. | 21 | 3455 |
|  Illinois Tool Works, Inc. | 45 | 11909 |
|  Ingersoll Rand, Inc. | 28 | 2224 |
|  Jacobs Solutions, Inc. | 95 | 13892 |
|  JB Hunt Transport Services, Inc. | 44 | 6380 |
|  Johnson Controls International PLC | 110 | 11758 |
|  L3Harris Technologies, Inc. | 54 | 14991 |
|  Leidos Holdings, Inc. | 71 | 12845 |
|  Lennox International, Inc. | 6 | 3347 |
|  Lockheed Martin Corp. | 5 | 2278 |
|  Masco Corp. | 56 | 4110 |
|  Nordson Corp. | 20 | 4502 |
|  Norfolk Southern Corp. | 22 | 6160 |
|  Northrop Grumman Corp. | 27 | 15931 |
|  Old Dominion Freight Line, Inc. | 4 | 604 |
|  Otis Worldwide Corp. | 142 | 12266 |
|  PACCAR, Inc. | 70 | 6999 |
|  Parker-Hannifin Corp. | 14 | 10631 |
|  Paychex, Inc. | 39 | 5439 |
|  Paycom Software, Inc. | 2 | 454 |
|  Pentair PLC | 111 | 11936 |
|  Quanta Services, Inc. | 15 | 5669 |
|  Republic Services, Inc. | 21 | 4913 |
|  Rockwell Automation, Inc. | 2 | 687 |
|  Rollins, Inc. | 73 | 4127 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  RTX Corp. | 222 | 35209 |
|  Snap-on, Inc. | 16 | 5204 |
|  Southwest Airlines Co. | 280 | 9212 |
|  Stanley Black & Decker, Inc. | 112 | 8320 |
|  Textron, Inc. | 424 | 33988 |
|  Trane Technologies PLC | 20 | 8312 |
|  TransDigm Group, Inc. | 8 | 11191 |
|  Uber Technologies, Inc. \* | 193 | 18094 |
|  Union Pacific Corp. | 50 | 11179 |
|  United Airlines Holdings, Inc. \* | 246 | 25830 |
|  United Parcel Service, Inc., Class B | 88 | 7695 |
|  United Rentals, Inc. | 23 | 21996 |
|  Veralto Corp. | 25 | 2655 |
|  Verisk Analytics, Inc. | 4 | 1072 |
|  W.W. Grainger, Inc. | 3 | 3041 |
|  Waste Management, Inc. | 65 | 14715 |
|  Westinghouse Air Brake Technologies Corp. | 79 | 15287 |
|  Xylem, Inc. | 47 | 6653 |
|  (Cost $724,147) |  | **721978** |
|  **Information Technology — 13.7%** |  |  |
|  Accenture PLC, Class A | 26 | 6759 |
|  Adobe, Inc. \* | 5 | 1784 |
|  Advanced Micro Devices, Inc. \* | 21 | 3415 |
|  Akamai Technologies, Inc. \* | 8 | 633 |
|  Amphenol Corp., Class A | 98 | 10668 |
|  Analog Devices, Inc. | 41 | 10304 |
|  Apple, Inc. | 286 | 66392 |
|  Applied Materials, Inc. | 96 | 15433 |
|  Arista Networks, Inc. \* | 26 | 3550 |
|  Autodesk, Inc. \* | 2 | 629 |
|  Broadcom, Inc. | 87 | 25873 |
|  Cadence Design Systems, Inc. \* | 18 | 6308 |
|  CDW Corp. | 31 | 5108 |
|  Cisco Systems, Inc. | 360 | 24872 |
|  Cognizant Technology Solutions Corp., Class A | 63 | 4552 |
|  Corning, Inc. | 141 | 9451 |
|  Crowdstrike Holdings, Inc., Class A \* | 2 | 847 |
|  Dell Technologies, Inc., Class C | 199 | 24308 |
|  Enphase Energy, Inc. \* | 20 | 754 |
|  EPAM Systems, Inc. \* | 29 | 5115 |
|  F5, Inc. \* | 2 | 626 |
|  First Solar, Inc. \* | 16 | 3123 |
|  Fortinet, Inc. \* | 21 | 1654 |
|  Gartner, Inc. \* | 3 | 754 |
|  Gen Digital, Inc. | 43 | 1299 |
|  GoDaddy, Inc., Class A \* | 148 | 21950 |
|  Hewlett Packard Enterprise Co. | 610 | 13768 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  HP, Inc. | 483 | 13785 |
|  Intel Corp. \* | 1332 | 32434 |
|  International Business Machines Corp. | 119 | 28975 |
|  Intuit, Inc. | 5 | 3335 |
|  Jabil, Inc. | 453 | 92788 |
|  Keysight Technologies, Inc. \* | 24 | 3922 |
|  KLA Corp. | 23 | 20056 |
|  Lam Research Corp. | 113 | 11317 |
|  Microchip Technology, Inc. | 7 | 455 |
|  Micron Technology, Inc. | 92 | 10949 |
|  Microsoft Corp. | 164 | 83097 |
|  Monolithic Power Systems, Inc. | 3 | 2507 |
|  Motorola Solutions, Inc. | 16 | 7559 |
|  NetApp, Inc. | 18 | 2030 |
|  NVIDIA Corp. | 95 | 16547 |
|  NXP Semiconductors NV | 87 | 20432 |
|  ON Semiconductor Corp. \* | 126 | 6248 |
|  Oracle Corp. | 46 | 10402 |
|  Palantir Technologies, Inc., Class A \* | 52 | 8149 |
|  Palo Alto Networks, Inc. \* | 17 | 3239 |
|  PTC, Inc. \* | 2 | 427 |
|  QUALCOMM, Inc. | 405 | 65096 |
|  Roper Technologies, Inc. | 14 | 7368 |
|  Salesforce, Inc. | 44 | 11275 |
|  Seagate Technology Holdings PLC | 26 | 4352 |
|  ServiceNow, Inc. \* | 1 | 918 |
|  Skyworks Solutions, Inc. | 53 | 3972 |
|  Super Micro Computer, Inc. \* | 101 | 4196 |
|  Synopsys, Inc. \* | 16 | 9656 |
|  TE Connectivity PLC | 41 | 8467 |
|  Teledyne Technologies, Inc. \* | 6 | 3229 |
|  Teradyne, Inc. | 46 | 5439 |
|  Texas Instruments, Inc. | 119 | 24095 |
|  Trimble, Inc. \* | 23 | 1859 |
|  Tyler Technologies, Inc. \* | 9 | 5066 |
|  VeriSign, Inc. | 49 | 13395 |
|  Western Digital Corp. | 76 | 6106 |
|  Workday, Inc., Class A \* | 6 | 1385 |
|  Zebra Technologies Corp., Class A \* | 13 | 4122 |
|  (Cost $837,125) |  | **828578** |
|  **Materials — 3.8%** |  |  |
|  Air Products and Chemicals, Inc. | 4 | 1176 |
|  Albemarle Corp. | 14 | 1189 |
|  Amcor PLC | 572 | 4936 |
|  Avery Dennison Corp. | 263 | 45144 |
|  Ball Corp. | 87 | 4580 |
|  CF Industries Holdings, Inc. | 26 | 2252 |
|  Corteva, Inc. | 94 | 6974 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Dow, Inc. | 216 | 5320 |
|  DuPont de Nemours, Inc. | 68 | 5231 |
|  Eastman Chemical Co. | 27 | 1899 |
|  Ecolab, Inc. | 23 | 6372 |
|  Freeport-McMoRan, Inc. | 382 | 16961 |
|  International Flavors & Fragrances, Inc. | 43 | 2903 |
|  International Paper Co. | 195 | 9688 |
|  Linde PLC | 23 | 11001 |
|  LyondellBasell Industries NV, Class A | 55 | 3099 |
|  Martin Marietta Materials, Inc. | 18 | 11095 |
|  Mosaic Co. | 127 | 4242 |
|  Newmont Corp. | 247 | 18377 |
|  Nucor Corp. | 180 | 26771 |
|  Packaging Corp. of America | 6 | 1308 |
|  PPG Industries, Inc. | 15 | 1668 |
|  Sherwin-Williams Co. | 13 | 4756 |
|  Smurfit WestRock PLC | 103 | 4878 |
|  Steel Dynamics, Inc. | 109 | 14270 |
|  Vulcan Materials Co. | 42 | 12229 |
|  (Cost $229,421) |  | **228319** |
|  **Real Estate — 3.9%** |  |  |
|  Alexandria Real Estate Equities, Inc. REIT | 43 | 3545 |
|  American Tower Corp. REIT | 32 | 6523 |
|  AvalonBay Communities, Inc. REIT | 27 | 5288 |
|  BXP, Inc. REIT | 87 | 6308 |
|  Camden Property Trust REIT | 25 | 2800 |
|  CBRE Group, Inc., Class A \* | 245 | 39719 |
|  CoStar Group, Inc. \* | 148 | 13245 |
|  Crown Castle, Inc. REIT | 49 | 4858 |
|  Digital Realty Trust, Inc. REIT | 4 | 671 |
|  Equinix, Inc. REIT | 1 | 786 |
|  Equity Residential REIT | 90 | 5951 |
|  Essex Property Trust, Inc. REIT | 14 | 3783 |
|  Extra Space Storage, Inc. REIT | 78 | 11199 |
|  Federal Realty Investment Trust REIT | 14 | 1408 |
|  Healthpeak Properties, Inc. REIT | 378 | 6781 |
|  Host Hotels & Resorts, Inc. REIT | 638 | 10980 |
|  Invitation Homes, Inc. REIT | 150 | 4694 |
|  Iron Mountain, Inc. REIT | 52 | 4801 |
|  Kimco Realty Corp. REIT | 79 | 1777 |
|  Mid-America Apartment Communities, Inc. REIT | 27 | 3937 |
|  Prologis, Inc. REIT | 149 | 16953 |
|  Public Storage REIT | 63 | 18559 |
|  Realty Income Corp. REIT | 78 | 4583 |
|  Regency Centers Corp. REIT | 20 | 1450 |
|  SBA Communications Corp. REIT | 15 | 3073 |

---

See Notes to Financial Statements.

6 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Simon Property Group, Inc. REIT | 26 | 4697 |
|  UDR, Inc. REIT | 74 | 2928 |
|  Ventas, Inc. REIT | 127 | 8646 |
|  VICI Properties, Inc. REIT | 62 | 2094 |
|  Welltower, Inc. REIT | 92 | 15482 |
|  Weyerhaeuser Co. REIT | 602 | 15574 |
|  (Cost $231,134) |  | **233093** |
|  **Utilities — 6.3%** |  |  |
|  AES Corp. | 803 | 10873 |
|  Alliant Energy Corp. | 28 | 1822 |
|  Ameren Corp. | 42 | 4191 |
|  American Electric Power Co., Inc. | 122 | 13544 |
|  American Water Works Co., Inc. | 400 | 57404 |
|  Atmos Energy Corp. | 31 | 5150 |
|  CenterPoint Energy, Inc. | 243 | 9163 |
|  CMS Energy Corp. | 68 | 4867 |
|  Consolidated Edison, Inc. | 143 | 14047 |
|  Constellation Energy Corp. | 21 | 6468 |
|  Dominion Energy, Inc. | 147 | 8805 |
|  DTE Energy Co. | 79 | 10795 |
|  Duke Energy Corp. | 104 | 12739 |
|  Edison International | 306 | 17176 |
|  Entergy Corp. | 50 | 4404 |
|  Evergy, Inc. | 37 | 2637 |
|  Eversource Energy | 145 | 9290 |
|  Exelon Corp. | 540 | 23587 |
|  FirstEnergy Corp. | 136 | 5932 |
|  NextEra Energy, Inc. | 239 | 17220 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NiSource, Inc. | 152 | 6425 |
|  NRG Energy, Inc. | 259 | 37700 |
|  PG&E Corp. | 933 | 14256 |
|  Pinnacle West Capital Corp. | 21 | 1877 |
|  PPL Corp. | 223 | 8133 |
|  Public Service Enterprise Group, Inc. | 115 | 9468 |
|  Sempra | 186 | 15356 |
|  Southern Co. | 141 | 13014 |
|  Vistra Corp. | 103 | 19478 |
|  WEC Energy Group, Inc. | 54 | 5752 |
|  Xcel Energy, Inc. | 94 | 6805 |
|  (Cost $380,557) |  | **378378** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,979,514) |  | **6011816** |
|  **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  Invesco S&P 500 Equal Weight ETF<br>(Cost $5,637) | 30 | **5658** |
|  **CASH EQUIVALENTS — 0.5%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a)<br>(Cost $28,350) | 28350 | **28350** |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $6,013,501) |  | **6045824** |
|  **Other assets and liabilities,<br>net — 0.1%** |  | **7207** |
|  **NET ASSETS — 100.0%** |  | **6053031** |

---

A summary of the Fund's transactions with affiliated investments during the period ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/24/2025**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commencement**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Operations)** | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% |  |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2162) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28350 |

---

\* 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

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | Unrealized<br>Depreciation ($) |
|  Micro E-Mini S&P 500 Index | USD | 1 | 32474 | 32364 | 9/19/2025 | (110) |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $6011816 | $— | $— | $6011816 |
|  Exchange-Traded Funds | 5658 |  |  | 5658 |
|  Short-Term Investments (a) | 28350 |  |  | 28350 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045824 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | $(110) | $— | $— | $(110) |
|  **TOTAL** | $**(110)** | $**—** | $**—** | $**(110)** |

---

(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 Growth Scored & Screened ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.4%** |  |  |
|  **Communication Services — 19.3%** |  |  |
|  Alphabet, Inc., Class A | 4399 | 936591 |
|  Alphabet, Inc., Class C | 3548 | 757604 |
|  Electronic Arts, Inc. | 104 | 17883 |
|  Meta Platforms, Inc., Class A | 2161 | 1596331 |
|  T-Mobile US, Inc. | 287 | 72321 |
|  (Cost $2,445,460) |  | **3380730** |
|  **Consumer Discretionary — 7.0%** |  |  |
|  AutoZone, Inc. \* | 19 | 79772 |
|  Booking Holdings, Inc. | 37 | 207165 |
|  Carnival Corp. \* | 1207 | 38491 |
|  Darden Restaurants, Inc. | 56 | 11589 |
|  Deckers Outdoor Corp. \* | 167 | 19978 |
|  eBay, Inc. | 353 | 31985 |
|  Expedia Group, Inc. | 136 | 29213 |
|  Hilton Worldwide Holdings, Inc. | 270 | 74536 |
|  Home Depot, Inc. | 494 | 200944 |
|  Las Vegas Sands Corp. | 376 | 21669 |
|  Marriott International, Inc., Class A | 257 | 68840 |
|  Norwegian Cruise Line Holdings Ltd. \* | 482 | 11973 |
|  O'Reilly Automotive, Inc. \* | 970 | 100570 |
|  PulteGroup, Inc. | 222 | 29309 |
|  Ralph Lauren Corp. | 43 | 12768 |
|  Royal Caribbean Cruises Ltd. | 282 | 102428 |
|  Tapestry, Inc. | 243 | 24742 |
|  TJX Cos., Inc. | 745 | 101775 |
|  Tractor Supply Co. | 317 | 19578 |
|  Williams-Sonoma, Inc. | 136 | 25594 |
|  Yum! Brands, Inc. | 125 | 18371 |
|  (Cost $1,024,344) |  | **1231290** |
|  **Consumer Staples — 4.7%** |  |  |
|  Colgate-Palmolive Co. | 413 | 34721 |
|  Costco Wholesale Corp. | 502 | 473547 |
|  Walmart, Inc. | 3273 | 317415 |
|  (Cost $822,308) |  | **825683** |
|  **Energy — 0.7%** |  |  |
|  ONEOK, Inc. | 401 | 30628 |
|  Targa Resources Corp. | 250 | 41940 |
|  Williams Cos., Inc. | 726 | 42021 |
|  (Cost $104,627) |  | **114589** |
|  **Financials — 13.2%** |  |  |
|  American Express Co. | 626 | 207381 |
|  Aon PLC, Class A | 125 | 45875 |
|  Apollo Global Management, Inc. | 510 | 69477 |
|  Arch Capital Group Ltd. | 431 | 39449 |
|  Arthur J Gallagher & Co. | 131 | 39660 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bank of New York Mellon Corp. | 443 | 46781 |
|  FactSet Research Systems, Inc. | 20 | 7466 |
|  Fiserv, Inc. \* | 627 | 86639 |
|  Hartford Insurance Group, Inc. | 174 | 23022 |
|  Intercontinental Exchange, Inc. | 337 | 59514 |
|  Jack Henry & Associates, Inc. | 32 | 5224 |
|  Marsh & McLennan Cos., Inc. | 245 | 50424 |
|  Mastercard, Inc., Class A | 917 | 545881 |
|  Moody's Corp. | 91 | 46388 |
|  Morgan Stanley | 628 | 94502 |
|  MSCI, Inc. | 87 | 49392 |
|  Nasdaq, Inc. | 186 | 17622 |
|  PayPal Holdings, Inc. \* | 728 | 51098 |
|  S&P Global, Inc. | 167 | 91590 |
|  Synchrony Financial | 427 | 32597 |
|  Visa, Inc., Class A | 1934 | 680343 |
|  Willis Towers Watson PLC | 52 | 16993 |
|  (Cost $2,047,279) |  | **2307318** |
|  **Health Care — 7.4%** |  |  |
|  AbbVie, Inc. | 839 | 176526 |
|  Amgen, Inc. | 262 | 75380 |
|  Boston Scientific Corp. \* | 1673 | 176501 |
|  DaVita, Inc. \* | 48 | 6612 |
|  Dexcom, Inc. \* | 184 | 13863 |
|  Eli Lilly & Co. | 889 | 651264 |
|  Incyte Corp. \* | 106 | 8969 |
|  Insulet Corp. \* | 81 | 27530 |
|  Mettler-Toledo International, Inc. \* | 10 | 13010 |
|  ResMed, Inc. | 166 | 45569 |
|  Stryker Corp. | 206 | 80630 |
|  Waters Corp. \* | 30 | 9054 |
|  (Cost $1,195,161) |  | **1284908** |
|  **Industrials — 9.8%** |  |  |
|  Allegion PLC | 50 | 8490 |
|  AMETEK, Inc. | 119 | 21991 |
|  Broadridge Financial Solutions, Inc. | 57 | 14570 |
|  Carrier Global Corp. | 426 | 27775 |
|  Caterpillar, Inc. | 532 | 222929 |
|  CSX Corp. | 975 | 31697 |
|  Cummins, Inc. | 156 | 62157 |
|  Dayforce, Inc. \* | 175 | 12210 |
|  Deere & Co. | 126 | 60309 |
|  Dover Corp. | 68 | 12163 |
|  Eaton Corp. PLC | 442 | 154320 |
|  Emerson Electric Co. | 432 | 57024 |
|  Fastenal Co. | 755 | 37493 |
|  GE Aerospace | 494 | 135949 |
|  Hubbell, Inc. | 60 | 25859 |
|  Illinois Tool Works, Inc. | 127 | 33611 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ingersoll Rand, Inc. | 462 | 36697 |
|  Lennox International, Inc. | 35 | 19525 |
|  Masco Corp. | 96 | 7046 |
|  PACCAR, Inc. | 334 | 33393 |
|  Pentair PLC | 117 | 12581 |
|  Quanta Services, Inc. | 168 | 63497 |
|  Republic Services, Inc. | 230 | 53813 |
|  Trane Technologies PLC | 252 | 104731 |
|  Uber Technologies, Inc. \* | 2364 | 221625 |
|  United Rentals, Inc. | 74 | 70769 |
|  Veralto Corp. | 131 | 13911 |
|  Verisk Analytics, Inc. | 68 | 18232 |
|  W.W. Grainger, Inc. | 50 | 50675 |
|  Waste Management, Inc. | 221 | 50032 |
|  Westinghouse Air Brake Technologies Corp. | 196 | 37926 |
|  (Cost $1,443,125) |  | **1713000** |
|  **Information Technology — 35.0%** |  |  |
|  Adobe, Inc. \* | 205 | 73124 |
|  Apple, Inc. | 7105 | 1649355 |
|  Autodesk, Inc. \* | 242 | 76157 |
|  Cadence Design Systems, Inc. \* | 172 | 60274 |
|  Dell Technologies, Inc., Class C | 160 | 19544 |
|  Fortinet, Inc. \* | 714 | 56242 |
|  Gartner, Inc. \* | 89 | 22356 |
|  Gen Digital, Inc. | 347 | 10479 |
|  Intuit, Inc. | 316 | 210772 |
|  KLA Corp. | 150 | 130800 |
|  Microsoft Corp. | 3015 | 1527670 |
|  NetApp, Inc. | 105 | 11843 |
|  NVIDIA Corp. | 9121 | 1588696 |
|  Palo Alto Networks, Inc. \* | 749 | 142699 |
|  Salesforce, Inc. | 1085 | 278031 |
|  ServiceNow, Inc. \* | 234 | 214686 |
|  Tyler Technologies, Inc. \* | 49 | 27581 |
|  Workday, Inc., Class A \* | 117 | 27006 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  (Cost $5,069,609) |  | 6127315 |
|  **Materials — 0.5%** |  |  |
|  Ecolab, Inc. | 142 | 39340 |
|  Sherwin-Williams Co. | 150 | 54874 |
|  (Cost $83,310) |  | **94214** |
|  **Real Estate — 1.7%** |  |  |
|  AvalonBay Communities, Inc. REIT | 69 | 13514 |
|  CBRE Group, Inc., Class A \* | 337 | 54634 |
|  Equinix, Inc. REIT | 51 | 40096 |
|  Extra Space Storage, Inc. REIT | 105 | 15076 |
|  Host Hotels & Resorts, Inc. REIT | 485 | 8347 |
|  Iron Mountain, Inc. REIT | 341 | 31485 |
|  Simon Property Group, Inc. REIT | 347 | 62689 |
|  Welltower, Inc. REIT | 380 | 63946 |
|  (Cost $267,087) |  | **289787** |
|  **Utilities — 0.1%** |  |  |
|  Public Service Enterprise Group, Inc. |  |  |
|  (Cost $20,665) | 257 | **21159** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,522,975) |  | **17389993** |
|  **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  SPDR Portfolio S&P 500 Growth ETF<br>|  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,828) | 335 | **33329** |
|  **CASH EQUIVALENTS — 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $44,197) | 44197 | **44197** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $14,597,000) |  | **17467519** |
|  **Other assets and liabilities,<br>net — 0.2%** |  | **26418** |
|  **NET ASSETS — 100.0%** |  | **17493937** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income ($)** | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **8/31/2025** | **Value ($) at**<br> **8/31/2025** |
| CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% |
| DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) |
| 5966 | 259896 | (221665) |  |  | 517 |  | 44197 | 44197 |

---

\* 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.

See Notes to Financial Statements.

10 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

August 31, 2025

---

| |
|:---|
| REIT: Real Estate Investment Trust |
| At August 31, 2025, open futures contracts purchased were as follows: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  Micro E-Mini S&P 500 Index | USD | 2 | 63775 | 64728 | 9/19/2025 | 953 |

---

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**<br>|
|  USD U.S. Dollar |

---

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 August 31, 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) | $17389993 | $— | $— | $17389993 |
|  Exchange-Traded Funds | 33329 |  |  | 33329 |
|  Short-Term Investments (a) | 44197 |  |  | 44197 |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | 953 |  |  | 953 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17468472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17468472 |

---

(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 \| **11**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.6%** |  |  |
|  **Communication Services — 12.1%** |  |  |
|  Alphabet, Inc., Class A | 318235 | 67755414 |
|  Alphabet, Inc., Class C | 256474 | 54764893 |
|  AT&T, Inc. | 393324 | 11520460 |
|  Electronic Arts, Inc. | 12833 | 2206634 |
|  Fox Corp., Class A | 12393 | 739862 |
|  Fox Corp., Class B | 5754 | 313881 |
|  Interpublic Group of Cos., Inc. | 23257 | 624218 |
|  Match Group, Inc. | 12942 | 483254 |
|  Meta Platforms, Inc., Class A | 118696 | 87680735 |
|  News Corp., Class A | 19417 | 571054 |
|  News Corp., Class B (a) | 6957 | 235634 |
|  Omnicom Group, Inc. | 11213 | 878314 |
|  Paramount Skydance Corp., Class B \* (a) | 34209 | 502872 |
|  Take-Two Interactive Software, Inc. \* | 9240 | 2155415 |
|  T-Mobile US, Inc. | 26121 | 6582231 |
|  Walt Disney Co. | 98170 | 11621365 |
|  Warner Bros Discovery, Inc. \* | 118852 | 1383437 |
|  (Cost $191,884,749) |  | **250019673** |
|  **Consumer Discretionary — 5.3%** |  |  |
|  Aptiv PLC \* | 11816 | 939726 |
|  AutoZone, Inc. \* | 912 | 3829059 |
|  Best Buy Co., Inc. | 11011 | 810850 |
|  Booking Holdings, Inc. | 1759 | 9848729 |
|  Caesars Entertainment, Inc. \* | 11937 | 319554 |
|  Carnival Corp. \* | 59223 | 1888621 |
|  D.R. Horton, Inc. | 15281 | 2589824 |
|  Darden Restaurants, Inc. | 6303 | 1304343 |
|  Deckers Outdoor Corp. \* | 8285 | 991135 |
|  eBay, Inc. | 25918 | 2348430 |
|  Expedia Group, Inc. | 6630 | 1424124 |
|  Ford Motor Co. | 209674 | 2467863 |
|  General Motors Co. | 53772 | 3150502 |
|  Hasbro, Inc. | 7394 | 600171 |
|  Hilton Worldwide Holdings, Inc. | 12884 | 3556757 |
|  Home Depot, Inc. | 54107 | 22009104 |
|  Las Vegas Sands Corp. | 18350 | 1057511 |
|  LKQ Corp. | 14823 | 483526 |
|  Lowe's Cos., Inc. | 30695 | 7921152 |
|  Marriott International, Inc., Class A | 12260 | 3283964 |
|  MGM Resorts International \* | 12874 | 510969 |
|  NIKE, Inc., Class B | 63786 | 4935123 |
|  Norwegian Cruise Line Holdings Ltd. \* | 23803 | 591267 |
|  O'Reilly Automotive, Inc. \* | 46797 | 4851913 |
|  PulteGroup, Inc. | 10718 | 1414990 |
|  Ralph Lauren Corp. | 2313 | 686799 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Royal Caribbean Cruises Ltd. | 13759 | 4997544 |
|  Starbucks Corp. | 61739 | 5444762 |
|  Tapestry, Inc. | 11114 | 1131627 |
|  TJX Cos., Inc. | 61186 | 8358619 |
|  Tractor Supply Co. | 28525 | 1761704 |
|  Ulta Beauty, Inc. \* | 2517 | 1240201 |
|  Williams-Sonoma, Inc. | 6630 | 1247700 |
|  Yum! Brands, Inc. | 15156 | 2227477 |
|  (Cost $94,435,008) |  | **110225640** |
|  **Consumer Staples — 5.1%** |  |  |
|  Archer-Daniels-Midland Co. | 27778 | 1740014 |
|  Bunge Global SA | 6905 | 581539 |
|  Church & Dwight Co., Inc. | 13150 | 1225054 |
|  Clorox Co. | 6460 | 763572 |
|  Coca-Cola Co. | 210900 | 14549991 |
|  Colgate-Palmolive Co. | 43986 | 3697903 |
|  Conagra Brands, Inc. | 26105 | 499389 |
|  Constellation Brands, Inc., Class A | 8313 | 1346207 |
|  Costco Wholesale Corp. | 24175 | 22804761 |
|  Estee Lauder Cos., Inc., Class A | 13026 | 1194875 |
|  General Mills, Inc. | 29413 | 1450943 |
|  Hershey Co. | 8401 | 1543684 |
|  Hormel Foods Corp. | 16389 | 416936 |
|  J M Smucker Co. | 6258 | 691572 |
|  Kellanova | 14946 | 1188207 |
|  Keurig Dr Pepper, Inc. | 74012 | 2153009 |
|  Kimberly-Clark Corp. | 17883 | 2309411 |
|  Kraft Heinz Co. | 50343 | 1408094 |
|  Kroger Co. | 33542 | 2275489 |
|  Lamb Weston Holdings, Inc. | 8044 | 462771 |
|  McCormick & Co., Inc. | 13356 | 939862 |
|  Molson Coors Beverage Co., Class B | 9959 | 502830 |
|  Mondelez International, Inc., Class A | 70043 | 4303442 |
|  PepsiCo, Inc. | 74330 | 11049154 |
|  Target Corp. | 24647 | 2365619 |
|  The Campbell's Company | 11313 | 361224 |
|  Walmart, Inc. | 236380 | 22924132 |
|  (Cost $102,002,165) |  | **104749684** |
|  **Energy — 3.5%** |  |  |
|  APA Corp. | 15557 | 361234 |
|  Baker Hughes Co. | 53250 | 2417550 |
|  Chevron Corp. | 150 | 24090 |
|  ConocoPhillips | 68949 | 6823883 |
|  Devon Energy Corp. | 35875 | 1295088 |
|  Diamondback Energy, Inc. | 10629 | 1581170 |
|  EOG Resources, Inc. | 30331 | 3785915 |
|  EQT Corp. | 33835 | 1754006 |
|  Expand Energy Corp. | 11192 | 1083162 |

---

See Notes to Financial Statements.

12 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Exxon Mobil Corp. | 235624 | 26929467 |
|  Halliburton Co. | 50063 | 1137932 |
|  Kinder Morgan, Inc. | 105646 | 2850329 |
|  Marathon Petroleum Corp. | 16718 | 3004392 |
|  Occidental Petroleum Corp. | 38569 | 1836270 |
|  ONEOK, Inc. | 33664 | 2571256 |
|  Phillips 66 | 22243 | 2971220 |
|  Schlumberger NV | 82013 | 3021359 |
|  Targa Resources Corp. | 11890 | 1994666 |
|  Valero Energy Corp. | 16991 | 2582802 |
|  Williams Cos., Inc. | 66617 | 3855792 |
|  (Cost $68,720,576) |  | **71881583** |
|  **Financials — 13.9%** |  |  |
|  Aflac, Inc. | 26914 | 2876030 |
|  Allstate Corp. | 14390 | 2927645 |
|  American Express Co. | 29982 | 9932437 |
|  American International Group, Inc. | 32053 | 2606550 |
|  Ameriprise Financial, Inc. | 5181 | 2667231 |
|  Aon PLC, Class A | 11786 | 4325462 |
|  Apollo Global Management, Inc. | 24208 | 3297856 |
|  Arch Capital Group Ltd. | 21312 | 1950687 |
|  Arthur J Gallagher & Co. | 14105 | 4270289 |
|  Assurant, Inc. | 2948 | 635618 |
|  Bank of America Corp. | 357218 | 18125241 |
|  Bank of New York Mellon Corp. | 38619 | 4078166 |
|  Blackrock, Inc. | 7879 | 8880736 |
|  Capital One Financial Corp. | 34980 | 7948156 |
|  Cboe Global Markets, Inc. | 5952 | 1404374 |
|  Charles Schwab Corp. | 92594 | 8874209 |
|  Chubb Ltd. | 20322 | 5589973 |
|  Citigroup, Inc. | 101842 | 9834882 |
|  Citizens Financial Group, Inc. | 25322 | 1323834 |
|  CME Group, Inc. | 19621 | 5229193 |
|  Everest Group Ltd. | 2447 | 836580 |
|  FactSet Research Systems, Inc. | 2186 | 816078 |
|  Fidelity National Information Services, Inc. | 28678 | 2002011 |
|  Fifth Third Bancorp | 34716 | 1588951 |
|  Fiserv, Inc. \* | 30291 | 4185610 |
|  Franklin Resources, Inc. | 17325 | 444560 |
|  Global Payments, Inc. | 13236 | 1175622 |
|  Goldman Sachs Group, Inc. | 16797 | 12517964 |
|  Hartford Insurance Group, Inc. | 15500 | 2050805 |
|  Huntington Bancshares, Inc. | 84856 | 1511285 |
|  Intercontinental Exchange, Inc. | 31227 | 5514688 |
|  Invesco Ltd. | 24970 | 546593 |
|  Jack Henry & Associates, Inc. | 3994 | 652060 |
|  KeyCorp | 54366 | 1052526 |
|  M&T Bank Corp. | 8593 | 1732864 |
|  MarketAxess Holdings, Inc. | 2315 | 425590 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Marsh & McLennan Cos., Inc. | 26795 | 5514679 |
|  Mastercard, Inc., Class A | 44561 | 26526718 |
|  MetLife, Inc. | 31014 | 2523299 |
|  Moody's Corp. | 8385 | 4274338 |
|  Morgan Stanley | 67256 | 10120683 |
|  MSCI, Inc. | 4193 | 2380450 |
|  Nasdaq, Inc. | 23514 | 2227716 |
|  Northern Trust Corp. | 11389 | 1495148 |
|  PayPal Holdings, Inc. \* | 53462 | 3752498 |
|  PNC Financial Services Group, Inc. | 21462 | 4452077 |
|  Principal Financial Group, Inc. | 10954 | 881907 |
|  Prudential Financial, Inc. | 18704 | 2051081 |
|  Raymond James Financial, Inc. | 9886 | 1675084 |
|  Regions Financial Corp. | 51939 | 1422609 |
|  S&P Global, Inc. | 17099 | 9377776 |
|  State Street Corp. | 14968 | 1720871 |
|  Synchrony Financial | 20609 | 1573291 |
| T. Rowe Price Group, Inc. | 12617 | 1357842 |
|  Travelers Cos., Inc. | 12281 | 3334414 |
|  Truist Financial Corp. | 70427 | 3297392 |
|  US Bancorp | 83300 | 4067539 |
|  Visa, Inc., Class A | 93629 | 32936810 |
|  Wells Fargo & Co. | 178729 | 14687949 |
|  Willis Towers Watson PLC | 5419 | 1770875 |
|  (Cost $233,207,970) |  | **287255402** |
|  **Health Care — 9.8%** |  |  |
|  Abbott Laboratories | 95354 | 12649662 |
|  AbbVie, Inc. | 96169 | 20233958 |
|  Agilent Technologies, Inc. | 15782 | 1983166 |
|  Amgen, Inc. | 29222 | 8407462 |
|  Baxter International, Inc. | 27787 | 686061 |
|  Becton Dickinson & Co. | 15498 | 2990804 |
|  Biogen, Inc. \* | 8405 | 1111309 |
|  Boston Scientific Corp. \* | 80424 | 8484732 |
|  Bristol-Myers Squibb Co. | 110386 | 5208011 |
|  Cardinal Health, Inc. | 13194 | 1963003 |
|  Cencora, Inc. | 9381 | 2735593 |
|  Centene Corp. \* | 26672 | 774555 |
|  Charles River Laboratories International, Inc. \* | 2916 | 476212 |
|  Cigna Group | 14645 | 4406241 |
|  CVS Health Corp. | 69371 | 5074489 |
|  Danaher Corp. | 34739 | 7149981 |
|  DaVita, Inc. \* | 2137 | 294393 |
|  Edwards Lifesciences Corp. \* | 31952 | 2598976 |
|  Elevance Health, Inc. | 12382 | 3945524 |
|  Eli Lilly & Co. | 42942 | 31458450 |
|  GE HealthCare Technologies, Inc. | 23915 | 1763253 |
|  Gilead Sciences, Inc. | 67924 | 7673374 |
|  Humana, Inc. | 6585 | 1999601 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Incyte Corp. \* | 9014 | 762675 |
|  IQVIA Holdings, Inc. \* | 8842 | 1687142 |
|  Medtronic PLC | 69680 | 6467001 |
|  Merck & Co., Inc. | 137603 | 11575164 |
|  Mettler-Toledo International, Inc. \* | 1132 | 1472777 |
|  Moderna, Inc. \* | 19723 | 475127 |
|  Quest Diagnostics, Inc. | 6196 | 1125441 |
|  Regeneron Pharmaceuticals, Inc. | 5672 | 3293730 |
|  ResMed, Inc. | 8269 | 2269923 |
|  Revvity, Inc. | 6788 | 611667 |
|  Stryker Corp. | 18638 | 7295100 |
|  Thermo Fisher Scientific, Inc. | 20751 | 10224433 |
|  UnitedHealth Group, Inc. | 49580 | 15363355 |
|  Viatris, Inc. | 67774 | 715016 |
|  Waters Corp. \* | 3285 | 991413 |
|  Zoetis, Inc. | 24195 | 3784098 |
|  (Cost $207,718,557) |  | **202182872** |
|  **Industrials — 6.9%** |  |  |
|  Allegion PLC | 4697 | 797551 |
|  AMETEK, Inc. | 12419 | 2295031 |
|  Broadridge Financial Solutions, Inc. | 6659 | 1702174 |
|  C.H. Robinson Worldwide, Inc. | 6688 | 860746 |
|  Carrier Global Corp. | 43484 | 2835157 |
|  Caterpillar, Inc. | 25948 | 10873250 |
|  CSX Corp. | 103146 | 3353276 |
|  Cummins, Inc. | 7518 | 2995472 |
|  Dayforce, Inc. \* | 8388 | 585231 |
|  Deere & Co. | 13742 | 6577471 |
|  Delta Air Lines, Inc. | 35554 | 2196526 |
|  Dover Corp. | 7801 | 1395287 |
|  Eaton Corp. PLC | 21458 | 7491846 |
|  Emerson Electric Co. | 30535 | 4030620 |
|  Fastenal Co. | 62236 | 3090640 |
|  Fortive Corp. | 17865 | 855019 |
|  GE Aerospace | 58494 | 16097549 |
|  Hubbell, Inc. | 3006 | 1295556 |
|  Illinois Tool Works, Inc. | 14329 | 3792170 |
|  Ingersoll Rand, Inc. | 21515 | 1708936 |
|  JB Hunt Transport Services, Inc. | 4470 | 648105 |
|  Johnson Controls International PLC | 35697 | 3815652 |
|  Lennox International, Inc. | 1808 | 1008611 |
|  Masco Corp. | 12151 | 891762 |
|  Norfolk Southern Corp. | 12137 | 3398117 |
|  Otis Worldwide Corp. | 22510 | 1944414 |
|  PACCAR, Inc. | 28072 | 2806638 |
|  Pentair PLC | 9529 | 1024653 |
|  Quanta Services, Inc. | 7966 | 3010829 |
|  Republic Services, Inc. | 11123 | 2602448 |
|  Rockwell Automation, Inc. | 6234 | 2140943 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Southwest Airlines Co. | 31743 | 1044345 |
|  Stanley Black & Decker, Inc. | 8040 | 597292 |
|  Trane Technologies PLC | 12117 | 5035825 |
|  Uber Technologies, Inc. \* | 113739 | 10663031 |
|  Union Pacific Corp. | 32753 | 7322588 |
|  United Airlines Holdings, Inc. \* | 17734 | 1862070 |
|  United Rentals, Inc. | 3523 | 3369186 |
|  Veralto Corp. | 13280 | 1410203 |
|  Verisk Analytics, Inc. | 7686 | 2060770 |
|  W.W. Grainger, Inc. | 2487 | 2520574 |
|  Waste Management, Inc. | 19884 | 4501539 |
|  Westinghouse Air Brake Technologies Corp. | 9736 | 1883916 |
|  Xylem, Inc. | 12776 | 1808571 |
|  (Cost $113,018,674) |  | **142201590** |
|  **Information Technology — 37.9%** |  |  |
|  Accenture PLC, Class A | 34013 | 8842360 |
|  Adobe, Inc. \* | 23310 | 8314677 |
|  Advanced Micro Devices, Inc. \* | 88665 | 14419589 |
|  Akamai Technologies, Inc. \* | 9073 | 717946 |
|  Apple, Inc. | 816465 | 189534185 |
|  Applied Materials, Inc. | 44179 | 7102216 |
|  Autodesk, Inc. \* | 11598 | 3649891 |
|  Cadence Design Systems, Inc. \* | 14884 | 5215800 |
|  Cisco Systems, Inc. | 217073 | 14997573 |
|  Corning, Inc. | 41996 | 2814992 |
|  Dell Technologies, Inc., Class C | 16353 | 1997519 |
|  Fortinet, Inc. \* | 34635 | 2728199 |
|  Gen Digital, Inc. | 28821 | 870394 |
|  Hewlett Packard Enterprise Co. | 73077 | 1649348 |
|  HP, Inc. | 49483 | 1412245 |
|  Intel Corp. \* | 235398 | 5731941 |
|  Jabil, Inc. | 5872 | 1202762 |
|  Keysight Technologies, Inc. \* | 9161 | 1497182 |
|  KLA Corp. | 7227 | 6301944 |
|  Lam Research Corp. | 70089 | 7019413 |
|  Micron Technology, Inc. | 61089 | 7270202 |
|  Microsoft Corp. | 406296 | 205866120 |
|  NetApp, Inc. | 10854 | 1224223 |
|  NVIDIA Corp. | 1332946 | 232172534 |
|  ON Semiconductor Corp. \* | 22740 | 1127677 |
|  Palo Alto Networks, Inc. \* | 36032 | 6864817 |
|  QUALCOMM, Inc. | 60231 | 9680929 |
|  Salesforce, Inc. | 52369 | 13419556 |
|  Seagate Technology Holdings PLC | 11327 | 1896140 |
|  ServiceNow, Inc. \* | 11334 | 10398492 |
|  TE Connectivity PLC | 16119 | 3328573 |
|  Western Digital Corp. | 19669 | 1580207 |
|  (Cost $577,759,026) |  | **780849646** |

---

See Notes to Financial Statements.

14 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | Value $ |
|  **Materials — 2.1%** |  |  |
|  Air Products and Chemicals, Inc. | 12054 | 3545202 |
|  Albemarle Corp. | 6796 | 577116 |
|  Amcor PLC | 122251 | 1055026 |
|  Avery Dennison Corp. | 4512 | 774485 |
|  Ball Corp. | 14841 | 781230 |
|  CF Industries Holdings, Inc. | 8706 | 754201 |
|  Dow, Inc. | 36544 | 900079 |
|  Ecolab, Inc. | 13561 | 3756939 |
|  Freeport-McMoRan, Inc. | 77172 | 3426437 |
|  International Flavors & Fragrances, Inc. | 14311 | 966136 |
|  Linde PLC | 25920 | 12397277 |
|  LyondellBasell Industries NV, Class A | 13445 | 757626 |
|  Mosaic Co. | 17395 | 580993 |
|  Newmont Corp. | 62050 | 4616520 |
|  PPG Industries, Inc. | 12376 | 1376582 |
|  Sherwin-Williams Co. | 12569 | 4598117 |
|  Smurfit WestRock PLC | 28044 | 1328164 |
|  (Cost $40,774,554) |  | 42192130 |
|  **Real Estate — 2.2%** |  |  |
|  Alexandria Real Estate Equities, Inc. REIT | 8792 | 724812 |
|  American Tower Corp. REIT | 25405 | 5178809 |
|  AvalonBay Communities, Inc. REIT | 7948 | 1556616 |
|  BXP, Inc. REIT | 8201 | 594655 |
|  CBRE Group, Inc., Class A \* | 15814 | 2563766 |
|  CoStar Group, Inc. \* | 23182 | 2074557 |
|  Digital Realty Trust, Inc. REIT | 17099 | 2866476 |
|  Equinix, Inc. REIT | 5283 | 4153442 |
|  Equity Residential REIT | 17764 | 1174556 |
|  Extra Space Storage, Inc. REIT | 12062 | 1731862 |
|  Federal Realty Investment Trust REIT | 4400 | 442420 |
|  Healthpeak Properties, Inc. REIT | 39683 | 711913 |
|  Host Hotels & Resorts, Inc. REIT | 39837 | 685595 |
|  Iron Mountain, Inc. REIT | 16840 | 1554837 |
|  Kimco Realty Corp. REIT | 37626 | 846209 |
|  Prologis, Inc. REIT | 50189 | 5710504 |
|  Public Storage REIT | 8479 | 2497829 |
|  Regency Centers Corp. REIT | 8923 | 646917 |
|  SBA Communications Corp. |  |  |
|  REIT | 5709 | 1169489 |
|  Ventas, Inc. REIT | 24815 | 1689405 |
|  Welltower, Inc. REIT | 34146 | 5746089 |
|  Weyerhaeuser Co. REIT | 41353 | 1069802 |
|  (Cost $44,553,383) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45390560 |
|  **Utilities — 0.8%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  American Water Works Co., Inc. | 10389 | 1490925 |
|  CenterPoint Energy, Inc. | 35195 | 1327204 |
|  Consolidated Edison, Inc. | 19545 | 1919905 |
|  Entergy Corp. | 24224 | 2133892 |
|  Eversource Energy | 20473 | 1311705 |
|  Exelon Corp. | 55790 | 2436907 |
|  Public Service Enterprise Group, Inc. | 27518 | 2265557 |
|  Sempra | 35817 | 2957052 |
|  (Cost $14,989,069) |  | **15843147** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,689,063,731) |  | **2052791927** |
|  **SECURITIES LENDING COLLATERAL — 0.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $504,326) | 504326 | **504326** |
|  **CASH EQUIVALENTS — 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,679,056) | 6679056 | **6679056** |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $1,696,247,113) |  | **2059975309** |
|  **Other assets and liabilities,<br>net — 0.1%** |  | **1888973** |
|  **NET ASSETS — 100.0%** |  | **2061864282** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | Purchases Cost<br>($) | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | **Capital Gain<br>Distributions**<br> **($)** | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| 181933 | 322393 (d) |  |  |  | 249 |  | 504326 | 504326 |
|  CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| 2883809 | 27885731 | (24090484) |  |  | 134229 |  | 6679056 | 6679056 |
| **3065742** | **28208124** | **(24090484)** |  |  | **134478** |  | **7183382** | **7183382** |

---

\* 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 August 31, 2025 amounted to $493,930, 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 year ended August 31, 2025.

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  E-Mini S&P 500 ESG Index | USD | 8 | 2119780 | 2252800 | 9/19/2025 | 133020 |
|  E-Mini S&P 500 Index | USD | 20 | 6368250 | 6472750 | 9/19/2025 | 104500 |
|  **Total unrealized appreciation** |  |  |  |  |  | 237520 |

---

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.

16 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

August 31, 2025

#### 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 August 31, 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052791927 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052791927 |
|  Short-Term Investments (a) | 7183382 |  |  | 7183382 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 237520 |  |  | 237520 |
|  **TOTAL** | $2060212829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2060212829 |

---

(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 \| **17**

------

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.6%** |  |  |
|  **Communication Services — 3.7%** |  |  |
|  AT&T, Inc. | 3005 | 88017 |
|  Electronic Arts, Inc. | 58 | 9973 |
|  Fox Corp., Class A | 80 | 4776 |
|  Fox Corp., Class B | 58 | 3164 |
|  Interpublic Group of Cos., Inc. | 160 | 4294 |
|  Match Group, Inc. | 108 | 4033 |
|  News Corp., Class A | 139 | 4088 |
|  News Corp., Class B | 48 | 1626 |
|  Omnicom Group, Inc. | 85 | 6658 |
|  Paramount Skydance Corp., Class B \* | 153 | 2249 |
|  Take-Two Interactive Software, Inc. \* | 71 | 16562 |
|  T-Mobile US, Inc. | 94 | 23687 |
|  Walt Disney Co. | 750 | 88785 |
|  Warner Bros Discovery, Inc. \* | 961 | 11186 |
|  (Cost $215,031) |  | **269098** |
|  **Consumer Discretionary — 5.4%** |  |  |
|  Aptiv PLC \* | 93 | 7396 |
|  Best Buy Co., Inc. | 84 | 6186 |
|  Caesars Entertainment, Inc. \* | 91 | 2436 |
|  D.R. Horton, Inc. | 118 | 19999 |
|  Darden Restaurants, Inc. | 28 | 5794 |
|  eBay, Inc. | 68 | 6161 |
|  Ford Motor Co. | 1591 | 18726 |
|  General Motors Co. | 395 | 23143 |
|  Hasbro, Inc. | 57 | 4627 |
|  Home Depot, Inc. | 232 | 94371 |
|  LKQ Corp. | 112 | 3653 |
|  Lowe's Cos., Inc. | 236 | 60902 |
|  MGM Resorts International \* | 85 | 3374 |
|  NIKE, Inc., Class B | 491 | 37989 |
|  Starbucks Corp. | 474 | 41802 |
|  TJX Cos., Inc. | 190 | 25956 |
|  Tractor Supply Co. | 106 | 6547 |
|  Ulta Beauty, Inc. \* | 18 | 8869 |
|  Yum! Brands, Inc. | 68 | 9994 |
|  (Cost $343,285) |  | **387925** |
|  **Consumer Staples — 6.7%** |  |  |
|  Archer-Daniels-Midland Co. | 207 | 12966 |
|  Bunge Global SA | 58 | 4885 |
|  Church & Dwight Co., Inc. | 106 | 9875 |
|  Clorox Co. | 54 | 6383 |
|  Coca-Cola Co. | 1620 | 111764 |
|  Colgate-Palmolive Co. | 184 | 15469 |
|  Conagra Brands, Inc. | 207 | 3960 |
|  Estee Lauder Cos., Inc., Class A | 101 | 9265 |
|  General Mills, Inc. | 219 | 10803 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Hershey Co. | 64 | 11760 |
|  J M Smucker Co. | 46 | 5083 |
|  Kellanova | 116 | 9222 |
|  Keurig Dr Pepper, Inc. | 554 | 16116 |
|  Kimberly-Clark Corp. | 135 | 17434 |
|  Kraft Heinz Co. | 343 | 9594 |
|  Kroger Co. | 262 | 17774 |
|  McCormick & Co., Inc. | 109 | 7670 |
|  Molson Coors Beverage Co., Class B | 75 | 3787 |
|  Mondelez International, Inc., Class A | 542 | 33300 |
|  PepsiCo, Inc. | 570 | 84731 |
|  Target Corp. | 186 | 17852 |
|  The Campbell's Company | 85 | 2714 |
|  Walmart, Inc. | 597 | 57897 |
|  (Cost $485,880) |  | **480304** |
|  **Energy — 7.1%** |  |  |
|  APA Corp. | 159 | 3692 |
|  Baker Hughes Co. | 423 | 19204 |
|  ConocoPhillips | 530 | 52454 |
|  Devon Energy Corp. | 252 | 9097 |
|  Diamondback Energy, Inc. | 75 | 11157 |
|  EOG Resources, Inc. | 226 | 28209 |
|  EQT Corp. | 256 | 13271 |
|  Expand Energy Corp. | 90 | 8710 |
|  Exxon Mobil Corp. | 1801 | 205836 |
|  Halliburton Co. | 374 | 8501 |
|  Kinder Morgan, Inc. | 800 | 21584 |
|  Marathon Petroleum Corp. | 127 | 22823 |
|  Occidental Petroleum Corp. | 306 | 14569 |
|  ONEOK, Inc. | 117 | 8937 |
|  Phillips 66 | 170 | 22709 |
|  Schlumberger NV | 620 | 22841 |
|  Valero Energy Corp. | 131 | 19913 |
|  Williams Cos., Inc. | 252 | 14586 |
|  (Cost $471,819) |  | **508093** |
|  **Financials — 17.6%** |  |  |
|  Aflac, Inc. | 209 | 22334 |
|  Allstate Corp. | 109 | 22176 |
|  American International Group, Inc. | 245 | 19923 |
|  Aon PLC, Class A | 43 | 15781 |
|  Assurant, Inc. | 22 | 4743 |
|  Bank of America Corp. | 2735 | 138774 |
|  Bank of New York Mellon Corp. | 133 | 14045 |
|  Blackrock, Inc. | 61 | 68756 |
|  Capital One Financial Corp. | 266 | 60440 |
|  Cboe Global Markets, Inc. | 45 | 10618 |
|  Charles Schwab Corp. | 713 | 68334 |
|  Chubb Ltd. | 155 | 42636 |

---

See Notes to Financial Statements.

18 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Citigroup, Inc. | 780 | 75325 |
|  Citizens Financial Group, Inc. | 188 | 9829 |
|  CME Group, Inc. | 151 | 40243 |
|  FactSet Research Systems, Inc. | 9 | 3360 |
|  Fidelity National Information Services, Inc. | 217 | 15149 |
|  Fifth Third Bancorp | 274 | 12541 |
|  Franklin Resources, Inc. | 132 | 3387 |
|  Global Payments, Inc. | 107 | 9504 |
|  Goldman Sachs Group, Inc. | 128 | 95392 |
|  Hartford Insurance Group, Inc. | 56 | 7409 |
|  Huntington Bancshares, Inc. | 625 | 11131 |
|  Intercontinental Exchange, Inc. | 113 | 19956 |
|  Invesco Ltd. | 193 | 4225 |
|  Jack Henry & Associates, Inc. | 19 | 3102 |
|  KeyCorp | 428 | 8286 |
|  M&T Bank Corp. | 66 | 13310 |
|  MarketAxess Holdings, Inc. | 16 | 2941 |
|  Marsh & McLennan Cos., Inc. | 118 | 24286 |
|  MetLife, Inc. | 240 | 19526 |
|  Moody's Corp. | 30 | 15293 |
|  Morgan Stanley | 283 | 42586 |
|  Nasdaq, Inc. | 105 | 9948 |
|  Northern Trust Corp. | 84 | 11027 |
|  PayPal Holdings, Inc. \* | 139 | 9756 |
|  PNC Financial Services Group, Inc. | 164 | 34020 |
|  Principal Financial Group, Inc. | 90 | 7246 |
|  Prudential Financial, Inc. | 144 | 15791 |
|  Raymond James Financial, Inc. | 30 | 5083 |
|  Regions Financial Corp. | 355 | 9723 |
|  S&P Global, Inc. | 71 | 38939 |
|  State Street Corp. | 116 | 13336 |
| T. Rowe Price Group, Inc. | 95 | 10224 |
|  Truist Financial Corp. | 541 | 25330 |
|  US Bancorp | 646 | 31544 |
|  Wells Fargo & Co. | 1359 | 111683 |
|  Willis Towers Watson PLC | 22 | 7189 |
|  (Cost $967,472) |  | **1266180** |
|  **Health Care — 15.1%** |  |  |
|  Abbott Laboratories | 728 | 96577 |
|  AbbVie, Inc. | 428 | 90051 |
|  Agilent Technologies, Inc. | 123 | 15456 |
|  Amgen, Inc. | 128 | 36827 |
|  Baxter International, Inc. | 220 | 5432 |
|  Becton Dickinson & Co. | 118 | 22772 |
|  Biogen, Inc. \* | 63 | 8330 |
|  Bristol-Myers Squibb Co. | 847 | 39962 |
|  Cardinal Health, Inc. | 99 | 14729 |
|  Cencora, Inc. | 74 | 21579 |
|  Centene Corp. \* | 214 | 6215 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Charles River Laboratories International, Inc. \* | 22 | 3593 |
|  Cigna Group | 111 | 33397 |
|  CVS Health Corp. | 528 | 38623 |
|  Danaher Corp. | 265 | 54542 |
|  Edwards Lifesciences Corp. \* | 242 | 19684 |
|  Elevance Health, Inc. | 94 | 29953 |
|  GE HealthCare Technologies, Inc. | 188 | 13861 |
|  Gilead Sciences, Inc. | 520 | 58744 |
|  Humana, Inc. | 49 | 14879 |
|  Incyte Corp. \* | 33 | 2792 |
|  IQVIA Holdings, Inc. \* | 68 | 12975 |
|  Medtronic PLC | 535 | 49653 |
|  Merck & Co., Inc. | 1047 | 88074 |
|  Mettler-Toledo International, Inc. \* | 5 | 6505 |
|  Moderna, Inc. \* | 146 | 3517 |
|  Quest Diagnostics, Inc. | 48 | 8719 |
|  Regeneron Pharmaceuticals, Inc. | 43 | 24970 |
|  Revvity, Inc. | 52 | 4686 |
|  Stryker Corp. | 69 | 27007 |
|  Thermo Fisher Scientific, Inc. | 158 | 77850 |
|  UnitedHealth Group, Inc. | 379 | 117441 |
|  Viatris, Inc. | 517 | 5454 |
|  Waters Corp. \* | 14 | 4225 |
|  Zoetis, Inc. | 184 | 28778 |
|  (Cost $1,174,115) |  | **1087852** |
|  **Industrials — 6.2%** |  |  |
|  Allegion PLC | 18 | 3056 |
|  AMETEK, Inc. | 52 | 9610 |
|  Broadridge Financial Solutions, Inc. | 28 | 7157 |
|  C.H. Robinson Worldwide, Inc. | 51 | 6564 |
|  Carrier Global Corp. | 167 | 10888 |
|  CSX Corp. | 423 | 13752 |
|  Deere & Co. | 59 | 28240 |
|  Dover Corp. | 33 | 5902 |
|  Emerson Electric Co. | 72 | 9504 |
|  Fastenal Co. | 212 | 10528 |
|  Fortive Corp. | 147 | 7035 |
|  GE Aerospace | 263 | 72378 |
|  Illinois Tool Works, Inc. | 68 | 17996 |
|  JB Hunt Transport Services, Inc. | 35 | 5075 |
|  Johnson Controls International PLC | 274 | 29288 |
|  Masco Corp. | 54 | 3963 |
|  Norfolk Southern Corp. | 94 | 26318 |
|  Otis Worldwide Corp. | 161 | 13907 |
|  PACCAR, Inc. | 102 | 10198 |
|  Pentair PLC | 25 | 2688 |
|  Rockwell Automation, Inc. | 48 | 16485 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Southwest Airlines Co. | 225 | 7403 |
|  Stanley Black & Decker, Inc. | 66 | 4903 |
|  Union Pacific Corp. | 248 | 55445 |
|  United Parcel Service, Inc., Class B | 301 | 26319 |
|  Veralto Corp. | 56 | 5947 |
|  Verisk Analytics, Inc. | 32 | 8580 |
|  Waste Management, Inc. | 74 | 16753 |
|  Xylem, Inc. | 98 | 13873 |
|  (Cost $391,940) |  | **449755** |
|  **Information Technology — 28.9%** |  |  |
|  Accenture PLC, Class A | 262 | 68112 |
|  Adobe, Inc. \* | 103 | 36740 |
|  Advanced Micro Devices, Inc. \* | 677 | 110101 |
|  Akamai Technologies, Inc. \* | 65 | 5143 |
|  Analog Devices, Inc. | 207 | 52021 |
|  Apple, Inc. | 2931 | 680402 |
|  Cisco Systems, Inc. | 1663 | 114897 |
|  Corning, Inc. | 317 | 21249 |
|  Dell Technologies, Inc., Class C | 68 | 8306 |
|  First Solar, Inc. \* | 22 | 4294 |
|  Hewlett Packard Enterprise Co. | 565 | 12752 |
|  HP, Inc. | 404 | 11530 |
|  Intel Corp. \* | 1818 | 44268 |
|  Jabil, Inc. | 43 | 8808 |
|  Keysight Technologies, Inc. \* | 74 | 12094 |
|  Lam Research Corp. | 533 | 53380 |
|  Micron Technology, Inc. | 466 | 55459 |
|  Microsoft Corp. | 1245 | 630829 |
|  NetApp, Inc. | 46 | 5188 |
|  NXP Semiconductors NV | 62 | 14561 |
|  ON Semiconductor Corp. \* | 181 | 8976 |
|  QUALCOMM, Inc. | 458 | 73614 |
|  Seagate Technology Holdings PLC | 91 | 15233 |
|  TE Connectivity PLC | 122 | 25193 |
|  Western Digital Corp. | 150 | 12051 |
|  (Cost $1,772,801) |  | **2085201** |
|  **Materials — 3.9%** |  |  |
|  Air Products and Chemicals, Inc. | 93 | 27352 |
|  Albemarle Corp. | 50 | 4246 |
|  Amcor PLC | 985 | 8501 |
|  Avery Dennison Corp. | 35 | 6008 |
|  Ball Corp. | 115 | 6054 |
|  Dow, Inc. | 303 | 7463 |
|  Ecolab, Inc. | 52 | 14406 |
|  Freeport-McMoRan, Inc. | 596 | 26462 |
|  International Flavors & Fragrances, Inc. | 110 | 7426 |
|  Linde PLC | 197 | 94223 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  LyondellBasell Industries NV, Class A | 111 | 6255 |
|  Mosaic Co. | 137 | 4576 |
|  Newmont Corp. | 463 | 34447 |
|  PPG Industries, Inc. | 93 | 10344 |
|  Sherwin-Williams Co. | 40 | 14633 |
|  Smurfit WestRock PLC | 213 | 10088 |
|  (Cost $256,823) |  | **282484** |
|  **Real Estate — 3.4%** |  |  |
|  Alexandria Real Estate Equities, |  |  |
|  Inc. REIT | 66 | 5441 |
|  American Tower Corp. REIT | 194 | 39547 |
|  AvalonBay Communities, Inc. REIT | 35 | 6855 |
|  BXP, Inc. REIT | 63 | 4568 |
|  CoStar Group, Inc. \* | 171 | 15303 |
|  Digital Realty Trust, Inc. REIT | 131 | 21961 |
|  Equinix, Inc. REIT | 22 | 17296 |
|  Equity Residential REIT | 148 | 9786 |
|  Extra Space Storage, Inc. REIT | 50 | 7179 |
|  Federal Realty Investment Trust REIT | 34 | 3419 |
|  Healthpeak Properties, Inc. REIT | 301 | 5400 |
|  Host Hotels & Resorts, Inc. REIT | 110 | 1893 |
|  Kimco Realty Corp. REIT | 293 | 6590 |
|  Prologis, Inc. REIT | 384 | 43691 |
|  Regency Centers Corp. REIT | 70 | 5075 |
|  SBA Communications Corp. REIT | 46 | 9423 |
|  Ventas, Inc. REIT | 187 | 12731 |
|  Welltower, Inc. REIT | 116 | 19520 |
|  Weyerhaeuser Co. REIT | 312 | 8071 |
|  (Cost $237,885) |  | **243749** |
|  **Utilities — 1.6%** |  |  |
|  American Water Works Co., Inc. | 79 | 11337 |
|  CenterPoint Energy, Inc. | 281 | 10597 |
|  Consolidated Edison, Inc. | 149 | 14636 |
|  Entergy Corp. | 181 | 15944 |
|  Eversource Energy | 158 | 10123 |
|  Exelon Corp. | 431 | 18826 |
|  Public Service Enterprise Group, Inc. | 114 | 9386 |
|  Sempra | 270 | 22291 |
|  (Cost $102,144) |  | **113140** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,419,195) |  | **7173781** |
|  **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
|  SPDR Portfolio S&P 500 Value ETF | 110 | 6010 |
|  Vanguard S&P 500 Value ETF | 60 | 11816 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,257) |  | **17826** |

---

See Notes to Financial Statements.

20 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Value Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **CASH EQUIVALENTS — 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,497) | 1497 | **1497** |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $6,437,949) |  | **7193104** |
|  **Other assets and liabilities,<br>net — 0.1%** |  | **9769** |
|  **NET ASSETS — 100.0%** |  | **7202873** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions**<br> **($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at<br>8/31/2025** |
| SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) |
| 2333 |  | (2333) (c) |  |  | 4 |  |  |  |
| CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% |
| DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) |
| 2715 | 279936 | (281154) |  |  | 368 |  | 1497 | 1497 |
| **5048** | **279936** | **(283487)** |  |  | **372** |  | **1497** | **1497** |

---

\* 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 year ended August 31, 2025.

REIT: Real Estate Investment Trust

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 August 31, 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7173781 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7173781 |
|  Exchange-Traded Funds | 17826 |  |  | 17826 |
|  Short-Term Investments (a) | 1497 |  |  | 1497 |
|  **TOTAL** | $7193104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7193104 |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS – 99.2%** |  |  |
|  **Communication Services – 3.3%** |  |  |
|  Verizon Communications, Inc. |  |  |
|  (Cost $185,270) | 4642 | **205316** |
|  **Consumer Discretionary – 3.5%** |  |  |
|  Best Buy Co., Inc. | 1529 | 112596 |
|  Lowe's Cos., Inc. | 192 | 49547 |
|  NIKE, Inc., Class B | 764 | 59111 |
|  (Cost $210,931) |  | **221254** |
|  **Consumer Staples – 15.9%** |  |  |
|  Archer-Daniels-Midland Co. | 1869 | 117074 |
|  Church & Dwight Co., Inc. | 266 | 24781 |
|  Clorox Co. | 466 | 55081 |
|  Coca-Cola Co. | 1264 | 87203 |
|  Colgate-Palmolive Co. | 639 | 53721 |
|  Costco Wholesale Corp. | 14 | 13207 |
|  Hormel Foods Corp. | 3193 | 81230 |
|  J M Smucker Co. | 884 | 97691 |
|  Kimberly-Clark Corp. | 752 | 97113 |
|  McCormick & Co., Inc. | 932 | 65585 |
|  PepsiCo, Inc. | 577 | 85771 |
|  Procter & Gamble Co. | 379 | 59518 |
|  Sysco Corp. | 904 | 72745 |
|  Target Corp. | 631 | 60563 |
|  Walmart, Inc. | 239 | 23178 |
|  (Cost $1,042,038) |  | **994461** |
|  **Energy – 3.8%** |  |  |
|  Chevron Corp. | 730 | 117238 |
|  Exxon Mobil Corp. | 945 | 108004 |
|  Texas Pacific Land Corp. | 12 | 11202 |
|  (Cost $228,747) |  | **236444** |
|  **Financials – 9.0%** |  |  |
|  Aflac, Inc. | 587 | 62727 |
|  Assurant, Inc. | 218 | 47003 |
|  Chubb Ltd. | 138 | 37960 |
|  FactSet Research Systems, Inc. | 55 | 20532 |
|  Franklin Resources, Inc. | 8576 | 220060 |
|  Jack Henry & Associates, Inc. | 196 | 31999 |
|  RenaissanceRe Holdings Ltd. | 64 | 15551 |
|  S&P Global, Inc. | 41 | 22486 |
| T. Rowe Price Group, Inc. | 964 | 103746 |
|  (Cost $505,105) |  | **562064** |
|  **Health Care – 6.9%** |  |  |
|  Abbott Laboratories | 490 | 65003 |
|  AbbVie, Inc. | 668 | 140547 |
|  Becton Dickinson & Co. | 218 | 42070 |
|  Cardinal Health, Inc. | 374 | 55644 |
|  Cencora, Inc. | 100 | 29161 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Medtronic PLC | 1045 | 96987 |
|  West Pharmaceutical Services, Inc. | 20 | 4939 |
|  (Cost $363,985) |  | **434351** |
|  **Industrials – 16.8%** |  |  |
|  ABM Industries, Inc. | 1007 | 49514 |
|  Automatic Data Processing, Inc. | 194 | 58986 |
|  C.H. Robinson Worldwide, Inc. | 634 | 81596 |
|  Carlisle Cos., Inc. | 59 | 22767 |
|  Caterpillar, Inc. | 106 | 44418 |
|  Cintas Corp. | 112 | 23523 |
|  CSX Corp. | 1112 | 36151 |
|  Donaldson Co., Inc. | 586 | 46687 |
|  Dover Corp. | 150 | 26829 |
|  Emerson Electric Co. | 345 | 45540 |
|  Expeditors International of Washington, Inc. | 337 | 40622 |
|  Franklin Electric Co., Inc. | 281 | 27499 |
|  Illinois Tool Works, Inc. | 237 | 62722 |
|  JB Hunt Transport Services, Inc. | 162 | 23488 |
|  Lincoln Electric Holdings, Inc. | 206 | 49982 |
|  MSA Safety, Inc. | 186 | 31732 |
|  Pentair PLC | 258 | 27743 |
|  Republic Services, Inc. | 140 | 32756 |
|  Robert Half, Inc. | 1239 | 46239 |
|  Ryder System, Inc. | 311 | 58319 |
|  Stanley Black & Decker, Inc. | 1506 | 111881 |
|  Toro Co. | 589 | 47744 |
|  W.W. Grainger, Inc. | 18 | 18243 |
|  Waste Management, Inc. | 181 | 40976 |
|  (Cost $947,938) |  | **1055957** |
|  **Information Technology – 5.8%** |  |  |
|  Analog Devices, Inc. | 226 | 56796 |
|  Badger Meter, Inc. | 84 | 15365 |
|  Microchip Technology, Inc. | 1561 | 101465 |
|  Microsoft Corp. | 46 | 23308 |
|  QUALCOMM, Inc. | 370 | 59470 |
|  Roper Technologies, Inc. | 32 | 16842 |
|  Texas Instruments, Inc. | 440 | 89091 |
|  (Cost $314,850) |  | **362337** |
|  **Materials – 10.1%** |  |  |
|  Air Products and Chemicals, Inc. | 209 | 61469 |
|  Albemarle Corp. | 534 | 45347 |
|  Amcor PLC | 13811 | 119189 |
|  AptarGroup, Inc. | 187 | 26043 |
|  Ecolab, Inc. | 125 | 34630 |
|  HB Fuller Co. | 555 | 33883 |
|  Linde PLC | 77 | 36828 |
|  Nucor Corp. | 393 | 58451 |
|  PPG Industries, Inc. | 504 | 56060 |
|  Royal Gold, Inc. | 245 | 43997 |

---

See Notes to Financial Statements.

22 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Sherwin-Williams Co. | 65 | 23779 |
|  Sonoco Products Co. | 1959 | 92563 |
|  (Cost $620,851) |  | **632239** |
|  **Real Estate — 6.7%** |  |  |
|  Equity LifeStyle Properties, Inc. REIT | 1133 | 68309 |
|  Essex Property Trust, Inc. REIT | 337 | 91061 |
|  Federal Realty Investment Trust REIT | 988 | 99343 |
|  Realty Income Corp. REIT | 2748 | 161472 |
|  (Cost $401,860) |  | **420185** |
|  **Utilities — 17.4%** |  |  |
|  American States Water Co. | 609 | 45389 |
|  California Water Service Group | 945 | 44349 |
|  Consolidated Edison, Inc. | 989 | 97149 |
|  Edison International | 1867 | 104795 |
|  Essential Utilities, Inc. | 2569 | 101501 |
|  Eversource Energy | 2354 | 150821 |
|  National Fuel Gas Co. | 1205 | 104522 |
|  New Jersey Resources Corp. | 1300 | 61477 |
|  NextEra Energy, Inc. | 1032 | 74355 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  ONE Gas, Inc. | 1068 | 81702 |
|  Spire, Inc. | 985 | 75451 |
|  UGI Corp. | 4409 | 152728 |
|  (Cost $985,335) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094239 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,806,910) |  | 6218847 |
|  **EXCHANGE-TRADED FUNDS – 0.3%** |  |  |
|  ProShares S&P 500 Dividend Aristocrats ETF | 75 | 7862 |
|  Xtrackers S&P 500 Scored & Screened ETF (a) | 95 | 5521 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,688) |  | 13383 |
|  **CASH EQUIVALENTS – 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,666) | 21666 | 21666 |
|  **TOTAL INVESTMENTS – 99.8%** |  |  |
|  (Cost $5,840,264) |  | 6253896 |
|  **Other assets and liabilities,<br>net – 0.2%** |  | 14218 |
|  **NET ASSETS — 100.0%** |  | 6268114 |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2024**  | Purchases Cost<br>($) | Sales Proceeds<br>($) | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change<br>in Unrealized<br>Appreciation**<br> (Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% |
|  Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) |
|  — | 83609 | (79804) | 713 | 1003 | 197 |  | 95 | 5521 |
|  Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) | Xtrackers S&P 500 Value Scored & Screened ETF (a) |
|  — | 4976 | (4705) | (271) |  | 33 |  |  |  |
|  CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% | CASH EQUIVALENTS **—** 0.3% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |
| 2341 | 245807 | (226482) |  |  | 303 |  | 21666 | 21666 |
| **2341** | 334392 | (310991) | 442 | 1003 | 533 |  | 21761 | 27187 |

---

(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.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value<br>($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  Micro E-Mini S&P 500 Index | USD | 1 | 32064 | 32364 | 9/19/2025 | 300 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Common Stocks (a) | $6218847 | $— | $— | $6218847 |
|  Exchange-Traded Funds | 13383 |  |  | 13383 |
|  Short-Term Investments (a) | 21666 |  |  | 21666 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 300 |  |  | 300 |
|  **TOTAL** | $**6254196** | $**—** | $**—** | $**6254196** |

---

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

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

See Notes to Financial Statements.

