# EDGAR Filing Document

**Accession Number:** 0001503123
**File Stem:** 0001193125-26-199864
**Filing Date:** 2026-5
**Character Count:** 1517088
**Document Hash:** 53265229b561c2e654db8a3a03316d24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-199864.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-199864

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22487
- **FILM NUMBER:** 26929736

**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 100 Ex Top 20 ETF (Series ID: S000077074)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237218 | Xtrackers S&P 100 Ex Top 20 ETF | XOEX            |

### 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            |

### Xtrackers Europe Market Leaders ETF (Series ID: S000097585)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000267035 | Xtrackers Europe Market Leaders ETF | XEML            |

### Xtrackers Europe Defense Technologies ETF (Series ID: S000100754)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000270610 | Xtrackers Europe Defense Technologies ETF | XDEF            |

?xml version='1.0' encoding='ASCII'? N-CSRS

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 <u>811-22487</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>DBX ETF Trust</u> 

(Exact name of registrant as specified in charter)

875 Third Avenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>New York, New York 10022</u> 

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, MA 02110</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 454-4500</u>

Date of fiscal year end: <u>August</u> <u>31</u>

Date of reporting period: <u>February</u> <u>28, 2026</u> 

------

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HYUP | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers High Beta High Yield Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 39997769 |
| Number of Portfolio Holdings | 660 |
| Portfolio Turnover Rate (%) | 33 |
| Total Net Advisory Fees Paid ($) | 26669 |
| Modified duration to worst | 3.3 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 1% |
| BB | 54% |
| B | 30% |
| CCC | 14% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communications | 22% |
| Consumer, Cyclical | 16% |
| Financial | 14% |
| Consumer, Non-cyclical | 13% |
| Energy | 13% |
| Basic Materials | 7% |
| Industrial | 5% |
| Technology | 4% |
| Utilities | 4% |
| Diversified | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 79% |
| United Kingdom | 4% |
| Canada | 4% |
| Luxembourg | 3% |
| Other | 7% |

---

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

Holdings-based data is subject to change.

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

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

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

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

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

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

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HYUP-TSRS** 
R-104942-2 (04/26) DBX007196 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HYDW | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Low Beta High Yield Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 66132345 |
| Number of Portfolio Holdings | 598 |
| Portfolio Turnover Rate (%) | 26 |
| Total Net Advisory Fees Paid ($) | 112466 |
| Modified duration to worst | 2.5 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 12% |
| BB | 76% |
| B | 12% |
| CCC | 0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 20% |
| Consumer, Cyclical | 19% |
| Industrial | 17% |
| Financial | 14% |
| Energy | 9% |
| Communications | 8% |
| Basic Materials | 4% |
| Technology | 4% |
| Utilities | 4% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 86% |
| Canada | 5% |
| Other | 7% |

---

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

Holdings-based data is subject to change.

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

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

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing involves risk, including the possible loss of principal. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HYDW-TSRS** 
R-104943-2 (04/26) DBX007197 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HYRM | $13 | 0.25%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

Gross expense ratio as of the latest prospectus: 0.36%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher. Fund costs do not reflect expenses of the underlying funds in which the Fund invests.

This semi-annual shareholder report contains important information about the Xtrackers Risk Managed USD High Yield Strategy ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 49142182 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 58731 |
| Modified duration to worst | 2.9 years |

---

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

## What did the Fund invest in?

### Credit Quality\*

---

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

---

### Sector Allocation\*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Non-cyclical | 17% |
| Consumer, Cyclical | 17% |
| Communications | 16% |
| Financial | 14% |
| Energy | 11% |
| Industrial | 10% |
| Basic Materials | 6% |
| Technology | 4% |
| Utilities | 4% |
| Diversified | 0% |

---

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.

## Material Fund Changes
This is a summary of certain changes of the Fund since September 1, 2025. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

The Fund's Board of Trustees approved the liquidation of the Fund to occur on or about May 20, 2026. After the close of business on May 7, 2026, the Fund will no longer accept creation orders or trade on the NYSE.

## 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HYRM-TSRS** 
R-104944-2 (04/26) DBX007198 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SHYL | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Short Duration High Yield Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 257858211 |
| Number of Portfolio Holdings | 810 |
| Portfolio Turnover Rate (%) | 24 |
| Total Net Advisory Fees Paid ($) | 240479 |
| Modified duration to worst | 2.2 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 6% |
| BB | 62% |
| B | 21% |
| CCC | 10% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Communications | 18% |
| Consumer, Cyclical | 17% |
| Consumer, Non-cyclical | 16% |
| Financial | 14% |
| Industrial | 10% |
| Energy | 9% |
| Basic Materials | 5% |
| Technology | 5% |
| Utilities | 3% |
| Diversified | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 80% |
| Canada | 5% |
| United Kingdom | 3% |
| Luxembourg | 2% |
| Japan | 2% |
| Other | 5% |

---

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

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **SHYL-TSRS** 
R-104945-2 (04/26) DBX007199 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| BHYB | $10 | 0.20%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers USD High Yield BB-B ex Financials ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2080300467 |
| Number of Portfolio Holdings | 1467 |
| Portfolio Turnover Rate (%) | 20 |
| Total Net Advisory Fees Paid ($) | 1441391 |
| 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?

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| BBB | 7% |
| BB | 70% |
| B | 23% |

---

### Sector Allocation

---

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

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 84% |
| Canada | 5% |
| United Kingdom | 2% |
| Other | 7% |

---

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

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **BHYB-TSRS** 
R-104946-2 (04/26) DBX007200 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HYLB | $3 | 0.05%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers USD High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 3711860697 |
| Number of Portfolio Holdings | 1257 |
| Portfolio Turnover Rate (%) | 16 |
| Total Net Advisory Fees Paid ($) | 936624 |
| Modified duration to worst | 2.9 years |

---

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

## What did the Fund invest in?

### Credit Quality

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer, Cyclical | 17% |
| Consumer, Non-cyclical | 17% |
| Communications | 16% |
| Financial | 14% |
| Energy | 11% |
| Industrial | 10% |
| Basic Materials | 6% |
| Technology | 4% |
| Utilities | 4% |
| Diversified | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 83% |
| Canada | 4% |
| United Kingdom | 3% |
| Luxembourg | 2% |
| Other | 6% |

---

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

Holdings-based data is subject to change.

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

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

Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HYLB-TSRS** 
R-104947-2 (04/26) DBX007201 (4/27)

# Xtrackers S&P 100 Ex Top 20 ETF
XOEX: Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| XOEX | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers S&P 100 Ex Top 20 ETF (formerly, Xtrackers S&P 500 Value Scored & Screened ETF) (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 116667905 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate (%) | 7 |
| Total Net Advisory Fees Paid ($) | 16135 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **24.9% of Net Assets** |
| AbbVie, Inc. | 3.0% |
| GE Aerospace | 2.6% |
| Chevron Corp. | 2.6% |
| Caterpillar, Inc. | 2.6% |
| Bank of America Corp. | 2.5% |
| Advanced Micro Devices, Inc. | 2.4% |
| Coca-Cola Co. | 2.3% |
| Palantir Technologies, Inc. | 2.3% |
| Cisco Systems, Inc. | 2.3% |
| Merck & Co., Inc. | 2.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 19% |
| Health Care | 19% |
| Industrials | 16% |
| Financials | 16% |
| Consumer Staples | 9% |
| Communication Services | 6% |
| Consumer Discretionary | 6% |
| Energy | 4% |
| Utilities | 3% |
| Materials | 2% |
| Real Estate | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. 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.

#© 2026 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.

# **XOEX-TSRS** 
R-109465-1 (04/26) DBX007212 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPXD | $5 | 0.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 semi-annual shareholder report contains important information about the Xtrackers S&P 500 Diversified Sector Weight ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6680031 |
| Number of Portfolio Holdings | 503 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 2774 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **15.8% of Net Assets** |
| Berkshire Hathaway, Inc. | 3.6% |
| Procter & Gamble Co. | 1.7% |
| Abbott Laboratories | 1.6% |
| Costco Wholesale Corp. | 1.5% |
| Jabil, Inc. | 1.5% |
| Walmart, Inc. | 1.3% |
| Sysco Corp. | 1.3% |
| Walt Disney Co. | 1.1% |
| Moderna, Inc. | 1.1% |
| Regeneron Pharmaceuticals, Inc. | 1.1% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer Staples | 14% |
| Health Care | 13% |
| Industrials | 12% |
| Financials | 12% |
| Information Technology | 12% |
| Consumer Discretionary | 10% |
| Utilities | 7% |
| Communication Services | 6% |
| Energy | 6% |
| Materials | 4% |
| Real Estate | 4% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 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-TSRS** 
R-109466-1 (04/26) DBX007209 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SNPG | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers S&P 500 Growth Scored & Screened ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 12372811 |
| Number of Portfolio Holdings | 62 |
| Portfolio Turnover Rate (%) | 32 |
| Total Net Advisory Fees Paid ($) | 10245 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **63.3% of Net Assets** |
| Apple, Inc. | 9.7% |
| Meta Platforms, Inc. | 9.6% |
| NVIDIA Corp. | 8.7% |
| Alphabet, Inc. | 8.6% |
| Microsoft Corp. | 8.0% |
| Eli Lilly & Co. | 4.4% |
| Caterpillar, Inc. | 4.4% |
| Visa, Inc. | 3.8% |
| Mastercard, Inc. | 3.6% |
| KLA Corp. | 2.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 33% |
| Communication Services | 18% |
| Financials | 13% |
| Industrials | 12% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Real Estate | 2% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **SNPG-TSRS** 
R-104953-2 (04/26) DBX007211 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SNPE | $5 | 0.10%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers S&P 500 Scored & Screened ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2374293633 |
| Number of Portfolio Holdings | 312 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 1110272 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **46.9% of Net Assets** |
| NVIDIA Corp. | 10.7% |
| Apple, Inc. | 9.7% |
| Alphabet, Inc. | 8.1% |
| Microsoft Corp. | 7.3% |
| Meta Platforms, Inc. | 3.5% |
| Eli Lilly & Co. | 2.1% |
| Exxon Mobil Corp. | 1.6% |
| Walmart, Inc. | 1.4% |
| Visa, Inc. | 1.3% |
| Micron Technology, Inc. | 1.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 36% |
| Communication Services | 13% |
| Financials | 13% |
| Health Care | 11% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Consumer Discretionary | 5% |
| Energy | 4% |
| Materials | 2% |
| Real Estate | 2% |
| Utilities | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **SNPE-TSRS** 
R-104954-2 (04/26) DBX007210 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SNPD | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers S&P Dividend Aristocrats Screened ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 5404355 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate (%) | 20 |
| Total Net Advisory Fees Paid ($) | 3774 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **23.1% of Net Assets** |
| Verizon Communications, Inc. | 3.1% |
| Edison International | 2.6% |
| Robert Half, Inc. | 2.6% |
| Amcor PLC | 2.6% |
| Realty Income Corp. | 2.2% |
| Franklin Resources, Inc. | 2.1% |
| Sonoco Products Co. | 2.0% |
| Clorox Co. | 2.0% |
| Kimberly-Clark Corp. | 2.0% |
| Best Buy Co., Inc. | 1.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Consumer Staples | 19% |
| Industrials | 18% |
| Utilities | 15% |
| Materials | 13% |
| Financials | 8% |
| Real Estate | 7% |
| Information Technology | 5% |
| Consumer Discretionary | 5% |
| Health Care | 5% |
| Communication Services | 3% |
| Energy | 2% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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. 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **SNPD-TSRS** 
R-104950-2 (04/26) DBX007213 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| MIDE | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers S&P MidCap 400 Scored & Screened ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 3910205 |
| Number of Portfolio Holdings | 263 |
| Portfolio Turnover Rate (%) | 8 |
| Total Net Advisory Fees Paid ($) | 3004 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **11.9% of Net Assets** |
| Lumentum Holdings, Inc. | 2.2% |
| Coherent Corp. | 1.8% |
| Royal Gold, Inc. | 1.1% |
| Flex Ltd. | 1.1% |
| United Therapeutics Corp. | 1.0% |
| US Foods Holding Corp. | 1.0% |
| Tenet Healthcare Corp. | 1.0% |
| Illumina, Inc. | 0.9% |
| Pure Storage, Inc. | 0.9% |
| Entegris, Inc. | 0.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 22% |
| Financials | 17% |
| Information Technology | 14% |
| Consumer Discretionary | 12% |
| Health Care | 10% |
| Real Estate | 7% |
| Materials | 6% |
| Energy | 5% |
| Consumer Staples | 3% |
| Utilities | 2% |
| Communication Services | 1% |

---

Holdings-based data is subject to change.

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

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

Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **MIDE-TSRS** 
R-104948-2 (04/26) DBX007214 (4/27)

# Xtrackers Europe Defense Technologies ETF
XDEF: Nasdaq Stock Market

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.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** |
| XDEF | $1<sup>Footnote Reference(a)</sup> | 0.35%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period February 19, 2026 (commencement of operations) through February 28, 2026. 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: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Europe Defense Technologies ETF (the "Fund") for the period February 19, 2026 (commencement of operations) to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 4856027 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate (%) | 3 |
| Total Net Advisory Fees Paid ($) | 474 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **61.5% of Net Assets** |
| BAE Systems PLC (United Kingdom) | 8.6% |
| Rolls-Royce Holdings PLC (United Kingdom) | 8.4% |
| Safran SA (France) | 8.1% |
| Rheinmetall AG (Germany) | 7.2% |
| Airbus SE (France) | 6.6% |
| Saab AB (Sweden) | 4.6% |
| Thales SA (France) | 4.5% |
| Leonardo SpA (Italy) | 4.5% |
| Babcock International Group PLC (United Kingdom) | 4.5% |
| Kongsberg Gruppen ASA (Norway) | 4.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 93% |
| Information Technology | 5% |
| Communication Services | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United Kingdom | 32% |
| France | 24% |
| Germany | 18% |
| Italy | 6% |
| Sweden | 5% |
| Norway | 5% |
| Denmark | 4% |
| Spain | 4% |
| Luxembourg | 2% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. 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. Aerospace and defense companies rely on product sales to US and foreign governments and their performance may be adversely affected by government defense spending policies. Companies in the cybersecurity field may be adversely affected by intense competition in the industry, limited product lines and the volatility of the market for cybersecurity products and services. 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.

#© 2026 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.

# **XDEF-TSRS** 
R-109468-1 (04/26) DBX007191 (4/27)

# Xtrackers Europe Market Leaders ETF
XEML: Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.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** |
| XEML | $7<sup>Footnote Reference(a)</sup> | 0.35%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 23, 2025 (commencement of operations) through February 28, 2026. 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: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This semi-annual shareholder report contains important information about the Xtrackers Europe Market Leaders ETF (the "Fund") for the period December 23, 2025 (commencement of operations) to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 5467616 |
| Number of Portfolio Holdings | 41 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 3378 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **49.9% of Net Assets** |
| ASML Holding NV (Netherlands) | 5.4% |
| Novartis AG (Switzerland) | 5.2% |
| Deutsche Telekom AG (Germany) | 5.2% |
| ABB Ltd. (Switzerland) | 5.2% |
| GSK PLC (United Kingdom) | 5.0% |
| Roche Holding AG (Switzerland) | 4.9% |
| Vinci SA (France) | 4.8% |
| Safran SA (France) | 4.8% |
| Schneider Electric SE (France) | 4.8% |
| Nestle SA (Switzerland) | 4.6% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Health Care | 30% |
| Industrials | 26% |
| Consumer Discretionary | 12% |
| Consumer Staples | 11% |
| Information Technology | 9% |
| Utilities | 6% |
| Communication Services | 5% |
| Energy | 1% |
| Materials | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| France | 36% |
| Switzerland | 24% |
| Germany | 13% |
| United Kingdom | 10% |
| Netherlands | 6% |
| Spain | 4% |
| Denmark | 3% |
| Sweden | 3% |
| Other | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels. A default or debt restructuring by any European country would adversely impact holders of that country's debt, and sellers of credit default swaps linked to that country's creditworthiness. 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.

#© 2026 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.

# **XEML-TSRS** 
R-109467-1 (04/26) DBX007190 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DEEF | $13 | 0.24%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers FTSE Developed ex US Multifactor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 59730623 |
| Number of Portfolio Holdings | 1237 |
| Portfolio Turnover Rate (%) | 25 |
| Total Net Advisory Fees Paid ($) | 63460 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **6.3% of Net Assets** |
| ACS Actividades de Construccion y Servicios SA (Spain) | 0.8% |
| Imperial Brands PLC (United Kingdom) | 0.7% |
| RWE AG (Germany) | 0.7% |
| Eiffage SA (France) | 0.7% |
| Sumitomo Electric Industries Ltd. (Japan) | 0.6% |
| Tesco PLC (United Kingdom) | 0.6% |
| Obayashi Corp. (Japan) | 0.6% |
| Orange SA (France) | 0.6% |
| WH Group Ltd. (Hong Kong) | 0.5% |
| Hyundai Mobis Co. Ltd. (South Korea) | 0.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 27% |
| Financials | 14% |
| Consumer Discretionary | 11% |
| Materials | 10% |
| Consumer Staples | 10% |
| Utilities | 8% |
| Communication Services | 5% |
| Information Technology | 4% |
| Real Estate | 4% |
| Energy | 4% |
| Health Care | 3% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 31% |
| United Kingdom | 9% |
| Australia | 8% |
| South Korea | 7% |
| Canada | 6% |
| France | 5% |
| Israel | 4% |
| Germany | 4% |
| Sweden | 3% |
| Switzerland | 3% |
| Hong Kong | 3% |
| Other | 13% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DEEF-TSRS** 
R-104938-2 (04/26) DBX007192 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| KOKU | $5 | 0.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 semi-annual shareholder report contains important information about the Xtrackers MSCI Kokusai Equity ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 728940997 |
| Number of Portfolio Holdings | 1138 |
| Portfolio Turnover Rate (%) | 2 |
| Total Net Advisory Fees Paid ($) | 313124 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **27.5% of Net Assets** |
| NVIDIA Corp. (United States) | 5.4% |
| Apple, Inc. (United States) | 4.8% |
| Alphabet, Inc. (United States) | 4.2% |
| Microsoft Corp. (United States) | 3.5% |
| Amazon.com, Inc. (United States) | 2.5% |
| Broadcom, Inc. (United States) | 1.8% |
| Meta Platforms, Inc. (United States) | 1.8% |
| Tesla, Inc. (United States) | 1.4% |
| Eli Lilly & Co. (United States) | 1.1% |
| JPMorgan Chase & Co. (United States) | 1.0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 26% |
| Financials | 16% |
| Industrials | 11% |
| Health Care | 10% |
| Consumer Discretionary | 9% |
| Communication Services | 9% |
| Consumer Staples | 6% |
| Energy | 4% |
| Materials | 4% |
| Utilities | 3% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 73% |
| United Kingdom | 4% |
| Canada | 4% |
| Switzerland | 3% |
| France | 3% |
| Germany | 3% |
| Australia | 2% |
| Netherlands | 2% |
| Other | 6% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **KOKU-TSRS** 
R-104939-2 (04/26) DBX007193 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| QARP | $10 | 0.19%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 73105831 |
| Number of Portfolio Holdings | 350 |
| Portfolio Turnover Rate (%) | 1 |
| Total Net Advisory Fees Paid ($) | 71411 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **40.8% of Net Assets** |
| Alphabet, Inc. | 7.4% |
| Apple, Inc. | 5.6% |
| NVIDIA Corp. | 5.2% |
| Berkshire Hathaway, Inc. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Meta Platforms, Inc. | 3.9% |
| Walmart, Inc. | 3.2% |
| Johnson & Johnson | 2.5% |
| Chevron Corp. | 2.4% |
| Costco Wholesale Corp. | 2.0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 19% |
| Communication Services | 14% |
| Consumer Discretionary | 13% |
| Health Care | 13% |
| Consumer Staples | 11% |
| Financials | 10% |
| Industrials | 10% |
| Energy | 6% |
| Materials | 2% |
| Real Estate | 1% |
| Utilities | 0% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **QARP-TSRS** 
R-104940-2 (04/26) DBX007194 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DEUS | $9 | 0.17%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Russell US Multifactor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 227738887 |
| Number of Portfolio Holdings | 843 |
| Portfolio Turnover Rate (%) | 18 |
| Total Net Advisory Fees Paid ($) | 159621 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **7.0% of Net Assets** |
| McKesson Corp. | 1.4% |
| Altria Group, Inc. | 0.8% |
| Dollar General Corp. | 0.8% |
| Cigna Group | 0.7% |
| Leidos Holdings, Inc. | 0.6% |
| Flex Ltd. | 0.6% |
| Arch Capital Group Ltd. | 0.6% |
| Marathon Petroleum Corp. | 0.5% |
| VeriSign, Inc. | 0.5% |
| Fox Corp. | 0.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 19% |
| Financials | 12% |
| Health Care | 12% |
| Information Technology | 11% |
| Consumer Discretionary | 11% |
| Consumer Staples | 8% |
| Utilities | 8% |
| Materials | 5% |
| Energy | 5% |
| Real Estate | 4% |
| Communication Services | 4% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DEUS-TSRS** 
R-104941-2 (04/26) DBX007195 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| EMCR | $8 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 62325800 |
| Number of Portfolio Holdings | 1376 |
| Portfolio Turnover Rate (%) | 9 |
| Total Net Advisory Fees Paid ($) | 37982 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **31.3% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 11.1% |
| Samsung Electronics Co. Ltd. (South Korea) | 4.7% |
| Tencent Holdings Ltd. (China) | 4.6% |
| Alibaba Group Holding Ltd. (Hong Kong) | 3.7% |
| SK hynix, Inc. (South Korea) | 2.7% |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.1% |
| Delta Electronics, Inc. (Taiwan) | 1.0% |
| PDD Holdings, Inc. (Ireland) | 0.9% |
| HDFC Bank Ltd. (India) | 0.8% |
| China Construction Bank Corp. (China) | 0.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 33% |
| Financials | 22% |
| Consumer Discretionary | 11% |
| Communication Services | 11% |
| Industrials | 6% |
| Health Care | 6% |
| Materials | 4% |
| Consumer Staples | 3% |
| Real Estate | 2% |
| Utilities | 1% |
| Energy | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 23% |
| Taiwan | 22% |
| South Korea | 16% |
| India | 12% |
| Hong Kong | 4% |
| Brazil | 4% |
| South Africa | 4% |
| Saudi Arabia | 2% |
| United Arab Emirates | 2% |
| Mexico | 2% |
| Thailand | 2% |
| Other | 6% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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 in the Fund 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 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **EMCR-TSRS** 
R-104949-2 (04/26) DBX007202 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| EASG | $8 | 0.14%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI EAFE Selection Equity ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 69366200 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate (%) | 4 |
| Total Net Advisory Fees Paid ($) | 44414 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **21.8% of Net Assets** |
| ASML Holding NV (Netherlands) | 5.0% |
| AstraZeneca PLC (United Kingdom) | 2.8% |
| Novartis AG (Switzerland) | 2.8% |
| HSBC Holdings PLC (United Kingdom) | 2.8% |
| Schneider Electric SE (France) | 1.6% |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 1.4% |
| Unilever PLC (United Kingdom) | 1.4% |
| TotalEnergies SE (France) | 1.4% |
| Hitachi Ltd. (Japan) | 1.3% |
| Iberdrola SA (Spain) | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Industrials | 19% |
| Health Care | 11% |
| Information Technology | 10% |
| Consumer Discretionary | 9% |
| Consumer Staples | 7% |
| Materials | 6% |
| Communication Services | 5% |
| Utilities | 5% |
| Energy | 3% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 26% |
| United Kingdom | 14% |
| France | 13% |
| Switzerland | 9% |
| Netherlands | 8% |
| Australia | 5% |
| Sweden | 5% |
| Germany | 4% |
| Spain | 3% |
| Italy | 3% |
| Denmark | 3% |
| Other | 5% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **EASG-TSRS** 
R-104952-2 (04/26) DBX007203 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| EMCS | $9 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Climate Selection ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 918548511 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate (%) | 50 |
| Total Net Advisory Fees Paid ($) | 543916 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **52.6% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 18.5% |
| Samsung Electronics Co. Ltd. (South Korea) | 9.8% |
| Tencent Holdings Ltd. (China) | 5.7% |
| SK hynix, Inc. (South Korea) | 5.3% |
| Alibaba Group Holding Ltd. (Hong Kong) | 4.1% |
| Ping An Insurance Group Co. of China Ltd. (China) | 2.1% |
| Southern Copper Corp. (United States) | 1.8% |
| China Construction Bank Corp. (China) | 1.8% |
| HDFC Bank Ltd. (India) | 1.8% |
| Itausa SA (Brazil) | 1.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 41% |
| Financials | 32% |
| Consumer Discretionary | 10% |
| Communication Services | 9% |
| Materials | 3% |
| Energy | 2% |
| Real Estate | 1% |
| Utilities | 1% |
| Industrials | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Taiwan | 35% |
| South Korea | 19% |
| China | 17% |
| India | 9% |
| Brazil | 4% |
| Hong Kong | 4% |
| Mexico | 2% |
| United States | 2% |
| United Kingdom | 2% |
| Other | 6% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **EMCS-TSRS** 
R-104959-2 (04/26) DBX007204 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| USCA | $4 | 0.07%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers MSCI USA Climate Action Equity ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2785718890 |
| Number of Portfolio Holdings | 272 |
| Portfolio Turnover Rate (%) | 9 |
| Total Net Advisory Fees Paid ($) | 1063576 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **36.8% of Net Assets** |
| NVIDIA Corp. | 5.4% |
| Alphabet, Inc. | 5.3% |
| Broadcom, Inc. | 4.6% |
| Microsoft Corp. | 4.6% |
| Amazon.com, Inc. | 4.2% |
| Meta Platforms, Inc. | 3.7% |
| Tesla, Inc. | 3.0% |
| Eli Lilly & Co. | 2.2% |
| JPMorgan Chase & Co. | 2.1% |
| Exxon Mobil Corp. | 1.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 26% |
| Financials | 14% |
| Communication Services | 12% |
| Health Care | 12% |
| Consumer Discretionary | 12% |
| Industrials | 8% |
| Consumer Staples | 5% |
| Energy | 3% |
| Utilities | 2% |
| Real Estate | 2% |
| Materials | 2% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of environmental, social and governance (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 in the Fund 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. 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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **USCA-TSRS** 
R-104958-2 (04/26) DBX007207 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| USSG | $5 | 0.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 semi-annual shareholder report contains important information about the Xtrackers MSCI USA Selection Equity ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 545967075 |
| Number of Portfolio Holdings | 263 |
| Portfolio Turnover Rate (%) | 1 |
| Total Net Advisory Fees Paid ($) | 236987 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **47.2% of Net Assets** |
| NVIDIA Corp. | 13.8% |
| Alphabet, Inc. | 10.7% |
| Microsoft Corp. | 8.9% |
| Tesla, Inc. | 3.6% |
| Eli Lilly & Co. | 2.7% |
| Johnson & Johnson | 1.9% |
| Visa, Inc. | 1.7% |
| Mastercard, Inc. | 1.4% |
| Procter & Gamble Co. | 1.3% |
| Home Depot, Inc. | 1.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 33% |
| Communication Services | 13% |
| Health Care | 11% |
| Financials | 11% |
| Consumer Discretionary | 10% |
| Industrials | 9% |
| Consumer Staples | 5% |
| Materials | 3% |
| Real Estate | 2% |
| Energy | 2% |
| Utilities | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **USSG-TSRS** 
R-104957-2 (04/26) DBX007205 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| USNZ | $5 | 0.10%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 279007338 |
| Number of Portfolio Holdings | 307 |
| Portfolio Turnover Rate (%) | 3 |
| Total Net Advisory Fees Paid ($) | 137980 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **44.5% of Net Assets** |
| NVIDIA Corp. | 9.1% |
| Apple, Inc. | 8.3% |
| Alphabet, Inc. | 6.8% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. | 2.7% |
| Broadcom, Inc. | 2.7% |
| Tesla, Inc. | 2.1% |
| Eli Lilly & Co. | 1.6% |
| JPMorgan Chase & Co. | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 38% |
| Health Care | 13% |
| Communication Services | 13% |
| Financials | 11% |
| Consumer Discretionary | 10% |
| Industrials | 4% |
| Consumer Staples | 4% |
| Real Estate | 3% |
| Materials | 2% |
| Utilities | 1% |

---

Holdings-based data is subject to change.

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Incorporation of environmental, social and governance (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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **USNZ-TSRS** 
R-104956-2 (04/26) DBX007206 (4/27)

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

#### Semi-Annual Shareholder Report — February 28, 2026
![Image](g28618g82p35.jpg)

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| NRES | $26 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

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

This semi-annual shareholder report contains important information about the Xtrackers RREEF Global Natural Resources ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 38918691 |
| Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate (%) | 69 |
| Total Net Advisory Fees Paid ($) | 75637 |

---

## What did the Fund invest in?

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **38.9% of Net Assets** |
| Nutrien Ltd. (Canada) | 5.9% |
| Exxon Mobil Corp. (United States) | 4.3% |
| Chevron Corp. (United States) | 4.3% |
| Gold Fields Ltd. (South Africa) | 4.1% |
| Newmont Corp. (United States) | 4.1% |
| TotalEnergies SE (France) | 3.8% |
| Shell PLC (United Kingdom) | 3.3% |
| Kinross Gold Corp. (Canada) | 3.2% |
| Anglogold Ashanti PLC (United Kingdom) | 3.1% |
| Franco-Nevada Corp. (Canada) | 2.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Industry** | **% of Net Assets** |
| Metals & Mining | 37% |
| Oil, Gas & Consumable Fuels | 29% |
| Chemicals | 10% |
| Containers & Packaging | 8% |
| Paper & Forest Products | 7% |
| Food Products | 5% |
| Energy Equipment & Services | 2% |
| Specialized REITs | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United States | 36% |
| Canada | 20% |
| United Kingdom | 10% |
| Brazil | 7% |
| South Africa | 4% |
| France | 4% |
| Switzerland | 3% |
| Finland | 3% |
| Ireland | 3% |
| China | 3% |
| Norway | 2% |
| Other | 3% |

---

Holdings-based data is subject to change.

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

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

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.

#© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **NRES-TSRS** 
R-104955-2 (04/26) DBX007208 (4/27)

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments is included under Item 7.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;(a) ------

![LOGO](g35714dsp001.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Europe Defense Technologies ETF](#fin35714_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Europe Market Leaders ETF](#fin35714_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers FTSE Developed ex US Multifactor ETF](#fin35714_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Kokusai Equity ETF](#fin35714_4) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Russell 1000 US Quality at a Reasonable Price ETF](#fin35714_5) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Russell US Multifactor ETF](#fin35714_6) | 44 |
|  **[Statements of Assets and Liabilities](#fin35714_7)** | 55 |
|  **[Statements of Operations](#fin35714_8)** | 57 |
|  **[Statements of Changes in Net Assets](#fin35714_9)** | 59 |
|  **[Financial Highlights](#fin35714_10)** | 62 |
|  **[Notes to Financial Statements](#fin35714_11)** | 68 |
|  **[Board Considerations in Approval of Investment Advisory Contracts](#fin35714_12)** | 77 |

---

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 Europe Defense Technologies ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.9%** |  |  |
|  **Denmark — 4.2%** |  |  |
|  DSV A/S |  |  |
|  (Cost $212,063) | 794 | 205213 |
|  **France — 24.0%** |  |  |
|  Airbus SE | 1474 | 320643 |
|  Dassault Aviation SA | 531 | 212286 |
|  Eutelsat Communications SACA \* | 7656 | 20384 |
|  Safran SA | 978 | 392607 |
|  Thales SA | 733 | 220604 |
|  (Cost $1,215,129) |  | **1166524** |
|  **Germany — 18.1%** |  |  |
|  Hensoldt AG | 1789 | 157153 |
|  MTU Aero Engines AG | 476 | 205360 |
|  RENK Group AG | 2503 | 168245 |
|  Rheinmetall AG | 178 | 349609 |
|  (Cost $935,177) |  | **880367** |
|  **Italy — 5.5%** |  |  |
|  Avio SpA | 1127 | 47038 |
|  Leonardo SpA | 3274 | 219567 |
|  (Cost $273,169) |  | **266605** |
|  **Luxembourg — 1.6%** |  |  |
|  SES SA |  |  |
|  (Cost $78,768) | 10250 | **76546** |
|  **Norway — 5.0%** |  |  |
|  Kongsberg Gruppen ASA | 5380 | 218177 |
|  NORBIT ASA | 1233 | 26893 |
|  (Cost $251,082) |  | **245070** |
|  **Spain — 4.0%** |  |  |
|  Indra Sistemas SA |  |  |
|  (Cost $164,528) | 2614 | **193669** |
|  **Sweden — 5.1%** |  |  |
|  Ovzon AB \* | 2252 | 14976 |
|  Saab AB, Class B | 3091 | 223844 |
|  Yubico AB \* | 1760 | 9960 |
|  (Cost $247,628) |  | **248780** |
|  **United Kingdom — 32.4%** |  |  |
|  Babcock International Group PLC | 12061 | 219233 |
|  BAE Systems PLC | 14750 | 418823 |
|  Chemring Group PLC | 8098 | 58139 |
|  Melrose Industries PLC | 24350 | 185228 |
|  NCC Group PLC | 8352 | 14889 |
|  QinetiQ Group PLC | 13817 | 93810 |
|  Rolls-Royce Holdings PLC | 22675 | 406523 |
|  Senior PLC | 12482 | 51687 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Serco Group PLC | 30450 | 123307 |
|  (Cost $1,616,011) |  | **1571639** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,993,555) |  | **4854413** |
|  **CASH EQUIVALENTS — 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,454) | 12454 | **12454** |
|  **TOTAL INVESTMENTS — 100.2%** |  |  |
|  (Cost $5,006,009) |  | **4866867** |
|  **Other assets and liabilities, net — (0.2%)** |  | **(10840)** |
|  **NET ASSETS — 100.0%** |  | **4856027** |

---

See Notes to Financial Statements.

2 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Europe Defense Technologies ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **2/19/2026**<br> **(Commencement**<br> **of Operations)** | Purchases Cost<br>($) | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($)at<br>2/28/2026 |
|  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", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |
|  —  | 14727 | (2273) |  |  | 6 |  | 12454 | 12454 |

---

\* 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.

Securities are listed in country of domicile.