24 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS — 97.5%** |  |  |
|  **Communication Services — 1.0%** |  |  |
|  Iridium Communications, Inc. | 236 | 5874 |
|  New York Times Co., Class A | 354 | 21184 |
|  Nexstar Media Group, Inc. | 66 | 13499 |
|  ZoomInfo Technologies, Inc. \* | 587 | 6398 |
|  (Cost $44,891) |  | **46955** |
|  **Consumer Discretionary — 13.3%** |  |  |
|  Abercrombie & Fitch Co., Class A \* | 109 | 10195 |
|  Aramark | 575 | 22488 |
|  Autoliv, Inc. | 160 | 19851 |
|  AutoNation, Inc. \* | 54 | 11830 |
|  Bath & Body Works, Inc. | 468 | 13670 |
|  Boyd Gaming Corp. | 134 | 11505 |
|  Brunswick Corp. | 150 | 9538 |
|  Burlington Stores, Inc. \* | 142 | 41277 |
|  Capri Holdings Ltd. \* | 256 | 5271 |
|  Choice Hotels International, Inc. | 51 | 6099 |
|  Churchill Downs, Inc. | 158 | 16389 |
|  Crocs, Inc. \* | 123 | 10726 |
|  Dick's Sporting Goods, Inc. | 124 | 26387 |
|  Floor & Decor Holdings, Inc., Class A \* | 240 | 19661 |
|  Gap, Inc. | 480 | 10565 |
|  Goodyear Tire & Rubber Co. \* | 617 | 5232 |
|  Grand Canyon Education, Inc. \* | 64 | 12900 |
|  H&R Block, Inc. | 288 | 14501 |
|  Harley-Davidson, Inc. | 248 | 7222 |
|  Hilton Grand Vacations, Inc. \* | 150 | 7128 |
|  Hyatt Hotels Corp., Class A | 92 | 13274 |
|  KB Home | 165 | 10486 |
|  Lear Corp. | 116 | 12760 |
|  Light & Wonder, Inc. \* | 191 | 17662 |
|  Lithia Motors, Inc. | 57 | 19191 |
|  Macy's, Inc. | 650 | 8600 |
|  Marriott Vacations Worldwide Corp. | 69 | 5392 |
|  Mattel, Inc. \* | 735 | 13451 |
|  Penske Automotive Group, Inc. | 39 | 7192 |
|  Planet Fitness, Inc., Class A \* | 190 | 19912 |
|  Polaris, Inc. | 116 | 6563 |
|  PVH Corp. | 105 | 8854 |
|  Service Corp. International | 313 | 24805 |
|  Somnigroup International, Inc. | 457 | 38365 |
|  Taylor Morrison Home Corp. \* | 226 | 15226 |
|  Texas Roadhouse, Inc. | 150 | 25883 |
|  Thor Industries, Inc. | 114 | 12494 |
|  TopBuild Corp. \* | 63 | 26508 |
|  Travel + Leisure Co. | 149 | 9418 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Valvoline, Inc. \* | 295 | 11440 |
|  VF Corp. | 765 | 11574 |
|  Visteon Corp. | 66 | 8181 |
|  Wendy's Co. (a) | 370 | 3926 |
|  Whirlpool Corp. (a) | 121 | 11271 |
|  Wyndham Hotels & Resorts, Inc. | 169 | 14637 |
|  YETI Holdings, Inc. \* | 182 | 6399 |
|  (Cost $633,502) |  | **645899** |
|  **Consumer Staples — 3.2%** |  |  |
|  Albertsons Cos., Inc., Class A | 915 | 17806 |
|  BellRing Brands, Inc. \* | 277 | 11371 |
|  Boston Beer Co., Inc., Class A \* | 21 | 4643 |
|  Coty, Inc., Class A \* | 890 | 3809 |
|  Darling Ingredients, Inc. \* | 345 | 11716 |
|  Flowers Foods, Inc. | 424 | 6377 |
|  Ingredion, Inc. | 145 | 18783 |
|  Post Holdings, Inc. \* | 105 | 11881 |
|  Sprouts Farmers Market, Inc. \* | 220 | 30919 |
|  US Foods Holding Corp. \* | 520 | 40352 |
|  (Cost $167,714) |  | **157657** |
|  **Energy — 3.8%** |  |  |
|  Antero Midstream Corp. | 758 | 13485 |
|  Antero Resources Corp. \* | 634 | 20237 |
|  Chord Energy Corp. | 132 | 14505 |
|  Civitas Resources, Inc. | 193 | 7099 |
|  CNX Resources Corp. \* | 322 | 9402 |
|  DT Midstream, Inc. | 230 | 23961 |
|  HF Sinclair Corp. | 360 | 18317 |
|  Murphy Oil Corp. | 298 | 7408 |
|  NOV, Inc. | 823 | 10938 |
|  Ovintiv, Inc. | 564 | 23756 |
|  Range Resources Corp. | 519 | 17786 |
|  Valaris Ltd. \* | 155 | 7699 |
|  Weatherford International PLC | 156 | 9938 |
|  (Cost $201,366) |  | **184531** |
|  **Financials — 18.6%** |  |  |
|  Affiliated Managers Group, Inc. | 66 | 14838 |
|  Ally Financial, Inc. | 610 | 25041 |
|  Annaly Capital Management, Inc. REIT | 1365 | 28924 |
|  Associated Banc-Corp. | 368 | 9925 |
|  Bank OZK | 235 | 12330 |
|  Brighthouse Financial, Inc. \* | 133 | 6286 |
|  Cadence Bank | 415 | 15621 |
|  CNO Financial Group, Inc. | 220 | 8683 |
|  Columbia Banking System, Inc. | 667 | 17856 |
|  Comerica, Inc. | 295 | 20821 |
|  East West Bancorp, Inc. | 310 | 32593 |
|  Equitable Holdings, Inc. | 668 | 35578 |
|  Essent Group Ltd. | 226 | 14179 |
|  Euronet Worldwide, Inc. \* | 90 | 8387 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Evercore, Inc., Class A | 82 | 26367 |
|  Fidelity National Financial, Inc. | 580 | 34725 |
|  First American Financial Corp. | 224 | 14784 |
|  First Horizon Corp. | 1133 | 25606 |
|  Flagstar Financial, Inc. | 653 | 8371 |
|  FNB Corp. | 778 | 12985 |
|  Hanover Insurance Group, Inc. | 80 | 13878 |
|  Janus Henderson Group PLC | 273 | 12099 |
|  Jefferies Financial Group, Inc. | 365 | 23670 |
|  Kemper Corp. | 129 | 6921 |
|  MGIC Investment Corp. | 517 | 14388 |
|  Old National Bancorp. | 725 | 16595 |
|  Pinnacle Financial Partners, Inc. | 168 | 16333 |
|  Primerica, Inc. | 72 | 19392 |
|  Reinsurance Group of America, Inc. | 150 | 29219 |
|  RenaissanceRe Holdings Ltd. | 109 | 26486 |
|  RLI Corp. | 190 | 12869 |
|  SEI Investments Co. | 210 | 18539 |
|  Selective Insurance Group, Inc. | 140 | 10952 |
|  Shift4 Payments, Inc., Class A \* (a) | 150 | 13565 |
|  SLM Corp. | 474 | 14827 |
|  SouthState Corp. | 225 | 22964 |
|  Starwood Property Trust, Inc. REIT | 758 | 15365 |
|  Stifel Financial Corp. | 232 | 26747 |
|  Synovus Financial Corp. | 304 | 15689 |
|  Texas Capital Bancshares, Inc. \* | 98 | 8484 |
|  UMB Financial Corp. | 165 | 20114 |
|  United Bankshares, Inc. | 309 | 11847 |
|  Unum Group | 357 | 24940 |
|  Valley National Bancorp | 1100 | 11506 |
|  Voya Financial, Inc. | 220 | 16520 |
|  Webster Financial Corp. | 371 | 23084 |
|  Western Alliance Bancorp | 237 | 21223 |
|  Western Union Co. | 730 | 6329 |
|  WEX, Inc. \* | 77 | 13194 |
|  Wintrust Financial Corp. | 149 | 20456 |
|  Zions Bancorp NA | 330 | 19143 |
|  (Cost $789,573) |  | **901238** |
|  **Health Care — 8.9%** |  |  |
|  Avantor, Inc. \* | 1550 | 20878 |
|  BioMarin Pharmaceutical, Inc. \* | 418 | 24357 |
|  Bio-Rad Laboratories, Inc., Class A \* | 45 | 13405 |
|  Bruker Corp. | 240 | 8155 |
|  DENTSPLY SIRONA, Inc. | 430 | 6149 |
|  Doximity, Inc., Class A \* | 305 | 20722 |
|  Encompass Health Corp. | 225 | 27396 |
|  Ensign Group, Inc. | 124 | 21301 |
|  Envista Holdings Corp. \* | 400 | 8472 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Exelixis, Inc. \* | 605 | 22639 |
|  Haemonetics Corp. \* | 109 | 5945 |
|  Halozyme Therapeutics, Inc. \* | 273 | 19970 |
|  HealthEquity, Inc. \* | 186 | 16615 |
|  Illumina, Inc. \* | 351 | 35086 |
|  Jazz Pharmaceuticals PLC \* | 138 | 17629 |
|  Lantheus Holdings, Inc. \* | 152 | 8345 |
|  LivaNova PLC \* | 118 | 6652 |
|  Neurocrine Biosciences, Inc. \* | 220 | 30712 |
|  Option Care Health, Inc. \* | 369 | 10583 |
|  Penumbra, Inc. \* | 86 | 23447 |
|  Repligen Corp. \* | 116 | 14189 |
|  Tenet Healthcare Corp. \* | 206 | 37972 |
|  United Therapeutics Corp. \* | 102 | 31085 |
|  (Cost $397,036) |  | **431704** |
|  **Industrials — 22.4%** |  |  |
|  AAON, Inc. | 155 | 12857 |
|  Acuity, Inc. | 70 | 22853 |
|  Advanced Drainage Systems, |  |  |
|  Inc. (a) | 160 | 23035 |
|  AECOM | 295 | 36843 |
|  AGCO Corp. | 135 | 14606 |
|  Alaska Air Group, Inc. \* | 268 | 16825 |
|  American Airlines Group, Inc. \* | 1500 | 20055 |
|  Avis Budget Group, Inc. \* | 37 | 5855 |
|  Brink's Co. | 95 | 10644 |
|  Carlisle Cos., Inc. | 95 | 36660 |
|  Chart Industries, Inc. \* | 101 | 20135 |
|  Clean Harbors, Inc. \* | 115 | 27854 |
|  CNH Industrial NV | 1948 | 22305 |
|  Comfort Systems USA, Inc. | 79 | 55567 |
|  Concentrix Corp. | 99 | 5223 |
|  Crane Co. | 107 | 19827 |
|  Donaldson Co., Inc. | 270 | 21511 |
|  EMCOR Group, Inc. | 100 | 62000 |
|  EnerSys | 84 | 8623 |
|  Esab Corp. | 135 | 15575 |
|  ExlService Holdings, Inc. \* | 375 | 16417 |
|  Flowserve Corp. | 284 | 15239 |
|  Fortune Brands Innovations, Inc. | 269 | 15742 |
|  FTI Consulting, Inc. \* | 78 | 13154 |
|  GATX Corp. | 79 | 13296 |
|  Genpact Ltd. | 345 | 15642 |
|  GXO Logistics, Inc. \* | 256 | 13478 |
|  Insperity, Inc. | 78 | 4307 |
|  ITT, Inc. | 176 | 29964 |
|  Kirby Corp. \* | 121 | 11761 |
|  Knight-Swift Transportation Holdings, Inc. | 350 | 15365 |
|  Landstar System, Inc. | 78 | 10322 |
|  Lincoln Electric Holdings, Inc. | 124 | 30086 |

---

See Notes to Financial Statements.

26 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ManpowerGroup, Inc. | 101 | 4282 |
|  Maximus, Inc. | 124 | 10902 |
|  MSA Safety, Inc. | 89 | 15183 |
|  MSC Industrial Direct Co., Inc., Class A | 95 | 8572 |
|  Mueller Industries, Inc. | 244 | 23409 |
|  NEXTracker, Inc., Class A \* | 325 | 21860 |
|  nVent Electric PLC | 365 | 32992 |
|  Owens Corning | 187 | 28082 |
|  RB Global, Inc. | 415 | 47534 |
|  Regal Rexnord Corp. | 150 | 22400 |
|  Ryder System, Inc. | 93 | 17439 |
|  Sensata Technologies Holding PLC | 324 | 10543 |
|  Simpson Manufacturing Co., Inc. | 93 | 17774 |
|  Terex Corp. | 142 | 7091 |
|  Tetra Tech, Inc. | 576 | 20978 |
|  Timken Co. | 138 | 10658 |
|  Toro Co. | 225 | 18239 |
|  Trex Co., Inc. \* | 230 | 14175 |
|  Valmont Industries, Inc. | 46 | 16888 |
|  Watsco, Inc. | 78 | 31386 |
|  Watts Water Technologies, Inc., Class A | 60 | 16614 |
|  WESCO International, Inc. | 100 | 21984 |
|  (Cost $970,256) |  | **1082611** |
|  **Information Technology – 11.7%** |  |  |
|  Allegro MicroSystems, Inc. \* | 284 | 8761 |
|  Amkor Technology, Inc. | 244 | 5902 |
|  Arrow Electronics, Inc. \* | 116 | 14654 |
|  ASGN, Inc. \* | 95 | 5154 |
|  Avnet, Inc. | 185 | 10096 |
|  Belden, Inc. | 87 | 11327 |
|  Blackbaud, Inc. \* | 84 | 5604 |
|  Ciena Corp. \* | 320 | 30070 |
|  Cirrus Logic, Inc. \* | 122 | 13931 |
|  Coherent Corp. \* | 355 | 32117 |
|  Commvault Systems, Inc. \* | 100 | 18665 |
|  Docusign, Inc. \* | 447 | 34267 |
|  Dolby Laboratories, Inc., Class A | 133 | 9533 |
|  Dropbox, Inc., Class A \* | 429 | 12467 |
|  Dynatrace, Inc. \* | 660 | 33396 |
|  Entegris, Inc. | 337 | 28220 |
|  Flex Ltd. \* | 865 | 46381 |
|  Guidewire Software, Inc. \* | 188 | 40800 |
|  Kyndryl Holdings, Inc. \* | 525 | 16690 |
|  Littelfuse, Inc. | 55 | 14291 |
|  Lumentum Holdings, Inc. \* | 151 | 20054 |
|  MKS, Inc. | 155 | 16018 |
|  Novanta, Inc. \* | 80 | 9313 |
|  Onto Innovation, Inc. \* | 109 | 11554 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Pure Storage, Inc., Class A \* | 695 | 53939 |
|  Rambus, Inc. \* | 240 | 17705 |
|  Silicon Laboratories, Inc. \* | 69 | 9270 |
|  Synaptics, Inc. \* | 83 | 5798 |
|  Universal Display Corp. | 100 | 13859 |
|  Vontier Corp. | 345 | 14804 |
|  (Cost $503,705) |  | **564640** |
|  **Materials – 5.4%** |  |  |
|  Alcoa Corp. | 585 | 18831 |
|  AptarGroup, Inc. | 150 | 20891 |
|  Avient Corp. | 196 | 7331 |
|  Axalta Coating Systems Ltd. \* | 500 | 15630 |
|  Cabot Corp. | 121 | 9869 |
|  Carpenter Technology Corp. | 109 | 26256 |
|  Cleveland-Cliffs, Inc. \* | 1044 | 11223 |
|  Commercial Metals Co. | 255 | 14706 |
|  Crown Holdings, Inc. | 255 | 25342 |
|  Graphic Packaging Holding Co. | 678 | 15099 |
|  Greif, Inc., Class A | 62 | 4049 |
|  Louisiana-Pacific Corp. | 137 | 13030 |
|  Royal Gold, Inc. | 145 | 26039 |
|  RPM International, Inc. | 285 | 35713 |
|  Scotts Miracle-Gro Co. | 95 | 5816 |
|  Sonoco Products Co. | 213 | 10064 |
|  (Cost $281,112) |  | **259889** |
|  **Real Estate – 7.4%** |  |  |
|  Agree Realty Corp. REIT | 250 | 18185 |
|  American Homes 4 Rent, Class A REIT | 725 | 25969 |
|  Brixmor Property Group, Inc. REIT | 688 | 19257 |
|  COPT Defense Properties REIT | 240 | 6907 |
|  Cousins Properties, Inc. REIT | 385 | 11354 |
|  CubeSmart REIT | 510 | 20869 |
|  EastGroup Properties, Inc. REIT | 116 | 19669 |
|  EPR Properties REIT | 165 | 8951 |
|  Equity LifeStyle Properties, Inc. REIT | 423 | 25503 |
|  Healthcare Realty Trust, Inc. REIT | 766 | 13313 |
|  Jones Lang LaSalle, Inc. \* | 106 | 32390 |
|  Kilroy Realty Corp. REIT | 245 | 10190 |
|  Kite Realty Group Trust REIT | 476 | 10862 |
|  NNN REIT, Inc. REIT | 415 | 17808 |
|  Omega Healthcare Investors, Inc. REIT | 655 | 27883 |
|  Park Hotels & Resorts, Inc. REIT | 443 | 5210 |
|  PotlatchDeltic Corp. REIT | 165 | 6935 |
|  Rayonier, Inc. REIT | 302 | 7937 |
|  Rexford Industrial Realty, Inc. REIT | 535 | 22154 |
|  Vornado Realty Trust REIT | 372 | 14147 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  WP Carey, Inc. REIT | 486 | 32611 |
|  (Cost $355,887) |  | **358104** |
|  **Utilities — 1.8%** |  |  |
|  Essential Utilities, Inc. | 564 | 22283 |
|  National Fuel Gas Co. | 197 | 17088 |
|  ONE Gas, Inc. | 138 | 10557 |
|  Ormat Technologies, Inc. | 135 | 12405 |
|  Spire, Inc. | 133 | 10188 |
|  UGI Corp. | 462 | 16004 |
|  (Cost $81,331) |  | **88525** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,426,373) |  | **4721753** |
|  **EXCHANGE-TRADED FUNDS — 1.1%** |  |  |
|  iShares ESG Select Screened S&P Mid-Cap ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,615) | 1200 | **52452** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **SECURITIES LENDING COLLATERAL — 0.4%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $19,000) | 19000 | **19000** |
|  **CASH EQUIVALENTS — 0.9%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $45,222) | 45222 | **45222** |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $4,538,210) |  | **4838427** |
|  **Other assets and liabilities,<br>net — 0.1%** |  | **3669** |
|  **NET ASSETS — 100.0%** |  | **4842096** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss)<br>($) | Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>8/31/2025 | Value ($) at<br>8/31/2025 |
|  SECURITIES LENDING COLLATERAL **—** 0.4% | SECURITIES LENDING COLLATERAL **—** 0.4% | SECURITIES LENDING COLLATERAL **—** 0.4% | SECURITIES LENDING COLLATERAL **—** 0.4% | SECURITIES LENDING COLLATERAL **—** 0.4% |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 18989 (d) |  |  |  | 37 |  | 19000 | 19000 |
|  CASH EQUIVALENTS **—** 0.9% | CASH EQUIVALENTS **—** 0.9% | CASH EQUIVALENTS **—** 0.9% | CASH EQUIVALENTS **—** 0.9% | CASH EQUIVALENTS **—** 0.9% |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| 28664 | 343604 | (327046) |  |  | 2448 |  | 45222 | 45222 |
| **28675** | **362593** | **(327046)** |  |  | **2485** |  | **64222** | **64222** |

---

\* 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 August 31, 2025 amounted to $35,938, which is 0.7% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $18,049.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2025.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

28 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract<br>Value ($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  Micro E-mini S&P MidCap 400 Index | USD | 2 | 61286 | 65170 | 9/19/2025 | 3884 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721753 |
|  Exchange-Traded Funds | 52452 |  |  | 52452 |
|  Short-Term Investments (a) | 64222 |  |  | 64222 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 3884 |  |  | 3884 |
|  **TOTAL** | $4842311 | $— | $— | $4842311 |

---

(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 \| **29**

------

Statements of Assets and Liabilities

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Xtrackers S&P<br>500 Diversified<br>Sector Weight<br>ETF** | **Xtrackers<br>S&P 500<br>Growth<br>Scored &<br>Screened ETF** | **Xtrackers S&P<br>500 Scored &<br>Screened ETF** | **Xtrackers S&P<br>500 Value<br>Scored &<br>Screened ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $6017474 | $17423322 | $2052791927 | $7191607 |
|  Investment in DWS Government Money Market Series | 28350 | 44197 | 6679056 | 1497 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  |  | 504326 |  |
|  Deposit with broker for futures contracts |  | 4692 | 598644 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  | 8710254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 14297 | 84886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7654 | 9468 | 1860026 | 10654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 19 | 177 | 20713 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 23 |  | 953 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $6053520 | $17496153 | $2071250810 | $7203777 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $— | $504326 | $— |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  | 8712081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 379 | 2216 | 170121 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 110 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 489 | 2216 | 9386528 | 904 |
|  **Net Assets, at value** | $**6053031** | $**17493937** | $**2061864282** | $**7202873** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749186406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 43401 | 2313420 | 312677876 | 515347 |
|  **Net Assets, at value** | $**6053031** | $**17493937** | $**2061864282** | $**7202873** |
|  Number of Common Shares outstanding | 240001 | 350001 | 35500001 | 210001 |
|  **Net Asset Value** | $25.22 | $49.98 | $58.08 | $34.30 |
|  Investment in non-affiliated securities at cost | $5985151 | $14552803 | $1689063731 | $6436452 |
|  Value of securities loaned | $— | $— | $493930 | $— |
|  Investment in DWS Government Money Market Series at cost | $28350 | $44197 | $6679056 | $1497 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $— | $504326 | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

30 \| DBX ETF Trust

------

Statements of Assets and Liabilities (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>S&P Dividend<br>Aristocrats<br>Screened ETF** | **Xtrackers<br>S&P MidCap<br>400 Scored &<br>Screened ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $6226709 | $4774205 |
|  Investment in affiliated securities at value | 5521 |  |
|  Investment in DWS Government Money Market Series | 21666 | 45222 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 19000 |
|  Deposit with broker for futures contracts | 2346 | 4742 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  | 6555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 12689 | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 34 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $6268965 | $4867473 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $— | $19000 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 5731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 781 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 851 | 25377 |
|  **Net Assets, at value** | $**6268114** | $**4842096** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $6358871 | $5292996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (90757) | (450900) |
|  **Net Assets, at value** | $**6268114** | $**4842096** |
|  Number of Common Shares outstanding | 230001 | 150001 |
|  **Net Asset Value** | $27.25 | $32.28 |
|  Investment in non-affiliated securities at cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473988 |
|  Investment in affiliated securities at cost | $4517 | $– |
|  Value of securities loaned | $— | $35938 |
|  Investment in DWS Government Money Market Series at cost | $21666 | $45222 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $19000 |
|  Non-cash collateral for securities on loan | $— | $18049 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **31**

------

Statements of Operations

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P<br>500 Diversified<br>Sector Weight<br>ETF<sup>(1)</sup>** | **Xtrackers S&P<br>500 Growth<br>Scored &<br>Screened ETF** | **Xtrackers S&P<br>500 Scored &<br>Screened ETF** | **Xtrackers S&P<br>500 Value<br>Scored &<br>Screened ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $10371 | $115906 | $21852987 | $160179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 20 | 517 | 134640 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 249 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 10391 | 116423 | 21987876 | 160551 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 478 | 23581 | 1681069 | 11006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 478 | 23639 | 1681127 | 11064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (1) | (14) | (3431) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 477 | 23625 | 1677696 | 11055 |
|  Net investment income (loss) | 9914 | 92798 | 20310180 | 149496 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1274 | (423357) | (35062597) | (220064) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 2572109 | 125571986 | 815406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1) | 55274 | (367) |
|  Net realized gain (loss) | 1274 | 2148751 | 90564663 | 594975 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 32323 | 272955 | 120413085 | (80028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (110) | 953 | 147940 |  |
|  Net change in unrealized appreciation (depreciation) | 32213 | 273908 | 120561025 | (80028) |
|  Net realized and unrealized gain (loss) on investments and futures | 33487 | 2422659 | 211125688 | 514947 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $43401 | $2515457 | $231435868 | $664443 |
|  \* Unaffiliated foreign tax withheld | $— | $— | $3493 | $60 |

---

(1) For the period July 24, 2025 (commencement of operations) through August 31, 2025.

See Notes to Financial Statements.

32 \| DBX ETF Trust

------

Statements of Operations (Continued)

For the Year Ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>S&P Dividend<br>Aristocrats<br>Screened<br>ETF** | **Xtrackers<br>S&P MidCap<br>400 Scored &<br>Screened ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 303 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 170269 | 103591 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 8322 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8380 | 9754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (23) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8357 | 9693 |
|  Net investment income (loss) | 161912 | 93898 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (206804) | (327618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 274648 | 584484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 339 | (1979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (6) |
|  Net realized gain (loss) | 68625 | 254881 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (138197) | (213222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 1004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 300 | 2503 |
|  Net change in unrealized appreciation (depreciation) | (136893) | (210719) |
|  Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (68268) | 44162 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $93644 | $138060 |
|  \* Unaffiliated foreign tax withheld | $— | $54 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Xtrackers S&P<br>500 Diversified<br>Sector Weight<br>ETF** | **Xtrackers S&P 500 Growth<br>Scored & Screened ETF** | **Xtrackers S&P 500 Growth<br>Scored & Screened ETF** |
|  | **For the Period<br>July 24, 2025<sup>(1)</sup> to<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |
|  Net investment income (loss) | $9914 | $92798 | $63277 |
|  Net realized gain (loss) | 1274 | 2148751 | 719864 |
|  Net change in net unrealized appreciation (depreciation) | 32213 | 273908 | 1494326 |
|  Net increase (decrease) in net assets resulting from operations | 43401 | 2515457 | 2277467 |
|  **Distributions to Shareholders** |  | (87756) | (62788) |
|  **Fund Shares Transactions** |  |  |  |
|  Proceeds from shares sold | 6009605 | 8838095 | 7653913 |
|  Value of shares redeemed |  | (6589051) | (3618529) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 6009605 | 2249044 | 4035384 |
|  Total net increase (decrease) in Net Assets | 6053006 | 4676745 | 6250063 |
|  **Net Assets** |  |  |  |
|  Beginning of period | 25 | 12817192 | 6567129 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17493937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12817192 |
|  **Changes in Shares Outstanding** |  |  |  |
|  Shares outstanding, beginning of period | 1 | 300001 | 200001 |
|  Shares sold | 240000 | 200000 | 200000 |
|  Shares redeemed |  | (150000) | (100000) |
|  Shares outstanding, end of period | 240001 | 350001 | 300001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

34 \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P 500 Scored &<br>Screened ETF** | **Xtrackers S&P 500 Scored &<br>Screened ETF** | **Xtrackers S&P 500 Value Scored<br>& Screened ETF** | **Xtrackers S&P 500 Value Scored<br>& Screened ETF** |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $20310180 | $14202455 | $149496 | $119508 |
|  Net realized gain (loss) | 90564663 | 39561461 | 594975 | 545903 |
|  Net change in net unrealized appreciation (depreciation) | 120561025 | 198939784 | (80028) | 514753 |
|  Net increase (decrease) in net assets resulting from operations | 231435868 | 252703700 | 664443 | 1180164 |
|  **Distributions to Shareholders** | (19342028) | (13345373) | (151763) | (112622) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 839257119 | 520593214 | 3534211 | 2852603 |
|  Value of shares redeemed | (402603158) | (231988742) | (3235678) | (2846044) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 436653961 | 288604472 | 298533 | 6559 |
|  Total net increase (decrease) in Net Assets | 648747801 | 527962799 | 811213 | 1074101 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 1413116481 | 885153682 | 6391660 | 5317559 |
|  End of year | $2061864282 | $1413116481 | $7202873 | $6391660 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 27300001 | 21400001 | 200001 | 200001 |
|  Shares sold | 16000000 | 11000000 | 110000 | 100000 |
|  Shares redeemed | (7800000) | (5100000) | (100000) | (100000) |
|  Shares outstanding, end of year | 35500001 | 27300001 | 210001 | 200001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35**

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P Dividend**<br> **Aristocrats Screened ETF** | **Xtrackers S&P Dividend**<br> **Aristocrats Screened ETF** | **Xtrackers S&P MidCap 400**<br> **Scored & Screened ETF** | **Xtrackers S&P MidCap 400**<br> **Scored & Screened ETF** |
|  | **Year Ended**<br> **August 31, 2025** | **Year Ended**<br> **August 31, 2024** | **Year Ended**<br> **August 31, 2025** | **Year Ended**<br> **August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $161912 | $138708 | $93898 | $124486 |
|  Net realized gain (loss) | 68625 | (16614) | 254881 | 1553881 |
|  Net change in net unrealized appreciation (depreciation) | (136893) | 560820 | (210719) | (277304) |
|  Net increase (decrease) in net assets resulting from operations | 93644 | 682914 | 138060 | 1401063 |
|  **Distributions to Shareholders** | **(153336)** | **(135267)** | **(99707)** | **(136516)** |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 1817677 | 1270790 | 2197471 | 2870020 |
|  Value of shares redeemed | (1059557) | (1259701) | (3506794) | (9974426) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 758120 | 11089 | (1309323) | (7104406) |
|  Total net increase (decrease) in Net Assets | 698428 | 558736 | (1270970) | (5839859) |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 5569686 | 5010950 | 6113066 | 11952925 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6113066 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 200001 | 200001 | 200001 | 450001 |
|  Shares sold | 70000 | 50000 | 70000 | 100000 |
|  Shares redeemed | (40000) | (50000) | (120000) | (350000) |
|  Shares outstanding, end of year | 230001 | 200001 | 150001 | 200001 |

---

See Notes to Financial Statements.

36 \| DBX ETF Trust

------

Financial Highlights

Xtrackers S&P 500 Diversified Sector Weight ETF

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br> **8/31/2025(a)** |  |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $25.00 |  |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.22 |  |
|  Net Asset Value, end of period | $25.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | **0.88** | **\*\*** |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.87 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 1 | \*\* |

---

(a) For the period July 24, 2025 (commencement of operations) through August 31, 2025.

(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 \| **37**

------

Financial Highlights (Continued)

Xtrackers S&P 500 Growth Scored & Screened ETF

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended August 31, | Years Ended August 31, | Period Ended |
|  | 2025 | 2024 | 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: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.27 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.24 | 9.90 | 7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.51 | 10.18 | 8.03 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.30) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.25) | (0.30) | (0.19) |
|  Net Asset Value, end of period | $49.98 | $42.72 | $32.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 17.65 | 31.22 | 32.23 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 17 | 13 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.59 | 0.75 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 50 | 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.

**38** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers S&P 500 Scored & Screened ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $51.76 | $41.36 | $35.61 | $39.93 | $31.08 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.64 | 0.61 | 0.60 | 0.53 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.31 | 10.38 | 5.72 | (4.32) | 8.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.95 | 10.99 | 6.32 | (3.79) | 9.28 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.63) | (0.59) | (0.57) | (0.53) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.63) | (0.59) | (0.57) | (0.53) | (0.43) |
|  Net Asset Value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 13.56 | 26.79 | 17.99 | (9.59) | 30.16 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 2062 | 1413 | 885 | 748 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.21 | 1.34 | 1.63 | 1.37 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 11 | 11 | 9 | 6 | 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.

See Notes to Financial Statements.

DBX ETF Trust \| **39**

------

Financial Highlights (Continued)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Xtrackers S&P 500 Value Scored & Screened ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** |
|  | **2025** | **2024** | **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: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.66 | 0.60 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.37 | 5.30 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.03 | 5.90 | 1.95 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.69) | (0.53) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.69) | (0.53) | (0.36) |
|  Net Asset Value, end of period | $34.30 | $31.96 | $26.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 9.69 | 22.45 | 7.91\*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 7 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.04 | 2.08 | 2.23\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 50 | 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.

**40** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers S&P Dividend Aristocrats Screened ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** |
|  | **2025** | **2024** | **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: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.78 | 0.69 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.63) | 2.79 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.15 | 3.48 | 0.49 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.75) | (0.68) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.75) | (0.68) | (0.44) |
|  Net Asset Value, end of period | $27.25 | $27.85 | $25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 0.67 | 14.15 | 1.99\*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 6 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.92 | 2.74 | 2.74\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 31 | 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 \| **41**

------

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 Scored & Screened ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** |
|  | **2025** | **2024** | **2023** | **2022** | **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: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.44 | 0.38 | 0.37 | 0.32 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.73 | 4.02 | 2.09 | (2.94) | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.17 | 4.40 | 2.46 | (2.62) | 2.47 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.39) | (0.36) | (0.31) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.46) | (0.39) | (0.36) | (0.31) | (0.08) |
|  Net Asset Value, end of period | $32.28 | $30.57 | $26.56 | $24.46 | $27.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 7.25 | 16.70 | 10.18 | (9.64) | 9.92\*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 5 | 6 | 12 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.15\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.45 | 1.38 | 1.45 | 1.24 | 1.00\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 28 | 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.

**42** \| DBX ETF Trust

------

Notes to Financial Statements

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 August 31, 2025, the Trust consists of forty one investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers S&P 500 Diversified Sector Weight ETF

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

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

Xtrackers S&P 500 Diversified Sector Weight ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). 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.

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

---

| | |
|:---|:---|
| Fund | Underlying Index |
| Xtrackers S&P 500 Diversified Sector Weight ETF | S&P 500 Diversified Sector Weight 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 Diversified Sector Weight Index is a market capitalization weighted index designed to measure the performance of the constituent securities of the S&P 500 Index reweighted to mitigate concentration risk and address sector imbalances. The S&P 500 Diversified Sector Weight Index's reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500, rather than a return tied principally to the business opportunities represented by the S&P 500's largest constituent companies. Under normal circumstances, the Underlying Index rebalanced

DBX ETF Trust \| **43**

------

quarterly in March, June, September, and December. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to the Fund's rebalance schedule.

S&P 500 Growth 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.

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.

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

Xtrackers S&P 500 Diversified Sector Weight ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF are 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.

44 \| DBX ETF Trust

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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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance

DBX ETF Trust \| **45**

------

with the Funds' valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

**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.

**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. Each of the tax years in the four-year period ended August 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to August 31, 2025), remains subject to examination by taxing authorities.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2025, the Funds did not incur any interest or penalties. As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary Income<sup>\*</sup> | **Undistributed**<br> **Long-Term**<br> **Capital Gains**  | Capital and Other<br>Gains (Losses) | **Unrealized**<br> **Appreciation**<br> (Depreciation)  | Total Accumulated <br>Earnings (Losses) |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $10998 | $80 | $– | $32323 | $43401 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 19714 |  | (471045) | 2764751 | 2313420 |
|  Xtrackers S&P 500 Scored & Screened ETF | 4416731 |  | (31712873) | 339974018 | 312677876 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 25451 |  | (130020) | 619916 | 515347 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 36867 |  | (447320) | 319996 | (90457) |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 16427 |  | (721798) | 254471 | (450900) |

---

46 \| DBX ETF Trust

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The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Year Ended August**<br> **31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income<sup>\*</sup> |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 87756 |
|  Xtrackers S&P 500 Scored & Screened ETF | 19342028 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 151763 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 153336 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 99707 |

---

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period Ended August** <br> **31, 2024** |
|  | Ordinary Income<sup>\*</sup> |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 62788 |
|  Xtrackers S&P 500 Scored & Screened ETF | 13345373 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 112622 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 135267 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 136516 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | Short-Term | Long-Term | Total Amount |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | $414796 | $56249 | $471045 |
|  Xtrackers S&P 500 Scored & Screened ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22332232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31712873 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 116887 | 13133 | 130020 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 133903 | 313417 | 447320 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 206035 | 515763 | 721798 |

---

Capital losses incurred after October 31 ("post-October capital losses") and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the fiscal year ended August 31, 2025, the Funds had no post-October capital losses.

For the fiscal year ended August 31, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

---

| | | |
|:---|:---|:---|
|  | **Distributable**<br> **earnings (loss)** | Paid-In Capital |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | $(2545457) | $2545457 |
|  Xtrackers S&P 500 Scored & Screened ETF | (117691563) | 117691563 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | (778059) | 778059 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | (269632) | 269632 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | (504436) | 504436 |

---

DBX ETF Trust \| **47**

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As of August 31, 2025, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate Tax Cost** | **Net Unrealized**<br> **Appreciation**<br> (Depreciation) | **Aggregate Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregate Gross**<br> **Unrealized**<br> (Depreciation) |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $6013501 | $32323 | $157575 | $(125252) |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 14702768 | 2764751 | 3062640 | (297889) |
|  Xtrackers S&P 500 Scored & Screened ETF | 1720001291 | 339974018 | 431561191 | (91587173) |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 6573188 | 619916 | 1070085 | (450169) |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 5934200 | 319696 | 693996 | (374300) |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 4583956 | 254471 | 665619 | (411148) |

---

**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 year ended August 31, 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 August 31, 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 August 31, 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 | Remaining Contractual Maturity of the Agreements, as of August 31, 2025 |
| Securities Lending Transactions | **Overnight**<br> **and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuous**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<30 Days | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between** <br> **30 & 90**<br> **Days** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;>90 Days | **Total** |
|  **Xtrackers S&P 500 Scored & Screened ETF** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $504326 | $— | $— | $— | $504326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $504326 |
|  **Xtrackers S&P MidCap 400 Scored & Screened ETF** |  |  |  |  |  |
|  Common Stocks | $37049 | $— | $— | $— | $37049 |
|  Gross amount of recognized liabilities and cash collateral for securities lending transactions | Gross amount of recognized liabilities and cash collateral for securities lending transactions | Gross amount of recognized liabilities and cash collateral for securities lending transactions | Gross amount of recognized liabilities and cash collateral for securities lending transactions | Gross amount of recognized liabilities and cash collateral for securities lending transactions | $19000 |
|  Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18049 |

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As of August 31, 2025, Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Value 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 year ended August 31, 2025, Xtrackers

48 \| DBX ETF Trust

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S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF, Xtrackers S&P Dividend Aristocrats 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).

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 August 31, 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 August 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
|  **Xtrackers S&P 500 Diversified Sector Weight ETF** | **Xtrackers S&P 500 Diversified Sector Weight ETF** | **Xtrackers S&P 500 Diversified Sector Weight ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
|  | Total | $— | Total | $110 |
|  **Xtrackers S&P 500 Growth Scored & Screened ETF** | **Xtrackers S&P 500 Growth Scored & Screened ETF** | **Xtrackers S&P 500 Growth Scored & Screened ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $953 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $953 | Total | $— |
|  **Xtrackers S&P 500 Scored & Screened ETF** | **Xtrackers S&P 500 Scored & Screened ETF** | **Xtrackers S&P 500 Scored & Screened ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237520 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $237520 | Total | $— |
|  **Xtrackers S&P Dividend Aristocrats Screened ETF** | **Xtrackers S&P Dividend Aristocrats Screened ETF** | **Xtrackers S&P Dividend Aristocrats Screened ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $300 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $300 | Total | $— |
|  **Xtrackers S&P MidCap 400 Scored & Screened ETF** | **Xtrackers S&P MidCap 400 Scored & Screened ETF** | **Xtrackers S&P MidCap 400 Scored & Screened ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $3884 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $3884 | Total | $— |

---

\* 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. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended August 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

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| | |
|:---|:---|
| Net Realized Gain (Loss) from: | **Futures Contracts**<br> **— Equity Contracts** |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | $(1) |
|  Xtrackers S&P 500 Scored & Screened ETF | 55274 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | (367) |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 339 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | (1979) |

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DBX ETF Trust \| **49**

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| | |
|:---|:---|
| Net Change in Unrealized Appreciation (Depreciation) on: | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts** <br> **— Equity Contracts** |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $(110) |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 953 |
|  Xtrackers S&P 500 Scored & Screened ETF | 147940 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 300 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 2503 |

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For the year ended August 31, 2025 the average monthly volume of derivatives was as follows:

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| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts** <br> **(Contract Value)** |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $16182 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 7431 |
|  Xtrackers S&P 500 Scored & Screened ETF | 3487971 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 4323 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 4765 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 57632 |

---

**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 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<br>Fee |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | 0.09% |
|  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% |

---

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to0.01 the acquired fund's fees and expenses attributable to the Funds' investments in affiliated Funds. For the year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses Waived |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $1 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 14 |
|  Xtrackers S&P 500 Scored & Screened ETF | 3431 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 9 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 23 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 61 |

---

50 \| DBX ETF Trust

------

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 fund listed below. For the period ended August 31, 2025, the Fund incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending** <br> **Agent Fees** |
|  Xtrackers S&P 500 Scored & Screened ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

4. Investment Portfolio Transactions

For the year ended August 31, 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 Diversified Sector Weight ETF | $5007029 | $32577 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 7889835 | 7901745 |
|  Xtrackers S&P 500 Scored & Screened ETF | 190356030 | 194155691 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 3745353 | 3834856 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 1770493 | 1794158 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 1757771 | 1817959 |

---

For the year ended August 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $1009595 | $— |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 8838315 | 6630091 |
|  Xtrackers S&P 500 Scored & Screened ETF | &nbsp;&nbsp;&nbsp;&nbsp;838796944 | &nbsp;&nbsp;&nbsp;&nbsp;401450107 |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 3534232 | 3145009 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 1817589 | 1048087 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 2197492 | 3478486 |

---

5. Fund Share Transactions

As of August 31, 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.

DBX ETF Trust \| **51**

------

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 August 31, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate** <br> **Percent of** <br> **Outstanding** <br> **Shares Held**  |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | 79% |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 39% |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 79% |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 41% |

---

7. Fund name and strategy change

In order to implement a new investment strategy for Xtrackers S&P 500 Value Scored & Screened ETF (the "Fund"), the Fund's Board of Trustees has approved changes to the Fund proposed by the Advisor, including: (i) a new fund name and ticker symbol; (ii) a new investment objective; and (iii) a new underlying index, the S&P 100 Ex-Top 20 Select Index. The Changes to the Fund will become effective on or about December 19, 2025 (the "Effective Date").

On the Effective Date, the Fund's name will change to Xtrackers S&P 100 Ex Top 20 ETF, and the Fund's ticker symbol will change from SNPV to XOEX. At that time, the Fund will change its current investment objective of seeking investments results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value Scored & Screened Index, to seeking investment results that correspond generally to the performance, before fees and expenses, of the S&P 100 Ex-Top 20 Select Index.

The Fund's current portfolio management team will continue to manage the Fund's assets after the Effective Date. The Fund's current unitary advisory fee rate of 0.15% of the Fund's average daily net assets will not change.

52 \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers S&P 500 Diversified Sector Weight ETF, 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, and Xtrackers S&P MidCap 400 Scored & Screened ETF and the Board of Trustees of DBX ETF Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers S&P 500 Diversified Sector Weight ETF, 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, and Xtrackers S&P MidCap 400 Scored & Screened ETF (collectively referred to as the "Funds"), (six of the funds constituting DBX ETF Trust (the "Trust")), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights |
| &nbsp;&nbsp;&nbsp;Xtrackers S&P 500 Scored & Screened ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the five years in the period ended August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Xtrackers S&P MidCap 400 Scored & Screened ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the four years in the period ended August 31, 2025 and the period from February 24, 2021 (commencement of operations) through August 31, 2021 |
| &nbsp;&nbsp;&nbsp; Xtrackers S&P Dividend Aristocrats Screened ETF<br>Xtrackers S&P 500 Growth Scored & Screened ETF<br>Xtrackers S&P 500 Value Scored & Screened ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the two years ended August 31, 2025 and the period from November 9, 2022 (commencement of operations) through August 31, 2023 |
| &nbsp;&nbsp;&nbsp;Xtrackers S&P 500 Diversified Sector Weight ETF | For the period from July 24, 2025 (commencement of operations) through August 31, 2025 | For the period from July 24, 2025 (commencement of operations) through August 31, 2025 | For the period from July 24, 2025 (commencement of operations) through August 31, 2025 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's

DBX ETF Trust \| **53**

------

Report of Independent Registered Public Accounting Firm (Continued)

internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g98972dsp055.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

54 \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (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 and Xtrackers S&P MidCap 400 Scored & Screened ETF** 

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 13-14, 2025 (the "Meeting"), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the "Trust") or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to 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 and Xtrackers S&P MidCap 400 Scored & Screened ETF (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC ("DBX" or the "Advisor") for purposes of reviewing the Investment Advisory Agreement's terms, including statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge") regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds ("ETFs") selected pursuant to Broadridge's proprietary methodology (each, a "Peer Group") and (b) for Funds with two years of performance history as of December 31, 2024, each Fund's tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

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

DBX ETF Trust \| **55**

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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

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

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

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

**Reasonableness of Advisory Fee.** The Board compared each Fund's advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund's respective Peer Group. The Board accordingly noted that each Fund's fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds' operating expenses (subject to certain specified exceptions). The Board considered that each Fund's fee had been priced to scale when it was established. The Board also considered that each Fund's portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

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

56 \| DBX ETF Trust

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

**Economies of Scale.** The Board considered that Xtrackers S&P 500 Scored & Screened ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund's unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

#### Xtrackers S&P 500 Diversified Sector Weight ETF
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 14, 2025, the Trustees, all of whom are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of DBX ETF Trust (the "Trust") or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC ("DBX" or the "Adviser") and the Trust, with respect to Xtrackers S&P 500 Diversified Sector Weight ETF (the "Fund"). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP ("Independent Trustee Counsel").

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund's shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund's advisory fee; (4) the total cost of the services to be provided by and the anticipated profits to be realized by the Adviser from its relationship with the Fund; (5) the extent to which economies of scale would be realized, and if the Fund's shareholders would benefit from those economies; and (6) fall-out benefits, if any, that may be enjoyed by the Adviser.

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

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

**Nature, Extent and Quality of Services.** The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

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

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the Fund's advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund's service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the

DBX ETF Trust \| **57**

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser's extensive work with these service providers (including due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser's currently managed funds (which would also cover the Fund).

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

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

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

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

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

58 \| DBX ETF Trust

------

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.

---

| | | |
|:---|:---|:---|
|  | Qualified Dividend<br>Income<sup>\*</sup> | **Dividends**<br> **Received**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction<sup>\*</sup>**  |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 100% | 100% |
|  Xtrackers S&P 500 Scored & Screened ETF | 100% | 100% |
|  Xtrackers S&P 500 Value Scored & Screened ETF | 100% | 100% |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 100% | 100% |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 100% | 100% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year. 

DBX ETF Trust \| **59**

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![LOGO](g98972dsp064.jpg)

------

![LOGO](g71297g01g01.jpg)

#### 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](g71297g02g02.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedule of Investments](#tx71297_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers FTSE Developed ex US Multifactor ETF](#tx71297_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Kokusai Equity ETF](#tx71297_3) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Russell 1000 US Quality at a Reasonable Price ETF](#tx71297_4) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Russell US Multifactor ETF](#tx71297_5) | 39 |
|  **[Statements of Assets and Liabilities](#tx71297_6)** | **50** |
|  **[Statements of Operations](#tx71297_7)** | **51** |
|  **[Statements of Changes in Net Assets](#tx71297_8)** | **52** |
|  **[Financial Highlights](#tx71297_9)** | **54** |
|  **[Notes to Financial Statements](#tx71297_10)** | **58** |
|  **[Report of Independent Registered Public Accounting Firm](#tx71297_11)** | **67** |
|  **[Board Considerations in Approval of Investment Advisory Contracts](#tx71297_12)** | **68** |
|  **[Tax Information](#tx71297_13)** | **71** |

---

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 98.5%** |  |  |
|  **Australia — 8.8%** |  |  |
|  AGL Energy Ltd. | 25314 | 136355 |
|  ALS Ltd. | 3523 | 42865 |
|  AMP Ltd. | 5747 | 6432 |
|  Ampol Ltd. | 557 | 10718 |
|  Ansell Ltd. | 1330 | 29544 |
|  ANZ Group Holdings Ltd. | 1431 | 31535 |
|  APA Group (a) | 5684 | 32775 |
|  Aristocrat Leisure Ltd. | 2964 | 141053 |
|  ASX Ltd. | 910 | 37249 |
|  Atlas Arteria Ltd. (a) | 6306 | 21998 |
|  Aurizon Holdings Ltd. | 23450 | 49728 |
|  Bank of Queensland Ltd. | 2518 | 11981 |
|  Bendigo & Adelaide Bank Ltd. | 714 | 6234 |
|  BHP Group Ltd. | 1160 | 32791 |
|  BlueScope Steel Ltd. | 9368 | 140715 |
|  Brambles Ltd. | 18780 | 318965 |
|  CAR Group Ltd. | 1492 | 39490 |
|  Cleanaway Waste Management Ltd. | 21640 | 39374 |
|  Cochlear Ltd. | 128 | 25263 |
|  Coles Group Ltd. | 17492 | 273391 |
|  Commonwealth Bank of Australia | 65 | 7245 |
|  Computershare Ltd. | 7721 | 192888 |
|  CSL Ltd. | 137 | 19089 |
|  Deterra Royalties Ltd. | 4031 | 11054 |
|  Downer EDI Ltd. | 17398 | 82328 |
|  Dyno Nobel Ltd. | 6151 | 12279 |
|  EBOS Group Ltd. | 3198 | 61534 |
|  Endeavour Group Ltd. | 16237 | 40596 |
|  Evolution Mining Ltd. | 5039 | 28561 |
|  Fortescue Ltd. | 1687 | 21310 |
|  Goodman Group REIT | 195 | 4384 |
|  GPT Group REIT | 316 | 1154 |
|  Harvey Norman Holdings Ltd. | 8182 | 36897 |
|  Insurance Australia Group Ltd. | 32095 | 182964 |
|  JB Hi-Fi Ltd. | 2757 | 211500 |
|  Lendlease Corp. Ltd. (a) | 540 | 1962 |
|  Lottery Corp. Ltd. | 20306 | 78147 |
|  Macquarie Group Ltd. | 132 | 19453 |
|  Magellan Financial Group Ltd. | 415 | 2776 |
|  Medibank Pvt Ltd. | 52321 | 174645 |
|  Metcash Ltd. | 8217 | 22588 |
|  National Australia Bank Ltd. | 240 | 6721 |
|  Netwealth Group Ltd. | 326 | 7355 |
|  New Hope Corp. Ltd. | 2839 | 8232 |
|  Northern Star Resources Ltd. | 3145 | 38883 |
|  Orica Ltd. | 2315 | 33303 |
|  Origin Energy Ltd. | 13311 | 112560 |
|  Pro Medicus Ltd. | 69 | 13494 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Qantas Airways Ltd. | 18021 | 138588 |
|  QBE Insurance Group Ltd. | 14771 | 209304 |
|  Qube Holdings Ltd. | 31844 | 87536 |
|  Ramsay Health Care Ltd. | 422 | 9363 |
|  REA Group Ltd. | 188 | 30888 |
|  Reece Ltd. | 374 | 2732 |
|  Region Group REIT | 1397 | 2231 |
|  Rio Tinto Ltd. | 2629 | 198687 |
|  Santos Ltd. | 10303 | 54081 |
|  Scentre Group REIT | 32215 | 86026 |
|  SEEK Ltd. | 653 | 11864 |
|  SGH Ltd. | 1433 | 47373 |
|  Sims Ltd. | 600 | 5588 |
|  Sonic Healthcare Ltd. | 3096 | 48733 |
|  South32 Ltd. | 16182 | 28808 |
|  Steadfast Group Ltd. | 11237 | 44716 |
|  Stockland REIT | 6708 | 27220 |
|  Suncorp Group Ltd. | 6016 | 83789 |
|  Technology One Ltd. | 3465 | 90646 |
|  Telstra Group Ltd. | 17498 | 56002 |
|  TPG Telecom Ltd. | 2669 | 9241 |
|  Transurban Group (a) | 5397 | 51572 |
|  Treasury Wine Estates Ltd. | 876 | 4489 |
|  Vicinity Ltd. REIT | 31982 | 54214 |
|  Washington H Soul Pattinson & Co. Ltd. | 1865 | 53415 |
|  Wesfarmers Ltd. | 1852 | 111286 |
|  Westpac Banking Corp. | 620 | 15668 |
|  Woodside Energy Group Ltd. | 1828 | 31598 |
|  Woolworths Group Ltd. | 5942 | 112004 |
|  Worley Ltd. | 1672 | 16076 |
|  (Cost $3,683,671) |  | **4586096** |
|  **Austria — 0.4%** |  |  |
|  ANDRITZ AG | 837 | 58929 |
|  Erste Group Bank AG | 321 | 30547 |
|  OMV AG | 664 | 36576 |
|  Raiffeisen Bank International AG | 140 | 4651 |
|  Telekom Austria AG | 3690 | 40427 |
|  Verbund AG | 517 | 36884 |
|  (Cost $162,435) |  | **208014** |
|  **Belgium — 1.1%** |  |  |
|  Ackermans & van Haaren NV | 512 | 132804 |
|  Ageas SA/NV | 818 | 57640 |
|  Anheuser-Busch InBev SA/NV | 145 | 9087 |
|  D'ieteren Group | 191 | 41382 |
|  Groupe Bruxelles Lambert NV | 2091 | 183808 |
|  KBC Group NV | 114 | 13444 |
|  Lotus Bakeries NV | 3 | 29391 |
|  Syensqo SA | 95 | 8393 |
|  UCB SA | 295 | 69008 |

---

See Notes to Financial Statements.

2 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Warehouses De Pauw CVA REIT | 1156 | 29660 |
|  (Cost $462,240) |  | **574617** |
|  **Bermuda — 0.1%** |  |  |
|  Hiscox Ltd. |  |  |
|  (Cost $34,594) | 2279 | **40181** |
|  **Canada — 4.3%** |  |  |
|  Agnico Eagle Mines Ltd. | 359 | 51776 |
|  Alimentation Couche-Tard, Inc. | 316 | 16021 |
|  Bank of Montreal | 12 | 1453 |
|  Bank of Nova Scotia | 328 | 20491 |
|  Barrick Mining Corp. | 2804 | 74810 |
|  BCE, Inc. | 427 | 10658 |
|  Brookfield Corp. | 24 | 1578 |
|  Canadian Imperial Bank of Commerce | 263 | 20322 |
|  Canadian National Railway Co. | 280 | 27114 |
|  Canadian Natural Resources Ltd. | 390 | 12354 |
|  Canadian Pacific Kansas City Ltd. | 270 | 20572 |
|  CGI, Inc. | 648 | 62943 |
|  Constellation Software, Inc. | 10 | 33143 |
|  Dollarama, Inc. | 1301 | 177447 |
|  Enbridge, Inc. | 339 | 16407 |
|  Fairfax Financial Holdings Ltd. | 209 | 359913 |
|  Fortis, Inc. | 2748 | 136804 |
|  Franco-Nevada Corp. | 268 | 50524 |
|  George Weston Ltd. | 1936 | 124709 |
|  Great-West Lifeco, Inc. | 165 | 6538 |
|  Hydro One Ltd., 144A | 1790 | 65201 |
|  Imperial Oil Ltd. | 277 | 25143 |
|  Intact Financial Corp. | 557 | 111578 |
|  Loblaw Cos. Ltd. | 1923 | 78561 |
|  Magna International, Inc. | 922 | 42334 |
|  Manulife Financial Corp. | 1146 | 35266 |
|  Metro, Inc. | 3081 | 220907 |
|  National Bank of Canada | 73 | 7676 |
|  Nutrien Ltd. | 179 | 10319 |
|  Pembina Pipeline Corp. | 396 | 14961 |
|  Power Corp. of Canada | 1014 | 42932 |
|  Restaurant Brands International, Inc. | 396 | 25085 |
|  Royal Bank of Canada | 96 | 13955 |
|  Sun Life Financial, Inc. | 606 | 35408 |
|  Suncor Energy, Inc. | 1670 | 69053 |
|  TC Energy Corp. | 1136 | 59177 |
|  TELUS Corp. | 2528 | 41687 |
|  Thomson Reuters Corp. | 88 | 15634 |
|  Toronto-Dominion Bank | 93 | 6985 |
|  Tourmaline Oil Corp. | 718 | 30499 |
|  Waste Connections, Inc. | 247 | 45660 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Wheaton Precious Metals Corp. | 513 | 51533 |
|  (Cost $1,691,847) |  | **2275131** |
|  **Chile — 0.0%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $4,132) | 291 | **8433** |
|  **China — 0.1%** |  |  |
|  Lenovo Group Ltd. | 18086 | 25705 |
|  Shenzhou International Group Holdings Ltd. | 615 | 4848 |
|  (Cost $18,165) |  | **30553** |
|  **Denmark — 0.7%** |  |  |
|  A.P. Moller — Maersk A/S, Class A | 12 | 24650 |
|  A.P. Moller — Maersk A/S, Class B | 14 | 28835 |
|  Carlsberg AS, Class B | 478 | 58494 |
|  Coloplast A/S, Class B | 130 | 12492 |
|  Danske Bank A/S | 134 | 5512 |
|  Demant A/S \* | 106 | 4056 |
|  DSV A/S | 180 | 39882 |
|  Genmab A/S \* | 108 | 26893 |
|  H Lundbeck A/S | 2079 | 13151 |
|  H Lundbeck A/S, Class A | 558 | 2918 |
|  Novonesis (Novozymes) B, Class B | 78 | 4961 |
|  Pandora A/S | 307 | 42411 |
|  ROCKWOOL A/S, Class B | 854 | 32273 |
|  Tryg A/S | 2091 | 55019 |
|  (Cost $319,728) |  | **351547** |
|  **Finland — 2.2%** |  |  |
|  Elisa OYJ | 2144 | 114235 |
|  Fortum OYJ | 3123 | 54064 |
|  Kesko OYJ, Class B | 5060 | 112236 |
|  Kone OYJ, Class B | 2536 | 159462 |
|  Metso Corp. | 1075 | 13898 |
|  Nokia OYJ | 22597 | 97309 |
|  Nordea Bank Abp | 2608 | 39807 |
|  Orion OYJ, Class B | 2321 | 185281 |
|  Sampo OYJ, Class A | 7055 | 80977 |
|  Stora Enso OYJ, Class R | 1279 | 14938 |
|  UPM-Kymmene OYJ | 2065 | 58808 |
|  Valmet OYJ | 2354 | 81751 |
|  Wartsila OYJ Abp | 4057 | 118908 |
|  (Cost $1,016,518) |  | **1131674** |
|  **France — 3.9%** |  |  |
|  Accor SA | 652 | 32259 |
|  Aeroports de Paris SA | 35 | 4601 |
|  Air Liquide SA | 119 | 24546 |
|  Airbus SE | 23 | 4821 |
|  Alstom SA \* | 239 | 5746 |
|  Amundi SA, 144A | 398 | 29419 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 3

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Arkema SA | 299 | 21209 |
|  AXA SA | 382 | 17791 |
|  Ayvens SA, 144A | 554 | 6138 |
|  BioMerieux | 190 | 26398 |
|  BNP Paribas SA | 51 | 4586 |
|  Bollore SE | 663 | 3871 |
|  Bouygues SA | 1912 | 82000 |
|  Bureau Veritas SA | 3081 | 92899 |
|  Capgemini SE | 103 | 14642 |
|  Carrefour SA | 3613 | 52292 |
|  Cie de Saint-Gobain SA | 690 | 74465 |
|  Cie Generale des Etablissements Michelin SCA | 3994 | 144597 |
|  Credit Agricole SA | 408 | 7464 |
|  Danone SA | 1021 | 85066 |
|  Dassault Aviation SA | 129 | 40769 |
|  Dassault Systemes SE | 275 | 8562 |
|  Edenred SE | 290 | 8384 |
|  Eiffage SA | 765 | 96259 |
|  Engie SA | 5943 | 123057 |
|  EssilorLuxottica SA | 49 | 14924 |
|  Eurazeo SE | 1385 | 90622 |
|  FDJ UNITED | 943 | 30376 |
|  Gecina SA REIT | 95 | 9324 |
|  Getlink SE | 1333 | 25198 |
|  Ipsen SA | 277 | 37610 |
|  Legrand SA | 477 | 72639 |
|  Orange SA | 13537 | 220246 |
|  Pernod Ricard SA | 59 | 6713 |
|  Publicis Groupe SA | 647 | 59707 |
|  Renault SA | 229 | 9006 |
|  Rexel SA | 1114 | 36093 |
|  Safran SA | 63 | 21009 |
|  Sanofi SA | 305 | 30163 |
|  Schneider Electric SE | 92 | 22619 |
|  SEB SA | 72 | 5242 |
|  Societe Generale SA | 136 | 8392 |
|  Sodexo SA | 772 | 46356 |
|  Teleperformance SE | 618 | 47684 |
|  Thales SA | 179 | 47184 |
|  TotalEnergies SE | 381 | 23859 |
|  Veolia Environnement SA | 3218 | 106258 |
|  Vinci SA | 429 | 58199 |
|  Wendel SE | 158 | 15230 |
|  (Cost $1,841,900) |  | **2056494** |
|  **Germany — 3.7%** |  |  |
|  adidas AG | 115 | 22392 |
|  Allianz SE | 35 | 14797 |
|  BASF SE | 1193 | 63341 |
|  Bayer AG | 337 | 11069 |
|  Bayerische Motoren Werke AG | 229 | 23979 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Bechtle AG | 190 | 8633 |
|  Beiersdorf AG | 196 | 22538 |
|  Brenntag SE | 897 | 55521 |
|  Commerzbank AG | 264 | 10080 |
|  Continental AG | 644 | 56535 |
|  Covestro AG \* | 235 | 16339 |
|  CTS Eventim AG & Co. KGaA | 253 | 23706 |
|  Daimler Truck Holding AG | 401 | 18855 |
|  Deutsche Bank AG (b) | 275 | 9666 |
|  Deutsche Boerse AG | 38 | 11191 |
|  Deutsche Lufthansa AG | 2137 | 19901 |
|  Deutsche Post AG | 1703 | 77502 |
|  Deutsche Telekom AG | 1268 | 46337 |
|  DWS Group GmbH & Co. KGaA, 144A (b) | 120 | 7452 |
|  E.ON SE | 5799 | 103479 |
|  Evonik Industries AG | 1911 | 36885 |
|  Fielmann Group AG | 188 | 11421 |
|  Fraport AG Frankfurt Airport Services Worldwide \* | 89 | 7620 |
|  Fresenius Medical Care AG | 1629 | 83496 |
|  Fresenius SE & Co. KGaA | 1634 | 88764 |
|  FUCHS SE | 799 | 29740 |
|  GEA Group AG | 2948 | 214630 |
|  Hannover Rueck SE | 98 | 28540 |
|  Heidelberg Materials AG | 901 | 213034 |
|  Henkel AG & Co. KGaA | 464 | 35655 |
|  HOCHTIEF AG | 237 | 59976 |
|  Infineon Technologies AG | 411 | 16818 |
|  Knorr-Bremse AG | 406 | 42390 |
|  Mercedes-Benz Group AG | 399 | 24916 |
|  Merck KGaA | 216 | 27381 |
|  MTU Aero Engines AG | 141 | 62880 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 32 | 20399 |
|  Nemetschek SE | 127 | 17541 |
|  Puma SE | 246 | 6188 |
|  Rational AG | 13 | 9693 |
|  Rheinmetall AG | 3 | 5933 |
|  RWE AG | 2667 | 106888 |
|  SAP SE | 16 | 4339 |
|  Scout24 SE, 144A | 782 | 101327 |
|  Siemens AG | 56 | 15509 |
|  Siemens Energy AG \* | 71 | 7539 |
|  Siemens Healthineers AG, 144A | 92 | 5095 |
|  Symrise AG | 273 | 26452 |
|  Talanx AG | 100 | 13788 |
|  Traton SE | 195 | 7213 |
|  Zalando SE, 144A \* | 219 | 6101 |
|  (Cost $1,510,297) |  | **1961464** |

---

See Notes to Financial Statements.

4 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Hong Kong — 2.8%** |  |  |
|  AIA Group Ltd. | 1279 | 12042 |
|  Bank of East Asia Ltd. | 16711 | 27545 |
|  BOC Hong Kong Holdings Ltd. | 10626 | 48006 |
|  Cathay Pacific Airways Ltd. | 37456 | 51457 |
|  CK Asset Holdings Ltd. | 10165 | 47879 |
|  CK Hutchison Holdings Ltd. | 23360 | 153869 |
|  CK Infrastructure Holdings Ltd. | 3051 | 20449 |
|  CLP Holdings Ltd. | 9972 | 84232 |
|  CTF Services Ltd. | 5302 | 5284 |
|  Dah Sing Banking Group Ltd. | 11720 | 15710 |
|  DFI Retail Group Holdings Ltd. | 4669 | 14847 |
|  First Pacific Co. Ltd. | 35242 | 30153 |
|  Galaxy Entertainment Group Ltd. | 1076 | 5659 |
|  Hang Lung Group Ltd. | 18371 | 32166 |
|  Hang Seng Bank Ltd. | 1999 | 28565 |
|  Henderson Land Development Co. Ltd. | 3284 | 11332 |
|  Hong Kong & China Gas Co. Ltd. | 65234 | 58658 |
|  Hong Kong Exchanges & Clearing Ltd. | 296 | 17124 |
|  Hutchison Port Holdings Trust, Class U | 215000 | 46225 |
|  Jardine Matheson Holdings Ltd. | 3014 | 182618 |
|  Johnson Electric Holdings Ltd. | 6067 | 22211 |
|  Kerry Properties Ltd. | 12530 | 32370 |
|  Link REIT | 615 | 3269 |
|  MTR Corp. Ltd. | 8629 | 29177 |
|  PCCW Ltd. | 55769 | 37628 |
|  Power Assets Holdings Ltd. | 13779 | 89700 |
|  Prudential PLC | 874 | 11674 |
|  Shangri-La Asia Ltd. | 8580 | 5030 |
|  Sino Land Co. Ltd. | 13177 | 15652 |
|  SITC International Holdings Co. Ltd. | 1875 | 6609 |
|  Sun Hung Kai Properties Ltd. | 2311 | 27154 |
|  Swire Pacific Ltd., Class A | 3319 | 28418 |
|  Swire Pacific Ltd., Class B | 11018 | 16465 |
|  Techtronic Industries Co. Ltd. | 1562 | 20117 |
|  VTech Holdings Ltd. | 6793 | 54765 |
|  WH Group Ltd., 144A | 141760 | 151655 |
|  Xinyi Glass Holdings Ltd. | 5691 | 6212 |
|  Yue Yuen Industrial Holdings Ltd. | 12982 | 22897 |
|  (Cost $1,216,491) |  | **1474823** |
|  **Ireland — 0.4%** |  |  |
|  AIB Group PLC | 969 | 7872 |
|  Bank of Ireland Group PLC | 417 | 6170 |
|  DCC PLC | 559 | 35526 |
|  Experian PLC | 1171 | 60625 |
|  Glanbia PLC | 515 | 8572 |
|  James Hardie Industries PLC CDI \* | 599 | 12220 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kerry Group PLC, Class A | 1063 | 97238 |
|  Kingspan Group PLC | 98 | 7559 |
|  (Cost $231,126) |  | **235782** |
|  **Israel — 3.8%** |  |  |
|  Airport City Ltd. \* | 237 | 4296 |
|  Amot Investments Ltd. | 5191 | 37064 |
|  Azrieli Group Ltd. | 271 | 25929 |
|  Bank Hapoalim BM | 12702 | 247998 |
|  Bank Leumi Le-Israel BM | 17585 | 337551 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 86652 | 159207 |
|  Big Shopping Centers Ltd. | 144 | 28283 |
|  Elbit Systems Ltd. | 173 | 83636 |
|  Energix-Renewable Energies Ltd. | 822 | 3175 |
|  Enlight Renewable Energy Ltd. \* | 724 | 20508 |
|  First International Bank Of Israel Ltd. | 877 | 62119 |
|  Gav-Yam Lands Corp. Ltd. | 591 | 6943 |
|  Harel Insurance Investments & Financial Services Ltd. | 1546 | 51448 |
|  ICL Group Ltd. | 16967 | 110085 |
|  Israel Corp. Ltd. | 67 | 21639 |
|  Israel Discount Bank Ltd., Class A | 16721 | 165433 |
|  Melisron Ltd. | 375 | 43986 |
|  Menora Mivtachim Holdings Ltd. | 135 | 13082 |
|  Mivne Real Estate KD Ltd. | 3335 | 12235 |
|  Mizrahi Tefahot Bank Ltd. | 2401 | 156858 |
|  Nice Ltd. \* | 29 | 4113 |
|  Nova Ltd. \* | 118 | 31824 |
|  Phoenix Financial Ltd. | 3138 | 111276 |
|  Shapir Engineering and Industry Ltd. | 1573 | 12430 |
|  Shufersal Ltd. | 8448 | 104699 |
|  Strauss Group Ltd. | 1575 | 41327 |
|  Teva Pharmaceutical Industries Ltd. \* | 505 | 9063 |
|  Tower Semiconductor Ltd. \* | 1189 | 71989 |
|  (Cost $1,324,928) |  | **1978196** |
|  **Italy — 2.1%** |  |  |
|  A2A SpA | 14149 | 35574 |
|  Amplifon SpA | 289 | 5265 |
|  Banca Mediolanum SpA | 1246 | 25202 |
|  Banco BPM SpA | 2217 | 30426 |
|  BPER Banca SPA | 1029 | 10693 |
|  Brunello Cucinelli SpA | 98 | 11336 |
|  Buzzi SpA | 1024 | 51995 |
|  DiaSorin SpA | 88 | 8877 |
|  Enel SpA | 6979 | 64404 |
|  Eni SpA | 3178 | 56698 |
|  Ferrari NV | 67 | 31895 |
|  FinecoBank Banca Fineco SpA | 1966 | 43148 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 5

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Generali | 602 | 23507 |
|  Hera SpA | 14044 | 60395 |
|  Infrastrutture Wireless Italiane SpA, 144A | 1592 | 19305 |
|  Interpump Group SpA | 252 | 11976 |
|  Intesa Sanpaolo SpA | 2873 | 18075 |
|  Italgas SpA | 14146 | 127247 |
|  Leonardo SpA | 880 | 50194 |
|  Mediobanca Banca di Credito Finanziario SpA | 234 | 5670 |
|  Moncler SpA | 584 | 33953 |
|  Pirelli & C SpA, 144A | 4914 | 33660 |
|  Poste Italiane SpA, 144A | 813 | 19042 |
|  PRADA SpA | 702 | 4126 |
|  Prysmian SpA | 637 | 55712 |
|  Recordati Industria Chimica e Farmaceutica SpA | 550 | 33959 |
|  Reply SpA | 251 | 36166 |
|  Snam SpA | 5299 | 32278 |
|  Telecom Italia SpA \* | 19354 | 9279 |
|  Telecom Italia SpA-RSP \* | 19525 | 10549 |
|  Terna - Rete Elettrica Nazionale | 5930 | 59665 |
|  UniCredit SpA | 151 | 11672 |
|  Unipol Assicurazioni SpA | 2169 | 45318 |
|  (Cost $796,493) |  | **1077261** |
|  **Japan — 30.3%** |  |  |
|  ABC-Mart, Inc. | 1189 | 23703 |
|  Acom Co. Ltd. | 2100 | 6619 |
|  Activia Properties, Inc. REIT | 6 | 5533 |
|  Advance Residence Investment Corp. REIT | 12 | 13322 |
|  Aeon Co. Ltd. | 4422 | 53820 |
|  AEON REIT Investment Corp. REIT | 9 | 8061 |
|  AGC, Inc. | 654 | 20637 |
|  Aica Kogyo Co. Ltd. | 1314 | 33918 |
|  Air Water, Inc. | 1500 | 26332 |
|  Aisin Corp. | 4879 | 81480 |
|  Ajinomoto Co., Inc. | 1300 | 35496 |
|  Alfresa Holdings Corp. | 4100 | 62020 |
|  Alps Alpine Co. Ltd. | 2200 | 27143 |
|  Amada Co. Ltd. | 4343 | 55950 |
|  Amano Corp. | 1200 | 34547 |
|  ANA Holdings, Inc. | 1100 | 22255 |
|  As One Corp. | 300 | 5167 |
|  Asahi Group Holdings Ltd. | 3276 | 41423 |
|  Asahi Intecc Co. Ltd. | 216 | 3731 |
|  Asahi Kasei Corp. | 9619 | 79238 |
|  Asics Corp. | 300 | 8171 |
|  Azbil Corp. | 7452 | 75345 |
|  Bandai Namco Holdings, Inc. | 3400 | 117984 |
|  Bic Camera, Inc. | 6000 | 64791 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  BIPROGY, Inc. | 900 | 39016 |
|  Bridgestone Corp. | 2024 | 92374 |
|  Brother Industries Ltd. | 3742 | 63919 |
|  Calbee, Inc. | 480 | 8747 |
|  Canon Marketing Japan, Inc. | 1900 | 74111 |
|  Canon, Inc. | 4322 | 128048 |
|  Capcom Co. Ltd. | 1816 | 49536 |
|  Casio Computer Co. Ltd. | 2300 | 18978 |
|  Central Japan Railway Co. | 1055 | 28188 |
|  Chiba Bank Ltd. | 700 | 7268 |
|  Chubu Electric Power Co., Inc. | 3331 | 46168 |
|  Chugai Pharmaceutical Co. Ltd. | 400 | 17733 |
|  Chugin Financial Group, Inc. | 36 | 519 |
|  Chugoku Electric Power Co., Inc. | 2283 | 13784 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 1000 | 17524 |
|  COMSYS Holdings Corp. | 2834 | 71668 |
|  Concordia Financial Group Ltd. | 1100 | 8432 |
|  Cosmo Energy Holdings Co. Ltd. | 500 | 24298 |
|  Cosmos Pharmaceutical Corp. | 520 | 31499 |
|  Credit Saison Co. Ltd. | 300 | 7719 |
|  CyberAgent, Inc. | 2400 | 29341 |
|  Dai Nippon Printing Co. Ltd. | 5514 | 93080 |
|  Daicel Corp. | 2427 | 22605 |
|  Daido Steel Co. Ltd. | 375 | 3244 |
|  Daifuku Co. Ltd. | 1178 | 37685 |
|  Dai-ichi Life Holdings, Inc. | 2400 | 20048 |
|  Daiichi Sankyo Co. Ltd. | 100 | 2404 |
|  Daikin Industries Ltd. | 170 | 21536 |
|  Daito Trust Construction Co. Ltd. | 748 | 79958 |
|  Daiwa House Industry Co. Ltd. | 3702 | 131842 |
|  Daiwa House REIT Investment Corp. REIT | 12 | 10372 |
|  Daiwa Office Investment Corp. REIT | 3 | 7468 |
|  Daiwa Securities Group, Inc. | 1800 | 14135 |
|  Daiwa Securities Living Investments Corp. REIT | 10 | 7328 |
|  Denka Co. Ltd. | 1000 | 15280 |
|  Denso Corp. | 684 | 9948 |
|  Dentsu Soken, Inc. | 300 | 13506 |
|  Dexerials Corp. | 600 | 8257 |
|  DIC Corp. | 3000 | 70186 |
|  Disco Corp. | 26 | 7322 |
|  Dowa Holdings Co. Ltd. | 800 | 28453 |
|  East Japan Railway Co. | 3200 | 78766 |
|  Ebara Corp. | 1900 | 39961 |
|  Electric Power Development Co. Ltd. | 2376 | 45473 |
|  ENEOS Holdings, Inc. | 46720 | 279954 |
|  EXEO Group, Inc. | 5544 | 82126 |
|  Ezaki Glico Co. Ltd. | 700 | 23395 |
|  FANUC Corp. | 1480 | 42114 |

---

See Notes to Financial Statements.