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

The following is a summary of the inputs used as of February 28, 2026 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) | $4854413 | $– $|  | $4854413 |
|  Short-Term Investments (a) | 12454 | – |  | 12454 |
|  **TOTAL** | $4866867 | $– $|  | $4866867 |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| 3

------

Schedule of Investments

Xtrackers Europe Market Leaders ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  **COMMON STOCKS — 99.6%** |  |  |
|  **Austria — 0.5%** |  |  |
|  ANDRITZ AG | 177 | 15371 |
|  Verbund AG | 185 | 13171 |
|  (Cost $27,121) |  | 28542 |
|  **Denmark — 3.1%** |  |  |
|  Novo Nordisk A/S, Class B |  |  |
|  (Cost $212,810) | 4452 | 167372 |
|  **France — 35.6%** |  |  |
|  Cie de Saint-Gobain SA | 1380 | 140517 |
|  Engie SA | 5134 | 175365 |
|  EssilorLuxottica SA | 669 | 177883 |
|  L'Oreal SA | 513 | 240705 |
|  LVMH Moet Hennessy Louis Vuitton SE | 305 | 195938 |
|  Safran SA | 654 | 262541 |
|  Sanofi SA | 2277 | 220991 |
|  Schneider Electric SE | 798 | 260707 |
|  Valeo SE | 575 | 8344 |
|  Vinci SA | 1592 | 264564 |
|  (Cost $1,846,825) |  | 1947555 |
|  **Germany — 13.0%** |  |  |
|  Deutsche Telekom AG | 7088 | 285293 |
|  E.ON SE | 6195 | 143948 |
|  GEA Group AG | 406 | 31590 |
|  Merck KGaA | 357 | 54080 |
|  SAP SE | 912 | 184089 |
|  TUI AG | 1214 | 11582 |
|  (Cost $658,487) |  | 710582 |
|  **Italy — 0.2%** |  |  |
|  Davide Campari-Milano NV |  |  |
|  (Cost $10,713) | 1643 | 12373 |
|  **Luxembourg — 0.5%** |  |  |
|  Tenaris SA |  |  |
|  (Cost $19,058) | 995 | 27161 |
|  **Netherlands — 5.5%** |  |  |
|  ASML Holding NV | 203 | 295624 |
|  Signify NV, 144A | 314 | 7311 |
|  (Cost $221,584) |  | 302935 |
|  **Singapore — 0.1%** |  |  |
|  Hafnia Ltd. |  |  |
|  (Cost $4,295) | 802 | 5989 |
|  **Spain — 3.8%** |  |  |
|  Industria de Diseno Textil SA |  |  |
|  (Cost $202,987) | 3066 | 205690 |
|  **Sweden — 3.0%** |  |  |
|  Alfa Laval AB | 802 | 47555 |
|  Assa Abloy AB, Class B | 2734 | 116843 |
|  (Cost $145,641) |  | 164398 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Switzerland — 23.8%** |  |  |
|  ABB Ltd. | 3038 | 283713 |
|  Cie Financiere Richemont SA, Class A | 1051 | 214901 |
|  Nestle SA | 2286 | 249630 |
|  Novartis AG | 1683 | 285588 |
|  Roche Holding AG | 559 | 266762 |
|  (Cost $1,134,088) |  | **1300594** |
|  **United Kingdom — 10.5%** |  |  |
|  GSK PLC | 9175 | 271501 |
|  Haleon PLC | 24728 | 134877 |
|  Imperial Brands PLC | 2066 | 92356 |
|  JD Sports Fashion PLC | 6672 | 7354 |
|  Johnson Matthey PLC | 457 | 12362 |
|  Keller Group PLC | 183 | 4958 |
|  Smith & Nephew PLC | 2425 | 44715 |
|  SSP Group PLC | 2069 | 5719 |
|  (Cost $507,690) |  | **573842** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,991,299) |  | **5447033** |
|  **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,224) | 12224 | **12224** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $5,003,523) |  | **5459257** |
|  **Other assets and liabilities, net — 0.2%** |  | **8359** |
|  **NET ASSETS — 100.0%** |  | 5467616 |

---

See Notes to Financial Statements.

4 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Europe Market Leaders ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value ($) at<br>12/23/2025<br>(Commencement<br>of Operations) | Purchases Cost<br>($) | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at<br>2/28/2026 |
|  CASH EQUIVALENTS — 0.2% | CASH EQUIVALENTS — 0.2% |  |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |  |
|  —  | 3808804 | (3796580) |  |  | 403 |  | 12224 | 12224 |

---

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

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 February 28, 2026, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract Description | Currency | Number of<br>Contracts | Notional<br>Amount ($) | Contract Value ($) | Expiration<br>Date | Unrealized<br>Appreciation ($) |
|  Micro EURO STOXX 50 Index | EUR | 2 | 14090 | 14530 | 3/20/2026 | 440 |

---

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 |
| EUR | Euro |

---

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

The following is a summary of the inputs used as of February 28, 2026 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) | $5447033 | $— | $— | $5447033 |
|  Short-Term Investments (a) | 12224 |  |  | 12224 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 440 |  |  | 440 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459697 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 5

------

Schedule of Investments

Xtrackers Europe Market Leaders ETF (Continued)

February 28, 2026 (Unaudited)

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

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

See Notes to Financial Statements.

6 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  **COMMON STOCKS — 98.9%** |  |  |
|  **Australia — 8.2%** |  |  |
|  AGL Energy Ltd. | 2470 | 17409 |
|  ALS Ltd. | 5853 | 106865 |
|  AMP Ltd. | 5553 | 5145 |
|  Ampol Ltd. | 988 | 19834 |
|  Ansell Ltd. | 996 | 23040 |
|  ANZ Group Holdings Ltd. | 1081 | 30846 |
|  APA Group (a) | 7067 | 46334 |
|  Aristocrat Leisure Ltd. | 1668 | 57153 |
|  ASX Ltd. | 743 | 28042 |
|  Atlas Arteria Ltd. (a) | 6093 | 20842 |
|  Aurizon Holdings Ltd. | 29758 | 88009 |
|  Bank of Queensland Ltd. | 2433 | 12137 |
|  Beach Energy Ltd. | 13586 | 10602 |
|  Bendigo & Adelaide Bank Ltd. | 1337 | 10205 |
|  BHP Group Ltd. | 816 | 33967 |
|  BlueScope Steel Ltd. | 6826 | 136207 |
|  Brambles Ltd. | 10624 | 189886 |
|  CAR Group Ltd. | 729 | 13778 |
|  Challenger Ltd. | 1578 | 10042 |
|  Charter Hall Group REIT | 3186 | 50110 |
|  Cleanaway Waste Management Ltd. | 16158 | 29363 |
|  Cochlear Ltd. | 266 | 37725 |
|  Coles Group Ltd. | 9657 | 141495 |
|  Commonwealth Bank of Australia | 13 | 1618 |
|  Computershare Ltd. | 9699 | 214203 |
|  CSL Ltd. | 205 | 21441 |
|  Deterra Royalties Ltd. | 3895 | 11991 |
|  Dexus REIT | 1979 | 9463 |
|  Downer EDI Ltd. | 20742 | 126976 |
|  Dyno Nobel Ltd. | 5245 | 12410 |
|  EBOS Group Ltd. | 1160 | 16678 |
|  Endeavour Group Ltd. | 13412 | 37372 |
|  Evolution Mining Ltd. | 8581 | 101391 |
|  Fortescue Ltd. | 3775 | 56872 |
|  Goodman Group REIT | 1107 | 22831 |
|  Harvey Norman Holdings Ltd. | 9857 | 40462 |
|  HUB24 Ltd. | 171 | 11918 |
|  Iluka Resources Ltd. | 1321 | 6355 |
|  Insurance Australia Group Ltd. | 32197 | 152815 |
|  JB Hi-Fi Ltd. | 2750 | 160957 |
|  Lottery Corp. Ltd. | 13627 | 53509 |
|  Macquarie Group Ltd. | 85 | 12932 |
|  Magellan Financial Group Ltd. | 1186 | 7150 |
|  Medibank Pvt Ltd. | 76577 | 239028 |
|  Metcash Ltd. | 19817 | 46605 |
|  Mirvac Group REIT | 3751 | 5480 |
|  Netwealth Group Ltd. | 584 | 10729 |
|  New Hope Corp. Ltd. | 2743 | 9168 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Northern Star Resources Ltd. | 2522 | 54422 |
|  Orica Ltd. | 3104 | 54019 |
|  Origin Energy Ltd. | 10672 | 92406 |
|  Orora Ltd. | 602 | 918 |
|  Pro Medicus Ltd. | 67 | 6207 |
|  Qantas Airways Ltd. | 23099 | 163792 |
|  QBE Insurance Group Ltd. | 19572 | 303090 |
|  Qube Holdings Ltd. | 12600 | 44987 |
|  Ramsay Health Care Ltd. | 1640 | 50338 |
|  REA Group Ltd. | 146 | 17312 |
|  Region Group REIT | 20758 | 34172 |
|  Rio Tinto Ltd. | 2456 | 292872 |
|  Santos Ltd. | 11991 | 57767 |
|  Scentre Group REIT | 16469 | 44834 |
|  SEEK Ltd. | 1045 | 12333 |
|  SGH Ltd. | 665 | 22132 |
|  Sims Ltd. | 4631 | 72474 |
|  Sonic Healthcare Ltd. | 4646 | 78900 |
|  South32 Ltd. | 24430 | 80086 |
|  Steadfast Group Ltd. | 20660 | 64783 |
|  Stockland REIT | 19628 | 71478 |
|  Suncorp Group Ltd. | 9829 | 102478 |
|  Technology One Ltd. | 2068 | 38421 |
|  Telstra Group Ltd. | 18844 | 69563 |
|  TPG Telecom Ltd. | 2579 | 7241 |
|  Transurban Group (a) | 3281 | 33530 |
|  Treasury Wine Estates Ltd. | 2272 | 7351 |
|  Vicinity Ltd. REIT | 59139 | 103256 |
|  Washington H Soul Pattinson & Co. Ltd. | 1802 | 49120 |
|  Wesfarmers Ltd. | 1414 | 80232 |
|  Westpac Banking Corp. | 222 | 6730 |
|  Whitehaven Coal Ltd. | 1240 | 6902 |
|  Woodside Energy Group Ltd. | 5336 | 107654 |
|  Woolworths Group Ltd. | 6291 | 161398 |
|  Worley Ltd. | 2347 | 18967 |
|  Yancoal Australia Ltd. | 130 | 543 |
|  (Cost $3,909,489) |  | 4922098 |
|  **Austria — 0.6%** |  |  |
|  ANDRITZ AG | 896 | 77809 |
|  BAWAG Group AG, 144A \* | 348 | 54237 |
|  Erste Group Bank AG | 135 | 16051 |
|  OMV AG | 1191 | 77061 |
|  Raiffeisen Bank International AG | 135 | 6736 |
|  Strabag SE | 716 | 80480 |
|  Telekom Austria AG | 2989 | 33703 |
|  Verbund AG | 358 | 25488 |
|  (Cost $280,108) |  | 371565 |
|  **Belgium — 0.8%** |  |  |
|  Ackermans & van Haaren NV | 360 | 123520 |
|  Ageas SA/NV | 678 | 50352 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 7

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Anheuser-Busch InBev SA/NV | 127 | 10319 |
|  D'ieteren Group | 386 | 83585 |
|  Elia Group SA/NV | 97 | 15438 |
|  Groupe Bruxelles Lambert NV | 106 | 10644 |
|  KBC Group NV | 110 | 14910 |
|  Lotus Bakeries NV | 1 | 12421 |
|  Sofina SA | 298 | 88596 |
|  Syensqo SA | 92 | 5254 |
|  UCB SA | 96 | 28598 |
|  Warehouses De Pauw CVA REIT | 1117 | 34343 |
|  (Cost $361,045) |  | 477980 |
|  **Bermuda — 0.3%** |  |  |
|  Hiscox Ltd. |  |  |
|  (Cost $140,586) | 8211 | 170888 |
|  **Canada — 5.8%** |  |  |
|  Agnico Eagle Mines Ltd. | 216 | 54264 |
|  Alamos Gold, Inc., Class A | 528 | 28621 |
|  Alimentation Couche-Tard, Inc. | 1467 | 89041 |
|  AltaGas Ltd. | 3885 | 132059 |
|  ARC Resources Ltd. | 1901 | 35264 |
|  AtkinsRealis Group Inc. | 685 | 47488 |
|  Bank of Montreal | 12 | 1727 |
|  Bank of Nova Scotia | 176 | 13354 |
|  Barrick Mining Corp. | 1661 | 84289 |
|  BCE, Inc. | 723 | 19005 |
|  Brookfield Corp. | 35 | 1535 |
|  CAE, Inc. \* | 1491 | 44221 |
|  Canadian Imperial Bank of Commerce | 323 | 32633 |
|  Canadian National Railway Co. | 270 | 30303 |
|  Canadian Natural Resources Ltd. | 597 | 26119 |
|  Canadian Pacific Kansas City Ltd. | 187 | 16377 |
|  Canadian Tire Corp. Ltd., Class A | 1128 | 158243 |
|  Celestica, Inc. \* | 22 | 6110 |
|  Cenovus Energy, Inc. | 885 | 19720 |
|  CGI, Inc. | 470 | 34379 |
|  Constellation Software, Inc. | 3 | 5545 |
|  Descartes Systems Group, Inc. \* | 160 | 10584 |
|  Dollarama, Inc. | 433 | 63757 |
|  Element Fleet Management Corp. | 1623 | 38664 |
|  Emera, Inc. | 2473 | 128686 |
|  Enbridge, Inc. | 327 | 17376 |
|  Fairfax Financial Holdings Ltd. | 146 | 251326 |
|  FirstService Corp. | 143 | 22537 |
|  Fortis, Inc. | 2103 | 120997 |
|  Franco-Nevada Corp. | 259 | 72399 |
|  George Weston Ltd. | 1332 | 97782 |
|  GFL Environmental, Inc. | 321 | 14188 |
|  Gildan Activewear, Inc. | 1950 | 132926 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Great-West Lifeco, Inc. | 159 | 7683 |
|  Hydro One Ltd., 144A | 1374 | 59056 |
|  iA Financial Corp., Inc. | 473 | 53801 |
|  Imperial Oil Ltd. | 364 | 42583 |
|  Intact Financial Corp. | 414 | 79941 |
|  Keyera Corp. | 1811 | 69128 |
|  Kinross Gold Corp. | 1707 | 63106 |
|  Loblaw Cos. Ltd. | 1490 | 69068 |
|  Lundin Gold, Inc. | 98 | 9238 |
|  Lundin Mining Corp. | 543 | 17303 |
|  Magna International, Inc. | 3390 | 213787 |
|  Manulife Financial Corp. | 846 | 30128 |
|  Metro, Inc. | 2341 | 166823 |
|  National Bank of Canada | 70 | 9771 |
|  Nutrien Ltd. | 270 | 20310 |
|  Open Text Corp. | 800 | 19820 |
|  Pan American Silver Corp. | 373 | 25593 |
|  Pembina Pipeline Corp. | 383 | 16835 |
|  Power Corp. of Canada | 1111 | 55817 |
|  Royal Bank of Canada | 35 | 5853 |
|  Saputo, Inc. | 2182 | 69659 |
|  Stantec, Inc. | 916 | 84827 |
|  Sun Life Financial, Inc. | 585 | 38347 |
|  Suncor Energy, Inc. | 2113 | 119373 |
|  TC Energy Corp. | 977 | 62788 |
|  TELUS Corp. | 2443 | 33496 |
|  Thomson Reuters Corp. | 52 | 5007 |
|  TMX Group Ltd. | 482 | 16260 |
|  Toronto-Dominion Bank | 90 | 8769 |
|  Tourmaline Oil Corp. | 694 | 32587 |
|  Waste Connections, Inc. | 169 | 29086 |
|  Wheaton Precious Metals Corp. | 332 | 54107 |
|  Whitecap Resources, Inc. | 2922 | 29180 |
|  WSP Global, Inc. | 103 | 17451 |
|  (Cost $2,661,955) |  | 3488100 |
|  **Chile — 0.0%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $3,990) | 281 | 16124 |
|  **China — 0.0%** |  |  |
|  Lenovo Group Ltd. | 12144 | 15106 |
|  Shenzhou International Group Holdings Ltd. | 594 | 4811 |
|  (Cost $13,337) |  | 19917 |
|  **Denmark — 0.5%** |  |  |
|  A.P. Moller — Maersk A/S, Class A | 9 | 22045 |
|  A.P. Moller — Maersk A/S, Class B | 10 | 24771 |
|  Carlsberg AS, Class B | 631 | 98040 |
|  Coloplast A/S, Class B | 60 | 4627 |
|  Danske Bank A/S | 129 | 6729 |

---

See Notes to Financial Statements.

8 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Demant A/S \* | 102 | 3172 |
|  DSV A/S | 62 | 16024 |
|  Genmab A/S \* | 154 | 44986 |
|  Pandora A/S | 132 | 10430 |
|  ROCKWOOL A/S, Class B | 403 | 13345 |
|  Tryg A/S | 1417 | 35067 |
|  (Cost $232,947) |  | 279236 |
|  **Finland — 1.5%** |  |  |
|  Elisa OYJ | 1211 | 62112 |
|  Fortum OYJ | 2327 | 54428 |
|  Kesko OYJ, Class B | 3905 | 96178 |
|  Kone OYJ, Class B | 1390 | 105068 |
|  Metso Corp. | 1594 | 33321 |
|  Nokia OYJ | 11763 | 90053 |
|  Nordea Bank Abp | 3103 | 60268 |
|  Orion OYJ, Class B | 1342 | 107271 |
|  Sampo OYJ, Class A | 8499 | 94206 |
|  Stora Enso OYJ, Class R | 1236 | 16790 |
|  UPM-Kymmene OYJ | 1218 | 38800 |
|  Valmet OYJ | 1962 | 65952 |
|  Wartsila OYJ Abp | 1722 | 75024 |
|  (Cost $686,211) |  | 899471 |
|  **France — 4.8%** |  |  |
|  Accor SA | 907 | 52752 |
|  Aeroports de Paris SA | 97 | 13560 |
|  Air Liquide SA | 115 | 24202 |
|  Airbus SE | 69 | 15010 |
|  Alstom SA \* | 289 | 9653 |
|  Amundi SA, 144A | 259 | 24785 |
|  Arkema SA | 289 | 21139 |
|  AXA SA | 369 | 18063 |
|  Ayvens SA, 144A | 4843 | 61756 |
|  BioMerieux | 237 | 27983 |
|  BNP Paribas SA | 49 | 5525 |
|  Bollore SE | 3517 | 20580 |
|  Bouygues SA | 3820 | 237601 |
|  Bureau Veritas SA | 1459 | 50680 |
|  Capgemini SE | 62 | 7829 |
|  Carrefour SA | 5218 | 98852 |
|  Cie de Saint-Gobain SA | 476 | 48468 |
|  Cie Generale des Etablissements Michelin SCA | 3046 | 123717 |
|  Credit Agricole SA | 394 | 8739 |
|  Danone SA | 703 | 60294 |
|  Dassault Aviation SA | 125 | 49973 |
|  Dassault Systemes SE | 97 | 2124 |
|  Edenred SE | 1003 | 23211 |
|  Eiffage SA | 2355 | 406517 |
|  Engie SA | 7241 | 247336 |
|  EssilorLuxottica SA | 30 | 7977 |
|  FDJ UNITED | 203 | 6150 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Gecina SA REIT | 37 | 3427 |
|  Getlink SE | 1589 | 34558 |
|  Ipsen SA | 209 | 40741 |
|  Kering SA | 40 | 13502 |
|  Klepierre SA REIT | 1105 | 46472 |
|  Legrand SA | 297 | 53950 |
|  L'Oreal SA | 12 | 5631 |
|  Orange SA | 15139 | 325140 |
|  Pernod Ricard SA | 195 | 18018 |
|  Publicis Groupe SA | 380 | 33838 |
|  Renault SA | 221 | 8379 |
|  Rexel SA | 888 | 38657 |
|  Safran SA | 61 | 24488 |
|  Sanofi SA | 124 | 12035 |
|  Schneider Electric SE | 37 | 12088 |
|  SCOR SE | 293 | 10690 |
|  SEB SA | 69 | 4249 |
|  Societe Generale SA | 131 | 11424 |
|  Sodexo SA | 337 | 18462 |
|  SPIE SA | 2043 | 126639 |
|  Teleperformance SE | 120 | 7294 |
|  Thales SA | 130 | 39125 |
|  TotalEnergies SE | 278 | 22084 |
|  Veolia Environnement SA | 3506 | 148858 |
|  Vinci SA | 781 | 129789 |
|  Wendel SE | 153 | 16050 |
|  (Cost $2,108,654) |  | 2880064 |
|  **Germany — 3.6%** |  |  |
|  adidas AG | 41 | 7658 |
|  Allianz SE | 34 | 15343 |
|  Aumovio SE \* | 545 | 27219 |
|  BASF SE | 866 | 49795 |
|  Bayer AG | 326 | 16170 |
|  Bayerische Motoren Werke AG | 330 | 34856 |
|  Bechtle AG | 522 | 21078 |
|  Beiersdorf AG | 139 | 17667 |
|  Brenntag SE | 283 | 17475 |
|  Continental AG | 1087 | 93844 |
|  CTS Eventim AG & Co. KGaA | 307 | 24956 |
|  Daimler Truck Holding AG | 761 | 38663 |
|  Deutsche Boerse AG | 37 | 10153 |
|  Deutsche Lufthansa AG | 5627 | 60379 |
|  Deutsche Post AG | 2396 | 141731 |
|  Deutsche Telekom AG | 969 | 39002 |
|  DWS Group GmbH & Co. KGaA, 144A (b) | 386 | 27368 |
|  E.ON SE | 6278 | 145877 |
|  Evonik Industries AG | 1518 | 26508 |
|  Fielmann Group AG | 270 | 14744 |
|  Fraport AG Frankfurt Airport Services Worldwide \* | 264 | 25950 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 9

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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 $ |
|  Fresenius Medical Care AG | 1059 | 49327 |
|  Fresenius SE & Co. KGaA | 841 | 50542 |
|  FUCHS SE | 511 | 18583 |
|  GEA Group AG | 2848 | 221598 |
|  Hannover Rueck SE | 115 | 35004 |
|  Heidelberg Materials AG | 355 | 79450 |
|  Henkel AG & Co. KGaA | 251 | 22745 |
|  HOCHTIEF AG | 148 | 72099 |
|  Infineon Technologies AG | 397 | 21480 |
|  KION Group AG | 132 | 9039 |
|  Knorr-Bremse AG | 217 | 28568 |
|  Mercedes-Benz Group AG | 853 | 59421 |
|  Merck KGaA | 123 | 18633 |
|  MTU Aero Engines AG | 123 | 53066 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 54 | 35424 |
|  Nemetschek SE | 25 | 2001 |
|  Rational AG | 5 | 4360 |
|  Rheinmetall AG | 2 | 3928 |
|  RWE AG | 6328 | 407494 |
|  Scout24 SE, 144A | 669 | 57070 |
|  Siemens AG | 37 | 10808 |
|  Siemens Energy AG | 18 | 3538 |
|  Siemens Healthineers AG, 144A | 89 | 4428 |
|  Symrise AG | 109 | 9984 |
|  Talanx AG | 139 | 17561 |
|  Traton SE | 188 | 8000 |
|  (Cost $1,519,896) |  | 2160587 |
|  **Greece — 0.1%** |  |  |
|  Metlen Energy & Metals PLC \* |  |  |
|  (Cost $54,505) | 917 | 38490 |
|  **Hong Kong — 3.1%** |  |  |
|  AIA Group Ltd. | 4083 | 45308 |
|  Bank of East Asia Ltd. | 12619 | 24553 |
|  BOC Hong Kong Holdings Ltd. | 8762 | 50295 |
|  Budweiser Brewing Co. APAC Ltd., 144A | 5176 | 5155 |
|  Cathay Pacific Airways Ltd. | 40212 | 72279 |
|  Chow Tai Fook Jewellery Group Ltd. | 5104 | 8561 |
|  CK Asset Holdings Ltd. | 13508 | 85965 |
|  CK Hutchison Holdings Ltd. | 25060 | 206320 |
|  CK Infrastructure Holdings Ltd. | 2056 | 17466 |
|  CLP Holdings Ltd. | 8857 | 84016 |
|  CTF Services Ltd. | 4700 | 5372 |
|  Dah Sing Banking Group Ltd. | 5678 | 9516 |
|  DFI Retail Group Holdings Ltd. | 4511 | 18901 |
|  First Pacific Co. Ltd. | 51991 | 42007 |
|  Galaxy Entertainment Group Ltd. | 2790 | 14895 |
|  Hang Lung Group Ltd. | 12091 | 25968 |
|  Hang Lung Properties Ltd. | 4720 | 6197 |

---

---

| | | |
|:---|:---|:---|
|  | **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 $ |
|  Henderson Land Development Co. Ltd. | 1640 | 7430 |
|  Hong Kong & China Gas Co. Ltd. | 56926 | 55382 |
|  Hong Kong Exchanges & Clearing Ltd. | 192 | 10285 |
|  Hutchison Port Holdings Trust, Class U | 207700 | 46732 |
|  Jardine Matheson Holdings Ltd. | 3231 | 266557 |
|  Johnson Electric Holdings Ltd. | 3205 | 12718 |
|  Kerry Properties Ltd. | 2345 | 7561 |
|  KLN Logistics Group Ltd. | 5481 | 4968 |
|  MTR Corp. Ltd. | 8338 | 39802 |
|  PCCW Ltd. | 53080 | 40308 |
|  Power Assets Holdings Ltd. | 7948 | 64471 |
|  Prudential PLC | 2777 | 42469 |
|  Shangri-La Asia Ltd. | 8290 | 5394 |
|  Sino Land Co. Ltd. | 19095 | 31198 |
|  SITC International Holdings Co. Ltd. | 3555 | 15171 |
|  Sun Hung Kai Properties Ltd. | 2977 | 55566 |
|  Swire Pacific Ltd., Class A | 1508 | 16223 |
|  Swire Pacific Ltd., Class B | 6532 | 11549 |
|  Techtronic Industries Co. Ltd. | 878 | 14323 |
|  VTech Holdings Ltd. | 6564 | 54167 |
|  WH Group Ltd., 144A | 249535 | 313907 |
|  Xinyi Glass Holdings Ltd. | 10433 | 13845 |
|  Yue Yuen Industrial Holdings Ltd. | 7023 | 16691 |
|  (Cost $1,322,412) |  | 1869491 |
|  **Ireland — 0.4%** |  |  |
|  AIB Group PLC | 4306 | 44994 |
|  Bank of Ireland Group PLC | 1334 | 26044 |
|  DCC PLC | 751 | 52352 |
|  Experian PLC | 565 | 21163 |
|  James Hardie Industries PLC CDI \* | 479 | 11681 |
|  Kerry Group PLC, Class A | 528 | 46943 |
|  Kingspan Group PLC | 95 | 9461 |
|  Ryanair Holdings PLC | 338 | 10943 |
|  (Cost $207,326) |  | 223581 |
|  **Israel — 4.2%** |  |  |
|  Airport City Ltd. \* | 641 | 11244 |
|  Amot Investments Ltd. | 8081 | 53584 |
|  Azrieli Group Ltd. | 200 | 28711 |
|  Bank Hapoalim BM | 9764 | 245988 |
|  Bank Leumi Le-Israel BM | 12074 | 291785 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 96447 | 254241 |
|  Big Shopping Centers Ltd. | 389 | 93672 |
|  Clal Insurance Enterprises Holdings Ltd. | 790 | 58909 |
|  Delek Group Ltd. | 58 | 17733 |
|  Elbit Systems Ltd. | 117 | 89518 |

---

See Notes to Financial Statements.

10 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  Energix-Renewable Energies Ltd. | 794 | 5065 |
|  Enlight Renewable Energy Ltd. \* | 699 | 47821 |
|  Fattal Holdings 1998 Ltd. \* | 51 | 10004 |
|  FIBI Holdings Ltd. | 468 | 48840 |
|  First International Bank Of Israel Ltd. | 847 | 72750 |
|  Gav-Yam Lands Corp. Ltd. | 571 | 6680 |
|  Harel Insurance Investments & Financial Services Ltd. | 313 | 16422 |
|  ICL Group Ltd. | 22595 | 106729 |
|  Israel Corp. Ltd. | 136 | 35039 |
|  Israel Discount Bank Ltd., Class A | 16497 | 199468 |
|  Melisron Ltd. | 760 | 102849 |
|  Menora Mivtachim Holdings Ltd. | 255 | 36387 |
|  Migdal Insurance & Financial Holdings Ltd. \* | 7247 | 39178 |
|  Mivne Real Estate KD Ltd. | 11166 | 46262 |
|  Mizrahi Tefahot Bank Ltd. | 2073 | 155111 |
|  Next Vision Stabilized Systems Ltd. | 121 | 13812 |
|  Nice Ltd. \* | 68 | 7699 |
|  Nova Ltd. \* | 51 | 22364 |
|  OPC Energy Ltd. \* | 637 | 20055 |
|  Phoenix Financial Ltd. | 2137 | 109053 |
|  Shapir Engineering and Industry Ltd. | 542 | 5653 |
|  Shufersal Ltd. | 8163 | 114295 |
|  Strauss Group Ltd. | 2273 | 100117 |
|  Teva Pharmaceutical Industries Ltd. \* | 138 | 4670 |
|  Tower Semiconductor Ltd. \* | 205 | 25885 |
|  (Cost $1,464,469) |  | 2497593 |
|  **Italy — 2.0%** |  |  |
|  A2A SpA | 15856 | 46410 |
|  Banca Mediolanum SpA | 869 | 18715 |
|  Banco BPM SpA | 2511 | 37163 |
|  BPER Banca SPA | 994 | 14095 |
|  Brunello Cucinelli SpA | 49 | 4764 |
|  Buzzi SpA | 1868 | 108028 |
|  DiaSorin SpA | 26 | 2186 |
|  Enel SpA | 6743 | 81159 |
|  Eni SpA | 2397 | 55629 |
|  Ferrari NV | 20 | 7589 |
|  FinecoBank Banca Fineco SpA | 1123 | 26505 |
|  Generali | 724 | 30910 |
|  Hera SpA | 9339 | 48803 |
|  Infrastrutture Wireless Italiane SpA, 144A | 1078 | 11449 |
|  Interpump Group SpA | 360 | 16619 |
|  Intesa Sanpaolo SpA | 1916 | 13200 |
|  Italgas SpA | 15304 | 197680 |
|  Leonardo SpA | 664 | 44530 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  Mediobanca Banca di Credito Finanziario SpA | 376 | 8200 |
|  Moncler SpA | 754 | 52026 |
|  Nexi SpA, 144A | 1761 | 7231 |
|  Pirelli & C SpA, 144A | 6573 | 49467 |
|  Poste Italiane SpA, 144A | 722 | 19394 |
|  Prysmian SpA | 123 | 14886 |
|  Recordati Industria Chimica e Farmaceutica SpA | 358 | 20467 |
|  Reply SpA | 119 | 12744 |
|  Snam SpA | 8196 | 63772 |
|  Telecom Italia SpA \* | 16000 | 12019 |
|  Telecom Italia SpA-RSP \* | 9538 | 8354 |
|  Terna - Rete Elettrica Nazionale | 7302 | 87939 |
|  UniCredit SpA | 146 | 12482 |
|  Unipol Assicurazioni SpA | 1826 | 45620 |
|  (Cost $772,895) |  | **1180035** |
|  **Japan — 31.0%** |  |  |
|  ABC-Mart, Inc. | 919 | 15443 |
|  Acom Co. Ltd. | 378 | 1241 |
|  Activia Properties, Inc. REIT | 12 | 11483 |
|  Advance Residence Investment Corp. REIT | 7 | 7712 |
|  Aeon Co. Ltd. | 3111 | 44366 |
|  AEON REIT Investment Corp. REIT | 9 | 7880 |
|  AGC, Inc. | 1090 | 48382 |
|  Aica Kogyo Co. Ltd. | 1764 | 44889 |
|  Air Water, Inc. | 4885 | 67882 |
|  Aisin Corp. | 9322 | 165960 |
|  Ajinomoto Co., Inc. | 2289 | 72837 |
|  Alfresa Holdings Corp. | 1185 | 20334 |
|  Alps Alpine Co. Ltd. | 1648 | 24748 |
|  Amada Co. Ltd. | 6476 | 107951 |
|  Amano Corp. | 1005 | 26386 |
|  ANA Holdings, Inc. | 1100 | 23976 |
|  Asahi Group Holdings Ltd. | 3176 | 34572 |
|  Asahi Intecc Co. Ltd. | 532 | 11470 |
|  Asahi Kasei Corp. | 14331 | 169310 |
|  Asics Corp. | 87 | 2671 |
|  Astellas Pharma, Inc. | 1176 | 19596 |
|  Azbil Corp. | 7152 | 66607 |
|  Bandai Namco Holdings, Inc. | 3048 | 82855 |
|  Bic Camera, Inc. | 2055 | 23752 |
|  BIPROGY, Inc. | 1154 | 35088 |
|  Blue Zones Holdings Co. Ltd. | 448 | 27633 |
|  Bridgestone Corp. | 4636 | 112719 |
|  Brother Industries Ltd. | 2217 | 45895 |
|  Calbee, Inc. | 722 | 14285 |
|  Canon Marketing Japan, Inc. | 1416 | 63524 |
|  Canon, Inc. | 2190 | 66798 |
|  Capcom Co. Ltd. | 1195 | 27501 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 11

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  Casio Computer Co. Ltd. | 837 | 8425 |
|  Central Japan Railway Co. | 1743 | 51444 |
|  Chiba Bank Ltd. | 700 | 10433 |
|  Chubu Electric Power Co., Inc. | 12167 | 205543 |
|  Chugai Pharmaceutical Co. Ltd. | 70 | 4688 |
|  Chugin Financial Group, Inc. | 606 | 12467 |
|  Chugoku Electric Power Co., Inc. | 3142 | 21906 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 1000 | 26415 |
|  COMSYS Holdings Corp. | 3477 | 128323 |
|  Cosmo Energy Holdings Co. Ltd. | 620 | 19129 |
|  Cosmos Pharmaceutical Corp. | 614 | 27285 |
|  CyberAgent, Inc. | 1360 | 12004 |
|  Dai Nippon Printing Co. Ltd. | 5314 | 110620 |
|  Daicel Corp. | 4935 | 51823 |
|  Daido Steel Co. Ltd. | 1012 | 15453 |
|  Daifuku Co. Ltd. | 2319 | 96132 |
|  Dai-ichi Life Holdings, Inc. | 1601 | 16520 |
|  Daikin Industries Ltd. | 390 | 49748 |
|  Daito Trust Construction Co. Ltd. | 4305 | 99267 |
|  Daiwa House Industry Co. Ltd. | 2034 | 73517 |
|  Daiwa House REIT Investment Corp. REIT | 12 | 10223 |
|  Daiwa Office Investment Corp. REIT | 3 | 7014 |
|  Daiwa Securities Living Investments Corp. REIT | 10 | 7424 |
|  Denso Corp. | 4057 | 58468 |
|  Dentsu Soken, Inc. | 357 | 4505 |
|  DIC Corp. | 1297 | 36794 |
|  Disco Corp. | 8 | 3869 |
|  DMG Mori Co. Ltd. | 279 | 5533 |
|  Dowa Holdings Co. Ltd. | 125 | 9247 |
|  East Japan Railway Co. | 2762 | 68287 |
|  Ebara Corp. | 2070 | 73479 |
|  Electric Power Development Co. Ltd. | 4842 | 115681 |
|  ENEOS Holdings, Inc. | 22801 | 217312 |
|  EXEO Group, Inc. | 2748 | 52681 |
|  Ezaki Glico Co. Ltd. | 450 | 17484 |
|  FANUC Corp. | 1805 | 82235 |
|  Fast Retailing Co. Ltd. | 23 | 10169 |
|  Food & Life Cos. Ltd. | 210 | 13538 |
|  FP Corp. | 404 | 7305 |
|  Frontier Real Estate Investment Corp. REIT | 21 | 12038 |
|  Fuji Electric Co. Ltd. | 763 | 67980 |
|  FUJIFILM Holdings Corp. | 1154 | 23978 |
|  Fujitec Co. Ltd. | 164 | 5945 |
|  Fujitsu Ltd. | 1566 | 35989 |
|  Fukuoka Financial Group, Inc. | 250 | 10958 |
|  Furukawa Electric Co. Ltd. | 200 | 35997 |
|  Fuyo General Lease Co. Ltd. | 18 | 536 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  GLP J REIT | 11 | 9864 |
|  GMO internet group, Inc. | 300 | 5759 |
|  Goldwin, Inc. | 379 | 5989 |
|  GS Yuasa Corp. | 649 | 23113 |
|  Gunma Bank Ltd. | 363 | 5259 |
|  Hachijuni Nagano Bank Ltd. | 1098 | 14625 |
|  Hakuhodo DY Holdings, Inc. | 2035 | 15263 |
|  Hamamatsu Photonics KK | 576 | 7465 |
|  Hankyu Hanshin Holdings, Inc. | 967 | 28213 |
|  Haseko Corp. | 1672 | 36562 |
|  Hikari Tsushin, Inc. | 65 | 18406 |
|  Hirogin Holdings, Inc. | 600 | 7442 |
|  Hirose Electric Co. Ltd. | 255 | 38113 |
|  Hisamitsu Pharmaceutical Co., Inc. | 271 | 10467 |
|  Hitachi Construction Machinery Co. Ltd. | 809 | 36412 |
|  Hitachi Ltd. | 612 | 20486 |
|  Honda Motor Co. Ltd. | 3277 | 33258 |
|  Horiba Ltd. | 434 | 58501 |
|  Hoshizaki Corp. | 1029 | 36223 |
|  House Foods Group, Inc. | 1156 | 22857 |
|  Hoya Corp. | 158 | 28604 |
|  Hulic Co. Ltd. | 5008 | 66367 |
|  Idemitsu Kosan Co. Ltd. | 9725 | 92874 |
|  IHI Corp. | 693 | 19100 |
|  Iida Group Holdings Co. Ltd. | 1218 | 21696 |
|  Industrial & Infrastructure Fund Investment Corp. REIT | 12 | 11683 |
|  INFRONEER Holdings, Inc. | 1795 | 30111 |
|  Inpex Corp. | 3975 | 96749 |
|  Internet Initiative Japan, Inc. | 600 | 8755 |
|  Invincible Investment Corp. REIT | 49 | 20808 |
|  Isetan Mitsukoshi Holdings Ltd. | 1213 | 23930 |
|  Isuzu Motors Ltd. | 2942 | 54996 |
|  Ito En Ltd. | 300 | 5836 |
|  ITOCHU Corp. | 3175 | 46163 |
|  Itoham Yonekyu Holdings, Inc. | 685 | 28299 |
|  Iwatani Corp. | 1809 | 23857 |
|  Iyogin Holdings, Inc. | 527 | 11456 |
|  Izumi Co. Ltd. | 738 | 4907 |
| J. Front Retailing Co. Ltd. | 1631 | 26953 |
|  Japan Airlines Co. Ltd. | 2322 | 48009 |
|  Japan Airport Terminal Co. Ltd. | 425 | 14520 |
|  Japan Hotel REIT Investment Corp. REIT | 27 | 14665 |
|  Japan Logistics Fund, Inc. REIT | 10 | 6649 |
|  Japan Metropolitan Fund Invest REIT | 18 | 14031 |
|  Japan Post Holdings Co. Ltd. | 1052 | 13719 |
|  Japan Post Insurance Co. Ltd. | 239 | 7810 |
|  Japan Prime Realty Investment Corp. REIT | 19 | 12973 |

---

See Notes to Financial Statements.