6 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Fast Retailing Co. Ltd. | 41 | 12990 |
|  Food & Life Cos. Ltd. | 400 | 23230 |
|  FP Corp. | 1100 | 19711 |
|  Frontier Real Estate Investment Corp. REIT | 22 | 13111 |
|  Fuji Electric Co. Ltd. | 188 | 12094 |
|  Fuji Media Holdings, Inc. | 500 | 11279 |
|  FUJI OIL CO. LTD. | 400 | 9955 |
|  FUJIFILM Holdings Corp. | 1653 | 39528 |
|  Fujitec Co. Ltd. | 2000 | 76690 |
|  Fujitsu Ltd. | 4860 | 118368 |
|  Fukuoka Financial Group, Inc. | 200 | 6081 |
|  Furukawa Electric Co. Ltd. | 200 | 12769 |
|  GLP J REIT | 19 | 17780 |
|  GMO internet group, Inc. | 300 | 8081 |
|  Goldwin, Inc. | 100 | 4948 |
|  GS Yuasa Corp. | 638 | 14522 |
|  Gunma Bank Ltd. | 900 | 9516 |
|  Hakuhodo DY Holdings, Inc. | 669 | 5397 |
|  Hankyu Hanshin Holdings, Inc. | 967 | 28735 |
|  Haseko Corp. | 6497 | 107749 |
|  Heiwa Corp. | 800 | 11878 |
|  Hikari Tsushin, Inc. | 196 | 52529 |
|  Hirogin Holdings, Inc. | 600 | 5780 |
|  Hirose Electric Co. Ltd. | 491 | 64241 |
|  Hisamitsu Pharmaceutical Co., Inc. | 800 | 22923 |
|  Hitachi Construction Machinery Co. Ltd. | 400 | 12477 |
|  Hitachi Ltd. | 1530 | 42193 |
|  Honda Motor Co. Ltd. | 1835 | 20522 |
|  Horiba Ltd. | 107 | 8089 |
|  Hoshizaki Corp. | 1426 | 55302 |
|  House Foods Group, Inc. | 1157 | 22317 |
|  Hoya Corp. | 214 | 28057 |
|  Hulic Co. Ltd. | 5948 | 64048 |
|  Idemitsu Kosan Co. Ltd. | 10125 | 67856 |
|  Iida Group Holdings Co. Ltd. | 900 | 14230 |
|  Industrial & Infrastructure Fund Investment Corp. REIT | 12 | 10592 |
|  INFRONEER Holdings, Inc. | 84 | 842 |
|  Inpex Corp. | 2999 | 51432 |
|  Internet Initiative Japan, Inc. | 600 | 11354 |
|  Invincible Investment Corp. REIT | 31 | 14104 |
|  Isetan Mitsukoshi Holdings Ltd. | 800 | 13510 |
|  Isuzu Motors Ltd. | 5600 | 74241 |
|  Ito En Ltd. | 300 | 6900 |
|  ITOCHU Corp. | 936 | 53530 |
|  Itoham Yonekyu Holdings, Inc. | 560 | 21549 |
|  Iwatani Corp. | 900 | 9909 |
|  Iyogin Holdings, Inc. | 1100 | 15388 |
|  Izumi Co. Ltd. | 500 | 11044 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| J. Front Retailing Co. Ltd. | 2065 | 32320 |
|  Japan Airlines Co. Ltd. | 1300 | 27775 |
|  Japan Airport Terminal Co. Ltd. | 200 | 6920 |
|  Japan Hotel REIT Investment Corp. REIT | 19 | 11194 |
|  Japan Logistics Fund, Inc. REIT | 19 | 12682 |
|  Japan Metropolitan Fund Invest REIT | 19 | 14481 |
|  Japan Post Holdings Co. Ltd. | 500 | 5154 |
|  Japan Post Insurance Co. Ltd. | 400 | 11295 |
|  Japan Prime Realty Investment Corp. REIT | 35 | 24648 |
|  Japan Real Estate Investment Corp. REIT | 47 | 40942 |
|  Japan Steel Works Ltd. | 300 | 18377 |
|  Japan Tobacco, Inc. | 1264 | 40358 |
|  JFE Holdings, Inc. | 1000 | 12525 |
|  JGC Holdings Corp. | 100 | 961 |
|  JTEKT Corp. | 1100 | 10886 |
|  Justsystems Corp. | 300 | 9470 |
|  Kagome Co. Ltd. | 265 | 5195 |
|  Kajima Corp. | 3900 | 117007 |
|  Kakaku.com, Inc. | 800 | 15008 |
|  Kamigumi Co. Ltd. | 2432 | 73246 |
|  Kandenko Co. Ltd. | 3592 | 97320 |
|  Kaneka Corp. | 1222 | 35996 |
|  Kansai Electric Power Co., Inc. | 5411 | 75807 |
|  Kansai Paint Co. Ltd. | 4288 | 72749 |
|  Kao Corp. | 2553 | 116569 |
|  Kawasaki Heavy Industries Ltd. | 91 | 5594 |
|  KDDI Corp. | 5858 | 101759 |
|  KDX Realty Investment Corp. REIT | 85 | 97953 |
|  Keihan Holdings Co. Ltd. | 800 | 17523 |
|  Keikyu Corp. | 9500 | 100257 |
|  Keio Corp. | 500 | 12638 |
|  Keisei Electric Railway Co. Ltd. | 1200 | 11123 |
|  Kewpie Corp. | 2659 | 74921 |
|  Keyence Corp. | 22 | 8508 |
|  Kikkoman Corp. | 930 | 8051 |
|  Kinden Corp. | 4200 | 150808 |
|  Kintetsu Group Holdings Co. Ltd. | 900 | 18144 |
|  Kirin Holdings Co. Ltd. | 1712 | 24900 |
|  Kobayashi Pharmaceutical Co. Ltd. | 200 | 7252 |
|  Kobe Bussan Co. Ltd. | 300 | 8416 |
|  Kobe Steel Ltd. | 1200 | 14834 |
|  Koei Tecmo Holdings Co. Ltd. | 1100 | 14531 |
|  Koito Manufacturing Co. Ltd. | 3200 | 46019 |
|  Kokuyo Co. Ltd. | 15900 | 99022 |
|  Komatsu Ltd. | 3070 | 105341 |
|  Konami Group Corp. | 432 | 65922 |
|  Konica Minolta, Inc. \* | 1100 | 3787 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 7

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kose Corp. | 100 | 3884 |
|  Kotobuki Spirits Co. Ltd. | 400 | 4972 |
|  K's Holdings Corp. | 6011 | 61533 |
|  Kubota Corp. | 2400 | 28205 |
|  Kuraray Co. Ltd. | 9781 | 118245 |
|  Kurita Water Industries Ltd. | 428 | 14709 |
|  Kusuri no Aoki Holdings Co. Ltd. | 300 | 7995 |
|  Kyocera Corp. | 3188 | 42926 |
|  Kyowa Kirin Co. Ltd. | 200 | 3467 |
|  Kyudenko Corp. | 399 | 19316 |
|  Kyushu Electric Power Co., Inc. | 10364 | 109869 |
|  Kyushu Railway Co. | 1300 | 36027 |
|  LaSalle Logiport REIT | 10 | 9712 |
|  Lion Corp. | 8106 | 86926 |
|  Lixil Corp. | 1111 | 14525 |
|  LY Corp. | 1200 | 3832 |
|  Mabuchi Motor Co. Ltd. | 1200 | 20682 |
|  Makita Corp. | 2400 | 82171 |
|  Marubeni Corp. | 691 | 15917 |
|  Marui Group Co. Ltd. | 879 | 19020 |
|  Maruichi Steel Tube Ltd. | 1150 | 29826 |
|  Maruwa Co. Ltd./Aichi | 55 | 15242 |
|  MatsukiyoCocokara & Co. | 2891 | 60015 |
|  Mazda Motor Corp. | 800 | 5421 |
|  McDonald's Holdings Co. Japan Ltd. | 700 | 31228 |
|  Mebuki Financial Group, Inc. | 1500 | 9348 |
|  Medipal Holdings Corp. | 7151 | 127313 |
|  MEIJI Holdings Co. Ltd. | 3138 | 65357 |
|  MINEBEA MITSUMI, Inc. | 371 | 6437 |
|  MISUMI Group, Inc. | 3740 | 57517 |
|  Mitsubishi Chemical Group Corp. | 8102 | 46606 |
|  Mitsubishi Corp. | 408 | 9320 |
|  Mitsubishi Electric Corp. | 4774 | 115493 |
|  Mitsubishi Estate Co. Ltd. | 1100 | 23659 |
|  Mitsubishi Gas Chemical Co., Inc. | 2567 | 46891 |
|  Mitsubishi HC Capital, Inc. | 1250 | 10306 |
|  Mitsubishi Heavy Industries Ltd. | 1730 | 44221 |
|  Mitsubishi Logistics Corp. | 2400 | 20097 |
|  Mitsubishi Materials Corp. | 500 | 8691 |
|  Mitsubishi Motors Corp. | 1400 | 3874 |
|  Mitsui & Co. Ltd. | 750 | 17500 |
|  Mitsui Chemicals, Inc. | 800 | 19822 |
|  Mitsui Fudosan Co. Ltd. | 1300 | 13901 |
|  Mitsui Fudosan Logistics Park, Inc. REIT | 8 | 5972 |
|  Mitsui Mining & Smelting Co. Ltd. | 1100 | 78852 |
|  Mitsui OSK Lines Ltd. | 674 | 21800 |
|  Miura Co. Ltd. | 1300 | 25154 |
|  Mizuho Financial Group, Inc. | 80 | 2667 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  MonotaRO Co. Ltd. | 700 | 12145 |
|  Mori Hills REIT Investment Corp. REIT | 12 | 11630 |
|  Morinaga & Co. Ltd. | 1700 | 30938 |
|  Morinaga Milk Industry Co. Ltd. | 1600 | 35950 |
|  MS&AD Insurance Group Holdings, Inc. | 1500 | 35369 |
|  Murata Manufacturing Co. Ltd. | 2451 | 40598 |
|  Nabtesco Corp. | 1000 | 21338 |
|  Nagase & Co. Ltd. | 3665 | 79178 |
|  Nagoya Railroad Co. Ltd. | 1100 | 12613 |
|  Nankai Electric Railway Co. Ltd. | 718 | 12944 |
|  NEC Corp. | 3440 | 106299 |
|  Nexon Co. Ltd. | 300 | 6855 |
|  NGK Insulators Ltd. | 3477 | 55533 |
|  NH Foods Ltd. | 900 | 34112 |
|  NHK Spring Co. Ltd. | 6200 | 78437 |
|  Nichias Corp. | 1700 | 66171 |
|  Nichirei Corp. | 1200 | 13870 |
|  Nidec Corp. | 1200 | 26244 |
|  Nifco, Inc. | 1161 | 33685 |
|  Nihon Kohden Corp. | 1600 | 17964 |
|  Nikon Corp. | 600 | 6818 |
|  Nintendo Co. Ltd. | 850 | 77054 |
|  Nippon Accommodations Fund, Inc. REIT | 11 | 9245 |
|  Nippon Building Fund, Inc. REIT | 41 | 39709 |
|  Nippon Electric Glass Co. Ltd. | 1100 | 33863 |
|  NIPPON EXPRESS HOLDINGS, Inc. | 6308 | 138984 |
|  Nippon Kayaku Co. Ltd. | 2800 | 27328 |
|  Nippon Paint Holdings Co. Ltd. | 200 | 1462 |
|  Nippon Prologis REIT, Inc. REIT | 17 | 9900 |
|  Nippon Sanso Holdings Corp. | 359 | 13169 |
|  Nippon Shinyaku Co. Ltd. | 300 | 6389 |
|  Nippon Shokubai Co. Ltd. | 5000 | 63222 |
|  Nippon Steel Corp. | 2413 | 51194 |
|  Nippon Television Holdings, Inc. | 1000 | 26392 |
|  Nippon Yusen KK | 900 | 32690 |
|  Nipro Corp. | 1000 | 10247 |
|  Nissan Chemical Corp. | 483 | 17221 |
|  Nissan Motor Co. Ltd. \* | 1000 | 2264 |
|  Nisshin Seifun Group, Inc. | 1178 | 14361 |
|  Nissin Foods Holdings Co. Ltd. | 552 | 10422 |
|  Niterra Co. Ltd. | 1602 | 57894 |
|  Nitori Holdings Co. Ltd. | 81 | 7478 |
|  Nitto Denko Corp. | 4951 | 113503 |
|  NOF Corp. | 3521 | 66223 |
|  NOK Corp. | 3300 | 57942 |
|  Nomura Holdings, Inc. | 1200 | 8663 |
|  Nomura Real Estate Holdings, Inc. | 5130 | 31938 |

---

See Notes to Financial Statements.

8 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Nomura Real Estate Master Fund, Inc. REIT | 20 | 21931 |
|  Nomura Research Institute Ltd. | 1500 | 59213 |
|  NS Solutions Corp. | 600 | 14323 |
|  NSK Ltd. | 800 | 4247 |
|  NTT Data Group Corp. | 300 | 8083 |
|  NTT, Inc. | 10175 | 10797 |
|  Obayashi Corp. | 4362 | 71197 |
|  OBIC Business Consultants Co. Ltd. | 200 | 11663 |
|  Obic Co. Ltd. | 975 | 34743 |
|  Odakyu Electric Railway Co. Ltd. | 400 | 4592 |
|  Oji Holdings Corp. | 19788 | 109408 |
|  OKUMA Corp. | 400 | 9590 |
|  Olympus Corp. | 1900 | 22290 |
|  Ono Pharmaceutical Co. Ltd. | 1977 | 22312 |
|  Open House Group Co. Ltd. | 2280 | 117412 |
|  Oracle Corp. | 200 | 20807 |
|  Organo Corp. | 100 | 7676 |
|  Oriental Land Co. Ltd. | 190 | 4554 |
|  ORIX Corp. | 1836 | 47893 |
|  Orix JREIT, Inc. REIT | 48 | 32038 |
|  Osaka Gas Co. Ltd. | 5629 | 160905 |
|  Otsuka Corp. | 1816 | 37501 |
|  Otsuka Holdings Co. Ltd. | 2734 | 144609 |
|  PALTAC Corp. | 1082 | 33390 |
|  Pan Pacific International Holdings Corp. | 899 | 32672 |
|  Panasonic Holdings Corp. | 6972 | 71940 |
|  Park24 Co. Ltd. | 800 | 11034 |
|  Persol Holdings Co. Ltd. | 39090 | 73401 |
|  Pola Orbis Holdings, Inc. | 400 | 3524 |
|  Rakuten Group, Inc. \* | 2000 | 12490 |
|  Recruit Holdings Co. Ltd. | 457 | 26703 |
|  Rengo Co. Ltd. | 1212 | 7614 |
|  Resona Holdings, Inc. | 1000 | 10182 |
|  Resonac Holdings Corp. | 1400 | 37073 |
|  Resorttrust, Inc. | 3000 | 38505 |
|  Ricoh Co. Ltd. | 2700 | 24182 |
|  Rinnai Corp. | 1651 | 41223 |
|  Rohto Pharmaceutical Co. Ltd. | 322 | 5523 |
|  Ryohin Keikaku Co. Ltd. | 3200 | 69481 |
|  Sankyo Co. Ltd. | 6945 | 140579 |
|  Sankyu, Inc. | 1100 | 61501 |
|  Sanrio Co. Ltd. | 200 | 10504 |
|  Santen Pharmaceutical Co. Ltd. | 6400 | 68108 |
|  Sanwa Holdings Corp. | 4200 | 136563 |
|  Sapporo Holdings Ltd. | 200 | 10271 |
|  SBI Holdings, Inc. | 700 | 33368 |
|  SCSK Corp. | 1800 | 57730 |
|  Secom Co. Ltd. | 1847 | 68534 |
|  Sega Sammy Holdings, Inc. | 2400 | 50215 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Seibu Holdings, Inc. | 600 | 21851 |
|  Seiko Epson Corp. | 3251 | 41904 |
|  Seino Holdings Co. Ltd. | 4000 | 62660 |
|  Sekisui Chemical Co. Ltd. | 9701 | 185827 |
|  Sekisui House Ltd. | 1536 | 34868 |
|  Sekisui House Reit, Inc. REIT | 70 | 38522 |
|  Seven & i Holdings Co. Ltd. | 1700 | 22155 |
|  Seven Bank Ltd. | 2300 | 4548 |
|  SG Holdings Co. Ltd. | 1560 | 16883 |
|  Sharp Corp. \* | 800 | 4848 |
|  Shikoku Electric Power Co., Inc. | 4200 | 39690 |
|  Shimadzu Corp. | 1096 | 27037 |
|  Shimamura Co. Ltd. | 627 | 46483 |
|  Shimano, Inc. | 162 | 18128 |
|  Shimizu Corp. | 2546 | 34481 |
|  Shin-Etsu Chemical Co. Ltd. | 435 | 13501 |
|  Shionogi & Co. Ltd. | 2700 | 46893 |
|  Ship Healthcare Holdings, Inc. | 1100 | 16707 |
|  Shizuoka Financial Group, Inc. | 700 | 9397 |
|  SHO-BOND Holdings Co. Ltd. | 349 | 12173 |
|  Skylark Holdings Co. Ltd. | 2360 | 47417 |
|  SMC Corp. | 18 | 5590 |
|  SoftBank Corp. | 31850 | 49502 |
|  Sohgo Security Services Co. Ltd. | 16235 | 124561 |
|  Sojitz Corp. | 1020 | 27149 |
|  Sompo Holdings, Inc. | 4000 | 129596 |
|  Sony Group Corp. | 865 | 24054 |
|  Sotetsu Holdings, Inc. | 200 | 3532 |
|  Square Enix Holdings Co. Ltd. | 600 | 41417 |
|  Stanley Electric Co. Ltd. | 2131 | 43571 |
|  Subaru Corp. | 3664 | 73205 |
|  Sugi Holdings Co. Ltd. | 1705 | 43129 |
|  Sumitomo Bakelite Co. Ltd. | 400 | 13594 |
|  Sumitomo Chemical Co. Ltd. | 3800 | 11540 |
|  Sumitomo Corp. | 2032 | 57393 |
|  Sumitomo Electric Industries Ltd. | 7726 | 221164 |
|  Sumitomo Forestry Co. Ltd. | 1049 | 12049 |
|  Sumitomo Heavy Industries Ltd. | 149 | 3346 |
|  Sumitomo Metal Mining Co. Ltd. | 269 | 7393 |
|  Sumitomo Mitsui Financial Group, Inc. | 300 | 8271 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 300 | 8620 |
|  Sumitomo Realty & Development Co. Ltd. | 871 | 36163 |
|  Sumitomo Rubber Industries Ltd. | 2000 | 23702 |
|  Sundrug Co. Ltd. | 688 | 21691 |
|  Suntory Beverage & Food Ltd. | 1274 | 39567 |
|  Suzuken Co. Ltd. | 2684 | 106629 |
|  Suzuki Motor Corp. | 3868 | 51925 |
|  Sysmex Corp. | 1081 | 13753 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 9

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  T&D Holdings, Inc. | 600 | 15770 |
|  Taiheiyo Cement Corp. | 3500 | 95852 |
|  Taisei Corp. | 634 | 43224 |
|  Takara Holdings, Inc. | 1300 | 15003 |
|  Takasago Thermal Engineering Co. Ltd. | 300 | 18334 |
|  Takashimaya Co. Ltd. | 2200 | 19569 |
|  Takeda Pharmaceutical Co. Ltd. | 100 | 3011 |
|  TBS Holdings, Inc. | 200 | 7380 |
|  TDK Corp. | 4350 | 57358 |
|  TechnoPro Holdings, Inc. | 887 | 29155 |
|  Teijin Ltd. | 3220 | 27655 |
|  Terumo Corp. | 432 | 7837 |
|  THK Co. Ltd. | 500 | 13652 |
|  TIS, Inc. | 2700 | 90567 |
|  Tobu Railway Co. Ltd. | 500 | 9123 |
|  Toda Corp. | 3800 | 27188 |
|  Toho Co. Ltd. | 1259 | 80243 |
|  Toho Gas Co. Ltd. | 1500 | 45707 |
|  Tohoku Electric Power Co., Inc. | 6319 | 48977 |
|  Tokai Carbon Co. Ltd. | 1000 | 6933 |
|  Tokio Marine Holdings, Inc. | 800 | 34877 |
|  Tokyo Gas Co. Ltd. | 3759 | 144190 |
|  Tokyo Ohka Kogyo Co. Ltd. | 500 | 16179 |
|  Tokyo Tatemono Co. Ltd. | 2600 | 49415 |
|  Tokyu Corp. | 1200 | 15206 |
|  Tokyu Fudosan Holdings Corp. | 2322 | 18812 |
|  Tomy Co. Ltd. | 1900 | 43830 |
|  TOPPAN Holdings, Inc. | 4665 | 121689 |
|  Toray Industries, Inc. | 9600 | 64946 |
|  Toridoll Holdings Corp. | 100 | 3371 |
|  Tosoh Corp. | 7141 | 113541 |
|  TOTO Ltd. | 1380 | 36026 |
|  Toyo Seikan Group Holdings Ltd. | 1421 | 34735 |
|  Toyo Suisan Kaisha Ltd. | 1085 | 75265 |
|  Toyo Tire Corp. | 1500 | 38495 |
|  Toyoda Gosei Co. Ltd. | 1184 | 29079 |
|  Toyota Boshoku Corp. | 1100 | 18153 |
|  Toyota Tsusho Corp. | 769 | 20803 |
|  Trend Micro, Inc. | 894 | 47804 |
|  TS Tech Co. Ltd. | 1658 | 21004 |
|  Tsuruha Holdings, Inc. | 2565 | 39691 |
|  UBE Corp. | 1093 | 17416 |
|  Unicharm Corp. | 1031 | 6907 |
|  United Urban Investment Corp. REIT | 11 | 13276 |
|  Ushio, Inc. | 1101 | 16152 |
|  USS Co. Ltd. | 6700 | 81454 |
|  Welcia Holdings Co. Ltd. | 1000 | 17647 |
|  West Japan Railway Co. | 2900 | 65081 |
|  Workman Co. Ltd. | 400 | 14521 |
|  Yakult Honsha Co. Ltd. | 1300 | 21272 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yamada Holdings Co. Ltd. | 7957 | 25178 |
|  Yamaguchi Financial Group, Inc. | 500 | 6057 |
|  Yamaha Corp. | 3800 | 25301 |
|  Yamaha Motor Co. Ltd. | 3400 | 24963 |
|  Yamato Holdings Co. Ltd. | 4400 | 74739 |
|  Yamato Kogyo Co. Ltd. | 800 | 52814 |
|  Yamazaki Baking Co. Ltd. | 353 | 8213 |
|  Yaoko Co. Ltd. | 357 | 22270 |
|  Yaskawa Electric Corp. | 300 | 6044 |
|  Yokogawa Electric Corp. | 1600 | 47371 |
|  Yokohama Rubber Co. Ltd. | 700 | 26203 |
|  Zenkoku Hosho Co. Ltd. | 2076 | 47791 |
|  Zensho Holdings Co. Ltd. | 100 | 6351 |
|  Zeon Corp. | 7159 | 82744 |
|  ZOZO, Inc. | 1700 | 15903 |
|  (Cost $12,971,827) |  | **15838962** |
|  **Luxembourg — 0.2%** |  |  |
|  ArcelorMittal SA | 835 | 27816 |
|  CVC Capital Partners PLC, 144A | 418 | 8440 |
|  Eurofins Scientific SE | 416 | 31563 |
|  RTL Group SA | 698 | 28759 |
|  Tenaris SA | 901 | 16362 |
|  (Cost $98,822) |  | **112940** |
|  **Mexico — 0.0%** |  |  |
|  Fresnillo PLC |  |  |
|  (Cost $11,202) | 942 | **22756** |
|  **Netherlands — 2.3%** |  |  |
|  Aalberts NV | 343 | 12012 |
|  ABN AMRO Bank NV CVA, 144A | 428 | 12349 |
|  Akzo Nobel NV | 591 | 40814 |
|  ASM International NV | 11 | 5288 |
|  ASR Nederland NV | 364 | 25257 |
|  BE Semiconductor Industries NV | 21 | 2829 |
|  CTP NV, 144A | 1988 | 42723 |
|  Euronext NV, 144A | 74 | 12222 |
|  EXOR NV | 710 | 71180 |
|  Ferrovial SE | 1480 | 80883 |
|  Heineken Holding NV | 714 | 50604 |
|  Heineken NV | 201 | 16234 |
|  IMCD NV | 67 | 7527 |
|  ING Groep NV | 761 | 18136 |
|  JDE Peet's NV | 719 | 26291 |
|  Koninklijke Ahold Delhaize NV | 8009 | 321078 |
|  Koninklijke KPN NV | 37133 | 177160 |
|  Koninklijke Philips NV | 734 | 20233 |
|  Koninklijke Vopak NV | 1290 | 62391 |
|  NN Group NV | 308 | 21206 |
|  Prosus NV \* | 66 | 4080 |
|  QIAGEN NV | 755 | 35093 |
|  Randstad NV | 303 | 14325 |

---

See Notes to Financial Statements.

10 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Universal Music Group NV | 400 | 11302 |
|  Wolters Kluwer NV | 713 | 89799 |
|  (Cost $988,520) |  | **1181016** |
|  **New Zealand — 0.7%** |  |  |
|  Air New Zealand Ltd. | 19441 | 6768 |
|  Auckland International Airport Ltd. | 5146 | 22925 |
|  Contact Energy Ltd. | 15664 | 83553 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 5024 | 108497 |
|  Fletcher Building Ltd. \* | 1031 | 1916 |
|  Infratil Ltd. | 6082 | 40767 |
|  Mainfreight Ltd. | 297 | 10401 |
|  Mercury NZ Ltd. | 6267 | 24258 |
|  Meridian Energy Ltd. | 4291 | 14457 |
|  Ryman Healthcare Ltd. \* | 2985 | 4210 |
|  Spark New Zealand Ltd. | 1696 | 2582 |
|  Xero Ltd. \* | 264 | 28266 |
|  (Cost $323,614) |  | **348600** |
|  **Norway — 1.5%** |  |  |
|  Aker ASA, Class A | 154 | 11235 |
|  Aker BP ASA | 1189 | 30046 |
|  DNB Bank ASA | 1427 | 37594 |
|  Equinor ASA | 1426 | 35169 |
|  Gjensidige Forsikring ASA | 1308 | 36347 |
|  Kongsberg Gruppen ASA | 1993 | 59518 |
|  Mowi ASA | 2875 | 59117 |
|  Norsk Hydro ASA | 7628 | 49485 |
|  Orkla ASA | 17693 | 197754 |
|  Salmar ASA | 130 | 6657 |
|  Telenor ASA | 8457 | 141070 |
|  Var Energi ASA | 6939 | 23737 |
|  Vend Marketplaces ASA | 985 | 38175 |
|  Vend Marketplaces ASA, Class B | 1132 | 41348 |
|  Yara International ASA | 600 | 21838 |
|  (Cost $660,957) |  | **789090** |
|  **Poland — 0.4%** |  |  |
|  Bank Polska Kasa Opieki SA | 448 | 22530 |
|  Dino Polska SA, 144A \* | 2738 | 34136 |
|  KGHM Polska Miedz SA \* | 304 | 10678 |
|  LPP SA | 1 | 4734 |
|  ORLEN SA | 2758 | 58870 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 872 | 16990 |
|  Powszechny Zaklad Ubezpieczen SA | 3068 | 50989 |
|  Santander Bank Polska SA | 67 | 9304 |
|  (Cost $148,890) |  | **208231** |
|  **Portugal — 0.3%** |  |  |
|  Banco Comercial Portugues SA, Class R | 7257 | 6150 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  EDP SA | 4714 | 20896 |
|  Galp Energia SGPS SA | 956 | 18575 |
|  Jeronimo Martins SGPS SA | 4018 | 99423 |
|  (Cost $126,124) |  | **145044** |
|  **Russia — 0.0%** |  |  |
|  Evraz PLC \* (c) |  |  |
|  (Cost $35,071) | 4559 | **0** |
|  **Singapore — 3.2%** |  |  |
|  BOC Aviation Ltd., 144A | 1994 | 17853 |
|  CapitaLand Ascendas REIT | 36436 | 77245 |
|  CapitaLand Ascott Trust (a) | 29055 | 20042 |
|  CapitaLand Integrated Commercial Trust REIT | 45754 | 81309 |
|  CapitaLand Investment Ltd. | 5000 | 10756 |
|  City Developments Ltd. | 800 | 4240 |
|  ComfortDelGro Corp. Ltd. | 85344 | 96453 |
|  DBS Group Holdings Ltd. | 1688 | 66468 |
|  Frasers Logistics & Commercial Trust REIT | 14700 | 10426 |
|  Genting Singapore Ltd. | 57700 | 32380 |
|  Jardine Cycle & Carriage Ltd. | 1810 | 39896 |
|  Keppel REIT | 9572 | 7274 |
|  Keppel DC REIT | 57260 | 105326 |
|  Keppel Ltd. | 10462 | 71350 |
|  Mapletree Industrial Trust REIT | 5313 | 8531 |
|  Mapletree Logistics Trust REIT | 14667 | 13947 |
|  Mapletree Pan Asia Commercial Trust REIT | 27691 | 29785 |
|  NETLINK NBN TRUST | 48800 | 35373 |
|  Oversea-Chinese Banking Corp. Ltd. | 4562 | 59523 |
|  SATS Ltd. | 20400 | 52630 |
|  Sembcorp Industries Ltd. | 6153 | 29110 |
|  SIA Engineering Co. Ltd. | 4700 | 11503 |
|  Singapore Airlines Ltd. | 15300 | 78468 |
|  Singapore Exchange Ltd. | 17780 | 229630 |
|  Singapore Technologies Engineering Ltd. | 27928 | 167176 |
|  Singapore Telecommunications Ltd. | 22366 | 75134 |
|  StarHub Ltd. | 19600 | 17110 |
|  Suntec Real Estate Investment Trust REIT | 15000 | 15433 |
|  United Overseas Bank Ltd. | 2200 | 60341 |
|  UOL Group Ltd. | 3729 | 21653 |
|  Venture Corp. Ltd. | 7462 | 78982 |
|  Wilmar International Ltd. | 13200 | 30351 |
|  (Cost $1,347,453) |  | **1655698** |
|  **South Korea — 3.9%** |  |  |
|  BGF retail Co. Ltd. | 165 | 13922 |
|  BNK Financial Group, Inc. | 5512 | 57092 |
|  Cheil Worldwide, Inc. | 2855 | 40661 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 11

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
|  CJ CheilJedang Corp. | 65 | 10707 |
|  CJ Corp. | 152 | 17482 |
|  CJ Logistics Corp. | 42 | 2523 |
|  Coway Co. Ltd. | 581 | 43546 |
|  DB Insurance Co. Ltd. | 600 | 56925 |
|  Dongsuh Cos., Inc. | 143 | 2803 |
|  Doosan Bobcat, Inc. \* | 134 | 5147 |
|  E-MART, Inc. | 366 | 18823 |
|  F&F Co. Ltd. / New | 114 | 5453 |
|  GS Engineering & Construction Corp. | 744 | 9991 |
|  GS Holdings Corp. | 499 | 16331 |
|  GS Retail Co. Ltd. | 405 | 4722 |
|  Hana Financial Group, Inc. | 675 | 39910 |
|  Hankook Tire & Technology Co. Ltd. | 370 | 10686 |
|  Hanwha Corp. | 94 | 5666 |
|  Hanwha Vision Co. Ltd. \* | 459 | 17597 |
|  HD Hyundai Co. Ltd. | 641 | 63212 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 234 | 68420 |
|  Hite Jinro Co. Ltd. | 481 | 6608 |
|  HL Mando Co. Ltd. | 309 | 7935 |
|  Hyundai Engineering & Construction Co. Ltd. | 1116 | 49850 |
|  Hyundai Glovis Co. Ltd. | 750 | 99479 |
|  Hyundai Marine & Fire Insurance Co. Ltd. \* | 159 | 3191 |
|  Hyundai Mobis Co. Ltd. | 420 | 96220 |
|  Hyundai Motor Co. | 47 | 7438 |
|  Hyundai Steel Co. | 258 | 5957 |
|  iM Financial Group Co. Ltd. | 2060 | 20315 |
|  Industrial Bank of Korea | 1708 | 23367 |
|  Kangwon Land, Inc. | 1718 | 22305 |
|  KB Financial Group, Inc. | 557 | 43350 |
|  KCC Corp. | 24 | 6871 |
|  Kia Corp. | 406 | 30897 |
|  Korea Electric Power Corp. | 783 | 20473 |
|  Korea Investment Holdings Co. Ltd. | 336 | 32482 |
|  Korean Air Lines Co. Ltd. | 3434 | 58664 |
|  Krafton, Inc. \* | 17 | 4005 |
|  KT&G Corp. | 1947 | 188643 |
|  LG Corp. | 222 | 11896 |
|  LG Display Co. Ltd. \* | 1577 | 13612 |
|  LG Electronics, Inc. | 292 | 15522 |
|  LG H&H Co. Ltd. | 34 | 7227 |
|  LG Innotek Co. Ltd. | 50 | 6082 |
|  LG Uplus Corp. | 8892 | 94980 |
|  Lotte Shopping Co. Ltd. | 52 | 2472 |
|  Meritz Financial Group, Inc. | 30 | 2730 |
|  Mirae Asset Securities Co. Ltd. | 2197 | 30263 |
|  Misto Holdings Corp. | 321 | 9640 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NAVER Corp. | 137 | 21138 |
|  NH Investment & Securities Co. Ltd. | 589 | 8232 |
|  NongShim Co. Ltd. | 72 | 21234 |
|  Orion Corp. | 458 | 35513 |
|  Otoki Corp. | 65 | 17930 |
|  POSCO Holdings, Inc. | 32 | 6571 |
|  S-1 Corp. | 784 | 45171 |
|  Samsung Biologics Co. Ltd., 144A \* | 10 | 7200 |
|  Samsung C&T Corp. | 516 | 62280 |
|  Samsung Card Co. Ltd. | 688 | 24991 |
|  Samsung Electro-Mechanics Co. Ltd. | 290 | 33480 |
|  Samsung Electronics Co. Ltd. | 131 | 6568 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 101 | 32256 |
|  Samsung Life Insurance Co. Ltd. | 55 | 5661 |
|  Samsung SDS Co. Ltd. | 161 | 17058 |
|  Samsung Securities Co. Ltd. | 1017 | 50329 |
|  Shinhan Financial Group Co. Ltd. | 935 | 43917 |
|  SK Hynix, Inc. | 386 | 74687 |
|  SK, Inc. | 55 | 8189 |
|  S-Oil Corp. \* | 119 | 5161 |
|  Woori Financial Group, Inc. | 5441 | 97059 |
|  Yuhan Corp. | 88 | 7184 |
|  (Cost $1,384,509) |  | **2065902** |
|  **Spain — 1.9%** |  |  |
|  Acciona SA | 278 | 55057 |
|  ACS Actividades de Construccion y Servicios SA | 2528 | 191005 |
|  Aena Sme SA, 144A | 2060 | 59654 |
|  Amadeus IT Group SA | 633 | 53050 |
|  Banco Bilbao Vizcaya Argentaria SA | 257 | 4660 |
|  Banco Santander SA | 1210 | 11557 |
|  Bankinter SA | 1623 | 24212 |
|  CaixaBank SA | 2059 | 20558 |
|  Cellnex Telecom SA, 144A \* | 264 | 9391 |
|  Corp ACCIONA Energias Renovables SA | 229 | 6160 |
|  Endesa SA | 3132 | 95463 |
|  Iberdrola SA | 4570 | 85988 |
|  Industria de Diseno Textil SA | 187 | 9237 |
|  Mapfre SA | 10696 | 46874 |
|  Merlin Properties Socimi SA REIT | 985 | 14677 |
|  Naturgy Energy Group SA | 1131 | 35876 |
|  Redeia Corp. SA | 3677 | 71488 |
|  Repsol SA | 2967 | 48655 |
|  Telefonica SA | 28475 | 152585 |
|  (Cost $757,915) |  | **996147** |

---

See Notes to Financial Statements.

12 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Sweden — 4.4%** |  |  |
|  AAK AB | 2363 | 67849 |
|  AddTech AB, Class B | 1042 | 36502 |
|  Alfa Laval AB | 1593 | 72447 |
|  Assa Abloy AB, Class B | 1798 | 63460 |
|  Atlas Copco AB, Class A | 1346 | 21471 |
|  Atlas Copco AB, Class B | 775 | 11008 |
|  Axfood AB | 285 | 8987 |
|  Beijer Ref AB | 504 | 8567 |
|  Boliden AB \* | 5930 | 204097 |
|  Castellum AB | 416 | 4711 |
|  Epiroc AB, Class A | 1493 | 31166 |
|  Epiroc AB, Class B | 991 | 18425 |
|  EQT AB | 145 | 5208 |
|  Essity AB, Class B | 6620 | 178752 |
|  Getinge AB, Class B | 616 | 13483 |
|  H & M Hennes & Mauritz AB, Class B | 941 | 13803 |
|  Hexagon AB, Class B | 2241 | 24941 |
|  Holmen AB, Class B | 1245 | 48453 |
|  Industrivarden AB, Class A | 1204 | 47875 |
|  Industrivarden AB, Class C | 1524 | 60599 |
|  Indutrade AB | 812 | 20193 |
|  Investment AB Latour, Class B | 336 | 8522 |
|  Investor AB, Class A | 898 | 27653 |
|  Investor AB, Class B | 2982 | 91781 |
|  L E Lundbergforetagen AB, Class B | 205 | 10369 |
|  Lifco AB, Class B | 735 | 26089 |
|  Saab AB, Class B | 387 | 21881 |
|  Sagax AB, Class B | 353 | 7645 |
|  Sagax AB, Class D | 5337 | 19310 |
|  Sandvik AB | 1723 | 43521 |
|  Securitas AB, Class B | 9772 | 149428 |
|  Skandinaviska Enskilda Banken AB, Class A | 868 | 16042 |
|  Skanska AB, Class B | 5833 | 144684 |
|  SKF AB, Class B | 819 | 20998 |
|  SSAB AB, Class A | 1092 | 6349 |
|  SSAB AB, Class B | 2815 | 15957 |
|  Svenska Cellulosa AB SCA, Class B | 2313 | 31447 |
|  Svenska Handelsbanken AB, Class A | 936 | 12029 |
|  Sweco AB, Class B | 1823 | 30736 |
|  Swedbank AB, Class A | 1251 | 35180 |
|  Swedish Orphan Biovitrum AB \* | 664 | 20146 |
|  Tele2 AB, Class B | 12672 | 223024 |
|  Telefonaktiebolaget LM Ericsson, Class B | 20634 | 164138 |
|  Telia Co. AB | 34923 | 130232 |
|  Trelleborg AB, Class B | 1096 | 42376 |
|  Volvo AB, Class A | 172 | 5277 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Volvo AB, Class B | 1596 | 49047 |
|  (Cost $1,959,247) |  | **2315858** |
|  **Switzerland — 4.2%** |  |  |
|  ABB Ltd. | 1039 | 69800 |
|  Adecco Group AG | 329 | 10541 |
|  Alcon, Inc. | 507 | 40393 |
|  Amrize Ltd. \* | 1028 | 53700 |
|  Baloise Holding AG | 33 | 8565 |
|  Banque Cantonale Vaudoise | 28 | 3259 |
|  Belimo Holding AG | 109 | 120043 |
|  BKW AG | 264 | 55043 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 5 | 76278 |
|  Cie Financiere Richemont SA, Class A | 58 | 10144 |
|  Clariant AG \* | 3439 | 35356 |
|  Coca-Cola HBC AG \* | 2844 | 143552 |
|  DKSH Holding AG | 855 | 62917 |
|  DSM-Firmenich AG | 255 | 24923 |
|  Emmi AG | 17 | 15871 |
|  EMS-Chemie Holding AG | 40 | 30712 |
|  Flughafen Zurich AG | 245 | 74875 |
|  Galderma Group AG | 48 | 8386 |
|  Geberit AG | 158 | 115912 |
|  Georg Fischer AG | 422 | 33747 |
|  Givaudan SA | 8 | 33740 |
|  Glencore PLC \* | 2224 | 8780 |
|  Helvetia Holding AG | 67 | 17256 |
|  Holcim AG \* | 1028 | 86197 |
|  Julius Baer Group Ltd. | 288 | 20797 |
|  Kuehne + Nagel International AG | 127 | 25875 |
|  Logitech International SA | 874 | 90370 |
|  Lonza Group AG | 48 | 34060 |
|  Nestle SA | 63 | 5944 |
|  Novartis AG | 289 | 36588 |
|  Partners Group Holding AG | 40 | 54940 |
|  PSP Swiss Property AG | 512 | 85221 |
|  Roche Holding AG | 56 | 18243 |
|  Sandoz Group AG | 1364 | 85625 |
|  Schindler Holding AG | 103 | 36866 |
|  Schindler Holding AG Participation Certificates | 188 | 69925 |
|  SGS SA | 759 | 77472 |
|  SIG Group AG \* | 2362 | 37453 |
|  Sika AG | 89 | 20661 |
|  Sonova Holding AG | 158 | 46052 |
|  STMicroelectronics NV | 103 | 2803 |
|  STMicroelectronics NV, Class Y | 104 | 2807 |
|  Straumann Holding AG | 89 | 10450 |
|  Swatch Group AG — Bearer | 70 | 12663 |
|  Swatch Group AG — Registered | 133 | 4914 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 13

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Swiss Life Holding AG | 19 | 20544 |
|  Swiss Prime Site AG | 427 | 59424 |
|  Swiss Re AG | 327 | 59298 |
|  Swisscom AG | 65 | 47018 |
|  Temenos AG | 116 | 10322 |
|  UBS Group AG | 331 | 13413 |
|  VAT Group AG, 144A | 23 | 7524 |
|  Zurich Insurance Group AG | 49 | 35837 |
|  (Cost $1,704,292) |  | **2173099** |
|  **Thailand — 0.1%** |  |  |
|  Thai Beverage PCL |  |  |
|  (Cost $55,905) | 143100 | **51306** |
|  **United Kingdom — 10.5%** |  |  |
|  3i Group PLC | 4528 | 245865 |
|  Admiral Group PLC | 1753 | 85878 |
|  Airtel Africa PLC, 144A | 3570 | 10698 |
|  Anglo American PLC | 257 | 7910 |
|  Ashtead Group PLC | 279 | 20528 |
|  Associated British Foods PLC | 1539 | 44912 |
|  AstraZeneca PLC | 74 | 11787 |
|  Auto Trader Group PLC, 144A | 6936 | 75267 |
|  Aviva PLC | 3680 | 32397 |
|  B&M European Value Retail SA | 2120 | 6894 |
|  BAE Systems PLC | 2377 | 56441 |
|  Barclays PLC | 2715 | 13220 |
|  Barratt Redrow PLC | 2058 | 10001 |
|  Beazley PLC | 19815 | 209751 |
|  Berkeley Group Holdings PLC | 562 | 27334 |
|  BP PLC | 4200 | 24519 |
|  British American Tobacco PLC | 1881 | 106354 |
|  BT Group PLC | 56118 | 164146 |
|  Bunzl PLC | 2407 | 81364 |
|  Burberry Group PLC \* | 1089 | 18884 |
|  Centrica PLC | 29576 | 64313 |
|  Coca-Cola Europacific Partners PLC | 437 | 38908 |
|  Compass Group PLC | 2236 | 75886 |
|  Convatec Group PLC, 144A | 5441 | 17393 |
|  Croda International PLC | 161 | 5455 |
|  Diageo PLC | 558 | 15447 |
|  Diploma PLC | 1135 | 82806 |
|  Endeavour Mining PLC | 559 | 19153 |
|  GSK PLC | 1767 | 34676 |
|  Haleon PLC | 16526 | 81026 |
|  Halma PLC | 2585 | 114832 |
|  Hikma Pharmaceuticals PLC | 2992 | 72156 |
|  Howden Joinery Group PLC | 4816 | 54461 |
|  HSBC Holdings PLC | 367 | 4694 |
|  ICG PLC | 1546 | 45576 |
|  IMI PLC | 2860 | 87867 |
|  Imperial Brands PLC | 12191 | 514214 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Informa PLC | 3029 | 35620 |
|  InterContinental Hotels Group PLC | 572 | 69181 |
|  International Consolidated Airlines Group SA | 215 | 1110 |
|  Intertek Group PLC | 1802 | 114182 |
|  J Sainsbury PLC | 48255 | 195194 |
|  Kingfisher PLC | 39419 | 137084 |
|  Lloyds Banking Group PLC | 21362 | 22950 |
|  London Stock Exchange Group PLC | 12 | 1486 |
|  M&G PLC | 1596 | 5716 |
|  Marks & Spencer Group PLC | 21955 | 102454 |
|  Mondi PLC | 2959 | 41637 |
|  National Grid PLC | 4292 | 60365 |
|  NatWest Group PLC | 2750 | 18971 |
|  Next PLC | 989 | 159741 |
|  Pearson PLC | 5746 | 83609 |
|  Phoenix Group Holdings PLC | 1533 | 14115 |
|  Reckitt Benckiser Group PLC | 1824 | 136277 |
|  RELX PLC | 915 | 42600 |
|  Rentokil Initial PLC | 2059 | 10154 |
|  Rightmove PLC | 7659 | 76904 |
|  Rio Tinto PLC | 1678 | 105237 |
|  RS GROUP PLC | 2312 | 17649 |
|  Sage Group PLC | 4909 | 72060 |
|  Schroders PLC | 1698 | 8718 |
|  Segro PLC REIT | 2021 | 17120 |
|  Severn Trent PLC | 674 | 23548 |
|  Shell PLC | 899 | 33086 |
|  Smith & Nephew PLC | 3414 | 63791 |
|  Smiths Group PLC | 6301 | 200566 |
|  Spirax Group PLC | 106 | 10447 |
|  SSE PLC | 6616 | 154637 |
|  St. James's Place PLC | 429 | 7355 |
|  Standard Chartered PLC | 330 | 6179 |
|  Taylor Wimpey PLC | 11902 | 15395 |
|  Tesco PLC | 67561 | 385833 |
|  Unilever PLC | 699 | 43933 |
|  UNITE Group PLC REIT | 4332 | 40852 |
|  United Utilities Group PLC | 3671 | 57037 |
|  Vodafone Group PLC | 124669 | 148828 |
|  Weir Group PLC | 1302 | 43343 |
|  Whitbread PLC | 688 | 29233 |
|  Wise PLC, Class A \* | 806 | 11478 |
|  WPP PLC | 14815 | 78242 |
|  (Cost $4,316,250) |  | **5486930** |
|  **United States — 0.2%** |  |  |
|  Brookfield Asset Management Ltd., Class A | 1634 | 98365 |

---

See Notes to Financial Statements.

14 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  GQG Partners, Inc. CDI | 3346 | 3821 |
|  (Cost $56,935) |  | **102186** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $41,262,098) |  | **51484031** |
|  **PREFERRED STOCKS — 0.3%** |  |  |
|  **Germany — 0.3%** |  |  |
|  Bayerische Motoren Werke AG | 48 | 4596 |
|  FUCHS SE | 1331 | 63906 |
|  Henkel AG & Co. KGaA | 783 | 66043 |
|  Volkswagen AG | 118 | 13754 |
|  (Cost $135,590) |  | **148299** |
|  **South Korea — 0.0%** |  |  |
|  CJ CheilJedang Corp. | 59 | 5882 |
|  Hanwha Corp. | 348 | 8824 |
|  Hyundai Motor Co. | 36 | 4402 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 36 | 8532 |
|  (Cost $17,216) |  | **27640** |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $152,806) |  | **175939** |
|  **RIGHTS — 0.0%** |  |  |
|  **Italy — 0.0%** |  |  |
|  Telecom Italia SpA\* , expires 9/26/25(c) | 20006 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Telecom Italia SpA-RSP\* ,expires 9/19/25(c) | 20183 | 0 |
|  (Cost $0) |  | **0** |
|  **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) |  | **0** |
|  **WARRANTS — 0.0%** |  |  |
|  **Canada — 0.0%** |  |  |
|  Constellation Software, Inc.\* (c), expires 3/31/40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 38 | **0** |
|  **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
|  Vanguard FTSE Developed Markets ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $120,177) | 2250 | **132097** |
|  **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $88,719) | 88719 | **88719** |
|  **TOTAL INVESTMENTS — 99.3%** |  |  |
|  (Cost $41,623,800) |  | **51880786** |
|  **Other assets and liabilities,net — 0.7%** |  | **363194** |
|  **NET ASSETS — 100.0%** |  | **52243980** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income**<br> **($)** | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **8/31/2025** | **Value ($) at** <br> **8/31/2025**  |
| COMMON STOCKS **—** 0.0% | COMMON STOCKS **—** 0.0% | COMMON STOCKS **—** 0.0% | COMMON STOCKS **—** 0.0% | COMMON STOCKS **—** 0.0% |  |  |  |  |
| Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% | Germany **—** 0.0% |
| Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | 5630 | (6720) | 2486 | 1724 | 219 |  | 275 | 9666 |
| DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 | 713 | (1224) | 393 | 2622 | 316 |  | 120 | 7452 |
| SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |  |  |  |  |  |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) |
| 302690 |  | (302690)(f) |  |  | 131 |  |  |  |
| CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% |  |  |  |
| DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) |
| 59667 | 2848611 | (2819559) |  |  | 4032 |  | 88719 | 88719 |
| **373851** | **2854954** | **(3130193)** | **2879** | **4346** | **4698** |  | **89114** | **105837** |

---

\* 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)

August 31, 2025

(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 year ended August 31, 2025.

---

| | |
|:---|:---|
| CDI: | Chess Depositary Interests |
| CVA: | Certificaten Van Aandelen (Dutch Certificate) |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 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. |

---

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of**<br> **Contracts** | **Notional**<br> **Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized** <br> **Appreciation** <br> (Depreciation) ($)  |
|  Micro EURO STOXX 50 Index | EUR | 12 | 75967 | 75315 | 9/19/2025 | (652) |
|  MINI TOPIX Index | JPY | 5 | 99755 | 104631 | 9/11/2025 | 4876 |
|  MSCI EAFE Index | USD | 1 | 131857 | 136055 | 9/19/2025 | 4198 |
|  S&P/TSX 60 Index Mini | CAD | 1 | 57516 | 61754 | 9/18/2025 | 4238 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **12660** |

---

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** | **Currency Abbreviations** |
| CAD | Canadian Dollar |
| 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)

August 31, 2025

#### 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 August 31, 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) | $51484031 | $— | $0 | $51484031 |
|  Preferred Stocks (a) | 175939 |  |  | 175939 |
|  Rights |  |  | 0 | 0 |
|  Warrants |  |  | 0 | 0 |
|  Exchange-Traded Funds | 132097 |  |  | 132097 |
|  Short-Term Investments (a) | 88719 |  |  | 88719 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 13312 |  |  | 13312 |
|  **TOTAL** | $**51894098** | $**—** | $**0** | $**51894098** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(652) | $— | $— | $(652) |
|  **TOTAL** | $**(652)** | $**—** | $**—** | $**(652)** |

---

(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 \| 17

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.6%** |  |  |
|  **Australia — 1.8%** |  |  |
|  ANZ Group Holdings Ltd. | 26206 | 577502 |
|  APA Group (a) | 13867 | 79959 |
|  Aristocrat Leisure Ltd. | 5002 | 238039 |
|  ASX Ltd. | 1848 | 75643 |
|  Atlassian Corp., Class A \* | 1589 | 282492 |
|  BHP Group Ltd. | 45609 | 1289269 |
|  BlueScope Steel Ltd. | 4362 | 65521 |
|  Brambles Ltd. | 12581 | 213679 |
|  CAR Group Ltd. | 3196 | 84592 |
|  Cochlear Ltd. | 671 | 132432 |
|  Coles Group Ltd. | 11146 | 174206 |
|  Commonwealth Bank of Australia | 14991 | 1670918 |
|  Computershare Ltd. | 4804 | 120015 |
|  CSL Ltd. | 4357 | 607089 |
|  Evolution Mining Ltd. | 17093 | 96883 |
|  Fortescue Ltd. | 15167 | 191587 |
|  Goodman Group REIT | 18755 | 421651 |
|  Insurance Australia Group Ltd. | 20552 | 117161 |
|  Lottery Corp. Ltd. | 23584 | 90762 |
|  Macquarie Group Ltd. | 3197 | 471133 |
|  Medibank Pvt Ltd. | 26088 | 87080 |
|  National Australia Bank Ltd. | 27336 | 765574 |
|  Northern Star Resources Ltd. | 13619 | 168379 |
|  Origin Energy Ltd. | 16692 | 141150 |
|  Pro Medicus Ltd. | 663 | 129664 |
|  Qantas Airways Ltd. | 7025 | 54025 |
|  QBE Insurance Group Ltd. | 13405 | 189948 |
|  REA Group Ltd. | 529 | 86914 |
|  Rio Tinto Ltd. | 3342 | 252572 |
|  Santos Ltd. | 29672 | 155751 |
|  Scentre Group REIT | 43279 | 115571 |
|  SGH Ltd. | 1545 | 51076 |
|  Sigma Healthcare Ltd. | 40634 | 82976 |
|  Sonic Healthcare Ltd. | 4389 | 69086 |
|  South32 Ltd. | 36648 | 65242 |
|  Stockland REIT | 24976 | 101350 |
|  Suncorp Group Ltd. | 9464 | 131812 |
|  Telstra Group Ltd. | 31962 | 102295 |
|  Transurban Group (a) | 28209 | 269557 |
|  Vicinity Ltd. REIT | 43189 | 73212 |
|  Washington H Soul Pattinson & Co. Ltd. | 1899 | 54389 |
|  Wesfarmers Ltd. | 9993 | 600476 |
|  Westpac Banking Corp. | 30862 | 779890 |
|  WiseTech Global Ltd. | 1497 | 99732 |
|  Woodside Energy Group Ltd. | 16859 | 291414 |
|  Woolworths Group Ltd. | 10696 | 201615 |
|  (Cost $10,436,232) |  | **12121283** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Austria — 0.1%** |  |  |
|  Erste Group Bank AG | 3019 | 287293 |
|  OMV AG | 1569 | 86427 |
|  Verbund AG | 494 | 35243 |
|  (Cost $231,230) |  | **408963** |
|  **Belgium — 0.2%** |  |  |
|  Ageas SA/NV | 1307 | 92097 |
|  Anheuser-Busch InBev SA/NV | 8988 | 563266 |
|  D'ieteren Group | 265 | 57415 |
|  Elia Group SA/NV | 451 | 51628 |
|  Groupe Bruxelles Lambert NV | 749 | 65841 |
|  KBC Group NV | 2224 | 262272 |
|  Lotus Bakeries NV | 4 | 39188 |
|  Sofina SA | 121 | 36626 |
|  Syensqo SA | 697 | 61579 |
|  UCB SA | 1203 | 281411 |
|  (Cost $1,223,861) |  | **1511323** |
|  **Bermuda — 0.1%** |  |  |
|  Arch Capital Group Ltd. | 3323 | 304154 |
|  Everest Group Ltd. | 359 | 122735 |
|  (Cost $256,912) |  | **426889** |
|  **Canada — 3.5%** |  |  |
|  Agnico Eagle Mines Ltd. | 4427 | 638472 |
|  Alamos Gold, Inc., Class A | 3687 | 112360 |
|  Alimentation Couche-Tard, Inc. | 6734 | 341421 |
|  AltaGas Ltd. | 3200 | 94885 |
|  ARC Resources Ltd. | 6087 | 117178 |
|  Atkinsrealis Group, Inc. | 1493 | 102698 |
|  Bank of Montreal | 6707 | 811855 |
|  Bank of Nova Scotia | 11248 | 702677 |
|  Barrick Mining Corp. | 14891 | 397289 |
|  BCE, Inc. | 694 | 17323 |
|  Bombardier, Inc., Class B \* | 792 | 92621 |
|  Brookfield Corp. | 12499 | 821796 |
|  CAE, Inc. \* | 2495 | 67293 |
|  Cameco Corp. | 3641 | 281744 |
|  Canadian Imperial Bank of Commerce | 8208 | 634245 |
|  Canadian National Railway Co. | 4957 | 480012 |
|  Canadian Natural Resources Ltd. | 19056 | 603624 |
|  Canadian Pacific Kansas City Ltd. | 8643 | 658541 |
|  Canadian Tire Corp. Ltd., Class A | 539 | 67230 |
|  Canadian Utilities Ltd., Class A | 1142 | 31799 |
|  CCL Industries, Inc., Class B | 1317 | 78917 |
|  Celestica, Inc. \* | 990 | 192888 |
|  Cenovus Energy, Inc. | 12298 | 204586 |
|  CGI, Inc. | 1960 | 190382 |
|  Constellation Software, Inc. | 185 | 613142 |
|  Descartes Systems Group, Inc. \* | 736 | 73576 |
|  Dollarama, Inc. | 2648 | 361167 |

---

See Notes to Financial Statements.

18 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Element Fleet Management Corp. | 3212 | 85625 |
|  Emera, Inc. | 2871 | 136780 |
|  Empire Co. Ltd., Class A | 1187 | 46090 |
|  Enbridge, Inc. | 19633 | 950226 |
|  Fairfax Financial Holdings Ltd. | 180 | 309973 |
|  First Quantum Minerals Ltd. \* | 5151 | 90305 |
|  FirstService Corp. | 358 | 72095 |
|  Fortis, Inc. | 4513 | 224672 |
|  Franco-Nevada Corp. | 1708 | 321994 |
|  George Weston Ltd. | 1432 | 92244 |
|  GFL Environmental, Inc. | 2049 | 102528 |
|  Gildan Activewear, Inc. | 1214 | 66299 |
|  Great-West Lifeco, Inc. | 2148 | 85110 |
|  Hydro One Ltd., 144A | 3085 | 112372 |
|  iA Financial Corp., Inc. | 901 | 96961 |
|  IGM Financial, Inc. | 1019 | 36546 |
|  Imperial Oil Ltd. | 1582 | 143595 |
|  Intact Financial Corp. | 1537 | 307893 |
|  Ivanhoe Mines Ltd., Class A \* | 5344 | 47253 |
|  Keyera Corp. | 1810 | 58336 |
|  Kinross Gold Corp. | 10208 | 213461 |
|  Loblaw Cos. Ltd. | 5822 | 237850 |
|  Lululemon Athletica, Inc. \* | 1015 | 205233 |
|  Lundin Gold, Inc. | 1060 | 65200 |
|  Lundin Mining Corp. | 5359 | 62023 |
|  Magna International, Inc. | 2406 | 110473 |
|  Manulife Financial Corp. | 15437 | 475045 |
|  Metro, Inc. | 1903 | 136444 |
|  National Bank of Canada | 3527 | 370849 |
|  Nutrien Ltd. | 4547 | 262133 |
|  Open Text Corp. | 2136 | 70663 |
|  Pan American Silver Corp. | 3327 | 112899 |
|  Pembina Pipeline Corp. | 5190 | 196078 |
|  Power Corp. of Canada | 5216 | 220843 |
|  Restaurant Brands International, Inc. | 2830 | 179267 |
|  Rogers Communications, Inc., Class B | 3516 | 126022 |
|  Royal Bank of Canada | 12719 | 1848908 |
|  Saputo, Inc. | 2034 | 50933 |
|  Shopify, Inc., Class A \* | 10987 | 1552320 |
|  Stantec, Inc. | 969 | 105359 |
|  Sun Life Financial, Inc. | 5156 | 301260 |
|  Suncor Energy, Inc. | 11202 | 463191 |
|  TC Energy Corp. | 8900 | 463621 |
|  Teck Resources Ltd., Class B | 4329 | 148068 |
|  TELUS Corp. | 4185 | 69011 |
|  TFI International, Inc. | 716 | 67858 |
|  Thomson Reuters Corp. | 1406 | 249781 |
|  TMX Group Ltd. | 2675 | 106868 |
|  Toromont Industries Ltd. | 755 | 78962 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Toronto-Dominion Bank | 15643 | 1174920 |
|  Tourmaline Oil Corp. | 2785 | 118301 |
|  Waste Connections, Inc. | 2249 | 415638 |
|  Wheaton Precious Metals Corp. | 3954 | 397200 |
|  Whitecap Resources, Inc., Class Common Subs. Receipt | 11100 | 83597 |
|  WSP Global, Inc. | 1149 | 234060 |
|  (Cost $17,205,800) |  | **23150957** |
|  **Chile — 0.0%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $71,093) | 3496 | **101314** |
|  **China — 0.0%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $46,502) | 23800 | **53981** |
|  **Denmark — 0.5%** |  |  |
|  A.P. Moller — Maersk A/S, Class A | 16 | 32867 |
|  A.P. Moller — Maersk A/S, Class B | 39 | 80327 |
|  Carlsberg AS, Class B | 843 | 103160 |
|  Coloplast A/S, Class B | 1045 | 100416 |
|  Danske Bank A/S | 6691 | 275205 |
|  Demant A/S \* | 768 | 29384 |
|  DSV A/S | 1847 | 409238 |
|  Genmab A/S \* | 544 | 135461 |
|  Novo Nordisk A/S, Class B | 28993 | 1631218 |
|  Novonesis (Novozymes) B, Class B | 3357 | 213509 |
|  Orsted AS, 144A \* | 1716 | 51973 |
|  Pandora A/S | 752 | 103887 |
|  ROCKWOOL A/S, Class B | 1296 | 48976 |
|  Tryg A/S | 3195 | 84068 |
|  Vestas Wind Systems A/S | 9057 | 180366 |
|  (Cost $3,351,594) |  | **3480055** |
|  **Finland — 0.3%** |  |  |
|  Elisa OYJ | 1045 | 55679 |
|  Fortum OYJ | 4175 | 72276 |
|  Kesko OYJ, Class B | 2029 | 45005 |
|  Kone OYJ, Class B | 2995 | 188324 |
|  Metso Corp. | 6235 | 80607 |
|  Neste OYJ | 3748 | 68833 |
|  Nokia OYJ | 49612 | 213643 |
|  Nordea Bank Abp | 27551 | 420520 |
|  Orion OYJ, Class B | 1028 | 82063 |
|  Sampo OYJ, Class A | 22657 | 260056 |
|  Stora Enso OYJ, Class R | 6394 | 74677 |
|  UPM-Kymmene OYJ | 4973 | 141623 |
|  Wartsila OYJ Abp | 4229 | 123949 |
|  (Cost $1,884,363) |  | **1827255** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 19

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **France — 2.7%** |  |  |
|  Accor SA | 1703 | 84259 |
|  Aeroports de Paris SA | 284 | 37331 |
|  Air Liquide SA | 5211 | 1074851 |
|  Airbus SE | 5448 | 1141846 |
|  Alstom SA \* | 3594 | 86407 |
|  Amundi SA, 144A | 236 | 17444 |
|  Arkema SA | 541 | 38374 |
|  AXA SA | 15943 | 742533 |
|  BioMerieux | 439 | 60994 |
|  BNP Paribas SA | 9224 | 829511 |
|  Bollore SE | 8390 | 48985 |
|  Bouygues SA | 1446 | 62015 |
|  Bureau Veritas SA | 2894 | 87260 |
|  Capgemini SE | 1438 | 204422 |
|  Carrefour SA | 4688 | 67851 |
|  Cie de Saint-Gobain SA | 3969 | 428335 |
|  Cie Generale des Etablissements Michelin SCA | 6402 | 231775 |
|  Covivio SA REIT | 642 | 42044 |
|  Credit Agricole SA | 10151 | 185712 |
|  Danone SA | 5848 | 487234 |
|  Dassault Aviation SA | 202 | 63839 |
|  Dassault Systemes SE | 5828 | 181457 |
|  Edenred SE | 2165 | 62593 |
|  Eiffage SA | 744 | 93617 |
|  Engie SA | 15901 | 329249 |
|  EssilorLuxottica SA | 2694 | 820496 |
|  FDJ UNITED | 735 | 23676 |
|  Gecina SA REIT | 452 | 44362 |
|  Getlink SE | 2943 | 55633 |
|  Hermes International SCA | 265 | 648592 |
|  Ipsen SA | 274 | 37203 |
|  Kering SA | 674 | 180780 |
|  Klepierre SA REIT | 1544 | 60254 |
|  Legrand SA | 2291 | 348878 |
|  L'Oreal SA | 2151 | 1001812 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2255 | 1330562 |
|  Orange SA | 16774 | 272912 |
|  Pernod Ricard SA | 1820 | 207066 |
|  Publicis Groupe SA | 2023 | 186687 |
|  Renault SA | 1679 | 66033 |
|  Rexel SA | 1799 | 58287 |
|  Safran SA | 3255 | 1085464 |
|  Sanofi SA | 9923 | 981341 |
|  Sartorius Stedim Biotech | 284 | 58141 |
|  Schneider Electric SE | 4972 | 1222435 |
|  Societe Generale SA | 6033 | 372289 |
|  Sodexo SA | 868 | 52121 |
|  Teleperformance SE | 540 | 41666 |
|  Thales SA | 891 | 234865 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  TotalEnergies SE | 18565 | 1162574 |
|  Unibail-Rodamco-Westfield REIT \* | 1072 | 111424 |
|  Veolia Environnement SA | 6133 | 202511 |
|  Vinci SA | 4377 | 593789 |
|  (Cost $13,962,552) |  | **18151791** |
|  **Germany — 2.5%** |  |  |
|  adidas AG | 1473 | 286812 |
|  Allianz SE | 3479 | 1470869 |
|  BASF SE | 8112 | 430698 |
|  Bayer AG | 8771 | 288077 |
|  Bayerische Motoren Werke AG | 2359 | 247018 |
|  Beiersdorf AG | 858 | 98661 |
|  Brenntag SE | 1190 | 73656 |
|  Commerzbank AG | 6937 | 264867 |
|  Continental AG | 926 | 81291 |
|  Covestro AG \* | 1713 | 119101 |
|  CTS Eventim AG & Co. KGaA | 670 | 62778 |
|  Daimler Truck Holding AG | 4562 | 214501 |
|  Delivery Hero SE, 144A \* | 1328 | 35254 |
|  Deutsche Bank AG (b) | 16111 | 566304 |
|  Deutsche Boerse AG | 1666 | 490634 |
|  Deutsche Lufthansa AG | 4974 | 46320 |
|  Deutsche Post AG | 8893 | 404712 |
|  Deutsche Telekom AG | 31416 | 1148036 |
|  E.ON SE | 20799 | 371143 |
|  Evonik Industries AG | 1865 | 35997 |
|  Fresenius Medical Care AG | 1724 | 88366 |
|  Fresenius SE & Co. KGaA | 3561 | 193444 |
|  GEA Group AG | 1388 | 101054 |
|  Hannover Rueck SE | 485 | 141242 |
|  Heidelberg Materials AG | 1172 | 277109 |
|  Henkel AG & Co. KGaA | 948 | 72848 |
|  Hensoldt AG | 572 | 59354 |
|  Infineon Technologies AG | 11690 | 478363 |
|  Knorr-Bremse AG | 532 | 55545 |
|  LEG Immobilien SE | 579 | 48491 |
|  Mercedes-Benz Group AG | 6184 | 386167 |
|  Merck KGaA | 1131 | 143372 |
|  MTU Aero Engines AG | 528 | 235467 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 1206 | 768771 |
|  Nemetschek SE | 474 | 65468 |
|  Rational AG | 34 | 25351 |
|  Rheinmetall AG | 403 | 796957 |
|  RWE AG | 5720 | 229246 |
|  SAP SE | 9417 | 2553938 |
|  Scout24 SE, 144A | 848 | 109879 |
|  Siemens AG | 6767 | 1874057 |
|  Siemens Energy AG \* | 6215 | 659958 |
|  Siemens Healthineers AG, 144A | 3400 | 188280 |

---

See Notes to Financial Statements.

20 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Symrise AG | 1203 | 116564 |
|  Talanx AG | 671 | 92521 |
|  Vonovia SE | 7161 | 231594 |
|  Zalando SE, 144A \* | 1817 | 50618 |
|  (Cost $11,671,431) |  | **16780753** |
|  **Hong Kong — 0.6%** |  |  |
|  AIA Group Ltd. | 94528 | 890006 |
|  BOC Hong Kong Holdings Ltd. | 30136 | 136148 |
|  CK Asset Holdings Ltd. | 17945 | 84524 |
|  CK Hutchison Holdings Ltd. | 23191 | 152755 |
|  CK Infrastructure Holdings Ltd. | 5547 | 37177 |
|  CLP Holdings Ltd. | 14225 | 120156 |
|  Futu Holdings Ltd., ADR | 547 | 101523 |
|  Galaxy Entertainment Group Ltd. | 17795 | 93588 |
|  Hang Seng Bank Ltd. | 6003 | 85781 |
|  Henderson Land Development Co. Ltd. | 14890 | 51379 |
|  HKT Trust & HKT Ltd. (a) | 27274 | 41283 |
|  Hong Kong & China Gas Co. Ltd. | 86257 | 77562 |
|  Hong Kong Exchanges & Clearing Ltd. | 10802 | 624910 |
|  Hongkong Land Holdings Ltd. | 11800 | 73160 |
|  Jardine Matheson Holdings Ltd. | 1672 | 101306 |
|  Link REIT | 29196 | 155196 |
|  MTR Corp. Ltd. | 14800 | 50043 |
|  Power Assets Holdings Ltd. | 12324 | 80228 |
|  Prudential PLC | 24219 | 323481 |
|  Sino Land Co. Ltd. | 34098 | 40502 |
|  SITC International Holdings Co. Ltd. | 13035 | 45948 |
|  Sun Hung Kai Properties Ltd. | 12512 | 147014 |
|  Swire Pacific Ltd., Class A | 2782 | 23820 |
|  Techtronic Industries Co. Ltd. | 12358 | 159154 |
|  WH Group Ltd., 144A | 92708 | 99179 |
|  Wharf Holdings Ltd. | 8838 | 25304 |
|  Wharf Real Estate Investment Co. Ltd. | 11937 | 34605 |
|  (Cost $4,125,312) |  | **3855732** |
|  **Ireland — 1.1%** |  |  |
|  Accenture PLC, Class A | 5638 | 1465711 |
|  AerCap Holdings NV | 1780 | 219830 |
|  AIB Group PLC | 20361 | 165398 |
|  Allegion PLC | 816 | 138557 |
|  Aptiv PLC \* | 1962 | 156038 |
|  Bank of Ireland Group PLC | 9071 | 134207 |
|  DCC PLC | 953 | 60566 |
|  Eaton Corp. PLC | 3537 | 1234908 |
|  Experian PLC | 8475 | 438770 |
|  James Hardie Industries PLC CDI \* | 5207 | 106227 |
|  Kerry Group PLC, Class A | 1547 | 141511 |
|  Kingspan Group PLC | 1396 | 107682 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Medtronic PLC | 11893 | 1103789 |
|  Ryanair Holdings PLC | 7200 | 212797 |
|  Smurfit WestRock PLC | 1816 | 85529 |
|  Smurfit WestRock PLC | 2309 | 109354 |
|  TE Connectivity PLC | 2798 | 577787 |
|  Trane Technologies PLC | 2044 | 849487 |
|  (Cost $5,946,927) |  | **7308148** |
|  **Israel — 0.3%** |  |  |
|  Azrieli Group Ltd. | 446 | 42672 |
|  Bank Hapoalim BM | 11191 | 218496 |
|  Bank Leumi Le-Israel BM | 12291 | 235931 |
|  Check Point Software Technologies Ltd. \* | 872 | 168418 |
|  CyberArk Software Ltd. \* | 381 | 172692 |
|  Elbit Systems Ltd. | 273 | 131980 |
|  ICL Group Ltd. | 6430 | 41719 |
|  Israel Discount Bank Ltd., Class A | 10454 | 103429 |
|  Mizrahi Tefahot Bank Ltd. | 1457 | 95186 |
|  Monday.com Ltd. \* | 338 | 65234 |
|  Nice Ltd. \* | 605 | 85815 |
|  Nova Ltd. \* | 264 | 71199 |
|  Phoenix Financial Ltd. | 2035 | 72163 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 10241 | 188230 |
|  Wix.com Ltd. \* | 529 | 74631 |
|  (Cost $1,173,704) |  | **1767795** |
|  **Italy — 0.8%** |  |  |
|  Banca Mediolanum SpA | 3213 | 64987 |
|  Banco BPM SpA | 10592 | 145366 |
|  BPER Banca SPA | 13160 | 136755 |
|  Davide Campari-Milano NV | 5628 | 42345 |
|  Enel SpA | 71905 | 663556 |
|  Eni SpA | 20018 | 357137 |
|  Ferrari NV | 1141 | 543165 |
|  FinecoBank Banca Fineco SpA | 5563 | 122091 |
|  Generali | 7644 | 298482 |
|  Infrastrutture Wireless Italiane SpA, 144A | 2406 | 29176 |
|  Intesa Sanpaolo SpA | 128447 | 808117 |
|  Leonardo SpA | 3923 | 223762 |
|  Mediobanca Banca di Credito Finanziario SpA | 4730 | 114605 |
|  Moncler SpA | 1808 | 105115 |
|  Nexi SpA, 144A | 5673 | 36003 |
|  Poste Italiane SpA, 144A | 3223 | 75488 |
|  Prysmian SpA | 2496 | 218300 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1113 | 68721 |
|  Snam SpA | 17789 | 108358 |
|  Telecom Italia SpA \* | 126499 | 60648 |
|  Terna - Rete Elettrica Nazionale | 10799 | 108655 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 21

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  UniCredit SpA | 12227 | 945146 |
|  Unipol Assicurazioni SpA | 3186 | 66566 |
|  (Cost $2,844,356) |  | **5342544** |
|  **Luxembourg — 0.0%** |  |  |
|  ArcelorMittal SA | 4368 | 145509 |
|  CVC Capital Partners PLC, 144A | 1329 | 26834 |
|  Eurofins Scientific SE | 1213 | 92032 |
|  Tenaris SA | 4147 | 75311 |
|  (Cost $301,574) |  | **339686** |
|  **Macau — 0.0%** |  |  |
|  Sands China Ltd. |  |  |
|  (Cost $86,555) | 22047 | **57522** |
|  **Netherlands — 1.3%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 4149 | 119710 |
|  Adyen NV, 144A \* | 237 | 397915 |
|  Aegon Ltd. | 9056 | 71254 |
|  Akzo Nobel NV | 1634 | 112843 |
|  Argenx SE \* | 532 | 376115 |
|  ASM International NV | 448 | 215365 |
|  ASML Holding NV | 3544 | 2640780 |
|  ASR Nederland NV | 1298 | 90065 |
|  BE Semiconductor Industries NV | 692 | 93229 |
|  Euronext NV, 144A | 789 | 130309 |
|  EXOR NV | 734 | 73586 |
|  Ferrovial SE | 4566 | 249535 |
|  Heineken Holding NV | 1170 | 82922 |
|  Heineken NV | 2465 | 199085 |
|  IMCD NV | 553 | 62127 |
|  ING Groep NV | 27248 | 649358 |
|  JDE Peet's NV | 625 | 22854 |
|  Koninklijke Ahold Delhaize NV | 8443 | 338477 |
|  Koninklijke KPN NV | 31427 | 149937 |
|  Koninklijke Philips NV | 6408 | 176638 |
|  NN Group NV | 2044 | 140727 |
|  NXP Semiconductors NV | 2244 | 527003 |
|  Prosus NV \* | 12069 | 746035 |
|  QIAGEN NV | 1904 | 88499 |
|  Randstad NV | 1211 | 57252 |
|  Stellantis NV | 16980 | 162658 |
|  Universal Music Group NV | 9858 | 278547 |
|  Wolters Kluwer NV | 2238 | 281867 |
|  (Cost $6,454,643) |  | **8534692** |
|  **New Zealand — 0.1%** |  |  |
|  Auckland International Airport Ltd. | 11023 | 49106 |
|  Contact Energy Ltd. | 11919 | 63577 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 4664 | 100723 |
|  Infratil Ltd. | 9178 | 61520 |
|  Meridian Energy Ltd. | 11514 | 38793 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Xero Ltd. \* | 1295 | 138655 |
|  (Cost $443,321) |  | **452374** |
|  **Norway — 0.2%** |  |  |
|  Aker BP ASA | 2692 | 68027 |
|  DNB Bank ASA | 8117 | 213842 |
|  Equinor ASA | 6277 | 154810 |
|  Gjensidige Forsikring ASA | 1556 | 43238 |
|  Kongsberg Gruppen ASA | 4109 | 122708 |
|  Mowi ASA | 3586 | 73737 |
|  Norsk Hydro ASA | 13761 | 89271 |
|  Orkla ASA | 7273 | 81290 |
|  Salmar ASA | 505 | 25860 |
|  Telenor ASA | 6602 | 110127 |
|  Yara International ASA | 1203 | 43786 |
|  (Cost $931,881) |  | **1026696** |
|  **Poland — 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $48,422) | 2704 | **39278** |
|  **Portugal — 0.0%** |  |  |
|  Banco Comercial Portugues SA, |  |  |
|  Class R | 74850 | 63431 |
|  EDP SA | 31746 | 140720 |
|  Galp Energia SGPS SA | 3342 | 64936 |
|  Jeronimo Martins SGPS SA | 2927 | 72427 |
|  (Cost $328,369) |  | **341514** |
|  **Singapore — 0.5%** |  |  |
|  CapitaLand Ascendas REIT | 25179 | 53380 |
|  CapitaLand Integrated |  |  |
|  Commercial Trust REIT | 63265 | 112427 |
|  CapitaLand Investment Ltd. | 16402 | 35284 |
|  DBS Group Holdings Ltd. | 19037 | 749610 |
|  Genting Singapore Ltd. | 28508 | 15998 |
|  Grab Holdings Ltd., Class A \* | 18313 | 91382 |
|  Keppel Ltd. | 15500 | 105709 |
|  Oversea-Chinese Banking Corp. Ltd. | 29785 | 388621 |
|  Sea Ltd., ADR \* | 3494 | 651771 |
|  Sembcorp Industries Ltd. | 8600 | 40688 |
|  Singapore Airlines Ltd. | 14250 | 73083 |
|  Singapore Exchange Ltd. | 9131 | 117927 |
|  Singapore Technologies Engineering Ltd. | 17202 | 102971 |
|  Singapore Telecommunications Ltd. | 65500 | 220035 |
|  United Overseas Bank Ltd. | 12001 | 329162 |
|  Wilmar International Ltd. | 20400 | 46906 |
|  (Cost $2,220,071) |  | **3134954** |
|  **Spain — 0.9%** |  |  |
|  Acciona SA | 263 | 52087 |
|  ACS Actividades de Construccion y Servicios SA | 1644 | 124214 |

---

See Notes to Financial Statements.