12 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  Japan Real Estate Investment Corp. REIT | 26 | 21666 |
|  Japan Tobacco, Inc. | 507 | 19442 |
|  Jeol Ltd. | 111 | 4897 |
|  JFE Holdings, Inc. | 1765 | 24877 |
|  JGC Holdings Corp. | 1847 | 29304 |
|  JTEKT Corp. | 2652 | 36504 |
|  Justsystems Corp. | 123 | 3092 |
|  JX Advanced Metals Corp. | 549 | 14625 |
|  Kagome Co. Ltd. | 265 | 4921 |
|  Kajima Corp. | 2377 | 108737 |
|  Kakaku.com, Inc. | 431 | 4752 |
|  Kamigumi Co. Ltd. | 3255 | 121256 |
|  Kandenko Co. Ltd. | 2495 | 111642 |
|  Kaneka Corp. | 1122 | 37938 |
|  Kansai Electric Power Co., Inc. | 3815 | 68982 |
|  Kansai Paint Co. Ltd. | 1113 | 19704 |
|  Kao Corp. | 937 | 40055 |
|  Kawasaki Heavy Industries Ltd. | 121 | 14148 |
|  KDDI Corp. | 2585 | 44224 |
|  KDX Realty Investment Corp. REIT | 63 | 68599 |
|  Keihan Holdings Co. Ltd. | 800 | 17755 |
|  Keikyu Corp. | 1104 | 11063 |
|  Keio Corp. | 500 | 13441 |
|  Keisei Electric Railway Co. Ltd. | 622 | 5402 |
|  Kewpie Corp. | 1632 | 46809 |
|  Keyence Corp. | 7 | 2962 |
|  Kikkoman Corp. | 1734 | 16660 |
|  Kinden Corp. | 2862 | 155597 |
|  Kintetsu Group Holdings Co. Ltd. | 900 | 19046 |
|  Kioxia Holdings Corp. \* | 1215 | 165061 |
|  Kirin Holdings Co. Ltd. | 1151 | 19957 |
|  Kobayashi Pharmaceutical Co. Ltd. | 63 | 2353 |
|  Kobe Bussan Co. Ltd. | 300 | 7121 |
|  Kobe Steel Ltd. | 1557 | 22688 |
|  Koei Tecmo Holdings Co. Ltd. | 1426 | 16477 |
|  Koito Manufacturing Co. Ltd. | 3100 | 56013 |
|  Kokuyo Co. Ltd. | 12683 | 74802 |
|  Komatsu Ltd. | 4798 | 231503 |
|  Konami Group Corp. | 232 | 30953 |
|  Konica Minolta, Inc. | 1100 | 4205 |
|  Kotobuki Spirits Co. Ltd. | 400 | 5092 |
|  Kraftia Corp. | 283 | 19151 |
|  K's Holdings Corp. | 3874 | 42567 |
|  Kubota Corp. | 1455 | 29599 |
|  Kuraray Co. Ltd. | 2139 | 25284 |
|  Kurita Water Industries Ltd. | 808 | 45093 |
|  Kusuri no Aoki Holdings Co. Ltd. | 90 | 2343 |
|  Kyocera Corp. | 2306 | 40817 |
|  Kyoto Financial Group, Inc. | 279 | 6928 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  Kyowa Kirin Co. Ltd. | 200 | 3696 |
|  Kyushu Electric Power Co., Inc. | 5888 | 75955 |
|  Kyushu Railway Co. | 996 | 25288 |
|  LaSalle Logiport REIT | 10 | 9864 |
|  Lion Corp. | 3328 | 39190 |
|  Lixil Corp. | 3333 | 39174 |
|  LY Corp. | 1200 | 2990 |
|  M3, Inc. | 354 | 3895 |
|  Mabuchi Motor Co. Ltd. | 4122 | 48580 |
|  Macnica Holdings, Inc. | 390 | 6916 |
|  Makita Corp. | 1141 | 44251 |
|  Marubeni Corp. | 4940 | 190101 |
|  Marui Group Co. Ltd. | 582 | 11832 |
|  Maruichi Steel Tube Ltd. | 6670 | 69424 |
|  Maruwa Co. Ltd./Aichi | 17 | 6673 |
|  MatsukiyoCocokara & Co. | 4184 | 69383 |
|  Mazda Motor Corp. | 1457 | 12958 |
|  McDonald's Holdings Co. Japan Ltd. | 569 | 27079 |
|  Mebuki Financial Group, Inc. | 1400 | 12043 |
|  Medipal Holdings Corp. | 5240 | 102937 |
|  MEIJI Holdings Co. Ltd. | 1913 | 49343 |
|  MINEBEA MITSUMI, Inc. | 371 | 7994 |
|  MISUMI Group, Inc. | 1030 | 20768 |
|  Mitsubishi Chemical Group Corp. | 10439 | 77595 |
|  Mitsubishi Corp. | 2494 | 84504 |
|  Mitsubishi Electric Corp. | 4886 | 187491 |
|  Mitsubishi Estate Co. Ltd. | 1400 | 47329 |
|  Mitsubishi Gas Chemical Co., Inc. | 1149 | 32117 |
|  Mitsubishi HC Capital, Inc. | 575 | 5576 |
|  Mitsubishi Heavy Industries Ltd. | 578 | 18563 |
|  Mitsubishi Logistics Corp. | 5455 | 50069 |
|  Mitsubishi Materials Corp. | 1830 | 70399 |
|  Mitsubishi Motors Corp. | 1300 | 3573 |
|  Mitsubishi UFJ Financial Group, Inc. | 84 | 1597 |
|  Mitsui & Co. Ltd. | 2523 | 94892 |
|  Mitsui Chemicals, Inc. | 3422 | 52166 |
|  Mitsui Fudosan Co. Ltd. | 2682 | 36187 |
|  Mitsui Fudosan Logistics Park, Inc. REIT | 8 | 6031 |
|  Mitsui Kinzoku Co. Ltd. | 1271 | 300481 |
|  Mitsui OSK Lines Ltd. | 674 | 25030 |
|  Miura Co. Ltd. | 266 | 5495 |
|  Mizuho Financial Group, Inc. | 255 | 11680 |
|  Modec, Inc. | 108 | 9290 |
|  MonotaRO Co. Ltd. | 284 | 3785 |
|  Mori Hills REIT Investment Corp. REIT | 6 | 5649 |
|  Morinaga & Co. Ltd. | 763 | 14121 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 13

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  MS&AD Insurance Group Holdings, Inc. | 1763 | 49415 |
|  Murata Manufacturing Co. Ltd. | 1490 | 39205 |
|  Nabtesco Corp. | 744 | 24223 |
|  Nagase & Co. Ltd. | 1363 | 43249 |
|  Nagoya Railroad Co. Ltd. | 2129 | 25146 |
|  Nankai Electric Railway Co. Ltd. | 1117 | 22286 |
|  NEC Corp. | 1314 | 36476 |
|  Nexon Co. Ltd. | 300 | 6381 |
|  NGK Insulators Ltd. | 5230 | 153659 |
|  NH Foods Ltd. | 1453 | 66533 |
|  NHK Spring Co. Ltd. | 2791 | 53809 |
|  Nichias Corp. | 1224 | 75271 |
|  Nichirei Corp. | 719 | 9784 |
|  Nidec Corp. | 701 | 11054 |
|  Nifco, Inc. | 1805 | 64096 |
|  Nikkon Holdings Co. Ltd. | 1719 | 43491 |
|  Nikon Corp. | 600 | 7675 |
|  Nintendo Co. Ltd. | 200 | 11523 |
|  Nippon Accommodations Fund, Inc. REIT | 5 | 4416 |
|  Nippon Building Fund, Inc. REIT | 21 | 19544 |
|  Nippon Electric Glass Co. Ltd. | 1173 | 51683 |
|  NIPPON EXPRESS HOLDINGS, Inc. | 5716 | 140955 |
|  Nippon Kayaku Co. Ltd. | 4525 | 58111 |
|  Nippon Paint Holdings Co. Ltd. | 800 | 5929 |
|  Nippon Prologis REIT, Inc. REIT | 5 | 2934 |
|  Nippon Sanso Holdings Corp. | 507 | 19462 |
|  Nippon Shinyaku Co. Ltd. | 712 | 23459 |
|  Nippon Shokubai Co. Ltd. | 3991 | 65045 |
|  Nippon Steel Corp. | 13200 | 53772 |
|  Nippon Television Holdings, Inc. | 734 | 15985 |
|  Nippon Yusen KK | 1517 | 52168 |
|  Nipro Corp. | 457 | 4656 |
|  Nissan Chemical Corp. | 1598 | 72743 |
|  Nissan Motor Co. Ltd. \* | 1000 | 2775 |
|  Nisshin Seifun Group, Inc. | 2639 | 36916 |
|  Nissin Foods Holdings Co. Ltd. | 261 | 5510 |
|  Niterra Co. Ltd. | 3949 | 199897 |
|  Nitto Denko Corp. | 7616 | 177418 |
|  NOF Corp. | 3037 | 61042 |
|  NOK Corp. | 1714 | 36525 |
|  Nomura Holdings, Inc. | 1200 | 11164 |
|  Nomura Real Estate Holdings, Inc. | 1452 | 10812 |
|  Nomura Real Estate Master Fund, Inc. REIT | 12 | 12828 |
|  Nomura Research Institute Ltd. | 451 | 12615 |
|  NS Solutions Corp. | 600 | 15449 |
|  NSK Ltd. | 5411 | 48816 |
|  NTT, Inc. | 21738 | 21345 |
|  Obayashi Corp. | 12090 | 341966 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | Value $ |
|  OBIC Business Consultants Co. Ltd. | 99 | 4008 |
|  Obic Co. Ltd. | 780 | 20983 |
|  Odakyu Electric Railway Co. Ltd. | 1210 | 13892 |
|  Oji Holdings Corp. | 17079 | 107698 |
|  OKUMA Corp. | 666 | 19900 |
|  Olympus Corp. | 566 | 5539 |
|  Omron Corp. | 179 | 6365 |
|  Ono Pharmaceutical Co. Ltd. | 1211 | 20745 |
|  Open House Group Co. Ltd. | 2009 | 148882 |
|  Oracle Corp. | 136 | 8216 |
|  Organo Corp. | 113 | 12558 |
|  Oriental Land Co. Ltd. | 417 | 7521 |
|  ORIX Corp. | 1736 | 61634 |
|  Orix JREIT, Inc. REIT | 46 | 30672 |
|  Osaka Gas Co. Ltd. | 6188 | 258261 |
|  Otsuka Corp. | 656 | 13231 |
|  Otsuka Holdings Co. Ltd. | 1001 | 68667 |
|  PALTAC Corp. | 872 | 28250 |
|  Pan Pacific International Holdings Corp. | 3570 | 23781 |
|  Panasonic Holdings Corp. | 9813 | 159459 |
|  Park24 Co. Ltd. | 800 | 11529 |
|  Persol Holdings Co. Ltd. | 22995 | 36792 |
|  Pola Orbis Holdings, Inc. | 400 | 3531 |
|  Recruit Holdings Co. Ltd. | 138 | 6069 |
|  Relo Group, Inc. | 1319 | 16272 |
|  Resona Holdings, Inc. | 1000 | 12237 |
|  Resonac Holdings Corp. | 690 | 52725 |
|  Resorttrust, Inc. | 3893 | 48250 |
|  Ricoh Co. Ltd. | 1312 | 12353 |
|  Rinnai Corp. | 2422 | 63185 |
|  Ryohin Keikaku Co. Ltd. | 1377 | 31725 |
|  Sankyo Co. Ltd. | 6466 | 91321 |
|  Sankyu, Inc. | 1771 | 113945 |
|  Sanrio Co. Ltd. | 79 | 2897 |
|  Santen Pharmaceutical Co. Ltd. | 3096 | 34673 |
|  Sanwa Holdings Corp. | 3688 | 97654 |
|  Sapporo Holdings Ltd. | 255 | 2899 |
|  Sawai Group Holdings Co. Ltd. | 1199 | 17825 |
|  SBI Holdings, Inc. | 1142 | 24504 |
|  SCREEN Holdings Co. Ltd. | 214 | 31423 |
|  Secom Co. Ltd. | 2508 | 96995 |
|  Sega Sammy Holdings, Inc. | 278 | 4656 |
|  Seibu Holdings, Inc. | 3385 | 100601 |
|  Seiko Epson Corp. | 807 | 10945 |
|  Seino Holdings Co. Ltd. | 1716 | 29297 |
|  Sekisui Chemical Co. Ltd. | 10687 | 208709 |
|  Sekisui House Ltd. | 670 | 16419 |
|  Sekisui House Reit, Inc. REIT | 45 | 27123 |
|  Seven & i Holdings Co. Ltd. | 853 | 11995 |
|  Seven Bank Ltd. | 2200 | 4240 |

---

See Notes to Financial Statements.

14 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  SG Holdings Co. Ltd. | 4608 | 46810 |
|  Shikoku Electric Power Co., Inc. | 4480 | 50819 |
|  Shimadzu Corp. | 647 | 18064 |
|  Shimamura Co. Ltd. | 3180 | 73244 |
|  Shimano, Inc. | 41 | 4401 |
|  Shimizu Corp. | 7251 | 162227 |
|  Shin-Etsu Chemical Co. Ltd. | 619 | 24455 |
|  Shionogi & Co. Ltd. | 4796 | 112554 |
|  Shizuoka Financial Group, Inc. | 1127 | 22695 |
|  SHO-BOND Holdings Co. Ltd. | 2068 | 19471 |
|  SKY Perfect JSAT Holdings, Inc. | 4540 | 83487 |
|  Skylark Holdings Co. Ltd. | 1268 | 29189 |
|  SMC Corp. | 51 | 24637 |
|  SoftBank Corp. | 24952 | 34170 |
|  Sohgo Security Services Co. Ltd. | 5859 | 48073 |
|  Sojitz Corp. | 1874 | 84983 |
|  Sompo Holdings, Inc. | 823 | 32920 |
|  Sony Financial Group, Inc. \* | 669 | 685 |
|  Sony Group Corp. | 669 | 15610 |
|  Sotetsu Holdings, Inc. | 623 | 11736 |
|  Square Enix Holdings Co. Ltd. | 1349 | 22245 |
|  Stanley Electric Co. Ltd. | 2312 | 48869 |
|  Subaru Corp. | 6683 | 126982 |
|  Sugi Holdings Co. Ltd. | 1217 | 27984 |
|  Sumitomo Bakelite Co. Ltd. | 1008 | 38861 |
|  Sumitomo Chemical Co. Ltd. | 24079 | 87864 |
|  Sumitomo Corp. | 3654 | 155943 |
|  Sumitomo Electric Industries Ltd. | 5645 | 375128 |
|  Sumitomo Heavy Industries Ltd. | 392 | 15499 |
|  Sumitomo Metal Mining Co. Ltd. | 269 | 21753 |
|  Sumitomo Mitsui Financial Group, Inc. | 94 | 3611 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 775 | 27217 |
|  Sumitomo Realty & Development Co. Ltd. | 1120 | 37935 |
|  Sumitomo Rubber Industries Ltd. | 1301 | 23178 |
|  Sundrug Co. Ltd. | 1528 | 41321 |
|  Suntory Beverage & Food Ltd. | 728 | 22928 |
|  Suzuken Co. Ltd. | 382 | 16163 |
|  Suzuki Motor Corp. | 6015 | 91328 |
|  Sysmex Corp. | 352 | 3319 |
|  T&D Holdings, Inc. | 181 | 4885 |
|  Taiheiyo Cement Corp. | 1625 | 46765 |
|  Taisei Corp. | 1738 | 226427 |
|  Taiyo Holdings Co. Ltd. | 896 | 30824 |
|  Takara Holdings, Inc. | 490 | 5110 |
|  Takasago Thermal Engineering Co. Ltd. | 1118 | 37523 |
|  Takashimaya Co. Ltd. | 2776 | 35188 |
|  Takeda Pharmaceutical Co. Ltd. | 470 | 17518 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  TBS Holdings, Inc. | 417 | 15785 |
|  TDK Corp. | 2377 | 36913 |
|  Teijin Ltd. | 4003 | 44446 |
|  Terumo Corp. | 1627 | 21989 |
|  THK Co. Ltd. | 295 | 10651 |
|  TIS, Inc. | 1591 | 32854 |
|  Tobu Railway Co. Ltd. | 1876 | 37802 |
|  Toda Corp. | 2126 | 22203 |
|  Toho Co. Ltd. | 4980 | 49920 |
|  Toho Gas Co. Ltd. | 1826 | 65824 |
|  Tohoku Electric Power Co., Inc. | 3230 | 26802 |
|  Tokai Carbon Co. Ltd. | 1000 | 7132 |
|  Tokio Marine Holdings, Inc. | 931 | 38922 |
|  Tokyo Century Corp. | 429 | 6273 |
|  Tokyo Electric Power Co. Holdings, Inc. \* | 2139 | 9596 |
|  Tokyo Electron Ltd. | 36 | 10148 |
|  Tokyo Gas Co. Ltd. | 4516 | 221454 |
|  Tokyo Metro Co. Ltd. | 1117 | 11962 |
|  Tokyo Ohka Kogyo Co. Ltd. | 935 | 55217 |
|  Tokyo Seimitsu Co. Ltd. | 125 | 13851 |
|  Tokyo Tatemono Co. Ltd. | 1872 | 52446 |
|  Tokyu Corp. | 1914 | 24488 |
|  Tokyu Fudosan Holdings Corp. | 2977 | 29946 |
|  Tomy Co. Ltd. | 608 | 11192 |
|  TOPPAN Holdings, Inc. | 1190 | 40893 |
|  Toray Industries, Inc. | 24111 | 206941 |
|  Toridoll Holdings Corp. | 268 | 7313 |
|  Tosoh Corp. | 7856 | 137345 |
|  TOTO Ltd. | 488 | 19107 |
|  Toyo Seikan Group Holdings Ltd. | 3339 | 87258 |
|  Toyo Suisan Kaisha Ltd. | 892 | 70246 |
|  Toyo Tire Corp. | 2821 | 87218 |
|  Toyoda Gosei Co. Ltd. | 2131 | 69489 |
|  Toyota Boshoku Corp. | 2784 | 57080 |
|  Toyota Industries Corp. | 282 | 36540 |
|  Toyota Motor Corp. | 283 | 6933 |
|  Toyota Tsusho Corp. | 3781 | 169234 |
|  Trend Micro, Inc. | 261 | 8693 |
|  TS Tech Co. Ltd. | 1998 | 25780 |
|  Tsumura & Co. | 289 | 7756 |
|  Tsuruha Holdings, Inc. | 8021 | 134861 |
|  UBE Corp. | 743 | 13746 |
|  Ulvac, Inc. | 129 | 8659 |
|  Unicharm Corp. | 1032 | 7069 |
|  United Urban Investment Corp. REIT | 17 | 20188 |
|  USS Co. Ltd. | 6039 | 73590 |
|  West Japan Railway Co. | 3982 | 85544 |
|  Workman Co. Ltd. | 259 | 12906 |
|  Yakult Honsha Co. Ltd. | 922 | 15440 |
|  Yamada Holdings Co. Ltd. | 6058 | 22529 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 15

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Yamaguchi Financial Group, Inc. | 500 | 8813 |
|  Yamaha Corp. | 1758 | 13636 |
|  Yamaha Motor Co. Ltd. | 2086 | 16608 |
|  Yamato Holdings Co. Ltd. | 2622 | 32144 |
|  Yamato Kogyo Co. Ltd. | 564 | 46980 |
|  Yamazaki Baking Co. Ltd. | 1541 | 34635 |
|  Yaskawa Electric Corp. | 153 | 5405 |
|  Yokogawa Electric Corp. | 2189 | 87560 |
|  Yokohama Financial Group, Inc. | 1100 | 11907 |
|  Yokohama Rubber Co. Ltd. | 843 | 42559 |
|  Zenkoku Hosho Co. Ltd. | 3071 | 63259 |
|  Zensho Holdings Co. Ltd. | 323 | 20542 |
|  Zeon Corp. | 4756 | 65221 |
|  ZOZO, Inc. | 884 | 6449 |
|  (Cost $12,837,466) |  | 18492172 |
|  **Luxembourg — 0.4%** |  |  |
|  ArcelorMittal SA | 1739 | 113914 |
|  Eurofins Scientific SE | 810 | 65186 |
|  RTL Group SA | 866 | 37985 |
|  Tenaris SA | 1691 | 46161 |
|  (Cost $173,257) |  | 263246 |
|  **Mexico — 0.0%** |  |  |
|  Fresnillo PLC |  |  |
|  (Cost $3,710) | 312 | 17785 |
|  **Netherlands — 1.7%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 413 | 13829 |
|  Akzo Nobel NV | 671 | 47234 |
|  Argenx SE \* | 9 | 6986 |
|  ASR Nederland NV | 183 | 13275 |
|  CTP NV, 144A | 1690 | 35877 |
|  Euronext NV, 144A | 71 | 11736 |
|  EXOR NV | 1005 | 88224 |
|  Ferrovial SE | 1135 | 84640 |
|  Heineken Holding NV | 575 | 49696 |
|  Heineken NV | 194 | 17995 |
|  ING Groep NV | 187 | 5438 |
|  JDE Peet's NV | 978 | 36605 |
|  Koninklijke Ahold Delhaize NV | 5102 | 251620 |
|  Koninklijke KPN NV | 29865 | 169291 |
|  Koninklijke Philips NV | 121 | 3869 |
|  Koninklijke Vopak NV | 586 | 32131 |
|  Magnum Ice Cream Co. NV \* | 56 | 885 |
|  NN Group NV | 379 | 31011 |
|  Prosus NV \* | 147 | 7552 |
|  QIAGEN NV | 692 | 34283 |
|  Randstad NV | 546 | 17941 |
|  Universal Music Group NV | 386 | 8709 |
|  Wolters Kluwer NV | 174 | 13990 |
|  (Cost $748,085) |  | 982817 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  **New Zealand — 0.4%** |  |  |
|  a2 Milk Co. Ltd. | 2005 | 13903 |
|  Air New Zealand Ltd. | 62868 | 20937 |
|  Auckland International Airport Ltd. | 5025 | 27620 |
|  Contact Energy Ltd. | 11376 | 63415 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 2130 | 52274 |
|  Fletcher Building Ltd. \* | 1705 | 3591 |
|  Mainfreight Ltd. | 667 | 25755 |
|  Mercury NZ Ltd. | 2764 | 10598 |
|  Spark New Zealand Ltd. | 14622 | 20005 |
|  Xero Ltd. \* | 46 | 2725 |
|  (Cost $207,207) |  | 240823 |
|  **Norway — 1.3%** |  |  |
|  Aker ASA, Class A | 831 | 80712 |
|  Aker BP ASA | 2063 | 62063 |
|  DNB Bank ASA | 1143 | 36224 |
|  Equinor ASA | 1155 | 34188 |
|  Gjensidige Forsikring ASA | 1024 | 28890 |
|  Kongsberg Gruppen ASA | 1128 | 45744 |
|  Mowi ASA | 2418 | 56985 |
|  Norsk Hydro ASA | 5986 | 55459 |
|  Orkla ASA | 10917 | 149295 |
|  Salmar ASA | 126 | 7536 |
|  Telenor ASA | 5446 | 100924 |
|  Var Energi ASA | 4727 | 17634 |
|  Vend Marketplaces ASA, Class B | 1629 | 40822 |
|  Yara International ASA | 728 | 36785 |
|  (Cost $552,991) |  | 753261 |
|  **Poland — 0.7%** |  |  |
|  Allegro.eu SA, 144A \* | 560 | 4351 |
|  Bank Polska Kasa Opieki SA | 644 | 40774 |
|  Dino Polska SA, 144A \* | 3451 | 38831 |
|  KGHM Polska Miedz SA \* | 360 | 33807 |
|  LPP SA | 1 | 5786 |
|  ORLEN SA | 5514 | 176965 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 1454 | 37630 |
|  Powszechny Zaklad Ubezpieczen SA | 3317 | 62800 |
|  Santander Bank Polska SA | 105 | 17375 |
|  (Cost $264,434) |  | 418319 |
|  **Portugal — 0.4%** |  |  |
|  Banco Comercial Portugues SA, Class R | 6904 | 7268 |
|  EDP SA | 13774 | 73443 |
|  Galp Energia SGPS SA | 2119 | 45585 |
|  Jeronimo Martins SGPS SA | 4411 | 115932 |
|  (Cost $200,793) |  | 242228 |

---

See Notes to Financial Statements.

16 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  **Russia — 0.0%** |  |  |
|  Evraz PLC \* (c) |  |  |
|  (Cost $35,071) | 4559 | 0 |
|  **Singapore — 2.5%** |  |  |
|  BOC Aviation Ltd., 144A | 2942 | 32759 |
|  CapitaLand Ascendas REIT | 25288 | 53781 |
|  CapitaLand Ascott Trust (a) | 18197 | 13955 |
|  CapitaLand Integrated Commercial Trust REIT | 32394 | 62747 |
|  CapitaLand Investment Ltd. | 4317 | 10444 |
|  City Developments Ltd. | 1982 | 15388 |
|  ComfortDelGro Corp. Ltd. | 67629 | 82875 |
|  DBS Group Holdings Ltd. | 733 | 33102 |
|  Frasers Logistics & Commercial Trust REIT | 6838 | 5352 |
|  Genting Singapore Ltd. | 64978 | 36731 |
|  Jardine Cycle & Carriage Ltd. | 937 | 26195 |
|  Keppel REIT | 11404 | 8746 |
|  Keppel DC REIT | 25973 | 47435 |
|  Keppel Ltd. | 13425 | 138830 |
|  Mapletree Industrial Trust REIT | 11622 | 18744 |
|  Mapletree Logistics Trust REIT | 4390 | 4477 |
|  Mapletree Pan Asia Commercial Trust REIT | 19269 | 21633 |
|  NETLINK NBN TRUST | 28771 | 22519 |
|  Oversea-Chinese Banking Corp. Ltd. | 2580 | 43712 |
|  SATS Ltd. | 8186 | 25370 |
|  Sembcorp Industries Ltd. | 7523 | 36400 |
|  SIA Engineering Co. Ltd. | 7829 | 21788 |
|  Singapore Airlines Ltd. | 17979 | 102059 |
|  Singapore Exchange Ltd. | 15367 | 221117 |
|  Singapore Technologies Engineering Ltd. | 21205 | 167145 |
|  Singapore Telecommunications Ltd. | 12571 | 50091 |
|  StarHub Ltd. | 11533 | 9392 |
|  Suntec Real Estate Investment Trust REIT | 4488 | 5038 |
|  United Overseas Bank Ltd. | 1504 | 43960 |
|  UOL Group Ltd. | 5938 | 52955 |
|  Venture Corp. Ltd. | 5297 | 65456 |
|  Wilmar International Ltd. | 12700 | 35343 |
|  (Cost $1,045,090) |  | 1515539 |
|  **South Korea — 7.0%** |  |  |
|  Amorepacific Holdings Corp. | 286 | 6233 |
|  BGF retail Co. Ltd. | 277 | 24032 |
|  BNK Financial Group, Inc. | 1889 | 26172 |
|  Cheil Worldwide, Inc. | 2855 | 43564 |
|  CJ CheilJedang Corp. | 32 | 4760 |
|  CJ Corp. | 152 | 23088 |
|  CJ Logistics Corp. | 42 | 3854 |
|  Coway Co. Ltd. \* | 376 | 21407 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  DB Insurance Co. Ltd. | 780 | 99283 |
|  Dongsuh Cos., Inc. | 143 | 2729 |
|  Doosan Bobcat, Inc. \* | 134 | 6055 |
|  E-MART, Inc. | 366 | 26715 |
|  F&F Co. Ltd. / New | 114 | 5603 |
|  GS Engineering & Construction Corp. | 272 | 4235 |
|  GS Holdings Corp. | 972 | 46421 |
|  GS Retail Co. Ltd. | 326 | 4986 |
|  Hana Financial Group, Inc. | 1478 | 125145 |
|  Hankook Tire & Technology Co. Ltd. | 900 | 45610 |
|  Hanwha Corp. \* | 73 | 6932 |
|  Hanwha Vision Co. Ltd. \* | 66 | 3918 |
|  HD Hyundai Co. Ltd. | 1085 | 220620 |
|  HD Hyundai Heavy Industries Co. Ltd. | 16 | 6707 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 215 | 67258 |
|  Hite Jinro Co. Ltd. | 890 | 10994 |
|  HL Mando Co. Ltd. | 85 | 3711 |
|  Hyundai Engineering & Construction Co. Ltd. | 951 | 108884 |
|  Hyundai Glovis Co. Ltd. | 824 | 165831 |
|  Hyundai Marine & Fire Insurance Co. Ltd. \* | 434 | 10363 |
|  Hyundai Mobis Co. Ltd. | 850 | 305492 |
|  Hyundai Motor Co. | 83 | 38889 |
|  Hyundai Steel Co. | 1033 | 33392 |
|  iM Financial Group Co. Ltd. | 3211 | 41050 |
|  Industrial Bank of Korea | 3371 | 60343 |
|  Kangwon Land, Inc. | 4534 | 60044 |
|  KB Financial Group, Inc. | 726 | 80246 |
|  KCC Corp. | 24 | 10861 |
|  KEPCO Plant Service & Engineering Co. Ltd. \* | 924 | 39825 |
|  Kia Corp. | 1180 | 168571 |
|  Korea Electric Power Corp. | 3547 | 144247 |
|  Korea Investment Holdings Co. Ltd. | 145 | 26057 |
|  Korean Air Lines Co. Ltd. \* | 2144 | 41881 |
|  Krafton, Inc. \* | 17 | 2937 |
|  KT&G Corp. | 1953 | 221435 |
|  LG CNS Co. Ltd. | 692 | 35839 |
|  LG Corp. | 437 | 32718 |
|  LG Display Co. Ltd. \* | 1577 | 15721 |
|  LG Electronics, Inc. | 115 | 11648 |
|  LG H&H Co. Ltd. | 34 | 6311 |
|  LG Uplus Corp. | 8592 | 98792 |
|  Lotte Corp. | 411 | 10214 |
|  LS Corp. \* | 35 | 6922 |
|  Meritz Financial Group, Inc. \* | 30 | 2651 |
|  Misto Holdings Corp. | 131 | 4462 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 17

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  NAVER Corp. | 335 | 59268 |
|  NH Investment & Securities Co. Ltd. | 205 | 5059 |
|  NongShim Co. Ltd. \* | 55 | 16441 |
|  Orion Corp. \* | 816 | 75672 |
|  Otoki Corp. | 42 | 11606 |
|  POSCO Holdings, Inc. | 75 | 21533 |
|  S-1 Corp. | 760 | 46387 |
|  Samsung Biologics Co. Ltd., 144A \* | 1 | 1236 |
|  Samsung C&T Corp. | 795 | 193707 |
|  Samsung Card Co. Ltd. | 221 | 9679 |
|  Samsung E&A Co. Ltd. | 3009 | 76140 |
|  Samsung Electro-Mechanics Co. Ltd. | 484 | 150903 |
|  Samsung Electronics Co. Ltd. | 241 | 36271 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 298 | 109795 |
|  Samsung Heavy Industries Co. Ltd. \* | 1180 | 23748 |
|  Samsung Life Insurance Co. Ltd. | 181 | 28940 |
|  Samsung SDS Co. Ltd. | 297 | 40261 |
|  Samsung Securities Co. Ltd. | 1386 | 102902 |
|  Shinhan Financial Group Co. Ltd. | 1217 | 81979 |
|  SK hynix, Inc. | 183 | 134976 |
|  SK Square Co. Ltd. \* | 169 | 75777 |
|  SK, Inc. | 184 | 51292 |
|  S-Oil Corp. \* | 119 | 9100 |
|  Woori Financial Group, Inc. | 7734 | 193552 |
|  (Cost $2,227,586) |  | 4181882 |
|  **Spain — 2.2%** |  |  |
|  Acciona SA | 498 | 145116 |
|  ACS Actividades de Construccion y Servicios SA | 3670 | 474916 |
|  Aena Sme SA, 144A | 1990 | 62664 |
|  Amadeus IT Group SA | 543 | 33813 |
|  Banco Bilbao Vizcaya Argentaria SA | 248 | 5783 |
|  Banco de Sabadell SA | 1461 | 5534 |
|  Banco Santander SA | 1169 | 14893 |
|  Bankinter SA | 1568 | 26243 |
|  CaixaBank SA | 1379 | 17128 |
|  Cellnex Telecom SA, 144A \* | 97 | 3681 |
|  Corp ACCIONA Energias Renovables SA | 221 | 5767 |
|  Endesa SA | 1993 | 81348 |
|  Iberdrola SA | 2178 | 51560 |
|  Industria de Diseno Textil SA | 79 | 5300 |
|  Mapfre SA | 10335 | 48200 |
|  Merlin Properties Socimi SA REIT | 584 | 10350 |
|  Naturgy Energy Group SA | 578 | 17975 |
|  Redeia Corp. SA | 1959 | 36383 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Repsol SA | 6585 | 147840 |
|  Telefonica SA | 26316 | 119624 |
|  (Cost $816,576) |  | 1314118 |
|  **Sweden — 3.3%** |  |  |
|  AAK AB | 395 | 10831 |
|  AddTech AB, Class B | 492 | 18246 |
|  Alfa Laval AB | 796 | 47199 |
|  Assa Abloy AB, Class B | 951 | 40643 |
|  Atlas Copco AB, Class A | 715 | 15457 |
|  Atlas Copco AB, Class B | 379 | 7135 |
|  Axfood AB | 653 | 23811 |
|  Beijer Ref AB | 487 | 7646 |
|  Boliden AB \* | 3292 | 261752 |
|  Epiroc AB, Class A | 898 | 27062 |
|  Epiroc AB, Class B | 558 | 14534 |
|  Essity AB, Class B | 1969 | 62697 |
|  Evolution AB, 144A | 141 | 8570 |
|  Getinge AB, Class B | 271 | 6094 |
|  H & M Hennes & Mauritz AB, Class B | 579 | 12366 |
|  Hexagon AB, Class B | 2234 | 25478 |
|  Holmen AB, Class B | 700 | 27666 |
|  Industrivarden AB, Class A | 1006 | 57366 |
|  Industrivarden AB, Class C | 1305 | 74025 |
|  Indutrade AB | 162 | 4216 |
|  Investor AB, Class A | 531 | 22046 |
|  Investor AB, Class B | 1612 | 67490 |
|  L E Lundbergforetagen AB, Class B | 94 | 6178 |
|  Lifco AB, Class B | 296 | 10557 |
|  Saab AB, Class B | 206 | 14918 |
|  Sagax AB, Class B | 91 | 1926 |
|  Sagax AB, Class D | 3672 | 14265 |
|  Sandvik AB | 2234 | 98892 |
|  Securitas AB, Class B | 5417 | 96481 |
|  Skandinaviska Enskilda Banken AB, Class A | 839 | 17928 |
|  Skanska AB, Class B | 5680 | 175009 |
|  SKF AB, Class B | 2755 | 79267 |
|  SSAB AB, Class A | 2208 | 19754 |
|  SSAB AB, Class B | 6754 | 59795 |
|  Svenska Cellulosa AB SCA, Class B | 1439 | 19593 |
|  Svenska Handelsbanken AB, Class A | 1327 | 21267 |
|  Sweco AB, Class B | 557 | 8927 |
|  Swedbank AB, Class A | 1436 | 55354 |
|  Swedish Orphan Biovitrum AB \* | 204 | 8940 |
|  Tele2 AB, Class B | 6651 | 140648 |
|  Telefonaktiebolaget LM Ericsson, Class B | 8188 | 94879 |
|  Telia Co. AB | 15794 | 81153 |
|  Trelleborg AB, Class B | 580 | 25443 |

---

See Notes to Financial Statements.

18 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Volvo AB, Class A | 327 | 12757 |
|  Volvo AB, Class B | 2112 | 82349 |
|  (Cost $1,205,920) |  | 1988610 |
|  **Switzerland — 3.3%** |  |  |
|  ABB Ltd. | 420 | 39223 |
|  Adecco Group AG | 1122 | 31455 |
|  Alcon, Inc. | 193 | 16779 |
|  Amrize Ltd. \* | 892 | 57054 |
|  Avolta AG \* | 472 | 31148 |
|  Banque Cantonale Vaudoise | 27 | 4139 |
|  Belimo Holding AG | 47 | 47180 |
|  BKW AG | 299 | 58863 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 4 | 65848 |
|  Cie Financiere Richemont SA, Class A | 81 | 16562 |
|  Coca-Cola HBC AG \* | 2560 | 165550 |
|  DKSH Holding AG | 373 | 30216 |
|  DSM-Firmenich AG | 88 | 6280 |
|  Emmi AG | 9 | 9479 |
|  EMS-Chemie Holding AG | 22 | 18280 |
|  Flughafen Zurich AG | 237 | 81358 |
|  Geberit AG | 161 | 135658 |
|  Georg Fischer AG | 339 | 21502 |
|  Givaudan SA | 3 | 12062 |
|  Glencore PLC \* | 2149 | 15429 |
|  Helvetia Baloise Holding AG | 115 | 29907 |
|  Holcim AG \* | 3156 | 290875 |
|  Julius Baer Group Ltd. | 338 | 28832 |
|  Kuehne + Nagel International AG | 86 | 20056 |
|  Logitech International SA | 538 | 49557 |
|  Lonza Group AG | 17 | 11853 |
|  Nestle SA | 57 | 6224 |
|  Novartis AG | 122 | 20702 |
|  Partners Group Holding AG | 23 | 25642 |
|  PSP Swiss Property AG | 322 | 69378 |
|  Roche Holding AG | 23 | 10976 |
|  Sandoz Group AG | 321 | 28391 |
|  Schindler Holding AG | 80 | 29283 |
|  Schindler Holding AG Participation Certificates | 145 | 55357 |
|  SGS SA | 304 | 38343 |
|  SIG Group AG \* | 928 | 15108 |
|  Sika AG | 46 | 9540 |
|  Sonova Holding AG | 59 | 15489 |
|  STMicroelectronics NV | 321 | 10768 |
|  STMicroelectronics NV, Class Y | 100 | 3361 |
|  Straumann Holding AG | 39 | 4696 |
|  Swatch Group AG — Bearer | 103 | 26358 |
|  Swatch Group AG — Registered | 269 | 13425 |
|  Swiss Life Holding AG | 13 | 14899 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Swiss Prime Site AG | 264 | 50359 |
|  Swiss Re AG | 285 | 50381 |
|  Swisscom AG | 53 | 49723 |
|  Swissquote Group Holding SA | 41 | 21954 |
|  Temenos AG | 112 | 10413 |
|  UBS Group AG | 171 | 7118 |
|  VAT Group AG, 144A | 21 | 14860 |
|  VZ Holding AG | 73 | 13745 |
|  Zurich Insurance Group AG | 47 | 35483 |
|  (Cost $1,381,642) |  | 1947121 |
|  **Thailand — 0.1%** |  |  |
|  Thai Beverage PCL |  |  |
|  (Cost $39,083) | 100466 | 36537 |
|  **United Kingdom — 8.5%** |  |  |
|  3i Group PLC | 4039 | 180392 |
|  Admiral Group PLC | 4222 | 168245 |
|  Airtel Africa PLC, 144A | 1657 | 7775 |
|  Anglo American PLC | 88 | 4379 |
|  Ashtead Group PLC | 406 | 29072 |
|  Associated British Foods PLC | 2938 | 78091 |
|  AstraZeneca PLC | 36 | 7522 |
|  Autotrader Group PLC, 144A | 4015 | 26607 |
|  Aviva PLC | 4705 | 43394 |
|  BAE Systems PLC | 2922 | 82970 |
|  Barclays PLC | 2623 | 15970 |
|  Barratt Redrow PLC | 906 | 4447 |
|  Beazley PLC | 14855 | 253043 |
|  Berkeley Group Holdings PLC | 434 | 25230 |
|  BP PLC | 5620 | 36090 |
|  British American Tobacco PLC | 917 | 57205 |
|  British Land Co. PLC REIT | 2993 | 16418 |
|  BT Group PLC | 32929 | 95980 |
|  Bunzl PLC | 445 | 13126 |
|  Burberry Group PLC \* | 666 | 10414 |
|  Centrica PLC | 84061 | 225071 |
|  Coca-Cola Europacific Partners PLC | 244 | 26867 |
|  Compass Group PLC | 1899 | 58160 |
|  Convatec Group PLC, 144A | 8734 | 30108 |
|  Croda International PLC | 185 | 7695 |
|  Diageo PLC | 758 | 16942 |
|  Diploma PLC | 541 | 41277 |
|  Endeavour Mining PLC | 540 | 38406 |
|  GSK PLC | 1982 | 58650 |
|  Haleon PLC | 6428 | 35061 |
|  Halma PLC | 1764 | 99228 |
|  Hikma Pharmaceuticals PLC | 1323 | 23372 |
|  Howden Joinery Group PLC | 3035 | 39580 |
|  HSBC Holdings PLC | 355 | 6651 |
|  ICG PLC | 743 | 16772 |
|  IMI PLC | 3329 | 128900 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 19

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Imperial Brands PLC | 9568 | 427718 |
|  Informa PLC | 2486 | 28015 |
|  InterContinental Hotels Group PLC | 505 | 69437 |
|  International Consolidated Airlines Group SA | 3452 | 19664 |
|  Intertek Group PLC | 1004 | 63739 |
|  J Sainsbury PLC | 34623 | 162456 |
|  Kingfisher PLC | 18492 | 92112 |
|  Land Securities Group PLC REIT | 2786 | 24216 |
|  Legal & General Group PLC | 1687 | 6153 |
|  Lloyds Banking Group PLC | 27314 | 37622 |
|  Marks & Spencer Group PLC | 8251 | 43984 |
|  Melrose Industries PLC | 797 | 6063 |
|  Mondi PLC | 1712 | 20421 |
|  National Grid PLC | 2196 | 41068 |
|  NatWest Group PLC | 4112 | 34221 |
|  Next PLC | 1004 | 182497 |
|  Pearson PLC | 4836 | 62404 |
|  Persimmon PLC | 730 | 14781 |
|  Phoenix Group Holdings PLC | 1481 | 15272 |
|  Reckitt Benckiser Group PLC | 1343 | 117581 |
|  RELX PLC | 559 | 19420 |
|  Rentokil Initial PLC | 5250 | 32200 |
|  Rightmove PLC | 5660 | 34045 |
|  Rio Tinto PLC | 1356 | 133723 |
|  Sage Group PLC | 5149 | 56890 |
|  Schroders PLC | 3723 | 29332 |
|  Segro PLC REIT | 1281 | 14487 |
|  Severn Trent PLC | 1024 | 45156 |
|  Shell PLC | 714 | 29504 |
|  Smith & Nephew PLC | 3299 | 60831 |
|  Smiths Group PLC | 4739 | 174957 |
|  Spirax Group PLC | 268 | 28483 |
|  SSE PLC | 2715 | 98153 |
|  St. James's Place PLC | 414 | 7514 |
|  Standard Chartered PLC | 122 | 3005 |
|  Taylor Wimpey PLC | 7256 | 11028 |
|  Tesco PLC | 55663 | 359663 |
|  Unilever PLC | 252 | 18522 |
|  UNITE Group PLC REIT | 3138 | 21263 |
|  United Utilities Group PLC | 4662 | 87311 |
|  Vodafone Group PLC | 109137 | 168005 |
|  Weir Group PLC | 1634 | 77372 |
|  Whitbread PLC | 979 | 34222 |
|  Wise PLC, Class A \* | 3367 | 38953 |
|  WPP PLC | 1207 | 4463 |
|  (Cost $3,510,605) |  | 5067036 |
|  **United States — 0.2%** |  |  |
|  Brookfield Asset Management Ltd., Class A | 102 | 4763 |
|  RB Global, Inc. | 475 | 47857 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Restaurant Brands International, Inc. | 817 | 58622 |
|  Samsonite Group SA, 144A | 2497 | 6142 |
|  (Cost $116,960) |  | 117384 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $41,106,301) |  | 59074098 |
|  **PREFERRED STOCKS — 0.3%** |  |  |
|  **Germany — 0.2%** |  |  |
|  Bayerische Motoren Werke AG | 46 | 4829 |
|  FUCHS SE | 875 | 37977 |
|  Henkel AG & Co. KGaA | 338 | 33195 |
|  Volkswagen AG | 162 | 19357 |
|  (Cost $81,653) |  | 95358 |
|  **South Korea — 0.1%** |  |  |
|  Amorepacific Corp. | 181 | 6518 |
|  CJ CheilJedang Corp. | 59 | 5664 |
|  Hanwha Corp. \* | 348 | 13571 |
|  Hyundai Motor Co. | 36 | 8096 |
|  Mirae Asset Securities Co. Ltd. | 1356 | 21728 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 59 | 16878 |
|  (Cost $37,914) |  | 72455 |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $119,567) |  | 167813 |
|  **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 — 0.1%** |  |  |
|  Vanguard FTSE Developed Markets ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $64,426) | 1250 | 87800 |
|  **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $93,155) | 93155 | 93155 |
|  **TOTAL INVESTMENTS — 99.5%** |  |  |
|  (Cost $41,383,449) |  | 59422866 |
|  **Other assets and liabilities, net — 0.5%** |  | 307757 |
|  **NET ASSETS — 100.0%** |  | 59730623 |

---

See Notes to Financial Statements.

20 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/2025** | Purchases Cost<br>($) | Sales Proceeds<br>($) | Net Realized<br>Gain/(Loss) ($) | **Net Change**<br> **in Unrealized<br>Appreciation**<br> (Depreciation)<br>($) | Income ($) | Capital Gain<br>Distributions<br>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at <br>2/28/2026 |
|  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 | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 9666 |  | (9998) | 3906 | (3574) |  |  |  |  |
|  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) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) | DWS Group GmbH & Co. KGaA, 144A (b) |
| 7452 | 17648 | (874) | 388 | 2754 |  |  | 386 | 27368 |
|  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", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) |
|  — |  |  |  |  | 1 |  |  |  |
|  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", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) |
| 88719 | 1375222 | (1370786) |  |  | 2024 |  | 93155 | 93155 |
| **105837** | 1392870 | (1381658) | 4294 | (820) | 2025 |  | 93541 | 120523 |

---

\* 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) 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.

---

| | |
|:---|:---|
| 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 February 28, 2026, 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 EURO STOXX 50 Index | EUR | 11 | 78662 | 79914 | 3/20/2026 | 1252 |
|  MINI TOPIX Index | JPY | 4 | 86527 | 101316 | 3/12/2026 | 14789 |
|  MSCI EAFE Index | USD | 1 | 144378 | 158255 | 3/20/2026 | 13877 |
|  **Total unrealized appreciation** |  |  |  |  |  | 29918 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 21

------

Schedule of Investments

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| Currency Abbreviations | Currency Abbreviations |
| EUR | Euro |
| JPY | Japanese Yen |
| 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 February 28, 2026 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) | $59074098 | $— | $0 | $59074098 |
|  Preferred Stocks (a) | 167813 |  |  | 167813 |
|  Warrants |  |  | 0 | 0 |
|  Exchange-Traded Funds | 87800 |  |  | 87800 |
|  Short-Term Investments (a) | 93155 |  |  | 93155 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 29918 |  |  | 29918 |
|  **TOTAL** | $59452784 | $— | $0 | $59452784 |

---

(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 \| 22

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  **COMMON STOCKS — 99.3%** |  |  |
|  **Australia — 1.9%** |  |  |
|  ANZ Group Holdings Ltd. | 26656 | 760616 |
|  APA Group (a) | 10100 | 66219 |
|  Aristocrat Leisure Ltd. | 5092 | 174473 |
|  ASX Ltd. | 1878 | 70879 |
|  Atlassian Corp., Class A \* | 1449 | 108863 |
|  BHP Group Ltd. | 46394 | 1931192 |
|  Brambles Ltd. | 12801 | 228796 |
|  CAR Group Ltd. | 3252 | 61461 |
|  Cochlear Ltd. | 546 | 77436 |
|  Coles Group Ltd. | 13000 | 190477 |
|  Commonwealth Bank of Australia | 15251 | 1897880 |
|  Computershare Ltd. | 4884 | 107863 |
|  CSL Ltd. | 4433 | 463641 |
|  Evolution Mining Ltd. | 17383 | 205393 |
|  Fortescue Ltd. | 15427 | 232414 |
|  Goodman Group REIT | 19075 | 393405 |
|  Insurance Australia Group Ltd. | 20902 | 99206 |
|  IREN Ltd. \* | 2979 | 121990 |
|  Lottery Corp. Ltd. | 17074 | 67045 |
|  Lynas Rare Earths Ltd. \* | 8174 | 110562 |
|  Macquarie Group Ltd. | 3253 | 494900 |
|  Medibank Pvt Ltd. | 26538 | 82836 |
|  National Australia Bank Ltd. | 27806 | 971378 |
|  Northern Star Resources Ltd. | 12443 | 268508 |
|  Origin Energy Ltd. | 16982 | 147042 |
|  Pro Medicus Ltd. | 521 | 48268 |
|  Qantas Airways Ltd. | 7145 | 50664 |
|  QBE Insurance Group Ltd. | 13635 | 211150 |
|  REA Group Ltd. | 539 | 63913 |
|  Rio Tinto Ltd. | 3402 | 405681 |
|  Santos Ltd. | 30182 | 145402 |
|  Scentre Group REIT | 44024 | 119848 |
|  SGH Ltd. | 1575 | 52417 |
|  Sigma Healthcare Ltd. | 41334 | 83657 |
|  Sonic Healthcare Ltd. | 4469 | 75895 |
|  South32 Ltd. | 37278 | 122204 |
|  Stockland REIT | 19604 | 71391 |
|  Suncorp Group Ltd. | 9624 | 100341 |
|  Telstra Group Ltd. | 32512 | 120019 |
|  Transurban Group (a) | 28694 | 293236 |
|  Vicinity Ltd. REIT | 29513 | 51530 |
|  Washington H Soul Pattinson & Co. Ltd. | 3178 | 86629 |
|  Wesfarmers Ltd. | 10163 | 576661 |
|  Westpac Banking Corp. | 31392 | 951684 |
|  WiseTech Global Ltd. | 2093 | 70910 |
|  Woodside Energy Group Ltd. | 17149 | 345983 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Woolworths Group Ltd. | 10876 | 279028 |
|  (Cost $10,691,249) |  | 13660986 |
|  **Austria — 0.1%** |  |  |
|  BAWAG Group AG, 144A \* | 723 | 112681 |
|  Erste Group Bank AG | 2775 | 329938 |
|  OMV AG | 1186 | 76737 |
|  Raiffeisen Bank International AG | 1201 | 59926 |
|  Verbund AG | 504 | 35883 |
|  (Cost $376,526) |  | 615165 |
|  **Belgium — 0.2%** |  |  |
|  Ageas SA/NV | 1487 | 110434 |
|  Anheuser-Busch InBev SA/NV | 9138 | 742516 |
|  D'ieteren Group | 194 | 42009 |
|  Elia Group SA/NV | 461 | 73372 |
|  Financiere de Tubize SA | 182 | 48672 |
|  Groupe Bruxelles Lambert NV | 759 | 76218 |
|  KBC Group NV | 2148 | 291150 |
|  Lotus Bakeries NV | 4 | 49684 |
|  Sofina SA | 121 | 35973 |
|  Syensqo SA | 707 | 40377 |
|  UCB SA | 1133 | 337510 |
|  (Cost $1,270,162) |  | 1847915 |
|  **Bermuda — 0.1%** |  |  |
|  Arch Capital Group Ltd. \* | 3383 | 338807 |
|  Everest Group Ltd. | 369 | 123796 |
|  (Cost $265,582) |  | 462603 |
|  **Canada — 3.8%** |  |  |
|  Agnico Eagle Mines Ltd. | 4507 | 1132261 |
|  Alamos Gold, Inc., Class A | 3747 | 203113 |
|  Alimentation Couche-Tard, Inc. | 6854 | 416009 |
|  AltaGas Ltd. | 2474 | 84096 |
|  ARC Resources Ltd. | 4815 | 89320 |
|  AtkinsRealis Group Inc. | 1523 | 105583 |
|  Bank of Montreal | 6460 | 929840 |
|  Bank of Nova Scotia | 11053 | 838629 |
|  Barrick Mining Corp. | 15147 | 768650 |
|  BCE, Inc. | 704 | 18505 |
|  Bombardier, Inc., Class B \* | 802 | 165763 |
|  Brookfield Corp. | 18505 | 811650 |
|  CAE, Inc. \* | 2535 | 75185 |
|  Cameco Corp. | 3995 | 472716 |
|  Canadian Imperial Bank of Commerce | 8348 | 843400 |
|  Canadian National Railway Co. | 4565 | 512347 |
|  Canadian Natural Resources Ltd. | 18664 | 816571 |
|  Canadian Pacific Kansas City Ltd. | 8172 | 715668 |
|  Canadian Tire Corp. Ltd., Class A | 549 | 77017 |
|  Canadian Utilities Ltd., Class A | 1162 | 40530 |
|  CCL Industries, Inc., Class B | 1337 | 93012 |
|  Celestica, Inc. \* | 1010 | 280506 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 23

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Cenovus Energy, Inc. | 12508 | 278710 |
|  CGI, Inc. | 1692 | 123763 |
|  Constellation Software, Inc. | 185 | 341916 |
|  Descartes Systems Group, Inc. \* | 746 | 49349 |
|  Dollarama, Inc. | 2417 | 355891 |
|  Element Fleet Management Corp. | 3272 | 77947 |
|  Emera, Inc. | 2921 | 151999 |
|  Empire Co. Ltd., Class A | 1207 | 42816 |
|  Enbridge, Inc. | 19973 | 1061292 |
|  Fairfax Financial Holdings Ltd. | 194 | 333954 |
|  First Quantum Minerals Ltd. \* | 6387 | 191256 |
|  FirstService Corp. | 368 | 57996 |
|  Fortis, Inc. | 4653 | 267713 |
|  Franco-Nevada Corp. | 1738 | 485827 |
|  George Weston Ltd. | 1452 | 106591 |
|  GFL Environmental, Inc. | 2089 | 92331 |
|  Gildan Activewear, Inc. | 1638 | 111658 |
|  Great-West Lifeco, Inc. | 2729 | 131863 |
|  Hydro One Ltd., 144A | 3135 | 134746 |
|  iA Financial Corp., Inc. | 921 | 104758 |
|  IGM Financial, Inc. | 1039 | 51697 |
|  Imperial Oil Ltd. | 1612 | 188580 |
|  Intact Financial Corp. | 1567 | 302577 |
|  Ivanhoe Mines Ltd., Class A \* | 8179 | 93553 |
|  Keyera Corp. | 1840 | 70235 |
|  Kinross Gold Corp. | 11347 | 419486 |
|  Loblaw Cos. Ltd. | 5369 | 248875 |
|  Lululemon Athletica, Inc. \* | 961 | 177948 |
|  Lundin Gold, Inc. | 1080 | 101812 |
|  Lundin Mining Corp. | 6780 | 216049 |
|  Magna International, Inc. | 2446 | 154255 |
|  Manulife Financial Corp. | 15703 | 559222 |
|  Metro, Inc. | 1933 | 137749 |
|  National Bank of Canada | 3587 | 500684 |
|  Nutrien Ltd. | 4202 | 316078 |
|  Open Text Corp. | 2176 | 53911 |
|  Pan American Silver Corp. | 4031 | 276585 |
|  Pembina Pipeline Corp. | 5280 | 232090 |
|  Power Corp. of Canada | 4818 | 242057 |
|  Rogers Communications, Inc., Class B | 3576 | 142741 |
|  Royal Bank of Canada | 12709 | 2125264 |
|  Saputo, Inc. | 2074 | 66211 |
|  Shopify, Inc., Class A \* | 11067 | 1336219 |
|  Stantec, Inc. | 989 | 91587 |
|  Sun Life Financial, Inc. | 5246 | 343874 |
|  Suncor Energy, Inc. | 10849 | 612909 |
|  TC Energy Corp. | 9520 | 611818 |
|  Teck Resources Ltd., Class B | 4035 | 237008 |
|  TELUS Corp. | 4255 | 58341 |
|  TFI International, Inc. | 726 | 86752 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Thomson Reuters Corp. | 1341 | 129130 |
|  TMX Group Ltd. | 2725 | 91929 |
|  Toromont Industries Ltd. | 765 | 118745 |
|  Toronto-Dominion Bank | 15372 | 1497695 |
|  Tourmaline Oil Corp. | 3438 | 161432 |
|  Waste Connections, Inc. | 2289 | 394006 |
|  Wheaton Precious Metals Corp. | 4024 | 655801 |
|  Whitecap Resources, Inc. | 11290 | 112747 |
|  WSP Global, Inc. | 1169 | 198058 |
|  (Cost $17,223,234) |  | 27408457 |
|  **Chile — 0.0%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $72,521) | 3532 | 202670 |
|  **China — 0.0%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $46,502) | 23800 | 81663 |
|  **Czech Republic — 0.0%** |  |  |
|  CSG NV \* |  |  |
|  (Cost $65,169) | 1814 | 68173 |
|  **Denmark — 0.4%** |  |  |
|  A.P. Moller — Maersk A/S, Class A | 28 | 68584 |
|  A.P. Moller — Maersk A/S, Class B | 39 | 96606 |
|  Carlsberg AS, Class B | 853 | 132533 |
|  Coloplast A/S, Class B | 1065 | 82130 |
|  Danske Bank A/S | 6118 | 319145 |
|  Demant A/S \* | 778 | 24196 |
|  DSV A/S | 1877 | 485119 |
|  Genmab A/S \* | 554 | 161831 |
|  Novo Nordisk A/S, Class B | 28994 | 1090024 |
|  Novonesis (Novozymes) B, Class B | 3034 | 180036 |
|  Orsted AS, 144A \* | 4295 | 101810 |
|  Pandora A/S | 762 | 60209 |
|  ROCKWOOL A/S, Class B | 551 | 18246 |
|  Tryg A/S | 3251 | 80453 |
|  Vestas Wind Systems A/S | 9213 | 236513 |
|  (Cost $3,274,336) |  | 3137435 |
|  **Finland — 0.3%** |  |  |
|  Elisa OYJ | 1065 | 54624 |
|  Fortum OYJ | 4245 | 99289 |
|  Kesko OYJ, Class B | 2065 | 50860 |
|  Kone OYJ, Class B | 3045 | 230167 |
|  Metso Corp. | 6345 | 132638 |
|  Neste OYJ | 3808 | 95228 |
|  Nokia OYJ | 47549 | 364019 |
|  Nordea Bank Abp | 28021 | 544239 |
|  Orion OYJ, Class B | 1048 | 83770 |
|  Sampo OYJ, Class A | 20959 | 232318 |

---

See Notes to Financial Statements.

24 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Stora Enso OYJ, Class R | 4430 | 60177 |
|  UPM-Kymmene OYJ | 5063 | 161283 |
|  Wartsila OYJ Abp | 4299 | 187298 |
|  (Cost $1,838,434) |  | 2295910 |
|  **France — 2.8%** |  |  |
|  Accor SA | 1733 | 100794 |
|  Aeroports de Paris SA | 294 | 41100 |
|  Air Liquide SA | 5301 | 1115586 |
|  Airbus SE | 5379 | 1170106 |
|  Alstom SA \* | 2747 | 91755 |
|  Amundi SA, 144A | 587 | 56173 |
|  AXA SA | 14782 | 723606 |
|  Ayvens SA, 144A | 2690 | 34302 |
|  BioMerieux | 449 | 53013 |
|  BNP Paribas SA | 9076 | 1023382 |
|  Bollore SE | 8530 | 49914 |
|  Bouygues SA | 1964 | 122159 |
|  Bureau Veritas SA | 2944 | 102263 |
|  Capgemini SE | 1458 | 184110 |
|  Carrefour SA | 4768 | 90327 |
|  Cie de Saint-Gobain SA | 4039 | 411266 |
|  Cie Generale des Etablissements Michelin SCA | 5774 | 234517 |
|  Covivio SA REIT | 652 | 47844 |
|  Credit Agricole SA | 8922 | 197885 |
|  Danone SA | 5948 | 510137 |
|  Dassault Aviation SA | 202 | 80757 |
|  Dassault Systemes SE | 5928 | 129835 |
|  Eiffage SA | 570 | 98393 |
|  Engie SA | 16171 | 552364 |
|  EssilorLuxottica SA | 2744 | 729613 |
|  Gecina SA REIT | 462 | 42793 |
|  Getlink SE | 2993 | 65093 |
|  Hermes International SCA | 290 | 701584 |
|  Ipsen SA | 274 | 53412 |
|  Kering SA | 684 | 230893 |
|  Klepierre SA REIT | 2193 | 92230 |
|  Legrand SA | 2331 | 423428 |
|  L'Oreal SA | 2191 | 1028040 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2262 | 1453153 |
|  Orange SA | 17064 | 366483 |
|  Pernod Ricard SA | 1850 | 170943 |
|  Publicis Groupe SA | 2053 | 182816 |
|  Renault SA | 1709 | 64792 |
|  Rexel SA | 1829 | 79621 |
|  Safran SA | 3247 | 1303470 |
|  Sanofi SA | 10093 | 979562 |
|  Sartorius Stedim Biotech | 294 | 63559 |
|  Schneider Electric SE | 4967 | 1622719 |
|  Societe Generale SA | 6162 | 537367 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Sodexo SA | 888 | 48649 |
|  Thales SA | 820 | 246788 |
|  TotalEnergies SE | 18065 | 1435040 |
|  Unibail-Rodamco-Westfield REIT \* | 1083 | 135734 |
|  Veolia Environnement SA | 5520 | 234368 |
|  Vinci SA | 4457 | 740681 |
|  (Cost $13,712,227) |  | 20254419 |
|  **Germany — 2.5%** |  |  |
|  adidas AG | 1503 | 280741 |
|  Allianz SE | 3482 | 1571301 |
|  BASF SE | 8252 | 474491 |
|  Bayer AG | 8921 | 442493 |
|  Bayerische Motoren Werke AG | 2636 | 278429 |
|  Beiersdorf AG | 868 | 110325 |
|  Brenntag SE | 1210 | 74718 |
|  Commerzbank AG | 6420 | 262650 |
|  Continental AG | 946 | 81671 |
|  CTS Eventim AG & Co. KGaA | 680 | 55278 |
|  Daimler Truck Holding AG | 4045 | 205508 |
|  Delivery Hero SE, 144A \* | 1348 | 31283 |
|  Deutsche Bank AG (b) | 16252 | 581324 |
|  Deutsche Boerse AG | 1696 | 465374 |
|  Deutsche Lufthansa AG | 5064 | 54338 |
|  Deutsche Post AG | 8562 | 506469 |
|  Deutsche Telekom AG | 33039 | 1329823 |
|  E.ON SE | 19797 | 460007 |
|  Evonik Industries AG | 1895 | 33092 |
|  Fresenius Medical Care AG | 1754 | 81699 |
|  Fresenius SE & Co. KGaA | 3621 | 217614 |
|  GEA Group AG | 1408 | 109554 |
|  Hannover Rueck SE | 575 | 175021 |
|  Heidelberg Materials AG | 1192 | 266772 |
|  Henkel AG & Co. KGaA | 968 | 87719 |
|  Hensoldt AG | 582 | 51125 |
|  HOCHTIEF AG | 140 | 68202 |
|  Infineon Technologies AG | 11890 | 643316 |
|  Knorr-Bremse AG | 542 | 71353 |
|  LEG Immobilien SE | 589 | 49237 |
|  Mercedes-Benz Group AG | 6646 | 462969 |
|  Merck KGaA | 1151 | 174358 |
|  MTU Aero Engines AG | 480 | 207085 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1188 | 779325 |
|  Nemetschek SE | 484 | 38745 |
|  Rational AG | 34 | 29646 |
|  Rheinmetall AG | 425 | 834741 |
|  RWE AG | 5820 | 374781 |
|  SAP SE | 9475 | 1912554 |
|  Scout24 SE, 144A | 619 | 52804 |
|  Siemens AG | 6887 | 2011730 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 25