22 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Aena Sme SA, 144A | 6212 | 179888 |
|  Amadeus IT Group SA | 4315 | 361631 |
|  Banco Bilbao Vizcaya Argentaria SA | 50299 | 911974 |
|  Banco de Sabadell SA | 48099 | 182693 |
|  Banco Santander SA | 134096 | 1280790 |
|  Bankinter SA | 6556 | 97803 |
|  CaixaBank SA | 36124 | 360676 |
|  Cellnex Telecom SA, 144A \* | 4277 | 152139 |
|  EDP Renovaveis SA | 2529 | 29720 |
|  Endesa SA | 2819 | 85923 |
|  Grifols SA | 2995 | 42313 |
|  Iberdrola SA | 57138 | 1075097 |
|  Industria de Diseno Textil SA | 9584 | 473403 |
|  Redeia Corp. SA | 3484 | 67736 |
|  Repsol SA | 11672 | 191406 |
|  Telefonica SA | 27656 | 148196 |
|  (Cost $3,293,011) |  | **5817689** |
|  **Sweden — 0.9%** |  |  |
|  AddTech AB, Class B | 2340 | 81971 |
|  Alfa Laval AB | 2902 | 131978 |
|  Assa Abloy AB, Class B | 8723 | 307874 |
|  Atlas Copco AB, Class A | 23829 | 380114 |
|  Atlas Copco AB, Class B | 13948 | 198109 |
|  Beijer Ref AB | 2723 | 46284 |
|  Boliden AB \* | 2422 | 83360 |
|  Epiroc AB, Class A | 6014 | 125540 |
|  Epiroc AB, Class B | 3969 | 73795 |
|  EQT AB | 4081 | 146581 |
|  Essity AB, Class B | 4956 | 133821 |
|  Evolution AB, 144A | 1542 | 133576 |
|  Fastighets AB Balder, Class B \* | 6894 | 49014 |
|  H & M Hennes & Mauritz AB, Class B | 6326 | 92791 |
|  Hexagon AB, Class B | 20138 | 224121 |
|  Holmen AB, Class B | 855 | 33275 |
|  Industrivarden AB, Class A | 1279 | 50857 |
|  Industrivarden AB, Class C | 1541 | 61275 |
|  Indutrade AB | 2418 | 60130 |
|  Investment AB Latour, Class B | 1125 | 28535 |
|  Investor AB, Class B | 15154 | 466416 |
|  L E Lundbergforetagen AB, Class B | 546 | 27617 |
|  Lifco AB, Class B | 2300 | 81639 |
|  Nibe Industrier AB, Class B | 13702 | 56192 |
|  Saab AB, Class B | 2865 | 161984 |
|  Sagax AB, Class B | 1669 | 36144 |
|  Sandvik AB | 9486 | 239604 |
|  Securitas AB, Class B | 5610 | 85785 |
|  Skandinaviska Enskilda Banken AB, Class A | 14358 | 265362 |
|  Skanska AB, Class B | 2401 | 59555 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SKF AB, Class B | 2817 | 72225 |
|  Spotify Technology SA \* | 1395 | 951223 |
|  Svenska Cellulosa AB SCA, Class B | 5104 | 69394 |
|  Svenska Handelsbanken AB, Class A | 11998 | 154189 |
|  Swedbank AB, Class A | 8192 | 230372 |
|  Swedish Orphan Biovitrum AB \* | 1657 | 50273 |
|  Tele2 AB, Class B | 4741 | 83440 |
|  Telefonaktiebolaget LM Ericsson, Class B | 26677 | 212209 |
|  Telia Co. AB | 21984 | 81981 |
|  Trelleborg AB, Class B | 1660 | 64183 |
|  Volvo AB, Class B | 14320 | 440066 |
|  (Cost $5,419,344) |  | **6332854** |
|  **Switzerland — 2.8%** |  |  |
|  ABB Ltd. | 14307 | 961141 |
|  Alcon, Inc. | 4390 | 349750 |
|  Amcor PLC | 21624 | 186615 |
|  Amrize Ltd. \* | 4560 | 238201 |
|  Avolta AG \* | 799 | 45977 |
|  Baloise Holding AG | 318 | 82540 |
|  Banque Cantonale Vaudoise | 277 | 32240 |
|  Barry Callebaut AG | 38 | 51361 |
|  Belimo Holding AG | 89 | 98016 |
|  BKW AG | 222 | 46287 |
|  Chocoladefabriken Lindt & Spruengli AG | 1 | 149928 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 8 | 122045 |
|  Chubb Ltd. | 3400 | 935238 |
|  Cie Financiere Richemont SA, Class A | 4923 | 861009 |
|  Coca-Cola HBC AG \* | 2153 | 108673 |
|  DSM-Firmenich AG | 1781 | 174069 |
|  EMS-Chemie Holding AG | 75 | 57584 |
|  Galderma Group AG | 1067 | 186413 |
|  Garmin Ltd. | 1366 | 330326 |
|  Geberit AG | 300 | 220086 |
|  Givaudan SA | 81 | 341618 |
|  Glencore PLC \* | 93747 | 370091 |
|  Helvetia Holding AG | 271 | 69798 |
|  Holcim AG \* | 4560 | 382354 |
|  Julius Baer Group Ltd. | 1738 | 125502 |
|  Kuehne + Nagel International AG | 456 | 92906 |
|  Logitech International SA | 1385 | 143206 |
|  Lonza Group AG | 623 | 442076 |
|  Nestle SA | 23212 | 2190042 |
|  Novartis AG | 17215 | 2179425 |
|  Partners Group Holding AG | 197 | 270581 |
|  Roche Holding AG | 6360 | 2071845 |
|  Roche Holding AG | 285 | 97800 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 23

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sandoz Group AG | 3636 | 228248 |
|  Schindler Holding AG | 250 | 89481 |
|  Schindler Holding AG Participation Certificates | 388 | 144313 |
|  SGS SA | 1553 | 158517 |
|  SIG Group AG \* | 2642 | 41892 |
|  Sika AG | 1434 | 332904 |
|  Sonova Holding AG | 449 | 130871 |
|  STMicroelectronics NV | 2973 | 80908 |
|  STMicroelectronics NV, Class Y | 2973 | 80241 |
|  Straumann Holding AG | 942 | 110604 |
|  Swatch Group AG — Bearer | 277 | 50110 |
|  Swiss Life Holding AG | 264 | 285459 |
|  Swiss Prime Site AG | 612 | 85169 |
|  Swiss Re AG | 2729 | 494878 |
|  Swisscom AG | 241 | 174330 |
|  UBS Group AG | 28257 | 1145062 |
|  VAT Group AG, 144A | 277 | 90617 |
|  Zurich Insurance Group AG | 1324 | 968332 |
|  (Cost $15,589,717) |  | **18706679** |
|  **United Kingdom — 3.9%** |  |  |
|  3i Group PLC | 9126 | 495530 |
|  Admiral Group PLC | 2516 | 123256 |
|  Anglo American PLC | 9795 | 301460 |
|  Aon PLC, Class A | 1780 | 653260 |
|  Ashtead Group PLC | 3804 | 279891 |
|  Associated British Foods PLC | 2771 | 80865 |
|  AstraZeneca PLC | 13840 | 2204557 |
|  Auto Trader Group PLC, 144A | 8953 | 97155 |
|  Aviva PLC | 27490 | 242007 |
|  BAE Systems PLC | 27734 | 658536 |
|  Barclays PLC | 130202 | 633978 |
|  Barratt Redrow PLC | 12395 | 60236 |
|  BP PLC | 140521 | 820346 |
|  British American Tobacco PLC | 17800 | 1006438 |
|  BT Group PLC | 61227 | 179090 |
|  Bunzl PLC | 2979 | 100700 |
|  Centrica PLC | 54380 | 118250 |
|  CNH Industrial NV | 8499 | 97314 |
|  Coca-Cola Europacific Partners PLC | 1729 | 153639 |
|  Compass Group PLC | 15358 | 521226 |
|  Diageo PLC | 19891 | 550643 |
|  Entain PLC | 5600 | 66428 |
|  GSK PLC | 36799 | 722144 |
|  Haleon PLC | 81453 | 399361 |
|  Halma PLC | 3088 | 137177 |
|  Hikma Pharmaceuticals PLC | 1708 | 41191 |
|  HSBC Holdings PLC | 158142 | 2022698 |
|  Imperial Brands PLC | 6984 | 294584 |
|  Informa PLC | 11284 | 132695 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  InterContinental Hotels Group PLC | 1390 | 168115 |
|  International Consolidated Airlines Group SA | 10866 | 56115 |
|  Intertek Group PLC | 1436 | 90991 |
|  J Sainsbury PLC | 15853 | 64126 |
|  JD Sports Fashion PLC | 27832 | 36106 |
|  Kingfisher PLC | 15166 | 52741 |
|  Land Securities Group PLC REIT | 6153 | 46054 |
|  Legal & General Group PLC | 50374 | 168443 |
|  Lloyds Banking Group PLC | 535596 | 575420 |
|  London Stock Exchange Group PLC | 4213 | 521840 |
|  M&G PLC | 24648 | 88280 |
|  Marks & Spencer Group PLC | 16725 | 78048 |
|  Melrose Industries PLC | 11990 | 95251 |
|  Mondi PLC | 4361 | 61364 |
|  National Grid PLC | 43187 | 607401 |
|  NatWest Group PLC | 71527 | 493426 |
|  Next PLC | 982 | 158611 |
|  Pearson PLC | 4467 | 64998 |
|  Pentair PLC | 1534 | 164951 |
|  Phoenix Group Holdings PLC | 6634 | 61082 |
|  Reckitt Benckiser Group PLC | 6384 | 476968 |
|  RELX PLC | 16121 | 750548 |
|  Rentokil Initial PLC | 22044 | 108706 |
|  Rio Tinto PLC | 9875 | 619318 |
|  Rolls-Royce Holdings PLC | 76106 | 1100206 |
|  Sage Group PLC | 9729 | 142814 |
|  Schroders PLC | 8922 | 45805 |
|  Segro PLC REIT | 11113 | 94139 |
|  Severn Trent PLC | 2404 | 83991 |
|  Shell PLC | 53424 | 1966142 |
|  Smith & Nephew PLC | 7770 | 145183 |
|  Smiths Group PLC | 2876 | 91545 |
|  Spirax Group PLC | 568 | 55982 |
|  SSE PLC | 9410 | 219941 |
|  Standard Chartered PLC | 18479 | 346029 |
|  Tesco PLC | 61260 | 349849 |
|  Unilever PLC | 22579 | 1419109 |
|  United Utilities Group PLC | 7015 | 108993 |
|  Vodafone Group PLC | 195186 | 233011 |
|  Whitbread PLC | 1804 | 76653 |
|  Willis Towers Watson PLC | 899 | 293784 |
|  Wise PLC, Class A \* | 5963 | 84914 |
|  WPP PLC | 10767 | 56863 |
|  (Cost $18,834,234) |  | **25718511** |
|  **United States — 74.4%** |  |  |
|  3M Co. | 4856 | 755254 |
|  Abbott Laboratories | 15531 | 2060342 |
|  AbbVie, Inc. | 15939 | 3353566 |
|  Adobe, Inc. \* | 3797 | 1354390 |

---

See Notes to Financial Statements.

24 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Advanced Micro Devices, Inc. \* | 14472 | 2353581 |
|  AECOM | 1113 | 139003 |
|  Affirm Holdings, Inc. \* | 2409 | 213100 |
|  Aflac, Inc. | 4710 | 503311 |
|  Agilent Technologies, Inc. | 2629 | 330360 |
|  Air Products and Chemicals, Inc. | 1993 | 586161 |
|  Airbnb, Inc., Class A \* | 3843 | 501627 |
|  Akamai Technologies, Inc. \* | 1458 | 115372 |
|  Albertsons Cos., Inc., Class A | 3140 | 61104 |
|  Alexandria Real Estate Equities, Inc. REIT | 1373 | 113190 |
|  Align Technology, Inc. \* | 632 | 89719 |
|  Alliant Energy Corp. | 2298 | 149531 |
|  Allstate Corp. | 2396 | 487466 |
|  Alnylam Pharmaceuticals, Inc. \* | 1140 | 509021 |
|  Alphabet, Inc., Class A | 52321 | 11139664 |
|  Alphabet, Inc., Class C | 44308 | 9461087 |
|  Altria Group, Inc. | 15125 | 1016551 |
|  Amazon.com, Inc. \* | 86089 | 19714381 |
|  Ameren Corp. | 2381 | 237576 |
|  American Electric Power Co., Inc. | 4719 | 523903 |
|  American Express Co. | 5102 | 1690191 |
|  American Financial Group, Inc. | 632 | 85864 |
|  American Homes 4 Rent, Class A REIT | 2719 | 97395 |
|  American International Group, Inc. | 5339 | 434167 |
|  American Tower Corp. REIT | 4210 | 858208 |
|  American Water Works Co., Inc. | 1767 | 253582 |
|  Ameriprise Financial, Inc. | 877 | 451488 |
|  AMETEK, Inc. | 2028 | 374774 |
|  Amgen, Inc. | 4892 | 1407477 |
|  Amphenol Corp., Class A | 10831 | 1179063 |
|  Analog Devices, Inc. | 4478 | 1125366 |
|  Annaly Capital Management, Inc. REIT | 4313 | 91392 |
|  Apollo Global Management, Inc. | 3927 | 534975 |
|  Apple, Inc. | 134496 | 31221901 |
|  Applied Materials, Inc. | 7395 | 1188820 |
|  AppLovin Corp., Class A \* | 2075 | 993074 |
|  Archer-Daniels-Midland Co. | 4177 | 261647 |
|  Ares Management Corp., Class A | 1734 | 310733 |
|  Arista Networks, Inc. \* | 9556 | 1304872 |
|  Arthur J Gallagher & Co. | 2232 | 675738 |
|  AT&T, Inc. | 64385 | 1885837 |
|  Atmos Energy Corp. | 1334 | 221617 |
|  Autodesk, Inc. \* | 1949 | 613350 |
|  Automatic Data Processing, Inc. | 3633 | 1104614 |
|  AutoZone, Inc. \* | 154 | 646574 |
|  AvalonBay Communities, Inc. REIT | 1219 | 238741 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Avery Dennison Corp. | 743 | 127536 |
|  Axon Enterprise, Inc. \* | 633 | 473035 |
|  Baker Hughes Co. | 9111 | 413639 |
|  Ball Corp. | 2190 | 115282 |
|  Bank of America Corp. | 65033 | 3299774 |
|  Bank of New York Mellon Corp. | 6656 | 702874 |
|  Baxter International, Inc. | 4340 | 107155 |
|  Becton Dickinson & Co. | 2672 | 515643 |
|  Bentley Systems, Inc., Class B | 1158 | 64443 |
|  Berkshire Hathaway, Inc., Class B \* | 12207 | 6139877 |
|  Best Buy Co., Inc. | 1976 | 145513 |
|  Biogen, Inc. \* | 1299 | 171754 |
|  BioMarin Pharmaceutical, Inc. \* | 1592 | 92766 |
|  Blackrock, Inc. | 1349 | 1520512 |
|  Blackstone, Inc. | 6732 | 1153865 |
|  Block, Inc. \* | 4780 | 380679 |
|  Boeing Co. \* | 6804 | 1596763 |
|  Booking Holdings, Inc. | 290 | 1623725 |
|  Booz Allen Hamilton Holding Corp. | 1054 | 114591 |
|  Boston Scientific Corp. \* | 13223 | 1395027 |
|  Bristol-Myers Squibb Co. | 18129 | 855326 |
|  Broadcom, Inc. | 40227 | 11963108 |
|  Broadridge Financial Solutions, Inc. | 1031 | 263544 |
|  Brookfield Asset Management Ltd., Class A | 3994 | 240434 |
|  Brookfield Renewable Corp. | 1130 | 38099 |
|  Brown & Brown, Inc. | 2280 | 221046 |
|  Brown-Forman Corp., Class B | 1601 | 47934 |
|  Builders FirstSource, Inc. \* | 1045 | 144921 |
|  Bunge Global SA | 1309 | 110244 |
|  Burlington Stores, Inc. \* | 533 | 154932 |
|  BXP, Inc. REIT | 1216 | 88172 |
|  C.H. Robinson Worldwide, Inc. | 1121 | 144273 |
|  Cadence Design Systems, Inc. \* | 2413 | 845588 |
|  Camden Property Trust REIT | 849 | 95071 |
|  Capital One Financial Corp. | 5761 | 1309014 |
|  Cardinal Health, Inc. | 2181 | 324489 |
|  Carlisle Cos., Inc. | 429 | 165547 |
|  Carlyle Group, Inc. | 1667 | 107622 |
|  Carnival Corp. \* | 8946 | 285288 |
|  Carrier Global Corp. | 6895 | 449554 |
|  Carvana Co. \* | 1023 | 380474 |
|  Caterpillar, Inc. | 4304 | 1803548 |
|  Cboe Global Markets, Inc. | 872 | 205748 |
|  CBRE Group, Inc., Class A \* | 2669 | 432698 |
|  CDW Corp. | 1170 | 192769 |
|  Cencora, Inc. | 1612 | 470075 |
|  Centene Corp. \* | 4920 | 142877 |
|  CenterPoint Energy, Inc. | 5576 | 210271 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 25

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  CF Industries Holdings, Inc. | 1411 | 122235 |
|  Charles Schwab Corp. | 15447 | 1480440 |
|  Charter Communications, Inc., Class A \* | 862 | 228930 |
|  Cheniere Energy, Inc. | 2020 | 488476 |
|  Chevron Corp. | 17636 | 2832342 |
|  Chipotle Mexican Grill, Inc. \* | 12189 | 513644 |
|  Church & Dwight Co., Inc. | 2094 | 195077 |
|  Cigna Group | 2494 | 750370 |
|  Cincinnati Financial Corp. | 1377 | 211507 |
|  Cintas Corp. | 3266 | 685958 |
|  Cisco Systems, Inc. | 36090 | 2493458 |
|  Citigroup, Inc. | 16585 | 1601613 |
|  Citizens Financial Group, Inc. | 4339 | 226843 |
|  Clorox Co. | 1065 | 125883 |
|  Cloudflare, Inc., Class A \* | 2717 | 567065 |
|  CME Group, Inc. | 3197 | 852032 |
|  CMS Energy Corp. | 2799 | 200324 |
|  Coca-Cola Co. | 36769 | 2536693 |
|  Cognizant Technology Solutions Corp., Class A | 4468 | 322813 |
|  Coinbase Global, Inc., Class A \* | 1869 | 569185 |
|  Colgate-Palmolive Co. | 6755 | 567893 |
|  Comcast Corp., Class A | 33511 | 1138369 |
|  ConocoPhillips | 11186 | 1107078 |
|  Consolidated Edison, Inc. | 3156 | 310014 |
|  Constellation Brands, Inc., Class A | 1502 | 243234 |
|  Constellation Energy Corp. | 2860 | 880823 |
|  Cooper Cos., Inc. \* | 1737 | 117065 |
|  Copart, Inc. \* | 7906 | 385892 |
|  Corebridge Financial, Inc. | 2207 | 76737 |
|  Corning, Inc. | 7206 | 483018 |
|  Corpay, Inc. \* | 594 | 193448 |
|  Corteva, Inc. | 6393 | 474297 |
|  CoStar Group, Inc. \* | 3633 | 325117 |
|  Costco Wholesale Corp. | 3977 | 3751584 |
|  Coterra Energy, Inc. | 7192 | 175772 |
|  CRH PLC | 5168 | 581201 |
|  CRH PLC | 1112 | 125600 |
|  Crowdstrike Holdings, Inc., Class A \* | 2255 | 955444 |
|  Crown Castle, Inc. REIT | 4001 | 396659 |
|  Crown Holdings, Inc. | 1160 | 115281 |
|  CSX Corp. | 17414 | 566129 |
|  Cummins, Inc. | 1247 | 496855 |
|  CVS Health Corp. | 11414 | 834934 |
|  D.R. Horton, Inc. | 2632 | 446071 |
|  Danaher Corp. | 5751 | 1183671 |
|  Darden Restaurants, Inc. | 1120 | 231773 |
|  Datadog, Inc., Class A \* | 2527 | 345390 |
|  DaVita, Inc. \* | 363 | 50007 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Deckers Outdoor Corp. \* | 1354 | 161979 |
|  Deere & Co. | 2366 | 1132462 |
|  Dell Technologies, Inc., Class C | 2845 | 347517 |
|  Delta Air Lines, Inc. | 1126 | 69564 |
|  Devon Energy Corp. | 5957 | 215048 |
|  Dexcom, Inc. \* | 3396 | 255855 |
|  Diamondback Energy, Inc. | 1716 | 255272 |
|  Dick's Sporting Goods, Inc. | 514 | 109379 |
|  Digital Realty Trust, Inc. REIT | 2959 | 496047 |
|  Docusign, Inc. \* | 1725 | 132239 |
|  Dollar General Corp. | 2028 | 220565 |
|  Dollar Tree, Inc. \* | 1978 | 215938 |
|  Dominion Energy, Inc. | 7453 | 446435 |
|  Domino's Pizza, Inc. | 301 | 137948 |
|  DoorDash, Inc., Class A \* | 3214 | 788234 |
|  Dover Corp. | 1290 | 230729 |
|  Dow, Inc. | 6393 | 157460 |
|  DraftKings, Inc., Class A \* | 3706 | 177814 |
|  DTE Energy Co. | 1798 | 245697 |
|  Duke Energy Corp. | 6954 | 851795 |
|  DuPont de Nemours, Inc. | 3784 | 291065 |
|  Dynatrace, Inc. \* | 2616 | 132370 |
|  eBay, Inc. | 4030 | 365158 |
|  Ecolab, Inc. | 2302 | 637746 |
|  Edison International | 3407 | 191235 |
|  Edwards Lifesciences Corp. \* | 5531 | 449892 |
|  Electronic Arts, Inc. | 2289 | 393594 |
|  Elevance Health, Inc. | 2079 | 662473 |
|  Eli Lilly & Co. | 7242 | 5305344 |
|  EMCOR Group, Inc. | 388 | 240560 |
|  Emerson Electric Co. | 5213 | 688116 |
|  Entegris, Inc. | 1395 | 116817 |
|  Entergy Corp. | 3900 | 343551 |
|  EOG Resources, Inc. | 4691 | 585531 |
|  EQT Corp. | 5055 | 262051 |
|  Equifax, Inc. | 1082 | 266497 |
|  Equinix, Inc. REIT | 891 | 700495 |
|  Equitable Holdings, Inc. | 2853 | 151951 |
|  Equity LifeStyle Properties, Inc. REIT | 1710 | 103096 |
|  Equity Residential REIT | 3310 | 218857 |
|  Erie Indemnity Co., Class A | 270 | 95683 |
|  Essential Utilities, Inc. | 2109 | 83327 |
|  Essex Property Trust, Inc. REIT | 597 | 161315 |
|  Estee Lauder Cos., Inc., Class A | 2041 | 187221 |
|  Evergy, Inc. | 2019 | 143874 |
|  Eversource Energy | 3541 | 226872 |
|  Exelon Corp. | 8840 | 386131 |
|  Expand Energy Corp. | 1843 | 178366 |
|  Expedia Group, Inc. | 1210 | 259908 |
|  Expeditors International of Washington, Inc. | 1266 | 152604 |

---

See Notes to Financial Statements.

26 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Extra Space Storage, Inc. REIT | 1839 | 264044 |
|  Exxon Mobil Corp. | 38960 | 4452738 |
|  F5, Inc. \* | 530 | 165964 |
|  FactSet Research Systems, Inc. | 336 | 125436 |
|  Fair Isaac Corp. \* | 227 | 345412 |
|  Fastenal Co. | 10070 | 500076 |
|  FedEx Corp. | 2105 | 486402 |
|  Ferguson Enterprises, Inc. | 1847 | 426934 |
|  Fidelity National Financial, Inc. | 2202 | 131834 |
|  Fidelity National Information Services, Inc. | 5005 | 349399 |
|  Fifth Third Bancorp | 6052 | 277000 |
|  First Citizens BancShares, Inc., Class A | 85 | 168632 |
|  First Solar, Inc. \* | 868 | 169425 |
|  FirstEnergy Corp. | 5215 | 227478 |
|  Fiserv, Inc. \* | 4956 | 684820 |
|  Flutter Entertainment PLC \* | 181 | 55598 |
|  Flutter Entertainment PLC \* | 1428 | 436793 |
|  Ford Motor Co. | 35100 | 413127 |
|  Fortinet, Inc. \* | 5897 | 464507 |
|  Fortive Corp. | 3120 | 149323 |
|  Fox Corp., Class A | 1507 | 89968 |
|  Fox Corp., Class B | 1333 | 72715 |
|  Freeport-McMoRan, Inc. | 13218 | 586879 |
|  Gaming and Leisure Properties, Inc. REIT | 2609 | 125258 |
|  Gartner, Inc. \* | 682 | 171312 |
|  GE Aerospace | 9553 | 2628986 |
|  GE HealthCare Technologies, Inc. | 4016 | 296100 |
|  GE Vernova, Inc. | 2442 | 1496873 |
|  Gen Digital, Inc. | 4765 | 143903 |
|  General Dynamics Corp. | 2045 | 663746 |
|  General Mills, Inc. | 5187 | 255875 |
|  General Motors Co. | 9033 | 529243 |
|  Genuine Parts Co. | 1316 | 183358 |
|  Gilead Sciences, Inc. | 11049 | 1248206 |
|  Global Payments, Inc. | 2283 | 202776 |
|  GoDaddy, Inc., Class A \* | 1192 | 176786 |
|  Goldman Sachs Group, Inc. | 2767 | 2062107 |
|  Graco, Inc. | 1430 | 122108 |
|  Halliburton Co. | 8207 | 186545 |
|  Hartford Insurance Group, Inc. | 2607 | 344932 |
|  HCA Healthcare, Inc. | 1637 | 661283 |
|  Healthpeak Properties, Inc. REIT | 6304 | 113094 |
|  HEICO Corp. | 359 | 112015 |
|  HEICO Corp., Class A | 699 | 171262 |
|  Hershey Co. | 1309 | 240529 |
|  Hewlett Packard Enterprise Co. | 11424 | 257840 |
|  Hilton Worldwide Holdings, Inc. | 2160 | 596290 |
|  Hologic, Inc. \* | 2022 | 135717 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Home Depot, Inc. | 8932 | 3633270 |
|  Honeywell International, Inc. | 5768 | 1266076 |
|  Hormel Foods Corp. | 2805 | 71359 |
|  Howmet Aerospace, Inc. | 3560 | 619796 |
|  HP, Inc. | 8217 | 234513 |
|  Hubbell, Inc. | 443 | 190929 |
|  HubSpot, Inc. \* | 449 | 216943 |
|  Humana, Inc. | 1103 | 334937 |
|  Huntington Bancshares, Inc. | 13175 | 234647 |
|  Hyatt Hotels Corp., Class A | 288 | 41553 |
|  IDEX Corp. | 718 | 118111 |
|  IDEXX Laboratories, Inc. \* | 774 | 500848 |
|  Illinois Tool Works, Inc. | 2384 | 630926 |
|  Illumina, Inc. \* | 1457 | 145642 |
|  Incyte Corp. \* | 1703 | 144091 |
|  Ingersoll Rand, Inc. | 3580 | 284359 |
|  Insulet Corp. \* | 622 | 211405 |
|  Intel Corp. \* | 38015 | 925665 |
|  Interactive Brokers Group, Inc., Class A | 3652 | 227300 |
|  Intercontinental Exchange, Inc. | 5019 | 886355 |
|  International Business Machines Corp. | 8345 | 2031924 |
|  International Flavors & Fragrances, Inc. | 2253 | 152100 |
|  International Paper Co. | 4460 | 221573 |
|  Intuit, Inc. | 2509 | 1673503 |
|  Intuitive Surgical, Inc. \* | 3270 | 1547675 |
|  Invitation Homes, Inc. REIT | 5413 | 169373 |
|  IQVIA Holdings, Inc. \* | 1574 | 300335 |
|  Iron Mountain, Inc. REIT | 2675 | 246983 |
|  J M Smucker Co. | 953 | 105316 |
|  Jabil, Inc. | 855 | 175130 |
|  Jack Henry & Associates, Inc. | 580 | 94691 |
|  Jacobs Solutions, Inc. | 1028 | 150324 |
|  JB Hunt Transport Services, Inc. | 685 | 99318 |
|  Johnson & Johnson | 21761 | 3855396 |
|  Johnson Controls International PLC | 6043 | 645936 |
|  JPMorgan Chase & Co. | 25037 | 7546653 |
|  Kellanova | 2431 | 193265 |
|  Kenvue, Inc. | 17177 | 355736 |
|  Keurig Dr Pepper, Inc. | 11591 | 337182 |
|  KeyCorp | 9088 | 175944 |
|  Keysight Technologies, Inc. \* | 1578 | 257893 |
|  Kimberly-Clark Corp. | 2995 | 386774 |
|  Kimco Realty Corp. REIT | 5956 | 133950 |
|  Kinder Morgan, Inc. | 18355 | 495218 |
|  KKR & Co., Inc. | 5558 | 775285 |
|  KLA Corp. | 1187 | 1035064 |
|  Kraft Heinz Co. | 7661 | 214278 |
|  Kroger Co. | 5605 | 380243 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 27

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  L3Harris Technologies, Inc. | 1688 | 468623 |
|  Labcorp Holdings, Inc. | 688 | 191257 |
|  Lam Research Corp. | 11418 | 1143513 |
|  Las Vegas Sands Corp. | 3591 | 206949 |
|  Leidos Holdings, Inc. | 1272 | 230130 |
|  Lennar Corp., Class A | 2193 | 291976 |
|  Lennox International, Inc. | 285 | 158990 |
|  Liberty Media Corp.-Liberty Formula One, Class C \* | 1880 | 187812 |
|  Linde PLC | 4227 | 2021732 |
|  Live Nation Entertainment, Inc. \* | 1548 | 257727 |
|  Lockheed Martin Corp. | 1856 | 845649 |
|  Loews Corp. | 1700 | 164560 |
|  Lowe's Cos., Inc. | 5108 | 1318170 |
|  LPL Financial Holdings, Inc. | 730 | 266070 |
|  LyondellBasell Industries NV, Class A | 2152 | 121265 |
|  M&T Bank Corp. | 1446 | 291600 |
|  Marathon Petroleum Corp. | 2768 | 497437 |
|  Markel Group, Inc. \* | 122 | 239005 |
|  Marriott International, Inc., Class A | 2111 | 565452 |
|  Marsh & McLennan Cos., Inc. | 4370 | 899390 |
|  Martin Marietta Materials, Inc. | 515 | 317446 |
|  Marvell Technology, Inc. | 7578 | 476391 |
|  Masco Corp. | 1942 | 142523 |
|  Mastercard, Inc., Class A | 7700 | 4583733 |
|  McCormick & Co., Inc. | 2255 | 158684 |
|  McDonald's Corp. | 6478 | 2031112 |
|  McKesson Corp. | 1119 | 768350 |
|  Merck & Co., Inc. | 22900 | 1926348 |
|  Meta Platforms, Inc., Class A | 19580 | 14463746 |
|  MetLife, Inc. | 5541 | 450816 |
|  Mettler-Toledo International, Inc. \* | 187 | 243294 |
|  Microchip Technology, Inc. | 4892 | 317980 |
|  Micron Technology, Inc. | 10126 | 1205095 |
|  Microsoft Corp. | 63638 | 32244738 |
|  Mid-America Apartment Communities, Inc. REIT | 1036 | 151070 |
|  Molina Healthcare, Inc. \* | 540 | 97648 |
|  Molson Coors Beverage Co., Class B | 1622 | 81895 |
|  Mondelez International, Inc., Class A | 12033 | 739308 |
|  MongoDB, Inc. \* | 641 | 202306 |
|  Monolithic Power Systems, Inc. | 470 | 392807 |
|  Monster Beverage Corp. \* | 6852 | 427633 |
|  Moody's Corp. | 1481 | 754955 |
|  Morgan Stanley | 10885 | 1637975 |
|  Motorola Solutions, Inc. | 1498 | 707745 |
|  MSCI, Inc. | 653 | 370721 |
|  Nasdaq, Inc. | 3841 | 363896 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Natera, Inc. \* | 1181 | 198703 |
|  NetApp, Inc. | 1973 | 222535 |
|  Netflix, Inc. \* | 3837 | 4636055 |
|  Neurocrine Biosciences, Inc. \* | 857 | 119637 |
|  Newmont Corp. | 10112 | 752333 |
|  News Corp., Class A | 3561 | 104729 |
|  NextEra Energy, Inc. | 18380 | 1324279 |
|  NIKE, Inc., Class B | 10585 | 818961 |
|  NiSource, Inc. | 4837 | 204460 |
|  Nordson Corp. | 532 | 119748 |
|  Norfolk Southern Corp. | 2021 | 565840 |
|  Northern Trust Corp. | 1855 | 243524 |
|  Northrop Grumman Corp. | 1209 | 713358 |
|  NRG Energy, Inc. | 1904 | 277146 |
|  Nucor Corp. | 2242 | 333453 |
|  Nutanix, Inc., Class A \* | 2306 | 154986 |
|  NVIDIA Corp. | 219734 | 38273268 |
|  NVR, Inc. \* | 29 | 235412 |
|  Occidental Petroleum Corp. | 5957 | 283613 |
|  Okta, Inc. \* | 1352 | 125425 |
|  Old Dominion Freight Line, Inc. | 1752 | 264499 |
|  Omnicom Group, Inc. | 1794 | 140524 |
|  ON Semiconductor Corp. \* | 3991 | 197914 |
|  ONEOK, Inc. | 5548 | 423756 |
|  Oracle Corp. | 15090 | 3412302 |
|  O'Reilly Automotive, Inc. \* | 7611 | 789108 |
|  Otis Worldwide Corp. | 3614 | 312177 |
|  Owens Corning | 861 | 129296 |
|  PACCAR, Inc. | 4791 | 479004 |
|  Packaging Corp. of America | 872 | 190061 |
|  Palantir Technologies, Inc., Class A \* | 20375 | 3192966 |
|  Palo Alto Networks, Inc. \* | 5860 | 1116447 |
|  Parker-Hannifin Corp. | 1160 | 880846 |
|  Paychex, Inc. | 2900 | 404420 |
|  Paycom Software, Inc. | 464 | 105398 |
|  PayPal Holdings, Inc. \* | 8663 | 608056 |
|  PepsiCo, Inc. | 12416 | 1845638 |
|  Pfizer, Inc. | 50631 | 1253624 |
|  PG&E Corp. | 21545 | 329208 |
|  Philip Morris International, Inc. | 14023 | 2343664 |
|  Phillips 66 | 3858 | 515352 |
|  Pinterest, Inc., Class A \* | 5891 | 215787 |
|  PNC Financial Services Group, Inc. | 3638 | 754667 |
|  Pool Corp. | 307 | 95388 |
|  PPG Industries, Inc. | 2023 | 225018 |
|  PPL Corp. | 6482 | 236399 |
|  Principal Financial Group, Inc. | 2078 | 167300 |
|  Procter & Gamble Co. | 20999 | 3297683 |
|  Progressive Corp. | 5183 | 1280512 |
|  Prologis, Inc. REIT | 8389 | 954500 |

---

See Notes to Financial Statements.

28 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Prudential Financial, Inc. | 3269 | 358479 |
|  PTC, Inc. \* | 1154 | 246379 |
|  Public Service Enterprise Group, Inc. | 4582 | 377236 |
|  Public Storage REIT | 1458 | 429512 |
|  PulteGroup, Inc. | 1922 | 253742 |
|  Pure Storage, Inc., Class A \* | 2792 | 216687 |
|  QUALCOMM, Inc. | 9745 | 1566314 |
|  Quanta Services, Inc. | 1286 | 486057 |
|  Quest Diagnostics, Inc. | 928 | 168562 |
|  Raymond James Financial, Inc. | 1720 | 291437 |
|  RB Global, Inc. | 1568 | 179658 |
|  Realty Income Corp. REIT | 7851 | 461325 |
|  Reddit, Inc., Class A \* | 936 | 210675 |
|  Regency Centers Corp. REIT | 1457 | 105633 |
|  Regeneron Pharmaceuticals, Inc. | 905 | 525534 |
|  Regions Financial Corp. | 8252 | 226022 |
|  Reliance, Inc. | 471 | 139256 |
|  Republic Services, Inc. | 1994 | 466536 |
|  ResMed, Inc. | 1312 | 360157 |
|  Revvity, Inc. | 1052 | 94796 |
|  Rivian Automotive, Inc., Class A \* (c) | 5627 | 76358 |
|  Robinhood Markets, Inc., Class A \* | 6535 | 679836 |
|  ROBLOX Corp., Class A \* | 4969 | 619088 |
|  Rocket Lab Corp. \* (c) | 3882 | 188665 |
|  Rockwell Automation, Inc. | 992 | 340683 |
|  Rollins, Inc. | 2701 | 152715 |
|  Roper Technologies, Inc. | 929 | 488942 |
|  Ross Stores, Inc. | 2951 | 434269 |
|  Royal Caribbean Cruises Ltd. | 2214 | 804169 |
|  Royalty Pharma PLC, Class A | 3830 | 137803 |
|  RPM International, Inc. | 1126 | 141099 |
|  RTX Corp. | 11907 | 1888450 |
|  S&P Global, Inc. | 2829 | 1551537 |
|  Salesforce, Inc. | 8742 | 2240138 |
|  Samsara, Inc., Class A \* | 2880 | 104083 |
|  SBA Communications Corp. REIT | 1018 | 208537 |
|  Schlumberger NV | 13502 | 497414 |
|  Seagate Technology Holdings PLC | 1702 | 284915 |
|  Sempra | 6154 | 508074 |
|  ServiceNow, Inc. \* | 1860 | 1706476 |
|  Sherwin-Williams Co. | 2180 | 797509 |
|  Simon Property Group, Inc. REIT | 3025 | 546497 |
|  Snap, Inc., Class A \* | 9407 | 67166 |
|  Snap-on, Inc. | 446 | 145057 |
|  Snowflake, Inc. \* | 2883 | 688057 |
|  SoFi Technologies, Inc. \* | 9947 | 254046 |
|  Solventum Corp. \* | 1214 | 88731 |
|  Southern Co. | 9771 | 901863 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SS&C Technologies Holdings, Inc. | 2217 | 196559 |
|  Starbucks Corp. | 10162 | 896187 |
|  State Street Corp. | 2789 | 320651 |
|  Steel Dynamics, Inc. | 1256 | 164436 |
|  STERIS PLC | 868 | 212712 |
|  Strategy, Inc. \* | 2353 | 786867 |
|  Stryker Corp. | 3083 | 1206717 |
|  Sun Communities, Inc. REIT | 1043 | 132325 |
|  Super Micro Computer, Inc. \* | 4570 | 189838 |
|  Synchrony Financial | 3547 | 270778 |
|  Synopsys, Inc. \* | 1650 | 995808 |
|  Sysco Corp. | 4422 | 355838 |
| T. Rowe Price Group, Inc. | 1979 | 212980 |
|  Take-Two Interactive Software, Inc. \* | 1590 | 370899 |
|  Tapestry, Inc. | 1869 | 190302 |
|  Targa Resources Corp. | 1941 | 325622 |
|  Target Corp. | 4192 | 402348 |
|  Teledyne Technologies, Inc. \* | 419 | 225493 |
|  Teradyne, Inc. | 1456 | 172157 |
|  Tesla, Inc. \* | 26021 | 8687631 |
|  Texas Instruments, Inc. | 8123 | 1644745 |
|  Texas Pacific Land Corp. | 195 | 182029 |
|  Textron, Inc. | 1231 | 98677 |
|  Thermo Fisher Scientific, Inc. | 3410 | 1680175 |
|  TJX Cos., Inc. | 10255 | 1400936 |
|  T-Mobile US, Inc. | 4598 | 1158650 |
|  Toast, Inc., Class A \* | 3696 | 166690 |
|  Tractor Supply Co. | 4519 | 279093 |
|  Trade Desk, Inc., Class A \* | 3929 | 214759 |
|  Tradeweb Markets, Inc., Class A | 947 | 116822 |
|  TransDigm Group, Inc. | 502 | 702238 |
|  TransUnion | 1819 | 160800 |
|  Travelers Cos., Inc. | 2024 | 549536 |
|  Trimble, Inc. \* | 2300 | 185886 |
|  Truist Financial Corp. | 11818 | 553319 |
|  Twilio, Inc., Class A \* | 1461 | 154296 |
|  Tyler Technologies, Inc. \* | 406 | 228529 |
|  Tyson Foods, Inc., Class A | 2470 | 140247 |
|  Uber Technologies, Inc. \* | 17876 | 1675875 |
|  UDR, Inc. REIT | 2776 | 109846 |
|  U-Haul Holding Co. | 821 | 42889 |
|  Ulta Beauty, Inc. \* | 423 | 208425 |
|  Union Pacific Corp. | 5298 | 1184474 |
|  United Airlines Holdings, Inc. \* | 681 | 71505 |
|  United Parcel Service, Inc., Class B | 6426 | 561889 |
|  United Rentals, Inc. | 579 | 553721 |
|  United Therapeutics Corp. \* | 391 | 119161 |
|  UnitedHealth Group, Inc. | 8175 | 2533187 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 29

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Universal Health Services, Inc., Class B | 524 | 95148 |
|  US Bancorp | 13948 | 681081 |
|  Valero Energy Corp. | 2812 | 427452 |
|  Veeva Systems, Inc., Class A \* | 1372 | 369342 |
|  Ventas, Inc. REIT | 4067 | 276881 |
|  Veralto Corp. | 2336 | 248060 |
|  VeriSign, Inc. | 862 | 235645 |
|  Verisk Analytics, Inc. | 1280 | 343194 |
|  Verizon Communications, Inc. | 37440 | 1655971 |
|  Vertex Pharmaceuticals, Inc. \* | 2320 | 907166 |
|  Vertiv Holdings Co., Class A | 3118 | 397701 |
|  VICI Properties, Inc. REIT | 9738 | 328950 |
|  Visa, Inc., Class A | 15413 | 5421985 |
|  Vistra Corp. | 3100 | 586241 |
|  Vulcan Materials Co. | 1235 | 359583 |
|  W.R. Berkley Corp. | 2519 | 180587 |
|  W.W. Grainger, Inc. | 399 | 404387 |
|  Walmart, Inc. | 39697 | 3849815 |
|  Walt Disney Co. | 16305 | 1930186 |
|  Warner Bros Discovery, Inc. \* | 20651 | 240378 |
|  Waste Management, Inc. | 3674 | 831757 |
|  Waters Corp. \* | 544 | 164179 |
|  Watsco, Inc. | 317 | 127554 |
|  WEC Energy Group, Inc. | 2746 | 292476 |
|  Wells Fargo & Co. | 29184 | 2398341 |
|  Welltower, Inc. REIT | 5894 | 991842 |
|  West Pharmaceutical Services, Inc. | 648 | 160024 |
|  Western Digital Corp. | 2971 | 238690 |
|  Westinghouse Air Brake Technologies Corp. | 1549 | 299732 |
|  Weyerhaeuser Co. REIT | 6599 | 170716 |
|  Williams Cos., Inc. | 10803 | 625278 |
|  Williams-Sonoma, Inc. | 1068 | 200987 |
|  Workday, Inc., Class A \* | 2041 | 471104 |
|  WP Carey, Inc. REIT | 2052 | 137689 |
|  Xcel Energy, Inc. | 4877 | 353046 |
|  Xylem, Inc. | 2072 | 293312 |
|  Yum! Brands, Inc. | 2494 | 366543 |
|  Zebra Technologies Corp., Class A \* | 416 | 131909 |
|  Zillow Group, Inc., Class C \* | 1222 | 103027 |
|  Zimmer Biomet Holdings, Inc. | 1798 | 190768 |
|  Zoetis, Inc. | 4098 | 640927 |
|  Zoom Communications, Inc. \* | 2316 | 188569 |
|  Zscaler, Inc. \* | 860 | 238263 |
|  (Cost $313,179,621) |  | **496659903** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Uruguay — 0.1%** |  |  |
|  MercadoLibre, Inc. \* |  |  |
|  (Cost $484,916) | 407 | **1006474** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $442,047,548) |  | **664457609** |
|  **PREFERRED STOCKS — 0.1%** |  |  |
|  **Germany — 0.1%** |  |  |
|  Bayerische Motoren Werke AG | 443 | 42416 |
|  Dr Ing hc F Porsche AG, 144A | 968 | 51384 |
|  Henkel AG & Co. KGaA | 1530 | 129050 |
|  Porsche Automobil Holding SE | 1385 | 58993 |
|  Sartorius AG | 259 | 60086 |
|  Volkswagen AG | 1828 | 213069 |
|  (Cost $810,953) |  | **554998** |
|  **RIGHTS — 0.0%** |  |  |
|  **Italy — 0.0%** |  |  |
|  Telecom Italia SpA\* , expires 9/26/25(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 125414 | **0** |
|  **WARRANTS — 0.0%** |  |  |
|  **Canada — 0.0%** |  |  |
|  Constellation Software, Inc.\* (d), expires 3/31/40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 214 | **0** |
|  **SECURITIES LENDING COLLATERAL — 0.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24%<br>(e)(f) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $239,029) | 239029 | **239029** |
|  **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $625,533) | 625533 | **625533** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $443,723,063) |  | **665877169** |
|  **Other assets and liabilities, net — 0.2%** |  | **1426515** |
|  **NET ASSETS — 100.0%** |  | **667303684** |

---

See Notes to Financial Statements.

30 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized**<br> **Gain/(Loss)<br>($)** | **Net Change**<br> **in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at <br>8/31/2025** |
| COMMON STOCKS **—** 0.1% | COMMON STOCKS **—** 0.1% | COMMON STOCKS **—** 0.1% |  |  |  |  |  |  |
| Germany **—** 0.1% | Germany **—** 0.1% | Germany **—** 0.1% |  |  |  |  |  |  |
| Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299132 | 10413 | (75416) | 50992 | 281183 | 14205 |  | 16111 | 566304 |
| SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |  |  |  |  |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (e)(f) |
| 213692 | 25337 (g) |  |  |  | 769 |  | 239029 | 239029 |
| CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% |  |  |  |  |  |  |
| DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) | DWS Government Money Market Series "Institutional Shares", 4.25% (e) |
| 1730588 | 11567304 | (12672359) |  |  | 44768 |  | 625533 | 625533 |
| **2243412** | **11603054** | **(12747775)** | **50992** | **281183** | **59742** |  | **880673** | **1430866** |

---

\* 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 August 31, 2025 amounted to $233,476, 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 year ended August 31, 2025.

---

| | |
|:---|:---|
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interests |
| CVA: | Certificaten Van Aandelen (Dutch Certificate) |
| REIT: | Real Estate Investment Trust |
| 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. |

---

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized <br>Appreciation ($)** |
|  E-Mini S&P 500 Index | USD | 4 | 1259592 | 1294550 | 9/19/2025 | 34958 |
|  Micro E-Mini S&P 500 Index | USD | 14 | 440945 | 453092 | 9/19/2025 | 12147 |
|  MSCI EAFE Index | USD | 3 | 395572 | 408165 | 9/19/2025 | 12593 |
|  S&P/TSX 60 Index Mini | CAD | 1 | 57516 | 61754 | 9/18/2025 | 4238 |
|  **Total unrealized appreciation** |  |  |  |  |  | **63936** |

---

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.

See Notes to Financial Statements.

DBX ETF Trust \| 31

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

August 31, 2025

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
|  CAD | Canadian Dollar |
|  USD | U.S. Dollar |

---

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 August 31, 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) | $664457609 | $— | $— | $664457609 |
|  Preferred Stocks | 554998 |  |  | 554998 |
|  Rights |  |  | 0 | 0 |
|  Warrants |  |  | 0 | 0 |
|  Short-Term Investments (a) | 864562 |  |  | 864562 |
|  Derivatives (b) |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 63936 |  |  | 63936 |
|  **TOTAL** | $**665941105** | $**—** | $**0** | $**665941105** |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.3%** |  |  |
|  **Communication Services — 13.2%** |  |  |
|  Alphabet, Inc., Class A | 10048 | 2139320 |
|  Alphabet, Inc., Class C | 8335 | 1779772 |
|  AT&T, Inc. | 19043 | 557769 |
|  Charter Communications, Inc., Class A \* | 103 | 27355 |
|  Comcast Corp., Class A | 13262 | 450510 |
|  Electronic Arts, Inc. | 928 | 159570 |
|  Interpublic Group of Cos., Inc. | 614 | 16480 |
|  Live Nation Entertainment, Inc. \* | 198 | 32965 |
|  Meta Platforms, Inc., Class A | 4714 | 3482232 |
|  New York Times Co., Class A | 508 | 30399 |
|  Omnicom Group, Inc. | 257 | 20131 |
|  Pinterest, Inc., Class A \* | 1672 | 61245 |
|  Verizon Communications, Inc. | 10715 | 473924 |
|  (Cost $6,699,191) |  | **9231672** |
|  **Consumer Discretionary — 14.9%** |  |  |
|  Airbnb, Inc., Class A \* | 1345 | 175563 |
|  Amazon.com, Inc. \* | 15341 | 3513089 |
|  Aptiv PLC \* | 1168 | 92891 |
|  Aramark | 724 | 28316 |
|  AutoZone, Inc. \* | 50 | 209926 |
|  Bath & Body Works, Inc. | 806 | 23543 |
|  Best Buy Co., Inc. | 1686 | 124157 |
|  Booking Holdings, Inc. | 107 | 599098 |
|  BorgWarner, Inc. | 1024 | 43786 |
|  Chewy, Inc., Class A \* | 395 | 16179 |
|  Chipotle Mexican Grill, Inc. \* | 2539 | 106993 |
|  Coupang, Inc. \* | 3293 | 94114 |
|  Crocs, Inc. \* | 400 | 34880 |
|  D.R. Horton, Inc. | 941 | 159481 |
|  Darden Restaurants, Inc. | 407 | 84225 |
|  Deckers Outdoor Corp. \* | 698 | 83502 |
|  Dick's Sporting Goods, Inc. | 282 | 60010 |
|  Domino's Pizza, Inc. | 71 | 32539 |
|  eBay, Inc. | 1573 | 142530 |
|  Etsy, Inc. \* | 371 | 19667 |
|  Expedia Group, Inc. | 530 | 113844 |
|  Five Below, Inc. \* | 209 | 30326 |
|  Floor & Decor Holdings, Inc., Class A \* | 306 | 25067 |
|  Gap, Inc. | 1531 | 33697 |
|  Garmin Ltd. | 499 | 120668 |
|  General Motors Co. | 2527 | 148057 |
|  Gentex Corp. | 1466 | 41063 |
|  Genuine Parts Co. | 157 | 21875 |
|  Grand Canyon Education, Inc. \* | 132 | 26607 |
|  H&R Block, Inc. | 836 | 42093 |
|  Home Depot, Inc. | 1334 | 542631 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Las Vegas Sands Corp. | 668 | 38497 |
|  Lear Corp. | 310 | 34100 |
|  Lennar Corp., Class A | 1275 | 169753 |
|  LKQ Corp. | 711 | 23193 |
|  Lowe's Cos., Inc. | 788 | 203351 |
|  Lululemon Athletica, Inc. \* | 442 | 89372 |
|  Marriott International, Inc., Class A | 130 | 34822 |
|  McDonald's Corp. | 354 | 110993 |
|  MGM Resorts International \* | 717 | 28458 |
|  Mohawk Industries, Inc. \* | 222 | 29457 |
|  NIKE, Inc., Class B | 5809 | 449442 |
|  NVR, Inc. \* | 18 | 146118 |
|  On Holding AG, Class A \* | 291 | 13118 |
|  O'Reilly Automotive, Inc. \* | 2319 | 240434 |
|  Pool Corp. | 123 | 38217 |
|  PulteGroup, Inc. | 1470 | 194069 |
|  Ralph Lauren Corp. | 197 | 58495 |
|  Ross Stores, Inc. | 1316 | 193663 |
|  Skechers U.S.A., Inc., Class A \* | 710 | 44787 |
|  Starbucks Corp. | 1407 | 124083 |
|  Tapestry, Inc. | 591 | 60176 |
|  Tesla, Inc. \* | 653 | 218017 |
|  Texas Roadhouse, Inc. | 270 | 46588 |
|  TJX Cos., Inc. | 4232 | 578134 |
|  Toll Brothers, Inc. | 358 | 49762 |
|  TopBuild Corp. \* | 152 | 63956 |
|  Tractor Supply Co. | 1827 | 112836 |
|  Ulta Beauty, Inc. \* | 256 | 126139 |
|  Williams-Sonoma, Inc. | 732 | 137755 |
|  (Cost $8,677,604) |  | **10448202** |
|  **Consumer Staples — 10.8%** |  |  |
|  Albertsons Cos., Inc., Class A | 1608 | 31292 |
|  Altria Group, Inc. | 9827 | 660473 |
|  Archer-Daniels-Midland Co. | 1279 | 80117 |
|  BJ's Wholesale Club Holdings, Inc. \* | 713 | 69646 |
|  Casey's General Stores, Inc. | 92 | 45496 |
|  Coca-Cola Consolidated, Inc. | 134 | 15710 |
|  Colgate-Palmolive Co. | 2391 | 201011 |
|  Constellation Brands, Inc., Class A | 173 | 28016 |
|  Costco Wholesale Corp. | 1558 | 1469693 |
|  Dollar General Corp. | 638 | 69389 |
|  Dollar Tree, Inc. \* | 310 | 33843 |
|  Estee Lauder Cos., Inc., Class A | 469 | 43021 |
|  General Mills, Inc. | 1361 | 67138 |
|  Hershey Co. | 437 | 80299 |
|  Ingredion, Inc. | 354 | 45857 |
|  Kellanova | 219 | 17410 |
|  Kenvue, Inc. | 2128 | 44071 |
|  Kimberly-Clark Corp. | 1084 | 139988 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 33

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kroger Co. | 2131 | 144567 |
|  Maplebear, Inc. \* | 427 | 18519 |
|  Molson Coors Beverage Co., Class B | 414 | 20903 |
|  Mondelez International, Inc., Class A | 1511 | 92836 |
|  Monster Beverage Corp. \* | 1969 | 122885 |
|  PepsiCo, Inc. | 1884 | 280057 |
|  Performance Food Group Co. \* | 288 | 29203 |
|  Philip Morris International, Inc. | 3231 | 539997 |
|  Procter & Gamble Co. | 5906 | 927478 |
|  Sprouts Farmers Market, Inc. \* | 202 | 28389 |
|  Sysco Corp. | 1182 | 95115 |
|  Target Corp. | 1507 | 144642 |
|  Tyson Foods, Inc., Class A | 644 | 36566 |
|  US Foods Holding Corp. \* | 688 | 53389 |
|  Walmart, Inc. | 19528 | 1893825 |
|  (Cost $6,291,556) |  | **7570841** |
|  **Energy — 5.7%** |  |  |
|  Baker Hughes Co. | 2481 | 112637 |
|  Cheniere Energy, Inc. | 108 | 26117 |
|  Chevron Corp. | 9743 | 1564726 |
|  ConocoPhillips | 2128 | 210608 |
|  Coterra Energy, Inc. | 3169 | 77450 |
|  Devon Energy Corp. | 1896 | 68446 |
|  Diamondback Energy, Inc. | 244 | 36297 |
|  EOG Resources, Inc. | 3769 | 470447 |
|  Expand Energy Corp. | 218 | 21098 |
|  Exxon Mobil Corp. | 7175 | 820031 |
|  Halliburton Co. | 1951 | 44346 |
|  Marathon Petroleum Corp. | 904 | 162458 |
|  NOV, Inc. | 1101 | 14632 |
|  Permian Resources Corp., Class A | 2450 | 35011 |
|  Phillips 66 | 277 | 37002 |
|  Schlumberger NV | 4455 | 164122 |
|  TechnipFMC PLC | 1619 | 59514 |
|  Valero Energy Corp. | 379 | 57612 |
|  (Cost $3,797,280) |  | **3982554** |
|  **Financials — 12.4%** |  |  |
|  Affiliated Managers Group, Inc. | 205 | 46088 |
|  Aon PLC, Class A | 238 | 87346 |
|  Arch Capital Group Ltd. | 1661 | 152031 |
|  Berkshire Hathaway, Inc., Class B \* | 6702 | 3370972 |
|  Capital One Financial Corp. | 271 | 61577 |
|  Cboe Global Markets, Inc. | 266 | 62763 |
|  Cincinnati Financial Corp. | 531 | 81562 |
|  Euronet Worldwide, Inc. \* | 152 | 14165 |
|  Evercore, Inc., Class A | 230 | 73956 |
|  FactSet Research Systems, Inc. | 127 | 47412 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fidelity National Information Services, Inc. | 717 | 50054 |
|  First Citizens BancShares, Inc., Class A | 20 | 39678 |
|  Global Payments, Inc. | 332 | 29488 |
|  Houlihan Lokey, Inc. | 174 | 34669 |
|  Jack Henry & Associates, Inc. | 202 | 32978 |
|  Kinsale Capital Group, Inc. | 79 | 36139 |
|  LPL Financial Holdings, Inc. | 285 | 103877 |
|  MarketAxess Holdings, Inc. | 148 | 27208 |
|  Marsh & McLennan Cos., Inc. | 1310 | 269611 |
|  Mastercard, Inc., Class A | 2001 | 1191175 |
|  MGIC Investment Corp. | 2313 | 64371 |
|  Moody's Corp. | 432 | 220216 |
|  MSCI, Inc. | 223 | 126602 |
|  PayPal Holdings, Inc. \* | 3492 | 245103 |
|  Progressive Corp. | 1692 | 418026 |
|  S&P Global, Inc. | 42 | 23034 |
|  SEI Investments Co. | 518 | 45729 |
|  Synchrony Financial | 1753 | 133824 |
| T. Rowe Price Group, Inc. | 1642 | 176712 |
|  Visa, Inc., Class A | 4011 | 1410990 |
|  (Cost $7,070,828) |  | **8677356** |
|  **Health Care — 11.3%** |  |  |
|  Abbott Laboratories | 3517 | 466565 |
|  Agilent Technologies, Inc. | 207 | 26012 |
|  Align Technology, Inc. \* | 211 | 29954 |
|  Biogen, Inc. \* | 275 | 36360 |
|  BioMarin Pharmaceutical, Inc. \* | 373 | 21735 |
|  Bristol-Myers Squibb Co. | 2877 | 135737 |
|  Cardinal Health, Inc. | 2437 | 362577 |
|  Cencora, Inc. | 1494 | 435665 |
|  Centene Corp. \* | 1780 | 51691 |
|  Chemed Corp. | 50 | 22898 |
|  Cigna Group | 1879 | 565335 |
|  CVS Health Corp. | 2407 | 176072 |
|  Edwards Lifesciences Corp. \* | 1215 | 98828 |
|  Elevance Health, Inc. | 313 | 99737 |
|  Exelixis, Inc. \* | 964 | 36073 |
|  GE HealthCare Technologies, Inc. | 505 | 37234 |
|  Gilead Sciences, Inc. | 970 | 109581 |
|  HCA Healthcare, Inc. | 577 | 233085 |
|  Henry Schein, Inc. \* | 265 | 18439 |
|  Hologic, Inc. \* | 420 | 28190 |
|  Humana, Inc. | 965 | 293032 |
|  IDEXX Laboratories, Inc. \* | 114 | 73768 |
|  Incyte Corp. \* | 474 | 40105 |
|  Intuitive Surgical, Inc. \* | 95 | 44963 |
|  Johnson & Johnson | 7866 | 1393619 |
|  Labcorp Holdings, Inc. | 90 | 25019 |
|  McKesson Corp. | 1305 | 896065 |

---

See Notes to Financial Statements.

34 \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Medpace Holdings, Inc. \* | 100 | 47551 |
|  Merck & Co., Inc. | 8829 | 742695 |
|  Mettler-Toledo International, Inc. \* | 55 | 71557 |
|  Molina Healthcare, Inc. \* | 300 | 54249 |
|  Neurocrine Biosciences, Inc. \* | 168 | 23453 |
|  Pfizer, Inc. | 5055 | 125162 |
|  Regeneron Pharmaceuticals, Inc. | 428 | 248540 |
|  ResMed, Inc. | 240 | 65882 |
|  Royalty Pharma PLC, Class A | 819 | 29468 |
|  Solventum Corp. \* | 650 | 47509 |
|  STERIS PLC | 113 | 27692 |
|  Tenet Healthcare Corp. \* | 115 | 21198 |
|  United Therapeutics Corp. \* | 258 | 78628 |
|  UnitedHealth Group, Inc. | 1061 | 328772 |
|  Universal Health Services, Inc., Class B | 255 | 46303 |
|  Vertex Pharmaceuticals, Inc. \* | 108 | 42230 |
|  West Pharmaceutical Services, Inc. | 193 | 47661 |
|  Zoetis, Inc. | 681 | 106508 |
|  (Cost $7,582,324) |  | **7913397** |
|  **Industrials — 9.1%** |  |  |
|  3M Co. | 265 | 41215 |
|  A O Smith Corp. | 631 | 44984 |
|  Acuity, Inc. | 138 | 45053 |
|  AECOM | 250 | 31222 |
|  AGCO Corp. | 178 | 19258 |
|  Allison Transmission Holdings, Inc. | 251 | 21915 |
|  AMETEK, Inc. | 357 | 65974 |
|  Automatic Data Processing, Inc. | 791 | 240504 |
|  Booz Allen Hamilton Holding Corp. | 342 | 37182 |
|  Broadridge Financial Solutions, Inc. | 147 | 37576 |
|  Builders FirstSource, Inc. \* | 594 | 82376 |
|  C.H. Robinson Worldwide, Inc. | 313 | 40283 |
|  Carlisle Cos., Inc. | 189 | 72933 |
|  Caterpillar, Inc. | 1108 | 464296 |
|  Cintas Corp. | 502 | 105435 |
|  Comfort Systems USA, Inc. | 103 | 72448 |
|  Copart, Inc. \* | 1379 | 67309 |
|  CSX Corp. | 525 | 17068 |
|  Cummins, Inc. | 188 | 74907 |
|  Deere & Co. | 164 | 78497 |
|  Delta Air Lines, Inc. | 2541 | 156983 |
|  Donaldson Co., Inc. | 430 | 34258 |
|  Dover Corp. | 157 | 28081 |
|  Eaton Corp. PLC | 461 | 160954 |
|  EMCOR Group, Inc. | 243 | 150660 |
|  Expeditors International of Washington, Inc. | 818 | 98602 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fastenal Co. | 3186 | 158217 |
|  FedEx Corp. | 667 | 154124 |
|  Ferguson Enterprises, Inc. | 320 | 73968 |
|  FTI Consulting, Inc. \* | 161 | 27151 |
|  GE Vernova, Inc. | 514 | 315067 |
|  Generac Holdings, Inc. \* | 133 | 24638 |
|  General Dynamics Corp. | 466 | 151250 |
|  Genpact Ltd. | 683 | 30967 |
|  Graco, Inc. | 475 | 40560 |
|  Hubbell, Inc. | 85 | 36634 |
|  Illinois Tool Works, Inc. | 857 | 226805 |
|  ITT, Inc. | 237 | 40349 |
|  Jacobs Solutions, Inc. | 289 | 42260 |
|  JB Hunt Transport Services, Inc. | 359 | 52051 |
|  Kirby Corp. \* | 165 | 16038 |
|  Landstar System, Inc. | 126 | 16674 |
|  Leidos Holdings, Inc. | 171 | 30937 |
|  Lennox International, Inc. | 45 | 25104 |
|  Lockheed Martin Corp. | 693 | 315752 |
|  Lyft, Inc., Class A \* | 1238 | 20080 |
|  Masco Corp. | 925 | 67886 |
|  MasTec, Inc. \* | 142 | 25800 |
|  MSC Industrial Direct Co., Inc., Class A | 251 | 22648 |
|  Mueller Industries, Inc. | 284 | 27247 |
|  Northrop Grumman Corp. | 163 | 96176 |
|  Old Dominion Freight Line, Inc. | 615 | 92847 |
|  Oshkosh Corp. | 337 | 46968 |
|  Owens Corning | 197 | 29583 |
|  PACCAR, Inc. | 545 | 54489 |
|  Paychex, Inc. | 903 | 125928 |
|  Paycom Software, Inc. | 132 | 29984 |
|  Quanta Services, Inc. | 52 | 19654 |
|  Robert Half, Inc. | 686 | 25601 |
|  Rockwell Automation, Inc. | 96 | 32969 |
|  Rollins, Inc. | 558 | 31549 |
|  Saia, Inc. \* | 68 | 20159 |
|  Simpson Manufacturing Co., Inc. | 102 | 19494 |
|  Snap-on, Inc. | 257 | 83587 |
|  Southwest Airlines Co. | 969 | 31880 |
|  Textron, Inc. | 216 | 17315 |
|  Toro Co. | 282 | 22859 |
|  Trane Technologies PLC | 341 | 141720 |
|  Uber Technologies, Inc. \* | 3531 | 331031 |
|  Union Pacific Corp. | 151 | 33759 |
|  United Airlines Holdings, Inc. \* | 1026 | 107730 |
|  United Parcel Service, Inc., Class B | 3249 | 284093 |
|  United Rentals, Inc. | 151 | 144407 |
|  Valmont Industries, Inc. | 57 | 20926 |
|  Verisk Analytics, Inc. | 166 | 44508 |
|  W.W. Grainger, Inc. | 152 | 154052 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 35

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Watsco, Inc. | 44 | 17705 |
|  Westinghouse Air Brake Technologies Corp. | 205 | 39667 |
|  Woodward, Inc. | 68 | 16784 |
|  (Cost $5,601,772) |  | **6349604** |
|  **Information Technology — 19.1%** |  |  |
|  Accenture PLC, Class A | 1754 | 455987 |
|  Adobe, Inc. \* | 1301 | 464067 |
|  Advanced Micro Devices, Inc. \* | 150 | 24394 |
|  Amdocs Ltd. | 470 | 40218 |
|  Analog Devices, Inc. | 121 | 30408 |
|  Apple, Inc. | 16459 | 3820792 |
|  Applied Materials, Inc. | 3255 | 523274 |
|  Arista Networks, Inc. \* | 1735 | 236914 |
|  Autodesk, Inc. \* | 62 | 19511 |
|  Cirrus Logic, Inc. \* | 273 | 31174 |
|  Cisco Systems, Inc. | 9247 | 638875 |
|  Cognizant Technology Solutions Corp., Class A | 1943 | 140382 |
|  Docusign, Inc. \* | 377 | 28901 |
|  Dropbox, Inc., Class A \* | 842 | 24469 |
|  Dynatrace, Inc. \* | 348 | 17609 |
|  F5, Inc. \* | 146 | 45718 |
|  Fair Isaac Corp. \* | 9 | 13695 |
|  First Solar, Inc. \* | 216 | 42161 |
|  Fortinet, Inc. \* | 597 | 47026 |
|  Gartner, Inc. \* | 86 | 21602 |
|  Intel Corp. \* | 977 | 23790 |
|  Jabil, Inc. | 284 | 58172 |
|  Keysight Technologies, Inc. \* | 221 | 36118 |
|  KLA Corp. | 67 | 58424 |
|  Lam Research Corp. | 3526 | 353129 |
|  Manhattan Associates, Inc. \* | 82 | 17666 |
|  Micron Technology, Inc. | 952 | 113298 |
|  Microsoft Corp. | 1304 | 660724 |
|  Monolithic Power Systems, Inc. | 91 | 76054 |
|  NetApp, Inc. | 557 | 62824 |
|  NVIDIA Corp. | 22905 | 3989593 |
|  QUALCOMM, Inc. | 3159 | 507746 |
|  Salesforce, Inc. | 1269 | 325181 |
|  Skyworks Solutions, Inc. | 820 | 61451 |
|  Synopsys, Inc. \* | 183 | 110444 |
|  Teradyne, Inc. | 329 | 38901 |
|  Texas Instruments, Inc. | 491 | 99418 |
|  Trimble, Inc. \* | 287 | 23195 |
|  VeriSign, Inc. | 213 | 58228 |
|  Zebra Technologies Corp., Class A \* | 68 | 21562 |
|  Zoom Communications, Inc. \* | 357 | 29067 |
|  (Cost $12,232,304) |  | **13392162** |
|  **Materials — 1.8%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Alcoa Corp. | 551 | 17737 |
|  AptarGroup, Inc. | 97 | 13509 |
|  Avery Dennison Corp. | 105 | 18023 |
|  CF Industries Holdings, Inc. | 1093 | 94687 |
|  Corteva, Inc. | 1134 | 84131 |
|  CRH PLC | 609 | 68787 |
|  Eagle Materials, Inc. | 91 | 21012 |
|  Freeport-McMoRan, Inc. | 3840 | 170496 |
|  Louisiana-Pacific Corp. | 367 | 34905 |
|  LyondellBasell Industries NV, Class A | 610 | 34373 |
|  Mosaic Co. | 487 | 16266 |
|  Newmont Corp. | 3552 | 264269 |
|  Nucor Corp. | 1063 | 158100 |
|  Packaging Corp. of America | 212 | 46207 |
|  Reliance, Inc. | 351 | 103777 |
|  Royal Gold, Inc. | 105 | 18856 |
|  RPM International, Inc. | 211 | 26440 |
|  Southern Copper Corp. | 195 | 18738 |
|  Steel Dynamics, Inc. | 710 | 92953 |
|  (Cost $1,168,687) |  | **1303266** |
|  **Real Estate — 0.7%** |  |  |
|  CBRE Group, Inc., Class A \* | 219 | 35504 |
|  Gaming and Leisure Properties, Inc. REIT | 420 | 20164 |
|  Host Hotels & Resorts, Inc. REIT | 1339 | 23044 |
|  Public Storage REIT | 552 | 162614 |
|  Simon Property Group, Inc. REIT | 748 | 135134 |
|  VICI Properties, Inc. REIT | 2025 | 68404 |
|  Weyerhaeuser Co. REIT | 741 | 19170 |
|  (Cost $411,930) |  | **464034** |
|  **Utilities — 0.3%** |  |  |
|  Atmos Energy Corp. | 161 | 26747 |
|  Edison International | 523 | 29356 |
|  NRG Energy, Inc. | 405 | 58952 |
|  Talen Energy Corp. \* | 86 | 32587 |
|  Vistra Corp. | 388 | 73375 |
|  (Cost $182,934) |  | **221017** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $59,716,410) |  | **69554105** |
|  **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
|  iShares Russell 1000 ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $32,020) | 100 | **35471** |
|  **CASH EQUIVALENTS — 0.5%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $352,507) | 352507 | **352507** |

---

See Notes to Financial Statements.

36 \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $60,100,937) |  | **69942083** |
|  **Other assets and liabilities, net — 0.2%** |  | **131615** |
|  **NET ASSETS — 100.0%** |  | **70073698** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change**<br> **in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at <br>8/31/2025** |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |  |  |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares, 4.24% (a)(b) |  |  |  |
| 34277 |  | (34277) (c) |  |  | 5 |  |  |  |
|  CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% | CASH EQUIVALENTS **—** 0.5% |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) | DWS Government Money Market Series "Institutional Shares", 4.25% (a) |  |  |  |
| 177441 | 1751333 | (1576267) |  |  | 12319 |  | 352507 | 352507 |
| **211718** | **1751333** | **(1610544)** |  |  | **12324** |  | **352507** | **352507** |

---

\* 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 year ended August 31, 2025.

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  Micro E-Mini S&P 500 Index | USD | 13 | 400490 | 420729 | 9/19/2025 | 20239 |

---

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** | **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)

August 31, 2025

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 August 31, 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) | $69554105 | $— | $— | $69554105 |
|  Exchange-Traded Funds | 35471 |  |  | 35471 |
|  Short-Term Investments (a) | 352507 |  |  | 352507 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 20239 |  |  | 20239 |
|  **TOTAL** | $**69962322** | $**—** | $**—** | $**69962322** |

---

(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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 98.9%** |  |  |
|  **— 0.1%** |  |  |
|  GCI Liberty, Inc., Class A \* | 42 | 1568 |
|  GCI Liberty, Inc., Class C \* | 215 | 7878 |
|  Smithfield Foods, Inc. | 1607 | 40866 |
|  Viper Energy, Inc., Class A | 1102 | 43909 |
|  (Cost $88,833) |  | **94221** |
|  **Communication Services — 3.4%** |  |  |
|  Alphabet, Inc., Class A | 470 | 100068 |
|  Alphabet, Inc., Class C | 380 | 81141 |
|  AT&T, Inc. | 22724 | 665586 |
|  Charter Communications, Inc., Class A \* | 1056 | 280452 |
|  Comcast Corp., Class A | 10706 | 363683 |
|  Electronic Arts, Inc. | 3280 | 563996 |
|  Fox Corp., Class A | 5444 | 325007 |
|  Fox Corp., Class B | 3665 | 199926 |
|  Frontier Communications Parent, Inc. \* | 2716 | 100709 |
|  IAC, Inc. \* | 428 | 15673 |
|  Interpublic Group of Cos., Inc. | 8500 | 228140 |
|  Iridium Communications, Inc. | 2033 | 50601 |
|  Liberty Broadband Corp., Class A \* | 200 | 12134 |
|  Liberty Broadband Corp., Class C \* | 1089 | 66276 |
|  Liberty Global Ltd., Class A \* | 10671 | 125278 |
|  Liberty Global Ltd., Class C \* | 8692 | 103869 |
|  Liberty Media Corp.-Liberty Formula One, Class A \* | 138 | 12437 |
|  Liberty Media Corp.-Liberty Formula One, Class C \* | 1306 | 130469 |
|  Liberty Media Corp.-Liberty Live, Class A \* | 254 | 24033 |
|  Liberty Media Corp.-Liberty Live, Class C \* | 431 | 41971 |
|  Live Nation Entertainment, Inc. \* | 1536 | 255729 |
|  Madison Square Garden Sports Corp. \* | 235 | 46492 |
|  Match Group, Inc. | 4267 | 159330 |
|  Meta Platforms, Inc., Class A | 124 | 91599 |
|  Millicom International Cellular SA | 6389 | 308653 |
|  Netflix, Inc. \* | 13 | 15707 |
|  New York Times Co., Class A | 4189 | 250670 |
|  News Corp., Class A | 4665 | 137198 |
|  News Corp., Class B | 1591 | 53887 |
|  Nexstar Media Group, Inc. | 1524 | 311704 |
|  Omnicom Group, Inc. | 2876 | 225277 |
|  Pinterest, Inc., Class A \* | 344 | 12601 |
|  Spotify Technology SA \* | 65 | 44322 |
|  Take-Two Interactive Software, Inc. \* | 70 | 16329 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  TKO Group Holdings, Inc., Class A | 850 | 161126 |
|  T-Mobile US, Inc. | 424 | 106844 |
|  Verizon Communications, Inc. | 11144 | 492899 |
|  Walt Disney Co. | 1024 | 121221 |
|  Warner Bros Discovery, Inc. \* | 3747 | 43615 |
|  (Cost $5,616,581) |  | **6346652** |
|  **Consumer Discretionary — 10.8%** |  |  |
|  Airbnb, Inc., Class A \* | 416 | 54301 |
|  Amazon.com, Inc. \* | 301 | 68929 |
|  Aptiv PLC \* | 3536 | 281218 |
|  Aramark | 10405 | 406940 |
|  AutoNation, Inc. \* | 253 | 55427 |
|  AutoZone, Inc. \* | 155 | 650772 |
|  Bath & Body Works, Inc. | 761 | 22229 |
|  Best Buy Co., Inc. | 3750 | 276150 |
|  Booking Holdings, Inc. | 50 | 279953 |
|  BorgWarner, Inc. | 9516 | 406904 |
|  Boyd Gaming Corp. | 3655 | 313818 |
|  Bright Horizons Family Solutions, Inc. \* | 1009 | 119102 |
|  Brunswick Corp. | 178 | 11319 |
|  Burlington Stores, Inc. \* | 495 | 143887 |
|  CarMax, Inc. \* | 886 | 54356 |
|  Carnival Corp. \* | 1764 | 56254 |
|  Chewy, Inc., Class A \* | 292 | 11960 |
|  Chipotle Mexican Grill, Inc. \* | 1895 | 79855 |
|  Choice Hotels International, Inc. (a) | 743 | 88848 |
|  Churchill Downs, Inc. | 279 | 28941 |
|  Columbia Sportswear Co. | 821 | 45746 |
|  Coupang, Inc. \* | 1710 | 48872 |
|  Crocs, Inc. \* | 164 | 14301 |
|  D.R. Horton, Inc. | 1862 | 315572 |
|  Darden Restaurants, Inc. | 3522 | 728843 |
|  Deckers Outdoor Corp. \* | 756 | 90440 |
|  Dick's Sporting Goods, Inc. | 376 | 80013 |
|  Domino's Pizza, Inc. | 387 | 177362 |
|  DoorDash, Inc., Class A \* | 167 | 40957 |
|  eBay, Inc. | 12427 | 1126010 |
|  Expedia Group, Inc. | 2129 | 457309 |
|  Five Below, Inc. \* | 419 | 60797 |
|  Floor & Decor Holdings, Inc., Class A \* | 311 | 25477 |
|  Flutter Entertainment PLC \* | 723 | 222084 |
|  Ford Motor Co. | 14743 | 173525 |
|  Gap, Inc. | 1911 | 42061 |
|  Garmin Ltd. | 2293 | 554493 |
|  General Motors Co. | 7173 | 420266 |
|  Gentex Corp. | 3508 | 98259 |
|  Genuine Parts Co. | 1511 | 210528 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 39

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Grand Canyon Education, Inc. \* | 1758 | 354360 |
|  H&R Block, Inc. | 7022 | 353558 |
|  Harley-Davidson, Inc. | 459 | 13366 |
|  Hasbro, Inc. | 1811 | 146999 |
|  Hilton Worldwide Holdings, Inc. | 1007 | 277992 |
|  Home Depot, Inc. | 87 | 35389 |
|  Hyatt Hotels Corp., Class A | 401 | 57856 |
|  Las Vegas Sands Corp. | 1573 | 90652 |
|  Lear Corp. | 1285 | 141350 |
|  Lennar Corp., Class A | 1594 | 212225 |
|  Lennar Corp., Class B | 59 | 7504 |
|  Lithia Motors, Inc. | 359 | 120868 |
|  LKQ Corp. | 9350 | 304997 |
|  Lowe's Cos., Inc. | 1155 | 298059 |
|  Lululemon Athletica, Inc. \* | 673 | 136081 |
|  Marriott International, Inc., Class A | 614 | 164466 |
|  Mattel, Inc. \* | 14447 | 264380 |
|  McDonald's Corp. | 576 | 180599 |
|  MGM Resorts International \* | 1602 | 63583 |
|  Mohawk Industries, Inc. \* | 924 | 122606 |
|  Murphy USA, Inc. | 281 | 105797 |
|  Newell Brands, Inc. | 1099 | 6506 |
|  NIKE, Inc., Class B | 1564 | 121007 |
|  Norwegian Cruise Line Holdings Ltd. \* | 654 | 16245 |
|  NVR, Inc. \* | 73 | 592588 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 672 | 85237 |
|  On Holding AG, Class A \* | 240 | 10819 |
|  O'Reilly Automotive, Inc. \* | 5382 | 558006 |
|  Penske Automotive Group, Inc. | 432 | 79665 |
|  Planet Fitness, Inc., Class A \* | 928 | 97254 |
|  Pool Corp. | 621 | 192951 |
|  PulteGroup, Inc. | 4898 | 646634 |
|  PVH Corp. | 226 | 19056 |
|  Ralph Lauren Corp. | 2031 | 603065 |
|  Restaurant Brands International, Inc. | 2845 | 180174 |
|  Ross Stores, Inc. | 2915 | 428971 |
|  Royal Caribbean Cruises Ltd. | 328 | 119136 |
|  Service Corp. International | 2214 | 175460 |
|  SharkNinja, Inc. \* | 820 | 95907 |
|  Skechers U.S.A., Inc., Class A \* | 2284 | 144075 |
|  Somnigroup International, Inc. | 556 | 46676 |
|  Starbucks Corp. | 2919 | 257427 |
|  Tapestry, Inc. | 2773 | 282347 |
|  Texas Roadhouse, Inc. | 2226 | 384096 |
|  Thor Industries, Inc. | 704 | 77158 |
|  TJX Cos., Inc. | 3330 | 454911 |
|  Toll Brothers, Inc. | 2038 | 283282 |
|  TopBuild Corp. \* | 231 | 97196 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Tractor Supply Co. | 6289 | 388409 |
|  Travel + Leisure Co. | 2035 | 128632 |
|  Ulta Beauty, Inc. \* | 930 | 458239 |
|  Vail Resorts, Inc. | 380 | 62244 |
|  Valvoline, Inc. \* | 1323 | 51306 |
|  VF Corp. | 2456 | 37159 |
|  Viking Holdings Ltd. \* | 424 | 26975 |
|  Wendy's Co. | 2009 | 21316 |
|  Whirlpool Corp. | 275 | 25616 |
|  Williams-Sonoma, Inc. | 1637 | 308067 |
|  Wyndham Hotels & Resorts, Inc. | 1536 | 133033 |
|  Wynn Resorts Ltd. | 724 | 91767 |
|  YETI Holdings, Inc. \* | 403 | 14170 |
|  Yum! Brands, Inc. | 2786 | 409458 |
|  (Cost $16,637,184) |  | **20009005** |
|  **Consumer Staples — 7.8%** |  |  |
|  Albertsons Cos., Inc., Class A | 17900 | 348334 |
|  Altria Group, Inc. | 23691 | 1592272 |
|  Archer-Daniels-Midland Co. | 3846 | 240913 |
|  BellRing Brands, Inc. \* | 2560 | 105088 |
|  BJ's Wholesale Club Holdings, Inc. \* | 7163 | 699682 |
|  Boston Beer Co., Inc., Class A \* | 118 | 26089 |
|  Brown-Forman Corp., Class A | 301 | 9135 |
|  Brown-Forman Corp., Class B | 1390 | 41617 |
|  Bunge Global SA | 1050 | 88431 |
|  Casey's General Stores, Inc. | 675 | 333801 |
|  Church & Dwight Co., Inc. | 1779 | 165732 |
|  Clorox Co. | 1023 | 120919 |
|  Coca-Cola Co. | 1254 | 86513 |
|  Coca-Cola Consolidated, Inc. | 1683 | 197315 |
|  Colgate-Palmolive Co. | 3755 | 315683 |
|  Conagra Brands, Inc. | 7999 | 153021 |
|  Constellation Brands, Inc., Class A | 435 | 70444 |
|  Costco Wholesale Corp. | 114 | 107539 |
|  Darling Ingredients, Inc. \* | 1775 | 60279 |
|  Dollar General Corp. | 1629 | 177170 |
|  Dollar Tree, Inc. \* | 191 | 20852 |
|  Estee Lauder Cos., Inc., Class A | 365 | 33481 |
|  Flowers Foods, Inc. | 4958 | 74568 |
|  General Mills, Inc. | 5947 | 293366 |
|  Hershey Co. | 2111 | 387896 |
|  Hormel Foods Corp. | 6861 | 174544 |
|  Ingredion, Inc. | 4041 | 523471 |
|  J M Smucker Co. | 842 | 93049 |
|  Kellanova | 7143 | 567869 |
|  Kenvue, Inc. | 18758 | 388478 |
|  Keurig Dr Pepper, Inc. | 5524 | 160693 |
|  Kimberly-Clark Corp. | 3960 | 511394 |
|  Kraft Heinz Co. | 7226 | 202111 |

---

See Notes to Financial Statements.

40 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kroger Co. | 14962 | 1015022 |
|  Lamb Weston Holdings, Inc. | 582 | 33482 |
|  Maplebear, Inc. \* | 7308 | 316948 |
|  McCormick & Co., Inc. | 3537 | 248899 |
|  Molson Coors Beverage Co., Class B | 8595 | 433962 |
|  Mondelez International, Inc., Class A | 4764 | 292700 |
|  Monster Beverage Corp. \* | 6059 | 378142 |
|  PepsiCo, Inc. | 807 | 119961 |
|  Performance Food Group Co. \* | 1634 | 165688 |
|  Philip Morris International, Inc. | 1634 | 273090 |
|  Pilgrim's Pride Corp. | 2611 | 116059 |
|  Post Holdings, Inc. \* | 2496 | 282422 |
|  Procter & Gamble Co. | 504 | 79148 |
|  Reynolds Consumer Products, Inc. | 1057 | 24533 |
|  Seaboard Corp. | 4 | 15877 |
|  Sprouts Farmers Market, Inc. \* | 3293 | 462798 |
|  Sysco Corp. | 4163 | 334997 |
|  Target Corp. | 986 | 94636 |
|  The Campbell's Company | 1098 | 35059 |
|  Tyson Foods, Inc., Class A | 7576 | 430165 |
|  US Foods Holding Corp. \* | 11807 | 916223 |
|  Walmart, Inc. | 675 | 65462 |
|  (Cost $14,065,285) |  | **14507022** |
|  **Energy — 2.4%** |  |  |
|  Antero Midstream Corp. | 7634 | 135809 |
|  Antero Resources Corp. \* | 301 | 9608 |
|  Baker Hughes Co. | 12225 | 555015 |
|  Cheniere Energy, Inc. | 724 | 175078 |
|  Chevron Corp. | 2969 | 476821 |
|  ConocoPhillips | 988 | 97782 |
|  Coterra Energy, Inc. | 10807 | 264123 |
|  Devon Energy Corp. | 967 | 34909 |
|  DT Midstream, Inc. | 1230 | 128141 |
|  EOG Resources, Inc. | 4258 | 531484 |
|  Exxon Mobil Corp. | 691 | 78974 |
|  Halliburton Co. | 1305 | 29663 |
|  HF Sinclair Corp. | 507 | 25796 |
|  Kinder Morgan, Inc. | 9143 | 246678 |
|  Marathon Petroleum Corp. | 1913 | 343785 |
|  Matador Resources Co. | 257 | 12943 |
|  NOV, Inc. | 1328 | 17649 |
|  Occidental Petroleum Corp. | 258 | 12283 |
|  ONEOK, Inc. | 851 | 64999 |
|  Ovintiv, Inc. | 501 | 21102 |
|  Phillips 66 | 1282 | 171250 |
|  Range Resources Corp. | 561 | 19226 |
|  Schlumberger NV | 3480 | 128203 |
|  Targa Resources Corp. | 1537 | 257847 |
|  TechnipFMC PLC | 5291 | 194497 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Texas Pacific Land Corp. | 65 | 60676 |
|  Valero Energy Corp. | 1184 | 179980 |
|  Williams Cos., Inc. | 2971 | 171962 |
|  (Cost $4,013,451) |  | **4446283** |
|  **Financials — 16.1%** |  |  |
|  Affiliated Managers Group, Inc. | 1397 | 314074 |
|  Aflac, Inc. | 4610 | 492625 |
|  AGNC Investment Corp. REIT (a) | 6074 | 59282 |
|  Allstate Corp. | 4435 | 902301 |
|  Ally Financial, Inc. | 825 | 33866 |
|  American Express Co. | 471 | 156033 |
|  American Financial Group, Inc. | 1311 | 178112 |
|  American International Group, Inc. | 1286 | 104577 |
|  Ameriprise Financial, Inc. | 459 | 236298 |
|  Annaly Capital Management, Inc. REIT | 7599 | 161023 |
|  Aon PLC, Class A | 959 | 351953 |
|  Apollo Global Management, Inc. | 451 | 61440 |
|  Arch Capital Group Ltd. | 6838 | 625882 |
|  Ares Management Corp., Class A | 407 | 72934 |
|  Arthur J Gallagher & Co. | 311 | 94155 |
|  Assurant, Inc. | 1208 | 260457 |
|  Assured Guaranty Ltd. | 630 | 51786 |
|  Axis Capital Holdings Ltd. | 4802 | 473381 |
|  Bank of America Corp. | 427 | 21666 |
|  Bank of New York Mellon Corp. | 1938 | 204653 |
|  Bank OZK | 2161 | 113388 |
|  Berkshire Hathaway, Inc., Class B \* | 272 | 136811 |
|  Blackrock, Inc. | 190 | 214157 |
|  Blackstone, Inc. | 1091 | 186997 |
|  Blue Owl Capital, Inc. | 698 | 12927 |
|  BOK Financial Corp. | 281 | 31306 |
|  Brighthouse Financial, Inc. \* | 237 | 11201 |
|  Brookfield Asset Management Ltd., Class A | 1152 | 69304 |
|  Brown & Brown, Inc. | 2875 | 278731 |
|  Capital One Financial Corp. | 1668 | 379003 |
|  Carlyle Group, Inc. | 1459 | 94193 |
|  Cboe Global Markets, Inc. | 2716 | 640840 |
|  Charles Schwab Corp. | 324 | 31052 |
|  Chubb Ltd. | 1120 | 308078 |
|  Cincinnati Financial Corp. | 7168 | 1101005 |
|  Citigroup, Inc. | 521 | 50313 |
|  Citizens Financial Group, Inc. | 2138 | 111775 |
|  CME Group, Inc. | 551 | 146847 |
|  CNA Financial Corp. | 383 | 18978 |
|  Columbia Banking System, Inc. | 2581 | 69093 |
|  Comerica, Inc. | 808 | 57029 |
|  Commerce Bancshares, Inc. | 1569 | 97184 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 41

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Corebridge Financial, Inc. | 1368 | 47565 |
|  Corpay, Inc. \* | 1220 | 397317 |
|  Credit Acceptance Corp. \* | 64 | 32943 |
|  Cullen/Frost Bankers, Inc. | 739 | 95353 |
|  East West Bancorp, Inc. | 1305 | 137208 |
|  Equitable Holdings, Inc. | 2233 | 118930 |
|  Euronet Worldwide, Inc. \* | 1451 | 135219 |
|  Evercore, Inc., Class A | 1628 | 523483 |
|  Everest Group Ltd. | 505 | 172649 |
|  FactSet Research Systems, Inc. | 884 | 330015 |
|  Fidelity National Financial, Inc. | 3781 | 226368 |
|  Fidelity National Information Services, Inc. | 3332 | 232607 |
|  Fifth Third Bancorp | 2845 | 130216 |
|  First American Financial Corp. | 1140 | 75240 |
|  First Citizens BancShares, Inc., Class A | 19 | 37694 |
|  First Hawaiian, Inc. | 1444 | 37472 |
|  First Horizon Corp. | 3214 | 72636 |
|  Fiserv, Inc. \* | 1620 | 223852 |
|  FNB Corp. | 3679 | 61402 |
|  Franklin Resources, Inc. | 1500 | 38490 |
|  Freedom Holding Corp./NV \* | 91 | 15554 |
|  Global Payments, Inc. | 2190 | 194516 |
|  Globe Life, Inc. | 3775 | 528311 |
|  Goldman Sachs Group, Inc. | 72 | 53658 |
|  Hamilton Lane, Inc., Class A | 1827 | 281979 |
|  Hanover Insurance Group, Inc. | 1657 | 287456 |
|  Hartford Insurance Group, Inc. | 5822 | 770309 |
|  Houlihan Lokey, Inc. | 3058 | 609306 |
|  Huntington Bancshares, Inc. | 8473 | 150904 |
|  Interactive Brokers Group, Inc., Class A | 3775 | 234956 |
|  Intercontinental Exchange, Inc. | 543 | 95894 |
|  Invesco Ltd. | 5533 | 121117 |
|  Jack Henry & Associates, Inc. | 1695 | 276726 |
|  Janus Henderson Group PLC | 5799 | 257012 |
|  Jefferies Financial Group, Inc. | 380 | 24643 |
|  JPMorgan Chase & Co. | 52 | 15674 |
|  Kemper Corp. | 1192 | 63951 |
|  KeyCorp | 700 | 13552 |
|  Kinsale Capital Group, Inc. | 418 | 191214 |
|  KKR & Co., Inc. | 262 | 36546 |
|  Lazard, Inc., Class A | 6386 | 365024 |
|  Lincoln National Corp. | 864 | 37092 |
|  Loews Corp. | 2474 | 239483 |
|  LPL Financial Holdings, Inc. | 1033 | 376508 |
|  M&T Bank Corp. | 974 | 196417 |
|  Markel Group, Inc. \* | 363 | 711139 |
|  MarketAxess Holdings, Inc. | 847 | 155712 |
|  Marsh & McLennan Cos., Inc. | 1294 | 266318 |
|  Mastercard, Inc., Class A | 108 | 64291 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  MetLife, Inc. | 1860 | 151330 |
|  MGIC Investment Corp. | 14745 | 410353 |
|  Moody's Corp. | 646 | 329305 |
|  Morgan Stanley | 531 | 79905 |
|  Morningstar, Inc. | 431 | 113103 |
|  Mr Cooper Group, Inc. \* | 634 | 119528 |
|  MSCI, Inc. | 643 | 365044 |
|  Nasdaq, Inc. | 1950 | 184743 |
|  Northern Trust Corp. | 1418 | 186155 |
|  Old Republic International Corp. | 10648 | 425601 |
|  OneMain Holdings, Inc. | 1708 | 105657 |
|  PayPal Holdings, Inc. \* | 5136 | 360496 |
|  Pinnacle Financial Partners, Inc. | 613 | 59596 |
|  PNC Financial Services Group, Inc. | 892 | 185036 |
|  Popular, Inc. | 717 | 90084 |
|  Primerica, Inc. | 485 | 130630 |
|  Principal Financial Group, Inc. | 1208 | 97256 |
|  Progressive Corp. | 2595 | 641121 |
|  Prosperity Bancshares, Inc. | 1132 | 78255 |
|  Prudential Financial, Inc. | 752 | 82464 |
|  Raymond James Financial, Inc. | 1666 | 282287 |
|  Regions Financial Corp. | 5965 | 163381 |
|  Reinsurance Group of America, Inc. | 443 | 86292 |
|  RenaissanceRe Holdings Ltd. | 1518 | 368859 |
|  Rithm Capital Corp. REIT | 5949 | 73649 |
|  RLI Corp. | 2928 | 198313 |
|  Ryan Specialty Holdings, Inc. | 370 | 20916 |
|  S&P Global, Inc. | 332 | 182082 |
|  SEI Investments Co. | 6580 | 580882 |
|  Shift4 Payments, Inc., Class A \* | 127 | 11485 |
|  SLM Corp. | 1958 | 61246 |
|  SouthState Corp. | 613 | 62563 |
|  Starwood Property Trust, Inc. REIT | 2332 | 47270 |
|  State Street Corp. | 567 | 65188 |
|  Stifel Financial Corp. | 1156 | 133275 |
|  Synchrony Financial | 15136 | 1155482 |
|  Synovus Financial Corp. | 1007 | 51971 |
| T. Rowe Price Group, Inc. | 3986 | 428973 |
|  Toast, Inc., Class A \* | 257 | 11591 |
|  TPG, Inc. | 268 | 16174 |
|  Tradeweb Markets, Inc., Class A | 2198 | 271145 |
|  Travelers Cos., Inc. | 2765 | 750725 |
|  Truist Financial Corp. | 568 | 26594 |
|  Unum Group | 5737 | 400787 |
|  US Bancorp | 3383 | 165192 |
|  Virtu Financial, Inc., Class A | 1471 | 61664 |
|  Visa, Inc., Class A | 168 | 59099 |
|  Voya Financial, Inc. | 756 | 56768 |
|  W.R. Berkley Corp. | 8289 | 594238 |

---

See Notes to Financial Statements.

42 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Webster Financial Corp. | 1462 | 90966 |
|  Wells Fargo & Co. | 592 | 48651 |
|  Western Union Co. | 7588 | 65788 |
|  WEX, Inc. \* | 133 | 22790 |
|  White Mountains Insurance Group Ltd. | 40 | 73207 |
|  Willis Towers Watson PLC | 87 | 28431 |
|  Wintrust Financial Corp. | 723 | 99261 |
|  XP, Inc., Class A | 1179 | 21387 |
|  Zions Bancorp NA | 836 | 48496 |
|  (Cost $25,622,088) |  | **29861361** |
|  **Health Care — 10.4%** |  |  |
|  Abbott Laboratories | 2490 | 330323 |
|  AbbVie, Inc. | 313 | 65855 |
|  Agilent Technologies, Inc. | 1265 | 158960 |
|  Align Technology, Inc. \* | 123 | 17461 |
|  Amgen, Inc. | 342 | 98397 |
|  Avantor, Inc. \* | 1811 | 24394 |
|  Baxter International, Inc. | 565 | 13950 |
|  Becton Dickinson & Co. | 373 | 71982 |
|  Biogen, Inc. \* | 100 | 13222 |
|  BioMarin Pharmaceutical, Inc. \* | 740 | 43120 |
|  Bio-Techne Corp. | 452 | 24693 |
|  Boston Scientific Corp. \* | 1153 | 121641 |
|  Bristol-Myers Squibb Co. | 3676 | 173434 |
|  Cardinal Health, Inc. | 15260 | 2270383 |
|  Cencora, Inc. | 6278 | 1830728 |
|  Centene Corp. \* | 5105 | 148249 |
|  Charles River Laboratories International, Inc. \* | 78 | 12738 |
|  Chemed Corp. | 520 | 238134 |
|  Cigna Group | 2007 | 603846 |
|  Cooper Cos., Inc. \* | 1031 | 69484 |
|  Corcept Therapeutics, Inc. \* | 191 | 13316 |
|  CVS Health Corp. | 6498 | 475329 |
|  Danaher Corp. | 284 | 58453 |
|  DaVita, Inc. \* | 1134 | 156220 |
|  Dexcom, Inc. \* | 192 | 14465 |
|  Doximity, Inc., Class A \* | 185 | 12569 |
|  Edwards Lifesciences Corp. \* | 1906 | 155034 |
|  Elanco Animal Health, Inc. \* | 893 | 16387 |
|  Elevance Health, Inc. | 198 | 63093 |
|  Encompass Health Corp. | 3952 | 481196 |
|  Envista Holdings Corp. \* | 1139 | 24124 |
|  Exelixis, Inc. \* | 12596 | 471342 |
|  GE HealthCare Technologies, Inc. | 2174 | 160289 |
|  Gilead Sciences, Inc. | 4031 | 455382 |
|  Globus Medical, Inc., Class A \* | 1442 | 88351 |
|  Halozyme Therapeutics, Inc. \* | 1122 | 82074 |
|  HCA Healthcare, Inc. | 999 | 403556 |
|  Henry Schein, Inc. \* | 5611 | 390413 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Hologic, Inc. \* | 1689 | 113366 |
|  Humana, Inc. | 757 | 229871 |
|  IDEXX Laboratories, Inc. \* | 359 | 232305 |
|  Incyte Corp. \* | 1985 | 167951 |
|  Insulet Corp. \* | 382 | 129834 |
|  Intuitive Surgical, Inc. \* | 173 | 81880 |
|  IQVIA Holdings, Inc. \* | 387 | 73843 |
|  Jazz Pharmaceuticals PLC \* | 1886 | 240936 |
|  Johnson & Johnson | 723 | 128094 |
|  Labcorp Holdings, Inc. | 1985 | 551810 |
|  Masimo Corp. \* | 143 | 19979 |
|  McKesson Corp. | 2178 | 1495502 |
|  Medpace Holdings, Inc. \* | 91 | 43271 |
|  Medtronic PLC | 3500 | 324835 |
|  Merck & Co., Inc. | 662 | 55687 |
|  Mettler-Toledo International, Inc. \* | 79 | 102782 |
|  Molina Healthcare, Inc. \* | 1838 | 332366 |
|  Natera, Inc. \* | 91 | 15311 |
|  Neurocrine Biosciences, Inc. \* | 891 | 124384 |
|  Penumbra, Inc. \* | 334 | 91062 |
|  Perrigo Co. PLC | 1598 | 37937 |
|  Pfizer, Inc. | 5699 | 141107 |
|  QIAGEN NV | 2960 | 137640 |
|  Quest Diagnostics, Inc. | 2034 | 369456 |
|  Regeneron Pharmaceuticals, Inc. | 115 | 66780 |
|  Repligen Corp. \* | 104 | 12721 |
|  ResMed, Inc. | 1714 | 470510 |
|  Revvity, Inc. | 606 | 54607 |
|  Royalty Pharma PLC, Class A | 19839 | 713807 |
|  Solventum Corp. \* | 5641 | 412301 |
|  STERIS PLC | 1530 | 374942 |
|  Stryker Corp. | 322 | 126034 |
|  Teleflex, Inc. | 130 | 16433 |
|  Tenet Healthcare Corp. \* | 1210 | 223039 |
|  Thermo Fisher Scientific, Inc. | 80 | 39418 |
|  United Therapeutics Corp. \* | 1117 | 340417 |
|  UnitedHealth Group, Inc. | 60 | 18592 |
|  Universal Health Services, Inc., Class B | 2234 | 405650 |
|  Veeva Systems, Inc., Class A \* | 762 | 205130 |
|  Viatris, Inc. | 10486 | 110627 |
|  Waters Corp. \* | 651 | 196472 |
|  West Pharmaceutical Services, Inc. | 150 | 37042 |
|  Zimmer Biomet Holdings, Inc. | 1800 | 190980 |
|  Zoetis, Inc. | 1224 | 191434 |
|  (Cost $17,225,223) |  | **19300732** |
|  **Industrials — 20.1%** |  |  |
|  3M Co. | 2447 | 380582 |
|  A O Smith Corp. | 2494 | 177797 |
|  AAON, Inc. | 1094 | 90747 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 43

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Acuity, Inc. | 1009 | 329408 |
|  ADT, Inc. | 4225 | 36800 |
|  Advanced Drainage Systems, Inc. | 74 | 10654 |
|  AECOM | 4697 | 586608 |
|  AGCO Corp. | 211 | 22828 |
|  Air Lease Corp. | 1943 | 116988 |
|  Alaska Air Group, Inc. \* | 2988 | 187587 |
|  Allegion PLC | 2609 | 443008 |
|  Allison Transmission Holdings, Inc. | 5322 | 464664 |
|  American Airlines Group, Inc. \* | 3885 | 51942 |
|  AMETEK, Inc. | 2102 | 388450 |
|  API Group Corp. \* | 1418 | 50594 |
|  Applied Industrial Technologies, Inc. | 1186 | 312606 |
|  Armstrong World Industries, Inc. | 1505 | 294634 |
|  ATI, Inc. \* | 660 | 51176 |
|  Automatic Data Processing, Inc. | 1141 | 346921 |
|  Axon Enterprise, Inc. \* | 57 | 42596 |
|  Booz Allen Hamilton Holding Corp. | 1841 | 200153 |
|  Broadridge Financial Solutions, Inc. | 1974 | 504594 |
|  Builders FirstSource, Inc. \* | 827 | 114688 |
|  BWX Technologies, Inc. | 1472 | 238523 |
|  C.H. Robinson Worldwide, Inc. | 4627 | 595495 |
|  CACI International, Inc., Class A \* | 1176 | 564151 |
|  Carlisle Cos., Inc. | 1015 | 391678 |
|  Carrier Global Corp. | 152 | 9910 |
|  Caterpillar, Inc. | 616 | 258129 |
|  Cintas Corp. | 1206 | 253296 |
|  Clean Harbors, Inc. \* | 672 | 162765 |
|  CNH Industrial NV | 11261 | 128938 |
|  Comfort Systems USA, Inc. | 681 | 479002 |
|  Concentrix Corp. | 1697 | 89534 |
|  Copart, Inc. \* | 6022 | 293934 |
|  Core & Main, Inc., Class A \* | 1409 | 91190 |
|  Crane Co. | 1036 | 191971 |
|  CSX Corp. | 6839 | 222336 |
|  Cummins, Inc. | 1948 | 776161 |
|  Curtiss-Wright Corp. | 778 | 372001 |
|  Dayforce, Inc. \* | 581 | 40536 |
|  Deere & Co. | 295 | 141199 |
|  Delta Air Lines, Inc. | 6923 | 427703 |
|  Donaldson Co., Inc. | 3963 | 315732 |
|  Dover Corp. | 1977 | 353606 |
|  Eaton Corp. PLC | 543 | 189583 |
|  EMCOR Group, Inc. | 1511 | 936820 |
|  Emerson Electric Co. | 1344 | 177408 |
|  Equifax, Inc. | 568 | 139898 |
|  Esab Corp. | 1024 | 118139 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Everus Construction Group, Inc. \* | 1251 | 98128 |
|  ExlService Holdings, Inc. \* | 7030 | 307773 |
|  Expeditors International of Washington, Inc. | 3249 | 391634 |
|  Fastenal Co. | 13301 | 660528 |
|  FedEx Corp. | 1165 | 269197 |
|  Ferguson Enterprises, Inc. | 1051 | 242939 |
|  Flowserve Corp. | 2748 | 147458 |
|  Fortive Corp. | 2549 | 121995 |
|  Fortune Brands Innovations, Inc. | 1271 | 74379 |
|  Ftai Aviation Ltd. | 101 | 15539 |
|  FTI Consulting, Inc. \* | 559 | 94270 |
|  Gates Industrial Corp. PLC \* | 7153 | 182831 |
|  GE Aerospace | 228 | 62746 |
|  GE Vernova, Inc. | 226 | 138531 |
|  Generac Holdings, Inc. \* | 217 | 40199 |
|  General Dynamics Corp. | 1145 | 371633 |
|  Genpact Ltd. | 10173 | 461244 |
|  Graco, Inc. | 3403 | 290582 |
|  GXO Logistics, Inc. \* | 785 | 41330 |
|  Hayward Holdings, Inc. \* | 1384 | 22255 |
|  HEICO Corp. | 191 | 59596 |
|  HEICO Corp., Class A | 392 | 96044 |
|  Hexcel Corp. | 733 | 46289 |
|  Honeywell International, Inc. | 429 | 94165 |
|  Howmet Aerospace, Inc. | 1368 | 238169 |
|  Hubbell, Inc. | 759 | 327121 |
|  Huntington Ingalls Industries, Inc. | 362 | 98026 |
|  IDEX Corp. | 558 | 91791 |
|  Illinois Tool Works, Inc. | 1661 | 439584 |
|  Ingersoll Rand, Inc. | 813 | 64577 |
|  ITT, Inc. | 2203 | 375061 |
|  Jacobs Solutions, Inc. | 3846 | 562401 |
|  JB Hunt Transport Services, Inc. | 2174 | 315208 |
|  Johnson Controls International PLC | 1773 | 189516 |
|  KBR, Inc. | 1549 | 78163 |
|  Kirby Corp. \* | 1406 | 136663 |
|  Knight-Swift Transportation Holdings, Inc. | 2534 | 111243 |
|  L3Harris Technologies, Inc. | 879 | 244028 |
|  Landstar System, Inc. | 570 | 75428 |
|  Leidos Holdings, Inc. | 6430 | 1163316 |
|  Lennox International, Inc. | 490 | 273351 |
|  Leonardo DRS, Inc. | 608 | 25329 |
|  Lincoln Electric Holdings, Inc. | 1145 | 277811 |
|  Lockheed Martin Corp. | 567 | 258342 |
|  ManpowerGroup, Inc. | 201 | 8522 |
|  Masco Corp. | 6378 | 468081 |
|  MasTec, Inc. \* | 1263 | 229474 |
|  Middleby Corp. \* | 975 | 133429 |

---

See Notes to Financial Statements.

44 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  MSA Safety, Inc. | 448 | 76429 |
|  MSC Industrial Direct Co., Inc., Class A | 2778 | 250659 |
|  Mueller Industries, Inc. | 6850 | 657189 |
|  Nordson Corp. | 296 | 66627 |
|  Norfolk Southern Corp. | 932 | 260941 |
|  Northrop Grumman Corp. | 816 | 481473 |
|  nVent Electric PLC | 508 | 45918 |
|  Old Dominion Freight Line, Inc. | 1113 | 168030 |
|  Oshkosh Corp. | 2420 | 337275 |
|  Otis Worldwide Corp. | 2765 | 238841 |
|  Owens Corning | 461 | 69228 |
|  PACCAR, Inc. | 2492 | 249150 |
|  Parker-Hannifin Corp. | 419 | 318168 |
|  Parsons Corp. \* | 1694 | 135689 |
|  Paychex, Inc. | 2866 | 399678 |
|  Paycom Software, Inc. | 1216 | 276214 |
|  Paylocity Holding Corp. \* | 569 | 101982 |
|  Pentair PLC | 3491 | 375387 |
|  Quanta Services, Inc. | 638 | 241138 |
|  RB Global, Inc. | 2110 | 241679 |
|  RBC Bearings, Inc. \* | 185 | 72143 |
|  Regal Rexnord Corp. | 381 | 56895 |
|  Republic Services, Inc. | 1017 | 237947 |
|  Robert Half, Inc. | 1581 | 59003 |
|  Rockwell Automation, Inc. | 421 | 144584 |
|  Rollins, Inc. | 3435 | 194215 |
|  RTX Corp. | 1274 | 202056 |
|  Ryder System, Inc. | 2320 | 435046 |
|  Schneider National, Inc., Class B | 3237 | 80019 |
|  Science Applications International Corp. | 2969 | 349451 |
|  Sensata Technologies Holding PLC | 690 | 22453 |
|  Simpson Manufacturing Co., Inc. | 806 | 154043 |
|  SiteOne Landscape Supply, Inc. \* | 511 | 73196 |
|  Snap-on, Inc. | 2575 | 837493 |
|  Southwest Airlines Co. | 5103 | 167889 |
|  SS&C Technologies Holdings, Inc. | 5088 | 451102 |
|  Stanley Black & Decker, Inc. | 1163 | 86399 |
|  Tetra Tech, Inc. | 1748 | 63662 |
|  Textron, Inc. | 1638 | 131302 |
|  Timken Co. | 909 | 70202 |
|  Toro Co. | 1619 | 131236 |
|  Trane Technologies PLC | 866 | 359910 |
|  TransDigm Group, Inc. | 119 | 166467 |
|  TransUnion | 1184 | 104666 |
|  Uber Technologies, Inc. \* | 767 | 71906 |
|  U-Haul Holding Co. | 734 | 38344 |
|  U-Haul Holding Co. \* | 114 | 6561 |
|  Union Pacific Corp. | 837 | 187128 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  United Airlines Holdings, Inc. \* | 3946 | 414330 |
|  United Parcel Service, Inc., Class B | 2015 | 176192 |
|  United Rentals, Inc. | 315 | 301247 |
|  Valmont Industries, Inc. | 1083 | 397591 |
|  Veralto Corp. | 1598 | 169692 |
|  Verisk Analytics, Inc. | 1034 | 277236 |
|  Vertiv Holdings Co., Class A | 272 | 34694 |
|  W.W. Grainger, Inc. | 486 | 492561 |
|  Waste Management, Inc. | 592 | 134023 |
|  Watsco, Inc. | 497 | 199983 |
|  WESCO International, Inc. | 423 | 92992 |
|  Westinghouse Air Brake Technologies Corp. | 2364 | 457434 |
|  WillScot Holdings Corp. | 582 | 14108 |
|  Woodward, Inc. | 1001 | 247067 |
|  XPO, Inc. \* | 454 | 58884 |
|  Xylem, Inc. | 1377 | 194928 |
|  (Cost $31,281,159) |  | **37291557** |
|  **Information Technology — 11.1%** |  |  |
|  Accenture PLC, Class A | 484 | 125825 |
|  Adobe, Inc. \* | 202 | 72053 |
|  Advanced Micro Devices, Inc. \* | 69 | 11221 |
|  Akamai Technologies, Inc. \* | 2898 | 229319 |
|  Amdocs Ltd. | 6984 | 597621 |
|  Amphenol Corp., Class A | 4729 | 514799 |
|  Analog Devices, Inc. | 647 | 162598 |
|  Appfolio, Inc., Class A \* | 209 | 57972 |
|  Apple, Inc. | 1245 | 289014 |
|  Applied Materials, Inc. | 498 | 80058 |
|  Arista Networks, Inc. \* | 956 | 130542 |
|  Arrow Electronics, Inc. \* | 606 | 76556 |
|  Atlassian Corp., Class A \* | 121 | 21511 |
|  Autodesk, Inc. \* | 1125 | 354037 |
|  Avnet, Inc. | 1404 | 76616 |
|  Bentley Systems, Inc., Class B | 514 | 28604 |
|  Cadence Design Systems, Inc. \* | 318 | 111437 |
|  CCC Intelligent Solutions Holdings, Inc. \* | 2260 | 22374 |
|  CDW Corp. | 297 | 48934 |
|  Ciena Corp. \* | 1230 | 115583 |
|  Cirrus Logic, Inc. \* | 1610 | 183846 |
|  Cisco Systems, Inc. | 2357 | 162845 |
|  Cognex Corp. | 317 | 13929 |
|  Cognizant Technology Solutions Corp., Class A | 18986 | 1371738 |
|  Corning, Inc. | 7052 | 472696 |
|  Crane NXT Co. | 394 | 23534 |
|  Crowdstrike Holdings, Inc., Class A \* | 44 | 18643 |
|  Datadog, Inc., Class A \* | 177 | 24192 |
|  Dell Technologies, Inc., Class C | 564 | 68893 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 45

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Docusign, Inc. \* | 993 | 76123 |
|  Dolby Laboratories, Inc., Class A | 2444 | 175186 |
|  Dropbox, Inc., Class A \* | 12777 | 371300 |
|  DXC Technology Co. \* | 2224 | 32137 |
|  Dynatrace, Inc. \* | 3779 | 191217 |
|  EPAM Systems, Inc. \* | 211 | 37212 |
|  F5, Inc. \* | 3647 | 1142022 |
|  Fair Isaac Corp. \* | 133 | 202378 |
|  Flex Ltd. \* | 24080 | 1291170 |
|  Fortinet, Inc. \* | 3871 | 304919 |
|  Gartner, Inc. \* | 986 | 247673 |
|  Gen Digital, Inc. | 8422 | 254344 |
|  GoDaddy, Inc., Class A \* | 3841 | 569659 |
|  Guidewire Software, Inc. \* | 894 | 194016 |
|  Hewlett Packard Enterprise Co. | 16217 | 366018 |
|  HP, Inc. | 9961 | 284287 |
|  HubSpot, Inc. \* | 103 | 49766 |
|  International Business Machines Corp. | 940 | 228881 |
|  Intuit, Inc. | 187 | 124729 |
|  IPG Photonics Corp. \* | 104 | 8509 |
|  Jabil, Inc. | 6663 | 1364782 |
|  Keysight Technologies, Inc. \* | 762 | 124534 |
|  KLA Corp. | 123 | 107256 |
|  Kyndryl Holdings, Inc. \* | 1400 | 44506 |
|  Lam Research Corp. | 1113 | 111467 |
|  Littelfuse, Inc. | 178 | 46250 |
|  MACOM Technology Solutions Holdings, Inc. \* | 236 | 30243 |
|  Manhattan Associates, Inc. \* | 488 | 105135 |
|  Micron Technology, Inc. | 269 | 32014 |
|  Microsoft Corp. | 445 | 225477 |
|  Monolithic Power Systems, Inc. | 117 | 97784 |
|  Motorola Solutions, Inc. | 628 | 296705 |
|  NetApp, Inc. | 2771 | 312541 |
|  Nutanix, Inc., Class A \* | 1546 | 103907 |
|  NVIDIA Corp. | 241 | 41977 |
|  Okta, Inc. \* | 344 | 31913 |
|  ON Semiconductor Corp. \* | 546 | 27076 |
|  Oracle Corp. | 121 | 27362 |
|  Palo Alto Networks, Inc. \* | 796 | 151654 |
|  Pegasystems, Inc. | 786 | 42609 |
|  Procore Technologies, Inc. \* | 582 | 40455 |
|  PTC, Inc. \* | 777 | 165889 |
|  Pure Storage, Inc., Class A \* | 610 | 47342 |
|  Qorvo, Inc. \* | 330 | 29931 |
|  QUALCOMM, Inc. | 735 | 118137 |
|  Ralliant Corp. \* | 847 | 35413 |
|  RingCentral, Inc., Class A \* | 454 | 13852 |
|  Roper Technologies, Inc. | 379 | 199471 |
|  Salesforce, Inc. | 722 | 185012 |
|  ServiceNow, Inc. \* | 154 | 141289 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Skyworks Solutions, Inc. | 2506 | 187800 |
|  Snowflake, Inc. \* | 56 | 13365 |
|  Synopsys, Inc. \* | 741 | 447208 |
|  TD SYNNEX Corp. | 2586 | 382909 |
|  Teledyne Technologies, Inc. \* | 796 | 428383 |
|  Teradyne, Inc. | 294 | 34763 |
|  Texas Instruments, Inc. | 875 | 177170 |
|  Trimble, Inc. \* | 5533 | 447177 |
|  Twilio, Inc., Class A \* | 359 | 37914 |
|  Tyler Technologies, Inc. \* | 779 | 438484 |
|  UiPath, Inc., Class A \* | 989 | 10998 |
|  Universal Display Corp. | 212 | 29381 |
|  VeriSign, Inc. | 4536 | 1240006 |
|  Vontier Corp. | 1883 | 80800 |
|  Workday, Inc., Class A \* | 1140 | 263135 |
|  Zebra Technologies Corp., Class A \* | 465 | 147447 |
|  Zoom Communications, Inc. \* | 3022 | 246051 |
|  Zscaler, Inc. \* | 65 | 18008 |
|  (Cost $18,280,797) |  | **20551518** |
|  **Materials — 4.8%** |  |  |
|  Air Products and Chemicals, Inc. | 712 | 209406 |
|  Amcor PLC | 18982 | 163815 |
|  Anglogold Ashanti PLC | 1186 | 67199 |
|  AptarGroup, Inc. | 1843 | 256675 |
|  Ashland, Inc. | 180 | 10107 |
|  Avery Dennison Corp. | 785 | 134745 |
|  Axalta Coating Systems Ltd. \* | 2827 | 88372 |
|  Carpenter Technology Corp. | 259 | 62388 |
|  CF Industries Holdings, Inc. | 7266 | 629454 |
|  Corteva, Inc. | 7323 | 543293 |
|  CRH PLC | 3423 | 386628 |
|  Crown Holdings, Inc. | 3503 | 348128 |
|  Dow, Inc. | 1437 | 35393 |
|  DuPont de Nemours, Inc. | 1467 | 112842 |
|  Eagle Materials, Inc. | 850 | 196265 |
|  Eastman Chemical Co. | 2017 | 141876 |
|  Ecolab, Inc. | 757 | 209719 |
|  Element Solutions, Inc. | 2067 | 53163 |
|  FMC Corp. | 688 | 26901 |
|  Freeport-McMoRan, Inc. | 1590 | 70596 |
|  Graphic Packaging Holding Co. | 3885 | 86519 |
|  International Flavors & Fragrances, Inc. | 717 | 48405 |
|  International Paper Co. | 6216 | 308811 |
|  Linde PLC | 272 | 130095 |
|  Louisiana-Pacific Corp. | 1707 | 162353 |
|  LyondellBasell Industries NV, Class A | 1200 | 67620 |
|  Martin Marietta Materials, Inc. | 203 | 125129 |
|  Mosaic Co. | 3378 | 112825 |
|  NewMarket Corp. | 145 | 119909 |

---

See Notes to Financial Statements.

46 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Newmont Corp. | 10928 | 813043 |
|  Nucor Corp. | 700 | 104111 |
|  Packaging Corp. of America | 2063 | 449651 |
|  PPG Industries, Inc. | 1320 | 146824 |
|  Reliance, Inc. | 2448 | 723776 |
|  Royal Gold, Inc. | 2217 | 398129 |
|  RPM International, Inc. | 3113 | 390090 |
|  Scotts Miracle-Gro Co. | 544 | 33304 |
|  Sealed Air Corp. | 2301 | 74713 |
|  Sherwin-Williams Co. | 670 | 245106 |
|  Silgan Holdings, Inc. | 2606 | 122273 |
|  Sonoco Products Co. | 296 | 13986 |
|  Southern Copper Corp. | 268 | 25721 |
|  Steel Dynamics, Inc. | 2052 | 268648 |
|  Vulcan Materials Co. | 333 | 96956 |
|  (Cost $7,728,353) |  | **8814962** |
|  **Real Estate — 4.0%** |  |  |
|  Agree Realty Corp. REIT (a) | 1053 | 76595 |
|  American Homes 4 Rent, Class A REIT | 2668 | 95568 |
|  American Tower Corp. REIT | 482 | 98256 |
|  AvalonBay Communities, Inc. REIT | 1069 | 209364 |
|  Brixmor Property Group, Inc. REIT | 5913 | 165505 |
|  BXP, Inc. REIT | 321 | 23276 |
|  Camden Property Trust REIT | 488 | 54646 |
|  CBRE Group, Inc., Class A \* | 3527 | 571797 |
|  CoStar Group, Inc. \* | 327 | 29263 |
|  Cousins Properties, Inc. REIT | 889 | 26217 |
|  CubeSmart REIT | 3863 | 158074 |
|  Digital Realty Trust, Inc. REIT | 259 | 43419 |
|  EastGroup Properties, Inc. REIT | 627 | 106314 |
|  EPR Properties REIT | 1093 | 59295 |
|  Equinix, Inc. REIT | 71 | 55819 |
|  Equity LifeStyle Properties, Inc. REIT | 3035 | 182980 |
|  Equity Residential REIT | 3499 | 231354 |
|  Essex Property Trust, Inc. REIT | 845 | 228327 |
|  Extra Space Storage, Inc. REIT | 519 | 74518 |
|  Federal Realty Investment Trust REIT | 723 | 72698 |
|  First Industrial Realty Trust, Inc. REIT | 3062 | 161061 |
|  Gaming and Leisure Properties, Inc. REIT | 8546 | 410293 |
|  Healthpeak Properties, Inc. REIT | 2282 | 40939 |
|  Highwoods Properties, Inc. REIT | 1446 | 45592 |
|  Host Hotels & Resorts, Inc. REIT | 9492 | 163357 |
|  Howard Hughes Holdings, Inc. \* | 401 | 30584 |
|  Invitation Homes, Inc. REIT | 1921 | 60108 |
|  Iron Mountain, Inc. REIT | 378 | 34901 |
|  Jones Lang LaSalle, Inc. \* | 877 | 267985 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kilroy Realty Corp. REIT | 1210 | 50324 |
|  Kimco Realty Corp. REIT | 3464 | 77905 |
|  Lamar Advertising Co., Class A REIT | 1335 | 169879 |
|  Mid-America Apartment Communities, Inc. REIT | 1535 | 223834 |
|  National Storage Affiliates Trust REIT | 446 | 14375 |
|  NNN REIT, Inc. REIT | 3456 | 148297 |
|  Omega Healthcare Investors, Inc. REIT | 5207 | 221662 |
|  Prologis, Inc. REIT | 987 | 112301 |
|  Public Storage REIT | 1291 | 380316 |
|  Rayonier, Inc. REIT | 5487 | 144198 |
|  Realty Income Corp. REIT | 1277 | 75037 |
|  Regency Centers Corp. REIT | 1900 | 137750 |
|  Rexford Industrial Realty, Inc. REIT | 698 | 28904 |
|  SBA Communications Corp. REIT | 1560 | 319566 |
|  Simon Property Group, Inc. REIT | 2475 | 447133 |
|  STAG Industrial, Inc. REIT | 1723 | 63493 |
|  Sun Communities, Inc. REIT | 262 | 33240 |
|  UDR, Inc. REIT | 753 | 29796 |
|  Ventas, Inc. REIT | 623 | 42414 |
|  VICI Properties, Inc. REIT | 19611 | 662460 |
|  Vornado Realty Trust REIT | 690 | 26241 |
|  Welltower, Inc. REIT | 293 | 49306 |
|  Weyerhaeuser Co. REIT | 2077 | 53732 |
|  WP Carey, Inc. REIT | 2982 | 200092 |
|  (Cost $7,007,940) |  | **7490360** |
|  **Utilities — 7.9%** |  |  |
|  AES Corp. | 3022 | 40918 |
|  Alliant Energy Corp. | 5256 | 342008 |
|  Ameren Corp. | 6131 | 611751 |
|  American Electric Power Co., Inc. | 5270 | 585075 |
|  American Water Works Co., Inc. | 1727 | 247842 |
|  Atmos Energy Corp. | 2860 | 475132 |
|  Brookfield Renewable Corp. | 3735 | 125869 |
|  CenterPoint Energy, Inc. | 9113 | 343651 |
|  Clearway Energy, Inc., Class A | 1435 | 40453 |
|  Clearway Energy, Inc., Class C | 2747 | 81888 |
|  CMS Energy Corp. | 6590 | 471646 |
|  Consolidated Edison, Inc. | 4414 | 433587 |
|  Constellation Energy Corp. | 42 | 12935 |
|  Dominion Energy, Inc. | 6290 | 376771 |
|  DTE Energy Co. | 4351 | 594564 |
|  Duke Energy Corp. | 3939 | 482488 |
|  Edison International | 4163 | 233669 |
|  Entergy Corp. | 8243 | 726126 |
|  Essential Utilities, Inc. | 4664 | 184275 |
|  Evergy, Inc. | 8558 | 609843 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 47

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Eversource Energy | 4318 | 276654 |
|  Exelon Corp. | 15047 | 657253 |
|  FirstEnergy Corp. | 7015 | 305994 |
|  IDACORP, Inc. | 2048 | 256205 |
|  MDU Resources Group, Inc. | 5075 | 82672 |
|  National Fuel Gas Co. | 5200 | 451048 |
|  NextEra Energy, Inc. | 2096 | 151017 |
|  NiSource, Inc. | 8598 | 363437 |
|  NRG Energy, Inc. | 4426 | 644249 |
|  OGE Energy Corp. | 8257 | 368758 |
|  PG&E Corp. | 19816 | 302788 |
|  Pinnacle West Capital Corp. | 5255 | 469587 |
|  PPL Corp. | 12665 | 461892 |
|  Public Service Enterprise Group, Inc. | 2811 | 231430 |
|  Sempra | 3027 | 249909 |
|  Southern Co. | 3820 | 352586 |
|  Talen Energy Corp. \* | 965 | 365658 |
|  UGI Corp. | 8670 | 300329 |
|  Vistra Corp. | 1097 | 207454 |
|  WEC Energy Group, Inc. | 5211 | 555024 |
|  Xcel Energy, Inc. | 8234 | 596059 |
|  (Cost $12,746,708) |  | **14670494** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $160,313,602) |  | **183384167** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **EXCHANGE-TRADED FUNDS — 0.3%** |  |  |
|  iShares Russell 1000 ETF (a) | 800 | 283768 |
|  Vanguard S&P 500 ETF | 293 | 173772 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $336,745) |  | **457540** |
|  **SECURITIES LENDING COLLATERAL — 0.2%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $452,820) | 452820 | **452820** |
|  **CASH EQUIVALENTS — 0.7%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,224,124) | 1224124 | **1224124** |
|  **TOTAL INVESTMENTS — 100.1%** |  |  |
|  (Cost $162,327,291) |  | **185518651** |
|  **Other assets and liabilities,net — (0.1%)** |  | **(129690)** |
|  **NET ASSETS — 100.0%** |  | **185388961** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Net Change** | | | | |
| | | | | **in Unrealized** | | | | |
| | | | **Net Realized** | **Appreciation** | | **Capital Gain** | **Number of** | |
| **Value ($) at** | **Purchases Cost** | **Sales Proceeds** | **Gain/(Loss)** | **(Depreciation)** | **Income** | **Distributions** | **Shares at** | **Value ($) at** |
| **8/31/2024** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** | **8/31/2025** | **8/31/2025** |
| SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% | SECURITIES LENDING COLLATERAL **—** 0.2% |  |  |  |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| 285484 | 167,336(d) |  |  |  | 332 |  | 452820 | 452820 |
| CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% | CASH EQUIVALENTS **—** 0.7% |  |  |  |
| DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911119 | 4226611 | (3913606) |  |  | 38968 |  | 1224124 | 1224124 |
| **1196603** | **4393947** | **(3913606)** |  |  | **39300** |  | **1676944** | **1676944** |

---

\* 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 August 31, 2025 amounted to $443,633, which is 0.2% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2025.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

48 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of <br>Contracts** | **Notional<br> Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br> Appreciation ($)** |
|  Micro E-Mini S&P 500 Index | USD | 27 | 834365 | 873821 | 9/19/2025 | 39456 |
|  Micro E-Mini S&P MidCap 400 Index | USD | 15 | 471446 | 488775 | 9/19/2025 | 17329 |
|  **Total unrealized appreciation** |  |  |  |  |  | **56785** |

---

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** | **Currency Abbreviations** |
|  USD | U.S. Dollar |

---

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 August 31, 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) | $183384167 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183384167 |
|  Exchange-Traded Funds | 457540 |  |  | 457540 |
|  Short-Term Investments (a) | 1676944 |  |  | 1676944 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 56785 |  |  | 56785 |
|  **TOTAL** | $**185575436** | $**—** | $**—** | $**185575436** |

---

(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

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers FTSE<br> Developed ex**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Multifactor**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers MSCI**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kokusai Equity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 1000**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Quality at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Reasonable**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price ETF** | **Xtrackers**<br> **Russell US<br> Multifactor ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $51774949 | $664446303 | $69589576 | $183841707 |
|  Investment in affiliated securities at value | 17118 | 566304 |  |  |
|  Investment in DWS Government Money Market Series | 88719 | 625533 | 352507 | 1224124 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 239029 |  | 452820 |
|  Foreign currency at value | 130118 | 539525 |  |  |
|  Deposit with broker for futures contracts | 18727 | 143836 | 30500 | 97578 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  |  | 2896745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 23298 | 67472 | 40026 | 41067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 136745 | 786972 | 70968 | 205091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 191 | 3633 | 1209 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 4 |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 64863 | 229607 |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $52254728 | $667648218 | $70084786 | $188763653 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $239029 | $— | $452820 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 55449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 2896690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10748 | 50056 | 11088 | 25182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10748 | 344534 | 11088 | 3374692 |
|  **Net Assets, at value** | $**52243980** | $**667303684** | $**70073698** | $**185388961** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $66255958 | $458078038 | $65078720 | $205764899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (14011978) | 209225646 | 4994978 | (20375938) |
|  **Net Assets, at value** | $**52243980** | $**667303684** | $**70073698** | $**185388961** |
|  Number of Common Shares outstanding | 1500001 | 5880001 | 1250001 | 3200001 |
|  **Net Asset Value** | $34.83 | $113.49 | $56.06 | $57.93 |
|  Investment in non-affiliated securities at cost | $41524271 | $442659729 | $59748430 | $160650347 |
|  Investment in affiliated securities at cost | $10810 | $198772 | $— | $— |
|  Value of securities loaned | $— | $233476 | $— | $443633 |
|  Investment in DWS Government Money Market Series at cost | $88719 | $625533 | $352507 | $1224124 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $239029 | $— | $452820 |
|  Foreign currency at cost | $129194 | $536939 | $— | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

50 \| DBX ETF Trust

------

Statements of Operations

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers FTSE**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developed ex**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Multifactor**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers MSCI**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kokusai Equity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 1000**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Quality at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Reasonable**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price ETF** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtrackers**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell US<br> Multifactor ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $1611513 | $10429089 | $943279 | $2994994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 535 | 14205 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 4032 | 44768 | 12319 | 38968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 131 | 769 | 5 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated securities lending income, net of borrower rebates |  |  |  | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1616211 | 10488831 | 955603 | 3034492 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 123263 | 564719 | 122933 | 289801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 | 58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 123321 | 564777 | 122991 | 289801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (104) | (1136) | (322) | (973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 123217 | 563641 | 122669 | 288828 |
|  Net investment income (loss) | 1492994 | 9925190 | 832934 | 2745664 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (679737) | (4589758) | (1437217) | (6055194) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 4404595 | 16225690 | 4410951 | 24104878 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates | 2879 | 50992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 16857 | 189798 | 38482 | 13735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4114 | 36002 |  | (12) |
|  Net realized gain (loss) | 3748708 | 11912724 | 3012216 | 18063407 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2845118 | 73334200 | 2986299 | (7035823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 4346 | 281183 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 511 | (19885) | 16994 | 24493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1663) | (2929) |  |  |
|  Net change in unrealized appreciation (depreciation) | 2848312 | 73592569 | 3003293 | (7011330) |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 6597020 | 85505293 | 6015509 | 11052077 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $8090014 | $95430483 | $6848443 | $13797741 |
|  \* Unaffiliated foreign tax withheld | $196344 | $573076 | $125 | $1879 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 51

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers FTSE Developed ex US<br>Multifactor ETF** | **Xtrackers FTSE Developed ex US<br>Multifactor ETF** | **Xtrackers MSCI Kokusai Equity**<br> **ETF** | **Xtrackers MSCI Kokusai Equity**<br> **ETF** |
|  | **Year Ended<br> August 31, 2025** | **Year Ended<br> August 31, 2024** | **Year Ended<br> August 31, 2025** | **Year Ended <br> August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $1492994 | $1624539 | $9925190 | $9314664 |
|  Net realized gain (loss) | 3748708 | 2596319 | 11912724 | 7431168 |
|  Net change in net unrealized appreciation (depreciation) | 2848312 | 4667433 | 73592569 | 107943105 |
|  Net increase (decrease) in net assets resulting from operations | 8090014 | 8888291 | 95430483 | 124688937 |
|  **Distributions to Shareholders** | (2084820) | (2338899) | (10288678) | (9549067) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 6198058 | 8495255 | 14814721 |  |
|  Value of shares redeemed | (15769912) | (19549122) | (35745102) | (31753923) |
|  Net increase (decrease) in net assets resulting from fund share transactions | (9571854) | (11053867) | (20930381) | (31753923) |
|  Total net increase (decrease) in Net Assets | (3566660) | (4504475) | 64211424 | 83385947 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 55810640 | 60315115 | 603092260 | 519706313 |
|  End of year | $52243980 | $55810640 | $667303684 | $603092260 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 1800001 | 2200001 | 6070001 | 6430001 |
|  Shares sold | 200000 | 300000 | 140000 |  |
|  Shares redeemed | (500000) | (700000) | (330000) | (360000) |
|  Shares outstanding, end of year | 1500001 | 1800001 | 5880001 | 6070001 |

---

See Notes to Financial Statements.

52 \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Russell 1000 US**<br> **Quality at a Reasonable Price**<br> **ETF** | **Xtrackers Russell 1000 US**<br> **Quality at a Reasonable Price**<br> **ETF** | **Xtrackers Russell US Multifactor**<br> **ETF** | **Xtrackers Russell US Multifactor**<br> **ETF** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $832934 | $890312 | $2745664 | $2143308 |
|  Net realized gain (loss) | 3012216 | 9214296 | 18063407 | 13475939 |
|  Net change in net unrealized appreciation (depreciation) | 3003293 | 4077149 | (7011330) | 14180288 |
|  Net increase (decrease) in net assets resulting from operations | 6848443 | 14181757 | 13797741 | 29799535 |
|  **Distributions to Shareholders** | (867649) | (781915) | (2658242) | (2057931) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 13064175 | 62157154 | 78029046 | 48689872 |
|  Value of shares redeemed | (17257606) | (36312345) | (71294775) | (43881576) |
|  Net increase (decrease) in net assets resulting from fund share transactions | (4193431) | 25844809 | 6734271 | 4808296 |
|  Total net increase (decrease) in Net Assets | 1787363 | 39244651 | 17873770 | 32549900 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 68286335 | 29041684 | 167515191 | 134965291 |
|  End of year | $70073698 | $68286335 | $185388961 | $167515191 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 1325001 | 675001 | 3100001 | 3000001 |
|  Shares sold | 250000 | 1400000 | 1400000 | 1000000 |
|  Shares redeemed | (325000) | (750000) | (1300000) | (900000) |
|  Shares outstanding, end of year | 1250001 | 1325001 | 3200001 | 3100001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 53

------

Financial Highlights

Xtrackers FTSE Developed ex US Multifactor ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $31.01 | $27.42 | $25.39 | $32.88 | $27.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.90 | 0.81 | 0.90 | 1.01 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.13 | 3.89 | 1.98 | (7.37) | 5.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.03 | 4.70 | 2.88 | (6.36) | 6.19 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.21) | (1.11) | (0.85) | (1.13) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.21) | (1.11) | (0.85) | (1.13) | (1.15) |
|  Net Asset Value, end of year | $34.83 | $31.01 | $27.42 | $25.39 | $32.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 16.76 | 17.65 | 11.59 | (19.75) | 22.69 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 52 | 56 | 60 | 66 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.24 | 0.34 | 0.35 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.91 | 2.88 | 3.44 | 3.45 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 47 | 51 | 52 | 56 | 53 |

---

(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.

See Notes to Financial Statements.

54 \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI Kokusai Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $99.36 | $80.83 | $71.06 | $84.95 | $65.83 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.63 | 1.49 | 1.50 | 1.53 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 14.19 | 18.56 | 9.72 | (13.73) | 18.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 15.82 | 20.05 | 11.22 | (12.20) | 20.19 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.69) | (1.52) | (1.45) | (1.69) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.69) | (1.52) | (1.45) | (1.69) | (1.07) |
|  Net Asset Value, end of year | $113.49 | $99.36 | $80.83 | $71.06 | $84.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 16.13 | 25.07 | 16.02 | (14.55) | 30.87 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 667 | 603 | 520 | 502 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.58 | 1.70 | 2.02 | 1.93 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 2 | 3 | 2 | 4 | 6 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| 55

------

Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $51.54 | $43.02 | $37.16 | $41.83 | $31.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.68 | 0.68 | 0.61 | 0.53 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.55 | 8.48 | 5.85 | (4.60) | 10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.23 | 9.16 | 6.46 | (4.07) | 10.96 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) | (0.64) | (0.60) | (0.60) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.71) | (0.64) | (0.60) | (0.60) | (0.56) |
|  Net Asset Value, end of year | $56.06 | $51.54 | $43.02 | $37.16 | $41.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 10.27 | 21.45 | 17.63 | (9.84) | 35.25 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 70 | 68 | 29 | 11 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.29 | 1.47 | 1.55 | 1.29 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 19 | 22 | 34 | 14 | 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.

See Notes to Financial Statements.

56 \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Russell US Multifactor ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $54.04 | $44.99 | $41.63 | $46.33 | $34.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.89 | 0.71 | 0.77 | 0.72 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.83 | 9.00 | 3.38 | (4.76) | 11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.72 | 9.71 | 4.15 | (4.04) | 12.03 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.83) | (0.66) | (0.79) | (0.66) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.83) | (0.66) | (0.79) | (0.66) | (0.54) |
|  Net Asset Value, end of year | $57.93 | $54.04 | $44.99 | $41.63 | $46.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 8.87 | 21.78 | 10.12 | (8.80) | 34.85 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 185 | 168 | 135 | 146 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.61 | 1.46 | 1.80 | 1.60 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 35 | 41 | 44 | 38 | 39 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| 57

------

Notes to Financial Statements

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 August 31, 2025, the Trust consists of forty one 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 semi-annually 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 semi-annually in June and December after the close of business on the third Friday of the review month.

58 \| DBX ETF Trust

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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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

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

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

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

DBX ETF Trust \| 59

------

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

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

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

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

**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, 2025, 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 year ended August 31, 2025, the Funds did not incur any interest or penalties.

60 \| DBX ETF Trust

------

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary Income<sup>\*</sup>** | **Capital and Other<br>Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $652341 | $(24020779) | $9356460 | $(14011978) |
|  Xtrackers MSCI Kokusai Equity ETF | 2039979 | (14004288) | 221189955 | 209225646 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 169235 | (4483991) | 9309733 | 4994977 |
|  Xtrackers Russell US Multifactor ETF | 624479 | (42331209) | 21330792 | (20375938) |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Year Ended August 31,<br>2025** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $2084820 |
|  Xtrackers MSCI Kokusai Equity ETF | 10288678 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 867649 |
|  Xtrackers Russell US Multifactor ETF | 2658242 |
|  | **Year Ended August 31,<br>2024** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $2338899 |
|  Xtrackers MSCI Kokusai Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549067 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 781915 |
|  Xtrackers Russell US Multifactor ETF | 2057931 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2025, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12170196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24020779 |
|  Xtrackers MSCI Kokusai Equity ETF | 1931827 | 12072461 | 14004288 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 545708 | 3938283 | 4483991 |
|  Xtrackers Russell US Multifactor ETF | 26464383 | 15866826 | 42331209 |

---

Capital losses incurred after October 31 ("post-October capital losses") and late year ordinary 41112114.00 losses incurred 43728153.00 after December 84840267.00 31 within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the fiscal year ended August 31, 2025, the Funds had no post-October capital losses.

For the fiscal year ended August 31, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

---

| | | |
|:---|:---|:---|
|  | **Distributable<br>earnings (loss)** | **Paid-In Capital** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $(4093426) | $4093426 |
|  Xtrackers MSCI Kokusai Equity ETF | (16218269) | 16218269 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | (4234122) | 4234122 |
|  Xtrackers Russell US Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23131372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23131372 |

---

DBX ETF Trust \| 61

------

As of August 31, 2025, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate Tax Cost** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Aggregate Gross<br> Unrealized<br> Appreciation** | **Aggregate Gross<br> Unrealized<br> (Depreciation)** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $42534556 | $9346230 | $11571285 | $(2225055) |
|  Xtrackers MSCI Kokusai Equity ETF | 444700895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221176274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253957621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32781347) |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 60632350 | 9309733 | 11843048 | (2533315) |
|  Xtrackers Russell US Multifactor ETF | 164187859 | 21330792 | 27051367 | (5720575) |

---

**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which 712055660.00 may be reclaimable) 261163029.00 on income, 304423321.00 capital gains (43260292.00) 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 August 31, 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 year ended August 31, 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 August 31, 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.

62 \| DBX ETF Trust

------

As of August 31, 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 August 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of August 31, 2025** | | | | |
| **Securities Lending Transactions** | **Overnight**<br> **and**<br> **Continuous** | **<30 Days** | **Between**<br> **30 & 90**<br> **Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI Kokusai Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $239029 |
|  **Xtrackers Russell US Multifactor ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $190740 | $— | $— | $— | $190740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $262080 | $— | $— | $— | $262080 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $452820 | $— | $— | $— | $452820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $452820 |

---

As of August 31, 2025, Xtrackers FTSE Developed ex US Multifactor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price 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 year ended August 31, 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 August 31, 2025 is included in a table following the Funds' Schedule of Investments.

DBX ETF Trust \| 63

------

The following tables summarize the value of the Funds' derivative instruments held as of August 31, 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** | **Xtrackers FTSE Developed ex US Multifactor ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $13312 | Unrealized depreciation on futures contracts<sup>\*</sup> | $652 |
|  | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13312 | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
|  **Xtrackers MSCI Kokusai Equity ETF** | **Xtrackers MSCI Kokusai Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $63936 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $63936 | Total | $— |
|  **Xtrackers Russell 1000 US Quality at a Reasonable Price ETF** | **Xtrackers Russell 1000 US Quality at a Reasonable Price ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $20239 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $20239 | Total | $— |
|  **Xtrackers Russell US Multifactor ETF** | **Xtrackers Russell US Multifactor ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $56785 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $56785 | Total | $— |

---

\* 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. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the year ended August 31, 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**<br> **– Equity Contracts** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $16857 |
|  Xtrackers MSCI Kokusai Equity ETF | 189798 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 38482 |
|  Xtrackers Russell US Multifactor ETF | 13735 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>— Equity Contracts** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $511 |
|  Xtrackers MSCI Kokusai Equity ETF | (19885) |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 16994 |
|  Xtrackers Russell US Multifactor ETF | 24493 |

---

For the year ended August 31, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495877 |
|  Xtrackers MSCI Kokusai Equity ETF | 1912016 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 278563 |
|  Xtrackers Russell US Multifactor ETF | 920799 |

---

**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.

64 \| DBX ETF Trust

------

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 <br>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% |

---

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 year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $104 |
|  Xtrackers MSCI Kokusai Equity ETF | 1136 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 322 |
|  Xtrackers Russell US Multifactor ETF | 973 |

---

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 2535.00 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 year ended August 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending<br>Agent Fees** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $9 |
|  Xtrackers MSCI Kokusai Equity ETF | 58 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 0 |
|  Xtrackers Russell US Multifactor ETF | 33 |

---

DBX ETF Trust \| 65

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4. Investment Portfolio Transactions

For the year ended August 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24029504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24467454 |
|  Xtrackers MSCI Kokusai Equity ETF | 14279268 | 13463671 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 12625719 | 12842226 |
|  Xtrackers Russell US Multifactor ETF | 59889422 | 60193364 |

---

For the year ended August 31, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440405 |
|  Xtrackers MSCI Kokusai Equity ETF | 14662484 | 35441607 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 13063834 | 17217071 |
|  Xtrackers Russell US Multifactor ETF | 78028398 | 71203507 |

---

5. Fund Share Transactions

As of August 31, 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.

66 \| DBX ETF Trust

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Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF and the Board of Trustees of DBX ETF Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (collectively referred to as the "Funds"), (four of the funds constituting DBX ETF Trust (the "Trust")), including the schedules of investments, as of August 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g71297g68g68.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

DBX ETF Trust \| 67

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

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

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 13-14, 2025 (the "Meeting"), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the "Trust") or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC ("DBX" or the "Advisor") for purposes of reviewing the Investment Advisory Agreement's terms, including statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge") regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds ("ETFs") selected pursuant to Broadridge's proprietary methodology (each, a "Peer Group") and (b) for Funds with two years of performance history as of December 31, 2024, each Fund's tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund's investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds. In reaching its decision to approve the continuation of the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds' shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

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

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

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

68 \| DBX ETF Trust

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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

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

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

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

**Reasonableness of Advisory Fee.** The Board compared each Fund's advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Xtrackers FTSE Developed ex US Multifactor ETF and Xtrackers MSCI Kokusai Equity ETF were below or equal to the average and/or median of the ETFs in each Fund's respective Peer Group, but Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF had advisory fees and/or total expenses (after waivers/reimbursements, as applicable) that were above the average and/or median of its respective Peer Group.

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

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

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds' operating expenses (subject to certain specified exceptions). The Board considered that each Fund's fee had been priced to scale when it was established. The Board also considered that each Fund's portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

**Costs of Services and Profitability.** The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds' profitability. The Board considered that the Advisor had provided extensive information about the Advisor's profitability and the Advisor's methodology in determining profitability. While the Advisor had provided information about the Advisor's expenses relating

DBX ETF Trust \| 69

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

to marketing the Funds, the Board considered the Advisor's profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor's profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

70 \| DBX ETF Trust

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Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Qualified Dividend**<br> **Income<sup>\*</sup>**  | **Dividends** <br> **Received** <br> **Reduction<sup>\*</sup>**  |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 100% | 2% |
|  Xtrackers MSCI Kokusai Equity ETF | 100% | 67% |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 100% | 100% |
|  Xtrackers Russell US Multifactor ETF | 100% | 100% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year. 