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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 $ |
|  Siemens Energy AG | 7049 | 1385324 |
|  Siemens Healthineers AG, 144A | 2960 | 147274 |
|  Symrise AG | 1223 | 112025 |
|  Talanx AG | 501 | 63294 |
|  Vonovia SE | 6481 | 219539 |
|  Zalando SE, 144A \* | 1847 | 45251 |
|  (Cost $11,812,698) |  | 17972372 |
|  **Hong Kong — 0.6%** |  |  |
|  AIA Group Ltd. | 95333 | 1057881 |
|  BOC Hong Kong Holdings Ltd. | 35329 | 202792 |
|  CK Asset Holdings Ltd. | 18100 | 115188 |
|  CK Hutchison Holdings Ltd. | 23391 | 192579 |
|  CK Infrastructure Holdings Ltd. | 5596 | 47539 |
|  CLP Holdings Ltd. | 14345 | 136075 |
|  Futu Holdings Ltd., ADR \* | 557 | 82904 |
|  Galaxy Entertainment Group Ltd. | 17945 | 95803 |
|  Henderson Land Development Co. Ltd. | 15020 | 68051 |
|  HKT Trust & HKT Ltd. (a) | 27509 | 43397 |
|  Hong Kong & China Gas Co. Ltd. | 112719 | 109662 |
|  Hong Kong Exchanges & Clearing Ltd. | 10892 | 583439 |
|  Hongkong Land Holdings Ltd. | 8238 | 71423 |
|  Jardine Matheson Holdings Ltd. | 1305 | 107662 |
|  Link REIT | 23026 | 114098 |
|  MTR Corp. Ltd. | 14925 | 71246 |
|  Power Assets Holdings Ltd. | 12429 | 100819 |
|  Prudential PLC | 22916 | 350457 |
|  Sino Land Co. Ltd. | 34388 | 56184 |
|  SITC International Holdings Co. Ltd. | 13145 | 56095 |
|  Sun Hung Kai Properties Ltd. | 12617 | 235496 |
|  Swire Pacific Ltd., Class A | 2807 | 30197 |
|  Techtronic Industries Co. Ltd. | 12463 | 203305 |
|  WH Group Ltd., 144A | 70267 | 88394 |
|  Wharf Holdings Ltd. | 8913 | 29512 |
|  Wharf Real Estate Investment Co. Ltd. | 12037 | 44472 |
|  (Cost $3,951,020) |  | 4294670 |
|  **Ireland — 1.1%** |  |  |
|  Accenture PLC, Class A | 5613 | 1171545 |
|  AerCap Holdings NV | 1632 | 243886 |
|  AIB Group PLC | 18699 | 195390 |
|  Allegion PLC | 826 | 133110 |
|  Aptiv PLC \* | 2077 | 152742 |
|  Bank of Ireland Group PLC | 8286 | 161767 |
|  CRH PLC | 5222 | 619228 |
|  CRH PLC | 811 | 97304 |
|  Eaton Corp. PLC | 3527 | 1325870 |
|  Experian PLC | 8067 | 302161 |
|  Kerry Group PLC, Class A | 1450 | 128915 |
|  Kingspan Group PLC | 1432 | 142616 |

---

---

| | | |
|:---|:---|:---|
|  | **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 $ |
|  Medtronic PLC | 11633 | 1136079 |
|  Ryanair Holdings PLC | 7314 | 236789 |
|  Smurfit Westrock PLC | 4276 | 201015 |
|  Smurfit Westrock PLC | 457 | 21228 |
|  TE Connectivity PLC | 2687 | 618413 |
|  Trane Technologies PLC | 2020 | 933886 |
|  (Cost $5,945,417) |  | 7821944 |
|  **Israel — 0.3%** |  |  |
|  Azrieli Group Ltd. | 456 | 65462 |
|  Bank Hapoalim BM | 11381 | 286726 |
|  Bank Leumi Le-Israel BM | 13648 | 329822 |
|  Check Point Software Technologies Ltd. \* | 813 | 123633 |
|  Elbit Systems Ltd. | 234 | 179037 |
|  ICL Group Ltd. | 6540 | 30892 |
|  Israel Discount Bank Ltd., Class A | 10634 | 128577 |
|  Mizrahi Tefahot Bank Ltd. | 1487 | 111264 |
|  Monday.com Ltd. \* | 348 | 25279 |
|  Nice Ltd. \* | 615 | 69633 |
|  Nova Ltd. \* | 264 | 115768 |
|  Phoenix Financial Ltd. | 2075 | 105889 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 10421 | 352855 |
|  Tower Semiconductor Ltd. \* | 1010 | 127532 |
|  (Cost $1,155,671) |  | 2052369 |
|  **Italy — 0.8%** |  |  |
|  Banca Mediolanum SpA | 1665 | 35857 |
|  Banca Monte dei Paschi di Siena SpA | 18042 | 176766 |
|  Banco BPM SpA | 10772 | 159427 |
|  BPER Banca SPA | 13390 | 189873 |
|  Buzzi SpA | 680 | 39325 |
|  Davide Campari-Milano NV | 5728 | 43135 |
|  Enel SpA | 73141 | 880330 |
|  Eni SpA | 18495 | 429229 |
|  Ferrari NV | 1161 | 440573 |
|  FinecoBank Banca Fineco SpA | 5663 | 133659 |
|  Generali | 7774 | 331904 |
|  Intesa Sanpaolo SpA | 123529 | 851040 |
|  Italgas SpA | 5949 | 76842 |
|  Leonardo SpA | 3583 | 240290 |
|  Moncler SpA | 2212 | 152628 |
|  Poste Italiane SpA, 144A | 4263 | 114508 |
|  Prysmian SpA | 2536 | 306911 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1133 | 64773 |
|  Snam SpA | 18095 | 140794 |
|  Telecom Italia SpA \* | 87151 | 65465 |
|  Telecom Italia SpA-RSP \* | 68175 | 59711 |
|  Terna - Rete Elettrica Nazionale | 13363 | 160933 |
|  UniCredit SpA | 12765 | 1091338 |

---

See Notes to Financial Statements.

26 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Unipol Assicurazioni SpA | 3241 | 80972 |
|  (Cost $3,087,589) |  | **6266283** |
|  **Luxembourg — 0.1%** |  |  |
|  ArcelorMittal SA | 3916 | 256519 |
|  CVC Capital Partners PLC, 144A | 1349 | 19256 |
|  Eurofins Scientific SE | 1233 | 99228 |
|  Tenaris SA | 3026 | 82603 |
|  (Cost $283,210) |  | **457606** |
|  **Macau — 0.0%** |  |  |
|  Sands China Ltd. |  |  |
|  (Cost $87,043) | 22237 | **50346** |
|  **Mexico — 0.0%** |  |  |
|  Fresnillo PLC |  |  |
|  (Cost $64,029) | 1943 | **110760** |
|  **Netherlands — 1.6%** |  |  |
|  ABN AMRO Bank NV CVA, 144A | 5239 | 175426 |
|  Adyen NV, 144A \* | 229 | 268975 |
|  Aegon Ltd. | 12752 | 96872 |
|  Akzo Nobel NV | 1664 | 117135 |
|  Argenx SE \* | 568 | 440877 |
|  ASM International NV | 417 | 351638 |
|  ASML Holding NV | 3524 | 5131919 |
|  ASR Nederland NV | 1318 | 95611 |
|  BE Semiconductor Industries NV | 702 | 156985 |
|  Euronext NV, 144A | 635 | 104964 |
|  EXOR NV | 894 | 78480 |
|  Ferrovial SE | 4685 | 349375 |
|  Heineken Holding NV | 1190 | 102848 |
|  Heineken NV | 2505 | 232353 |
|  ING Groep NV | 26434 | 768718 |
|  JDE Peet's NV | 1519 | 56853 |
|  Koninklijke Ahold Delhaize NV | 8009 | 394987 |
|  Koninklijke KPN NV | 32491 | 184177 |
|  Koninklijke Philips NV | 7376 | 235836 |
|  Magnum Ice Cream Co. NV \* | 4466 | 70551 |
|  Nebius Group NV \* | 1915 | 174629 |
|  NN Group NV | 2438 | 199483 |
|  NXP Semiconductors NV | 2284 | 518491 |
|  Prosus NV \* | 11743 | 603265 |
|  QIAGEN NV | 1837 | 91009 |
|  Randstad NV | 1231 | 40449 |
|  Stellantis NV | 17270 | 141532 |
|  Universal Music Group NV | 10028 | 226264 |
|  Wolters Kluwer NV | 2047 | 164590 |
|  (Cost $6,733,383) |  | **11574292** |
|  **New Zealand — 0.1%** |  |  |
|  Auckland International Airport Ltd. | 16725 | 91928 |
|  Contact Energy Ltd. | 9664 | 53872 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Fisher & Paykel Healthcare Corp. Ltd. | 5896 | 144700 |
|  Infratil Ltd. | 9338 | 62869 |
|  Meridian Energy Ltd. | 11714 | 39784 |
|  Xero Ltd. \* | 1622 | 96103 |
|  (Cost $512,159) |  | 489256 |
|  **Norway — 0.2%** |  |  |
|  Aker BP ASA | 2742 | 82490 |
|  DNB Bank ASA | 8257 | 261682 |
|  Equinor ASA | 7376 | 218332 |
|  Gjensidige Forsikring ASA | 1586 | 44746 |
|  Kongsberg Gruppen ASA | 4179 | 169472 |
|  Mowi ASA | 4756 | 112084 |
|  Norsk Hydro ASA | 14001 | 129717 |
|  Orkla ASA | 5283 | 72247 |
|  Salmar ASA | 515 | 30802 |
|  Telenor ASA | 5025 | 93122 |
|  Yara International ASA | 1223 | 61797 |
|  (Cost $947,846) |  | 1276491 |
|  **Poland — 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $49,015) | 2754 | 49425 |
|  **Portugal — 0.0%** |  |  |
|  Banco Comercial Portugues SA, Class R | 76136 | 80149 |
|  EDP SA | 26861 | 143224 |
|  Galp Energia SGPS SA | 3402 | 73185 |
|  Jeronimo Martins SGPS SA | 2977 | 78243 |
|  (Cost $307,010) |  | 374801 |
|  **Singapore — 0.4%** |  |  |
|  CapitaLand Ascendas REIT CapitaLand Integrated | 39197 | 83362 |
|  Commercial Trust REIT | 50891 | 98575 |
|  CapitaLand Investment Ltd. | 16402 | 39681 |
|  DBS Group Holdings Ltd. | 19037 | 859702 |
|  Grab Holdings Ltd., Class A \* | 23159 | 97731 |
|  Keppel Ltd. | 12182 | 125976 |
|  Oversea-Chinese Banking Corp. Ltd. | 30785 | 521582 |
|  Sea Ltd., ADR \* | 3554 | 385431 |
|  Sembcorp Industries Ltd. | 8600 | 41611 |
|  Singapore Airlines Ltd. | 14250 | 80891 |
|  Singapore Exchange Ltd. | 7288 | 104867 |
|  Singapore Technologies Engineering Ltd. | 13474 | 106207 |
|  Singapore Telecommunications Ltd. | 66500 | 264980 |
|  United Overseas Bank Ltd. | 12017 | 351242 |
|  Wilmar International Ltd. | 20400 | 56772 |
|  (Cost $2,222,948) |  | 3218610 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 27

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Spain — 1.0%** |  |  |
|  Acciona SA | 263 | 76637 |
|  ACS Actividades de Construccion y Servicios SA | 1682 | 217659 |
|  Aena Sme SA, 144A | 7230 | 227668 |
|  Amadeus IT Group SA | 3979 | 247773 |
|  Banco Bilbao Vizcaya Argentaria SA | 52315 | 1219925 |
|  Banco de Sabadell SA | 42340 | 160371 |
|  Banco Santander SA | 134107 | 1708491 |
|  Bankinter SA | 6666 | 111565 |
|  CaixaBank SA | 34495 | 428462 |
|  Cellnex Telecom SA, 144A \* | 4347 | 164959 |
|  EDP Renovaveis SA | 2569 | 40524 |
|  Endesa SA | 2869 | 117104 |
|  Grifols SA | 3045 | 38217 |
|  Iberdrola SA | 58912 | 1394627 |
|  Indra Sistemas SA | 732 | 54233 |
|  Industria de Diseno Textil SA | 9749 | 654035 |
|  Mapfre SA | 8403 | 39190 |
|  Naturgy Energy Group SA | 1908 | 59338 |
|  Redeia Corp. SA | 3544 | 65821 |
|  Repsol SA | 10242 | 229943 |
|  Telefonica SA | 34249 | 155686 |
|  (Cost $3,574,682) |  | **7412228** |
|  **Sweden — 1.0%** |  |  |
|  AddTech AB, Class B | 2380 | 88261 |
|  Alfa Laval AB | 2439 | 144622 |
|  Assa Abloy AB, Class B | 8873 | 379207 |
|  Atlas Copco AB, Class A | 24239 | 523997 |
|  Atlas Copco AB, Class B | 14188 | 267088 |
|  Beijer Ref AB | 4314 | 67727 |
|  Boliden AB \* | 2462 | 195757 |
|  Epiroc AB, Class A | 6114 | 184248 |
|  Epiroc AB, Class B | 4039 | 105199 |
|  EQT AB | 4151 | 128865 |
|  Essity AB, Class B | 5042 | 160549 |
|  Evolution AB, 144A | 1365 | 82966 |
|  Fastighets AB Balder, Class B \* | 7014 | 52800 |
|  H & M Hennes & Mauritz AB, Class B | 4300 | 91837 |
|  Hexagon AB, Class B | 18412 | 209983 |
|  Holmen AB, Class B | 865 | 34187 |
|  Industrivarden AB, Class A | 773 | 44079 |
|  Industrivarden AB, Class C | 1571 | 89114 |
|  Indutrade AB | 2458 | 63966 |
|  Investment AB Latour, Class B | 1145 | 29264 |
|  Investor AB, Class B | 17165 | 718649 |
|  L E Lundbergforetagen AB, Class B | 556 | 36542 |
|  Lifco AB, Class B | 2340 | 83458 |
|  Nibe Industrier AB, Class B | 13938 | 57265 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Saab AB, Class B | 2915 | 211099 |
|  Sagax AB, Class B | 1699 | 35966 |
|  Sandvik AB | 9646 | 426996 |
|  Securitas AB, Class B | 4086 | 72775 |
|  Skandinaviska Enskilda Banken AB, Class A | 13348 | 285228 |
|  Skanska AB, Class B | 3384 | 104266 |
|  SKF AB, Class B | 2867 | 82490 |
|  Spotify Technology SA \* | 1433 | 737909 |
|  Svenska Cellulosa AB SCA, Class B | 5194 | 70721 |
|  Svenska Handelsbanken AB, Class A | 14013 | 224578 |
|  Swedbank AB, Class A | 7547 | 290919 |
|  Swedish Orphan Biovitrum AB \* | 1687 | 73930 |
|  Tele2 AB, Class B | 4821 | 101949 |
|  Telefonaktiebolaget LM Ericsson, Class B | 25426 | 294626 |
|  Telia Co. AB | 22364 | 114911 |
|  Trelleborg AB, Class B | 1690 | 74136 |
|  Volvo AB, Class B | 14566 | 567943 |
|  (Cost $5,457,110) |  | **7610072** |
|  **Switzerland — 3.1%** |  |  |
|  ABB Ltd. | 14210 | 1327043 |
|  Alcon, Inc. | 4470 | 388615 |
|  Amcor PLC | 4398 | 212995 |
|  Amrize Ltd. \* | 4640 | 296784 |
|  Avolta AG \* | 809 | 53386 |
|  Banque Cantonale Vaudoise | 286 | 43846 |
|  Barry Callebaut AG | 38 | 71400 |
|  Belimo Holding AG | 89 | 89341 |
|  BKW AG | 222 | 43704 |
|  Chocoladefabriken Lindt & Spruengli AG | 1 | 164879 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 8 | 131695 |
|  Chubb Ltd. | 3336 | 1137109 |
|  Cie Financiere Richemont SA, Class A | 4861 | 993943 |
|  Coca-Cola HBC AG \* | 2177 | 140782 |
|  DSM-Firmenich AG | 1519 | 108398 |
|  EMS-Chemie Holding AG | 75 | 62317 |
|  Galderma Group AG | 1409 | 267308 |
|  Garmin Ltd. | 1518 | 383796 |
|  Geberit AG | 310 | 261205 |
|  Givaudan SA | 81 | 325664 |
|  Glencore PLC \* | 90315 | 648405 |
|  Helvetia Baloise Holding AG | 679 | 176581 |
|  Holcim AG \* | 4640 | 427649 |
|  Julius Baer Group Ltd. | 1768 | 150810 |
|  Kuehne + Nagel International AG | 466 | 108676 |
|  Logitech International SA | 1405 | 129420 |

---

See Notes to Financial Statements.

28 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Lonza Group AG | 633 | 441343 |
|  Nestle SA | 23295 | 2543806 |
|  Novartis AG | 17250 | 2927150 |
|  Partners Group Holding AG | 197 | 219632 |
|  Roche Holding AG | 295 | 146301 |
|  Roche Holding AG | 6375 | 3042227 |
|  Sandoz Group AG | 3696 | 326899 |
|  Schindler Holding AG | 212 | 77600 |
|  Schindler Holding AG Participation Certificates | 398 | 151944 |
|  SGS SA | 1583 | 199663 |
|  Sika AG | 1329 | 275633 |
|  Sonova Holding AG | 459 | 120502 |
|  STMicroelectronics NV | 3023 | 101403 |
|  STMicroelectronics NV, Class Y | 3023 | 101603 |
|  Straumann Holding AG | 962 | 115833 |
|  Swatch Group AG — Bearer | 281 | 71908 |
|  Swiss Life Holding AG | 264 | 302568 |
|  Swiss Prime Site AG | 787 | 150124 |
|  Swiss Re AG | 2779 | 491262 |
|  Swisscom AG | 241 | 226099 |
|  UBS Group AG | 28743 | 1196364 |
|  VAT Group AG, 144A | 254 | 179737 |
|  Zurich Insurance Group AG | 1325 | 1000319 |
|  (Cost $15,621,624) |  | **22555671** |
|  **United Kingdom — 4.1%** |  |  |
|  3i Group PLC | 8959 | 400133 |
|  Admiral Group PLC | 2540 | 101218 |
|  Airtel Africa PLC, 144A | 8478 | 39780 |
|  Anglo American PLC | 9897 | 492456 |
|  Aon PLC, Class A | 1878 | 630013 |
|  Ashtead Group PLC | 3846 | 275395 |
|  Associated British Foods PLC | 2801 | 74450 |
|  AstraZeneca PLC | 14080 | 2942081 |
|  Autotrader Group PLC, 144A | 7500 | 49701 |
|  Aviva PLC | 27772 | 256139 |
|  BAE Systems PLC | 27192 | 772112 |
|  Barclays PLC | 126872 | 772441 |
|  Barratt Redrow PLC | 12521 | 61460 |
|  BP PLC | 141961 | 911641 |
|  British American Tobacco PLC | 19841 | 1237732 |
|  BT Group PLC | 52016 | 151615 |
|  Bunzl PLC | 3009 | 88757 |
|  Centrica PLC | 44282 | 118564 |
|  CNH Industrial NV | 8649 | 106383 |
|  Coca-Cola Europacific Partners PLC | 1759 | 194246 |
|  Compass Group PLC | 15514 | 475141 |
|  Diageo PLC | 20095 | 449153 |
|  Endeavour Mining PLC | 1933 | 137478 |
|  Entain PLC | 5660 | 43755 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  GSK PLC | 37386 | 1106303 |
|  Haleon PLC | 79308 | 432581 |
|  Halma PLC | 3181 | 178937 |
|  HSBC Holdings PLC | 156106 | 2924844 |
|  Imperial Brands PLC | 7056 | 315424 |
|  Informa PLC | 11398 | 128446 |
|  InterContinental Hotels Group PLC | 1222 | 168025 |
|  International Consolidated Airlines Group SA | 11056 | 62998 |
|  Intertek Group PLC | 1448 | 91926 |
|  J Sainsbury PLC | 16015 | 75145 |
|  JD Sports Fashion PLC | 28120 | 30993 |
|  Kingfisher PLC | 15322 | 76322 |
|  Land Securities Group PLC REIT | 6219 | 54055 |
|  Legal & General Group PLC | 50890 | 185621 |
|  Lloyds Banking Group PLC | 541090 | 745292 |
|  London Stock Exchange Group PLC | 4255 | 506849 |
|  M&G PLC | 18177 | 77640 |
|  Marks & Spencer Group PLC | 16899 | 90084 |
|  Melrose Industries PLC | 12115 | 92158 |
|  National Grid PLC | 45603 | 852836 |
|  NatWest Group PLC | 72259 | 601350 |
|  Next PLC | 994 | 180679 |
|  Pearson PLC | 4515 | 58262 |
|  Pentair PLC | 1564 | 155133 |
|  Phoenix Group Holdings PLC | 6700 | 69090 |
|  Reckitt Benckiser Group PLC | 5763 | 504554 |
|  RELX PLC | 16289 | 565890 |
|  Rentokil Initial PLC | 22272 | 136603 |
|  Rio Tinto PLC | 10093 | 995326 |
|  Rolls-Royce Holdings PLC | 75735 | 1357796 |
|  Sage Group PLC | 8911 | 98455 |
|  Schroders PLC | 7984 | 62902 |
|  Segro PLC REIT | 11227 | 126972 |
|  Severn Trent PLC | 2428 | 107070 |
|  Shell PLC | 52356 | 2163439 |
|  Smith & Nephew PLC | 7848 | 144710 |
|  Smiths Group PLC | 2906 | 107286 |
|  Spirax Group PLC | 574 | 61004 |
|  SSE PLC | 10993 | 397422 |
|  Standard Chartered PLC | 17651 | 434750 |
|  Tesco PLC | 58118 | 375525 |
|  Unilever PLC | 19850 | 1458998 |
|  United Utilities Group PLC | 5586 | 104616 |
|  Verisure PLC \* | 2609 | 29095 |
|  Vodafone Group PLC | 178947 | 275470 |
|  Whitbread PLC | 1822 | 63689 |
|  Willis Towers Watson PLC | 820 | 250239 |
|  Wise PLC, Class A \* | 6023 | 69680 |
|  (Cost $18,715,521) |  | **29934328** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 29

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **United States — 72.7%** |  |  |
|  3M Co. | 4791 | 792048 |
|  Abbott Laboratories | 15801 | 1838446 |
|  AbbVie, Inc. | 16047 | 3724188 |
|  Adobe, Inc. \* | 3786 | 993484 |
|  Advanced Micro Devices, Inc. \* | 14722 | 2947492 |
|  AECOM | 1133 | 111011 |
|  Affirm Holdings, Inc. \* | 2449 | 115054 |
|  Aflac, Inc. | 4577 | 516881 |
|  Agilent Technologies, Inc. | 2507 | 304300 |
|  Air Products and Chemicals, Inc. | 2023 | 557680 |
|  Airbnb, Inc., Class A \* | 3913 | 528685 |
|  Alliant Energy Corp. | 2338 | 169131 |
|  Allstate Corp. | 2436 | 522571 |
|  Alnylam Pharmaceuticals, Inc. \* | 1212 | 403499 |
|  Alphabet, Inc., Class A | 52768 | 16450952 |
|  Alphabet, Inc., Class C | 44118 | 13739669 |
|  Altria Group, Inc. | 15385 | 1062180 |
|  Amazon.com, Inc. \* | 87230 | 18318300 |
|  Ameren Corp. | 2421 | 274251 |
|  American Electric Power Co., Inc. | 4799 | 642202 |
|  American Express Co. | 4951 | 1529364 |
|  American International Group, Inc. | 5029 | 404784 |
|  American Tower Corp. REIT | 4280 | 821161 |
|  American Water Works Co., Inc. | 1797 | 244446 |
|  Ameriprise Financial, Inc. | 837 | 393490 |
|  AMETEK, Inc. | 2064 | 493750 |
|  Amgen, Inc. | 4883 | 1895385 |
|  Amphenol Corp., Class A | 11021 | 1609727 |
|  Analog Devices, Inc. | 4454 | 1584689 |
|  Annaly Capital Management, Inc. REIT | 6322 | 146923 |
|  Apollo Global Management, Inc. | 3997 | 418086 |
|  Apple, Inc. | 133247 | 35201192 |
|  Applied Materials, Inc. | 7233 | 2692846 |
|  AppLovin Corp., Class A \* | 2089 | 908235 |
|  Archer-Daniels-Midland Co. | 4247 | 293213 |
|  Ares Management Corp., Class A | 1973 | 220996 |
|  Arista Networks, Inc. \* | 9716 | 1297086 |
|  Arthur J Gallagher & Co. | 2364 | 539465 |
|  AST SpaceMobile, Inc. \* | 2034 | 161072 |
|  Astera Labs, Inc. \* | 1210 | 143784 |
|  AT&T, Inc. | 64540 | 1807765 |
|  Atmos Energy Corp. | 1496 | 279438 |
|  Autodesk, Inc. \* | 1897 | 466415 |
|  Automatic Data Processing, Inc. | 3693 | 791631 |
|  AutoZone, Inc. \* | 148 | 555826 |
|  AvalonBay Communities, Inc. REIT | 1239 | 219588 |
|  Avery Dennison Corp. | 753 | 147852 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Axon Enterprise, Inc. \* | 687 | 372629 |
|  Baker Hughes Co. | 8765 | 572004 |
|  Ball Corp. | 2230 | 149700 |
|  Bank of America Corp. | 61818 | 3080391 |
|  Bank of New York Mellon Corp. | 6089 | 725200 |
|  Becton Dickinson & Co. | 2640 | 465907 |
|  Berkshire Hathaway, Inc., Class B \* | 12447 | 6285113 |
|  Best Buy Co., Inc. | 1686 | 104481 |
|  Biogen, Inc. \* | 1319 | 253011 |
|  Blackrock, Inc. | 1337 | 1421539 |
|  Blackstone, Inc. | 6673 | 756518 |
|  Block, Inc. \* | 4860 | 309582 |
|  Bloom Energy Corp., Class A \* | 2013 | 313364 |
|  Boeing Co. \* | 7102 | 1615918 |
|  Booking Holdings, Inc. | 295 | 1250608 |
|  Boston Scientific Corp. \* | 13453 | 1033863 |
|  Bristol-Myers Squibb Co. | 18439 | 1150040 |
|  Broadcom, Inc. | 40843 | 13051381 |
|  Broadridge Financial Solutions, Inc. | 1051 | 195349 |
|  Brookfield Asset Management Ltd., Class A | 3575 | 166948 |
|  Brookfield Renewable Corp. | 1150 | 49083 |
|  Brown & Brown, Inc. | 2616 | 187881 |
|  Builders FirstSource, Inc. \* | 1065 | 111069 |
|  Bunge Global SA | 1329 | 160344 |
|  Burlington Stores, Inc. \* | 543 | 166630 |
|  C.H. Robinson Worldwide, Inc. | 1141 | 211370 |
|  Cadence Design Systems, Inc. \* | 2453 | 739334 |
|  Capital One Financial Corp. | 5786 | 1131973 |
|  Cardinal Health, Inc. | 2105 | 482529 |
|  Carlisle Cos., Inc. | 359 | 141722 |
|  Carlyle Group, Inc. | 2182 | 113442 |
|  Carnival Corp. | 10016 | 316005 |
|  Carrier Global Corp. | 7015 | 451766 |
|  Carvana Co. \* | 1190 | 397650 |
|  Casey's General Stores, Inc. | 320 | 219389 |
|  Caterpillar, Inc. | 4251 | 3157770 |
|  Cboe Global Markets, Inc. | 985 | 295224 |
|  CBRE Group, Inc., Class A \* | 2719 | 401488 |
|  CDW Corp. | 1190 | 145942 |
|  Cencora, Inc. | 1642 | 611054 |
|  Centene Corp. \* | 4577 | 205416 |
|  CenterPoint Energy, Inc. | 5676 | 246906 |
|  CF Industries Holdings, Inc. | 1431 | 142442 |
|  Charles Schwab Corp. | 15248 | 1451610 |
|  Charter Communications, Inc., Class A \* | 820 | 192397 |
|  Cheniere Energy, Inc. | 1939 | 457080 |
|  Chevron Corp. | 17355 | 3241220 |
|  Chipotle Mexican Grill, Inc. \* | 11605 | 431938 |

---

See Notes to Financial Statements.

30 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Church & Dwight Co., Inc. | 2134 | 223771 |
|  Ciena Corp. \* | 1274 | 444244 |
|  Cigna Group | 2392 | 693249 |
|  Cincinnati Financial Corp. | 1397 | 229080 |
|  Cintas Corp. | 3326 | 668958 |
|  Cisco Systems, Inc. | 35830 | 2847052 |
|  Citigroup, Inc. | 16226 | 1787943 |
|  Citizens Financial Group, Inc. | 3788 | 228000 |
|  Clorox Co. | 1085 | 137969 |
|  Cloudflare, Inc., Class A \* | 2885 | 496768 |
|  CME Group, Inc. | 3253 | 1039333 |
|  CMS Energy Corp. | 2849 | 222421 |
|  Coca-Cola Co. | 37010 | 3018536 |
|  Cognizant Technology Solutions Corp., Class A | 4548 | 293028 |
|  Coherent Corp. \* | 1420 | 367681 |
|  Coinbase Global, Inc., Class A \* | 1994 | 350645 |
|  Colgate-Palmolive Co. | 6875 | 681587 |
|  Comcast Corp., Class A | 33196 | 1027748 |
|  Comfort Systems USA, Inc. | 322 | 460257 |
|  ConocoPhillips | 11113 | 1260881 |
|  Consolidated Edison, Inc. | 3206 | 360739 |
|  Constellation Brands, Inc., Class A | 1343 | 212006 |
|  Constellation Energy Corp. | 2825 | 931911 |
|  Cooper Cos., Inc. \* | 1767 | 147845 |
|  Copart, Inc. \* | 8631 | 328755 |
|  Corebridge Financial, Inc. | 2247 | 58062 |
|  CoreWeave, Inc., Class A \* | 2122 | 168826 |
|  Corning, Inc. | 7326 | 1101684 |
|  Corpay, Inc. \* | 604 | 196360 |
|  Corteva, Inc. | 6123 | 490575 |
|  CoStar Group, Inc. \* | 3693 | 164819 |
|  Costco Wholesale Corp. | 4020 | 4063376 |
|  Coterra Energy, Inc. | 7312 | 223674 |
|  Credo Technology Group Holding Ltd. \* | 1409 | 158188 |
|  Crowdstrike Holdings, Inc., Class A \* | 2295 | 853694 |
|  Crown Castle, Inc. REIT | 4071 | 364517 |
|  CSX Corp. | 16588 | 708142 |
|  Cummins, Inc. | 1267 | 739763 |
|  Curtiss-Wright Corp. | 339 | 237412 |
|  CVS Health Corp. | 11614 | 927959 |
|  D.R. Horton, Inc. | 2297 | 368416 |
|  Danaher Corp. | 5691 | 1198752 |
|  Darden Restaurants, Inc. | 1001 | 214064 |
|  Datadog, Inc., Class A \* | 2769 | 310017 |
|  Deckers Outdoor Corp. \* | 1374 | 161129 |
|  Deere & Co. | 2327 | 1465335 |
|  Dell Technologies, Inc., Class C | 2895 | 428692 |
|  Delta Air Lines, Inc. | 1581 | 103872 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Devon Energy Corp. | 5369 | 233713 |
|  Dexcom, Inc. \* | 3456 | 253774 |
|  Diamondback Energy, Inc. | 1746 | 303944 |
|  Dick's Sporting Goods, Inc. | 638 | 129916 |
|  Digital Realty Trust, Inc. REIT | 3161 | 560129 |
|  Dollar General Corp. | 2064 | 322479 |
|  Dollar Tree, Inc. \* | 1755 | 221972 |
|  Dominion Energy, Inc. | 7583 | 478791 |
|  Domino's Pizza, Inc. | 311 | 125181 |
|  DoorDash, Inc., Class A \* | 3461 | 610763 |
|  Dover Corp. | 1185 | 267217 |
|  Dow, Inc. | 6503 | 199837 |
|  DraftKings, Inc., Class A \* | 3766 | 89781 |
|  DTE Energy Co. | 1828 | 270983 |
|  Duke Energy Corp. | 7074 | 925633 |
|  DuPont de Nemours, Inc. | 3850 | 192654 |
|  eBay, Inc. | 4100 | 372526 |
|  EchoStar Corp., Class A \* | 1278 | 147647 |
|  Ecolab, Inc. | 2342 | 722156 |
|  Edison International | 3467 | 259124 |
|  Edwards Lifesciences Corp. \* | 5374 | 464690 |
|  Electronic Arts, Inc. | 2145 | 430223 |
|  Elevance Health, Inc. | 1985 | 635200 |
|  Eli Lilly & Co. | 7299 | 7678475 |
|  EMCOR Group, Inc. | 398 | 288399 |
|  Emerson Electric Co. | 5115 | 771086 |
|  Entegris, Inc. | 1415 | 187417 |
|  Entergy Corp. | 3970 | 425227 |
|  EOG Resources, Inc. | 5036 | 624867 |
|  EQT Corp. | 5683 | 349050 |
|  Equifax, Inc. | 1102 | 230274 |
|  Equinix, Inc. REIT | 880 | 857349 |
|  Equitable Holdings, Inc. | 2903 | 116759 |
|  Equity Residential REIT | 3370 | 213018 |
|  Erie Indemnity Co., Class A | 187 | 50385 |
|  Essex Property Trust, Inc. REIT | 607 | 154852 |
|  Estee Lauder Cos., Inc., Class A | 2331 | 255175 |
|  Evergy, Inc. | 2049 | 171419 |
|  Eversource Energy | 3278 | 249816 |
|  Exelon Corp. | 8990 | 444735 |
|  Expand Energy Corp. | 2150 | 232028 |
|  Expedia Group, Inc. | 1062 | 229063 |
|  Expeditors International of Washington, Inc. | 1286 | 186509 |
|  Extra Space Storage, Inc. REIT | 1869 | 282275 |
|  Exxon Mobil Corp. | 38330 | 5845325 |
|  F5, Inc. \* | 540 | 146534 |
|  Fair Isaac Corp. \* | 218 | 307240 |
|  Fastenal Co. | 10240 | 471450 |
|  FedEx Corp. | 2009 | 777483 |
|  Ferguson Enterprises, Inc. | 1776 | 463110 |
|  Fidelity National Financial, Inc. | 2242 | 118557 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 31