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross Foreign**<br> **Income** | **Foreign Taxes Paid** |
|  Xtrackers FTSE Developed ex US Multifactor ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195379 |

---

DBX ETF Trust \| 71

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![LOGO](g71297g76g76.jpg)

EQUITY-NCSRA

------

![LOGO](g98037dsp001.jpg)

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](g98037dsp01a.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedule of Investments](#tx98037_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF](#tx98037_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE Selection Equity ETF](#tx98037_3) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Emerging Markets Climate Selection ETF](#tx98037_4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI USA Climate Action Equity ETF](#tx98037_5) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI USA Selection Equity ETF](#tx98037_6) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Net Zero Pathway Paris Aligned US Equity ETF](#tx98037_7) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers RREEF Global Natural Resources ETF](#tx98037_8) | 49 |
|  **[Statements of Assets and Liabilities](#tx98037_9)** | **51** |
|  **[Statements of Operations](#tx98037_10)** | **53** |
|  **[Statements of Changes in Net Assets](#tx98037_11)** | **55** |
|  **[Financial Highlights](#tx98037_12)** | **59** |
|  **[Notes to Financial Statements](#tx98037_13)** | **66** |
|  **[Report of Independent Registered Public Accounting Firm](#tx98037_14)** | **78** |
|  **[Board Considerations in Approval of Investment Advisory Contracts](#tx98037_15)** | **80** |
|  **[Tax Information](#tx98037_16)** | **86** |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DBX ETF Trust \| **1**

------

Schedule of Investments

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 98.0%** |  |  |
|  **Australia – 0.0%** |  |  |
|  MMG Ltd. \* |  |  |
|  (Cost $6,792) | 20174 | **13353** |
|  **Brazil – 3.0%** |  |  |
|  Ambev SA | 26567 | 60445 |
|  B3 SA – Brasil Bolsa Balcao | 31155 | 74500 |
|  Banco Bradesco SA | 6340 | 16866 |
|  Banco BTG Pactual S.A | 7350 | 60743 |
|  Banco do Brasil SA | 6717 | 26469 |
|  Banco Santander Brasil SA | 1285 | 6681 |
|  BB Seguridade Participacoes SA | 4713 | 28496 |
|  Caixa Seguridade Participacoes S/A | 3857 | 10019 |
|  Centrais Eletricas Brasileiras SA | 7167 | 59442 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 1578 | 35609 |
|  Companhia Paranaense de Energia | 5976 | 12330 |
|  Embraer SA | 1405 | 19723 |
|  Energisa SA | 1822 | 16384 |
|  Engie Brasil Energia SA | 1804 | 13274 |
|  Equatorial Energia SA | 4932 | 33228 |
|  Hapvida Participacoes e Investimentos SA, 144A \* | 1028 | 7899 |
|  Itau Unibanco Holding SA | 2026 | 12843 |
|  Klabin SA | 4516 | 15400 |
|  Localiza Rent a Car SA | 3395 | 22416 |
|  Lojas Renner SA | 6404 | 19183 |
|  Motiva Infraestrutura de Mobilidade SA | 7481 | 19846 |
|  Natura Cosmeticos SA \* | 5849 | 9709 |
|  NU Holdings Ltd., Class A \* | 20431 | 302379 |
|  Pagseguro Digital Ltd., Class A | 1351 | 12105 |
|  Porto Seguro SA | 165 | 1573 |
|  Raia Drogasil SA | 8375 | 27078 |
|  Rede D'Or Sao Luiz SA, 144A | 4451 | 32275 |
|  Rumo SA | 8231 | 22063 |
|  StoneCo Ltd., Class A \* | 1533 | 25248 |
|  Suzano SA | 2801 | 27065 |
|  Telefonica Brasil SA | 5196 | 32422 |
|  TIM SA | 5800 | 24309 |
|  TOTVS SA | 3612 | 28680 |
|  WEG SA | 8465 | 58730 |
|  XP, Inc., Series BDR | 1175 | 21192 |
|  XP, Inc., Class A | 1297 | 23528 |
|  (Cost $1,123,169) |  | **1220152** |
|  **Chile – 0.4%** |  |  |
|  Banco de Chile | 169214 | 24343 |
|  Banco de Credito e Inversiones SA | 574 | 23306 |
|  Banco Santander Chile | 193310 | 11663 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cencosud SA | 8006 | 25472 |
|  Cia Sud Americana de Vapores SA | 127148 | 6389 |
|  Empresas CMPC SA | 3150 | 4959 |
|  Enel Americas SA | 98338 | 10263 |
|  Falabella SA | 2736 | 15634 |
|  Latam Airlines Group SA | 477002 | 12056 |
|  Plaza SA | 3880 | 9146 |
|  (Cost $92,249) |  | **143231** |
|  **China – 29.0%** |  |  |
|  360 Security Technology, Inc., Class A | 5005 | 8151 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1738 | 4804 |
|  3SBio, Inc., 144A \* | 11625 | 43483 |
|  AAC Technologies Holdings, Inc. | 2801 | 15550 |
|  Accelink Technologies Co. Ltd., Class A | 823 | 7939 |
|  ACM Research Shanghai, Inc., Class A | 290 | 6311 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A | 305 | 9171 |
|  Agricultural Bank of China Ltd., Class A | 20767 | 20467 |
|  Agricultural Bank of China Ltd., Class H | 108819 | 73283 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 5688 | 10701 |
|  AIMA Technology Group Co. Ltd., Class A | 900 | 4637 |
|  Aisino Corp., Class A | 3361 | 4355 |
|  Akeso, Inc., 144A \* | 3793 | 75754 |
|  All Winner Technology Co. Ltd., Class A | 1100 | 7234 |
|  Amlogic Shanghai Co. Ltd., Class A \* | 557 | 7822 |
|  Andon Health Co. Ltd., Class A | 1200 | 6656 |
|  Angel Yeast Co. Ltd., Class A | 659 | 3665 |
|  Anhui Expressway Co. Ltd., Class A | 2480 | 5080 |
|  Anhui Expressway Co. Ltd., Class H | 3745 | 5640 |
|  Anker Innovations Technology Co. Ltd., Class A | 229 | 4508 |
|  ANTA Sports Products Ltd. | 4549 | 56017 |
|  Apeloa Pharmaceutical Co. Ltd., Class A | 2104 | 4697 |
|  APT Medical, Inc., Class A | 129 | 5150 |
|  Ascentage Pharma Group International, 144A \* | 1594 | 17001 |
|  Asia - Potash International Investment Guangzhou Co. Ltd., Class A \* | 1048 | 4985 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  ASR Microelectronics Co. Ltd., Class A \* | 678 | 9986 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 212 | 3182 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A | 422 | 4939 |
|  Atour Lifestyle Holdings Ltd., ADR | 324 | 12610 |
|  Autobio Diagnostics Co. Ltd., Class A | 733 | 4175 |
|  Autohome, Inc., ADR | 487 | 14065 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 1244 | 10444 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 4536 | 5630 |
|  Baidu, Inc., Class A \* | 12762 | 146350 |
|  Bank of Beijing Co. Ltd., Class A | 8897 | 7495 |
|  Bank of Changsha Co. Ltd., Class A | 2971 | 4008 |
|  Bank of Chengdu Co. Ltd., Class A | 1993 | 5168 |
|  Bank of China Ltd., Class A | 13222 | 10247 |
|  Bank of China Ltd., Class H | 236623 | 129301 |
|  Bank of Chongqing Co. Ltd., Class A | 1855 | 2563 |
|  Bank of Chongqing Co. Ltd., Class H | 8254 | 7898 |
|  Bank of Communications Co. Ltd., Class A | 15070 | 15381 |
|  Bank of Communications Co. Ltd., Class H | 26873 | 23199 |
|  Bank of Guiyang Co. Ltd., Class A | 6289 | 5465 |
|  Bank of Hangzhou Co. Ltd., Class A | 2489 | 5546 |
|  Bank of Jiangsu Co. Ltd., Class A | 6893 | 10481 |
|  Bank of Nanjing Co. Ltd., Class A | 3956 | 6176 |
|  Bank of Ningbo Co. Ltd., Class A | 2543 | 10075 |
|  Bank of Shanghai Co. Ltd., Class A | 3680 | 4929 |
|  Bank of Suzhou Co. Ltd., Class A | 2130 | 2428 |
|  Bank of Zhengzhou Co. Ltd., Class A | 15408 | 4499 |
|  Bank of Zhengzhou Co. Ltd., Class H, 144A | 16468 | 2873 |
|  Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 7420 | 3261 |
|  Beijing Compass Technology Development Co. Ltd., Class A \* | 696 | 14662 |
|  Beijing E-Hualu Information Technology Co. Ltd., Class A \* | 2228 | 7385 |
|  Beijing Enlight Media Co. Ltd., Class A | 3207 | 8897 |
|  Beijing Huafeng Test & Control Technology Co. Ltd., Class A | 181 | 4397 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Beijing Kingsoft Office Software, Inc., Class A | 274 | 12868 |
|  Beijing Originwater Technology Co. Ltd., Class A | 5098 | 3249 |
|  Beijing Roborock Technology Co. Ltd., Class A | 219 | 6607 |
|  Beijing Shiji Information Technology Co. Ltd., Class A | 4321 | 6703 |
|  Beijing Sinnet Technology Co. Ltd., Class A | 2576 | 5841 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 1856 | 5224 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 917 | 4593 |
|  Beijing Ultrapower Software Co. Ltd., Class A | 3874 | 7506 |
|  Beijing United Information Technology Co. Ltd., Class A | 943 | 3861 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A \* | 670 | 5516 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 22487 | 16859 |
|  Bethel Automotive Safety Systems Co. Ltd., Class A | 832 | 5571 |
|  Betta Pharmaceuticals Co. Ltd., Class A | 754 | 7481 |
|  BGI Genomics Co. Ltd., Class A \* | 519 | 3920 |
|  Bilibili, Inc., Class Z \* | 1896 | 43996 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 401 | 3220 |
|  BOC International China Co. Ltd., Class A | 4205 | 9534 |
|  BOE Technology Group Co. Ltd., Class A | 8074 | 4795 |
|  BTG Hotels Group Co. Ltd., Class A | 2158 | 4620 |
|  BYD Co. Ltd., Class A | 1325 | 21218 |
|  BYD Co. Ltd., Class H | 19542 | 286769 |
|  By-health Co. Ltd., Class A | 1472 | 2534 |
|  Caida Securities Co. Ltd., Class A | 4385 | 4753 |
|  Caitong Securities Co. Ltd., Class A | 5915 | 7200 |
|  Calb Group Co. Ltd., Class H, 144A \* | 1569 | 4569 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 103 | 21582 |
|  Capital Securities Co. Ltd., Class A | 1511 | 4535 |
|  Cathay Biotech, Inc., Class A | 465 | 3462 |
|  CCOOP Group Co. Ltd., Class A \* | 18500 | 6182 |
|  CECEP Solar Energy Co. Ltd., Class A | 5914 | 3894 |
|  CECEP Wind-Power Corp., Class A | 11265 | 4792 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  CETC Cyberspace Security Technology Co. Ltd., Class A | 1352 | 3629 |
|  CGN Power Co. Ltd., Class A | 14767 | 7961 |
|  CGN Power Co. Ltd., Class H, 144A | 69144 | 26076 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 493 | 7133 |
|  Changjiang Securities Co. Ltd., Class A | 6946 | 8338 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 1488 | 9238 |
|  Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 1300 | 7348 |
|  Chengdu Xingrong Environment Co. Ltd., Class A | 1398 | 1339 |
|  Chifeng Jilong Gold Mining Co. Ltd., Class A | 1531 | 5582 |
|  China Baoan Group Co. Ltd., Class A | 3218 | 4428 |
|  China Cinda Asset Management Co. Ltd., Class H | 61761 | 12913 |
|  China CITIC Bank Corp. Ltd., Class A | 4187 | 4644 |
|  China CITIC Bank Corp. Ltd., Class H | 33758 | 30139 |
|  China CITIC Financial Asset Management Co. Ltd., Class H, 144A \* | 102955 | 15187 |
|  China Communications Services Corp. Ltd., Class H | 12796 | 7600 |
|  China Construction Bank Corp., Class A | 7258 | 9171 |
|  China Construction Bank Corp., Class H | 326758 | 314777 |
|  China Enterprise Co. Ltd., Class A \* | 12038 | 5070 |
|  China Everbright Bank Co. Ltd., Class A | 14997 | 7959 |
|  China Everbright Bank Co. Ltd., Class H | 29444 | 13219 |
|  China Feihe Ltd., 144A | 12987 | 7313 |
|  China Film Group Co. Ltd. | 3104 | 6075 |
|  China Galaxy Securities Co. Ltd., Class A | 4286 | 11138 |
|  China Galaxy Securities Co. Ltd., Class H | 25049 | 35891 |
|  China Gold International Resources Corp. Ltd. | 1433 | 20109 |
|  China Great Wall Securities Co. Ltd., Class A | 5387 | 9250 |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 3445 | 8653 |
|  China Green Electricity Investment of Tianjin Co. Ltd., Class A | 3707 | 4632 |
|  China International Capital Corp. Ltd., Class A | 1345 | 7279 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China International Capital Corp. Ltd., Class H, 144A | 10232 | 27799 |
|  China Jushi Co. Ltd., Class A | 2300 | 5041 |
|  China Life Insurance Co. Ltd., Class A | 365 | 2156 |
|  China Life Insurance Co. Ltd., Class H | 26997 | 83181 |
|  China Literature Ltd., 144A \* | 3466 | 18033 |
|  China Merchants Bank Co. Ltd., Class A | 4848 | 29192 |
|  China Merchants Bank Co. Ltd., Class H | 13228 | 81446 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 3838 | 5609 |
|  China Merchants Securities Co. Ltd., Class A | 4909 | 13081 |
|  China Merchants Securities Co. Ltd., Class H, 144A | 5352 | 11527 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 4712 | 6053 |
|  China Minsheng Banking Corp. Ltd., Class A | 10356 | 6688 |
|  China Minsheng Banking Corp. Ltd., Class H | 30910 | 17604 |
|  China National Nuclear Power Co. Ltd., Class A | 4236 | 5299 |
|  China National Software & Service Co. Ltd., Class A \* | 1011 | 7604 |
|  China Pacific Insurance Group Co. Ltd., Class A | 1973 | 11166 |
|  China Pacific Insurance Group Co. Ltd., Class H | 8516 | 38736 |
|  China Railway Signal & Communication Corp. Ltd., Class H, 144A | 3397 | 1508 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A \* | 1303 | 10669 |
|  China Reinsurance Group Corp., Class H | 36741 | 8059 |
|  China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 820 | 2239 |
|  China Resources Microelectronics Ltd., Class A | 65 | 478 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 4488 | 22302 |
|  China Resources Pharmaceutical Group Ltd., 144A | 11584 | 7251 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 1565 | 6686 |
|  China Science Publishing & Media Ltd., Class A | 1522 | 4601 |
|  China South Publishing & Media Group Co. Ltd., Class A | 2233 | 4126 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 21850 | 13037 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 677 | 6586 |
|  China Tourism Group Duty Free Corp. Ltd., Class H, 144A | 960 | 7733 |
|  China Tower Corp. Ltd., Class H, 144A | 17879 | 26924 |
|  China United Network Communications Ltd., Class A | 10006 | 8007 |
|  China Vanke Co. Ltd., Class A \* | 6317 | 6022 |
|  China Vanke Co. Ltd., Class H \* | 10805 | 7360 |
|  China World Trade Center Co. Ltd., Class A | 340 | 981 |
|  China Yangtze Power Co. Ltd., Class A | 10640 | 41961 |
|  China Zhenhua Group Science & Technology Co. Ltd., Class A | 744 | 5318 |
|  China Zheshang Bank Co. Ltd., Class A | 14067 | 6399 |
|  China Zheshang Bank Co. Ltd., Class H | 16525 | 5660 |
|  Chinalin Securities Co. Ltd., Class A | 2075 | 4917 |
|  Chinese Universe Publishing and Media Group Co. Ltd., Class A | 3020 | 4354 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 4583 | 4047 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class H | 6995 | 5168 |
|  Chongqing Water Group Co. Ltd., Class A | 4510 | 2989 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 792 | 2503 |
|  Chow Tai Seng Jewellery Co. Ltd., Class A | 2680 | 5031 |
|  CITIC Securities Co. Ltd., Class A | 5893 | 26045 |
|  CITIC Securities Co. Ltd., Class H | 11920 | 43760 |
|  CNPC Capital Co. Ltd., Class A | 4605 | 8198 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1598 | 68691 |
|  Contemporary Amperex Technology Co. Ltd., Class H | 667 | 36294 |
|  COSCO SHIPPING Development Co. Ltd., Class A | 7608 | 2702 |
|  COSCO SHIPPING Development Co. Ltd., Class H | 17036 | 2535 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 5375 | 9342 |
|  Country Garden Services Holdings Co. Ltd. | 16474 | 13714 |
|  CSC Financial Co. Ltd., Class A | 2381 | 9480 |
|  CSC Financial Co. Ltd., Class H, 144A | 8430 | 15798 |
|  CSPC Innovation Pharmaceutical Co. Ltd., Class A | 1056 | 7914 |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 602 | 1425 |
|  DHC Software Co. Ltd., Class A | 2573 | 4078 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Dong-E-E-Jiao Co. Ltd., Class A | 767 | 5587 |
|  Dongxing Securities Co. Ltd., Class A | 4773 | 8182 |
|  East Money Information Co. Ltd., Class A | 6866 | 27868 |
|  Eastroc Beverage Group Co. Ltd., Class A | 187 | 8111 |
|  Easyhome New Retail Group Co. Ltd., Class A \* | 9165 | 3886 |
|  Ecovacs Robotics Co. Ltd., Class A | 473 | 6434 |
|  Empyrean Technology Co. Ltd., Class A | 430 | 7425 |
|  Eoptolink Technology, Inc. Ltd., Class A | 351 | 17553 |
|  Everbright Securities Co. Ltd., Class A | 3384 | 9526 |
|  Everbright Securities Co. Ltd., Class H, 144A | 5452 | 7595 |
|  Everdisplay Optronics Shanghai Co. Ltd., Class A \* | 12233 | 4757 |
|  Fangda Carbon New Material Co. Ltd., Class A | 3230 | 2240 |
|  First Capital Securities Co. Ltd., Class A | 3983 | 4608 |
|  Focus Media Information Technology Co. Ltd., Class A | 7563 | 8824 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1580 | 9192 |
|  Founder Securities Co. Ltd., Class A | 5845 | 7090 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 3964 | 29958 |
|  Full Truck Alliance Co. Ltd., ADR | 2949 | 38484 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 837 | 7716 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2384 | 21039 |
|  GalaxyCore, Inc., Class A | 2566 | 6214 |
|  Gan & Lee Pharmaceuticals Co. Ltd., Class A | 876 | 8969 |
|  Ganfeng Lithium Group Co. Ltd., Class H, 144A | 1291 | 5193 |
|  G-bits Network Technology Xiamen Co. Ltd., Class A | 108 | 6963 |
|  GDS Holdings Ltd., Class A \* | 6276 | 27178 |
|  Gemdale Corp., Class A \* | 6828 | 3911 |
|  Genscript Biotech Corp. \* | 7803 | 17216 |
|  Geovis Technology Co. Ltd., Class A | 1175 | 7750 |
|  GF Securities Co. Ltd., Class A | 3609 | 11086 |
|  GF Securities Co. Ltd., Class H | 9316 | 22119 |
|  Giant Biogene Holding Co. Ltd., 144A | 2224 | 15391 |
|  Giant Network Group Co. Ltd., Class A | 1083 | 4805 |
|  GigaDevice Semiconductor, Inc., Class A | 345 | 7700 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ginlong Technologies Co. Ltd., Class A | 562 | 5336 |
|  Glarun Technology Co. Ltd., Class A | 1500 | 6191 |
|  Glodon Co. Ltd., Class A | 2415 | 5157 |
|  GoerTek, Inc., Class A | 1380 | 7114 |
|  Goldwind Science & Technology Co. Ltd., Class H | 3563 | 4036 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 1102 | 6591 |
|  Greenland Holdings Corp. Ltd., Class A \* | 9899 | 2613 |
|  Greentown China Holdings Ltd. | 6519 | 8161 |
|  GRG Banking Equipment Co. Ltd., Class A | 2345 | 4718 |
|  Guangdong Provincial Expressway Development Co. Ltd., Class A | 3313 | 5498 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A | 4679 | 6576 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 1641 | 3810 |
|  Guangzhou Haige Communications Group, Inc. Co., Class A | 3856 | 7915 |
|  Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 711 | 3189 |
|  Guangzhou Port Co. Ltd., Class A | 18257 | 8817 |
|  Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 502 | 2977 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1204 | 3636 |
|  Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 6726 | 7602 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 5202 | 8932 |
|  Guolian Minsheng Securities Co. Ltd., Class H | 7455 | 6397 |
|  Guosen Securities Co. Ltd., Class A | 4902 | 10206 |
|  Guotai Haitong Securities Co. Ltd. | 7152 | 21056 |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 13809 | 28855 |
|  Guoyuan Securities Co. Ltd., Class A | 5896 | 7649 |
|  H World Group Ltd., ADR | 790 | 29111 |
|  Haidilao International Holding Ltd., 144A | 7895 | 13965 |
|  Haier Smart Home Co. Ltd., Class A | 600 | 2212 |
|  Haier Smart Home Co. Ltd., Class H | 7122 | 23972 |
|  Hainan Airport Infrastructure Co. Ltd., Class A | 12598 | 6916 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Haisco Pharmaceutical Group Co. Ltd., Class A | 844 | 6572 |
|  Haitian International Holdings Ltd. | 2322 | 6559 |
|  Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 2016 | 2992 |
|  Hangzhou Chang Chuan Technology Co. Ltd., Class A | 1096 | 9194 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 2832 | 5968 |
|  Hangzhou GreatStar Industrial Co. Ltd. | 1163 | 5031 |
|  Hangzhou Lion Microelectronics Co. Ltd., Class A \* | 1208 | 4521 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1720 | 7841 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 287 | 2559 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A | 1442 | 8605 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 8442 | 39005 |
|  Haohua Chemical Science & Technology Co. Ltd., Class A | 647 | 2759 |
|  Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 1549 | 4645 |
|  Hefei Meiya Optoelectronic Technology, Inc., Class A | 896 | 2516 |
|  Heilongjiang Agriculture Co. Ltd., Class A | 231 | 483 |
|  Hengan International Group Co. Ltd. | 2764 | 8779 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 319 | 18503 |
|  HLA Group Corp. Ltd., Class A | 3060 | 2994 |
|  Hongta Securities Co. Ltd., Class A | 5128 | 6818 |
|  Horizon Robotics \* | 44812 | 55183 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 645 | 4775 |
|  Hoymiles Power Electronics, Inc., Class A | 413 | 6361 |
|  Hua Hong Semiconductor Ltd., Class H, 144A \* | 3029 | 20903 |
|  Huaan Securities Co. Ltd., Class A | 8456 | 7717 |
|  Huadong Medicine Co. Ltd., Class A | 1145 | 7121 |
|  Huagong Tech Co. Ltd., Class A | 533 | 5120 |
|  Hualan Biological Engineering, Inc., Class A | 2084 | 5003 |
|  Huali Industrial Group Co. Ltd., Class A | 247 | 1838 |
|  Huaneng Lancang River Hydropower, Inc., Class A | 5194 | 6650 |
|  Huatai Securities Co. Ltd., Class A | 3656 | 11128 |
|  Huatai Securities Co. Ltd., Class H, 144A | 10696 | 27070 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Huaxi Securities Co. Ltd., Class A | 5152 | 7826 |
|  Huaxia Bank Co. Ltd., Class A | 4070 | 4326 |
|  Huaxia Eye Hospital Group Co. Ltd., Class A | 2184 | 6375 |
|  Hubei Dinglong Co. Ltd., Class A | 1300 | 5735 |
|  Hubei Feilihua Quartz Glass Co. Ltd., Class A | 624 | 8358 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 342 | 6104 |
|  Humanwell Healthcare Group Co. Ltd., Class A | 1530 | 4382 |
|  Hundsun Technologies, Inc., Class A | 1831 | 9637 |
|  Hwatsing Technology Co. Ltd., Class A | 433 | 7660 |
|  Hygon Information Technology Co. Ltd., Class A | 1072 | 29276 |
|  Hytera Communications Corp. Ltd., Class A \* | 2309 | 4260 |
|  IEIT Systems Co. Ltd., Class A | 764 | 7203 |
|  Iflytek Co. Ltd., Class A | 1488 | 11145 |
|  Imeik Technology Development Co. Ltd., Class A | 401 | 10921 |
|  Industrial & Commercial Bank of China Ltd., Class A | 16929 | 17659 |
|  Industrial & Commercial Bank of China Ltd., Class H | 235969 | 174649 |
|  Industrial Bank Co. Ltd., Class A | 4844 | 15240 |
|  Industrial Securities Co. Ltd., Class A | 7765 | 7424 |
|  Inesa Intelligent Tech, Inc., Class B | 5800 | 4640 |
|  INESA Intelligent Tech, Inc., Class A | 1600 | 5211 |
|  Ingenic Semiconductor Co. Ltd., Class A | 467 | 4929 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 941 | 3774 |
|  Innovation New Material Technology Co. Ltd., Class A | 8340 | 5386 |
|  Innovent Biologics, Inc., 144A \* | 8755 | 108766 |
|  iQIYI, Inc., ADR \* | 3372 | 8936 |
|  iRay Group, Class A | 271 | 4592 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 923 | 7765 |
|  J&T Global Express Ltd. \* | 24793 | 33075 |
|  Jafron Biomedical Co. Ltd., Class A | 1855 | 5993 |
|  JD Health International, Inc., 144A \* | 7041 | 56719 |
|  JD Logistics, Inc., 144A \* | 4895 | 8056 |
|  JD.com, Inc., Class A | 9987 | 150910 |
|  Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 4365 | 4608 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Jiangsu Financial Leasing Co. Ltd., Class A | 5170 | 4152 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2932 | 27263 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H \* | 1868 | 18259 |
|  Jiangsu Hoperun Software Co. Ltd., Class A \* | 1000 | 9196 |
|  Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 1381 | 4797 |
|  Jiangsu Pacific Quartz Co. Ltd., Class A | 590 | 3363 |
|  Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 2299 | 3641 |
|  Jiangsu Yoke Technology Co. Ltd., Class A | 404 | 3405 |
|  Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 1092 | 5740 |
|  Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 781 | 1362 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 545 | 1463 |
|  J-Yuan Trust Co. Ltd., Class A \* | 11822 | 5029 |
|  Kanzhun Ltd., ADR \* | 2012 | 47523 |
|  KE Holdings, Inc., ADR | 846 | 14873 |
|  KE Holdings, Inc., Class A | 5202 | 30361 |
|  Kingdee International Software Group Co. Ltd. \* | 18818 | 39346 |
|  Kingnet Network Co. Ltd., Class A | 2881 | 9412 |
|  Kingsoft Cloud Holdings Ltd. \* | 18060 | 18185 |
|  Kingsoft Corp. Ltd. | 6231 | 27239 |
|  Kuaishou Technology, 144A \* | 16460 | 159092 |
|  Kuang-Chi Technologies Co. Ltd., Class A | 1093 | 8339 |
|  Kunlun Tech Co. Ltd., Class A \* | 1242 | 7324 |
|  Laopu Gold Co. Ltd., Class H | 163 | 14845 |
|  Lenovo Group Ltd. | 44270 | 62920 |
|  Lepu Medical Technology Beijing Co. Ltd., Class A | 2286 | 6101 |
|  Li Auto, Inc., Class A \* | 6774 | 79680 |
|  Li Ning Co. Ltd. | 7580 | 18367 |
|  Liaoning Port Co. Ltd., Class A | 12657 | 2950 |
|  Lifan Industry Group Co. Ltd., Class A \* | 3500 | 5808 |
|  Livzon Pharmaceutical Group, Inc., Class A | 530 | 3006 |
|  Livzon Pharmaceutical Group, Inc., Class H | 1663 | 7560 |
|  Longfor Group Holdings Ltd., 144A | 10085 | 13687 |
|  Lufax Holding Ltd., ADR \* | 1317 | 3872 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Luxshare Precision Industry Co. Ltd., Class A | 2080 | 13427 |
|  Mango Excellent Media Co. Ltd., Class A | 1699 | 6221 |
|  Maxscend Microelectronics Co. Ltd., Class A | 626 | 7276 |
|  Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 1145 | 923 |
|  Meitu, Inc., 144A \* | 16872 | 25581 |
|  Meituan, Class B, 144A \* | 18970 | 249905 |
|  Midea Group Co. Ltd. | 1773 | 18592 |
|  Midea Group Co. Ltd., Class A | 1550 | 16040 |
|  Ming Yang Smart Energy Group Ltd., Class A | 2580 | 4397 |
|  MINISO Group Holding Ltd. | 2307 | 14240 |
|  Minmetals Capital Co. Ltd., Class A | 5534 | 4996 |
|  Montage Technology Co. Ltd., Class A | 722 | 12458 |
|  Muyuan Foods Co. Ltd., Class A | 741 | 5718 |
|  Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 2660 | 4227 |
|  Nanjing Securities Co. Ltd., Class A | 5089 | 6294 |
|  NARI Technology Co. Ltd., Class A | 2625 | 8016 |
|  National Silicon Industry Group Co. Ltd., Class A \* | 1331 | 3876 |
|  NAURA Technology Group Co. Ltd., Class A | 278 | 14539 |
|  NavInfo Co. Ltd., Class A \* | 4849 | 6440 |
|  NetEase, Inc. | 10209 | 278147 |
|  New China Life Insurance Co. Ltd., Class A | 536 | 5135 |
|  New China Life Insurance Co. Ltd., Class H | 3617 | 22335 |
|  New Oriental Education & Technology Group, Inc. | 5327 | 24982 |
|  Newland Digital Technology Co. Ltd., Class A | 1300 | 5256 |
|  Ninestar Corp., Class A \* | 523 | 1832 |
|  Ningbo Deye Technology Co. Ltd., Class A | 491 | 4457 |
|  Ningbo Joyson Electronic Corp., Class A | 1380 | 4111 |
|  Ningbo Shanshan Co. Ltd., Class A \* | 1502 | 2448 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 837 | 7357 |
|  Ningbo Zhoushan Port Co. Ltd., Class A | 3798 | 1936 |
|  NIO, Inc., ADR \* | 209 | 1333 |
|  NIO, Inc., Class A \* | 9825 | 63770 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 7251 | 46487 |
|  OFILM Group Co. Ltd., Class A \* | 2910 | 5413 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  OmniVision Integrated Circuits Group, Inc. | 414 | 8325 |
|  Onewo, Inc., Class H | 1912 | 6156 |
|  Oppein Home Group, Inc., Class A | 287 | 2230 |
|  Orient Securities Co. Ltd., Class A | 5265 | 8501 |
|  Orient Securities Co. Ltd., Class H, 144A | 9026 | 8811 |
|  Oriental Pearl Group Co. Ltd., Class A | 6300 | 7837 |
|  Ovctek China, Inc., Class A | 1392 | 3527 |
|  Pacific Securities Co. Ltd., Class A \* | 11866 | 7347 |
|  People.cn Co. Ltd., Class A | 1733 | 5314 |
|  People's Insurance Co. Group of China Ltd., Class H | 24593 | 22019 |
|  Pharmaron Beijing Co. Ltd., Class A | 1155 | 4907 |
|  Pharmaron Beijing Co. Ltd., Class H, 144A | 1385 | 3713 |
|  PICC Property & Casualty Co. Ltd., Class H | 22098 | 53177 |
|  Ping An Bank Co. Ltd., Class A | 5151 | 8714 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 4415 | 37116 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 37636 | 271799 |
|  Piotech, Inc., Class A | 328 | 8749 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 5572 | 6227 |
|  Pony Ai, Inc., ADR \* | 987 | 14183 |
|  Pop Mart International Group Ltd., 144A | 2329 | 96317 |
|  Postal Savings Bank of China Co. Ltd., Class A | 3272 | 2775 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 28733 | 19940 |
|  Proya Cosmetics Co. Ltd., Class A | 400 | 4708 |
|  Qfin Holdings, Inc., ADR | 625 | 18200 |
|  Qi An Xin Technology Group, Inc., Class A \* | 1375 | 7718 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 2060 | 5865 |
|  Quzhou Xin'an Development Co. Ltd., Class A \* | 13065 | 8914 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 952 | 7882 |
|  Raytron Technology Co. Ltd., Class A | 543 | 5847 |
|  Remegen Co. Ltd., Class A \* | 587 | 7490 |
|  Remegen Co. Ltd., Class H, 144A \* | 1117 | 14063 |
|  Rockchip Electronics Co. Ltd., Class A | 370 | 12794 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ruijie Networks Co. Ltd., Class A | 658 | 8249 |
|  Sanan Optoelectronics Co. Ltd., Class A | 1092 | 2320 |
|  Sangfor Technologies, Inc., Class A | 370 | 6727 |
|  SDIC Capital Co. Ltd., Class A | 6552 | 7672 |
|  Sealand Securities Co. Ltd., Class A | 5224 | 3366 |
|  SenseTime Group, Inc., Class B, 144A \* | 173509 | 47629 |
|  Seres Group Co. Ltd., Class A | 382 | 7343 |
|  SG Micro Corp., Class A | 720 | 7861 |
|  Shandong Gold Mining Co. Ltd., Class A | 1066 | 4993 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 2410 | 9076 |
|  Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 600 | 5049 |
|  Shandong Hi-speed Co. Ltd., Class A | 3649 | 4672 |
|  Shandong Pharmaceutical Glass Co. Ltd., Class A | 1724 | 5388 |
|  Shandong Publishing & Media Co. Ltd., Class A | 2948 | 3791 |
|  Shandong Sinocera Functional Material Co. Ltd., Class A | 1317 | 4234 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9013 | 6786 |
|  Shanghai Aiko Solar Energy Co. Ltd., Class A \* | 1342 | 2864 |
|  Shanghai Baosight Software Co. Ltd., Class A | 2016 | 7166 |
|  Shanghai Baosight Software Co. Ltd., Class B | 4645 | 5198 |
|  Shanghai Belling Co. Ltd., Class A | 900 | 4838 |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 412 | 8856 |
|  Shanghai Chicmax Cosmetic Co. Ltd., Class H | 409 | 4743 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1556 | 6300 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4018 | 11205 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 940 | 8403 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 1533 | 7122 |
|  Shanghai Henlius Biotech, Inc., Class H, 144A \* | 800 | 7994 |
|  Shanghai International Airport Co. Ltd., Class A | 1542 | 6997 |
|  Shanghai International Port Group Co. Ltd., Class A | 7069 | 5597 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1223 | 3989 |
|  Shanghai Junshi Biosciences Co. Ltd., Class A \* | 999 | 6310 |
|  Shanghai Junshi Biosciences Co. Ltd., Class H, 144A \* | 2627 | 10439 |
|  Shanghai Lingang Holdings Corp. Ltd., Class A | 3588 | 4710 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 3781 | 4586 |
|  Shanghai M&G Stationery, Inc., Class A | 1031 | 4409 |
|  Shanghai Moons' Electric Co. Ltd., Class A | 453 | 4098 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 872 | 1381 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 6933 | 13267 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1068 | 3362 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 6263 | 6049 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 2542 | 3105 |
|  Shanghai Stonehill Technology Co. Ltd., Class A \* | 8000 | 9603 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 599 | 11925 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 5497 | 4715 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 1047 | 5584 |
|  Shanjin International Gold Co. Ltd., Class A | 1066 | 2938 |
|  Shanxi Securities Co. Ltd., Class A | 7203 | 6735 |
|  Sharetronic Data Technology Co. Ltd., Class A | 500 | 7031 |
|  Shengyi Technology Co. Ltd., Class A | 1070 | 7999 |
|  Shennan Circuits Co. Ltd., Class A | 343 | 9535 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 16661 | 12772 |
|  Shenwan Hongyuan Group Co. Ltd., Class H, 144A | 17031 | 7231 |
|  Shenzhen Capchem Technology Co. Ltd., Class A | 1406 | 9317 |
|  Shenzhen Expressway Corp. Ltd., Class A | 3110 | 4624 |
|  Shenzhen Expressway Corp. Ltd., Class H | 8139 | 7465 |
|  Shenzhen Fastprint Circuit Tech Co. Ltd., Class A | 1569 | 4626 |
|  Shenzhen Goodix Technology Co. Ltd., Class A | 632 | 7303 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 1751 | 3171 |
|  Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class H, 144A | 5945 | 4736 |
|  Shenzhen Infogem Technologies Co. Ltd., Class A \* | 1000 | 8073 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 881 | 9280 |
|  Shenzhen Kaifa Technology Co. Ltd., Class A | 222 | 681 |
|  Shenzhen Kangtai Biological Products Co. Ltd., Class A | 1323 | 3475 |
|  Shenzhen Longsys Electronics Co. Ltd., Class A | 410 | 5495 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 545 | 18577 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 392 | 3435 |
|  Shenzhen Overseas Chinese Town Co. Ltd., Class A \* | 21356 | 6746 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 870 | 6150 |
|  Shenzhen SC New Energy Technology Corp., Class A | 655 | 9082 |
|  Shenzhen Sunlord Electronics Co. Ltd., Class A | 1114 | 5095 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 432 | 5459 |
|  Shenzhou International Group Holdings Ltd. | 4953 | 39042 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A \* | 1975 | 4542 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 3504 | 7325 |
|  Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H \* | 232 | 13517 |
|  Sichuan Swellfun Co. Ltd., Class A | 900 | 5944 |
|  Silergy Corp. | 1522 | 15360 |
|  Sinolink Securities Co. Ltd., Class A | 5358 | 7755 |
|  Sinomine Resource Group Co. Ltd., Class A | 1800 | 10470 |
|  Sinopharm Group Co. Ltd., Class H | 4179 | 10008 |
|  Skshu Paint Co. Ltd., Class A | 160 | 1093 |
|  Smoore International Holdings Ltd., 144A | 11804 | 28632 |
|  Songcheng Performance Development Co. Ltd., Class A | 3718 | 4567 |
|  Sonoscape Medical Corp., Class A | 1420 | 6585 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SooChow Securities Co. Ltd., Class A | 6211 | 8807 |
|  Southwest Securities Co. Ltd., Class A | 10888 | 7460 |
|  Spring Airlines Co. Ltd., Class A | 359 | 2689 |
|  StarPower Semiconductor Ltd., Class A | 107 | 1640 |
|  State Grid Information & Communication Co. Ltd., Class A | 1700 | 4277 |
|  Sungrow Power Supply Co. Ltd., Class A | 526 | 7375 |
|  Sunny Optical Technology Group Co. Ltd. | 2738 | 29238 |
|  Sunresin New Materials Co. Ltd., Class A | 527 | 4077 |
|  Sunshine Insurance Group Co. Ltd., Class H | 18137 | 9748 |
|  Sunwoda Electronic Co. Ltd., Class A | 1400 | 4825 |
|  SUPCON Technology Co. Ltd., Class A | 932 | 6804 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 393 | 4986 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 447 | 12459 |
|  TAL Education Group, ADR \* | 1723 | 18298 |
|  Talkweb Information System Co. Ltd., Class A \* | 1284 | 7470 |
|  TangShan Port Group Co. Ltd., Class A | 8584 | 4796 |
|  Tasly Pharmaceutical Group Co. Ltd., Class A | 2122 | 4922 |
|  Tencent Holdings Ltd. | 34507 | 2640305 |
|  Tencent Music Entertainment Group, ADR | 3483 | 85403 |
|  Thunder Software Technology Co. Ltd., Class A | 547 | 6069 |
|  Tianfeng Securities Co. Ltd., Class A \* | 11162 | 9152 |
|  Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | 1010 | 6538 |
|  Tianshui Huatian Technology Co. Ltd., Class A | 2327 | 3868 |
|  Tongcheng Travel Holdings Ltd. | 7704 | 21681 |
|  Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 3684 | 4350 |
|  Topchoice Medical Corp., Class A | 819 | 5420 |
|  Topsports International Holdings Ltd., 144A | 11151 | 4606 |
|  TravelSky Technology Ltd., Class H | 8146 | 11358 |
|  Tsinghua Tongfang Co. Ltd., Class A \* | 5303 | 6098 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ubtech Robotics Corp. Ltd., Class H \* | 835 | 10250 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 840 | 9620 |
|  Unisplendour Corp. Ltd., Class A | 1413 | 5535 |
|  United Nova Technology Co. Ltd., Class A \* | 5632 | 4665 |
|  Venustech Group, Inc., Class A \* | 1642 | 3928 |
|  Verisilicon Microelectronics Shanghai Co. Ltd., Class A \* (a) | 542 | 11642 |
|  Victory Giant Technology Huizhou Co. Ltd., Class A | 422 | 15836 |
|  Vipshop Holdings Ltd., ADR | 1382 | 23135 |
|  Walvax Biotechnology Co. Ltd., Class A | 3468 | 6154 |
|  Wanda Film Holding Co. Ltd., Class A \* | 2196 | 3613 |
|  Wangfujing Group Co. Ltd., Class A | 2144 | 4416 |
|  Wangsu Science & Technology Co. Ltd., Class A | 3560 | 6078 |
|  Wanxiang Qianchao Co. Ltd., Class A | 3800 | 4263 |
|  Weibo Corp., ADR | 555 | 6360 |
|  Weichai Power Co. Ltd., Class A | 4030 | 8566 |
|  Weichai Power Co. Ltd., Class H | 7586 | 15861 |
|  Weihai Guangwei Composites Co. Ltd., Class A | 1280 | 5743 |
|  Weilong Delicious Global Holdings Ltd. | 2765 | 4827 |
|  Western Securities Co. Ltd., Class A | 6642 | 8346 |
|  Western Superconducting Technologies Co. Ltd., Class A | 644 | 5638 |
|  Wingtech Technology Co. Ltd., Class A \* | 575 | 3506 |
|  Winner Medical Co. Ltd., Class A | 667 | 3967 |
|  Winning Health Technology Group Co. Ltd., Class A | 2842 | 4018 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 1034 | 9986 |
|  WuXi AppTec Co. Ltd., Class A | 1232 | 17867 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 2864 | 39640 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 24369 | 103780 |
|  WuXi XDC Cayman, Inc. \* | 1096 | 7957 |
|  Xiamen C & D, Inc., Class A | 2477 | 4048 |
|  Xiamen Faratronic Co. Ltd., Class A | 291 | 5017 |
|  Xiaomi Corp., Class B, 144A \* | 60002 | 406768 |
|  XPeng, Inc., Class A \* | 7849 | 84472 |
|  Xtalpi Holdings Ltd. \* | 11817 | 15628 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 775 | 7419 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yealink Network Technology Corp. Ltd., Class A | 1276 | 6770 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 1073 | 3576 |
|  Yongan Futures Co. Ltd., Class A | 1460 | 3204 |
|  Yonghui Superstores Co. Ltd., Class A \* | 2877 | 2092 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 2833 | 6551 |
|  Youngor Fashion Co. Ltd., Class A | 3847 | 4045 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 1519 | 12279 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 735 | 4881 |
|  Yunnan Energy New Material Co. Ltd., Class A \* | 982 | 4453 |
|  Zai Lab Ltd. \* | 5951 | 19557 |
|  Zai Lab Ltd., ADR \* | 135 | 4468 |
|  Zangge Mining Co. Ltd., Class A | 525 | 3974 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 460 | 13512 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 6622 | 20471 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 2226 | 7032 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 1347 | 5184 |
|  Zhejiang Crystal-Optech Co. Ltd., Class A | 1511 | 5902 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 2710 | 7389 |
|  Zhejiang Dingli Machinery Co. Ltd., Class A | 656 | 5006 |
|  Zhejiang Expressway Co. Ltd., Class H | 12414 | 10940 |
|  Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 1214 | 4119 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 765 | 3240 |
|  Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A \* | 6875 | 5521 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A \* | 3382 | 28068 |
|  Zhejiang NHU Co. Ltd., Class A | 2146 | 7502 |
|  Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A | 3908 | 4186 |
|  Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 1058 | 5534 |
|  Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 1790 | 4742 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 1443 | 3904 |
|  Zhejiang Weixing New Building Materials Co. Ltd., Class A | 1124 | 1701 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zheshang Securities Co. Ltd., Class A | 4456 | 7557 |
|  ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A \* | 5682 | 14373 |
|  Zhongji Innolight Co. Ltd., Class A | 397 | 19782 |
|  Zhongsheng Group Holdings Ltd. | 1001 | 2063 |
|  Zhongtai Securities Co. Ltd., Class A | 6946 | 7031 |
|  Zhuhai Huafa Properties Co. Ltd., Class A | 5800 | 4283 |
|  Zijin Mining Group Co. Ltd., Class A | 4072 | 13194 |
|  Zijin Mining Group Co. Ltd., Class H | 18334 | 60158 |
|  ZTO Express Cayman, Inc. | 1416 | 25538 |
|  (Cost $9,002,509) |  | **11732341** |
|  **Colombia – 0.1%** |  |  |
|  Ecopetrol SA | 9343 | 4394 |
|  Grupo Cibest SA | 775 | 11377 |
|  Grupo de Inversiones Suramericana SA | 394 | 4545 |
|  Grupo Energia Bogota SA ESP | 11288 | 8285 |
|  Interconexion Electrica SA ESP | 1836 | 9959 |
|  (Cost $29,475) |  | **38560** |
|  **Cyprus – 0.0%** |  |  |
|  Bank of Cyprus Holdings PLC |  |  |
|  (Cost $7,187) | 865 | **7796** |
|  **Czech Republic – 0.1%** |  |  |
|  CEZ AS | 492 | 30786 |
|  Komercni Banka AS | 237 | 11585 |
|  (Cost $39,912) |  | **42371** |
|  **Egypt – 0.1%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 4479 | 8957 |
|  EFG Holding S.A.E. \* | 12467 | 6697 |
|  Fawry for Banking & Payment Technology Services SAE \* | 21631 | 6146 |
|  Talaat Moustafa Group | 8428 | 9623 |
|  (Cost $29,833) |  | **31423** |
|  **Greece – 0.3%** |  |  |
|  Alpha Bank SA | 1676 | 6644 |
|  Athens International Airport SA | 144 | 1790 |
|  Eurobank Ergasias Services and Holdings SA | 4875 | 17917 |
|  Hellenic Telecommunications Organization SA | 1302 | 24232 |
|  JUMBO SA | 394 | 14057 |
|  National Bank of Greece SA | 2430 | 33648 |
|  Piraeus Financial Holdings SA \* | 2217 | 17153 |
|  (Cost $82,243) |  | **115441** |
|  **Hong Kong – 4.3%** |  |  |
|  Alibaba Group Holding Ltd. | 92678 | 1375455 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Beijing Enterprises Water Group Ltd. | 17789 | 5933 |
|  BOC Hong Kong Holdings Ltd. | 12807 | 57859 |
|  Brilliance China Automotive Holdings Ltd. | 13444 | 6864 |
|  C&D International Investment Group Ltd. | 3940 | 9360 |
|  China Medical System Holdings Ltd. | 8349 | 14008 |
|  China Merchants Port Holdings Co. Ltd. | 7596 | 14606 |
|  China Overseas Land & Investment Ltd. | 22429 | 40020 |
|  China Resources Land Ltd. | 11367 | 44559 |
|  China Ruyi Holdings Ltd. \* | 87514 | 32330 |
|  China State Construction International Holdings Ltd. | 7948 | 10888 |
|  China Taiping Insurance Holdings Co. Ltd. | 6496 | 13482 |
|  Far East Horizon Ltd. | 17469 | 16694 |
|  Guming Holdings Ltd. \* | 2548 | 7400 |
|  Guotai Junan International Holdings Ltd. | 20314 | 15374 |
|  NetEase Cloud Music, Inc., 144A \* | 487 | 17454 |
|  Shandong Hi-Speed Holdings Group Ltd. \* | 10515 | 23806 |
|  Want Want China Holdings Ltd. | 16205 | 11225 |
|  Yuexiu Property Co. Ltd. | 16192 | 10260 |
|  (Cost $1,210,857) |  | **1727577** |
|  **Hungary – 0.2%** |  |  |
|  OTP Bank Nyrt | 755 | 65759 |
|  Richter Gedeon Nyrt | 856 | 25929 |
|  (Cost $67,002) |  | **91688** |
|  **India – 14.5%** |  |  |
|  360 ONE WAM Ltd. | 1444 | 16664 |
|  ABB India Ltd. | 88 | 4986 |
|  Adani Energy Solutions Ltd. \* | 867 | 7510 |
|  Adani Green Energy Ltd. \* | 2114 | 21889 |
|  Adani Ports & Special Economic Zone Ltd. | 3548 | 52796 |
|  Adani Wilmar Ltd. \* | 1755 | 5003 |
|  Aditya Birla Capital Ltd. \* | 4142 | 13045 |
|  Alkem Laboratories Ltd. | 194 | 11662 |
|  Ambuja Cements Ltd. | 813 | 5190 |
|  APL Apollo Tubes Ltd. | 482 | 8767 |
|  Apollo Hospitals Enterprise Ltd. | 577 | 49771 |
|  Ashok Leyland Ltd. | 7312 | 10524 |
|  Asian Paints Ltd. | 2035 | 58095 |
|  Astral Ltd. | 492 | 7583 |
|  AU Small Finance Bank Ltd., 144A | 1840 | 14976 |
|  Aurobindo Pharma Ltd. | 1758 | 20483 |
|  Avenue Supermarts Ltd., 144A \* | 930 | 50131 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Axis Bank Ltd. | 6838 | 81011 |
|  Axis Bank Ltd., GDR | 250 | 14850 |
|  Bajaj Auto Ltd. | 246 | 24068 |
|  Bajaj Finance Ltd. | 15547 | 154698 |
|  Bajaj Finserv Ltd. | 2291 | 49690 |
|  Bajaj Holdings & Investment Ltd. | 122 | 17659 |
|  Bandhan Bank Ltd., 144A | 2462 | 4515 |
|  Bank of Baroda | 3450 | 9105 |
|  Bank of India | 4880 | 6101 |
|  Bank of Maharashtra | 1765 | 1039 |
|  Berger Paints India Ltd. | 1253 | 7570 |
|  Bharat Forge Ltd. | 1248 | 15655 |
|  Bharti Airtel Ltd. | 14042 | 300630 |
|  Biocon Ltd. | 4195 | 16564 |
|  Bosch Ltd. | 24 | 10871 |
|  Britannia Industries Ltd. | 379 | 25019 |
|  BSE Ltd. | 1301 | 30912 |
|  Canara Bank | 5389 | 6342 |
|  CG Power & Industrial Solutions Ltd. | 2482 | 19533 |
|  Cholamandalam Investment and Finance Co. Ltd. | 2716 | 43737 |
|  Cipla Ltd. | 3017 | 54353 |
|  Coforge Ltd. | 1730 | 33812 |
|  Colgate-Palmolive India Ltd. | 876 | 23153 |
|  Container Corp. Of India Ltd. | 1775 | 10610 |
|  Coromandel International Ltd. | 480 | 12563 |
|  Cummins India Ltd. | 587 | 25458 |
|  Dabur India Ltd. | 3385 | 19994 |
|  Deepak Nitrite Ltd. | 464 | 9403 |
|  Delhivery Ltd. \* | 2564 | 13603 |
|  Divi's Laboratories Ltd. | 702 | 48789 |
|  Dixon Technologies India Ltd. | 131 | 24783 |
|  DLF Ltd. | 3943 | 33031 |
|  Dr Reddy's Laboratories Ltd. | 4120 | 58846 |
|  Eicher Motors Ltd. | 358 | 24765 |
|  Embassy Office Parks REIT | 5058 | 22237 |
|  Eternal Ltd. \* | 17981 | 63987 |
|  Exide Industries Ltd. | 2059 | 9248 |
|  Federal Bank Ltd. | 6794 | 14763 |
|  Fortis Healthcare Ltd. | 2703 | 27927 |
|  FSN E-Commerce Ventures Ltd. \* | 4912 | 12814 |
|  GE Vernova T&D India Ltd. | 614 | 19342 |
|  General Insurance Corp. of India, 144A | 805 | 3318 |
|  Gland Pharma Ltd., 144A | 468 | 9928 |
|  GlaxoSmithKline Pharmaceuticals Ltd. | 357 | 11270 |
|  Glenmark Pharmaceuticals Ltd. | 1208 | 26343 |
|  GMR Airports Ltd. \* | 7836 | 7645 |
|  Godrej Consumer Products Ltd. | 2413 | 33986 |
|  Godrej Properties Ltd. \* | 1007 | 22232 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Grasim Industries Ltd. | 627 | 19726 |
|  Gujarat Fluorochemicals Ltd. | 141 | 5456 |
|  HCL Technologies Ltd. | 5555 | 91602 |
|  HDFC Asset Management Co. Ltd., 144A | 634 | 39259 |
|  HDFC Bank Ltd. | 39352 | 424462 |
|  HDFC Life Insurance Co. Ltd., 144A | 3614 | 31626 |
|  Hero MotoCorp Ltd. | 63 | 3633 |
|  Hexaware Technologies Ltd. | 844 | 7249 |
|  Hindalco Industries Ltd. | 3019 | 24089 |
|  Hindustan Unilever Ltd. | 4435 | 133709 |
|  Hindustan Zinc Ltd. | 1494 | 7100 |
|  Hitachi Energy India Ltd. | 76 | 16462 |
|  Honeywell Automation India Ltd. | 15 | 6587 |
|  Housing & Urban Development Corp. Ltd. | 3421 | 7929 |
|  Hyundai Motor India Ltd. | 331 | 9231 |
|  ICICI Bank Ltd. | 18256 | 289246 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 972 | 20268 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 1349 | 9172 |
|  IDFC First Bank Ltd. | 19482 | 15014 |
|  Indian Bank | 642 | 4753 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1341 | 10518 |
|  Indian Railway Finance Corp. Ltd., 144A | 12655 | 16942 |
|  Indian Renewable Energy Development Agency Ltd. \* | 6735 | 10726 |
|  Indus Towers Ltd. \* | 3646 | 13993 |
|  IndusInd Bank Ltd. \* | 2084 | 17468 |
|  Info Edge India Ltd. | 1868 | 28756 |
|  Infosys Ltd., ADR (b) | 44 | 740 |
|  Infosys Ltd. | 22361 | 372484 |
|  InterGlobe Aviation Ltd., 144A | 631 | 40382 |
|  Jio Financial Services Ltd. | 18036 | 63723 |
|  JSW Steel Ltd. | 2053 | 23890 |
|  Jubilant Foodworks Ltd. | 1505 | 10709 |
|  Kalyan Jewellers India Ltd. \* | 1426 | 8149 |
|  Kotak Mahindra Bank Ltd. | 3926 | 87235 |
|  KPIT Technologies Ltd. | 1273 | 17178 |
|  L&t Finance Ltd. | 6246 | 15374 |
|  L&T Technology Services Ltd., 144A | 214 | 10245 |
|  Life Insurance Corp. Of India | 481 | 4646 |
|  Linde India Ltd. | 141 | 10194 |
|  Lloyds Metals & Energy Ltd. | 547 | 7991 |
|  Lodha Developers Ltd., 144A | 1812 | 24488 |
|  LTIMindtree Ltd., 144A | 306 | 17805 |
|  Lupin Ltd. | 1810 | 38876 |
|  Mahindra & Mahindra Financial Services Ltd. | 4275 | 12306 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mahindra & Mahindra Ltd. | 2831 | 102669 |
|  MakeMyTrip Ltd. \* | 372 | 36735 |
|  Mankind Pharma Ltd. | 822 | 23027 |
|  Marico Ltd. | 2263 | 18619 |
|  Maruti Suzuki India Ltd. | 386 | 64715 |
|  Max Financial Services Ltd. \* | 894 | 16236 |
|  Max Healthcare Institute Ltd. | 4595 | 60120 |
|  Motilal Oswal Financial Services Ltd. | 1085 | 10543 |
|  Mphasis Ltd. | 709 | 22406 |
|  Muthoot Finance Ltd. | 754 | 22544 |
|  Nestle India Ltd. | 2482 | 32528 |
|  NHPC Ltd. | 16746 | 14659 |
|  Nippon Life India Asset Management Ltd., 144A | 1298 | 11546 |
|  NMDC Ltd. | 8041 | 6271 |
|  Oberoi Realty Ltd. | 622 | 11357 |
|  One 97 Communications Ltd. \* | 1643 | 22478 |
|  Oracle Financial Services Software Ltd. | 173 | 16263 |
|  Page Industries Ltd. | 37 | 18594 |
|  Patanjali Foods Ltd. | 235 | 4735 |
|  PB Fintech Ltd. \* | 2155 | 43255 |
|  Persistent Systems Ltd. | 641 | 38548 |
|  Phoenix Mills Ltd. \* | 813 | 13852 |
|  PI Industries Ltd. | 322 | 13485 |
|  Pidilite Industries Ltd. | 905 | 31290 |
|  Power Finance Corp. Ltd. | 9062 | 39002 |
|  Power Grid Corp. of India Ltd. | 16448 | 51317 |
|  Prestige Estates Projects Ltd. | 775 | 13720 |
|  Procter & Gamble Hygiene & Health Care Ltd. | 80 | 11866 |
|  Rail Vikas Nigam Ltd. | 3095 | 10616 |
|  REC Ltd. | 8309 | 32964 |
|  Samvardhana Motherson International Ltd. | 13296 | 13978 |
|  SBI Cards & Payment Services Ltd. | 1066 | 9709 |
|  SBI Life Insurance Co. Ltd., 144A | 1602 | 32785 |
|  Schaeffler India Ltd. | 223 | 9776 |
|  Shriram Finance Ltd. | 5399 | 35510 |
|  Sona Blw Precision Forgings Ltd., 144A | 2423 | 12168 |
|  SRF Ltd. | 505 | 16236 |
|  State Bank of India | 5943 | 54059 |
|  Sun Pharmaceutical Industries Ltd. | 6065 | 109616 |
|  Sundaram Finance Ltd. | 368 | 18744 |
|  Supreme Industries Ltd. | 232 | 11758 |
|  Suzlon Energy Ltd. \* | 75579 | 48342 |
|  Tata Communications Ltd. | 710 | 12463 |
|  Tata Consultancy Services Ltd. | 5996 | 209649 |
|  Tata Consumer Products Ltd. | 2274 | 27461 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Tata Elxsi Ltd. | 253 | 15010 |
|  Tata Motors Ltd. | 732 | 5551 |
|  Tata Steel Ltd. | 12265 | 21476 |
|  Tech Mahindra Ltd. | 3933 | 66041 |
|  Thermax Ltd. | 199 | 7235 |
|  Titan Co. Ltd. | 1276 | 52485 |
|  Torrent Pharmaceuticals Ltd. | 641 | 25864 |
|  Trent Ltd. | 687 | 41256 |
|  Tube Investments of India Ltd. | 339 | 11380 |
|  TVS Motor Co. Ltd. | 513 | 19053 |
|  UltraTech Cement Ltd. | 282 | 40403 |
|  Union Bank of India Ltd. | 3157 | 4467 |
|  United Spirits Ltd. | 1273 | 18917 |
|  UNO Minda Ltd. | 482 | 6988 |
|  UPL Ltd. | 3227 | 26180 |
|  Varun Beverages Ltd. | 8553 | 47228 |
|  Vishal Mega Mart Ltd. \* | 4553 | 7711 |
|  Vodafone Idea Ltd. \* | 191654 | 14099 |
|  Voltas Ltd. | 946 | 14733 |
|  Wipro Ltd. | 19009 | 53739 |
|  Yes Bank Ltd. \* | 72321 | 15657 |
|  Zydus Lifesciences Ltd. | 1394 | 15501 |
|  (Cost $4,423,969) |  | **5877426** |
|  **Indonesia – 0.9%** |  |  |
|  Amman Mineral Internasional PT \* | 50488 | 24035 |
|  Barito Renewables Energy Tbk PT | 14013 | 7669 |
|  GoTo Gojek Tokopedia Tbk PT \* | 4925865 | 17326 |
|  Pantai Indah Kapuk Dua Tbk PT | 9344 | 8613 |
|  PT Bank Central Asia Tbk | 183172 | 89698 |
|  PT Bank Mandiri Persero Tbk | 133637 | 38332 |
|  PT Bank Rakyat Indonesia Persero Tbk | 247181 | 60708 |
|  PT Barito Pacific Tbk \* | 94381 | 12535 |
|  PT Chandra Asri Pacific Tbk | 29857 | 14938 |
|  PT Indofood CBP Sukses Makmur Tbk | 10277 | 5593 |
|  PT Indofood Sukses Makmur Tbk | 7333 | 3313 |
|  PT Indosat Tbk | 44798 | 5488 |
|  PT Kalbe Farma Tbk | 85395 | 6292 |
|  PT Sumber Alfaria Trijaya Tbk | 49706 | 6631 |
|  PT Telkom Indonesia Persero Tbk | 305899 | 58063 |
|  PT Unilever Indonesia Tbk | 52833 | 5447 |
|  (Cost $471,652) |  | **364681** |
|  **Ireland – 1.3%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $554,666) | 4412 | **530411** |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Kazakhstan – 0.0%** |  |  |
|  Solidcore Resources PLC \* (a) |  |  |
|  (Cost $548,413) | 28889 | **0** |
|  **Kuwait – 0.7%** |  |  |
|  Agility Public Warehousing Co. KSC | 7771 | 3485 |
|  Al Ahli Bank of Kuwait KSCP | 8940 | 8488 |
|  Boubyan Bank KSCP | 6637 | 15014 |
|  Burgan Bank SAK | 8978 | 7142 |
|  Gulf Bank KSCP | 8331 | 9301 |
|  Kuwait Finance House KSCP | 44363 | 111979 |
|  Mabanee Co KPSC | 3388 | 10626 |
|  Mobile Telecommunications Co. KSCP | 12580 | 21087 |
|  National Bank of Kuwait SAKP | 28811 | 96304 |
|  Warba Bank KSCP \* | 16049 | 14764 |
|  (Cost $248,597) |  | **298190** |
|  **Malaysia – 1.1%** |  |  |
|  99 Speed Mart Retail Holdings BHD | 11000 | 6561 |
|  AMMB Holdings Bhd | 7800 | 9951 |
|  Axiata Group Bhd | 21952 | 12574 |
|  Celcomdigi Bhd | 20900 | 18204 |
|  CIMB Group Holdings Bhd | 28604 | 50302 |
|  Gamuda Bhd | 27904 | 36721 |
|  Hong Leong Bank Bhd | 3100 | 14733 |
|  IHH Healthcare Bhd | 16400 | 26356 |
|  IJM Corp. Bhd | 12700 | 8627 |
|  Kuala Lumpur Kepong Bhd | 300 | 1397 |
|  Malayan Banking Bhd | 20556 | 48167 |
|  Maxis Bhd | 17900 | 14828 |
|  MR DIY Group M Bhd, 144A | 11750 | 4116 |
|  Nestle Malaysia Bhd | 219 | 4925 |
|  PPB Group Bhd | 3600 | 7967 |
|  Press Metal Aluminium Holdings Bhd | 6400 | 8422 |
|  Public Bank Bhd | 53400 | 53969 |
|  QL Resources Bhd | 4950 | 4804 |
|  RHB Bank Bhd | 8436 | 13058 |
|  Sime Darby Bhd | 7500 | 3675 |
|  Sime Darby Property Bhd | 18800 | 6586 |
|  Sunway Bhd | 9400 | 10946 |
|  Telekom Malaysia Bhd | 15300 | 25422 |
|  TIME dotCom Bhd | 8300 | 10176 |
|  United Plantations BHD | 1900 | 10235 |
|  Westports Holdings Bhd | 6700 | 8865 |
|  YTL Corp. Bhd | 10600 | 6423 |
|  (Cost $344,122) |  | **428010** |
|  **Mexico – 1.6%** |  |  |
|  America Movil SAB de CV, Series B | 97580 | 97242 |
|  Arca Continental SAB de CV | 2840 | 28999 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cemex SAB de CV, Series CPO | 16769 | 15191 |
|  Coca-Cola Femsa SAB de CV | 3264 | 27741 |
|  El Puerto de Liverpool SAB de CV, Class C1 | 1889 | 9376 |
|  Fibra Uno Administracion SA de CV REIT | 19349 | 27231 |
|  Gruma SAB de CV, Class B | 324 | 5576 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 1553 | 19883 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1431 | 34451 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 773 | 25250 |
|  Grupo Bimbo SAB de CV, Series A | 4280 | 13326 |
|  Grupo Carso SAB de CV, Series A1 | 993 | 6586 |
|  Grupo Comercial Chedraui SA de CV | 1829 | 14802 |
|  Grupo Financiero Banorte SAB de CV, Class O | 9697 | 88781 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 3894 | 10274 |
|  Grupo Mexico SAB de CV, Series B | 10846 | 71174 |
|  Industrias Penoles SAB de CV \* | 547 | 17852 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 6555 | 12323 |
|  Prologis Property Mexico SA de CV REIT | 7427 | 27418 |
|  Wal-Mart de Mexico SAB de CV | 29560 | 88342 |
|  (Cost $615,228) |  | **641818** |
|  **Netherlands – 0.0%** |  |  |
|  Nebius Group N.V., Class A \* (a) |  |  |
|  (Cost $1,831,428) | 28401 | **0** |
|  **Philippines – 0.4%** |  |  |
|  Ayala Corp. | 1010 | 9633 |
|  Ayala Land, Inc. | 42100 | 20628 |
|  Bank of the Philippine Islands | 7664 | 15155 |
|  BDO Unibank, Inc. | 7459 | 17647 |
|  Globe Telecom, Inc. | 320 | 8439 |
|  International Container Terminal Services, Inc. | 3170 | 26794 |
|  Jollibee Foods Corp. | 1380 | 5603 |
|  Metropolitan Bank & Trust Co. | 6400 | 7840 |
|  PLDT, Inc. | 675 | 13690 |
|  SM Investments Corp. | 2030 | 26820 |
|  SM Prime Holdings, Inc. | 36900 | 14916 |
|  (Cost $182,778) |  | **167165** |
|  **Qatar – 0.5%** |  |  |
|  Al Rayan Bank | 20514 | 13550 |
|  Commercial Bank PSQC | 14979 | 19336 |
|  Dukhan Bank | 8451 | 8509 |
|  Industries Qatar QSC | 8050 | 28410 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ooredoo QPSC | 4377 | 15484 |
|  Qatar International Islamic Bank QSC | 3796 | 11781 |
|  Qatar Islamic Bank QPSC | 6398 | 43052 |
|  Qatar National Bank QPSC | 15017 | 78364 |
|  (Cost $183,631) |  | **218486** |
|  **Russia – 0.0%** |  |  |
|  Alrosa PJSC \* (a) | 246725 | 0 |
|  GMK Norilskiy Nickel PAO \* (a) | 559300 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (a) | 25457 | 0 |
|  Mobile TeleSystems PJSC \* (a) | 32151 | 0 |
|  Novolipetsk Steel PJSC \* (a) | 121611 | 0 |
|  PIK-Spetsializirovannyy Zastroyshchik PAO \* (a) | 21692 | 0 |
|  Polyus PJSC \* (a) | 27930 | 0 |
|  Sberbank of Russia PJSC \* (a) | 989954 | 0 |
|  United Co. RUSAL International PJSC \* (a) | 255320 | 0 |
|  (Cost $7,879,354) |  | **0** |
|  **Saudi Arabia – 2.3%** |  |  |
|  ACWA Power Co. \* | 502 | 28430 |
|  Advanced Petrochemical Co. \* | 800 | 7462 |
|  Al Rajhi Bank | 4661 | 117016 |
|  Al Rajhi Co. For Co.-Operative Insurance \* | 258 | 8024 |
|  Alinma Bank | 4523 | 30377 |
|  Almarai Co. JSC | 1650 | 20923 |
|  Arab National Bank | 2305 | 14436 |
|  Arabian Internet & Communications Services Co. | 200 | 12872 |
|  Bank AlBilad | 2035 | 14177 |
|  Bank Al-Jazira \* | 2081 | 6733 |
|  Banque Saudi Fransi | 3460 | 14957 |
|  Bupa Arabia for Cooperative Insurance Co. | 292 | 11385 |
|  Co. for Cooperative Insurance | 277 | 8652 |
|  Dar Al Arkan Real Estate Development Co. \* | 2637 | 13156 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 536 | 34427 |
|  Elm Co. | 167 | 38165 |
|  Etihad Etisalat Co. | 2408 | 41040 |
|  Jarir Marketing Co. | 3142 | 10677 |
|  Mouwasat Medical Services Co. | 433 | 8355 |
|  Nahdi Medical Co. | 200 | 6162 |
|  Riyad Bank | 3495 | 24180 |
|  SABIC Agri-Nutrients Co. | 866 | 28019 |
|  Sahara International Petrochemical Co. | 1036 | 5563 |
|  SAL Saudi Logistics Services | 130 | 5890 |
|  Saudi Arabian Mining Co. \* | 4922 | 68474 |
|  Saudi Awwal Bank | 2683 | 21566 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Saudi Basic Industries Corp. | 2211 | 35944 |
|  Saudi Industrial Investment Group \* | 1717 | 8786 |
|  Saudi Investment Bank | 2353 | 8516 |
|  Saudi National Bank | 10582 | 98200 |
|  Saudi Research & Media Group \* | 283 | 13086 |
|  Saudi Tadawul Group Holding Co. | 263 | 11944 |
|  Saudi Telecom Co. | 11255 | 125982 |
|  Yanbu National Petrochemical Co. | 1049 | 9187 |
|  (Cost $879,719) |  | **912763** |
|  **Singapore – 0.4%** |  |  |
|  BOC Aviation Ltd., 144A | 1792 | 16045 |
|  Trip.com Group Ltd. | 2200 | 163112 |
|  Trip.com Group Ltd., ADR | 37 | 2729 |
|  (Cost $108,298) |  | **181886** |
|  **South Africa – 3.4%** |  |  |
|  Absa Group Ltd. | 5357 | 57162 |
|  Aspen Pharmacare Holdings Ltd. | 2377 | 14223 |
|  Bid Corp. Ltd. | 2059 | 53676 |
|  Bidvest Group Ltd. | 1277 | 17098 |
|  Capitec Bank Holdings Ltd. | 313 | 63129 |
|  Clicks Group Ltd. | 1610 | 33951 |
|  Discovery Ltd. | 3179 | 38988 |
|  FirstRand Ltd. | 16389 | 68923 |
|  Gold Fields Ltd. | 5090 | 166767 |
|  Harmony Gold Mining Co. Ltd. | 2872 | 38171 |
|  Impala Platinum Holdings Ltd. \* | 2241 | 20196 |
|  Investec Ltd. | 1279 | 9440 |
|  Mr Price Group Ltd. | 1078 | 12640 |
|  MTN Group Ltd. | 9832 | 83240 |
|  MultiChoice Group \* | 1848 | 12815 |
|  Naspers Ltd., Class N | 1107 | 363416 |
|  Nedbank Group Ltd. | 1178 | 15074 |
|  Old Mutual Ltd. | 19252 | 15124 |
|  OUTsurance Group Ltd. | 5212 | 22375 |
|  Pepkor Holdings Ltd., 144A | 9940 | 14269 |
|  Sanlam Ltd. | 10030 | 51698 |
|  Shoprite Holdings Ltd. | 2058 | 30582 |
|  Sibanye Stillwater Ltd. \* | 9793 | 18453 |
|  Standard Bank Group Ltd. | 4129 | 58074 |
|  Valterra Platinum Ltd. | 667 | 30457 |
|  Vodacom Group Ltd. | 3880 | 31176 |
|  Woolworths Holdings Ltd. | 6070 | 17819 |
|  (Cost $1,105,486) |  | **1358936** |
|  **South Korea – 9.2%** |  |  |
|  Alteogen, Inc. \* | 139 | 43842 |
|  Amorepacific Corp. | 221 | 19123 |
|  Amorepacific Holdings Corp. | 238 | 4656 |
|  Apr Corp./Korea \* | 122 | 19920 |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  BNK Financial Group, Inc. | 691 | 7157 |
|  Celltrion Pharm, Inc. \* | 258 | 9594 |
|  Celltrion, Inc. | 921 | 111030 |
|  Cheil Worldwide, Inc. | 165 | 2350 |
|  CJ Corp. | 13 | 1495 |
|  Coway Co. Ltd. | 179 | 13416 |
|  DB Insurance Co. Ltd. | 182 | 17267 |
|  Dongsuh Cos., Inc. | 52 | 1019 |
|  Doosan Co. Ltd. | 37 | 14904 |
|  Doosan Enerbility Co. Ltd. \* | 1323 | 58715 |
|  Doosan Robotics, Inc. \* | 40 | 1798 |
|  Ecopro BM Co. Ltd. \* | 150 | 13077 |
|  Ecopro Co. Ltd. | 320 | 11647 |
|  Ecopro Materials Co. Ltd. \* | 88 | 3197 |
|  E-MART, Inc. | 24 | 1234 |
|  F&F Co. Ltd. / New | 63 | 3013 |
|  Hana Financial Group, Inc. | 1623 | 95962 |
|  Hanjin Kal Corp. | 136 | 10937 |
|  Hanmi Pharm. Co. Ltd. | 61 | 13295 |
|  Hanmi Science Co. Ltd. \* | 170 | 5020 |
|  Hanmi Semiconductor Co. Ltd. | 227 | 14205 |
|  Hanwha Life Insurance Co. Ltd. \* | 926 | 2088 |
|  Hanwha Solutions Corp. | 517 | 10543 |
|  HLB, Inc. \* | 573 | 15559 |
|  HMM Co. Ltd. | 1131 | 17979 |
|  Hugel, Inc. \* | 30 | 6808 |
|  HYBE Co. Ltd. \* | 133 | 27456 |
|  Hyundai Autoever Corp. | 90 | 11368 |
|  Hyundai Elevator Co. Ltd. | 70 | 3948 |
|  Hyundai Engineering & Construction Co. Ltd. | 293 | 13088 |
|  Hyundai Glovis Co. Ltd. | 130 | 17243 |
|  Hyundai Mobis Co. Ltd. | 264 | 60481 |
|  Hyundai Motor Co. | 467 | 73900 |
|  Hyundai Rotem Co. Ltd. | 136 | 18792 |
|  Industrial Bank of Korea | 1005 | 13749 |
|  JYP Entertainment Corp. | 246 | 12864 |
|  Kakao Corp. | 1844 | 82899 |
|  KakaoBank Corp. | 639 | 11330 |
|  Kakaopay Corp. \* | 239 | 10280 |
|  KB Financial Group, Inc. | 2127 | 165540 |
|  KEPCO Engineering & Construction Co., Inc. | 119 | 7909 |
|  KEPCO Plant Service & Engineering Co. Ltd. | 155 | 5608 |
|  Kia Corp. | 449 | 34170 |
|  KIWOOM Securities Co. Ltd. | 73 | 10791 |
|  Korea Investment Holdings Co. Ltd. | 275 | 26585 |
|  Korea Zinc Co. Ltd. | 32 | 18897 |
|  Korean Air Lines Co. Ltd. | 251 | 4288 |
|  Krafton, Inc. \* | 182 | 42874 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  KT Corp. | 412 | 16033 |
|  KT&G Corp. | 575 | 55711 |
|  L&F Co. Ltd. \* | 52 | 2469 |
|  LG Chem Ltd. | 164 | 32735 |
|  LG Display Co. Ltd. \* | 832 | 7181 |
|  LG Electronics, Inc. | 152 | 8080 |
|  LG Energy Solution Ltd. \* | 154 | 38992 |
|  LG Innotek Co. Ltd. | 92 | 11190 |
|  LG Uplus Corp. | 1424 | 15211 |
|  LigaChem Biosciences, Inc. \* | 166 | 17600 |
|  LS Electric Co. Ltd. | 61 | 12483 |
|  Meritz Financial Group, Inc. | 517 | 47042 |
|  Mirae Asset Securities Co. Ltd. | 1393 | 19188 |
|  Misto Holdings Corp. | 295 | 8859 |
|  NAVER Corp. | 957 | 147654 |
|  NCSoft Corp. | 106 | 15478 |
|  Netmarble Corp., 144A | 151 | 6506 |
|  NH Investment & Securities Co. Ltd. | 997 | 13934 |
|  Orion Corp. | 18 | 1396 |
|  Pearl Abyss Corp. \* | 336 | 7903 |
|  Pharmaresearch Co. Ltd. | 39 | 19076 |
|  Posco DX Co. Ltd. | 410 | 6621 |
|  POSCO Future M Co. Ltd. \* | 115 | 11688 |
|  POSCO Holdings, Inc. | 177 | 36349 |
|  Rainbow Robotics \* | 62 | 12197 |
|  S-1 Corp. | 69 | 3975 |
|  Sam Chun Dang Pharm Co. Ltd. | 108 | 14946 |
|  Samsung Biologics Co. Ltd., 144A \* | 106 | 76322 |
|  Samsung C&T Corp. | 282 | 34037 |
|  Samsung Card Co. Ltd. | 214 | 7773 |
|  Samsung E&A Co. Ltd. | 647 | 13543 |
|  Samsung Electro-Mechanics Co. Ltd. | 345 | 39829 |
|  Samsung Electronics Co. Ltd. | 16197 | 812034 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 163 | 52057 |
|  Samsung Life Insurance Co. Ltd. | 393 | 40452 |
|  Samsung SDI Co. Ltd. | 389 | 57920 |
|  Samsung SDS Co. Ltd. | 225 | 23839 |
|  Samsung Securities Co. Ltd. | 388 | 19201 |
|  Samyang Foods Co. Ltd. | 17 | 19149 |
|  Shinhan Financial Group Co. Ltd. | 2695 | 126584 |
|  SK Biopharmaceuticals Co. Ltd. \* | 259 | 18369 |
|  SK Bioscience Co. Ltd. \* | 250 | 8497 |
|  SK Hynix, Inc. | 1873 | 362407 |
|  SK IE Technology Co. Ltd., 144A \* | 198 | 3952 |
|  SK Innovation Co. Ltd. | 251 | 18217 |
|  SK Square Co. Ltd. \* | 520 | 55731 |
|  SK Telecom Co. Ltd. | 654 | 25497 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SK, Inc. | 137 | 20398 |
|  SKC Co. Ltd. \* | 69 | 4655 |
|  Woori Financial Group, Inc. | 1956 | 34892 |
|  Yuhan Corp. | 328 | 26778 |
|  (Cost $2,868,666) |  | **3717540** |
|  **Taiwan – 19.6%** |  |  |
|  Accton Technology Corp. | 3085 | 102431 |
|  Acer, Inc. | 11190 | 10817 |
|  Advantech Co. Ltd. | 2846 | 32026 |
|  Airtac International Group | 416 | 10737 |
|  Alchip Technologies Ltd. | 305 | 40458 |
|  ASE Technology Holding Co. Ltd. | 21702 | 107198 |
|  Asia Vital Components Co. Ltd. | 1942 | 64163 |
|  ASMedia Technology, Inc. | 289 | 15599 |
|  ASPEED Technology, Inc. | 164 | 26797 |
|  Asustek Computer, Inc. | 4926 | 101841 |
|  AUO Corp. \* | 30662 | 12889 |
|  Bizlink Holding, Inc. | 431 | 15156 |
|  Catcher Technology Co. Ltd. | 1933 | 11919 |
|  Cathay Financial Holding Co. Ltd. | 52236 | 105089 |
|  Chailease Holding Co. Ltd. | 8229 | 31361 |
|  Chang Hwa Commercial Bank Ltd. | 19129 | 12015 |
|  Chicony Electronics Co. Ltd. | 4280 | 19321 |
|  China Steel Corp. | 25891 | 17024 |
|  Chroma ATE, Inc. | 1853 | 35218 |
|  Chunghwa Telecom Co. Ltd. | 22795 | 98802 |
|  CTBC Financial Holding Co. Ltd. | 89739 | 120799 |
|  Delta Electronics, Inc. | 11389 | 264891 |
|  E Ink Holdings, Inc. | 3851 | 33132 |
|  E.Sun Financial Holding Co. Ltd. | 81728 | 89429 |
|  Eclat Textile Co. Ltd. | 1514 | 19860 |
|  Elite Material Co. Ltd. | 1751 | 69881 |
|  eMemory Technology, Inc. | 357 | 24116 |
|  Eva Airways Corp. | 3226 | 4100 |
|  Evergreen Marine Corp. Taiwan Ltd. | 3333 | 20225 |
|  Far Eastern New Century Corp. | 6186 | 5585 |
|  Far EasTone Telecommunications Co. Ltd. | 11750 | 32364 |
|  Feng TAY Enterprise Co. Ltd. | 2281 | 8768 |
|  First Financial Holding Co. Ltd. | 62898 | 58331 |
|  Formosa Plastics Corp. | 7614 | 9701 |
|  Fortune Electric Co. Ltd. | 571 | 12085 |
|  Foxconn Technology Co. Ltd. | 3357 | 7808 |
|  Fubon Financial Holding Co. Ltd. | 42916 | 117786 |
|  Gigabyte Technology Co. Ltd. | 2535 | 22970 |
|  Global Unichip Corp. | 464 | 20187 |
|  Globalwafers Co. Ltd. | 1417 | 17243 |
|  Gold Circuit Electronics Ltd. | 2089 | 34510 |
|  Highwealth Construction Corp. | 8108 | 11087 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hon Hai Precision Industry Co. Ltd. | 39810 | 265014 |
|  HON Precision, Inc. | 434 | 24561 |
|  Hotai Motor Co. Ltd. | 1293 | 23306 |
|  Hua Nan Financial Holdings Co. Ltd. | 50385 | 45985 |
|  Innolux Corp. | 30857 | 14182 |
|  International Games System Co. Ltd. | 1594 | 39890 |
|  Inventec Corp. | 15722 | 21164 |
|  Jentech Precision Industrial Co. Ltd. | 631 | 43244 |
|  KGI Financial Holding Co. Ltd. | 94386 | 47086 |
|  King Slide Works Co. Ltd. | 322 | 31864 |
|  King Yuan Electronics Co. Ltd. | 3941 | 20111 |
|  Largan Precision Co. Ltd. | 372 | 29266 |
|  Lite-On Technology Corp. | 7953 | 33821 |
|  Lotes Co. Ltd. | 397 | 18896 |
|  MediaTek, Inc. | 5140 | 230354 |
|  Mega Financial Holding Co. Ltd. | 69051 | 90466 |
|  Micro-Star International Co. Ltd. | 4368 | 19290 |
|  Minth Group Ltd. | 1421 | 5993 |
|  momo.com, Inc. | 605 | 5007 |
|  Nan Ya Plastics Corp. | 11681 | 16507 |
|  Nan Ya Printed Circuit Board Corp. | 1724 | 12407 |
|  Nanya Technology Corp. \* | 3643 | 5601 |
|  Nien Made Enterprise Co. Ltd. | 1170 | 16553 |
|  Novatek Microelectronics Corp. | 2302 | 32757 |
|  Pegatron Corp. | 9795 | 22493 |
|  PharmaEssentia Corp. | 1634 | 26539 |
|  Phison Electronics Corp. | 656 | 10494 |
|  Pou Chen Corp. | 4305 | 4063 |
|  Powerchip Semiconductor Manufacturing Corp. \* | 14918 | 7759 |
|  Powertech Technology, Inc. | 2726 | 10612 |
|  Quanta Computer, Inc. | 15046 | 129200 |
|  Realtek Semiconductor Corp. | 1726 | 30150 |
|  Ruentex Development Co. Ltd. | 1440 | 1420 |
|  Ruentex Industries Ltd. | 4820 | 8530 |
|  Shanghai Commercial & Savings Bank Ltd. | 13654 | 18313 |
|  Shihlin Electric & Engineering Corp. | 1010 | 6624 |
|  Sino-American Silicon Products, Inc. | 3307 | 11197 |
|  SinoPac Financial Holdings Co. Ltd. | 78019 | 59721 |
|  Synnex Technology International Corp. | 2862 | 6160 |
|  Taichung Commercial Bank Co. Ltd. | 22533 | 15700 |
|  Taiwan Business Bank | 30948 | 15287 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 58405 | 45280 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Taiwan High Speed Rail Corp. | 13088 | 11817 |
|  Taiwan Mobile Co. Ltd. | 11463 | 39936 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 17 | 3925 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 103371 | 3922549 |
|  Tatung Co. Ltd. | 8800 | 11457 |
|  Tripod Technology Corp. | 2696 | 28354 |
|  TS Financial Holding Co. Ltd. | 77637 | 41270 |
|  Unimicron Technology Corp. | 4494 | 21243 |
|  Uni-President Enterprises Corp. | 15465 | 39156 |
|  United Microelectronics Corp. | 67925 | 89990 |
|  Vanguard International Semiconductor Corp. | 6701 | 20057 |
|  VisEra Technologies Co. Ltd. | 967 | 8351 |
|  Voltronic Power Technology Corp. | 393 | 12727 |
|  Wan Hai Lines Ltd. | 6791 | 18394 |
|  Winbond Electronics Corp. \* | 5366 | 3458 |
|  Wistron Corp. | 16926 | 62567 |
|  Wiwynn Corp. | 600 | 58195 |
|  WPG Holdings Ltd. | 2861 | 6271 |
|  WT Microelectronics Co. Ltd. | 1769 | 7118 |
|  Yageo Corp. | 7316 | 33386 |
|  Yang Ming Marine Transport Corp. | 3588 | 6772 |
|  Yuanta Financial Holding Co. Ltd. | 61157 | 65019 |
|  Yulon Finance Corp. \* | 2969 | 10295 |
|  Zhen Ding Technology Holding Ltd. | 3346 | 21508 |
|  (Cost $4,183,753) |  | **7942401** |
|  **Thailand – 1.3%** |  |  |
|  Advanced Info Service PCL, NVDR | 6700 | 60806 |
|  Airports of Thailand PCL, NVDR | 18000 | 20003 |
|  Asset World Corp. PCL, NVDR | 68700 | 4708 |
|  Bangkok Dusit Medical Services PCL, NVDR | 71000 | 45368 |
|  Bangkok Expressway & Metro PCL, NVDR | 44300 | 7248 |
|  BTS Group Holdings PCL, NVDR \* | 54300 | 5297 |
|  Bumrungrad Hospital PCL, NVDR | 4500 | 24726 |
|  Carabao Group PCL, NVDR | 2500 | 3955 |
|  Central Pattana PCL, NVDR | 13200 | 20985 |
|  Central Retail Corp. PCL, NVDR | 20900 | 13742 |
|  Charoen Pokphand Foods PCL, NVDR | 4200 | 2839 |
|  Com7 PCL, NVDR | 10900 | 8580 |
|  CP ALL PCL, NVDR | 29900 | 40611 |
|  CP AXTRA PCL | 3090 | 1707 |
|  Delta Electronics Thailand PCL, NVDR | 27200 | 125945 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Energy Absolute PCL \* | 5767 | 135 |
|  Home Product Center PCL, NVDR | 46500 | 10192 |
|  Krung Thai Bank PCL, NVDR | 10000 | 7594 |
|  Krungthai Card PCL, NVDR | 7700 | 6477 |
|  Land & Houses PCL, NVDR | 71500 | 8608 |
|  Minor International PCL, NVDR | 23083 | 16674 |
|  Muangthai Capital PCL, NVDR | 7700 | 8854 |
|  Osotspa PCL, NVDR | 7700 | 3898 |
|  SCB X PCL, NVDR | 3500 | 13883 |
|  Thai Beverage PCL | 56900 | 20401 |
|  Thai Life Insurance PCL, NVDR | 24400 | 7193 |
|  TIDLOR Holdings PCL | 20614 | 11963 |
|  Tisco Financial Group PCL, NVDR | 2000 | 6236 |
|  TMBThanachart Bank PCL, NVDR | 158077 | 9271 |
|  True Corp. PCL, NVDR \* | 74969 | 26382 |
|  (Cost $586,914) |  | **544281** |
|  **Turkey – 0.7%** |  |  |
|  Agesa Hayat ve Emeklilik AS | 846 | 3493 |
|  Akbank TAS | 8926 | 14804 |
|  Alarko Holding As | 3138 | 6692 |
|  Anadolu Anonim Turk Sigorta Sirketi | 3192 | 1733 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 3066 | 13657 |
|  Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 1490 | 4276 |
|  Avrupakent Gayrimenkul Yatirim Ortakligi As | 3419 | 5338 |
|  Aydem Yenilenebilir Enerji AS \* | 3085 | 1467 |
|  BIM Birlesik Magazalar AS | 2609 | 33603 |
|  Borusan Yatirim ve Pazarlama AS | 84 | 5731 |
|  Bosch Fren Sistemleri Sanayi ve Ticaret AS \* | 985 | 4432 |
|  Celebi Hava Servisi AS | 53 | 2147 |
|  Coca-Cola Icecek AS | 4168 | 4993 |
|  DAP Gayrimenkul Gelistirme AS, Class C \* | 7427 | 3122 |
|  Dogan Sirketler Grubu Holding As \* | 13326 | 6231 |
|  Dogus Otomotiv Servis Ve Ticaret AS | 843 | 3874 |
|  Eczacibasi Yatirim Holding Ortakligi AS | 1100 | 6405 |
|  Efor Cay Sanayi Ticaret As | 543 | 1702 |
|  Ege Endustri Ve Ticaret AS | 4 | 844 |
|  Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS | 3672 | 5693 |
|  Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 11691 | 5881 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Enka Insaat ve Sanayi AS | 2875 | 5111 |
|  Haci Omer Sabanci Holding AS | 5662 | 12961 |
|  Hektas Ticaret TAS \* | 70637 | 7519 |
|  Is Gayrimenkul Yatirim Ortakligi AS REIT \* | 7915 | 3943 |
|  Is Yatirim Menkul Degerler AS | 4894 | 5186 |
|  Kiler Holding AS \* | 3234 | 5046 |
|  Kontrolmatik Enerji Ve Muhendislik AS | 11569 | 7754 |
|  Ldr Turizm As | 1072 | 7633 |
|  Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A | 4069 | 4418 |
|  MIA Teknoloji AS \* | 8180 | 8273 |
|  MLP Saglik Hizmetleri AS, 144A \* | 654 | 5682 |
|  Pegasus Hava Tasimaciligi AS \* | 190 | 1149 |
|  Reysas Gayrimenkul Yatirim Ortakligi AS REIT \* | 12206 | 6965 |
|  Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS \* | 2876 | 2160 |
|  TAB Gida Sanayi Ve Ticaret AS | 748 | 3917 |
|  TAV Havalimanlari Holding AS \* | 1156 | 7121 |
|  Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | 2331 | 4022 |
|  Turk Altin Isletmeleri AS \* | 8746 | 5114 |
|  Turk Hava Yollari AO | 1398 | 11381 |
|  Turk Telekomunikasyon AS \* | 3855 | 5204 |
|  Turkcell Iletisim Hizmetleri AS | 8388 | 19324 |
|  Turkiye Is Bankasi AS, Class C | 32491 | 11883 |
|  Turkiye Sigorta AS | 21213 | 5155 |
|  Turkiye Sinai Kalkinma Bankasi AS \* | 9142 | 3224 |
|  Ziraat Gayrimenkul Yatirim Ortakligi AS | 13702 | 7698 |
|  (Cost $320,916) |  | **303961** |
|  **United Arab Emirates – 2.1%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 10644 | 43874 |
|  Abu Dhabi Islamic Bank PJSC | 5397 | 31356 |
|  Aldar Properties PJSC | 14117 | 36974 |
|  Alpha Dhabi Holding PJSC | 4874 | 14995 |
|  Borouge PLC | 16025 | 11605 |
|  Dubai Islamic Bank PJSC | 10683 | 28125 |
|  Emaar Development PJSC | 3788 | 15212 |
|  Emaar Properties PJSC | 22125 | 86741 |
|  Emirates NBD Bank PJSC | 8535 | 58674 |
|  Emirates Telecommunications Group Co. PJSC | 20972 | 103233 |
|  First Abu Dhabi Bank PJSC | 15758 | 71218 |
|  International Holding Co. PJSC \* | 2973 | 323768 |
|  Modon Holding PSC \* | 19487 | 19790 |
|  (Cost $460,491) |  | **845565** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **United Kingdom – 0.1%** |  |  |
|  Metlen Energy & Metals PLC \* |  |  |
|  (Cost $28,990) | 447 | **28620** |
|  **United States – 0.4%** |  |  |
|  BeOne Medicines Ltd., ADR \* | 74 | 22648 |
|  BeOne Medicines Ltd., Class A \* | 176 | 6869 |
|  BeOne Medicines Ltd., Class H \* | 4629 | 109374 |
|  Jbs NV, Class A \* | 1269 | 20570 |
|  (Cost $125,633) |  | **159461** |
|  **TOTAL COMMON STOCKS** |  |  |
|  (Cost $39,643,932) |  | **39685534** |
|  **PREFERRED STOCKS – 1.3%** |  |  |
|  **Brazil – 0.8%** |  |  |
|  Banco Bradesco SA | 18881 | 58541 |
|  Centrais Eletricas Brasileiras SA, Class B | 1769 | 15552 |
|  Cia Energetica de Minas Gerais | 9560 | 19567 |
|  Companhia Paranaense de Energia, Class B | 5658 | 12529 |
|  Itau Unibanco Holding SA | 19204 | 136173 |
|  Itausa SA | 36141 | 74704 |
|  Klabin SA | 2 | 2 |
|  (Cost $230,247) |  | **317068** |
|  **Chile – 0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, Class B \* |  |  |
|  (Cost $24,775) | 612 | **28023** |
|  **Colombia – 0.1%** |  |  |
|  Grupo Cibest SA | 1990 | 24906 |
|  Grupo de Inversiones Suramericana SA | 819 | 7262 |
|  (Cost $21,090) |  | **32168** |
|  **India – 0.0%** |  |  |
|  TVS Motor Co. Ltd. \* (a) |  |  |
|  (Cost $0) | 2052 | **233** |
|  **Russia – 0.0%** |  |  |
|  Sberbank of Russia PJSC \* (a) |  |  |
|  (Cost $275,893) | 71636 | **0** |
|  **South Korea – 0.4%** |  |  |
|  Doosan Co. Ltd. | 15 | 3641 |
|  Hyundai Motor Co. | 28 | 3323 |
|  Hyundai Motor Co. - 2nd Preferred | 77 | 9416 |
|  Korea Investment Holdings Co. Ltd. | 101 | 6734 |
|  LG Chem Ltd. | 48 | 4713 |
|  Mirae Asset Securities Co. Ltd. | 1425 | 8610 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Samsung Electronics Co. Ltd. | 2807 | 114279 |
|  (Cost $132,437) |  | **150716** |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $684,442) |  | **528208** |
|  **WARRANTS – 0.0%** |  |  |
|  **Thailand – 0.0%** |  |  |
|  BTS Group Holdings PCL\* ,expires 11/20/26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 800 | **1** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $23,482) | 750 | **23639** |
|  **SECURITIES LENDING COLLATERAL – 0.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $525) | 525 | **525** |
|  **CASH EQUIVALENTS – 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $179,718) | 179718 | **179718** |
|  **TOTAL INVESTMENTS – 99.8%** |  |  |
|  (Cost $40,532,099) |  | **40417625** |
|  **Other assets and liabilities, net – 0.2%** |  | **92673** |
|  **NET ASSETS – 100.0%** |  | **40510298** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

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

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at<br>8/31/2025** |
|  EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% | EXCHANGE-TRADED FUNDS **—** 0.1% |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) |  |
|  | 39137 | (15585) | (70) | 157 |  |  | 750 | 23639 |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (d)(e) |  |
| 89242 |  | (88717)(f) |  |  | 986 |  | 525 | 525 |
|  CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) | DWS Government Money Market Series "Institutional Shares", 4.25% (d) |  |
| 2308436 | 13738481 | (15867199) |  |  | 39846 |  | 179718 | 179718 |
| **2397678** | **13777618** | **(15971501)** | **(70)** | **157** | **40832** |  | **180993** | **203882** |

---

\* 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 August 31, 2025 amounted to $510, which is 0.0% of net assets.