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fidelity National Information Services, Inc. | 4880 | 248685 |
|  Fifth Third Bancorp | 8161 | 403725 |
|  First Citizens BancShares, Inc., Class A | 85 | 161343 |
|  First Solar, Inc. \* | 888 | 175114 |
|  FirstEnergy Corp. | 4785 | 244801 |
|  Fiserv, Inc. \* | 5042 | 314066 |
|  Flex Ltd. \* | 3388 | 213512 |
|  Flutter Entertainment PLC \* | 1265 | 131160 |
|  Flutter Entertainment PLC \* | 181 | 19211 |
|  Ford Motor Co. | 35700 | 503013 |
|  Fortinet, Inc. \* | 5615 | 443753 |
|  Fortive Corp. | 3170 | 187664 |
|  Fox Corp., Class A | 1922 | 108285 |
|  Fox Corp., Class B | 1353 | 69991 |
|  Freeport-McMoRan, Inc. | 12829 | 873398 |
|  Ftai Aviation Ltd. | 934 | 285617 |
|  Gaming and Leisure Properties, Inc. REIT | 2654 | 129807 |
|  Gartner, Inc. \* | 692 | 108782 |
|  GE Aerospace | 9536 | 3263791 |
|  GE HealthCare Technologies, Inc. | 4086 | 344327 |
|  GE Vernova, Inc. | 2449 | 2139446 |
|  Gen Digital, Inc. | 4845 | 109352 |
|  General Dynamics Corp. | 2085 | 744449 |
|  General Mills, Inc. | 4762 | 215385 |
|  General Motors Co. | 8621 | 678559 |
|  Genuine Parts Co. | 1336 | 159331 |
|  Gilead Sciences, Inc. | 11239 | 1674049 |
|  Global Payments, Inc. | 2323 | 177617 |
|  GoDaddy, Inc., Class A \* | 1212 | 105638 |
|  Goldman Sachs Group, Inc. | 2711 | 2330294 |
|  Graco, Inc. | 1450 | 136184 |
|  Halliburton Co. | 7442 | 267912 |
|  Hartford Insurance Group, Inc. | 2466 | 347287 |
|  HCA Healthcare, Inc. | 1431 | 758001 |
|  Healthpeak Properties, Inc. REIT | 6414 | 113400 |
|  HEICO Corp. | 369 | 117881 |
|  HEICO Corp., Class A | 709 | 170238 |
|  Hershey Co. | 1329 | 314016 |
|  Hewlett Packard Enterprise Co. | 11624 | 249567 |
|  Hilton Worldwide Holdings, Inc. | 2110 | 657856 |
|  Hologic, Inc. \* | 2052 | 154639 |
|  Home Depot, Inc. | 9015 | 3432191 |
|  Honeywell International, Inc. | 5746 | 1399668 |
|  Hormel Foods Corp. | 2855 | 73088 |
|  Howmet Aerospace, Inc. | 3478 | 913079 |
|  HP, Inc. | 8357 | 158699 |
|  Hubbell, Inc. | 510 | 260931 |
|  HubSpot, Inc. \* | 459 | 121410 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Humana, Inc. | 1123 | 213976 |
|  Huntington Bancshares, Inc. | 18355 | 308364 |
|  Hyatt Hotels Corp., Class A | 459 | 74128 |
|  IDEX Corp. | 728 | 152494 |
|  IDEXX Laboratories, Inc. \* | 722 | 474159 |
|  Illinois Tool Works, Inc. | 2429 | 705940 |
|  Illumina, Inc. \* | 1367 | 183807 |
|  Incyte Corp. \* | 1575 | 159500 |
|  Ingersoll Rand, Inc. | 3640 | 342670 |
|  Insmed, Inc. \* | 1905 | 284474 |
|  Insulet Corp. \* | 632 | 155858 |
|  Intel Corp. \* | 41034 | 1871561 |
|  Interactive Brokers Group, Inc., Class A | 4095 | 291523 |
|  Intercontinental Exchange, Inc. | 5082 | 834109 |
|  International Business Machines Corp. | 8485 | 2038182 |
|  International Flavors & Fragrances, Inc. | 2293 | 188553 |
|  International Paper Co. | 4540 | 197717 |
|  Intuit, Inc. | 2512 | 1027483 |
|  Intuitive Surgical, Inc. \* | 3229 | 1625834 |
|  Invitation Homes, Inc. REIT | 5503 | 144949 |
|  IonQ, Inc. \* | 2679 | 102793 |
|  IQVIA Holdings, Inc. \* | 1493 | 266963 |
|  Iron Mountain, Inc. REIT | 2725 | 295199 |
|  Jabil, Inc. | 990 | 262340 |
|  Jack Henry & Associates, Inc. | 590 | 95851 |
|  Jacobs Solutions, Inc. | 1048 | 144477 |
|  JB Hunt Transport Services, Inc. | 695 | 162220 |
|  Johnson & Johnson | 21867 | 5432419 |
|  Johnson Controls International PLC | 5522 | 796825 |
|  JPMorgan Chase & Co. | 24632 | 7396990 |
|  Kenvue, Inc. | 17473 | 334084 |
|  Keurig Dr Pepper, Inc. | 11791 | 357031 |
|  KeyCorp | 7833 | 162456 |
|  Keysight Technologies, Inc. \* | 1513 | 464990 |
|  Kimberly-Clark Corp. | 3045 | 339335 |
|  Kimco Realty Corp. REIT | 6056 | 142619 |
|  Kinder Morgan, Inc. | 17778 | 591474 |
|  KKR & Co., Inc. | 5658 | 496093 |
|  KLA Corp. | 1194 | 1820313 |
|  Kraft Heinz Co. | 7791 | 191737 |
|  Kroger Co. | 5252 | 358396 |
|  L3Harris Technologies, Inc. | 1718 | 626280 |
|  Labcorp Holdings, Inc. | 790 | 228405 |
|  Lam Research Corp. | 11438 | 2675234 |
|  Las Vegas Sands Corp. | 2788 | 158135 |
|  Leidos Holdings, Inc. | 1090 | 190859 |
|  Lennar Corp., Class A | 1790 | 204704 |
|  Lennox International, Inc. | 295 | 168132 |

---

See Notes to Financial Statements.

32 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Liberty Media Corp.-Liberty Formula One, Class C \* | 1910 | 174937 |
|  Linde PLC | 4232 | 2150195 |
|  Live Nation Entertainment, Inc. \* | 1391 | 225537 |
|  Lockheed Martin Corp. | 1886 | 1241139 |
|  Loews Corp. | 1409 | 155018 |
|  Lowe's Cos., Inc. | 5092 | 1347190 |
|  LPL Financial Holdings, Inc. | 740 | 222281 |
|  Lumentum Holdings, Inc. \* | 644 | 451386 |
|  LyondellBasell Industries NV, Class A | 2192 | 126084 |
|  M&T Bank Corp. | 1290 | 279904 |
|  Marathon Petroleum Corp. | 2668 | 528824 |
|  Markel Group, Inc. \* | 110 | 227972 |
|  Marriott International, Inc., Class A | 2066 | 706014 |
|  Marsh & McLennan Cos., Inc. | 4446 | 830246 |
|  Martin Marietta Materials, Inc. | 566 | 382939 |
|  Marvell Technology, Inc. | 7708 | 629667 |
|  Masco Corp. | 1972 | 141235 |
|  Mastercard, Inc., Class A | 7653 | 3958208 |
|  McCormick & Co., Inc. | 2295 | 163037 |
|  McDonald's Corp. | 6464 | 2204612 |
|  McKesson Corp. | 1109 | 1094993 |
|  Merck & Co., Inc. | 22433 | 2777654 |
|  Meta Platforms, Inc., Class A | 19746 | 12798962 |
|  MetLife, Inc. | 5181 | 373395 |
|  Mettler-Toledo International, Inc. \* | 187 | 255571 |
|  Microchip Technology, Inc. | 4972 | 371110 |
|  Micron Technology, Inc. | 10216 | 4212772 |
|  Microsoft Corp. | 64004 | 25136931 |
|  Mid-America Apartment Communities, Inc. REIT | 1056 | 141356 |
|  Mondelez International, Inc., Class A | 11732 | 722457 |
|  MongoDB, Inc. \* | 732 | 240440 |
|  Monolithic Power Systems, Inc. | 427 | 487950 |
|  Monster Beverage Corp. \* | 6576 | 560933 |
|  Moody's Corp. | 1483 | 708266 |
|  Morgan Stanley | 10844 | 1805634 |
|  Motorola Solutions, Inc. | 1528 | 736893 |
|  MSCI, Inc. | 660 | 377408 |
|  Nasdaq, Inc. | 4229 | 370376 |
|  Natera, Inc. \* | 1201 | 249856 |
|  NetApp, Inc. | 1779 | 176174 |
|  Netflix, Inc. \* | 38567 | 3711688 |
|  Neurocrine Biosciences, Inc. \* | 867 | 114661 |
|  Newmont Corp. | 10007 | 1300910 |
|  News Corp., Class A | 3621 | 87954 |
|  NextEra Energy, Inc. | 18696 | 1753124 |
|  NIKE, Inc., Class B | 10765 | 669368 |
|  NiSource, Inc. | 4357 | 206086 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nordson Corp. | 437 | 128233 |
|  Norfolk Southern Corp. | 2051 | 645532 |
|  Northern Trust Corp. | 1690 | 241822 |
|  Northrop Grumman Corp. | 1229 | 890263 |
|  NRG Energy, Inc. | 1764 | 315685 |
|  Nucor Corp. | 2061 | 364550 |
|  NVIDIA Corp. | 220313 | 39037260 |
|  NVR, Inc. \* | 24 | 180427 |
|  Occidental Petroleum Corp. | 6948 | 368800 |
|  Oklo, Inc. \* (c) | 1005 | 63265 |
|  Okta, Inc. \* | 1490 | 108025 |
|  Old Dominion Freight Line, Inc. | 1636 | 332190 |
|  Omnicom Group, Inc. | 2901 | 247426 |
|  ON Semiconductor Corp. \* | 3535 | 235007 |
|  ONEOK, Inc. | 5648 | 467485 |
|  Oracle Corp. | 15525 | 2257335 |
|  O'Reilly Automotive, Inc. \* | 7741 | 726725 |
|  Otis Worldwide Corp. | 3674 | 340065 |
|  PACCAR, Inc. | 4871 | 614184 |
|  Packaging Corp. of America | 764 | 177355 |
|  Palantir Technologies, Inc., Class A \* | 20629 | 2830093 |
|  Palo Alto Networks, Inc. \* | 7278 | 1083840 |
|  Parker-Hannifin Corp. | 1148 | 1158539 |
|  Paychex, Inc. | 2950 | 276267 |
|  PayPal Holdings, Inc. | 8209 | 379338 |
|  PepsiCo, Inc. | 12414 | 2107152 |
|  Pfizer, Inc. | 51501 | 1424003 |
|  PG&E Corp. | 19506 | 370614 |
|  Philip Morris International, Inc. | 14106 | 2635424 |
|  Phillips 66 | 3672 | 566700 |
|  Pinnacle Financial Partners, Inc. | 1362 | 123615 |
|  Pinterest, Inc., Class A \* | 5612 | 96134 |
|  PNC Financial Services Group, Inc. | 3564 | 756815 |
|  PPG Industries, Inc. | 2053 | 253073 |
|  PPL Corp. | 6592 | 256956 |
|  Principal Financial Group, Inc. | 2118 | 202100 |
|  Procter & Gamble Co. | 21195 | 3543804 |
|  Progressive Corp. | 5273 | 1126629 |
|  Prologis, Inc. REIT | 8335 | 1188321 |
|  Prudential Financial, Inc. | 3089 | 303896 |
|  PTC, Inc. \* | 1037 | 162384 |
|  Public Service Enterprise Group, Inc. | 4662 | 401258 |
|  Public Storage REIT | 1393 | 427735 |
|  PulteGroup, Inc. | 1742 | 239002 |
|  Pure Storage, Inc., Class A \* | 2842 | 182513 |
|  Qnity Electronics, Inc. | 1922 | 243633 |
|  QUALCOMM, Inc. | 9565 | 1361673 |
|  Quanta Services, Inc. | 1362 | 766915 |
|  Quest Diagnostics, Inc. | 1076 | 228015 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 33

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Raymond James Financial, Inc. | 1750 | 267890 |
|  RB Global, Inc. | 1598 | 161001 |
|  Realty Income Corp. REIT | 8416 | 563872 |
|  Reddit, Inc., Class A \* | 956 | 139394 |
|  Regency Centers Corp. REIT | 1487 | 117473 |
|  Regeneron Pharmaceuticals, Inc. | 922 | 720700 |
|  Regions Financial Corp. | 8392 | 233549 |
|  Reliance, Inc. | 481 | 151823 |
|  Republic Services, Inc. | 2024 | 463496 |
|  ResMed, Inc. | 1332 | 341338 |
|  Restaurant Brands International, Inc. | 2880 | 206648 |
|  Revolution Medicines, Inc. \* | 1310 | 133646 |
|  Rivian Automotive, Inc., Class A \* | 7348 | 112645 |
|  Robinhood Markets, Inc., Class A \* | 6645 | 504023 |
|  ROBLOX Corp., Class A \* | 5295 | 363555 |
|  Rocket Cos., Inc., Class A | 7630 | 138790 |
|  Rocket Lab Corp. \* | 4375 | 302312 |
|  Rockwell Automation, Inc. | 1012 | 412339 |
|  Rollins, Inc. | 2751 | 167508 |
|  Roper Technologies, Inc. | 1003 | 350779 |
|  Ross Stores, Inc. | 3001 | 617126 |
|  Royal Caribbean Cruises Ltd. | 2351 | 731067 |
|  Royalty Pharma PLC, Class A | 3900 | 180219 |
|  RPM International, Inc. | 1146 | 130782 |
|  RTX Corp. | 12112 | 2454133 |
|  S&P Global, Inc. | 2830 | 1250520 |
|  Salesforce, Inc. | 8460 | 1647923 |
|  Samsara, Inc., Class A \* | 2930 | 84677 |
|  SBA Communications Corp. REIT | 916 | 184263 |
|  Seagate Technology Holdings PLC | 2000 | 815680 |
|  Sempra | 5973 | 575021 |
|  ServiceNow, Inc. \* | 9451 | 1020803 |
|  Sherwin-Williams Co. | 2147 | 778481 |
|  Simon Property Group, Inc. REIT | 2943 | 599931 |
|  SLB Ltd. | 13732 | 705001 |
|  Snap, Inc., Class A \* | 9567 | 49844 |
|  Snap-on, Inc. | 456 | 175660 |
|  Snowflake, Inc. \* | 2933 | 493947 |
|  SoFi Technologies, Inc. \* | 11014 | 195609 |
|  Solventum Corp. \* | 1554 | 115307 |
|  Southern Co. | 9941 | 968055 |
|  SS&C Technologies Holdings, Inc. | 1873 | 141018 |
|  Starbucks Corp. | 10337 | 1013233 |
|  State Street Corp. | 2527 | 325023 |
|  Steel Dynamics, Inc. | 1276 | 246434 |
|  STERIS PLC | 888 | 224087 |
|  Strategy, Inc. \* (c) | 2393 | 309893 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Stryker Corp. | 3133 | 1213912 |
|  Sun Communities, Inc. REIT | 1063 | 145057 |
|  Super Micro Computer, Inc. \* | 4650 | 150613 |
|  Synchrony Financial | 3268 | 225851 |
|  Synopsys, Inc. \* | 1746 | 722844 |
|  Sysco Corp. | 4502 | 410402 |
| T. Rowe Price Group, Inc. | 2009 | 190112 |
|  Take-Two Interactive Software, Inc. \* | 1722 | 364169 |
|  Tapestry, Inc. | 1899 | 295238 |
|  Targa Resources Corp. | 1971 | 464762 |
|  Target Corp. | 4110 | 467677 |
|  Teledyne Technologies, Inc. \* | 429 | 292192 |
|  Teradyne, Inc. | 1399 | 447722 |
|  Tesla, Inc. \* | 25650 | 10324381 |
|  Texas Instruments, Inc. | 8263 | 1752665 |
|  Texas Pacific Land Corp. | 511 | 267912 |
|  Textron, Inc. | 1632 | 160997 |
|  Thermo Fisher Scientific, Inc. | 3427 | 1785844 |
|  TJX Cos., Inc. | 10160 | 1642466 |
|  T-Mobile US, Inc. | 4567 | 991450 |
|  Toast, Inc., Class A \* | 4457 | 121721 |
|  Tractor Supply Co. | 4599 | 238412 |
|  Trade Desk, Inc., Class A \* | 3999 | 95256 |
|  Tradeweb Markets, Inc., Class A | 967 | 119188 |
|  TransDigm Group, Inc. | 512 | 667028 |
|  TransUnion | 1849 | 145239 |
|  Travelers Cos., Inc. | 2059 | 635490 |
|  Trimble, Inc. \* | 2017 | 134877 |
|  Truist Financial Corp. | 11467 | 565438 |
|  Twilio, Inc., Class A \* | 1366 | 165231 |
|  Tyler Technologies, Inc. \* | 416 | 147551 |
|  Tyson Foods, Inc., Class A | 2510 | 163125 |
|  Uber Technologies, Inc. \* | 17920 | 1351526 |
|  UDR, Inc. REIT | 2826 | 105975 |
|  Ulta Beauty, Inc. \* | 386 | 264329 |
|  Union Pacific Corp. | 5388 | 1427712 |
|  United Airlines Holdings, Inc. \* | 691 | 73453 |
|  United Parcel Service, Inc., Class B | 6795 | 787948 |
|  United Rentals, Inc. | 589 | 494760 |
|  United Therapeutics Corp. \* | 401 | 202064 |
|  UnitedHealth Group, Inc. | 8199 | 2404521 |
|  Universal Health Services, Inc., Class B | 534 | 110057 |
|  US Bancorp | 14188 | 775516 |
|  Valero Energy Corp. | 2715 | 555598 |
|  Veeva Systems, Inc., Class A \* | 1392 | 253358 |
|  Ventas, Inc. REIT | 4137 | 356444 |
|  Veralto Corp. | 2132 | 207721 |
|  VeriSign, Inc. | 747 | 170271 |
|  Verisk Analytics, Inc. | 1300 | 269841 |

---

See Notes to Financial Statements.

34 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Verizon Communications, Inc. | 38080 | 1909331 |
|  Vertex Pharmaceuticals, Inc. \* | 2305 | 1145193 |
|  Vertiv Holdings Co., Class A | 3318 | 845725 |
|  VICI Properties, Inc. REIT | 9908 | 299321 |
|  Visa, Inc., Class A | 15231 | 4876052 |
|  Vistra Corp. | 3013 | 523931 |
|  Vulcan Materials Co. | 1170 | 362700 |
|  W.R. Berkley Corp. | 2064 | 147989 |
|  W.W. Grainger, Inc. | 409 | 468195 |
|  Walmart, Inc. | 39780 | 5089851 |
|  Walt Disney Co. | 16304 | 1728876 |
|  Warner Bros Discovery, Inc. \* | 21006 | 591739 |
|  Waste Management, Inc. | 3671 | 884124 |
|  Waters Corp. \* | 911 | 290955 |
|  Watsco, Inc. | 327 | 136467 |
|  WEC Energy Group, Inc. | 3010 | 352050 |
|  Wells Fargo & Co. | 28311 | 2305931 |
|  Welltower, Inc. REIT | 6254 | 1295328 |
|  West Pharmaceutical Services, Inc. | 658 | 167356 |
|  Western Digital Corp. | 3065 | 857281 |
|  Westinghouse Air Brake Technologies Corp. | 1579 | 416777 |
|  Weyerhaeuser Co. REIT | 6709 | 164572 |
|  Williams Cos., Inc. | 10989 | 821098 |
|  Williams-Sonoma, Inc. | 1088 | 223747 |
|  Workday, Inc., Class A \* | 1925 | 257488 |
|  WP Carey, Inc. REIT | 2092 | 156168 |
|  Xcel Energy, Inc. | 5418 | 451644 |
|  Xylem, Inc. | 2282 | 295656 |
|  Yum! Brands, Inc. | 2534 | 426117 |
|  Zebra Technologies Corp., Class A \* | 426 | 95407 |
|  Zillow Group, Inc., Class C \* | 1598 | 71303 |
|  Zimmer Biomet Holdings, Inc. | 1828 | 179948 |
|  Zoetis, Inc. | 4076 | 534364 |
|  Zoom Communications, Inc. \* | 2356 | 174203 |
|  Zscaler, Inc. \* | 957 | 140669 |
|  (Cost $315,914,512) |  | **529807657** |
|  **Uruguay — 0.1%** |  |  |
|  MercadoLibre, Inc. \* |  |  |
|  (Cost $505,107) | 417 | **732911** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $445,783,536) |  | **724097488** |
|  **PREFERRED STOCKS — 0.1%** |  |  |
|  **Germany — 0.1%** |  |  |
|  Bayerische Motoren Werke AG | 453 | 47549 |
|  Dr Ing hc F Porsche AG, 144A | 988 | 48283 |
|  Henkel AG & Co. KGaA | 1560 | 153209 |
|  Porsche Automobil Holding SE | 1405 | 59769 |
|  Sartorius AG | 259 | 73484 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Volkswagen AG | 1858 | 222007 |
|  (Cost $819,579) |  | **604301** |
|  **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 — 0.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $380,196) | 380196 | **380196** |
|  **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,025,332) | 1025332 | **1025332** |
|  **TOTAL INVESTMENTS — 99.6%** |  |  |
|  (Cost $448,008,643) |  | **726107317** |
|  **Other assets and liabilities, net — 0.4%** |  | **2833680** |
|  **NET ASSETS — 100.0%** |  | **728940997** |

---

See Notes to Financial Statements.

DBX ETF Trust \| 35

------

Schedule of Investments

Xtrackers MSCI Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost** <br> **($)** | **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> **($)** | **Number of** <br> **Shares at**<br> **2/28/2026** | **Value ($) at** <br> **2/28/2026**  |
|  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) |  |  |  |  |  |  |
| 566304 | 32908 | (29116) | 669 | 10559 |  |  | 16252 | 581324 |
|  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", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (e)(f) |
| 239029 | 141167<br>(g) |  |  |  | 51 |  | 380196 | 380196 |
|  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", 3.62% (e) | DWS Government Money Market Series "Institutional Shares", 3.62% (e) | DWS Government Money Market Series "Institutional Shares", 3.62% (e) | DWS Government Money Market Series "Institutional Shares", 3.62% (e) | DWS Government Money Market Series "Institutional Shares", 3.62% (e) | DWS Government Money Market Series "Institutional Shares", 3.62% (e) |  |  |  |
| 625533 | 6592045 | (6192246) |  |  | 18842 |  | 1025332 | 1025332 |
| **1430866** | 6766120 | (6221362) | 669 | 10559 | 18893 |  | 1421780 | 1986852 |

---

\* Non-income producing security.

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

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

(c) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $372,157, which is 0.1% of net assets.

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

ADR: American Depositary Receipt

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 February 28, 2026, 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) ($)  |
|  E-Mini S&P 500 Index | USD | 5 | 1734333 | 1722250 | 3/20/2026 | (12083) |
|  Micro E-Mini S&P 500 Index | USD | 32 | 1103801 | 1102240 | 3/20/2026 | (1561) |
|  MSCI EAFE Index | USD | 6 | 911685 | 949530 | 3/20/2026 | 37845 |
|  S&P/TSX 60 Index MINI | CAD | 3 | 212627 | 216831 | 3/19/2026 | 4204 |
|  **Total net unrealized appreciation** |  |  |  |  |  | 28405 |

---

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 Kokusai Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | |
|:---|:---|
| **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 February 28, 2026 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) | $724097488 | $— | $— | $724097488 |
|  Preferred Stocks | 604301 |  |  | 604301 |
|  Warrants |  |  | 0 | 0 |
|  Short-Term Investments (a) | 1405528 |  |  | 1405528 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 42049 |  |  | 42049 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726149366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726149366 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(13644) | $— | $— | $(13644) |
|  **TOTAL** | $(13644) | $— | $— | $(13644) |

---

(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 Russell 1000 US Quality at a Reasonable Price ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS — 99.5%** |  |  |
|  **Communication Services — 13.7%** |  |  |
|  Alphabet, Inc., Class A | 9459 | 2948938 |
|  Alphabet, Inc., Class C | 7871 | 2451266 |
|  AT&T, Inc. | 17892 | 501155 |
|  Charter Communications, Inc., Class A \* | 97 | 22759 |
|  Comcast Corp., Class A | 12462 | 385823 |
|  Electronic Arts, Inc. | 840 | 168479 |
|  Live Nation Entertainment, Inc. \* | 186 | 30158 |
|  Meta Platforms, Inc., Class A | 4446 | 2881808 |
|  New York Times Co., Class A | 478 | 38140 |
|  Omnicom Group, Inc. | 432 | 36845 |
|  Pinterest, Inc., Class A \* | 1570 | 26894 |
|  Verizon Communications, Inc. | 10066 | 504709 |
|  Versant Media Group, Inc. \* | 499 | 16627 |
|  (Cost $7,169,687) |  | **10013601** |
|  **Consumer Discretionary — 13.0%** |  |  |
|  Airbnb, Inc., Class A \* | 1264 | 170779 |
|  Amazon.com, Inc. \* | 14472 | 3039120 |
|  Aptiv PLC \* | 1096 | 80600 |
|  Aramark | 811 | 33940 |
|  AutoZone, Inc. \* | 47 | 176512 |
|  Bath & Body Works, Inc. | 758 | 17252 |
|  Best Buy Co., Inc. | 1584 | 98160 |
|  Booking Holdings, Inc. | 102 | 432414 |
|  BorgWarner, Inc. | 1085 | 62463 |
|  Chewy, Inc., Class A \* | 371 | 10173 |
|  Chipotle Mexican Grill, Inc. \* | 2386 | 88807 |
|  Coupang, Inc. \* | 3094 | 59034 |
|  Crocs, Inc. \* | 376 | 34107 |
|  D.R. Horton, Inc. | 884 | 141785 |
|  Darden Restaurants, Inc. | 383 | 81905 |
|  Deckers Outdoor Corp. \* | 656 | 76929 |
|  Dick's Sporting Goods, Inc. | 264 | 53758 |
|  Domino's Pizza, Inc. | 65 | 26163 |
|  eBay, Inc. | 1477 | 134200 |
|  Etsy, Inc. \* | 347 | 19043 |
|  Expedia Group, Inc. | 497 | 107198 |
|  Five Below, Inc. \* | 197 | 44035 |
|  Floor & Decor Holdings, Inc., Class A \* | 288 | 19898 |
|  Gap, Inc. | 1438 | 40322 |
|  Garmin Ltd. | 469 | 118577 |
|  General Motors Co. | 2374 | 186858 |
|  Gentex Corp. | 1376 | 32198 |
|  Genuine Parts Co. | 148 | 17650 |
|  Grand Canyon Education, Inc. \* | 123 | 19566 |
|  H&R Block, Inc. | 785 | 24037 |
|  Home Depot, Inc. | 1253 | 477042 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Las Vegas Sands Corp. | 626 | 35507 |
|  Lear Corp. | 292 | 38325 |
|  Lennar Corp., Class A | 1197 | 136889 |
|  LKQ Corp. | 669 | 22151 |
|  Lowe's Cos., Inc. | 740 | 195782 |
|  Lululemon Athletica, Inc. \* | 415 | 76846 |
|  Marriott International, Inc., Class A | 121 | 41349 |
|  McDonald's Corp. | 333 | 113573 |
|  MGM Resorts International \* | 671 | 24733 |
|  Mohawk Industries, Inc. \* | 207 | 25931 |
|  NIKE, Inc., Class B | 5458 | 339378 |
|  NVR, Inc. \* | 20 | 150356 |
|  On Holding AG, Class A \* | 273 | 12689 |
|  O'Reilly Automotive, Inc. \* | 2178 | 204471 |
|  Pool Corp. | 114 | 25899 |
|  PulteGroup, Inc. | 1380 | 189336 |
|  Ralph Lauren Corp. | 185 | 67081 |
|  Ross Stores, Inc. | 1267 | 260546 |
|  Starbucks Corp. | 1322 | 129582 |
|  Tapestry, Inc. | 498 | 77424 |
|  Tesla, Inc. \* | 614 | 247141 |
|  Texas Roadhouse, Inc. | 252 | 46083 |
|  TJX Cos., Inc. | 3978 | 643083 |
|  Toll Brothers, Inc. | 337 | 52990 |
|  TopBuild Corp. \* | 143 | 64107 |
|  Tractor Supply Co. | 1716 | 88957 |
|  Ulta Beauty, Inc. \* | 241 | 165034 |
|  Williams-Sonoma, Inc. | 687 | 141282 |
|  (Cost $8,672,104) |  | **9541050** |
|  **Consumer Staples — 11.1%** |  |  |
|  Albertsons Cos., Inc., Class A | 1508 | 26993 |
|  Altria Group, Inc. | 9226 | 636963 |
|  Archer-Daniels-Midland Co. | 1257 | 86783 |
|  BJ's Wholesale Club Holdings, Inc. \* | 669 | 66091 |
|  Casey's General Stores, Inc. | 86 | 58961 |
|  Coca-Cola Consolidated, Inc. | 148 | 29955 |
|  Colgate-Palmolive Co. | 2247 | 222768 |
|  Constellation Brands, Inc., Class A | 161 | 25415 |
|  Costco Wholesale Corp. | 1464 | 1479797 |
|  Dollar General Corp. | 599 | 93588 |
|  Dollar Tree, Inc. \* | 292 | 36932 |
|  Estee Lauder Cos., Inc., Class A | 439 | 48057 |
|  General Mills, Inc. | 1278 | 57804 |
|  Hershey Co. | 410 | 96875 |
|  Ingredion, Inc. | 333 | 39114 |
|  Kenvue, Inc. | 2066 | 39502 |
|  Kimberly-Clark Corp. | 1018 | 113446 |
|  Kroger Co. | 2002 | 136617 |
|  Maplebear, Inc. \* | 400 | 15004 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 38

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>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 $ |
|  Molson Coors Beverage Co., Class B | 385 | 18861 |
|  Mondelez International, Inc., Class A | 1417 | 87259 |
|  Monster Beverage Corp. \* | 1758 | 149957 |
|  PepsiCo, Inc. | 1770 | 300440 |
|  Performance Food Group Co. \* | 270 | 26206 |
|  Philip Morris International, Inc. | 3036 | 567216 |
|  Procter & Gamble Co. | 5595 | 935484 |
|  Sprouts Farmers Market, Inc. \* | 190 | 14035 |
|  Sysco Corp. | 1110 | 101188 |
|  Target Corp. | 1415 | 161013 |
|  Tyson Foods, Inc., Class A | 605 | 39319 |
|  US Foods Holding Corp. \* | 646 | 62410 |
|  Walmart, Inc. | 18431 | 2358246 |
|  (Cost $6,328,857) |  | **8132299** |
|  **Energy — 6.2%** |  |  |
|  Baker Hughes Co. | 2331 | 152121 |
|  Cheniere Energy, Inc. | 102 | 24044 |
|  Chevron Corp. | 9211 | 1720246 |
|  ConocoPhillips | 1999 | 226807 |
|  Coterra Energy, Inc. | 2977 | 91066 |
|  Devon Energy Corp. | 1930 | 84013 |
|  Diamondback Energy, Inc. | 253 | 44042 |
|  EOG Resources, Inc. | 3541 | 439367 |
|  Expand Energy Corp. | 203 | 21908 |
|  Exxon Mobil Corp. | 6779 | 1033798 |
|  Halliburton Co. | 1833 | 65988 |
|  Marathon Petroleum Corp. | 850 | 168479 |
|  NOV, Inc. | 1034 | 20949 |
|  Permian Resources Corp., Class A | 2300 | 42067 |
|  Phillips 66 | 259 | 39971 |
|  SLB Ltd. | 4185 | 214858 |
|  TechnipFMC PLC | 1520 | 100791 |
|  Valero Energy Corp. | 314 | 64257 |
|  (Cost $3,661,789) |  | **4554772** |
|  **Financials — 10.5%** |  |  |
|  Affiliated Managers Group, Inc. | 193 | 59093 |
|  Aon PLC, Class A | 223 | 74810 |
|  Arch Capital Group Ltd. \* | 1628 | 163044 |
|  Berkshire Hathaway, Inc., Class B \* | 6318 | 3190274 |
|  Capital One Financial Corp. | 228 | 44606 |
|  Cboe Global Markets, Inc. | 265 | 79426 |
|  Cincinnati Financial Corp. | 498 | 81662 |
|  Euronet Worldwide, Inc. \* | 143 | 9946 |
|  Evercore, Inc., Class A | 215 | 66401 |
|  FactSet Research Systems, Inc. | 118 | 25584 |
|  Fidelity National Information Services, Inc. | 672 | 34245 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  First Citizens BancShares, Inc., Class A | 20 | 37963 |
|  Global Payments, Inc. | 311 | 23779 |
|  Houlihan Lokey, Inc. | 162 | 26531 |
|  Jack Henry & Associates, Inc. | 190 | 30867 |
|  Kinsale Capital Group, Inc. | 73 | 28446 |
|  LPL Financial Holdings, Inc. | 267 | 80201 |
|  MarketAxess Holdings, Inc. | 139 | 26688 |
|  Marsh & McLennan Cos., Inc. | 1230 | 229690 |
|  Mastercard, Inc., Class A | 1882 | 973389 |
|  MGIC Investment Corp. | 2172 | 57623 |
|  Moody's Corp. | 405 | 193424 |
|  MSCI, Inc. | 208 | 118941 |
|  PayPal Holdings, Inc. | 3280 | 151569 |
|  Progressive Corp. | 1590 | 339719 |
|  S&P Global, Inc. | 39 | 17233 |
|  SEI Investments Co. | 484 | 39359 |
|  Synchrony Financial | 1649 | 113962 |
| T. Rowe Price Group, Inc. | 1543 | 146014 |
|  Visa, Inc., Class A | 3782 | 1210770 |
|  (Cost $7,005,107) |  | **7675259** |
|  **Health Care — 12.6%** |  |  |
|  Abbott Laboratories | 3304 | 384420 |
|  Agilent Technologies, Inc. | 195 | 23669 |
|  Align Technology, Inc. \* | 199 | 37830 |
|  Biogen, Inc. \* | 257 | 49298 |
|  BioMarin Pharmaceutical, Inc. \* | 349 | 21544 |
|  Bristol-Myers Squibb Co. | 2703 | 168586 |
|  Cardinal Health, Inc. | 2257 | 517372 |
|  Cencora, Inc. | 1404 | 522485 |
|  Centene Corp. \* | 1672 | 75039 |
|  Chemed Corp. | 47 | 19270 |
|  Cigna Group | 1765 | 511532 |
|  CVS Health Corp. | 2259 | 180494 |
|  Edwards Lifesciences Corp. \* | 1140 | 98576 |
|  Elevance Health, Inc. | 295 | 94400 |
|  Exelixis, Inc. \* | 905 | 39874 |
|  GE HealthCare Technologies, Inc. | 475 | 40028 |
|  Gilead Sciences, Inc. | 910 | 135544 |
|  HCA Healthcare, Inc. | 541 | 286568 |
|  Henry Schein, Inc. \* | 250 | 20598 |
|  Hologic, Inc. \* | 393 | 29616 |
|  Humana, Inc. | 906 | 172629 |
|  IDEXX Laboratories, Inc. \* | 108 | 70927 |
|  Incyte Corp. \* | 444 | 44964 |
|  Intuitive Surgical, Inc. \* | 75 | 37763 |
|  Johnson & Johnson | 7424 | 1844344 |
|  Labcorp Holdings, Inc. | 84 | 24286 |
|  McKesson Corp. | 1235 | 1219402 |
|  Medpace Holdings, Inc. \* | 94 | 42465 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 39

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Merck & Co., Inc. | 8341 | 1032783 |
|  Mettler-Toledo International, Inc. \* | 56 | 76535 |
|  Molina Healthcare, Inc. \* | 282 | 43442 |
|  Neurocrine Biosciences, Inc. \* | 156 | 20631 |
|  Pfizer, Inc. | 4749 | 131310 |
|  Regeneron Pharmaceuticals, Inc. | 401 | 313450 |
|  ResMed, Inc. | 225 | 57659 |
|  Royalty Pharma PLC, Class A | 951 | 43946 |
|  Solventum Corp. \* | 651 | 48304 |
|  STERIS PLC | 107 | 27001 |
|  Tenet Healthcare Corp. \* | 109 | 26094 |
|  United Therapeutics Corp. \* | 243 | 122448 |
|  UnitedHealth Group, Inc. | 996 | 292097 |
|  Universal Health Services, Inc., Class B | 240 | 49464 |
|  Vertex Pharmaceuticals, Inc. \* | 112 | 55645 |
|  West Pharmaceutical Services, Inc. | 181 | 46036 |
|  Zoetis, Inc. | 639 | 83773 |
|  (Cost $7,582,033) |  | **9184141** |
|  **Industrials — 9.7%** |  |  |
|  3M Co. | 250 | 41330 |
|  A O Smith Corp. | 592 | 46176 |
|  Acuity, Inc. | 149 | 44937 |
|  AECOM | 235 | 23025 |
|  AGCO Corp. | 166 | 22659 |
|  Allison Transmission Holdings, Inc. | 236 | 29571 |
|  AMETEK, Inc. | 336 | 80378 |
|  Automatic Data Processing, Inc. | 743 | 159269 |
|  Booz Allen Hamilton Holding Corp. | 321 | 25304 |
|  Broadridge Financial Solutions, Inc. | 138 | 25650 |
|  Builders FirstSource, Inc. \* | 558 | 58194 |
|  C.H. Robinson Worldwide, Inc. | 338 | 62615 |
|  Carlisle Cos., Inc. | 177 | 69874 |
|  Caterpillar, Inc. | 1042 | 774029 |
|  Cintas Corp. | 472 | 94933 |
|  Comfort Systems USA, Inc. | 97 | 138649 |
|  Copart, Inc. \* | 1295 | 49327 |
|  CSX Corp. | 492 | 21003 |
|  Cummins, Inc. | 188 | 109768 |
|  Deere & Co. | 155 | 97605 |
|  Delta Air Lines, Inc. | 2485 | 163265 |
|  Donaldson Co., Inc. | 437 | 40536 |
|  Dover Corp. | 148 | 33374 |
|  Eaton Corp. PLC | 434 | 163149 |
|  EMCOR Group, Inc. | 228 | 165213 |
|  Expeditors International of Washington, Inc. | 761 | 110368 |
|  Fastenal Co. | 2994 | 137844 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  FedEx Corp. | 624 | 241488 |
|  Ferguson Enterprises, Inc. | 299 | 77967 |
|  FTI Consulting, Inc. \* | 152 | 24992 |
|  GE Vernova, Inc. | 484 | 422822 |
|  Generac Holdings, Inc. \* | 124 | 27946 |
|  General Dynamics Corp. | 437 | 156031 |
|  Genpact Ltd. | 497 | 19741 |
|  Graco, Inc. | 445 | 41794 |
|  Hubbell, Inc. | 79 | 40419 |
|  Illinois Tool Works, Inc. | 806 | 234248 |
|  ITT, Inc. | 222 | 44935 |
|  Jacobs Solutions, Inc. | 271 | 37360 |
|  JB Hunt Transport Services, Inc. | 338 | 78893 |
|  Kirby Corp. \* | 156 | 20249 |
|  Landstar System, Inc. | 117 | 19065 |
|  Leidos Holdings, Inc. | 159 | 27841 |
|  Lennox International, Inc. | 42 | 23937 |
|  Lockheed Martin Corp. | 651 | 428410 |
|  Lyft, Inc., Class A \* | 1163 | 16096 |
|  Masco Corp. | 868 | 62166 |
|  MasTec, Inc. \* | 133 | 39637 |
|  MSC Industrial Direct Co., Inc., Class A | 236 | 22146 |
|  Mueller Industries, Inc. | 266 | 31377 |
|  Northrop Grumman Corp. | 154 | 111555 |
|  Old Dominion Freight Line, Inc. | 576 | 116957 |
|  Oshkosh Corp. | 316 | 53726 |
|  Owens Corning | 185 | 22583 |
|  PACCAR, Inc. | 512 | 64558 |
|  Paychex, Inc. | 849 | 79509 |
|  Paycom Software, Inc. | 123 | 15477 |
|  Quanta Services, Inc. | 49 | 27591 |
|  Robert Half, Inc. | 644 | 15726 |
|  Rockwell Automation, Inc. | 90 | 36671 |
|  Rollins, Inc. | 525 | 31967 |
|  Saia, Inc. \* | 62 | 25134 |
|  Simpson Manufacturing Co., Inc. | 96 | 18583 |
|  Snap-on, Inc. | 242 | 93223 |
|  Southwest Airlines Co. | 909 | 44777 |
|  Textron, Inc. | 203 | 20026 |
|  Toro Co. | 264 | 26099 |
|  Trane Technologies PLC | 320 | 147942 |
|  Uber Technologies, Inc. \* | 3318 | 250244 |
|  Union Pacific Corp. | 142 | 37627 |
|  United Airlines Holdings, Inc. \* | 963 | 102367 |
|  United Parcel Service, Inc., Class B | 3052 | 353910 |
|  United Rentals, Inc. | 142 | 119280 |
|  Valmont Industries, Inc. | 54 | 24836 |
|  Verisk Analytics, Inc. | 157 | 32589 |
|  W.W. Grainger, Inc. | 143 | 163696 |
|  Watsco, Inc. | 41 | 17111 |

---

See Notes to Financial Statements.

40 \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Westinghouse Air Brake Technologies Corp. | 193 | 50942 |
|  Woodward, Inc. | 64 | 24753 |
|  (Cost $5,582,768) |  | 7057064 |
|  **Information Technology — 19.5%** |  |  |
|  Accenture PLC, Class A | 1650 | 344388 |
|  Adobe, Inc. \* | 1223 | 320927 |
|  Advanced Micro Devices, Inc. \* | 141 | 28230 |
|  Amdocs Ltd. | 440 | 30712 |
|  Analog Devices, Inc. | 112 | 39849 |
|  Apple, Inc. | 15524 | 4101130 |
|  Applied Materials, Inc. | 3065 | 1141100 |
|  Arista Networks, Inc. \* | 1630 | 217605 |
|  Autodesk, Inc. \* | 59 | 14506 |
|  Cirrus Logic, Inc. \* | 203 | 28647 |
|  Cisco Systems, Inc. | 8687 | 690269 |
|  Cognizant Technology Solutions |  |  |
|  Corp., Class A | 1826 | 117649 |
|  Docusign, Inc. \* | 353 | 15910 |
|  Dropbox, Inc., Class A \* | 1119 | 27964 |
|  Dynatrace, Inc. \* | 327 | 11746 |
|  F5, Inc. \* | 137 | 37176 |
|  Fair Isaac Corp. \* | 9 | 12684 |
|  First Solar, Inc. \* | 204 | 40229 |
|  Fortinet, Inc. \* | 561 | 44336 |
|  Gartner, Inc. \* | 80 | 12576 |
|  Intel Corp. \* | 917 | 41824 |
|  Jabil, Inc. | 266 | 70487 |
|  Keysight Technologies, Inc. \* | 206 | 63310 |
|  KLA Corp. | 63 | 96047 |
|  Lam Research Corp. | 3335 | 780023 |
|  Manhattan Associates, Inc. \* | 76 | 10293 |
|  Micron Technology, Inc. | 895 | 369071 |
|  Microsoft Corp. | 1226 | 481499 |
|  Monolithic Power Systems, Inc. | 85 | 97133 |
|  NetApp, Inc. | 524 | 51892 |
|  NVIDIA Corp. | 21598 | 3826950 |
|  QUALCOMM, Inc. | 2967 | 422382 |
|  Salesforce, Inc. | 1191 | 231995 |
|  Skyworks Solutions, Inc. | 769 | 45817 |
|  Synopsys, Inc. \* | 171 | 70794 |
|  Teradyne, Inc. | 308 | 98569 |
|  Texas Instruments, Inc. | 461 | 97783 |
|  Trimble, Inc. \* | 269 | 17988 |
|  VeriSign, Inc. | 201 | 45816 |
|  Zebra Technologies Corp., Class A \* | 64 | 14333 |
|  Zoom Communications, Inc. \* | 336 | 24844 |
|  (Cost $12,324,136) |  | 14236483 |
|  **Materials — 2.3%** |  |  |
|  Alcoa Corp. | 518 | 32157 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  AptarGroup, Inc. | 91 | 13078 |
|  Avery Dennison Corp. | 99 | 19439 |
|  CF Industries Holdings, Inc. | 1027 | 102228 |
|  Corteva, Inc. | 1065 | 85328 |
|  CRH PLC | 641 | 76907 |
|  Eagle Materials, Inc. | 85 | 19023 |
|  Freeport-McMoRan, Inc. | 3607 | 245565 |
|  Louisiana-Pacific Corp. | 343 | 29066 |
|  LyondellBasell Industries NV, |  |  |
|  Class A | 574 | 33016 |
|  Mosaic Co. | 457 | 12723 |
|  Newmont Corp. | 3335 | 433550 |
|  Nucor Corp. | 998 | 176526 |
|  Packaging Corp. of America | 200 | 46428 |
|  Reliance, Inc. | 330 | 104161 |
|  Royal Gold, Inc. | 99 | 29679 |
|  RPM International, Inc. | 199 | 22710 |
|  Southern Copper Corp. | 185 | 40385 |
|  Steel Dynamics, Inc. | 668 | 129011 |
|  (Cost $1,153,994) |  | 1650980 |
|  **Real Estate — 0.6%** |  |  |
|  CBRE Group, Inc., Class A \* | 204 | 30123 |
|  Gaming and Leisure Properties, Inc. REIT | 481 | 23526 |
|  Host Hotels & Resorts, Inc. REIT | 1258 | 24644 |
|  Public Storage REIT | 519 | 159364 |
|  Simon Property Group, Inc. REIT | 703 | 143307 |
|  VICI Properties, Inc. REIT | 1902 | 57459 |
|  Weyerhaeuser Co. REIT | 696 | 17073 |
|  (Cost $406,256) |  | 455496 |
|  **Utilities — 0.3%** |  |  |
|  Atmos Energy Corp. | 152 | 28392 |
|  Edison International | 490 | 36622 |
|  NRG Energy, Inc. | 381 | 68184 |
|  Talen Energy Corp. \* | 80 | 29678 |
|  Vistra Corp. | 364 | 63296 |
|  (Cost $183,931) |  | 226172 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $60,070,662) |  | 72727317 |
|  **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  iShares Russell 1000 ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $71,751) | 205 | 77133 |
| CASH EQUIVALENTS — 0.2% |  |  |
|  DWS Government Money Market<br>Series "Institutional Shares",<br>3.62% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $161,995) | 161995 | 161995 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 41

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | Value $ |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $60,304,408) |  | 72966445 |
|  **Other assets and liabilities, net — 0.2%** |  | 139386 |
|  **NET ASSETS — 100.0%** |  | 73105831 |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | Value ($) at<br>2/28/2026 |
|  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", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) |  |  |  |
|  — |  |  |  |  | 8 |  |  |  |
|  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", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 352507 | 771506 | (962018) |  |  | 4808 |  | 161995 | 161995 |
| **352507** | 771506 | (962018) |  |  | 4816 |  | 161995 | 161995 |

---

\* Non-income producing security.

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

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

REIT: Real Estate Investment Trust

At February 28, 2026, 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 | 7 | 241213 | 241115 | 3/20/2026 | (98) |

---

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.

42 \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

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

The following is a summary of the inputs used as of February 28, 2026 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 | &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) | $72727317 | $— | $— | $72727317 |
|  Exchange-Traded Funds | 77133 |  |  | 77133 |
|  Short-Term Investments (a) | 161995 |  |  | 161995 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72966445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72966445 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(98) | $— | $— | $(98) |
|  **TOTAL** | $(98) | $— | $— | $(98) |

---

(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 \| 43

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS — 98.8%** |  |  |
|  **Communication Services — 3.6%** |  |  |
|  Alphabet, Inc., Class A | 1088 | 339195 |
|  Alphabet, Inc., Class C | 907 | 282467 |
|  AT&T, Inc. | 27365 | 766494 |
|  Charter Communications, Inc., Class A \* | 171 | 40122 |
|  Comcast Corp., Class A | 11710 | 362542 |
|  Electronic Arts, Inc. | 4045 | 811306 |
|  Fox Corp., Class A | 12547 | 706898 |
|  Fox Corp., Class B | 9662 | 499815 |
|  GCI Liberty, Inc., Class C \* | 1438 | 56585 |
|  IAC, Inc. \* | 539 | 20654 |
|  Liberty Broadband Corp., Class C \* | 154 | 8410 |
|  Liberty Global Ltd., Class A \* | 11250 | 143325 |
|  Liberty Global Ltd., Class C \* | 7884 | 96973 |
|  Liberty Media Corp.-Liberty Formula One, Class C \* | 811 | 74279 |
|  Live Nation Entertainment, Inc. \* | 1011 | 163923 |
|  Madison Square Garden Sports Corp. \* | 129 | 42784 |
|  Match Group, Inc. | 6388 | 201861 |
|  Meta Platforms, Inc., Class A | 85 | 55095 |
|  Millicom International Cellular SA | 5920 | 431509 |
|  Netflix, Inc. \* | 156 | 15013 |
|  New York Times Co., Class A | 6091 | 486001 |
|  News Corp., Class A | 10158 | 246738 |
|  News Corp., Class B | 3337 | 89365 |
|  Nexstar Media Group, Inc. | 1902 | 477440 |
|  Omnicom Group, Inc. | 3823 | 326064 |
|  Pinterest, Inc., Class A \* | 2230 | 38200 |
|  Spotify Technology SA \* | 98 | 50464 |
|  Take-Two Interactive Software, Inc. \* | 85 | 17976 |
|  TKO Group Holdings, Inc. | 588 | 131635 |
|  T-Mobile US, Inc. | 529 | 114841 |
|  Verizon Communications, Inc. | 18048 | 904927 |
|  Versant Media Group, Inc. \* | 458 | 15261 |
|  Walt Disney Co. | 2176 | 230743 |
|  (Cost $7,361,686) |  | **8248905** |
|  **Consumer Discretionary — 10.5%** |  |  |
|  ADT, Inc. | 16620 | 133292 |
|  Airbnb, Inc., Class A \* | 776 | 104845 |
|  Amazon.com, Inc. \* | 283 | 59430 |
|  Aptiv PLC \* | 10117 | 744004 |
|  Aramark | 7874 | 329527 |
|  AutoNation, Inc. \* | 313 | 61085 |
|  AutoZone, Inc. \* | 95 | 356780 |
|  Best Buy Co., Inc. | 6688 | 414455 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Booking Holdings, Inc. | 49 | 207728 |
|  BorgWarner, Inc. | 14049 | 808801 |
|  Boyd Gaming Corp. | 3637 | 302708 |
|  Bright Horizons Family Solutions, Inc. \* | 851 | 63417 |
|  Brunswick Corp. | 771 | 61387 |
|  Burlington Stores, Inc. \* | 458 | 140546 |
|  Carnival Corp. | 1255 | 39595 |
|  Chipotle Mexican Grill, Inc. \* | 1072 | 39900 |
|  Choice Hotels International, Inc. | 200 | 21070 |
|  Churchill Downs, Inc. | 583 | 53595 |
|  Columbia Sportswear Co. | 418 | 25891 |
|  Coupang, Inc. \* | 2652 | 50600 |
|  Crocs, Inc. \* | 209 | 18958 |
|  D.R. Horton, Inc. | 3692 | 592160 |
|  Darden Restaurants, Inc. | 2421 | 517731 |
|  Deckers Outdoor Corp. \* | 115 | 13486 |
|  Dick's Sporting Goods, Inc. | 1015 | 206684 |
|  Dillard's, Inc., Class A | 29 | 17481 |
|  Domino's Pizza, Inc. | 724 | 291417 |
|  DoorDash, Inc., Class A \* | 212 | 37412 |
|  eBay, Inc. | 10724 | 974383 |
|  Etsy, Inc. \* | 384 | 21074 |
|  Expedia Group, Inc. | 1193 | 257318 |
|  Five Below, Inc. \* | 1012 | 226212 |
|  Floor & Decor Holdings, Inc., Class A \* | 386 | 26669 |
|  Flutter Entertainment PLC \* | 197 | 20910 |
|  Ford Motor Co. | 34781 | 490064 |
|  Gap, Inc. | 1488 | 41724 |
|  Garmin Ltd. | 1470 | 371660 |
|  General Motors Co. | 10978 | 864078 |
|  Gentex Corp. | 8334 | 195016 |
|  Genuine Parts Co. | 3708 | 442216 |
|  Grand Canyon Education, Inc. \* | 1360 | 216335 |
|  H&R Block, Inc. | 5420 | 165960 |
|  Harley-Davidson, Inc. | 1171 | 21078 |
|  Hasbro, Inc. | 2704 | 269291 |
|  Hilton Worldwide Holdings, Inc. | 1027 | 320198 |
|  Home Depot, Inc. | 102 | 38833 |
|  Hyatt Hotels Corp., Class A | 626 | 101099 |
|  Las Vegas Sands Corp. | 1656 | 93928 |
|  Lear Corp. | 3414 | 448088 |
|  Lennar Corp., Class A | 3548 | 405749 |
|  Lennar Corp., Class B | 74 | 7898 |
|  Liberty Live Holdings, Inc., Class A \* | 88 | 8540 |
|  Liberty Live Holdings, Inc., Class C \* | 501 | 49925 |
|  Lithia Motors, Inc. | 151 | 42217 |
|  LKQ Corp. | 7755 | 256768 |
|  Lowe's Cos., Inc. | 1226 | 324363 |

---

See Notes to Financial Statements.

44 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Lululemon Athletica, Inc. \* | 96 | 17776 |
|  Macy's, Inc. | 1913 | 37839 |
|  Marriott International, Inc., Class A | 660 | 225542 |
|  Mattel, Inc. \* | 15645 | 265183 |
|  McDonald's Corp. | 651 | 222030 |
|  MGM Resorts International \* | 4715 | 173795 |
|  Mohawk Industries, Inc. \* | 1250 | 156588 |
|  Murphy USA, Inc. | 183 | 71505 |
|  NIKE, Inc., Class B | 1951 | 121313 |
|  NVR, Inc. \* | 81 | 608941 |
|  Ollie's Bargain Outlet Holdings, Inc. \* | 612 | 65545 |
|  O'Reilly Automotive, Inc. \* | 5860 | 550137 |
|  Penske Automotive Group, Inc. | 543 | 85533 |
|  Planet Fitness, Inc., Class A \* | 803 | 65966 |
|  Pool Corp. | 357 | 81103 |
|  PulteGroup, Inc. | 8237 | 1130116 |
|  PVH Corp. | 286 | 19620 |
|  Ralph Lauren Corp. | 1721 | 624035 |
|  Restaurant Brands International, Inc. | 4346 | 311652 |
|  Ross Stores, Inc. | 4082 | 839423 |
|  Royal Caribbean Cruises Ltd. | 303 | 94221 |
|  Service Corp. International | 2431 | 204642 |
|  SharkNinja, Inc. \* | 514 | 63155 |
|  Somnigroup International, Inc. | 442 | 39563 |
|  Starbucks Corp. | 2428 | 237993 |
|  Tapestry, Inc. | 2145 | 333483 |
|  Texas Roadhouse, Inc. | 2361 | 431756 |
|  Thor Industries, Inc. | 1374 | 132083 |
|  TJX Cos., Inc. | 3653 | 590544 |
|  Toll Brothers, Inc. | 3252 | 511344 |
|  TopBuild Corp. \* | 784 | 351467 |
|  Tractor Supply Co. | 8782 | 455259 |
|  Travel + Leisure Co. | 2539 | 187124 |
|  Ulta Beauty, Inc. \* | 1446 | 990206 |
|  Vail Resorts, Inc. | 625 | 84881 |
|  Valvoline, Inc. \* | 1650 | 62370 |
|  Viking Holdings Ltd. \* | 239 | 18647 |
|  Williams-Sonoma, Inc. | 1195 | 245752 |
|  Wyndham Hotels & Resorts, Inc. | 482 | 39428 |
|  Wynn Resorts Ltd. | 1146 | 123986 |
|  YETI Holdings, Inc. \* | 725 | 31690 |
|  Yum! Brands, Inc. | 4010 | 674322 |
|  (Cost $21,194,782) |  | **23993137** |
|  **Consumer Staples — 8.2%** |  |  |
|  Albertsons Cos., Inc., Class A | 13205 | 236369 |
|  Altria Group, Inc. | 26991 | 1863459 |
|  Archer-Daniels-Midland Co. | 12931 | 892756 |
|  BJ's Wholesale Club Holdings, Inc. \* | 6363 | 628601 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
|  Boston Beer Co., Inc., Class A \* | 132 | 29935 |
|  Brown-Forman Corp., Class B | 860 | 24820 |
|  Bunge Global SA | 3919 | 472827 |
|  Campbell's Company | 4404 | 118688 |
|  Casey's General Stores, Inc. | 415 | 284520 |
|  Church & Dwight Co., Inc. | 2482 | 260262 |
|  Clorox Co. | 1275 | 162129 |
|  Coca-Cola Co. | 2204 | 179758 |
|  Coca-Cola Consolidated, Inc. | 1893 | 383143 |
|  Colgate-Palmolive Co. | 6955 | 689519 |
|  Conagra Brands, Inc. | 6771 | 130342 |
|  Constellation Brands, Inc., Class A | 546 | 86192 |
|  Costco Wholesale Corp. | 154 | 155662 |
|  Darling Ingredients, Inc. \* | 2213 | 117643 |
|  Dollar General Corp. | 10892 | 1701766 |
|  Dollar Tree, Inc. \* | 808 | 102196 |
|  Estee Lauder Cos., Inc., Class A | 655 | 71703 |
|  Flowers Foods, Inc. | 1764 | 17428 |
|  General Mills, Inc. | 6385 | 288794 |
|  Hershey Co. | 4727 | 1116896 |
|  Hormel Foods Corp. | 3697 | 94643 |
|  Ingredion, Inc. | 3360 | 394666 |
|  J M Smucker Co. | 840 | 97398 |
|  Kenvue, Inc. | 9670 | 184890 |
|  Keurig Dr Pepper, Inc. | 7640 | 231339 |
|  Kimberly-Clark Corp. | 5045 | 562215 |
|  Kraft Heinz Co. | 11700 | 287937 |
|  Kroger Co. | 11637 | 794109 |
|  Lamb Weston Holdings, Inc. | 2605 | 125535 |
|  Maplebear, Inc. \* | 4761 | 178585 |
|  McCormick & Co., Inc. | 2704 | 192092 |
|  Molson Coors Beverage Co., Class B | 4297 | 210510 |
|  Mondelez International, Inc., Class A | 10247 | 631010 |
|  Monster Beverage Corp. \* | 7209 | 614928 |
|  PepsiCo, Inc. | 2074 | 352041 |
|  Performance Food Group Co. \* | 739 | 71727 |
|  Philip Morris International, Inc. | 2744 | 512661 |
|  Pilgrim's Pride Corp. | 2750 | 118690 |
|  Post Holdings, Inc. \* | 1259 | 133832 |
|  Procter & Gamble Co. | 1083 | 181078 |
|  Reynolds Consumer Products, Inc. | 2186 | 54235 |
|  Seaboard Corp. | 15 | 76990 |
|  Smithfield Foods, Inc. | 2997 | 74565 |
|  Sprouts Farmers Market, Inc. \* | 719 | 53112 |
|  Sysco Corp. | 7182 | 654711 |
|  Target Corp. | 1696 | 192988 |
|  Tyson Foods, Inc., Class A | 8779 | 570547 |
|  US Foods Holding Corp. \* | 9408 | 908907 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 45

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Walmart, Inc. | 515 | 65894 |
|  (Cost $16,618,822) |  | 18637243 |
|  **Energy — 4.5%** |  |  |
|  Antero Midstream Corp. | 10694 | 240401 |
|  Antero Resources Corp. \* | 704 | 25914 |
|  APA Corp. | 2612 | 79327 |
|  Baker Hughes Co. | 11883 | 775485 |
|  Cheniere Energy, Inc. | 654 | 154167 |
|  Chevron Corp. | 2966 | 553930 |
|  Chord Energy Corp. | 438 | 47466 |
|  ConocoPhillips | 2764 | 313603 |
|  Coterra Energy, Inc. | 22183 | 678578 |
|  Devon Energy Corp. | 9448 | 411271 |
|  Diamondback Energy, Inc. | 139 | 24197 |
|  DT Midstream, Inc. | 923 | 128149 |
|  EOG Resources, Inc. | 7225 | 896478 |
|  Exxon Mobil Corp. | 1426 | 217465 |
|  Halliburton Co. | 9588 | 345168 |
|  HF Sinclair Corp. | 4280 | 214043 |
|  Kinder Morgan, Inc. | 7074 | 235352 |
|  Marathon Petroleum Corp. | 6257 | 1240200 |
|  Matador Resources Co. | 582 | 29915 |
|  NOV, Inc. | 9171 | 185805 |
|  Occidental Petroleum Corp. | 2271 | 120545 |
|  ONEOK, Inc. | 457 | 37826 |
|  Ovintiv, Inc. | 2020 | 102192 |
|  Permian Resources Corp., Class A | 4229 | 77348 |
|  Phillips 66 | 3945 | 608832 |
|  Range Resources Corp. | 1302 | 53747 |
|  SLB Ltd. | 10912 | 560222 |
|  Targa Resources Corp. | 1051 | 247826 |
|  TechnipFMC PLC | 7165 | 475111 |
|  Texas Pacific Land Corp. | 63 | 33030 |
|  Valero Energy Corp. | 4439 | 908397 |
|  Viper Energy, Inc., Class A | 587 | 27319 |
|  Weatherford International PLC | 441 | 46508 |
|  Williams Cos., Inc. | 2839 | 212130 |
|  (Cost $8,256,684) |  | 10307947 |
|  **Financials — 12.5%** |  |  |
|  Affiliated Managers Group, Inc. | 1626 | 497849 |
|  Aflac, Inc. | 5002 | 564876 |
|  AGNC Investment Corp. REIT | 9588 | 107481 |
|  Allstate Corp. | 4312 | 925010 |
|  Ally Financial, Inc. | 1822 | 71860 |
|  American Express Co. | 358 | 110586 |
|  American Financial Group, Inc. | 1638 | 217821 |
|  American International Group, Inc. | 2222 | 178849 |
|  Ameriprise Financial, Inc. | 327 | 153729 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Annaly Capital Management, Inc. REIT | 11594 | 269445 |
|  Aon PLC, Class A | 904 | 303265 |
|  Apollo Global Management, Inc. | 157 | 16422 |
|  Arch Capital Group Ltd. \* | 12405 | 1242361 |
|  Ares Management Corp., Class A | 203 | 22738 |
|  Arthur J Gallagher & Co. | 305 | 69601 |
|  Assurant, Inc. | 1084 | 248876 |
|  Assured Guaranty Ltd. | 786 | 67761 |
|  Axis Capital Holdings Ltd. | 4119 | 435461 |
|  Bank of America Corp. | 538 | 26809 |
|  Bank of New York Mellon Corp. | 1537 | 183057 |
|  Bank OZK | 1825 | 84972 |
|  Berkshire Hathaway, Inc., Class B \* | 338 | 170673 |
|  Blackrock, Inc. | 143 | 152042 |
|  Blackstone, Inc. | 529 | 59973 |
|  BOK Financial Corp. | 344 | 43248 |
|  Brighthouse Financial, Inc. \* | 297 | 17814 |
|  Brookfield Asset Management Ltd., Class A | 632 | 29546 |
|  Brown & Brown, Inc. | 1491 | 107084 |
|  Bullish \* | 814 | 25551 |
|  Capital One Financial Corp. | 1170 | 228899 |
|  Carlyle Group, Inc. | 1047 | 54434 |
|  Cboe Global Markets, Inc. | 3335 | 999566 |
|  Charles Schwab Corp. | 558 | 53122 |
|  Chubb Ltd. | 1803 | 614571 |
|  Cincinnati Financial Corp. | 6791 | 1113588 |
|  Citigroup, Inc. | 457 | 50357 |
|  Citizens Financial Group, Inc. | 2044 | 123028 |
|  CME Group, Inc. | 636 | 203202 |
|  CNA Financial Corp. | 479 | 23002 |
|  Columbia Banking System, Inc. | 1501 | 42703 |
|  Commerce Bancshares, Inc. | 967 | 49307 |
|  Corebridge Financial, Inc. | 1710 | 44186 |
|  Corpay, Inc. \* | 560 | 182056 |
|  Credit Acceptance Corp. \* | 69 | 32649 |
|  Cullen/Frost Bankers, Inc. | 447 | 61784 |
|  East West Bancorp, Inc. | 1045 | 114375 |
|  Equitable Holdings, Inc. | 1761 | 70827 |
|  Euronet Worldwide, Inc. \* | 725 | 50424 |
|  Evercore, Inc., Class A | 1111 | 343121 |
|  Everest Group Ltd. | 695 | 233166 |
|  FactSet Research Systems, Inc. | 270 | 58539 |
|  Fidelity National Financial, Inc. | 3840 | 203059 |
|  Fidelity National Information Services, Inc. | 2564 | 130661 |
|  Fifth Third Bancorp | 4053 | 200502 |
|  First American Financial Corp. | 1021 | 71582 |
|  First Citizens BancShares, Inc., Class A | 19 | 36065 |

---

See Notes to Financial Statements.