(c) Affiliated fund advised by DBX Advisors LLC.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 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

SAE: Societe Anonyme Egyptienne

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.

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  MSCI Emerging Markets Index | USD | 5 | 307385 | 316225 | 9/19/2025 | 8840 |

---

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.

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39673892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39685534 |
|  Preferred Stocks (a) | 527975 |  | 233 | 528208 |
|  Warrants | 1 |  |  | 1 |
|  Exchange-Traded Funds | 23639 |  |  | 23639 |
|  Short-Term Investments (a) | 180243 |  |  | 180243 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 8840 |  |  | 8840 |
|  **TOTAL** | $**40414590** | $**—** | $**11875** | $**40426465** |

---

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

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

During the year ended August 31, 2025, the amount of transfers from Level 3 to Level 1 was $14,743. 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 $9,602. 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.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 98.9%** |  |  |
|  **Australia – 5.5%** |  |  |
|  ANZ Group Holdings Ltd. | 18569 | 409205 |
|  APA Group (a) | 7639 | 44048 |
|  Aristocrat Leisure Ltd. | 3513 | 167179 |
|  ASX Ltd. | 1164 | 47645 |
|  BlueScope Steel Ltd. | 2896 | 43500 |
|  Brambles Ltd. | 8568 | 145521 |
|  CAR Group Ltd. | 2299 | 60850 |
|  Cochlear Ltd. | 409 | 80722 |
|  Coles Group Ltd. | 8356 | 130600 |
|  Computershare Ltd. | 3279 | 81917 |
|  CSL Ltd. | 3028 | 421911 |
|  Evolution Mining Ltd. | 12389 | 70220 |
|  Fortescue Ltd. | 10600 | 133898 |
|  Goodman Group REIT | 12667 | 284781 |
|  Macquarie Group Ltd. | 2233 | 329071 |
|  Northern Star Resources Ltd. | 8467 | 104682 |
|  QBE Insurance Group Ltd. | 9423 | 133523 |
|  REA Group Ltd. | 329 | 54054 |
|  South32 Ltd. | 28237 | 50269 |
|  Suncorp Group Ltd. | 6767 | 94249 |
|  Transurban Group (a) | 19385 | 185237 |
|  WiseTech Global Ltd. | 1227 | 81745 |
|  Woodside Energy Group Ltd. | 11914 | 205938 |
|  (Cost $2,919,411) |  | **3360765** |
|  **Austria – 0.1%** |  |  |
|  OMV AG | 894 | 49245 |
|  Verbund AG | 398 | 28394 |
|  (Cost $77,893) |  | **77639** |
|  **Belgium – 0.5%** |  |  |
|  Ageas SA/NV | 947 | 66730 |
|  Elia Group SA/NV | 305 | 34915 |
|  KBC Group NV | 1430 | 168637 |
|  Lotus Bakeries NV | 2 | 19594 |
|  Syensqo SA | 459 | 40552 |
|  (Cost $239,640) |  | **330428** |
|  **Chile – 0.1%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $46,740) | 2338 | **67755** |
|  **Denmark – 3.5%** |  |  |
|  A.P. Moller – Maersk A/S, Class A | 18 | 36975 |
|  A.P. Moller – Maersk A/S, Class B | 25 | 51492 |
|  Coloplast A/S, Class B | 795 | 76393 |
|  DSV A/S | 1276 | 282722 |
|  Genmab A/S \* | 397 | 98857 |
|  Novo Nordisk A/S, Class B | 20046 | 1127838 |
|  Novonesis (Novozymes) B, Class B | 2184 | 138905 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Orsted AS, 144A \* | 993 | 30075 |
|  Pandora A/S | 506 | 69902 |
|  ROCKWOOL A/S, Class B | 549 | 20747 |
|  Tryg A/S | 2155 | 56703 |
|  Vestas Wind Systems A/S | 6316 | 125780 |
|  (Cost $2,040,007) |  | **2116389** |
|  **Finland – 1.3%** |  |  |
|  Elisa OYJ | 846 | 45076 |
|  Kesko OYJ, Class B | 1643 | 36443 |
|  Kone OYJ, Class B | 2125 | 133619 |
|  Metso Corp. | 4118 | 53238 |
|  Neste OYJ | 2483 | 45601 |
|  Nokia OYJ | 33167 | 142826 |
|  Sampo OYJ, Class A | 15056 | 172812 |
|  Stora Enso OYJ, Class R | 3841 | 44860 |
|  UPM-Kymmene OYJ | 3369 | 95943 |
|  (Cost $764,049) |  | **770418** |
|  **France – 13.1%** |  |  |
|  Aeroports de Paris SA | 196 | 25764 |
|  Air Liquide SA | 3597 | 741938 |
|  AXA SA | 10935 | 509289 |
|  BNP Paribas SA | 6352 | 571233 |
|  Bouygues SA | 1127 | 48334 |
|  Bureau Veritas SA | 1987 | 59912 |
|  Carrefour SA | 3605 | 52176 |
|  Cie Generale des Etablissements Michelin SCA | 4179 | 151295 |
|  Covivio SA REIT | 291 | 19057 |
|  Credit Agricole SA | 6605 | 120838 |
|  Danone SA | 4022 | 335098 |
|  Dassault Systemes SE | 4203 | 130862 |
|  Eiffage SA | 436 | 54861 |
|  EssilorLuxottica SA | 1869 | 569231 |
|  Gecina SA REIT | 307 | 30131 |
|  Getlink SE | 2044 | 38639 |
|  Hermes International SCA | 198 | 484609 |
|  Kering SA | 456 | 122309 |
|  Legrand SA | 1637 | 249286 |
|  L'Oreal SA | 1490 | 693956 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1555 | 917527 |
|  Publicis Groupe SA | 1432 | 132148 |
|  Rexel SA | 1420 | 46007 |
|  Schneider Electric SE | 3411 | 838641 |
|  Societe Generale SA | 4405 | 271827 |
|  TotalEnergies SE | 12742 | 797927 |
|  (Cost $7,116,360) |  | **8012895** |
|  **Germany – 4.6%** |  |  |
|  adidas AG | 1068 | 207953 |
|  Beiersdorf AG | 621 | 71409 |
|  Commerzbank AG | 4788 | 182814 |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Covestro AG \* | 1122 | 78010 |
|  Deutsche Boerse AG | 1159 | 341323 |
|  Deutsche Lufthansa AG | 4070 | 37902 |
|  Evonik Industries AG | 1679 | 32407 |
|  GEA Group AG | 909 | 66180 |
|  Heidelberg Materials AG | 834 | 197192 |
|  Henkel AG & Co. KGaA | 701 | 53867 |
|  Infineon Technologies AG | 8154 | 333668 |
|  Knorr-Bremse AG | 480 | 50116 |
|  LEG Immobilien SE | 444 | 37185 |
|  Merck KGaA | 805 | 102046 |
|  MTU Aero Engines AG | 334 | 148951 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 812 | 517613 |
|  Scout24 SE, 144A | 450 | 58309 |
|  Symrise AG | 824 | 79841 |
|  Vonovia SE | 4835 | 156369 |
|  Zalando SE, 144A \* | 1357 | 37803 |
|  (Cost $2,033,782) |  | **2790958** |
|  **Hong Kong – 2.6%** |  |  |
|  AIA Group Ltd. | 66201 | 623300 |
|  CK Infrastructure Holdings Ltd. | 4299 | 28813 |
|  Hang Seng Bank Ltd. | 4681 | 66890 |
|  HKT Trust & HKT Ltd. (a) | 23516 | 35595 |
|  Hong Kong & China Gas Co. Ltd. | 69480 | 62476 |
|  Hong Kong Exchanges & Clearing Ltd. | 7512 | 434579 |
|  MTR Corp. Ltd. | 9028 | 30526 |
|  Prudential PLC | 16287 | 217537 |
|  Sino Land Co. Ltd. | 22112 | 26265 |
|  Swire Pacific Ltd., Class A | 2415 | 20678 |
|  WH Group Ltd., 144A | 51893 | 55515 |
|  (Cost $1,465,749) |  | **1602174** |
|  **Ireland – 0.7%** |  |  |
|  AerCap Holdings NV | 1097 | 135480 |
|  DCC PLC | 590 | 37496 |
|  James Hardie Industries PLC CDI \* | 3593 | 73300 |
|  Kerry Group PLC, Class A | 1037 | 94859 |
|  Kingspan Group PLC | 971 | 74899 |
|  (Cost $423,683) |  | **416034** |
|  **Israel – 0.1%** |  |  |
|  Nice Ltd. \* |  |  |
|  (Cost $70,920) | 393 | **55744** |
|  **Italy – 2.9%** |  |  |
|  Enel SpA | 50745 | 468286 |
|  FinecoBank Banca Fineco SpA | 3831 | 84079 |
|  Generali | 5392 | 210546 |
|  Infrastrutture Wireless Italiane SpA, 144A | 1921 | 23295 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Intesa Sanpaolo SpA | 88556 | 557145 |
|  Mediobanca Banca di Credito Finanziario SpA | 3341 | 80950 |
|  Moncler SpA | 1465 | 85173 |
|  Nexi SpA, 144A | 2764 | 17542 |
|  Poste Italiane SpA, 144A | 2791 | 65370 |
|  Prysmian SpA | 1735 | 151743 |
|  (Cost $1,198,477) |  | **1744129** |
|  **Japan – 23.8%** |  |  |
|  Aeon Co. Ltd. | 13800 | 167959 |
|  Ajinomoto Co., Inc. | 5700 | 155636 |
|  ANA Holdings, Inc. | 855 | 17298 |
|  Asahi Kasei Corp. | 7300 | 60135 |
|  Asics Corp. | 4310 | 117389 |
|  Astellas Pharma, Inc. | 11300 | 124679 |
|  Bandai Namco Holdings, Inc. | 3700 | 128394 |
|  Bridgestone Corp. | 3490 | 159281 |
|  Capcom Co. Ltd. | 2200 | 60010 |
|  Concordia Financial Group Ltd. | 6600 | 50593 |
|  Dai Nippon Printing Co. Ltd. | 2330 | 39332 |
|  Daifuku Co. Ltd. | 2048 | 65517 |
|  Dai-ichi Life Holdings, Inc. | 21900 | 182941 |
|  Daiichi Sankyo Co. Ltd. | 10700 | 257179 |
|  Daikin Industries Ltd. | 1671 | 211685 |
|  Daiwa House Industry Co. Ltd. | 3500 | 124648 |
|  Daiwa Securities Group, Inc. | 8400 | 65964 |
|  Eisai Co. Ltd. | 1608 | 49699 |
|  ENEOS Holdings, Inc. | 17700 | 106061 |
|  FANUC Corp. | 5925 | 168600 |
|  Fast Retailing Co. Ltd. | 1161 | 367851 |
|  Fuji Electric Co. Ltd. | 850 | 54679 |
|  FUJIFILM Holdings Corp. | 7050 | 168585 |
|  Fujitsu Ltd. | 11010 | 268154 |
|  Hankyu Hanshin Holdings, Inc. | 1500 | 44573 |
|  Hitachi Ltd. | 28600 | 788704 |
|  Hoya Corp. | 2160 | 283194 |
|  Isuzu Motors Ltd. | 3300 | 43749 |
|  ITOCHU Corp. | 7400 | 423210 |
|  JFE Holdings, Inc. | 3400 | 42585 |
|  Kao Corp. | 2886 | 131774 |
|  KDDI Corp. | 19104 | 331856 |
|  Kikkoman Corp. | 4500 | 38955 |
|  Kobe Bussan Co. Ltd. | 900 | 25248 |
|  Komatsu Ltd. | 5800 | 199015 |
|  Konami Group Corp. | 600 | 91558 |
|  Kubota Corp. | 5900 | 69337 |
|  LY Corp. | 18300 | 58430 |
|  Marubeni Corp. | 8900 | 205005 |
|  MatsukiyoCocokara & Co. | 2100 | 43595 |
|  MEIJI Holdings Co. Ltd. | 1400 | 29159 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mitsubishi Chemical Group Corp. | 8000 | 46019 |
|  Mitsubishi Estate Co. Ltd. | 6451 | 138752 |
|  Mitsui Fudosan Co. Ltd. | 16500 | 176435 |
|  Mizuho Financial Group, Inc. | 15632 | 521155 |
|  MS&AD Insurance Group Holdings, Inc. | 8000 | 188633 |
|  NEC Corp. | 8100 | 250296 |
|  Nexon Co. Ltd. | 2100 | 47986 |
|  Nippon Paint Holdings Co. Ltd. | 5750 | 42041 |
|  Nissin Foods Holdings Co. Ltd. | 1200 | 22656 |
|  Nitto Denko Corp. | 4250 | 97432 |
|  Nomura Holdings, Inc. | 18800 | 135726 |
|  Nomura Research Institute Ltd. | 2300 | 90794 |
|  Obayashi Corp. | 4100 | 66921 |
|  Oriental Land Co. Ltd. | 6725 | 161180 |
|  ORIX Corp. | 7300 | 190424 |
|  Osaka Gas Co. Ltd. | 2300 | 65746 |
|  Pan Pacific International Holdings Corp. | 2400 | 87222 |
|  Panasonic Holdings Corp. | 14600 | 150649 |
|  Rakuten Group, Inc. \* | 9200 | 57453 |
|  Recruit Holdings Co. Ltd. | 8250 | 482048 |
|  Renesas Electronics Corp. | 10500 | 126365 |
|  Secom Co. Ltd. | 2700 | 100185 |
|  Sekisui Chemical Co. Ltd. | 2300 | 44058 |
|  Sekisui House Ltd. | 3700 | 83992 |
|  SG Holdings Co. Ltd. | 1900 | 20563 |
|  Shimadzu Corp. | 1440 | 35523 |
|  Shin-Etsu Chemical Co. Ltd. | 10533 | 326912 |
|  Shiseido Co. Ltd. | 2400 | 39328 |
|  SoftBank Corp. | 178600 | 277586 |
|  SoftBank Group Corp. | 5900 | 652185 |
|  Sompo Holdings, Inc. | 5465 | 177061 |
|  Sony Group Corp. | 38188 | 1061955 |
|  Subaru Corp. | 3600 | 71926 |
|  Sumitomo Metal Mining Co. Ltd. | 1453 | 39931 |
|  Sumitomo Mitsui Financial Group, Inc. | 23059 | 635742 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 4000 | 114940 |
|  Suntory Beverage & Food Ltd. | 900 | 27952 |
|  Sysmex Corp. | 3200 | 40712 |
|  T&D Holdings, Inc. | 3100 | 81477 |
|  TDK Corp. | 12125 | 159877 |
|  TIS, Inc. | 1300 | 43606 |
|  Toho Co. Ltd. | 700 | 44615 |
|  Tokio Marine Holdings, Inc. | 11400 | 496996 |
|  Tokyo Electron Ltd. | 2815 | 396199 |
|  Tokyo Gas Co. Ltd. | 2100 | 80553 |
|  Tokyu Corp. | 2900 | 36748 |
|  Toray Industries, Inc. | 8400 | 56828 |
|  Unicharm Corp. | 6800 | 45554 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  West Japan Railway Co. | 2700 | 60593 |
|  Yamaha Motor Co. Ltd. | 6100 | 44787 |
|  Yokogawa Electric Corp. | 1279 | 37867 |
|  ZOZO, Inc. | 2300 | 21516 |
|  (Cost $10,563,162) |  | **14525916** |
|  **Luxembourg – 0.1%** |  |  |
|  Eurofins Scientific SE |  |  |
|  (Cost $44,182) | 738 | **55993** |
|  **Netherlands – 6.5%** |  |  |
|  Akzo Nobel NV | 1035 | 71477 |
|  ASML Holding NV | 2448 | 1824105 |
|  ASR Nederland NV | 845 | 58632 |
|  Ferrovial SE | 3163 | 172860 |
|  ING Groep NV | 18786 | 447697 |
|  Koninklijke Ahold Delhaize NV | 5560 | 222899 |
|  Koninklijke KPN NV | 23173 | 110558 |
|  NN Group NV | 1653 | 113807 |
|  Prosus NV \* | 8171 | 505083 |
|  QIAGEN NV | 1287 | 59821 |
|  Randstad NV | 688 | 32526 |
|  Universal Music Group NV | 6717 | 189795 |
|  Wolters Kluwer NV | 1455 | 183251 |
|  (Cost $2,792,686) |  | **3992511** |
|  **New Zealand – 0.3%** |  |  |
|  Contact Energy Ltd. | 5221 | 27849 |
|  Meridian Energy Ltd. | 8406 | 28321 |
|  Xero Ltd. \* | 1016 | 108783 |
|  (Cost $142,202) |  | **164953** |
|  **Norway – 1.0%** |  |  |
|  Aker BP ASA | 1872 | 47306 |
|  DNB Bank ASA | 5551 | 146241 |
|  Equinor ASA | 4732 | 116705 |
|  Gjensidige Forsikring ASA | 1323 | 36764 |
|  Mowi ASA | 3037 | 62448 |
|  Norsk Hydro ASA | 8276 | 53688 |
|  Orkla ASA | 4368 | 48821 |
|  Telenor ASA | 3815 | 63637 |
|  Yara International ASA | 1011 | 36798 |
|  (Cost $554,793) |  | **612408** |
|  **Poland – 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $22,819) | 1390 | **20191** |
|  **Portugal – 0.3%** |  |  |
|  EDP SA | 19301 | 85555 |
|  Galp Energia SGPS SA | 2445 | 47507 |
|  Jeronimo Martins SGPS SA | 1832 | 45332 |
|  (Cost $142,345) |  | **178394** |
|  **Singapore – 0.9%** |  |  |
|  CapitaLand Ascendas REIT | 25700 | 54485 |

---

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  CapitaLand Investment Ltd. | 14100 | 30332 |
|  Grab Holdings Ltd., Class A \* | 15321 | 76452 |
|  Keppel Ltd. | 9100 | 62061 |
|  Sembcorp Industries Ltd. | 6000 | 28386 |
|  Singapore Exchange Ltd. | 5300 | 68450 |
|  United Overseas Bank Ltd. | 7800 | 213938 |
|  (Cost $412,403) |  | **534104** |
|  **Spain – 2.7%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 1134 | 85680 |
|  Aena Sme SA, 144A | 4713 | 136480 |
|  Amadeus IT Group SA | 2826 | 236841 |
|  Banco de Sabadell SA | 31236 | 118643 |
|  Cellnex Telecom SA, 144A \* | 3090 | 109916 |
|  Endesa SA | 1958 | 59680 |
|  Iberdrola SA | 39413 | 741587 |
|  Redeia Corp. SA | 2424 | 47128 |
|  Repsol SA | 7090 | 116267 |
|  (Cost $1,224,032) |  | **1652222** |
|  **Sweden – 4.7%** |  |  |
|  AddTech AB, Class B | 1619 | 56714 |
|  Alfa Laval AB | 1814 | 82498 |
|  Assa Abloy AB, Class B | 6319 | 223026 |
|  Atlas Copco AB, Class A | 16779 | 267654 |
|  Atlas Copco AB, Class B | 9497 | 134890 |
|  Boliden AB \* | 1840 | 63329 |
|  Epiroc AB, Class A | 4184 | 87339 |
|  Epiroc AB, Class B | 2335 | 43414 |
|  EQT AB | 2260 | 81174 |
|  Essity AB, Class B | 3759 | 101500 |
|  Evolution AB, 144A | 929 | 80475 |
|  H & M Hennes & Mauritz AB, Class B (b) | 3434 | 50371 |
|  Holmen AB, Class B | 515 | 20043 |
|  Indutrade AB | 1725 | 42897 |
|  Nibe Industrier AB, Class B | 8916 | 36564 |
|  Sandvik AB | 6698 | 169183 |
|  Skanska AB, Class B | 2140 | 53082 |
|  SKF AB, Class B | 2043 | 52380 |
|  Spotify Technology SA \* | 951 | 648468 |
|  Svenska Cellulosa AB SCA, Class B | 3700 | 50305 |
|  Svenska Handelsbanken AB, Class A | 9105 | 117010 |
|  Tele2 AB, Class B | 3260 | 57375 |
|  Telia Co. AB | 14334 | 53453 |
|  Volvo AB, Class B | 9925 | 305004 |
|  (Cost $2,492,603) |  | **2878148** |
|  **Switzerland – 9.5%** |  |  |
|  ABB Ltd. | 9772 | 656481 |
|  Alcon, Inc. | 3118 | 248410 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Baloise Holding AG | 248 | 64370 |
|  Banque Cantonale Vaudoise | 204 | 23743 |
|  Chocoladefabriken Lindt & |  |  |
|  Spruengli AG Participation Certificates | 12 | 183067 |
|  Coca-Cola HBC AG \* | 1377 | 69504 |
|  DSM-Firmenich AG | 1165 | 113863 |
|  Geberit AG | 211 | 154794 |
|  Givaudan SA | 58 | 244616 |
|  Julius Baer Group Ltd. | 1277 | 92213 |
|  Kuehne + Nagel International AG | 298 | 60715 |
|  Logitech International SA | 929 | 96057 |
|  Lonza Group AG | 437 | 310092 |
|  Novartis AG | 11820 | 1496416 |
|  SGS SA | 1006 | 102684 |
|  SIG Group AG \* | 1800 | 28541 |
|  Sika AG | 958 | 222400 |
|  Sonova Holding AG | 314 | 91522 |
|  STMicroelectronics NV | 2879 | 78350 |
|  STMicroelectronics NV, Class Y | 1383 | 37327 |
|  Swiss Life Holding AG | 179 | 193550 |
|  Swiss Prime Site AG | 518 | 72088 |
|  Swiss Re AG | 1882 | 341283 |
|  Swisscom AG | 164 | 118631 |
|  VAT Group AG, 144A | 167 | 54632 |
|  Zurich Insurance Group AG | 914 | 668471 |
|  (Cost $4,357,455) |  | **5823820** |
|  **United Kingdom – 14.1%** |  |  |
|  3i Group PLC | 6075 | 329865 |
|  Admiral Group PLC | 1588 | 77795 |
|  Anglo American PLC | 6988 | 215069 |
|  Ashtead Group PLC | 2705 | 199029 |
|  Associated British Foods PLC | 1999 | 58336 |
|  AstraZeneca PLC | 9637 | 1535066 |
|  Auto Trader Group PLC, 144A | 5601 | 60780 |
|  Aviva PLC | 18968 | 166984 |
|  Barratt Redrow PLC | 8250 | 40093 |
|  BT Group PLC | 37300 | 109103 |
|  Bunzl PLC | 1972 | 66660 |
|  Coca-Cola Europacific Partners PLC | 1455 | 129291 |
|  HSBC Holdings PLC | 108451 | 1387131 |
|  Informa PLC | 8123 | 95523 |
|  Intertek Group PLC | 998 | 63238 |
|  J Sainsbury PLC | 11234 | 45442 |
|  Kingfisher PLC | 11206 | 38970 |
|  Land Securities Group PLC REIT | 4484 | 33562 |
|  Legal & General Group PLC | 36931 | 123492 |
|  Lloyds Banking Group PLC | 375392 | 403304 |
|  M&G PLC | 14211 | 50899 |
|  Melrose Industries PLC | 7283 | 57857 |
|  Mondi PLC | 2626 | 36951 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  National Grid PLC | 30501 | 428979 |
|  Pearson PLC | 3759 | 54697 |
|  Phoenix Group Holdings PLC | 4637 | 42695 |
|  Reckitt Benckiser Group PLC | 4258 | 318128 |
|  RELX PLC | 11453 | 533219 |
|  Rentokil Initial PLC | 15793 | 77881 |
|  Sage Group PLC | 6145 | 90203 |
|  Schroders PLC | 5075 | 26055 |
|  Segro PLC REIT | 7901 | 66930 |
|  Smiths Group PLC | 2048 | 65189 |
|  Spirax Group PLC | 422 | 41592 |
|  SSE PLC | 6917 | 161672 |
|  Tesco PLC | 40819 | 233113 |
|  Unilever PLC | 15244 | 958098 |
|  Vodafone Group PLC | 125328 | 149615 |
|  Whitbread PLC | 1031 | 43808 |
|  WPP PLC | 6558 | 34634 |
|  (Cost $6,632,226) |  | **8650948** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,777,619) |  | **60434936** |
|  **PREFERRED STOCKS – 0.2%** |  |  |
|  **Germany – 0.2%** |  |  |
|  Henkel AG & Co. KGaA | 1016 | 85696 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sartorius AG | 148 | 34335 |
|  (Cost $121,455) |  | **120031** |
|  **EXCHANGE-TRADED FUNDS – 0.5%** |  |  |
|  iShares ESG Aware MSCI EAFE ETF (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $265,031) | 3150 | **286020** |
|  **SECURITIES LENDING COLLATERAL – 0.5%** | **SECURITIES LENDING COLLATERAL – 0.5%** |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $313,277) | 313277 | **313277** |
|  **CASH EQUIVALENTS – 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,991) | 11991 | **11991** |
|  **TOTAL INVESTMENTS – 100.1%** |  |  |
|  (Cost $48,489,373) |  | **61166255** |
|  **Other assets and liabilities, net – (0.1%)** |  | **(41844)** |
|  **NET ASSETS – 100.0%** |  | **61124411** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at** <br> **8/31/2025**  |
|  SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% | SECURITIES LENDING COLLATERAL **—** 0.5% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |
| 83698 | 229579 (e) |  |  |  | 1996 |  | 313277 | 313277 |
|  CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) |
| 41263 | 2053552 | (2082824) |  |  | 2549 |  | 11991 | 11991 |
| **124961** | **2283131** | **(2082824)** |  |  | **4545** |  | **325268** | **325268** |

---

\* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at August 31, 2025 amounted to $303,144, which is 0.5% 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 year ended August 31, 2025.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

August 31, 2025

CDI: Chess Depositary Interests

REIT: Real Estate Investment Trust

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.

Securities are listed in country of domicile.

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  EURO STOXX 50 Index | EUR | 3 | 187989 | 188287 | 9/19/2025 | 298 |
|  Micro EURO STOXX 50 Index | EUR | 3 | 18642 | 18829 | 9/19/2025 | 187 |
|  MINI TOPIX Index | JPY | 2 | 38009 | 41852 | 9/11/2025 | 3843 |
|  **Total unrealized appreciation** |  |  |  |  |  | **4328** |

---

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
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 August 31, 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) | $60434936 | $— | $— | $60434936 |
|  Preferred Stocks | 120031 |  |  | 120031 |
|  Exchange-Traded Funds | 286020 |  |  | 286020 |
|  Short-Term Investments (a) | 325268 |  |  | 325268 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 4328 |  |  | 4328 |
|  **TOTAL** | $**61170583** | $**—** | $**—** | $**61170583** |

---

(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 \| **29**

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 95.5%** | **COMMON STOCKS – 95.5%** | **COMMON STOCKS – 95.5%** |
|  **Brazil – 2.0%** | **Brazil – 2.0%** | **Brazil – 2.0%** |
|  NU Holdings Ltd., Class A \* | 343184 | 5079123 |
|  Petroleo Brasileiro SA | 752106 | 4676329 |
|  (Cost $9,222,338) |  | **9755452** |
|  **China – 24.3%** |  |  |
|  Bank of China Ltd., Class H | 14840375 | 8109443 |
|  BYD Co. Ltd., Class H | 433800 | 6365787 |
|  China Construction Bank Corp., Class H | 11370179 | 10953269 |
|  China Merchants Bank Co. Ltd., Class H | 1008873 | 6211754 |
|  Industrial & Commercial Bank of China Ltd., Class H | 9471365 | 7010111 |
|  JD.com, Inc., Class A | 369394 | 5581766 |
|  Meituan, Class B, 144A \* | 555735 | 7321073 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 1609267 | 11621790 |
|  Tencent Holdings Ltd. | 557814 | 42681177 |
|  Xiaomi Corp., Class B, 144A \* | 1622737 | 11000936 |
|  (Cost $115,864,832) |  | **116857106** |
|  **Greece – 1.4%** |  |  |
|  Piraeus Financial Holdings SA \* |  |  |
|  (Cost $6,033,778) | 870249 | **6733127** |
|  **Hong Kong – 4.6%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
|  (Cost $21,251,587) | 1482016 | **21994940** |
|  **India – 15.5%** |  |  |
|  Axis Bank Ltd. | 403359 | 4778687 |
|  Bharti Airtel Ltd. | 394875 | 8454016 |
|  HDFC Bank Ltd. | 1105304 | 11922123 |
|  Hindustan Unilever Ltd. | 209200 | 6307077 |
|  ICICI Bank Ltd. | 600613 | 9516061 |
|  Infosys Ltd. | 442267 | 7367177 |
|  Infosys Ltd., ADR (a) | 6651 | 111870 |
|  Mahindra & Mahindra Ltd. | 159115 | 5770463 |
|  Power Grid Corp. of India Ltd. | 1618281 | 5048922 |
|  Reliance Industries Ltd. | 649737 | 9995370 |
|  Tata Consultancy Services Ltd. | 147253 | 5148664 |
|  (Cost $75,874,950) |  | **74420430** |
|  **Ireland – 1.6%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $7,235,341) | 65010 | **7815502** |
|  **Kazakhstan – 0.0%** |  |  |
|  Solidcore Resources PLC \* (b) |  |  |
|  (Cost $30,722) | 1583 | **0** |
|  **Mexico – 1.2%** |  |  |
|  Grupo Financiero Banorte SAB de CV, Class O |  |  |
|  (Cost $5,851,874) | 641706 | **5875149** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Russia – 0.0%** |  |  |
|  Gazprom PJSC \* (b) | 68905 | 0 |
|  LUKOIL PJSC \* (b) | 2409 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (b) | 2662 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (b) | 8602 | 0 |
|  Novatek PJSC \* (b) | 5300 | 0 |
|  Novolipetsk Steel PJSC \* (b) | 8462 | 0 |
|  PhosAgro PJSC \* (b) | 168 | 0 |
|  PhosAgro PJSC \* (b) | 4 | 0 |
|  PhosAgro PJSC, GDR \* (b) | 300 | 0 |
|  Polyus PJSC \* (b) | 1930 | 0 |
|  (Cost $634,818) |  | **0** |
|  **Singapore – 1.4%** |  |  |
|  Trip.com Group Ltd. |  |  |
|  (Cost $5,650,984) | 92272 | **6841232** |
|  **South Africa – 3.8%** |  |  |
|  FirstRand Ltd. | 1330443 | 5595098 |
|  Naspers Ltd., Class N | 18566 | 6095020 |
|  Standard Bank Group Ltd. | 455337 | 6404248 |
|  (Cost $17,352,113) |  | **18094366** |
|  **South Korea – 6.7%** |  |  |
|  Samsung Electronics Co. Ltd. | 445988 | 22359549 |
|  SK Hynix, Inc. | 52092 | 10079301 |
|  (Cost $26,058,534) |  | **32438850** |
|  **Taiwan – 31.8%** |  |  |
|  Cathay Financial Holding Co. Ltd. | 3103004 | 6242652 |
|  CTBC Financial Holding Co. Ltd. | 3921778 | 5279156 |
|  E.Sun Financial Holding Co. Ltd. | 6346353 | 6944357 |
|  First Financial Holding Co. Ltd. | 7551347 | 7003081 |
|  Fubon Financial Holding Co. Ltd. | 2439100 | 6694270 |
|  Hon Hai Precision Industry Co. Ltd. | 1437217 | 9567499 |
|  MediaTek, Inc. | 148424 | 6651757 |
|  Mega Financial Holding Co. Ltd. | 4949003 | 6483834 |
|  SinoPac Financial Holdings Co. Ltd. | 8070076 | 6177392 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 8932562 | 6925259 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1885353 | 71542206 |
|  TS Financial Holding Co. Ltd. | 12193492 | 6481763 |
|  Yuanta Financial Holding Co. Ltd. | 6239424 | 6633451 |
|  (Cost $138,022,833) |  | **152626677** |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **United States – 1.2%** |  |  |
|  Southern Copper Corp. |  |  |
|  (Cost $5,804,970) | 58421 | 5613674 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $434,889,674) |  | **459066505** |
|  **PREFERRED STOCKS – 3.0%** |  |  |
|  **Brazil – 3.0%** |  |  |
|  Itau Unibanco Holding SA | 1116321 | 7915697 |
|  Itausa SA | 3303967 | 6829371 |
|  Klabin SA | 1 | 1 |
|  (Cost $12,856,451) |  | **14745069** |
|  **WARRANTS – 0.0%** |  |  |
|  **Thailand – 0.0%** |  |  |
|  BTS Group Holdings PCL\*, expires 11/20/26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 6100 | **4** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **SECURITIES LENDING COLLATERAL – 0.0%** | **SECURITIES LENDING COLLATERAL – 0.0%** | **SECURITIES LENDING COLLATERAL – 0.0%** |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $104,738) | 104738 | **104738** |
|  **CASH EQUIVALENTS – 1.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,591,293) | 4591293 | **4591293** |
|  **TOTAL INVESTMENTS – 99.5%** |  |  |
|  (Cost $452,442,156) |  | **478507609** |
|  **Other assets and liabilities, net – 0.5%** |  | **2233111** |
|  **NET ASSETS – 100.0%** |  | **480740720** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at <br>8/31/2025** |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |
| 34336 | 70402 (e) |  |  |  | 63 |  | 104738 | 104738 |
|  CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% | CASH EQUIVALENTS **—** 1.0% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) |
| 203173 | 377736474 | (373348354) |  |  | 131392 |  | 4591293 | 4591293 |
| **237509** | **377806876** | **(373348354)** |  |  | **131455** |  | **4696031** | **4696031** |

---

\* 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 August 31, 2025 amounted to $101,745, which is 0.0% 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 year ended August 31, 2025.

ADR: American Depositary Receipt

GDR: Global 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.

Securities are listed in country of domicile.

See Notes to Financial Statements.

DBX ETF Trust \| **31**

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  MSCI Emerging Markets Index | USD | 100 | 6192491 | 6324500 | 9/19/2025 | 132009 |
|  MSCI India Index | USD | 1 | 129855 | 122030 | 9/19/2025 | (7825) |
|  **Total net unrealized appreciation** |  |  |  |  |  | **124184** |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $459066505 | $— | $0 | $459066505 |
|  Preferred Stocks | 14745069 |  |  | 14745069 |
|  Warrants | 4 |  |  | 4 |
|  Short-Term Investments (a) | 4696031 |  |  | 4696031 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 132009 |  |  | 132009 |
|  **TOTAL** | $**478639618** | $**—** | $**0** | $**478639618** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7825) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7825) |
|  **TOTAL** | $**(7825)** | $**—** | $**—** | $**(7825)** |

---

(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 MSCI USA Climate Action Equity ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 99.3%** |  |  |
|  **Communication Services – 13.7%** |  |  |
|  Alphabet, Inc., Class A | 437821 | 93216469 |
|  Alphabet, Inc., Class C | 369481 | 78895278 |
|  AT&T, Inc. | 590837 | 17305616 |
|  Comcast Corp., Class A | 308937 | 10494590 |
|  Liberty Media Corp.-Liberty Formula One,<br>Class C \* | 17168 | 1715083 |
|  Meta Platforms, Inc., Class A | 178883 | 132140872 |
|  Netflix, Inc. \* | 35055 | 42355204 |
|  Pinterest, Inc., Class A \* | 50936 | 1865785 |
|  Snap, Inc., Class A \* | 92184 | 658194 |
|  T-Mobile US, Inc. | 41517 | 10461869 |
|  Verizon Communications, Inc. | 347025 | 15348916 |
|  Walt Disney Co. | 148727 | 17606302 |
|  (Cost $279,839,041) |  | **422064178** |
|  **Consumer Discretionary – 12.4%** |  |  |
|  Airbnb, Inc., Class A \* | 35745 | 4665795 |
|  Amazon.com, Inc. \* | 654251 | 149823479 |
|  Booking Holdings, Inc. | 2702 | 15128633 |
|  Chipotle Mexican Grill, Inc. \* | 110552 | 4658661 |
|  Deckers Outdoor Corp. \* | 13354 | 1597539 |
|  DoorDash, Inc., Class A \* | 29486 | 7231442 |
|  eBay, Inc. | 38525 | 3490750 |
|  Flutter Entertainment PLC \* | 14517 | 4459187 |
|  General Motors Co. | 79077 | 4633121 |
|  Hilton Worldwide Holdings, Inc. | 19409 | 5358049 |
|  Home Depot, Inc. | 81904 | 33316090 |
|  Hyatt Hotels Corp., Class A | 4119 | 594289 |
|  Las Vegas Sands Corp. | 28647 | 1650927 |
|  Lululemon Athletica, Inc. \* | 9407 | 1902095 |
|  Marriott International, Inc., Class A | 18966 | 5080233 |
|  McDonald's Corp. | 58791 | 18433330 |
|  MercadoLibre, Inc. \* | 3788 | 9367383 |
|  NIKE, Inc., Class B | 96117 | 7436572 |
|  Royal Caribbean Cruises Ltd. | 21588 | 7841193 |
|  Starbucks Corp. | 93315 | 8229450 |
|  Tesla, Inc. \* | 238330 | 79571237 |
|  Tractor Supply Co. | 44864 | 2770801 |
|  Ulta Beauty, Inc. \* | 3800 | 1872374 |
|  Williams-Sonoma, Inc. | 10316 | 1941368 |
|  Yum! Brands, Inc. | 22781 | 3348124 |
|  (Cost $303,199,491) |  | **384402122** |
|  **Consumer Staples – 4.6%** |  |  |
|  Church & Dwight Co., Inc. | 19734 | 1838419 |
|  Clorox Co. | 10791 | 1275496 |
|  Coca-Cola Co. | 336092 | 23186987 |
|  Colgate-Palmolive Co. | 64835 | 5450678 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Constellation Brands, Inc., Class A | 11420 | 1849355 |
|  Estee Lauder Cos., Inc., Class A | 19993 | 1833958 |
|  General Mills, Inc. | 43042 | 2123262 |
|  Hershey Co. | 11774 | 2163472 |
|  Kellanova | 24009 | 1908716 |
|  Keurig Dr Pepper, Inc. | 109465 | 3184337 |
|  Kimberly-Clark Corp. | 26987 | 3485101 |
|  McCormick & Co., Inc. | 22300 | 1569251 |
|  Molson Coors Beverage Co., Class B | 15786 | 797035 |
|  Mondelez International, Inc., Class A | 105864 | 6504284 |
|  PepsiCo, Inc. | 112178 | 16675260 |
|  Procter & Gamble Co. | 192751 | 30269617 |
|  Target Corp. | 36666 | 3519203 |
|  Walmart, Inc. | 362874 | 35191521 |
|  (Cost $139,751,613) |  | **142825952** |
|  **Energy – 3.2%** |  |  |
|  Baker Hughes Co. | 84399 | 3831715 |
|  Chevron Corp. | 161031 | 25861579 |
|  Diamondback Energy, Inc. | 16575 | 2465697 |
|  EOG Resources, Inc. | 44546 | 5560232 |
|  EQT Corp. | 46170 | 2393453 |
|  Exxon Mobil Corp. | 355720 | 40655239 |
|  Halliburton Co. | 73076 | 1661017 |
|  Kinder Morgan, Inc. | 168341 | 4541840 |
|  Occidental Petroleum Corp. | 60235 | 2867788 |
|  ONEOK, Inc. | 52501 | 4010026 |
|  Schlumberger NV | 123502 | 4549814 |
|  (Cost $95,859,287) |  | **98398400** |
|  **Financials – 14.7%** |  |  |
|  American Express Co. | 45888 | 15201777 |
|  American International Group, Inc. | 48856 | 3972970 |
|  Apollo Global Management, Inc. | 35919 | 4893245 |
|  Arch Capital Group Ltd. | 32428 | 2968135 |
|  Arthur J Gallagher & Co. | 21050 | 6372888 |
|  Bank of America Corp. | 586185 | 29743027 |
|  Bank of New York Mellon Corp. | 59067 | 6237475 |
|  Blackrock, Inc. | 12087 | 13623741 |
|  Block, Inc. \* | 45960 | 3660254 |
|  Carlyle Group, Inc. | 19863 | 1282355 |
|  Cboe Global Markets, Inc. | 8772 | 2069753 |
|  Charles Schwab Corp. | 142054 | 13614455 |
|  Chubb Ltd. | 31374 | 8630046 |
|  Cincinnati Financial Corp. | 12593 | 1934285 |
|  Citigroup, Inc. | 150852 | 14567778 |
|  CME Group, Inc. | 29891 | 7966250 |
|  FactSet Research Systems, Inc. (a) | 3311 | 1236063 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fidelity National Information Services, Inc. | 43373 | 3027869 |
|  Fiserv, Inc. \* | 45935 | 6347298 |
|  Global Payments, Inc. | 19728 | 1752241 |
|  Goldman Sachs Group, Inc. | 25190 | 18772848 |
|  Hartford Insurance Group, Inc. | 24217 | 3204151 |
|  Intercontinental Exchange, Inc. | 47240 | 8342584 |
|  Jack Henry & Associates, Inc. | 6305 | 1029354 |
|  JPMorgan Chase & Co. | 228611 | 68907928 |
|  Markel Group, Inc. \* | 1010 | 1978651 |
|  Marsh & McLennan Cos., Inc. | 40357 | 8305874 |
|  Mastercard, Inc., Class A | 70408 | 41913178 |
|  Moody's Corp. | 13196 | 6726793 |
|  Morgan Stanley | 99447 | 14964785 |
|  Nasdaq, Inc. | 34743 | 3291552 |
|  Northern Trust Corp. | 16450 | 2159556 |
|  PayPal Holdings, Inc. \* | 77000 | 5404630 |
|  Progressive Corp. | 48293 | 11931269 |
|  Robinhood Markets, Inc., Class A \* | 60012 | 6243048 |
|  S&P Global, Inc. | 25762 | 14128911 |
|  State Street Corp. | 23356 | 2685239 |
|  Travelers Cos., Inc. | 18662 | 5066920 |
|  US Bancorp | 126988 | 6200824 |
|  Visa, Inc., Class A | 140717 | 49501426 |
|  Wells Fargo & Co. | 264475 | 21734556 |
|  Willis Towers Watson PLC | 8124 | 2654842 |
|  (Cost $331,945,832) |  | **454250824** |
|  **Health Care – 10.5%** |  |  |
|  Abbott Laboratories | 142609 | 18918510 |
|  AbbVie, Inc. | 145659 | 30646654 |
|  Agilent Technologies, Inc. | 23822 | 2993473 |
|  Alnylam Pharmaceuticals, Inc. \* | 10670 | 4764262 |
|  Amgen, Inc. | 44171 | 12708438 |
|  Becton Dickinson & Co. | 23427 | 4520943 |
|  Biogen, Inc. \* | 12932 | 1709869 |
|  Boston Scientific Corp. \* | 121074 | 12773307 |
|  Bristol-Myers Squibb Co. | 167235 | 7890147 |
|  Danaher Corp. | 52745 | 10855976 |
|  DaVita, Inc. \* | 2625 | 361620 |
|  Edwards Lifesciences Corp. \* | 47919 | 3897732 |
|  Elevance Health, Inc. | 18483 | 5889608 |
|  Eli Lilly & Co. | 66345 | 48603020 |
|  Gilead Sciences, Inc. | 102588 | 11589366 |
|  Humana, Inc. | 10335 | 3138326 |
|  IDEXX Laboratories, Inc. \* | 6794 | 4396330 |
|  Illumina, Inc. \* | 13540 | 1353458 |
|  IQVIA Holdings, Inc. \* | 14126 | 2695382 |
|  Johnson & Johnson | 198530 | 35173560 |
|  Labcorp Holdings, Inc. | 7105 | 1975119 |
|  McKesson Corp. | 10377 | 7125263 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Merck & Co., Inc. | 206850 | 17400222 |
|  Mettler-Toledo International, Inc. \* | 1686 | 2193553 |
|  Pfizer, Inc. | 465243 | 11519417 |
|  Regeneron Pharmaceuticals, Inc. | 8743 | 5077060 |
|  Thermo Fisher Scientific, Inc. | 30921 | 15235395 |
|  UnitedHealth Group, Inc. | 74628 | 23124978 |
|  Vertex Pharmaceuticals, Inc. \* | 21146 | 8268509 |
|  Waters Corp. \* | 5213 | 1573283 |
|  Zimmer Biomet Holdings, Inc. | 17569 | 1864071 |
|  Zoetis, Inc. | 36444 | 5699842 |
|  (Cost $328,367,457) |  | **325936693** |
|  **Industrials – 6.8%** |  |  |
|  3M Co. | 44238 | 6880336 |
|  AECOM | 11774 | 1470455 |
|  AMETEK, Inc. | 19107 | 3530974 |
|  Automatic Data Processing, Inc. | 33659 | 10234019 |
|  Booz Allen Hamilton Holding Corp. | 10309 | 1120794 |
|  Broadridge Financial Solutions, Inc. | 10037 | 2565658 |
|  Carlisle Cos., Inc. | 3614 | 1394606 |
|  Carrier Global Corp. | 63607 | 4147176 |
|  Caterpillar, Inc. | 38414 | 16097003 |
|  Cintas Corp. | 29650 | 6227389 |
|  CSX Corp. | 151752 | 4933458 |
|  Cummins, Inc. | 11214 | 4468106 |
|  Deere & Co. | 21258 | 10174929 |
|  Dover Corp. | 12025 | 2150791 |
|  Eaton Corp. PLC | 32102 | 11208092 |
|  Emerson Electric Co. | 46146 | 6091272 |
|  Equifax, Inc. | 10653 | 2623834 |
|  FedEx Corp. | 18589 | 4295360 |
|  Fortive Corp. | 26696 | 1277671 |
|  IDEX Corp. | 6565 | 1079943 |
|  Ingersoll Rand, Inc. | 32711 | 2598235 |
|  Jacobs Solutions, Inc. | 9695 | 1417700 |
|  Johnson Controls International PLC | 55631 | 5946398 |
|  Lennox International, Inc. | 2513 | 1401902 |
|  Norfolk Southern Corp. | 18393 | 5149672 |
|  Old Dominion Freight Line, Inc. | 16145 | 2437411 |
|  PACCAR, Inc. | 42567 | 4255849 |
|  Paychex, Inc. | 26513 | 3697370 |
|  Paycom Software, Inc. | 4384 | 995826 |
|  Quanta Services, Inc. | 12524 | 4733571 |
|  Republic Services, Inc. | 18420 | 4309727 |
|  Rockwell Automation, Inc. | 9231 | 3170202 |
|  Trane Technologies PLC | 18372 | 7635403 |
|  TransUnion | 16775 | 1482910 |
|  Uber Technologies, Inc. \* | 163806 | 15356813 |
|  Union Pacific Corp. | 49069 | 10970356 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  United Parcel Service, Inc., Class B | 61343 | 5363832 |
|  Veralto Corp. | 20598 | 2187302 |
|  Verisk Analytics, Inc. | 11392 | 3054423 |
|  Vertiv Holdings Co., Class A | 29667 | 3784026 |
|  Waste Connections, Inc. | 21017 | 3884152 |
|  Waste Management, Inc. | 32970 | 7464078 |
|  Westinghouse Air Brake Technologies Corp. | 13745 | 2659658 |
|  Xylem, Inc. | 20613 | 2917976 |
|  (Cost $179,641,170) |  | **208846658** |
|  **Information Technology – 27.4%** |  |  |
|  Accenture PLC, Class A | 67021 | 17423449 |
|  Adobe, Inc. \* | 45611 | 16269444 |
|  Advanced Micro Devices, Inc. \* | 173867 | 28275990 |
|  Analog Devices, Inc. | 53084 | 13340540 |
|  Atlassian Corp., Class A \* | 17502 | 3111506 |
|  Autodesk, Inc. \* | 22737 | 7155334 |
|  Bentley Systems, Inc., Class B | 16247 | 904146 |
|  Cadence Design Systems, Inc. \* | 29355 | 10286873 |
|  Cisco Systems, Inc. | 426252 | 29449751 |
|  Cloudflare, Inc., Class A \* | 33012 | 6889934 |
|  Cognizant Technology Solutions Corp., Class A | 52953 | 3825854 |
|  Crowdstrike Holdings, Inc., Class A \* | 26539 | 11244574 |
|  Datadog, Inc., Class A \* | 30560 | 4176941 |
|  Dell Technologies, Inc., Class C | 34491 | 4213076 |
|  Docusign, Inc. \* | 21528 | 1650336 |
|  Fortinet, Inc. \* | 69974 | 5511852 |
|  Gartner, Inc. \* | 8174 | 2053227 |
|  Gen Digital, Inc. | 55396 | 1672959 |
|  GoDaddy, Inc., Class A \* | 15085 | 2237256 |
|  Hewlett Packard Enterprise Co. | 140252 | 3165488 |
|  HubSpot, Inc. \* | 5280 | 2551138 |
|  International Business Machines Corp. | 99357 | 24192436 |
|  Intuit, Inc. | 29921 | 19957307 |
|  Marvell Technology, Inc. | 92509 | 5815578 |
|  Microsoft Corp. | 378861 | 191965080 |
|  NVIDIA Corp. | 1291523 | 224957476 |
|  Okta, Inc. \* | 17717 | 1643606 |
|  Oracle Corp. | 181528 | 41048927 |
|  Palantir Technologies, Inc., Class A \* | 242618 | 38020667 |
|  Palo Alto Networks, Inc. \* | 71447 | 13612082 |
|  PTC, Inc. \* | 12648 | 2700348 |
|  QUALCOMM, Inc. | 115908 | 18629893 |
|  Roper Technologies, Inc. | 11489 | 6046776 |
|  Salesforce, Inc. | 102434 | 26248712 |
|  ServiceNow, Inc. \* | 22153 | 20324491 |
|  Snowflake, Inc. \* | 33926 | 8096779 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Super Micro Computer, Inc. \* | 53822 | 2235766 |
|  Synopsys, Inc. \* | 19866 | 11989528 |
|  Trimble, Inc. \* | 25845 | 2088793 |
|  Twilio, Inc., Class A \* | 15504 | 1637377 |
|  Workday, Inc., Class A \* | 23023 | 5314169 |
|  Zscaler, Inc. \* | 10696 | 2963327 |
|  (Cost $629,348,329) |  | **844898786** |
|  **Materials – 1.6%** |  |  |
|  Avery Dennison Corp. | 6971 | 1196572 |
|  Ball Corp. | 21043 | 1107704 |
|  Corteva, Inc. | 56021 | 4156198 |
|  CRH PLC | 55745 | 6296398 |
|  Crown Holdings, Inc. | 10282 | 1021825 |
|  DuPont de Nemours, Inc. | 35844 | 2757121 |
|  Ecolab, Inc. | 21362 | 5918128 |
|  Martin Marietta Materials, Inc. | 4951 | 3051796 |
|  Newmont Corp. | 92626 | 6891374 |
|  PPG Industries, Inc. | 17431 | 1938850 |
|  Sherwin-Williams Co. | 19610 | 7173926 |
|  Smurfit WestRock PLC | 43485 | 2059450 |
|  Steel Dynamics, Inc. | 11849 | 1551271 |
|  Vulcan Materials Co. | 10662 | 3104348 |
|  (Cost $39,727,458) |  | **48224961** |
|  **Real Estate – 2.2%** |  |  |
|  American Tower Corp. REIT | 38381 | 7823967 |
|  AvalonBay Communities, Inc. REIT | 12002 | 2350592 |
|  BXP, Inc. REIT | 12528 | 908405 |
|  CBRE Group, Inc., Class A \* | 24247 | 3930924 |
|  Crown Castle, Inc. REIT | 35368 | 3506383 |
|  Digital Realty Trust, Inc. REIT | 28095 | 4709846 |
|  Equinix, Inc. REIT | 8096 | 6364994 |
|  Equity Residential REIT | 29210 | 1931365 |
|  Healthpeak Properties, Inc. REIT | 53147 | 953457 |
|  Iron Mountain, Inc. REIT | 24791 | 2288953 |
|  Kimco Realty Corp. REIT | 56310 | 1266412 |
|  Prologis, Inc. REIT | 75644 | 8606774 |
|  Public Storage REIT | 13131 | 3868261 |
|  Realty Income Corp. REIT | 73147 | 4298118 |
|  Regency Centers Corp. REIT | 14884 | 1079090 |
|  Simon Property Group, Inc. REIT | 27189 | 4911965 |
|  Welltower, Inc. REIT | 53773 | 9048920 |
|  Zillow Group, Inc., Class C \* | 12957 | 1092405 |
|  (Cost $63,841,699) |  | **68940831** |
|  **Utilities – 2.2%** |  |  |
|  American Water Works Co., Inc. | 16748 | 2403506 |
|  Consolidated Edison, Inc. | 30332 | 2979512 |
|  Constellation Energy Corp. | 25877 | 7969599 |
|  Dominion Energy, Inc. | 68349 | 4094105 |
|  Duke Energy Corp. | 63455 | 7772603 |
|  Edison International | 31306 | 1757206 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35**

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Essential Utilities, Inc. | 21989 | 868785 |
|  Eversource Energy | 30655 | 1964066 |
|  Exelon Corp. | 82196 | 3590321 |
|  NextEra Energy, Inc. | 168907 | 12169749 |
|  NiSource, Inc. | 38416 | 1623844 |
|  Public Service Enterprise Group, Inc. | 40180 | 3308020 |
|  Sempra | 55212 | 4558303 |
|  Southern Co. | 89507 | 8261496 |
|  Xcel Energy, Inc. | 48449 | 3507223 |
|  (Cost $60,449,014) |  | **66828338** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,451,970,391) |  | **3065617743** |
|  **CASH EQUIVALENTS – 0.6%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,078,016) | 17078016 | **17078016** |
|  **TOTAL INVESTMENTS – 99.9%** |  |  |
|  (Cost $2,469,048,407) |  | **3082695759** |
|  **Other assets and liabilities, net – 0.1%** |  | **3989702** |
|  **NET ASSETS – 100.0%** |  | **3086685461** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions**<br> **($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at <br>8/31/2025** |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | 68 |  |  |  |
|  CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% | CASH EQUIVALENTS **—** 0.6% |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) | DWS Government Money Market Series "Institutional Shares", 4.25% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995298 | 50763311 | (37680593) |  |  | 381750 |  | 17078016 | 17078016 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995298** | **50763311** | **(37680593)** |  |  | **381818** |  | **17078016** | **17078016** |

---

\* 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 August 31, 2025 amounted to $1,231,956, 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,264,878.

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  E-Mini S&P 500 ESG Index | USD | 28 | 7492480 | 7884800 | 9/19/2025 | 392320 |
|  E-Mini S&P 500 Index | USD | 34 | 10590775 | 11003675 | 9/19/2025 | 412900 |
|  E-Mini S&P Mid 400 Index | USD | 6 | 1853533 | 1955100 | 9/19/2025 | 101567 |
|  **Total unrealized appreciation** |  |  |  |  |  | **906787** |

---

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.

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2025

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $3065617743 | $— | $— | $3065617743 |
|  Short-Term Investments (a) | 17078016 |  |  | 17078016 |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | 906787 |  |  | 906787 |
|  **TOTAL** | $**3083602546** | $**—** | $**—** | $**3083602546** |

---

(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 \| **37**

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 99.4%** |  |  |
|  **Communication Services – 10.0%** |  |  |
|  Alphabet, Inc., Class A | 114030 | 24278127 |
|  Alphabet, Inc., Class C | 96306 | 20564220 |
|  Charter Communications, Inc., Class A \* | 1821 | 483621 |
|  Comcast Corp., Class A | 72561 | 2464897 |
|  Electronic Arts, Inc. | 4684 | 805414 |
|  Fox Corp., Class A | 4546 | 271396 |
|  Fox Corp., Class B | 2285 | 124647 |
|  Omnicom Group, Inc. | 4024 | 315200 |
|  Take-Two Interactive Software, Inc. \* | 3662 | 854235 |
|  Verizon Communications, Inc. | 81978 | 3625887 |
|  Walt Disney Co. | 35234 | 4171001 |
|  (Cost $48,591,544) |  | **57958645** |
|  **Consumer Discretionary – 9.8%** |  |  |
|  Aptiv PLC \* | 4576 | 363929 |
|  AutoZone, Inc. \* | 323 | 1356125 |
|  Best Buy Co., Inc. | 3932 | 289552 |
|  Booking Holdings, Inc. | 639 | 3577793 |
|  Burlington Stores, Inc. \* | 1185 | 344456 |
|  D.R. Horton, Inc. | 5420 | 918582 |
|  Darden Restaurants, Inc. | 2262 | 468098 |
|  Deckers Outdoor Corp. \* | 2957 | 353746 |
|  Dick's Sporting Goods, Inc. | 1071 | 227909 |
|  eBay, Inc. | 9035 | 818661 |
|  Garmin Ltd. | 3213 | 776968 |
|  Genuine Parts Co. | 2678 | 373126 |
|  Hilton Worldwide Holdings, Inc. | 4717 | 1302175 |
|  Home Depot, Inc. | 19463 | 7916964 |
|  Lowe's Cos., Inc. | 10959 | 2828080 |
|  Lululemon Athletica, Inc. \* | 2227 | 450299 |
|  McDonald's Corp. | 14052 | 4405864 |
|  MercadoLibre, Inc. \* | 890 | 2200890 |
|  NVR, Inc. \* | 52 | 422118 |
|  O'Reilly Automotive, Inc. \* | 16867 | 1748771 |
|  Pool Corp. | 669 | 207865 |
|  PulteGroup, Inc. | 3959 | 522667 |
|  Rivian Automotive, Inc., Class A \* | 15367 | 208530 |
|  Tesla, Inc. \* | 56788 | 18959810 |
|  TJX Cos., Inc. | 21702 | 2964710 |
|  Tractor Supply Co. | 10323 | 637548 |
|  Ulta Beauty, Inc. \* | 919 | 452819 |
|  Williams-Sonoma, Inc. | 2503 | 471040 |
|  Yum! Brands, Inc. | 5529 | 812597 |
|  (Cost $50,909,884) |  | **56381692** |
|  **Consumer Staples – 4.8%** |  |  |
|  Albertsons Cos., Inc., Class A | 6646 | 129331 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bunge Global SA | 2765 | 232868 |
|  Church & Dwight Co., Inc. | 4827 | 449683 |
|  Clorox Co. | 2525 | 298455 |
|  Coca-Cola Co. | 80004 | 5519476 |
|  Colgate-Palmolive Co. | 15202 | 1278032 |
|  Dollar General Corp. | 4105 | 446460 |
|  Estee Lauder Cos., Inc., Class A | 4357 | 399668 |
|  General Mills, Inc. | 10974 | 541348 |
|  Hormel Foods Corp. | 5747 | 146204 |
|  J M Smucker Co. | 2210 | 244227 |
|  Kellanova | 5278 | 419601 |
|  Kenvue, Inc. | 37527 | 777184 |
|  Keurig Dr Pepper, Inc. | 25230 | 733941 |
|  Kimberly-Clark Corp. | 6538 | 844317 |
|  Kroger Co. | 12162 | 825070 |
|  McCormick & Co., Inc. | 5209 | 366557 |
|  Monster Beverage Corp. \* | 14278 | 891090 |
|  PepsiCo, Inc. | 26826 | 3987685 |
|  Procter & Gamble Co. | 46128 | 7243941 |
|  Sysco Corp. | 9615 | 773719 |
|  Target Corp. | 9077 | 871211 |
|  (Cost $29,351,038) |  | **27420068** |
|  **Energy – 1.7%** |  |  |
|  Baker Hughes Co. | 18997 | 862464 |
|  Cheniere Energy, Inc. | 4465 | 1079726 |
|  Halliburton Co. | 17602 | 400094 |
|  Marathon Petroleum Corp. | 6000 | 1078260 |
|  ONEOK, Inc. | 12309 | 940161 |
|  Phillips 66 | 7968 | 1064365 |
|  Schlumberger NV | 29328 | 1080444 |
|  Targa Resources Corp. | 4113 | 689997 |
|  Valero Energy Corp. | 6096 | 926653 |
|  Williams Cos., Inc. | 23981 | 1388020 |
|  (Cost $8,254,563) |  | **9510184** |
|  **Financials – 12.8%** |  |  |
|  Aflac, Inc. | 10210 | 1091041 |
|  Allstate Corp. | 5186 | 1055092 |
|  American Express Co. | 10963 | 3631823 |
|  Ameriprise Financial, Inc. | 1893 | 974535 |
|  Annaly Capital Management, Inc. REIT | 10317 | 218617 |
|  Arch Capital Group Ltd. | 7253 | 663867 |
|  Bank of New York Mellon Corp. | 14080 | 1486848 |
|  Blackrock, Inc. | 2891 | 3258562 |
|  Capital One Financial Corp. | 12516 | 2843886 |
|  Cboe Global Markets, Inc. | 2107 | 497147 |
|  Charles Schwab Corp. | 33667 | 3226645 |
|  Citizens Financial Group, Inc. | 8425 | 440459 |
|  Equitable Holdings, Inc. | 6252 | 332982 |
|  FactSet Research Systems, Inc. | 741 | 276630 |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fidelity National Information Services, Inc. | 10675 | 745222 |
|  Fiserv, Inc. \* | 10884 | 1503951 |
|  Hartford Insurance Group, Inc. | 5377 | 711431 |
|  Huntington Bancshares, Inc. | 28426 | 506267 |
|  Intercontinental Exchange, Inc. | 11360 | 2006176 |
|  KeyCorp | 17570 | 340155 |
|  LPL Financial Holdings, Inc. | 1563 | 569682 |
|  Marsh & McLennan Cos., Inc. | 9673 | 1990800 |
|  Mastercard, Inc., Class A | 16780 | 9988966 |
|  Moody's Corp. | 3173 | 1617468 |
|  Morgan Stanley | 23583 | 3548770 |
|  Nasdaq, Inc. | 8404 | 796195 |
|  Northern Trust Corp. | 3842 | 504378 |
|  PayPal Holdings, Inc. \* | 17786 | 1248399 |
|  PNC Financial Services Group, Inc. | 7750 | 1607660 |
|  Principal Financial Group, Inc. | 4484 | 361007 |
|  Progressive Corp. | 11502 | 2841684 |
|  Prudential Financial, Inc. | 7004 | 768059 |
|  Raymond James Financial, Inc. | 3697 | 626420 |
|  Regions Financial Corp. | 17955 | 491787 |
|  S&P Global, Inc. | 6158 | 3377294 |
|  State Street Corp. | 5515 | 634060 |
|  Synchrony Financial | 7489 | 571710 |
| T. Rowe Price Group, Inc. | 4349 | 468039 |
|  Travelers Cos., Inc. | 4469 | 1213378 |
|  Truist Financial Corp. | 26115 | 1222704 |
|  US Bancorp | 30430 | 1485897 |
|  Visa, Inc., Class A | 33512 | 11788851 |
|  Willis Towers Watson PLC | 1884 | 615672 |
|  (Cost $57,334,185) |  | **74150216** |
|  **Health Care – 9.7%** |  |  |
|  Agilent Technologies, Inc. | 5673 | 712869 |
|  Align Technology, Inc. \* | 1441 | 204564 |
|  Alnylam Pharmaceuticals, Inc. \* | 2508 | 1119847 |
|  Amgen, Inc. | 10517 | 3025846 |
|  Biogen, Inc. \* | 2738 | 362018 |
|  Bristol-Myers Squibb Co. | 39630 | 1869743 |
|  Cencora, Inc. | 3601 | 1050088 |
|  Cigna Group | 5271 | 1585886 |
|  Cooper Cos., Inc. \* | 3731 | 251451 |
|  Danaher Corp. | 12591 | 2591480 |
|  DaVita, Inc. \* | 948 | 130596 |
|  Dexcom, Inc. \* | 7576 | 570776 |
|  Edwards Lifesciences Corp. \* | 11322 | 920931 |
|  Elevance Health, Inc. | 4395 | 1400467 |
|  Eli Lilly & Co. | 15750 | 11538135 |
|  Gilead Sciences, Inc. | 24186 | 2732292 |
|  HCA Healthcare, Inc. | 3584 | 1447793 |
|  Hologic, Inc. \* | 4513 | 302913 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Humana, Inc. | 2416 | 733643 |
|  IDEXX Laboratories, Inc. \* | 1579 | 1021755 |
|  Incyte Corp. \* | 3170 | 268214 |
|  Insulet Corp. \* | 1388 | 471753 |
|  IQVIA Holdings, Inc. \* | 3374 | 643793 |
|  Johnson & Johnson | 47041 | 8334254 |
|  Labcorp Holdings, Inc. | 1657 | 460629 |
|  Merck & Co., Inc. | 49525 | 4166043 |
|  Mettler-Toledo International, Inc. \* | 410 | 533426 |
|  Molina Healthcare, Inc. \* | 1134 | 205061 |
|  Neurocrine Biosciences, Inc. \* | 2020 | 281992 |
|  Quest Diagnostics, Inc. | 2181 | 396157 |
|  Revvity, Inc. | 2315 | 208605 |
|  Royalty Pharma PLC, Class A | 7100 | 255458 |
|  Solventum Corp. \* | 2821 | 206187 |
|  STERIS PLC | 2024 | 496001 |
|  Veeva Systems, Inc., Class A \* | 2977 | 801408 |
|  Vertex Pharmaceuticals, Inc. \* | 5025 | 1964876 |
|  Waters Corp. \* | 1187 | 358237 |
|  West Pharmaceutical Services, Inc. | 1501 | 370672 |
|  Zimmer Biomet Holdings, Inc. | 3951 | 419201 |
|  Zoetis, Inc. | 8782 | 1373505 |
|  (Cost $59,132,707) |  | **55788565** |
|  **Industrials – 8.1%** |  |  |
|  3M Co. | 10477 | 1629488 |
|  Allegion PLC | 1860 | 315828 |
|  Automatic Data Processing, Inc. | 7986 | 2428143 |
|  Axon Enterprise, Inc. \* | 1442 | 1077592 |
|  Broadridge Financial Solutions, Inc. | 2246 | 574123 |
|  C.H. Robinson Worldwide, Inc. | 2236 | 287773 |
|  Carrier Global Corp. | 14968 | 975914 |
|  Caterpillar, Inc. | 9278 | 3887853 |
|  Cintas Corp. | 7170 | 1505915 |
|  CNH Industrial NV | 16427 | 188089 |
|  CSX Corp. | 36201 | 1176894 |
|  Cummins, Inc. | 2676 | 1066225 |
|  Deere & Co. | 5048 | 2416175 |
|  Delta Air Lines, Inc. | 2802 | 173108 |
|  Dover Corp. | 2653 | 474516 |
|  Eaton Corp. PLC | 7692 | 2685585 |
|  EMCOR Group, Inc. | 912 | 565440 |
|  Expeditors International of Washington, Inc. | 2853 | 343901 |
|  Ferguson Enterprises, Inc. | 3956 | 914429 |
|  Fortive Corp. | 6826 | 326692 |
|  GE Aerospace. | 20836 | 5734067 |
|  Graco, Inc. | 3359 | 286825 |
|  Hubbell, Inc. | 1031 | 444351 |
|  IDEX Corp. | 1457 | 239676 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39**

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Illinois Tool Works, Inc. | 5342 | 1413760 |
|  Ingersoll Rand, Inc. | 7699 | 611532 |
|  JB Hunt Transport Services, Inc. | 1612 | 233724 |
|  Johnson Controls International PLC | 13059 | 1395877 |
|  Lennox International, Inc. | 612 | 341410 |
|  Old Dominion Freight Line, Inc. | 3830 | 578215 |
|  Owens Corning | 1671 | 250934 |
|  Paychex, Inc. | 6406 | 893349 |
|  Pentair PLC | 3251 | 349580 |
|  Quanta Services, Inc. | 2844 | 1074918 |
|  Rockwell Automation, Inc. | 2255 | 774435 |
|  Trane Technologies PLC | 4390 | 1824484 |
|  TransUnion | 3719 | 328760 |
|  Union Pacific Corp. | 11599 | 2593188 |
|  United Parcel Service, Inc., Class B | 14141 | 1236489 |
|  United Rentals, Inc. | 1264 | 1208814 |
|  Veralto Corp. | 4736 | 502916 |
|  W.W. Grainger, Inc. | 896 | 908096 |
|  Xylem, Inc. | 4716 | 667597 |
|  (Cost $38,561,676) |  | **46906680** |
|  **Information Technology – 37.0%** |  |  |
|  Accenture PLC, Class A | 12215 | 3175534 |
|  Adobe, Inc. \* | 8311 | 2964534 |
|  Advanced Micro Devices, Inc. \* | 31930 | 5192776 |
|  Akamai Technologies, Inc. \* | 2999 | 237311 |
|  Analog Devices, Inc. | 9697 | 2436953 |
|  Applied Materials, Inc. | 15870 | 2551261 |
|  Atlassian Corp., Class A \* | 3199 | 568718 |
|  Autodesk, Inc. \* | 4210 | 1324887 |
|  Cadence Design Systems, Inc. \* | 5392 | 1889519 |
|  Docusign, Inc. \* | 3993 | 306103 |
|  Fair Isaac Corp. \* | 482 | 733430 |
|  First Solar, Inc. \* | 1958 | 382182 |
|  Gartner, Inc. \* | 1543 | 387586 |
|  Hewlett Packard Enterprise Co. | 25360 | 572375 |
|  HP, Inc. | 18683 | 533213 |
|  HubSpot, Inc. \* | 961 | 464326 |
|  Intel Corp. \* | 84314 | 2053046 |
|  International Business Machines Corp. | 18101 | 4407412 |
|  Intuit, Inc. | 5500 | 3668500 |
|  Keysight Technologies, Inc. \* | 3457 | 564978 |
|  Lam Research Corp. | 25103 | 2514065 |
|  Marvell Technology, Inc. | 16855 | 1059590 |
|  Microsoft Corp. | 138394 | 70122856 |
|  NetApp, Inc. | 4045 | 456236 |
|  NVIDIA Corp. | 478070 | 83270233 |
|  NXP Semiconductors NV | 4983 | 1170258 |
|  Palo Alto Networks, Inc. \* | 13066 | 2489334 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PTC, Inc. \* | 2267 | 484005 |
|  Salesforce, Inc. | 18791 | 4815194 |
|  Seagate Technology Holdings PLC | 4123 | 690190 |
|  ServiceNow, Inc. \* | 4033 | 3700116 |
|  Synopsys, Inc. \* | 3622 | 2185949 |
|  Texas Instruments, Inc. | 17854 | 3615078 |
|  Trimble, Inc. \* | 4693 | 379288 |
|  Twilio, Inc., Class A \* | 3035 | 320526 |
|  Western Digital Corp. | 6866 | 551614 |
|  Workday, Inc., Class A \* | 4152 | 958365 |
|  Zscaler, Inc. \* | 1984 | 549667 |
|  (Cost $147,704,163) |  | **213747208** |
|  **Materials – 2.3%** |  |  |
|  Avery Dennison Corp. | 1459 | 250437 |
|  Ball Corp. | 5561 | 292731 |
|  CRH PLC | 13307 | 1503026 |
|  Ecolab, Inc. | 4992 | 1382984 |
|  International Flavors & Fragrances, Inc. | 4969 | 335457 |
|  International Paper Co. | 9746 | 484181 |
|  Linde PLC | 9198 | 4399311 |
|  LyondellBasell Industries NV, Class A | 5182 | 292006 |
|  Martin Marietta Materials, Inc. | 1174 | 723654 |
|  Newmont Corp. | 21592 | 1606445 |
|  Nucor Corp. | 4534 | 674342 |
|  PPG Industries, Inc. | 4610 | 512770 |
|  Smurfit WestRock PLC | 10446 | 494722 |
|  Steel Dynamics, Inc. | 2855 | 373777 |
|  (Cost $12,368,545) |  | **13325843** |
|  **Real Estate – 2.1%** |  |  |
|  American Tower Corp. REIT | 9189 | 1873178 |
|  BXP, Inc. REIT | 3173 | 230074 |
|  CBRE Group, Inc., Class A \* | 5962 | 966559 |
|  Crown Castle, Inc. REIT | 8390 | 831785 |
|  Digital Realty Trust, Inc. REIT | 6457 | 1082452 |
|  Equinix, Inc. REIT | 1881 | 1478823 |
|  Healthpeak Properties, Inc. REIT | 13144 | 235803 |
|  Iron Mountain, Inc. REIT | 5867 | 541700 |
|  Prologis, Inc. REIT | 18153 | 2065448 |
|  SBA Communications Corp. REIT | 2066 | 423220 |
|  Welltower, Inc. REIT | 12668 | 2131771 |
|  Weyerhaeuser Co. REIT | 13787 | 356670 |
|  (Cost $13,237,956) |  | **12217483** |
|  **Utilities – 1.1%** |  |  |
|  American Water Works Co., Inc. | 3846 | 551939 |
|  Atmos Energy Corp. | 2986 | 496064 |
|  CMS Energy Corp. | 5816 | 416251 |
|  Consolidated Edison, Inc. | 7042 | 691736 |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Edison International | 7652 | 429507 |
|  Essential Utilities, Inc. | 6173 | 243895 |
|  Eversource Energy | 7083 | 453808 |
|  Exelon Corp. | 19734 | 861981 |
|  NiSource, Inc. | 8848 | 374005 |
|  NRG Energy, Inc. | 3860 | 561862 |
|  Sempra | 12737 | 1051567 |
|  (Cost $5,893,881) |  | **6132615** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $471,340,142) |  | **573539199** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  Xtrackers S&P 500 Scored & Screened ETF (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $786,824) | 16000 | **929760** |
|  **CASH EQUIVALENTS – 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.24% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,035,890) | 2035890 | **2035890** |
|  **TOTAL INVESTMENTS – 99.9%** |  |  |
|  (Cost $474,162,856) |  | **576504849** |
|  **Other assets and liabilities,net – 0.1%** |  | **683281** |
|  **NET ASSETS – 100.0%** |  | **577188130** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | **Net Change<br>in Unrealized<br>Appreciation**<br> (Depreciation)<br>($) | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at<br>8/31/2025** |
|  EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% |  |  |  |  |  |  |
|  Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) | Xtrackers S&P 500 Scored & Screened ETF (a) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1328407 | (532922) | (8661) | 142936 | 5267 |  | 16000 | 929760 |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (b)(c) |
| 354960 |  | (354960) (d) |  |  | 125 |  |  |  |
|  CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% |
|  DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) | DWS Government Money Market Series "Institutional Shares", 4.24% (b) |
| 1394044 | 14575560 | (13933714) |  |  | 130415 |  | 2035890 | 2035890 |
| **1749004** | **15903967** | **(14821596)** | **(8661)** | **142936** | **135807** | **—** | **2051890** | **2965650** |

---

\* 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 year ended August 31, 2025.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust \| **41**

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

August 31, 2025

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  E-Mini S&P 500 Index | USD | 3 | 936155 | 970913 | 9/19/2025 | 34758 |
|  E-Mini S&P Mid 400 Index | USD | 1 | 306424 | 325850 | 9/19/2025 | 19426 |
|  Micro E-Mini S&P 500 Index | USD | 40 | 1262790 | 1294550 | 9/19/2025 | 31760 |
|  **Total unrealized appreciation** |  |  |  |  |  | **85944** |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of August 31, 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) | $573539199 | $— | $— | $573539199 |
|  Exchange-Traded Funds | 929760 |  |  | 929760 |
|  Short-Term Investments (a) | 2035890 |  |  | 2035890 |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | 85944 |  |  | 85944 |
|  **TOTAL** | $**576590793** | $**—** | $**—** | $**576590793** |

---

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

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

See Notes to Financial Statements.

**42** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 99.7%** |  |  |
|  **Communication Services – 10.8%** |  |  |
|  Alphabet, Inc., Class A | 28542 | 6076877 |
|  Alphabet, Inc., Class C | 25034 | 5345510 |
|  AT&T, Inc. | 35989 | 1054118 |
|  Charter Communications, Inc., Class A \* | 477 | 126682 |
|  Comcast Corp., Class A | 19173 | 651307 |
|  Electronic Arts, Inc. | 1282 | 220440 |
|  Fox Corp., Class A | 1198 | 71521 |
|  Fox Corp., Class B | 864 | 47131 |
|  Live Nation Entertainment, Inc. \* | 890 | 148176 |
|  Meta Platforms, Inc., Class A | 11068 | 8175932 |
|  Netflix, Inc. \* | 2057 | 2485370 |
|  Pinterest, Inc., Class A \* | 3972 | 145494 |
|  ROBLOX Corp., Class A \* | 3079 | 383613 |
|  Spotify Technology SA \* | 799 | 544822 |
|  Take-Two Interactive Software, Inc. \* | 888 | 207144 |
|  T-Mobile US, Inc. | 2485 | 626195 |
|  Trade Desk, Inc., Class A \* | 2378 | 129981 |
|  Verizon Communications, Inc. | 21465 | 949397 |
|  Walt Disney Co. | 9030 | 1068971 |
|  Warner Bros Discovery, Inc. \* | 11675 | 135897 |
|  Warner Music Group Corp., Class A | 1131 | 37719 |
|  (Cost $17,387,295) |  | **28632297** |
|  **Consumer Discretionary – 11.2%** |  |  |
|  Airbnb, Inc., Class A \* | 2276 | 297086 |
|  Amazon.com, Inc. \* | 47253 | 10820937 |
|  AutoZone, Inc. \* | 146 | 612985 |
|  Booking Holdings, Inc. | 167 | 935041 |
|  Chipotle Mexican Grill, Inc. \* | 7082 | 298436 |
|  D.R. Horton, Inc. | 2640 | 447427 |
|  Domino's Pizza, Inc. | 186 | 85244 |
|  DoorDash, Inc., Class A \* | 2541 | 623180 |
|  eBay, Inc. | 5124 | 464286 |
|  Expedia Group, Inc. | 751 | 161315 |
|  Ford Motor Co. | 15384 | 181070 |
|  Garmin Ltd. | 1767 | 427296 |
|  General Motors Co. | 3863 | 226333 |
|  Genuine Parts Co. | 2170 | 302346 |
|  Home Depot, Inc. | 5321 | 2164423 |
|  Lennar Corp., Class A | 2747 | 365736 |
|  Lennar Corp., Class B | 797 | 101362 |
|  Lowe's Cos., Inc. | 3341 | 862178 |
|  Lululemon Athletica, Inc. \* | 1438 | 290764 |
|  Marriott International, Inc., Class A | 1200 | 321432 |
|  McDonald's Corp. | 3513 | 1101466 |
|  MercadoLibre, Inc. \* | 318 | 786385 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NIKE, Inc., Class B | 8481 | 656175 |
|  NVR, Inc. \* | 38 | 308471 |
|  O'Reilly Automotive, Inc. \* | 6561 | 680244 |
|  PulteGroup, Inc. | 2680 | 353814 |
|  Starbucks Corp. | 5670 | 500037 |
|  Tesla, Inc. \* | 14429 | 4817410 |
|  Ulta Beauty, Inc. \* | 672 | 331115 |
|  Yum! Brands, Inc. | 1007 | 147999 |
|  (Cost $25,988,459) |  | **29671993** |
|  **Consumer Staples** – **3.8%** |  |  |
|  Archer-Daniels-Midland Co. | 12 | 752 |
|  Church & Dwight Co., Inc. | 3401 | 316837 |
|  Clorox Co. | 2143 | 253302 |
|  Coca-Cola Co. | 21840 | 1506742 |
|  Colgate-Palmolive Co. | 5544 | 466084 |
|  Estee Lauder Cos., Inc., Class A | 3644 | 334264 |
|  General Mills, Inc. | 5942 | 293119 |
|  Hershey Co. | 1968 | 361620 |
|  Hormel Foods Corp. | 5150 | 131016 |
|  Kellanova | 3900 | 310050 |
|  Kenvue, Inc. | 19911 | 412357 |
|  Keurig Dr Pepper, Inc. | 12388 | 360367 |
|  Kimberly-Clark Corp. | 3092 | 399301 |
|  Kraft Heinz Co. | 10014 | 280091 |
|  McCormick & Co., Inc. | 4175 | 293795 |
|  Mondelez International, Inc., Class A | 9020 | 554189 |
|  PepsiCo, Inc. | 8151 | 1211646 |
|  Procter & Gamble Co. | 12553 | 1971323 |
|  Sysco Corp. | 4856 | 390762 |
|  Target Corp. | 3399 | 326236 |
|  Tyson Foods, Inc., Class A | 33 | 1874 |
|  (Cost $10,584,835) |  | **10175727** |
|  **Financials** – **12.4%** |  |  |
|  Aflac, Inc. | 2489 | 265975 |
|  Allstate Corp. | 1111 | 226033 |
|  American Express Co. | 2801 | 927915 |
|  American International Group, Inc. | 2563 | 208423 |
|  Ameriprise Financial, Inc. | 454 | 233724 |
|  Aon PLC, Class A | 1022 | 375074 |
|  Apollo Global Management, Inc. | 2143 | 291941 |
|  Arch Capital Group Ltd. | 1601 | 146539 |
|  Ares Management Corp., Class A | 343 | 61466 |
|  Arthur J Gallagher & Co. | 1322 | 400235 |
|  Bank of America Corp. | 31992 | 1623274 |
|  Bank of New York Mellon Corp. | 3809 | 402230 |
|  Blackrock, Inc. | 782 | 881423 |
|  Block, Inc. \* | 2998 | 238761 |
|  Capital One Financial Corp. | 2847 | 646895 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **43**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cboe Global Markets, Inc. | 690 | 162805 |
|  Charles Schwab Corp. | 8737 | 837354 |
|  Chubb Ltd. | 1840 | 506129 |
|  Cincinnati Financial Corp. | 780 | 119808 |
|  Citigroup, Inc. | 9163 | 884871 |
|  Citizens Financial Group, Inc. | 1444 | 75492 |
|  CME Group, Inc. | 1879 | 500772 |
|  Coinbase Global, Inc., Class A \* | 1094 | 333167 |
|  Corpay, Inc. \* | 462 | 150460 |
|  Everest Group Ltd. | 143 | 48889 |
|  Fidelity National Information Services, Inc. | 3027 | 211315 |
|  Fifth Third Bancorp | 2501 | 114471 |
|  Fiserv, Inc. \* | 2866 | 396024 |
|  Global Payments, Inc. | 1650 | 146553 |
|  Goldman Sachs Group, Inc. | 1540 | 1147685 |
|  Hartford Insurance Group, Inc. | 1281 | 169489 |
|  Huntington Bancshares, Inc. | 9178 | 163460 |
|  Interactive Brokers Group, Inc., Class A | 2546 | 158463 |
|  Intercontinental Exchange, Inc. | 2961 | 522913 |
|  JPMorgan Chase & Co. | 13641 | 4111670 |
|  KeyCorp | 1864 | 36087 |
|  KKR & Co., Inc. | 3540 | 493795 |
|  M&T Bank Corp. | 714 | 143985 |
|  Markel Group, Inc. \* | 56 | 109707 |
|  Marsh & McLennan Cos., Inc. | 2543 | 523375 |
|  Mastercard, Inc., Class A | 3997 | 2379374 |
|  MetLife, Inc. | 2402 | 195427 |
|  Moody's Corp. | 835 | 425650 |
|  Morgan Stanley | 6225 | 936738 |
|  MSCI, Inc. | 431 | 244687 |
|  Nasdaq, Inc. | 2407 | 228039 |
|  Northern Trust Corp. | 1142 | 149922 |
|  PayPal Holdings, Inc. \* | 5040 | 353758 |
|  PNC Financial Services Group, Inc. | 1915 | 397248 |
|  Principal Financial Group, Inc. | 1000 | 80510 |
|  Progressive Corp. | 2873 | 709803 |
|  Prudential Financial, Inc. | 1562 | 171289 |
|  Raymond James Financial, Inc. | 990 | 167746 |
|  Regions Financial Corp. | 3462 | 94824 |
|  Robinhood Markets, Inc., Class A \* | 3975 | 413519 |
|  Rocket Cos., Inc., Class A (a) | 3458 | 61449 |
|  S&P Global, Inc. | 1563 | 857212 |
|  State Street Corp. | 1644 | 189011 |
|  Synchrony Financial | 2265 | 172910 |
| T. Rowe Price Group, Inc. | 1368 | 147224 |
|  Travelers Cos., Inc. | 1203 | 326627 |
|  Truist Financial Corp. | 6050 | 283261 |
|  US Bancorp | 7074 | 345423 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Visa, Inc., Class A | 8464 | 2977466 |
|  W.R. Berkley Corp. | 1489 | 106746 |
|  Wells Fargo & Co. | 15825 | 1300498 |
|  Willis Towers Watson PLC | 490 | 160127 |
|  (Cost $21,710,059) |  | **32875135** |
|  **Health Care** – **12.3%** |  |  |
|  Abbott Laboratories | 10127 | 1343448 |
|  AbbVie, Inc. | 9811 | 2064234 |
|  Agilent Technologies, Inc. | 3249 | 408269 |
|  Alnylam Pharmaceuticals, Inc. \* | 1334 | 595644 |
|  Amgen, Inc. | 3382 | 973035 |
|  Becton Dickinson & Co. | 2611 | 503871 |
|  Biogen, Inc. \* | 2419 | 319840 |
|  Boston Scientific Corp. \* | 9396 | 991278 |
|  Bristol-Myers Squibb Co. | 14709 | 693971 |
|  Cardinal Health, Inc. | 1865 | 277475 |
|  Cencora, Inc. | 1352 | 394257 |
|  Centene Corp. \* | 3175 | 92202 |
|  Cigna Group | 1181 | 355327 |
|  CVS Health Corp. | 9438 | 690390 |
|  Danaher Corp. | 4224 | 869384 |
|  Dexcom, Inc. \* | 4527 | 341064 |
|  Edwards Lifesciences Corp. \* | 5750 | 467705 |
|  Elevance Health, Inc. | 1145 | 364854 |
|  Eli Lilly & Co. | 4426 | 3242399 |
|  GE HealthCare Technologies, Inc. | 4961 | 365775 |
|  Gilead Sciences, Inc. | 8081 | 912911 |
|  HCA Healthcare, Inc. | 880 | 355485 |
|  Humana, Inc. | 13 | 3948 |
|  IDEXX Laboratories, Inc. \* | 801 | 518319 |
|  Intuitive Surgical, Inc. \* | 2164 | 1024210 |
|  IQVIA Holdings, Inc. \* | 2082 | 397266 |
|  Johnson & Johnson | 13202 | 2338998 |
|  Labcorp Holdings, Inc. | 550 | 152895 |
|  McKesson Corp. | 849 | 582957 |
|  Medtronic PLC | 8806 | 817285 |
|  Merck & Co., Inc. | 14960 | 1258435 |
|  Mettler-Toledo International, Inc. \* | 283 | 368194 |
|  Pfizer, Inc. | 36658 | 907652 |
|  Quest Diagnostics, Inc. | 585 | 106259 |
|  Regeneron Pharmaceuticals, Inc. | 915 | 531341 |
|  ResMed, Inc. | 1545 | 424118 |
|  Royalty Pharma PLC, Class A | 8193 | 294784 |
|  STERIS PLC | 1409 | 345290 |
|  Stryker Corp. | 2244 | 878324 |
|  Thermo Fisher Scientific, Inc. | 2365 | 1165283 |
|  UnitedHealth Group, Inc. | 4527 | 1402782 |
|  Veeva Systems, Inc., Class A \* | 802 | 215898 |
|  Vertex Pharmaceuticals, Inc. \* | 1730 | 676465 |

---

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Waters Corp. \* | 916 | 276449 |
|  West Pharmaceutical Services, Inc. | 1251 | 308934 |
|  Zimmer Biomet Holdings, Inc. | 3329 | 353207 |
|  Zoetis, Inc. | 3593 | 561945 |
|  (Cost $30,209,832) |  | **32534056** |
|  **Industrials** – **4.3%** |  |  |
|  Automatic Data Processing, Inc. | 2132 | 648235 |
|  Broadridge Financial Solutions, Inc. | 722 | 184558 |
|  Carrier Global Corp. | 3913 | 255128 |
|  Cintas Corp. | 1830 | 384355 |
|  Copart, Inc. \* | 8907 | 434751 |
|  Deere & Co. | 1502 | 718917 |
|  Delta Air Lines, Inc. | 5193 | 320824 |
|  Dover Corp. | 1341 | 239851 |
|  Equifax, Inc. | 755 | 185956 |
|  Expeditors International of Washington, Inc. | 2323 | 280014 |
|  Fastenal Co. | 10784 | 535533 |
|  FedEx Corp. | 1750 | 404372 |
|  Ferguson Enterprises, Inc. | 1873 | 432944 |
|  Johnson Controls International PLC | 3310 | 353806 |
|  Old Dominion Freight Line, Inc. | 2235 | 337418 |
|  Otis Worldwide Corp. | 4004 | 345866 |
|  PACCAR, Inc. | 2261 | 226055 |
|  Paychex, Inc. | 1763 | 245859 |
|  Rollins, Inc. | 2050 | 115907 |
|  Snap-on, Inc. | 845 | 274828 |
|  Southwest Airlines Co. | 5227 | 171968 |
|  SS&C Technologies Holdings, Inc. | 1417 | 125631 |
|  Trane Technologies PLC | 571 | 237308 |
|  TransUnion | 1306 | 115450 |
|  Uber Technologies, Inc. \* | 11859 | 1111781 |
|  United Airlines Holdings, Inc. \* | 2875 | 301875 |
|  United Parcel Service, Inc., Class B | 5423 | 474187 |
|  Verisk Analytics, Inc. | 788 | 211279 |
|  Vertiv Holdings Co., Class A | 3391 | 432522 |
|  W.W. Grainger, Inc. | 281 | 284793 |
|  Waste Management, Inc. | 2868 | 649287 |
|  Westinghouse Air Brake Technologies Corp. | 1366 | 264321 |
|  (Cost $9,494,360) |  | **11305579** |
|  **Information Technology** – **38.6%** |  |  |
|  Accenture PLC, Class A | 3430 | 891697 |
|  Adobe, Inc. \* | 2160 | 770472 |
|  Advanced Micro Devices, Inc. \* | 9391 | 1527258 |
|  Amdocs Ltd. | 680 | 58188 |
|  Analog Devices, Inc. | 3346 | 840883 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Apple, Inc. | 92714 | 21522628 |
|  Applied Materials, Inc. | 4974 | 799620 |
|  AppLovin Corp., Class A \* | 1341 | 641789 |
|  Arista Networks, Inc. \* | 7150 | 976333 |
|  ARM Holdings PLC, ADR \* | 2015 | 278695 |
|  Atlassian Corp., Class A \* | 863 | 153424 |
|  Autodesk, Inc. \* | 1176 | 370087 |
|  Broadcom, Inc. | 23309 | 6931864 |
|  Cadence Design Systems, Inc. \* | 1471 | 515483 |
|  CDW Corp. | 729 | 120110 |
|  Cisco Systems, Inc. | 22408 | 1548169 |
|  Cloudflare, Inc., Class A \* | 1626 | 339362 |
|  Cognizant Technology Solutions Corp., Class A | 2685 | 193991 |
|  Corning, Inc. | 7654 | 513048 |
|  Crowdstrike Holdings, Inc., Class A \* | 1235 | 523270 |
|  Datadog, Inc., Class A \* | 1675 | 228939 |
|  Fair Isaac Corp. \* | 124 | 188683 |
|  Fortinet, Inc. \* | 3307 | 260492 |
|  Gartner, Inc. \* | 417 | 104746 |
|  Gen Digital, Inc. | 3210 | 96942 |
|  GLOBALFOUNDRIES, Inc. \* | 4312 | 143978 |
|  HP, Inc. | 4700 | 134138 |
|  HubSpot, Inc. \* | 267 | 129006 |
|  Intel Corp. \* | 29980 | 730013 |
|  Intuit, Inc. | 1369 | 913123 |
|  Keysight Technologies, Inc. \* | 2106 | 344184 |
|  KLA Corp. | 884 | 770848 |
|  Lam Research Corp. | 8454 | 846668 |
|  Marvell Technology, Inc. | 6964 | 437792 |
|  Microchip Technology, Inc. | 5257 | 341705 |
|  Micron Technology, Inc. | 7235 | 861037 |
|  Microsoft Corp. | 45965 | 23290006 |
|  MongoDB, Inc. \* | 596 | 188104 |
|  Monolithic Power Systems, Inc. | 523 | 437102 |
|  Motorola Solutions, Inc. | 1352 | 638766 |
|  NetApp, Inc. | 3042 | 343107 |
|  NVIDIA Corp. | 121527 | 21167573 |
|  ON Semiconductor Corp. \* | 5153 | 255537 |
|  Oracle Corp. | 8171 | 1847708 |
|  Palo Alto Networks, Inc. \* | 3439 | 655198 |
|  QUALCOMM, Inc. | 6779 | 1089589 |
|  Salesforce, Inc. | 4652 | 1192075 |
|  Seagate Technology Holdings PLC | 2367 | 396236 |
|  ServiceNow, Inc. \* | 1034 | 948654 |
|  Snowflake, Inc. \* | 1644 | 392357 |
|  Strategy, Inc. \* | 1359 | 454463 |
|  Super Micro Computer, Inc. \* | 6922 | 287540 |
|  Synopsys, Inc. \* | 820 | 494886 |
|  TE Connectivity PLC | 2708 | 559202 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **45**

------

Schedule of Investments

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

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Texas Instruments, Inc. | 5438 | 1101086 |
|  VeriSign, Inc. | 490 | 133951 |
|  Workday, Inc., Class A \* | 1118 | 258057 |
|  Zoom Communications, Inc. \* | 1647 | 134099 |
|  Zscaler, Inc. \* | 519 | 143789 |
|  (Cost $64,444,830) |  | **102457750** |
|  **Materials** – **1.6%** |  |  |
|  Corteva, Inc. | 6018 | 446475 |
|  CRH PLC | 4833 | 545887 |
|  Ecolab, Inc. | 2037 | 564331 |
|  International Flavors & Fragrances, Inc. | 3710 | 250462 |
|  International Paper Co. | 3473 | 172539 |
|  Martin Marietta Materials, Inc. | 588 | 362443 |
|  Nucor Corp. | 741 | 110209 |
|  Packaging Corp. of America | 1405 | 306234 |
|  PPG Industries, Inc. | 2356 | 262058 |
|  Sherwin-Williams Co. | 1702 | 622643 |
|  Southern Copper Corp. | 2612 | 250987 |
|  Vulcan Materials Co. | 1328 | 386660 |
|  (Cost $3,379,420) |  | **4280928** |
|  **Real Estate** – **3.5%** |  |  |
|  American Tower Corp. REIT | 3295 | 671686 |
|  AvalonBay Communities, Inc. REIT | 1833 | 358993 |
|  CBRE Group, Inc., Class A \* | 1564 | 253556 |
|  CoStar Group, Inc. \* | 2220 | 198668 |
|  Crown Castle, Inc. REIT | 4306 | 426897 |
|  Digital Realty Trust, Inc. REIT | 2939 | 492694 |
|  Equinix, Inc. REIT | 772 | 606939 |
|  Equity Residential REIT | 5132 | 339328 |
|  Essex Property Trust, Inc. REIT | 1109 | 299663 |
|  Extra Space Storage, Inc. REIT | 2521 | 361965 |
|  Invitation Homes, Inc. REIT | 9866 | 308707 |
|  Iron Mountain, Inc. REIT | 3692 | 340882 |
|  Mid-America Apartment Communities, Inc. REIT | 2075 | 302577 |
|  Prologis, Inc. REIT | 6628 | 754134 |
|  Public Storage REIT | 1557 | 458677 |
|  Realty Income Corp. REIT | 8307 | 488119 |
|  SBA Communications Corp. REIT | 1498 | 306865 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Simon Property Group, Inc. REIT | 2973 | 537102 |
|  Ventas, Inc. REIT | 5781 | 393570 |
|  VICI Properties, Inc. REIT | 12025 | 406205 |
|  Welltower, Inc. REIT | 4669 | 785699 |
|  Weyerhaeuser Co. REIT | 10113 | 261623 |
|  (Cost $8,456,826) |  | **9354549** |
|  **Utilities** – **1.2%** |  |  |
|  American Water Works Co., Inc. | 10363 | 1487194 |
|  Edison International | 27446 | 1540544 |
|  (Cost $3,148,296) |  | **3027738** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $194,804,212) |  | **264315752** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  iShares Paris-Aligned Climate MSCI USA ETF | 300 | 20754 |
|  Vanguard Mid-Cap ETF | 100 | 28993 |
|  Xtrackers MSCI USA Climate Action Equity ETF (b) | 7500 | 300332 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $271,807) |  | **350079** |
|  **SECURITIES LENDING COLLATERAL** – **0.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $62,050) | 62050 | **62050** |
|  **CASH EQUIVALENTS** – **0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.25% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $360,132) | 360132 | **360132** |
|  **TOTAL INVESTMENTS** – **99.9%** |  |  |
|  (Cost $195,498,201) |  | **265088013** |
|  **Other assets and liabilities,net** – **0.1%** |  | **187232** |
|  **NET ASSETS** – **100.0%** |  | **265275245** |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

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

August 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at** <br> **8/31/2025** |
| EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% | EXCHANGE-TRADED FUNDS – 0.1% |
| Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) | Xtrackers MSCI USA Climate Action Equity ETF (b) |
| 307443 | 337432 | (404687) | 27313 | 32831 | 5942 |  | 7500 | 300332 |
| SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (c)(d) |
| 512450 |  | (450400) (e) |  |  | 5002 |  | 62050 | 62050 |
| CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% | CASH EQUIVALENTS – 0.1% |
| DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) | DWS Government Money Market Series "Institutional Shares", 4.25% (c) |
| 307334 | 3584770 | (3531972) |  |  | 18945 |  | 360132 | 360132 |
| **1127227** | **3922202** | **(4387059)** | **27313** | **32831** | **29889** |  | **429682** | **722514** |

---

\* 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 August 31, 2025 amounted to $60,418, 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 year ended August 31, 2025.

ADR: American Depositary Receipt

REIT: Real Estate Investment Trust

At August 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  Micro E-Mini S&P 500 Index | USD | 15 | 469965 | 485456 | 9/19/2025 | 15491 |

---

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 \| **47**

------

Schedule of Investments

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

August 31, 2025

#### 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 August 31, 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) | $264315752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $264315752 |
|  Exchange-Traded Funds | 350079 |  |  | 350079 |
|  Short-Term Investments (a) | 422182 |  |  | 422182 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 15491 |  |  | 15491 |
|  **TOTAL** | $**265103504** | $— | $— | $**265103504** |

---

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

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

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 99.4%** |  |  |
|  **Australia – 0.4%** |  |  |
|  Woodside Energy Group Ltd. |  |  |
|  (Cost $143,449) | 8151 | **140893** |
|  **Brazil – 3.7%** |  |  |
|  Suzano SA, ADR | 40591 | 394951 |
|  Vale SA | 65558 | 671027 |
|  Vale SA, ADR | 8757 | 90022 |
|  (Cost $1,152,583) |  | **1156000** |
|  **Canada – 16.9%** |  |  |
|  ARC Resources Ltd. | 8174 | 157354 |
|  Capstone Copper Corp. \* | 63882 | 456915 |
|  Cenovus Energy, Inc. | 27963 | 465184 |
|  Franco-Nevada Corp. | 2818 | 531252 |
|  Ivanhoe Mines Ltd., Class A \* | 42873 | 379095 |
|  Kinross Gold Corp. | 24603 | 514478 |
|  Nexgen Energy Ltd. \* | 29927 | 235632 |
|  Nutrien Ltd. | 20876 | 1203493 |
|  Suncor Energy, Inc. | 16863 | 697267 |
|  Teck Resources Ltd., Class B | 17105 | 585054 |
|  West Fraser Timber Co. Ltd. | 1601 | 116657 |
|  (Cost $4,958,403) |  | **5342381** |
|  **Chile – 2.1%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $529,693) | 22782 | **660223** |
|  **Finland – 5.4%** |  |  |
|  Stora Enso OYJ, Class R | 53184 | 621150 |
|  UPM-Kymmene OYJ | 37611 | 1071097 |
|  (Cost $1,851,803) |  | **1692247** |
|  **France – 2.7%** |  |  |
|  TotalEnergies SE |  |  |
|  (Cost $807,818) | 13619 | **852846** |
|  **India – 2.6%** |  |  |
|  Reliance Industries Ltd., GDR, 144A |  |  |
|  (Cost $960,122) | 13889 | **834729** |
|  **Ireland – 3.1%** |  |  |
|  Smurfit WestRock PLC |  |  |
|  (Cost $969,436) | 20818 | **985940** |
|  **Portugal – 1.8%** |  |  |
|  Galp Energia SGPS SA |  |  |
|  (Cost $552,778) | 28928 | **562080** |
|  **Singapore – 0.6%** |  |  |
|  Wilmar International Ltd. |  |  |
|  (Cost $188,989) | 82259 | **189138** |
|  **South Africa – 3.9%** |  |  |
|  Gold Fields Ltd., ADR | 21225 | 710613 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Gold Fields Ltd. | 16192 | 530507 |
|  (Cost $694,785) |  | **1241120** |
|  **Switzerland – 4.5%** |  |  |
|  Amcor PLC | 62175 | 536570 |
|  Glencore PLC \* | 144103 | 568885 |
|  SIG Group AG \* | 20893 | 331287 |
|  (Cost $1,699,479) |  | **1436742** |
|  **United Kingdom – 16.6%** |  |  |
|  Anglogold Ashanti PLC | 12488 | 707570 |
|  BP PLC | 62202 | 363128 |
|  Mondi PLC | 45402 | 638860 |
|  Rio Tinto PLC | 22141 | 1388590 |
|  Shell PLC | 58000 | 2134551 |
|  (Cost $4,964,854) |  | **5232699** |
|  **United States – 35.1%** |  |  |
|  Baker Hughes Co. | 6713 | 304770 |
|  Bunge Global SA | 7106 | 598467 |
|  CF Industries Holdings, Inc. | 1347 | 116691 |
|  Chevron Corp. | 2106 | 338224 |
|  Commercial Metals Co. | 4766 | 274855 |
|  ConocoPhillips | 4866 | 481588 |
|  Corteva, Inc. | 10704 | 794130 |
|  Darling Ingredients, Inc. \* | 21604 | 733672 |
|  Diamondback Energy, Inc. | 1678 | 249619 |
|  Expand Energy Corp. | 3264 | 315890 |
|  Exxon Mobil Corp. | 14096 | 1611032 |
|  Freeport-McMoRan, Inc. | 10985 | 487734 |
|  Graphic Packaging Holding Co. | 4841 | 107809 |
|  Gulfport Energy Corp. \* | 928 | 161500 |
|  HF Sinclair Corp. | 3674 | 186933 |
|  Ingredion, Inc. | 3188 | 412973 |
|  International Paper Co. | 3318 | 162949 |
|  Mosaic Co. | 14183 | 473712 |
|  Newmont Corp. | 20948 | 1558531 |
|  Ovintiv, Inc. | 3688 | 155338 |
|  Packaging Corp. of America | 10 | 2180 |
|  Steel Dynamics, Inc. | 9840 | 1288253 |
|  Weyerhaeuser Co. REIT | 10926 | 282656 |
|  (Cost $10,162,995) |  | **11099506** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $29,637,187) |  | **31426544** |
|  **CASH EQUIVALENTS – 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.24% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $19,357) | 19357 | **19357** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **49**

------

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL INVESTMENTS – 99.5%** | **TOTAL INVESTMENTS – 99.5%** | **TOTAL INVESTMENTS – 99.5%** |
|  (Cost $29,656,544) |  | **31445901** |
|  **Other assets and liabilities, net – 0.5%** |  | **170570** |
|  **NET ASSETS – 100.0%** |  | **31616471** |

---

A summary of the Fund's transactions with affiliated investments during the year ended August 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>8/31/2025** | **Value ($) at <br>8/31/2025** |
|  SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.24% (a)(b) |
|  — |  |  |  |  | 730 |  |  |  |
|  CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% |
|  DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) | DWS Government Money Market Series "Institutional Shares", 4.24% (a) |
|  — | 11412871 | (11393514) |  |  | 6915 |  | 19357 | 19357 |
|  **—** | **11412871** | **(11393514)** |  |  | **7645** |  | **19357** | **19357** |

---

\* 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 under 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.

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 August 31, 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) | $31426544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $31426544 |
|  Short-Term Investments (a) | 19357 |  |  | 19357 |
|  **TOTAL** | $**31445901** | $**—** | $**—** | $**31445901** |

---

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

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Statements of Assets and Liabilities

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $40213743 | $60840987 | $473811578 | $3065617743 |
|  Investment in affiliated securities at value | 23639 |  |  |  |
|  Investment in DWS Government Money Market Series | 179718 | 11991 | 4591293 | 17078016 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 525 | 313277 | 104738 |  |
|  Cash |  |  | 23730 |  |
|  Foreign currency at value | 80522 | 32586 | 809491 |  |
|  Deposit with broker for futures contracts | 10216 | 16463 | 231994 | 1374756 |
|  Foreign tax receivable |  |  | 157836 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 2003038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 48382 | 45757 | 39170 | 6871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 40232 | 95999 | 1127654 | 3167522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 595 | 132 | 13999 | 57531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 2 | 17 | 15 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 2535 | 113610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $40600109 | $61470819 | $480911498 | $3089305481 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $525 | $313277 | $104738 | $— |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 327 | 26045 |  | 2439994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 5114 | 7086 | 66040 | 180026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax | 83845 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 89811 | 346408 | 170778 | 2620020 |
|  **Net Assets, at value** | $**40510298** | $**61124411** | $**480740720** | $**3086685461** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $119399018 | $52420303 | $462268290 | $2491082670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (78888720) | 8704108 | 18472430 | 595602791 |
|  **Net Assets, at value** | $**40510298** | $**61124411** | $**480740720** | $**3086685461** |
|  Number of Common Shares outstanding | 1200001 | 1800001 | 15300001 | 77050001 |
|  Net Asset Value | $33.76 | $33.96 | $31.42 | $40.06 |
|  Investment in non-affiliated securities at cost | $40328374 | $48164105 | $447746125 | $2451970391 |
|  Investment in affiliated securities at cost | $23482 | $– | $— | $— |
|  Value of securities loaned | $510 | $303144 | $101745 | $1231956 |
|  Investment in DWS Government Money Market Series at cost | $179718 | $11991 | $4591293 | $17078016 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $525 | $313277 | $104738 | $— |
|  Non-cash collateral for securities on loan | $— | $— | $— | $1264878 |
|  Foreign currency at cost | $81734 | $28579 | $806024 | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **51**

------

Statements of Assets and Liabilities (Continued)

August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **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 | $573539199 | $264365499 | $31426544 |
|  Investment in affiliated securities at value | 929760 | 300332 |  |
|  Investment in DWS Government Money Market Series | 2035890 | 360132 | 19357 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 62050 |  |
|  Foreign currency at value |  |  | 194828 |
|  Deposit with broker for futures contracts | 184782 | 35192 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  | 1034478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 4152 | 44573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 530703 | 189537 | 145402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6763 | 1313 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 237 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 388 |  | 23733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $577231637 | $265358865 | $32845050 |
|  **Liabilities** |  |  |  |
|  Payable upon return of securities loaned | $— | $62050 | $— |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  | 1216909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 43507 | 21570 | 11670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 43507 | 83620 | 1228579 |
|  **Net Assets, at value** | $**577188130** | $**265275245** | $**31616471** |
|  **Net Assets Consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $551388972 | $202073758 | $30863700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 25799158 | 63201487 | 752771 |
|  **Net Assets, at value** | $577188130 | $265275245 | $31616471 |
|  Number of Common Shares outstanding | 9750001 | 6500001 | 1175001 |
|  **Net Asset Value** | $59.20 | $40.81 | $26.91 |
|  Investment in non-affiliated securities at cost | $471340142 | $194839547 | $29637187 |
|  Investment in affiliated securities at cost | $786824 | $236472 | $— |
|  Value of securities loaned | $— | $60418 | $— |
|  Investment in DWS Government Money Market Series at cost | $2035890 | $360132 | $19357 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $62050 | $— |
|  Foreign currency at cost | $— | $— | $193382 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Statements of Operations

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $1027453 | $1536912 | $9216250 | $35437719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 39846 | 2549 | 131392 | 381750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 986 | 1996 | 63 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1068285 | 1541457 | 9347705 | 35819537 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 80251 | 76422 | 446465 | 1893243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 80309 | 76480 | 446523 | 1893301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (842) | (71) | (5028) | (10017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 79467 | 76409 | 441495 | 1883284 |
|  Net investment income (loss) | 988818 | 1465048 | 8906210 | 33936253 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | 3045292 | (1046451) | (8413006) | (26994615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (70) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (782309) | 666612 | 16075699 | 246697752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2625) | (3766) | 257847 | 182607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (27175) | 2223 | (1908504) |  |
|  Net realized gain (loss) | 2233113 | (381382) | 6012036 | 219885744 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 5551081 | 2902326 | 24037862 | 136483972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 157 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (18730) | 1725 | 124134 | 788355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1790) | 5844 | (13288) |  |
|  Net change in unrealized appreciation (depreciation) | 5530718 | 2909895 | 24148708 | 137272327 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 7763831 | 2528513 | 30160744 | 357158071 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39066954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391094324 |
|  \* Unaffiliated foreign tax withheld | $143222 | $183653 | $1622723 | $3852 |
|  \*\* Including foreign taxes | $432518 | $— | $640595 | $— |
|  \*\*\* Including change in deferred foreign taxes | $796535 | $— | $369259 | $— |

---

See Notes to Financial Statements.

DBX ETF Trust \| **53**

------

Statements of Operations (Continued)

For the Year Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | **Xtrackers Net** | **Xtrackers** |
|  | **Xtrackers MSCI** | **Zero Pathway** | **RREEF Global** |
|  | **USA Selection** | **Paris Aligned** | **Natural** |
|  | **Equity ETF** | **US Equity ETF** | **Resources ETF** |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $8549913 | $2973987 | $889803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5267 | 5942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 130415 | 18945 | 6915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 125 | 5002 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 8685720 | 3003876 | 897448 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 646194 | 234393 | 133618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 646252 | 234451 | 133662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (3552) | (771) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 642700 | 233680 | 133482 |
|  Net investment income (loss) | 8043020 | 2770196 | 763966 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (4870016) | (4923674) | (1194914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (8661) | 27313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 197053718 | 13748234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 59418 | 29362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (42) |  | 25804 |
|  Net realized gain (loss) | 192234417 | 8881235 | (1169110) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (100526019) | 15800819 | 1341849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 142936 | 32831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 50738 | 9379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | 107 |
|  Net change in unrealized appreciation (depreciation) | (100332345) | 15843029 | 1341956 |
|  Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 91902072 | 24724264 | 172846 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99945092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27494460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936812 |
|  \* Unaffiliated foreign tax withheld | $5838 | $— | $51698 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Emerging Markets** | **Xtrackers Emerging Markets** | | |
|  | **Carbon Reduction and Climate** | **Carbon Reduction and Climate** | **Xtrackers MSCI EAFE Selection** | **Xtrackers MSCI EAFE Selection** |
|  | **Improvers ETF** | **Improvers ETF** | **Equity ETF** | **Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income (loss) | $988818 | $7665264 | $1465048 | $1225950 |
| Net realized gain (loss) | 2233113 | (32238810) | (381382) | (5235) |
| Net change in net unrealized appreciation (depreciation) | 5530718 | 83350970 | 2909895 | 7820147 |
| Net increase (decrease) in net assets resulting from operations | 8752649 | 58777424 | 3993561 | 9040862 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributions | (3345746) | (8720560) | (1570538) | (1250289) |
| Return of capital | (169020) |  |  |  |
| Total distributions | (3514766) | (8720560) | (1570538) | (1250289) |
| **Fund Shares Transactions** |  |  |  |  |
| Proceeds from shares sold | 1675956 | 329006403 | 6452560 | 4517522 |
| Value of shares redeemed | (60666445) | (777045199) | (1658296) | (1584526) |
| Net increase (decrease) in net assets resulting from fund share transactions | (58990489) | (448038796) | 4794264 | 2932996 |
| Total net increase (decrease) in Net Assets | (53752606) | (397981932) | 7217287 | 10723569 |
| **Net Assets** |  |  |  |  |
| Beginning of year | 94262904 | 492244836 | 53907124 | 43183555 |
| End of year | $40510298 | $94262904 | $61124411 | $53907124 |
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 3100001 | 18400001 | 1650001 | 1550001 |
| Shares sold | 50000 | 12150000 | 200000 | 150000 |
| Shares redeemed | (1950000) | (27450000) | (50000) | (50000) |
| Shares outstanding, end of year | 1200001 | 3100001 | 1800001 | 1650001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **55**

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Emerging** | **Xtrackers MSCI Emerging** | **Xtrackers MSCI USA Climate** | **Xtrackers MSCI USA Climate** |
|  | **Markets Climate Selection ETF** | **Markets Climate Selection ETF** | **Action Equity ETF** | **Action Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $8906210 | $596277 | $33936253 | $28577351 |
|  Net realized gain (loss) | 6012036 | (782685) | 219885744 | 231222329 |
|  Net change in net unrealized appreciation (depreciation) | 24148708 | 3802076 | 137272327 | 253783232 |
|  Net increase (decrease) in net assets resulting from operations | 39066954 | 3615668 | 391094324 | 513582912 |
|  **Distributions to Shareholders** | (3140042) | (586531) | (32457861) | (32682806) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 987754402 |  | 1325311114 | 575108072 |
|  Value of shares redeemed | (570956735) |  | (809711469) | (1118683278) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 416797667 |  | 515599645 | (543575206) |
|  Total net increase (decrease) in Net Assets | 452724579 | 3029137 | 874236108 | (62675100) |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 28016141 | 24987004 | 2212449353 | 2275124453 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480740720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28016141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086685461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212449353 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 1050001 | 1050001 | 62600001 | 81100001 |
|  Shares sold | 34050000 |  | 35950000 | 19000000 |
|  Shares redeemed | (19800000) |  | (21500000) | (37500000) |
|  Shares outstanding, end of year | 15300001 | 1050001 | 77050001 | 62600001 |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI USA Selection** | **Xtrackers MSCI USA Selection** | **Xtrackers Net Zero Pathway Paris** | **Xtrackers Net Zero Pathway Paris** |
|  | **Equity ETF** | **Equity ETF** | **Aligned US Equity ETF** | **Aligned US Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income (loss) | $8043020 | $13754946 | $2770196 | $2267724 |
| Net realized gain (loss) | 192234417 | 139225130 | 8881235 | 5508144 |
| Net change in net unrealized appreciation (depreciation) | (100332345) | 91051668 | 15843029 | 37350208 |
| Net increase (decrease) in net assets resulting from operations | 99945092 | 244031744 | 27494460 | 45126076 |
| **Distributions to Shareholders** | (9435139) | (14649602) | (2730593) | (2136306) |
| **Fund Shares Transactions** |  |  |  |  |
| Proceeds from shares sold | 113633134 | 189393361 | 48566788 | 45647060 |
| Value of shares redeemed | (671622989) | (656999562) | (29732770) | (14855434) |
| Net increase (decrease) in net assets resulting from fund share transactions | (557989855) | (467606201) | 18834018 | 30791626 |
| Total net increase (decrease) in Net Assets | (467479902) | (238224059) | 43597885 | 73781396 |
| **Net Assets** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044668032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282892091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221677360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147895964 |
| End of year | $577188130 | $1044668032 | $265275245 | $221677360 |
| **Changes in Shares Outstanding** |  |  |  |  |
| Shares outstanding, beginning of year | 20000001 | 30650001 | 6050001 | 5100001 |
| Shares sold | 2125000 | 4050000 | 1250000 | 1400000 |
| Shares redeemed | (12375000) | (14700000) | (800000) | (450000) |
| Shares outstanding, end of year | 9750001 | 20000001 | 6500001 | 6050001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **57**

------

Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | **Xtrackers RREEF Global Natural** | **Xtrackers RREEF Global Natural** |
|  | **Resources ETF** | **Resources ETF** |
|  | | **For the Period** |
|  | | **February 27,** |
|  | **Year Ended** | **2024<sup>(1)</sup> to** |
|  | **August 31, 2025** | **August 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income (loss) | $763966 | $197174 |
|  Net realized gain (loss) | (1169110) | 222505 |
|  Net change in net unrealized appreciation (depreciation) | 1341956 | 450250 |
|  Net increase (decrease) in net assets resulting from operations | 936812 | 869929 |
|  **Distributions to Shareholders** | (936245) | (117725) |
|  **Fund Shares Transactions** |  |  |
|  Proceeds from shares sold | 676313 | 30187362 |
|  Value of shares redeemed |  |  |
|  Net increase (decrease) in net assets resulting from fund share transactions | 676313 | 30187362 |
|  Total net increase (decrease) in Net Assets | 676880 | 30939566 |
|  **Net Assets** |  |  |
|  Beginning of period | 30939591 | 25 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31616471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30939591 |
|  **Changes in Shares Outstanding** |  |  |
|  Shares outstanding, beginning of period | 1150001 | 1 |
|  Shares sold | 25000 | 1150000 |
|  Shares redeemed |  |  |
|  Shares outstanding, end of period | 1175001 | 1150001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Financial Highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $30.41 | $26.75 | $26.93 | $34.69 | $27.90 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.58 | 0.47 | 0.60 | 0.70 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.23 | 3.48 | (0.08) | (7.88) | 6.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.81 | 3.95 | 0.52 | (7.18) | 7.43 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.34) | (0.29) | (0.70) | (0.58) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.12) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (2.46) | (0.29) | (0.70) | (0.58) | (0.64) |
|  Net Asset Value, end of year | $33.76 | $30.41 | $26.75 | $26.93 | $34.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 20.43 | 14.88 | 2.01 | (20.81) | 26.80 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 41 | 94 | 492 | 493 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.85 | 1.70 | 2.30 | 2.30 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 17 | 79 | 16 | 33 | 17 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| **59**

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Financial Highlights (Continued)

Xtrackers MSCI EAFE Selection Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $32.67 | $27.86 | $24.26 | $31.79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.96 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.85 | 0.77 | 0.78 | 0.85 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.34 | 4.82 | 3.51 | (7.57) | 5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.19 | 5.59 | 4.29 | (6.72) | 6.52 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.90) | (0.78) | (0.69) | (0.81) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.90) | (0.78) | (0.69) | (0.81) | (0.69) |
|  Net Asset Value, end of year | $33.96 | $32.67 | $27.86 | $24.26 | $31.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 6.97 | 20.32 | 17.79 | (21.40) | 25.28 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 61 | 54 | 43 | 29 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.68 | 2.59 | 2.92 | 3.04 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 11 | 12 | 25 | 22 | 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.

See Notes to Financial Statements.

**60** \| DBX ETF Trust

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Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Climate Selection ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $26.68 | $23.80 | $24.39 | $33.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.87 | 0.57 | 0.53 | 0.64 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.12 | 2.87 | (0.65) | (9.14) | 4.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.99 | 3.44 | (0.12) | (8.50) | 5.26 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.56) | (0.47) | (0.71) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.25) | (0.56) | (0.47) | (0.71) | (0.23) |
|  Net Asset Value, end of year | $31.42 | $26.68 | $23.80 | $24.39 | $33.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 18.80 | 14.74 | (0.51) | (25.55) | 18.43 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 481 | 28 | 25 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.01 | 2.33 | 2.21 | 2.22 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 171 | 14 | 23 | 24 | 26 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| **61**

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Financial Highlights (Continued)

Xtrackers MSCI USA Climate Action Equity ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** |
|  | **2025** | **2024** | **8/31/2023(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $35.34 | $28.05 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.47 | 0.42 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.72 | 7.32 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.19 | 7.74 | 3.13 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.47) | (0.41) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from distributions** | (0.47) | (0.45) | (0.08) |
|  Net Asset Value, end of period | $40.06 | $35.34 | $28.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 14.82 | 27.85 | 12.55 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 3087 | 2212 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.07 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.07 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.25 | 1.36 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 12 | 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.

**62** \| DBX ETF Trust

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Financial Highlights (Continued)

Xtrackers MSCI USA Selection Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $52.23 | $41.86 | $35.87 | $41.89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.61 | 0.58 | 0.57 | 0.53 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.00 | 10.41 | 6.04 | (6.04) | 10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.61 | 10.99 | 6.61 | (5.51) | 10.55 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.64) | (0.62) | (0.62) | (0.51) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.64) | (0.62) | (0.62) | (0.51) | (0.50) |
|  Net Asset Value, end of year | $59.20 | $52.23 | $41.86 | $35.87 | $41.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 14.70 | 26.52 | 18.68 | (13.29) | 33.48 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 577 | 1045 | 1283 | 3060 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.12 | 1.26 | 1.56 | 1.32 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 2 | 7 | 6 | 6 | 12 |

---

(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.

See Notes to Financial Statements.

DBX ETF Trust \| **63**

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Financial Highlights (Continued)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** | **Period Ended** |
|  | **2025** | **2024** | **2023** | **8/31/2022(a)** | **8/31/2022(a)** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $36.64 | $29.00 | $25.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |  |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.44 | 0.41 | 0.39 | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.17 | 7.62 | 3.74 | 0.14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.61 | 8.03 | 4.13 | 0.21 |  |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.39) | (0.34) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  | (0.00)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.44) | (0.39) | (0.34) |  |  |
|  Net Asset Value, end of period | $40.81 | $36.64 | $29.00 | $25.21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 12.71 | 27.94 | 16.60 | 0.84 | \*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 265 | 222 | 148 | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.18 | 1.28 | 1.49 | 1.50 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 12 | 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.

**64** \| DBX ETF Trust

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Financial Highlights (Continued)

Xtrackers RREEF Global Natural Resources ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Period Ended** |
|  | **8/31/2025** | **8/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $26.90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.65 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.16 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.81 | 2.18 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.57) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.80) | (0.28) |
|  Net Asset Value, end of period | $26.91 | $26.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 3.23 | 8.75 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.57 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 143 | 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.

DBX ETF Trust \| **65**

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Notes to Financial Statements

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 August 31, 2025, the Trust consists of forty one investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE 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 MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA Selection Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF which lots consists of 25,000 shares and 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 5, 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.

**66** \| DBX ETF Trust

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The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the "EMCR Index") is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance ("ESG") criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies' greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE 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 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.

DBX ETF Trust \| **67**

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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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**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.

**68** \| DBX ETF Trust

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

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

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

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

**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, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to August 31, 2025), 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 year ended August 31, 2025, the Funds did not incur any interest or penalties.

DBX ETF Trust \| **69**

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As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Ordinary Income<sup>\*</sup>** | **Capital and Other**<br> **Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $— | $(77640606) | $(1248114) | $(78888720) |
|  Xtrackers MSCI EAFE Selection Equity ETF | 610624 | (3009682) | 11103166 | 8704108 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 4044504 | (10846981) | 25274907 | 18472430 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 7481547 | (14131806) | 602253050 | 595602791 |
|  Xtrackers MSCI USA Selection Equity ETF | 1270127 | (74545148) | 99074179 | 25799158 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 645446 | (4703433) | 67259474 | 63201487 |
|  Xtrackers RREEF Global Natural Resources ETF | 205535 | (1138756) | 1685992 | 752771 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the periods ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31, 2025** | **Year Ended August 31, 2025** | **Year Ended August 31, 2025** |
|  | **Ordinary Income<sup>\*</sup>** | **Long Term Capital<br>Gains** | **Return of Capital** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $3345746 | $— | $169020 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 1570538 |  |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 3140042 |  |  |
|  Xtrackers MSCI USA Climate Action Equity ETF | 32457861 |  |  |
|  Xtrackers MSCI USA Selection Equity ETF | 9435139 |  |  |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 2730593 |  |  |
|  Xtrackers RREEF Global Natural Resources ETF | 935250 | 995 |  |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended August 31, 2024** | **Year Ended August 31, 2024** |
|  | **Ordinary Income<sup>\*</sup>** | **Long Term Capital<br>Gains** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $8720560 | $— |
|  Xtrackers MSCI EAFE Selection Equity ETF | 1250289 |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 586531 |  |
|  Xtrackers MSCI USA Climate Action Equity ETF | 32457740 | 225066 |
|  Xtrackers MSCI USA Selection Equity ETF | 14649602 |  |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 2136306 |  |
|  Xtrackers RREEF Global Natural Resources ETF | 117725 |  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total Amount** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18532261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59107241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77639502 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 681153 | 2328529 | 3009682 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 7468350 | 3366514 | 10834864 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 9130979 | 5000827 | 14131806 |
|  Xtrackers MSCI USA Selection Equity ETF | 16440268 | 58104880 | 74545148 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 1107205 | 3596228 | 4703433 |
|  Xtrackers RREEF Global Natural Resources ETF | 1138756 |  | 1138756 |

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Capital losses incurred after October 31 ("post-October capital losses") and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the fiscal period ended August 31, 2025, the Funds had no post-October capital losses.

**70** \| DBX ETF Trust

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For the fiscal period ended August 31, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

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| | | |
|:---|:---|:---|
|  | **Distributable** | |
|  | **earnings (loss)** | **Paid-In Capital** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $1044147 | $(1044147) |
|  Xtrackers MSCI EAFE Selection Equity ETF | (638116) | 638116 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | (15676034) | 15676034 |
|  Xtrackers MSCI USA Climate Action Equity ETF | (243392725) | 243392725 |
|  Xtrackers MSCI USA Selection Equity ETF | (179643572) | 179643572 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | (13622902) | 13622902 |

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As of August 31, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate Tax Cost** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross<br>Unrealized<br>(Depreciation)** |
| Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $41573396 | $(1155771) | $12134243 | $(13290014) |
|  Xtrackers MSCI EAFE Selection Equity ETF | 50077914 | 11088341 | 15030859 | (3942518) |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 453376583 | 25131026 | 40997093 | (15866067) |
|  Xtrackers MSCI USA Climate Action Equity ETF | 2480442709 | 602253050 | 719987537 | (117734487) |
|  Xtrackers MSCI USA Selection Equity ETF | 477430670 | 99074179 | 135828256 | (36754077) |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 197828538 | 67259475 | 76024800 | (8765325) |
|  Xtrackers RREEF Global Natural Resources ETF | 29762758 | 1683143 | 2807196 | (1124053) |

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**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of August 31, 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.** 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, Xtrackers RREEF Global Natural Resources 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 year ended August 31, 2025, the Funds invested the cash collateral, if any, into

DBX ETF Trust \| **71**

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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 August 31, 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 August 31, 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements, as of August 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of August 31, 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** | **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $525 | $— | $— | $— | $525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $525 |
|  **Xtrackers MSCI EAFE Selection Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $27257 | $— | $— | $— | $27257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $286020 | $— | $— | $— | $286020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $313277 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | $313277 |
|  **Xtrackers MSCI Emerging Markets Climate Selection ETF** | **Xtrackers MSCI Emerging Markets Climate Selection ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $104738 | $— | $— | $— | $104738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $104738 |
|  **Xtrackers MSCI USA Climate Action Equity ETF** | **Xtrackers MSCI USA Climate Action Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1264878 | $— | $— | $— | $1264878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions |  | $1264878 |
|  **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** | **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $62050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $62050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $62050 |

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As of August 31, 2025, Xtrackers MSCI USA Selection Equity ETF and Xtrackers RREEF Global Natural Resources ETF had no securities on loan.

#### 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 year ended August 31, 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).

**72** \| DBX ETF Trust

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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 August 31, 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 August 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF** | **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF** | **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF** | **Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $8840 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $8840 | Total | $— |
|  **Xtrackers MSCI EAFE Selection Equity ETF** | **Xtrackers MSCI EAFE Selection Equity ETF** | **Xtrackers MSCI EAFE Selection Equity ETF** | **Xtrackers MSCI EAFE Selection Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $4328 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $4328 | Total | $— |
|  **Xtrackers MSCI Emerging Markets Climate Selection ETF** | **Xtrackers MSCI Emerging Markets Climate Selection ETF** | **Xtrackers MSCI Emerging Markets Climate Selection ETF** | **Xtrackers MSCI Emerging Markets Climate Selection ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $132009 | Unrealized depreciation on futures contracts<sup>\*</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7825 |
|  | Total | $132009 | Total | $7825 |
|  **Xtrackers MSCI USA Climate Action Equity ETF** | **Xtrackers MSCI USA Climate Action Equity ETF** | **Xtrackers MSCI USA Climate Action Equity ETF** | **Xtrackers MSCI USA Climate Action Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $906787 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906787 | Total | $— |
|  **Xtrackers MSCI USA Selection Equity ETF** | **Xtrackers MSCI USA Selection Equity ETF** | **Xtrackers MSCI USA Selection Equity ETF** | **Xtrackers MSCI USA Selection Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $85944 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $85944 | Total | $— |
|  **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** | **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** | **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** | **Xtrackers Net Zero Pathway Paris Aligned US Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $15491 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $15491 | Total | $— |

---

<sup>\*</sup> 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. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended August 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

---

| | |
|:---|:---|
|  | **Futures Contracts** |
| **Net Realized Gain (Loss) from:** | **— Equity Contracts** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $(2625) |
|  Xtrackers MSCI EAFE Selection Equity ETF | (3766) |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 257847 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 182607 |
|  Xtrackers MSCI USA Selection Equity ETF | 59418 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 29362 |
|  | **Futures Contracts** |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **— Equity Contracts** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $(18730) |
|  Xtrackers MSCI EAFE Selection Equity ETF | 1725 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 124134 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 788355 |
|  Xtrackers MSCI USA Selection Equity ETF | 50738 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 9379 |

---

DBX ETF Trust \| **73**

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For the period ended August 31, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts** |
|  | **(Contract Value)** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $1020255 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 301573 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 1854511 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 9751972 |
|  Xtrackers MSCI USA Selection Equity ETF | 3005899 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 428860 |

---

**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.

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% |

---

Effective November 5, 2024 the Advisor for Xtrackers MSCI Emerging Markets Climate Selection ETF had contractually agreed, until November 11, 2024, to waive 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. For the year ended August 31, 2025, the Advisor waived $296 of expenses to the Fund.

**74** \| DBX ETF Trust

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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 year ended August 31, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $842 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 71 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 4732 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 10017 |
|  Xtrackers MSCI USA Selection Equity ETF | 3552 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 771 |
|  Xtrackers RREEF Global Natural Resources ETF | 180 |

---

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.

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 August 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending** |
|  | **Agent Fees** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $73 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 5 |
|  Xtrackers MSCI USA Selection Equity ETF | 9 |

---

4. Investment Portfolio Transactions

For the year ended August 31, 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 | $9073378 | $61407311 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 6188819 | 6353450 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 999765713 | 500403682 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 311293730 | 322025682 |
|  Xtrackers MSCI USA Selection Equity ETF | 19966415 | 18002508 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 27832196 | 27946740 |
|  Xtrackers RREEF Global Natural Resources ETF | 42298063 | 42562711 |

---

DBX ETF Trust \| **75**

------

For the year ended August 31, 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 | $209818 | $7543172 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 6392792 | 1632557 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 85022984 | 170707520 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 1323396324 | 804943733 |
|  Xtrackers MSCI USA Selection Equity ETF | 113632261 | 671368122 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 48567758 | 29550681 |
|  Xtrackers RREEF Global Natural Resources ETF | 659200 |  |

---

5. Fund Share Transactions

As of August 31, 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 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 and US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes. 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,

**76** \| 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 August 31, 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 August 31, 2025, there was one affiliated shareholder account for Xtrackers Global Natural Resources ETF, owning 34% of the shares outstanding.

DBX ETF Trust \| **77**

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

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 and Xtrackers RREEF Global Natural Resources ETF, and the Board of Trustees of DBX ETF Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 and Xtrackers RREEF Global Natural Resources ETF (collectively referred to as the "Funds"), (seven of the funds constituting DBX ETF Trust (the "Trust")), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting DBX ETF Trust) at August 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights |
| &nbsp;&nbsp;&nbsp; Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF<br>Xtrackers MSCI Emerging Markets Climate Selection ETF<br>Xtrackers MSCI EAFE Selection Equity ETF<br>Xtrackers MSCI USA Selection Equity ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the five years in the period ended August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the three years in the period ended August 31, 2025 and the period from June 28, 2022 (commencement of operations) through August 31, 2022 |
| &nbsp;&nbsp;&nbsp;Xtrackers MSCI USA Climate Action Equity ETF | For the year ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 | For each of the two years in the period ended August 31, 2025 and the period from April 4, 2023 (commencement of operations) through August 31, 2023 |
| &nbsp;&nbsp;&nbsp;Xtrackers RREEF Global Natural Resources ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025 and the period from February 27, 2024 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and the period from February 27, 2024 (commencement of operations) through August 31, 2024 |

---

**78** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm (Continued)

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g98037dsp-80.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2025

DBX ETF Trust \| **79**

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

**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** 

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 13-14, 2025 (the "Meeting"), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the "Trust") or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE Selection Equity ETF, Xtrackers MSCI Emerging Markets Climate 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 (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC ("DBX" or the "Advisor") for purposes of reviewing the Investment Advisory Agreement's terms, including statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge") regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds ("ETFs") selected pursuant to Broadridge's proprietary methodology (each, a "Peer Group") and (b) for Funds with two years of performance history as of December 31, 2024, each Fund's tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

**80** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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

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

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

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

**Reasonableness of Advisory Fee.** The Board compared each Fund's advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund's respective Peer Group. The Board accordingly noted that each Fund's fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds' operating expenses (subject to certain specified exceptions). The Board considered that each Fund's fee had been priced to scale when it was established. The Board also considered that each Fund's portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

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

DBX ETF Trust \| **81**

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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

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

#### Xtrackers RREEF Global Natural Resources ETF

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC and Investment Sub-Advisory Agreement with RREEF America L.L.C.
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on May 13-14, 2025 (the "Meeting") the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the "Trust") or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers RREEF Global Natural Resources ETF (the "Fund") for another annual period ending May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC ("DBX" or the "Advisor") and RREEF America L.L.C. ("RREEF" or "Sub-Advisor"), an affiliate of the Advisor, for purposes of reviewing the Investment Advisory Agreement's and Investment Sub-Advisory Agreement's terms, including statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge") regarding fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds ("ETFs") selected pursuant to Broadridge's proprietary methodology (the "Peer Group"). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

In reaching its decision to approve the continuation of the Investment Sub-Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the performance of RREEF with respect to its management of the Fund, as well as RREEF's financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by RREEF from its relationship with the Fund; (4) the extent to which economies of scale have been realized, and if the Fund's shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

**82** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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

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

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust's service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund's operation. The Board also considered the role played by the Advisor in working with RREEF to manage the Fund's portfolio, noting that the Advisor provides oversight of day-to-day operations and other services, including providing trading services and services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund. The Board considered the information the Sub-Advisor had provided regarding the Fund's investment performance in response to the Board's requests prior to the Meeting.

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

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

**Reasonableness of Advisory Fee.** The Board compared the Fund's advisory fee and total expenses to those of the other ETFs in its Peer Group and noted that the Fund's fee is below the average and median fee of the ETFs in the Fund's Peer Group. The Board accordingly noted that the Fund's fee is competitive with the fees of its Peer Group.

The Board considered that the fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund's operating expenses (subject to certain specified exceptions). The Board considered that the Fund's fee had been priced to scale when it was established. The Board also considered that the Fund's' portfolio is managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities between the Advisor and Sub-Advisor and noted that the Advisor provides oversight of day-to-day operations and other services, including providing

DBX ETF Trust \| **83**

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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

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

**Economies of Scale.** The Board considered that the Fund was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

#### The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
**Nature, Extent and Quality of Services.** In considering the nature, extent and quality of services that RREEF provides to the Fund, the Board reviewed in detail the nature, extent and quality of services provided by RREEF under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information the Sub-Advisor had provided in response to the Board's requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous target allocation representing RREEF's recommendations as to the securities to be purchased, sold or retained by the Fund, which RREEF continually reviews and adjusts as necessary on an ongoing daily basis.

The Board also considered RREEF's operational capabilities and resources, and its experience in serving as investment sub-advisor to the Fund. The Board considered the professional experience, qualifications and performance of RREEF's senior management and key professional personnel, as well as RREEF's depth and breadth of experience in managing investment portfolios of the Fund. In addition, the Board considered RREEF's operational capabilities and resources.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by RREEF under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to RREEF, taking special consideration of the fact that the fees paid to RREEF are payable by the Advisor and not the Fund.

**Performance of RREEF; RREEF's Financial Resources.** The Board considered RREEF's performance in managing the Fund. The Board concluded that, given RREEF's capabilities and experience in managing the Fund, and determined that Fund performance was acceptable.

The Board also considered RREEF's financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that RREEF has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

**Reasonableness of Sub-Advisory Fee.** The Board considered that the fee paid to RREEF in respect of the Fund would be paid by the Advisor and not the Fund. Based on its review, the Board concluded that the fees agreed upon with RREEF are reasonable in light of the nature and quality of investment advisory services rendered for the Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Fund, the fact that the sub-advisory fee is paid by the Advisor and not the Fund, and fees paid by comparable funds to advisors.

**Costs of Services and Profitability.** The Board considered that the fees paid by the Advisor to RREEF under the Investment Sub-Advisory Agreement. The Board further considered information regarding the estimated enterprise-wide profitability of DBX and its affiliates with respect to all services they provided to the Fund. The Board also considered that the overall fees paid by the Fund remained reasonable.

**84** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

The Board also considered whether RREEF would benefit in other ways from its relationship with the Fund and concluded there were no material fall-out benefits likely to accrue to the Sub-Advisor related to the operation of the Fund.

**Economies of Scale.** The Board considered that the Fund was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

DBX ETF Trust \| **85**

------

Tax Information (Unaudited)

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Qualified Dividend<br>Income<sup>\*</sup>** | **Dividends<br> Received <br>Reduction<sup>\*</sup>** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 68% | —% |
|  Xtrackers MSCI EAFE Selection Equity ETF | 81% | 5% |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 56% | —% |
|  Xtrackers MSCI USA Climate Action Equity ETF | 100% | 100% |
|  Xtrackers MSCI USA Selection Equity ETF | 100% | 100% |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 100% | 100% |
|  Xtrackers RREEF Global Natural Resources ETF | 100% | 46% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year. 

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross Foreign<br>Income** | **Foreign Taxes Paid** |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143223 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 1624551 | 178966 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 10203041 | 1622723 |
|  Xtrackers RREEF Global Natural Resources ETF | 584325 | 51337 |

---

**86** \| DBX ETF Trust

------

![LOGO](g98037dsp88.jpg)

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(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.
Included under Item 7.

#### 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.

I**tem 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 have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal controls 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) | [The registrant's Code of Ethics is attached hereto.](d14151dex99codeeth.htm) |
| (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.](d14151dex99cert.htm) |
| (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.](d14151dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | DBX ETF Trust |
| By (Signature and Title) | /s/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal Executive Officer |
| Date November 3, 2025 | Date November 3, 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/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal Executive Officer |
| Date November 3, 2025 | Date November 3, 2025 |
| By (Signature and Title) | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |
| Date November 3, 2025 | Date November 3, 2025 |

---

## Ex-99.Code

**EX-99.CODE ETH** 

**DBX ETF TRUST** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

**I.** **COVERED OFFICERS/PURPOSE OF THE CODE** 

This code of ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer (the "Covered Officers," each of whom are set forth in Exhibit A) of the DBX ETF Trust (the "Trust") on behalf of each of its series (each a "Fund," together the "Funds"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds, and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Funds and DBX Advisors LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and its Adviser or sub-adviser, of which the Covered Officers may be officers or employees, or officers or employees of affiliates. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser or sub-adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser or sub-adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser or sub-adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of members (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer<sup>1</sup> would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than for the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would also present a conflict for the Covered Officer if a member of a Covered Officer's family (spouse, minor children and any account over which a Covered Officer is deemed to have beneficial interest) engages in such an activity or has such a relationship. 

------

There are some potential conflict of interest situations that should be discussed with the Funds' Chief Compliance Officer ("CCO") or designee in order to determine whether these situations pose a material risk of causing detriment to the Fund(s). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts or the conveyance of any value
(including entertainment) from any company with which the Fund has current or prospective business dealings, to the extent the situation is not addressed by the Funds' 17j-1 Code of Ethics or the
Adviser's Code of Ethics, except: (a) any non-cash gifts of nominal value (nominal value is less than $100); and (b) customary and reasonable meals and entertainment at which the giver is
present, such as the occasional business meal or sporting event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Fund has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety, to the extent the situation is not addressed by the Funds' 17j-1 Code of Ethics or the Adviser's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than the Adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself with the disclosure requirements generally applicable to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or knowingly cause others to misrepresent, facts about a Fund to others, whether
within or outside the Funds, including to the Fund's Directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund
and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with his or her obligations under each Funds' Disclosure Controls and Procedures and certification
requirements relating to the reports on Form N-CSR (certified shareholder reports) and Form N-PORT (quarterly schedule of portfolio holdings) that the Fund is required
to file.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he has received, read, and understands the Code (Exhibit B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing to the Board that he has complied with the requirements of the Code
(Exhibit C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually disclose affiliations and other relationships related to conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this
Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Any approvals or waivers sought by the Covered Officers must be considered by the CCO. In rendering decisions and interpretations and in conducting investigations of potential violations under the Code, the CCO may, at the CCO's discretion, consult with such persons as it determines to be appropriate, including, but not limited to, a senior legal officer of the Fund or the Adviser or its affiliates, independent auditors or other consultants, subject to any requirement to seek pre-approval from the Funds' audit committee for the retention of independent auditors to perform permissible non-audit services.

Each Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO determines that a violation has occurred, it will inform and make a recommendation to the Board
Members that are not "interested persons" of the Fund, as such term is defined in the 1940 Act ("Independent Trustees"), who will consider appropriate action, which may include: (i) review of, and appropriate
modifications to, applicable policies and procedures; (ii) notification to appropriate personnel of the Adviser or its board; or (iii) a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will be responsible for granting waivers, as appropriate, and will provide a report annually to the Board
describing any waivers granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by each Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and the Adviser's and principal underwriter's codes of ethics under Rule 17j-l under the 1940 Act, and any other codes of conduct applicable to such entities, are separate requirements applying to the Covered Officers and others and are not part of this Code.

**VI.** **AMENDMENTS** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII.** **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than a Funds' counsel, the Board, independent auditors or other consultants referred to in Section IV, above.

**VIII.** **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

------

Last Reviewed: May 2025

Next Review: May 2026

------

**EXHIBIT A** 

**<u>PERSONS COVERED BY CODE OF ETHICS</u>**

Freddi Klassen – President and Chief Executive Officer

Diane Kenneally – Treasurer, Chief Financial Officer and Controller

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**EXHIBIT B** 

**Initial Acknowledgement and Certification of Obligations Under the Officer Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer
Code of Ethics ("Officer Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read the Officer Code and I understand the requirements and provisions set forth in the
Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will act in the best interest of the Funds for which I serve as an officer and have maintained the
confidentiality of personal information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I will report any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance
Officer.

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| | |
|:---|:---|
| Signature | Date |
| Name | Title |

---

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**EXHIBIT C** 

**Annual Acknowledgement and Certification of Obligations Under the Officer Code** 

1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer
Code of Ethics ("Officer Code"), and therefore subject to all of its requirements and provisions.

2. I have received and read the Officer Code, and I understand the requirements and provisions set forth in the
Officer Code.

3. I have adhered to the Officer Code.

4. I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or
apparent conflicts of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code's requirements.

5. I have acted in the best interest of the Funds for which I serve as an officer and have maintained the
confidentiality of personal information about Fund shareholders.

6. With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in
place to create and file public reports and documents in accordance with applicable regulations.

7. With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my
knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

8. I have reported any known or suspected violations of the Officer Code in a timely manner to the DBX Chief
Compliance Officer.

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| | |
|:---|:---|
| Signature | Date |
| Name | Title |

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## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Freddi Klassen, certify that:

1. I have reviewed this report on Form N-CSR of DBX ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 3, 2025 | /s/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal Executive Officer |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Diane Kenneally, certify that:

1. I have reviewed this report on Form N-CSR of DBX ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 3, 2025 | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

**Principal Executive Officer** 

**Section 906 Certification under Sarbanes Oxley Act** 

I, Freddi Klassen, certify that:

1. The Form N-CSR of the DBX ETF Trust (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the DBX ETF Trust.

---

| | |
|:---|:---|
| Date: November 3, 2025 | /s/ Freddi Klassen |
|  | Freddi Klassen |
|  | Principal Executive Officer |

---

**Principal Financial Officer** 

**Section 906 Certification under Sarbanes Oxley Act** 

I, Diane Kenneally, certify that:

1. The Form N-CSR of the DBX ETF Trust (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the DBX ETF Trust.

---

| | |
|:---|:---|
| Date: November 3, 2025 | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---