46 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  First Hawaiian, Inc. | 1002 | 24809 |
|  First Horizon Corp. | 2558 | 60855 |
|  FNB Corp. | 4593 | 78035 |
|  Franklin Resources, Inc. | 2773 | 73595 |
|  Freedom Holding Corp./NV \* | 112 | 13459 |
|  Global Payments, Inc. | 1169 | 89382 |
|  Globe Life, Inc. | 3199 | 464687 |
|  Goldman Sachs Group, Inc. | 59 | 50715 |
|  Hamilton Lane, Inc., Class A | 594 | 62334 |
|  Hanover Insurance Group, Inc. | 1613 | 291356 |
|  Hartford Insurance Group, Inc. | 7464 | 1051155 |
|  Houlihan Lokey, Inc. | 1876 | 307232 |
|  Huntington Bancshares, Inc. | 5527 | 92854 |
|  Interactive Brokers Group, Inc., Class A | 3233 | 230157 |
|  Intercontinental Exchange, Inc. | 684 | 112265 |
|  Invesco Ltd. | 6902 | 181247 |
|  Jack Henry & Associates, Inc. | 1934 | 314198 |
|  Janus Henderson Group PLC | 4951 | 257947 |
|  JPMorgan Chase & Co. | 67 | 20120 |
|  KeyCorp | 871 | 18065 |
|  Kinsale Capital Group, Inc. | 294 | 114563 |
|  KKR & Co., Inc. | 97 | 8505 |
|  Lazard, Inc. | 3056 | 154634 |
|  Lincoln National Corp. | 1593 | 54640 |
|  Loews Corp. | 3296 | 362626 |
|  LPL Financial Holdings, Inc. | 900 | 270342 |
|  M&T Bank Corp. | 804 | 174452 |
|  Markel Group, Inc. \* | 418 | 866292 |
|  MarketAxess Holdings, Inc. | 376 | 72192 |
|  Marsh & McLennan Cos., Inc. | 1792 | 334638 |
|  Mastercard, Inc., Class A | 138 | 71375 |
|  MetLife, Inc. | 1665 | 119997 |
|  MGIC Investment Corp. | 14585 | 386940 |
|  Moody's Corp. | 717 | 342432 |
|  Morgan Stanley | 346 | 57612 |
|  Morningstar, Inc. | 150 | 27471 |
|  MSCI, Inc. | 523 | 299067 |
|  Nasdaq, Inc. | 1837 | 160884 |
|  Northern Trust Corp. | 1276 | 182583 |
|  NU Holdings Ltd., Class A \* | 1281 | 19189 |
|  Old Republic International Corp. | 10949 | 469384 |
|  OneMain Holdings, Inc. | 2435 | 133974 |
|  PayPal Holdings, Inc. | 1681 | 77679 |
|  Pinnacle Financial Partners, Inc. | 519 | 47104 |
|  PNC Financial Services Group, Inc. | 681 | 144610 |
|  Popular, Inc. | 894 | 121012 |
|  Primerica, Inc. | 787 | 199630 |
|  Principal Financial Group, Inc. | 2061 | 196661 |
|  Progressive Corp. | 3252 | 694822 |
|  Prosperity Bancshares, Inc. | 714 | 50244 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Prudential Financial, Inc. | 1225 | 120515 |
|  Raymond James Financial, Inc. | 1219 | 186605 |
|  Regions Financial Corp. | 4853 | 135059 |
|  Reinsurance Group of America, Inc. | 554 | 119514 |
|  RenaissanceRe Holdings Ltd. | 1711 | 517509 |
|  Rithm Capital Corp. REIT | 7422 | 74591 |
|  RLI Corp. | 1776 | 110680 |
|  Ryan Specialty Holdings, Inc. | 458 | 18022 |
|  S&P Global, Inc. | 413 | 182496 |
|  SEI Investments Co. | 5109 | 415464 |
|  SLM Corp. | 1265 | 23706 |
|  SOUTHSTATE BANK Corp. | 365 | 36015 |
|  Starwood Property Trust, Inc. REIT | 2911 | 51845 |
|  State Street Corp. | 384 | 49390 |
|  Stifel Financial Corp. | 1391 | 102967 |
|  Synchrony Financial | 10759 | 743554 |
| T. Rowe Price Group, Inc. | 6479 | 613108 |
|  Tradeweb Markets, Inc., Class A | 976 | 120297 |
|  Travelers Cos., Inc. | 3104 | 958019 |
|  Truist Financial Corp. | 709 | 34961 |
|  Unum Group | 4434 | 318051 |
|  US Bancorp | 3037 | 166002 |
|  Virtu Financial, Inc., Class A | 800 | 33128 |
|  Visa, Inc., Class A | 213 | 68190 |
|  Voya Financial, Inc. | 1219 | 81527 |
|  W.R. Berkley Corp. | 10345 | 741736 |
|  Webster Financial Corp. | 1114 | 80353 |
|  Wells Fargo & Co. | 665 | 54164 |
|  Western Union Co. | 9474 | 91235 |
|  WEX, Inc. \* | 300 | 44757 |
|  White Mountains Insurance Group Ltd. | 55 | 122128 |
|  Willis Towers Watson PLC | 102 | 31127 |
|  Wintrust Financial Corp. | 576 | 82979 |
|  XP, Inc., Class A | 2726 | 58691 |
|  Zions Bancorp NA | 643 | 36831 |
|  (Cost $25,830,198) |  | 28428772 |
|  **Health Care — 12.3%** |  |  |
|  Abbott Laboratories | 3484 | 405363 |
|  AbbVie, Inc. | 487 | 113023 |
|  Agilent Technologies, Inc. | 2573 | 312311 |
|  Align Technology, Inc. \* | 153 | 29085 |
|  Amgen, Inc. | 995 | 386219 |
|  Avantor, Inc. \* | 2265 | 20498 |
|  Becton Dickinson & Co. | 999 | 176304 |
|  Biogen, Inc. \* | 2165 | 415290 |
|  BioMarin Pharmaceutical, Inc. \* | 3017 | 186239 |
|  Bio-Rad Laboratories, Inc., Class A \* | 50 | 13922 |
|  Bio-Techne Corp. | 924 | 54516 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 47

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Boston Scientific Corp. \* | 1365 | 104900 |
|  Bristol-Myers Squibb Co. | 2095 | 130665 |
|  Cardinal Health, Inc. | 1261 | 289059 |
|  Cencora, Inc. | 2823 | 1050551 |
|  Centene Corp. \* | 1941 | 87112 |
|  Charles River Laboratories International, Inc. \* | 285 | 50870 |
|  Chemed Corp. | 494 | 202545 |
|  Cigna Group | 5151 | 1492863 |
|  Cooper Cos., Inc. \* | 836 | 69948 |
|  Corcept Therapeutics, Inc. \* | 544 | 19421 |
|  CVS Health Corp. | 13352 | 1066825 |
|  Danaher Corp. | 717 | 151029 |
|  DaVita, Inc. \* | 714 | 111598 |
|  DENTSPLY SIRONA, Inc. | 1827 | 26820 |
|  Dexcom, Inc. \* | 553 | 40607 |
|  Edwards Lifesciences Corp. \* | 6284 | 543378 |
|  Elanco Animal Health, Inc. \* | 4029 | 106366 |
|  Elevance Health, Inc. | 800 | 256000 |
|  Eli Lilly & Co. | 21 | 22092 |
|  Encompass Health Corp. | 4371 | 471544 |
|  Envista Holdings Corp. \* | 1421 | 41507 |
|  Exelixis, Inc. \* | 11425 | 503386 |
|  GE HealthCare Technologies, Inc. | 3243 | 273288 |
|  Gilead Sciences, Inc. | 3958 | 589544 |
|  Globus Medical, Inc., Class A \* | 1453 | 138703 |
|  Halozyme Therapeutics, Inc. \* | 2652 | 184394 |
|  HCA Healthcare, Inc. | 1452 | 769124 |
|  Henry Schein, Inc. \* | 6683 | 550612 |
|  Hologic, Inc. \* | 4799 | 361653 |
|  Humana, Inc. | 3197 | 609156 |
|  IDEXX Laboratories, Inc. \* | 601 | 394695 |
|  Illumina, Inc. \* | 194 | 26085 |
|  Incyte Corp. \* | 3628 | 367408 |
|  Insulet Corp. \* | 347 | 85574 |
|  Intuitive Surgical, Inc. \* | 162 | 81569 |
|  IQVIA Holdings, Inc. \* | 1587 | 283771 |
|  Jazz Pharmaceuticals PLC \* | 2854 | 542317 |
|  Johnson & Johnson | 1060 | 263336 |
|  Labcorp Holdings, Inc. | 2187 | 632305 |
|  Masimo Corp. \* | 20 | 3507 |
|  McKesson Corp. | 3118 | 3078620 |
|  Medpace Holdings, Inc. \* | 288 | 130107 |
|  Medtronic PLC | 4478 | 437321 |
|  Merck & Co., Inc. | 3527 | 436713 |
|  Mettler-Toledo International, Inc. \* | 285 | 389507 |
|  Molina Healthcare, Inc. \* | 219 | 33737 |
|  Natera, Inc. \* | 112 | 23301 |
|  Neurocrine Biosciences, Inc. \* | 1800 | 238050 |
|  Penumbra, Inc. \* | 270 | 92985 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Pfizer, Inc. | 12998 | 359395 |
|  QIAGEN NV | 4456 | 221909 |
|  Quest Diagnostics, Inc. | 2317 | 490995 |
|  Regeneron Pharmaceuticals, Inc. | 714 | 558112 |
|  Repligen Corp. \* | 134 | 17250 |
|  ResMed, Inc. | 2044 | 523795 |
|  Revvity, Inc. | 855 | 84055 |
|  Royalty Pharma PLC, Class A | 25743 | 1189584 |
|  Solventum Corp. \* | 5581 | 414110 |
|  STERIS PLC | 2280 | 575358 |
|  Stryker Corp. | 441 | 170870 |
|  Teleflex, Inc. | 330 | 40280 |
|  Tenet Healthcare Corp. \* | 2656 | 635820 |
|  Thermo Fisher Scientific, Inc. | 233 | 121419 |
|  United Therapeutics Corp. \* | 1550 | 781045 |
|  UnitedHealth Group, Inc. | 138 | 40471 |
|  Universal Health Services, Inc., Class B | 3543 | 730212 |
|  Veeva Systems, Inc., Class A \* | 843 | 153434 |
|  Viatris, Inc. | 12088 | 180474 |
|  Waters Corp. \* | 655 | 209194 |
|  West Pharmaceutical Services, Inc. | 421 | 107077 |
|  Zimmer Biomet Holdings, Inc. | 2248 | 221293 |
|  Zoetis, Inc. | 1521 | 199403 |
|  (Cost $25,017,317) |  | 27994793 |
|  **Industrials — 19.1%** |  |  |
|  3M Co. | 1931 | 319233 |
|  A O Smith Corp. | 5569 | 434382 |
|  AAON, Inc. | 199 | 20139 |
|  Acuity, Inc. | 431 | 129985 |
|  Advanced Drainage Systems, Inc. | 387 | 66309 |
|  AECOM | 2636 | 258275 |
|  AGCO Corp. | 262 | 35763 |
|  Air Lease Corp. | 2913 | 188879 |
|  Alaska Air Group, Inc. \* | 329 | 16976 |
|  Allegion PLC | 2624 | 422858 |
|  Allison Transmission Holdings, Inc. | 1621 | 203111 |
|  Amentum Holdings, Inc. \* | 1591 | 47523 |
|  American Airlines Group, Inc. \* | 1974 | 25800 |
|  AMETEK, Inc. | 2477 | 592548 |
|  API Group Corp. \* | 1773 | 78828 |
|  Applied Industrial Technologies, Inc. | 1049 | 296426 |
|  Armstrong World Industries, Inc. | 1355 | 235093 |
|  ATI, Inc. \* | 764 | 124983 |
|  Automatic Data Processing, Inc. | 718 | 153910 |
|  Axon Enterprise, Inc. \* | 18 | 9763 |
|  Booz Allen Hamilton Holding Corp. | 1231 | 97040 |

---

See Notes to Financial Statements.

48 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Broadridge Financial Solutions, Inc. | 2463 | 457798 |
|  Builders FirstSource, Inc. \* | 497 | 51832 |
|  BWX Technologies, Inc. | 1574 | 324213 |
|  C.H. Robinson Worldwide, Inc. | 3540 | 655785 |
|  CACI International, Inc., Class A \* | 342 | 208678 |
|  Carlisle Cos., Inc. | 967 | 381743 |
|  Carpenter Technology Corp. | 384 | 152859 |
|  Caterpillar, Inc. | 387 | 287475 |
|  Cintas Corp. | 1616 | 325026 |
|  Clean Harbors, Inc. \* | 807 | 236612 |
|  CNH Industrial NV | 6185 | 76076 |
|  Comfort Systems USA, Inc. | 256 | 365919 |
|  Concentrix Corp. | 2120 | 69536 |
|  Copart, Inc. \* | 3445 | 131220 |
|  Core & Main, Inc., Class A \* | 1278 | 69216 |
|  Crane Co. | 1151 | 230810 |
|  CSX Corp. | 12364 | 527819 |
|  Cummins, Inc. | 1212 | 707650 |
|  Curtiss-Wright Corp. | 706 | 494433 |
|  Deere & Co. | 291 | 183246 |
|  Delta Air Lines, Inc. | 6499 | 426984 |
|  Donaldson Co., Inc. | 6188 | 573999 |
|  Dover Corp. | 2197 | 495424 |
|  Eaton Corp. PLC | 619 | 232694 |
|  EMCOR Group, Inc. | 1207 | 874616 |
|  Emerson Electric Co. | 2400 | 361800 |
|  Equifax, Inc. | 411 | 85883 |
|  Esab Corp. | 448 | 56524 |
|  ExlService Holdings, Inc. \* | 2931 | 91594 |
|  Expeditors International of Washington, Inc. | 6387 | 926307 |
|  Fastenal Co. | 13355 | 614864 |
|  FedEx Corp. | 1525 | 590175 |
|  Ferguson Enterprises, Inc. | 2556 | 666503 |
|  Flowserve Corp. | 2374 | 210146 |
|  Fortive Corp. | 5120 | 303104 |
|  Fortune Brands Innovations, Inc. | 777 | 42222 |
|  Ftai Aviation Ltd. | 67 | 20489 |
|  FTI Consulting, Inc. \* | 1052 | 172970 |
|  Gates Industrial Corp. PLC \* | 4644 | 128035 |
|  GE Aerospace | 256 | 87619 |
|  GE Vernova, Inc. | 210 | 183456 |
|  Generac Holdings, Inc. \* | 134 | 30200 |
|  General Dynamics Corp. | 2365 | 844423 |
|  Genpact Ltd. | 8466 | 336270 |
|  Graco, Inc. | 3493 | 328063 |
|  GXO Logistics, Inc. \* | 1938 | 121765 |
|  Hayward Holdings, Inc. \* | 1726 | 27616 |
|  HEICO Corp. | 271 | 86574 |
|  HEICO Corp., Class A | 574 | 137823 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Hexcel Corp. | 2471 | 229037 |
|  Honeywell International, Inc. | 655 | 159551 |
|  Howmet Aerospace, Inc. | 1427 | 374630 |
|  Hubbell, Inc. | 772 | 394978 |
|  Huntington Ingalls Industries, Inc. | 862 | 383176 |
|  IDEX Corp. | 500 | 104735 |
|  Illinois Tool Works, Inc. | 1890 | 549291 |
|  Ingersoll Rand, Inc. | 1014 | 95458 |
|  ITT, Inc. | 2426 | 491047 |
|  Jacobs Solutions, Inc. | 2344 | 323144 |
|  JB Hunt Transport Services, Inc. | 2273 | 530541 |
|  Johnson Controls International PLC | 4904 | 707647 |
|  KBR, Inc. | 1178 | 49747 |
|  Kirby Corp. \* | 2547 | 330601 |
|  Knight-Swift Transportation Holdings, Inc. | 2033 | 127916 |
|  L3Harris Technologies, Inc. | 1659 | 604772 |
|  Landstar System, Inc. | 711 | 115857 |
|  Leidos Holdings, Inc. | 8258 | 1445976 |
|  Lennox International, Inc. | 204 | 116268 |
|  Leonardo DRS, Inc. | 764 | 33150 |
|  Lincoln Electric Holdings, Inc. | 1427 | 409620 |
|  Lockheed Martin Corp. | 852 | 560684 |
|  Masco Corp. | 4914 | 351941 |
|  MasTec, Inc. \* | 942 | 280735 |
|  Middleby Corp. \* | 688 | 116176 |
|  MSA Safety, Inc. | 973 | 190134 |
|  MSC Industrial Direct Co., Inc., Class A | 2906 | 272699 |
|  Mueller Industries, Inc. | 5311 | 626486 |
|  Nordson Corp. | 650 | 190736 |
|  Norfolk Southern Corp. | 1218 | 383353 |
|  Northrop Grumman Corp. | 984 | 712790 |
|  nVent Electric PLC | 1290 | 152684 |
|  Old Dominion Freight Line, Inc. | 795 | 161425 |
|  Oshkosh Corp. | 4149 | 705413 |
|  Otis Worldwide Corp. | 3447 | 319054 |
|  Owens Corning | 262 | 31982 |
|  PACCAR, Inc. | 3351 | 422528 |
|  Parker-Hannifin Corp. | 386 | 389543 |
|  Parsons Corp. \* | 1473 | 97218 |
|  Paychex, Inc. | 1024 | 95898 |
|  Paycom Software, Inc. | 527 | 66312 |
|  Paylocity Holding Corp. \* | 182 | 19381 |
|  Pentair PLC | 2537 | 251645 |
|  Quanta Services, Inc. | 517 | 291112 |
|  RB Global, Inc. | 1986 | 200507 |
|  RBC Bearings, Inc. \* | 230 | 132462 |
|  Regal Rexnord Corp. | 280 | 61874 |
|  Republic Services, Inc. | 1410 | 322890 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 49

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Rockwell Automation, Inc. | 986 | 401746 |
|  Rollins, Inc. | 5449 | 331790 |
|  RTX Corp. | 1199 | 242941 |
|  Ryder System, Inc. | 1842 | 408114 |
|  Schneider National, Inc., Class B | 1288 | 36553 |
|  Science Applications International Corp. | 1971 | 181844 |
|  Sensata Technologies Holding PLC | 3154 | 117770 |
|  Simpson Manufacturing Co., Inc. | 1067 | 206539 |
|  SiteOne Landscape Supply, Inc. \* | 637 | 91021 |
|  Snap-on, Inc. | 1729 | 666045 |
|  Southwest Airlines Co. | 4255 | 209601 |
|  SS&C Technologies Holdings, Inc. | 4267 | 321262 |
|  Stanley Black & Decker, Inc. | 1137 | 98339 |
|  Tetra Tech, Inc. | 3292 | 117985 |
|  Textron, Inc. | 3830 | 377830 |
|  Timken Co. | 1962 | 212642 |
|  Toro Co. | 3205 | 316846 |
|  Trane Technologies PLC | 909 | 420249 |
|  TransDigm Group, Inc. | 141 | 183693 |
|  TransUnion | 586 | 46030 |
|  Uber Technologies, Inc. \* | 1414 | 106644 |
|  U-Haul Holding Co. | 625 | 29475 |
|  Union Pacific Corp. | 1179 | 312411 |
|  United Airlines Holdings, Inc. \* | 1535 | 163171 |
|  United Parcel Service, Inc., Class B | 4028 | 467087 |
|  United Rentals, Inc. | 335 | 281400 |
|  Valmont Industries, Inc. | 1099 | 505463 |
|  Veralto Corp. | 1782 | 173620 |
|  Verisk Analytics, Inc. | 829 | 172076 |
|  Vertiv Holdings Co., Class A | 171 | 43586 |
|  W.W. Grainger, Inc. | 363 | 415537 |
|  Waste Management, Inc. | 1020 | 245657 |
|  Watsco, Inc. | 254 | 106002 |
|  WESCO International, Inc. | 898 | 259971 |
|  Westinghouse Air Brake Technologies Corp. | 1935 | 510743 |
|  Woodward, Inc. | 1420 | 549199 |
|  XPO, Inc. \* | 231 | 48619 |
|  Xylem, Inc. | 3463 | 448666 |
|  (Cost $35,913,347) |  | 43566883 |
|  **Information Technology — 11.4%** |  |  |
|  Accenture PLC, Class A | 514 | 107282 |
|  Adobe, Inc. \* | 590 | 154822 |
|  Advanced Micro Devices, Inc. \* | 132 | 26428 |
|  Akamai Technologies, Inc. \* | 3853 | 379097 |
|  Amdocs Ltd. | 7179 | 501094 |
|  Amkor Technology, Inc. | 3333 | 159384 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Amphenol Corp., Class A | 3340 | 487840 |
|  Analog Devices, Inc. | 1535 | 546138 |
|  Appfolio, Inc., Class A \* | 260 | 46218 |
|  Apple, Inc. | 1658 | 438010 |
|  Applied Materials, Inc. | 1693 | 630304 |
|  Arista Networks, Inc. \* | 483 | 64480 |
|  Arrow Electronics, Inc. \* | 742 | 112903 |
|  Autodesk, Inc. \* | 825 | 202843 |
|  Avnet, Inc. | 1905 | 125425 |
|  Bentley Systems, Inc., Class B | 640 | 23392 |
|  Cadence Design Systems, Inc. \* | 399 | 120259 |
|  CCC Intelligent Solutions Holdings, Inc. \* | 2826 | 16476 |
|  CDW Corp. | 632 | 77508 |
|  Ciena Corp. \* | 405 | 141223 |
|  Cirrus Logic, Inc. \* | 3395 | 479102 |
|  Cisco Systems, Inc. | 4297 | 341440 |
|  Cognex Corp. | 1827 | 99389 |
|  Cognizant Technology Solutions Corp., Class A | 16625 | 1071149 |
|  Coherent Corp. \* | 120 | 31072 |
|  Corning, Inc. | 5044 | 758517 |
|  Crane NXT Co. | 918 | 44330 |
|  Crowdstrike Holdings, Inc., Class A \* | 123 | 45753 |
|  Datadog, Inc., Class A \* | 141 | 15786 |
|  Dell Technologies, Inc., Class C | 1596 | 236336 |
|  Docusign, Inc. \* | 266 | 11989 |
|  Dolby Laboratories, Inc., Class A | 4005 | 266613 |
|  Dropbox, Inc., Class A \* | 12094 | 302229 |
|  DXC Technology Co. \* | 945 | 11898 |
|  Dynatrace, Inc. \* | 2211 | 79419 |
|  Entegris, Inc. | 234 | 30993 |
|  EPAM Systems, Inc. \* | 90 | 12690 |
|  F5, Inc. \* | 2763 | 749768 |
|  Fair Isaac Corp. \* | 45 | 63421 |
|  First Solar, Inc. \* | 238 | 46934 |
|  Flex Ltd. \* | 20358 | 1282961 |
|  Fortinet, Inc. \* | 1698 | 134193 |
|  Gartner, Inc. \* | 279 | 43859 |
|  Gen Digital, Inc. | 6814 | 153792 |
|  GLOBALFOUNDRIES, Inc. \* | 276 | 13124 |
|  GoDaddy, Inc., Class A \* | 812 | 70774 |
|  Guidewire Software, Inc. \* | 912 | 132532 |
|  Hewlett Packard Enterprise Co. | 24338 | 522537 |
|  HP, Inc. | 7587 | 144077 |
|  International Business Machines Corp. | 692 | 166225 |
|  Intuit, Inc. | 613 | 250735 |
|  IPG Photonics Corp. \* | 405 | 53286 |
|  Jabil, Inc. | 4328 | 1146877 |
|  Keysight Technologies, Inc. \* | 948 | 291349 |

---

See Notes to Financial Statements.

50 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  KLA Corp. | 431 | 657081 |
|  Lam Research Corp. | 2807 | 656529 |
|  Lattice Semiconductor Corp. \* | 312 | 29833 |
|  Littelfuse, Inc. | 411 | 144861 |
|  Lumentum Holdings, Inc. \* | 66 | 46260 |
|  MACOM Technology Solutions Holdings, Inc. \* | 228 | 56571 |
|  Manhattan Associates, Inc. \* | 285 | 38598 |
|  Microchip Technology, Inc. | 365 | 27244 |
|  Micron Technology, Inc. | 948 | 390927 |
|  Microsoft Corp. | 885 | 347575 |
|  MKS, Inc. | 309 | 75538 |
|  Monolithic Power Systems, Inc. | 337 | 385103 |
|  Motorola Solutions, Inc. | 424 | 204478 |
|  NetApp, Inc. | 5892 | 583485 |
|  Nutanix, Inc., Class A \* | 453 | 17341 |
|  NVIDIA Corp. | 475 | 84165 |
|  Okta, Inc. \* | 197 | 14282 |
|  ON Semiconductor Corp. \* | 861 | 57239 |
|  Onto Innovation, Inc. \* | 163 | 35190 |
|  Palo Alto Networks, Inc. \* | 612 | 91139 |
|  Pegasystems, Inc. | 427 | 18673 |
|  Procore Technologies, Inc. \* | 436 | 23997 |
|  PTC, Inc. \* | 2137 | 334633 |
|  Pure Storage, Inc., Class A \* | 1063 | 68266 |
|  Qnity Electronics, Inc. | 8875 | 1124995 |
|  Qorvo, Inc. \* | 2116 | 175416 |
|  QUALCOMM, Inc. | 3972 | 565454 |
|  Ralliant Corp. | 2461 | 112935 |
|  Roper Technologies, Inc. | 475 | 166122 |
|  Salesforce, Inc. | 330 | 64281 |
|  Sandisk Corp. \* | 208 | 132155 |
|  ServiceNow, Inc. \* | 351 | 37911 |
|  Skyworks Solutions, Inc. | 4152 | 247376 |
|  Snowflake, Inc. \* | 71 | 11957 |
|  Synopsys, Inc. \* | 344 | 142416 |
|  TD SYNNEX Corp. | 5051 | 792047 |
|  Teledyne Technologies, Inc. \* | 694 | 472683 |
|  Teradata Corp. \* | 700 | 22043 |
|  Teradyne, Inc. | 1810 | 579254 |
|  Texas Instruments, Inc. | 1210 | 256653 |
|  Trimble, Inc. \* | 3965 | 265140 |
|  Twilio, Inc., Class A \* | 235 | 28426 |
|  Tyler Technologies, Inc. \* | 402 | 142585 |
|  UiPath, Inc., Class A \* | 1241 | 13316 |
|  Universal Display Corp. | 443 | 47264 |
|  VeriSign, Inc. | 5340 | 1217200 |
|  Vontier Corp. | 3193 | 130658 |
|  Western Digital Corp. | 3615 | 1011115 |
|  Workday, Inc., Class A \* | 681 | 91091 |
|  Zebra Technologies Corp., Class A \* | 127 | 28443 |

---

---

| | | |
|:---|:---|:---|
|  | Number<br> 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 $ |
|  Zoom Communications, Inc. \* | 2792 | 206440 |
|  Zscaler, Inc. \* | 80 | 11759 |
|  (Cost $23,423,543) |  | 25952418 |
|  **Materials — 5.1%** |  |  |
|  Air Products and Chemicals, Inc. | 298 | 82150 |
|  Alcoa Corp. | 444 | 27564 |
|  Anglogold Ashanti PLC | 406 | 51875 |
|  AptarGroup, Inc. | 1231 | 176907 |
|  Avery Dennison Corp. | 2005 | 393682 |
|  Axalta Coating Systems Ltd. \* | 3532 | 118004 |
|  CF Industries Holdings, Inc. | 6328 | 629889 |
|  Corteva, Inc. | 8815 | 706258 |
|  CRH PLC | 2115 | 253758 |
|  Crown Holdings, Inc. | 3649 | 418175 |
|  Dow, Inc. | 2462 | 75657 |
|  DuPont de Nemours, Inc. | 12040 | 602482 |
|  Eagle Materials, Inc. | 415 | 92877 |
|  Eastman Chemical Co. | 1395 | 105336 |
|  Ecolab, Inc. | 1321 | 407330 |
|  Element Solutions, Inc. | 4283 | 150290 |
|  Freeport-McMoRan, Inc. | 5493 | 373963 |
|  Graphic Packaging Holding Co. | 1305 | 15960 |
|  International Flavors & Fragrances, Inc. | 1220 | 100321 |
|  International Paper Co. | 2772 | 120721 |
|  Linde PLC | 593 | 301291 |
|  Louisiana-Pacific Corp. | 697 | 59064 |
|  LyondellBasell Industries NV, Class A | 1981 | 113947 |
|  Martin Marietta Materials, Inc. | 301 | 203648 |
|  Mosaic Co. | 4216 | 117373 |
|  NewMarket Corp. | 183 | 114560 |
|  Newmont Corp. | 6619 | 860470 |
|  Nucor Corp. | 2970 | 525334 |
|  Packaging Corp. of America | 1429 | 331728 |
|  PPG Industries, Inc. | 1751 | 215846 |
|  Reliance, Inc. | 3185 | 1005313 |
|  Royal Gold, Inc. | 2221 | 665834 |
|  RPM International, Inc. | 823 | 93921 |
|  Scotts Miracle-Gro Co. | 145 | 10167 |
|  Sealed Air Corp. | 5521 | 231220 |
|  Sherwin-Williams Co. | 612 | 221905 |
|  Silgan Holdings, Inc. | 939 | 45119 |
|  Solstice Advanced Materials, Inc. | 9112 | 715383 |
|  Sonoco Products Co. | 371 | 20950 |
|  Southern Copper Corp. | 337 | 73567 |
|  Steel Dynamics, Inc. | 3057 | 590398 |
|  Vulcan Materials Co. | 414 | 128340 |
|  (Cost $9,424,298) |  | 11548577 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 51

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **Real Estate — 4.0%** |  |  |
|  Agree Realty Corp. REIT | 1023 | 82331 |
|  American Homes 4 Rent, Class A REIT | 2868 | 86040 |
|  American Tower Corp. REIT | 830 | 159244 |
|  AvalonBay Communities, Inc. REIT | 1008 | 178648 |
|  Brixmor Property Group, Inc. REIT | 5578 | 168846 |
|  BXP, Inc. REIT | 402 | 23147 |
|  Camden Property Trust REIT | 556 | 60237 |
|  CBRE Group, Inc., Class A \* | 2293 | 338584 |
|  CoStar Group, Inc. \* | 408 | 18209 |
|  Cousins Properties, Inc. REIT | 284 | 6578 |
|  CubeSmart REIT | 4820 | 198295 |
|  Digital Realty Trust, Inc. REIT | 187 | 33136 |
|  EastGroup Properties, Inc. REIT | 1082 | 212407 |
|  EPR Properties REIT | 1778 | 105631 |
|  Equinix, Inc. REIT | 55 | 53584 |
|  Equity LifeStyle Properties, Inc. REIT | 3785 | 254201 |
|  Equity Residential REIT | 3606 | 227935 |
|  Essex Property Trust, Inc. REIT | 1052 | 268376 |
|  Extra Space Storage, Inc. REIT | 802 | 121126 |
|  Federal Realty Investment Trust REIT | 907 | 98654 |
|  First Industrial Realty Trust, Inc. REIT | 4002 | 252686 |
|  Gaming and Leisure Properties, Inc. REIT | 8596 | 420430 |
|  Healthpeak Properties, Inc. REIT | 2846 | 50317 |
|  Highwoods Properties, Inc. REIT | 996 | 22400 |
|  Host Hotels & Resorts, Inc. REIT | 19618 | 384317 |
|  Howard Hughes Holdings, Inc. \* | 283 | 20481 |
|  Invitation Homes, Inc. REIT | 3176 | 83656 |
|  Iron Mountain, Inc. REIT | 215 | 23291 |
|  Jones Lang LaSalle, Inc. \* | 1010 | 318706 |
|  Kilroy Realty Corp. REIT | 1507 | 44939 |
|  Kimco Realty Corp. REIT | 2784 | 65563 |
|  Lamar Advertising Co., Class A REIT | 2010 | 276857 |
|  Mid-America Apartment Communities, Inc. REIT | 1222 | 163577 |
|  National Storage Affiliates Trust REIT | 557 | 19506 |
|  NNN REIT, Inc. REIT | 5734 | 259865 |
|  Omega Healthcare Investors, Inc. REIT | 6032 | 291165 |
|  Park Hotels & Resorts, Inc. REIT | 1920 | 21715 |
|  Prologis, Inc. REIT | 1758 | 250638 |
|  Public Storage REIT | 1616 | 496209 |
|  Rayonier, Inc. REIT | 9918 | 213138 |
|  Realty Income Corp. REIT | 1962 | 131454 |
|  Regency Centers Corp. REIT | 1780 | 140620 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Rexford Industrial Realty, Inc. REIT | 1976 | 74041 |
|  SBA Communications Corp. REIT | 1632 | 328293 |
|  Simon Property Group, Inc. REIT | 2834 | 577711 |
|  STAG Industrial, Inc. REIT | 3065 | 120209 |
|  Sun Communities, Inc. REIT | 328 | 44759 |
|  UDR, Inc. REIT | 939 | 35213 |
|  Ventas, Inc. REIT | 779 | 67119 |
|  VICI Properties, Inc. REIT | 24467 | 739148 |
|  Welltower, Inc. REIT | 262 | 54265 |
|  Weyerhaeuser Co. REIT | 2590 | 63533 |
|  WP Carey, Inc. REIT | 4465 | 333312 |
|  (Cost $8,601,263) |  | **9084342** |
|  **Utilities — 7.6%** |  |  |
|  AES Corp. | 15105 | 261014 |
|  Alliant Energy Corp. | 5195 | 375806 |
|  Ameren Corp. | 4968 | 562775 |
|  American Electric Power Co., Inc. | 5837 | 781107 |
|  American Water Works Co., Inc. | 2626 | 357215 |
|  Atmos Energy Corp. | 3148 | 588015 |
|  Brookfield Renewable Corp. | 6801 | 290607 |
|  CenterPoint Energy, Inc. | 11106 | 483111 |
|  Clearway Energy, Inc., Class A | 1792 | 64548 |
|  Clearway Energy, Inc., Class C | 3429 | 131365 |
|  CMS Energy Corp. | 6386 | 498555 |
|  Consolidated Edison, Inc. | 6166 | 693798 |
|  Constellation Energy Corp. | 57 | 18803 |
|  Dominion Energy, Inc. | 7431 | 469193 |
|  DTE Energy Co. | 4672 | 692577 |
|  Duke Energy Corp. | 4918 | 643520 |
|  Edison International | 4269 | 319065 |
|  Entergy Corp. | 5751 | 615990 |
|  Essential Utilities, Inc. | 6995 | 279590 |
|  Evergy, Inc. | 8440 | 706090 |
|  Eversource Energy | 5700 | 434397 |
|  Exelon Corp. | 16710 | 826644 |
|  FirstEnergy Corp. | 10100 | 516716 |
|  IDACORP, Inc. | 2044 | 294275 |
|  MDU Resources Group, Inc. | 4311 | 89152 |
|  National Fuel Gas Co. | 5930 | 539808 |
|  NextEra Energy, Inc. | 2615 | 245209 |
|  NiSource, Inc. | 7065 | 334175 |
|  NRG Energy, Inc. | 4264 | 763085 |
|  OGE Energy Corp. | 7443 | 365749 |
|  PG&E Corp. | 14280 | 271320 |
|  Pinnacle West Capital Corp. | 4869 | 488361 |
|  PPL Corp. | 12105 | 471853 |
|  Public Service Enterprise Group, Inc. | 2688 | 231356 |
|  Sempra | 3286 | 316343 |

---

See Notes to Financial Statements.

52 \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number<br>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 $ |
|  Southern Co. | 5094 | 496054 |
|  Talen Energy Corp. \* | 266 | 98678 |
|  UGI Corp. | 14208 | 531521 |
|  Vistra Corp. | 659 | 114594 |
|  WEC Energy Group, Inc. | 4815 | 563162 |
|  Xcel Energy, Inc. | 6245 | 520583 |
|  (Cost $14,244,871) |  | 17345779 |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $195,886,811) |  | 225108796 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
| **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
|  iShares Russell 1000 ETF | 800 | 301008 |
|  Vanguard S&P 500 ETF | 150 | 94656 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $282,021) |  | **395664** |
| **CASH EQUIVALENTS — 0.8%** |  |  |
|  DWS Government Money Market Series<br>"Institutional Shares", 3.62% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,847,471) | 1847471 | **1847471** |
| **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $198,016,303) |  | **227351931** |
|  **Other assets and liabilities, net — 0.2%** |  | **386956** |
|  **NET ASSETS — 100.0%** |  | **227738887** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost**<br> **($)** | **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> **($)** | **Number of**<br> **Shares at**<br> **2/28/2026** | **Value ($) at** <br> **2/28/2026**  |
|  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", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) |  |  |  |
| 452820 |  | (452820) (c) |  |  | 253 |  |  |  |
|  CASH EQUIVALENTS **—** 0.8% | CASH EQUIVALENTS **—** 0.8% | CASH EQUIVALENTS **—** 0.8% | CASH EQUIVALENTS **—** 0.8% | CASH EQUIVALENTS **—** 0.8% | CASH EQUIVALENTS **—** 0.8% |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 1224124 | 3294328 | (2670981) |  |  | 27901 |  | 1847471 | 1847471 |
| **1676944** | 3294328 | (3123801) |  |  | 28154 |  | 1847471 | 1847471 |

---

\* Non-income producing security.

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

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

REIT: Real Estate Investment Trust

At February 28, 2026, 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) ($) |
|  E-Mini S&P 500 Index | USD | 3 | 1045007 | 1033350 | 3/20/2026 | (11657) |
|  Micro E-Mini S&P 500 Index | USD | 17 | 586596 | 585565 | 3/20/2026 | (1031) |
|  Micro E-mini S&P MidCap 400 Index | USD | 14 | 475045 | 500906 | 3/20/2026 | 25861 |
|  **Total net unrealized appreciation** |  |  |  |  |  | 13173 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 53

------

Schedule of Investments

Xtrackers Russell US Multifactor ETF (Continued)

February 28, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| Currency Abbreviations | 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 February 28, 2026 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) | $225108796 | $— | $— | $225108796 |
|  Exchange-Traded Funds | 395664 |  |  | 395664 |
|  Short-Term Investments (a) | 1847471 |  |  | 1847471 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 25861 |  |  | 25861 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227377792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227377792 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(12688) | $— | $— | $(12688) |
|  **TOTAL** | $(12688) | $— | $— | $(12688) |

---

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

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

See Notes to Financial Statements.

54 \| DBX ETF Trust

------

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers**<br> **Europe Defense**<br> **Technologies**<br> **ETF** | **Xtrackers**<br> **Europe Market**<br> **Leaders ETF** | **Xtrackers FTSE**<br> **Developed ex**<br> **US Multifactor**<br> **ETF** | **Xtrackers MSCI**<br> **Kokusai Equity**<br> **ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $4854413 | $5447033 | $59302343 | $724120465 |
|  Investment in affiliated securities at value |  |  | 27368 | 581324 |
|  Investment in DWS Government Money Market Series | 12454 | 12224 | 93155 | 1025332 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  |  |  | 380196 |
|  Foreign currency at value | 1984 | 1585 | 91653 | 854541 |
|  Deposit with broker for futures contracts |  | 4902 | 16583 | 260817 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  | 11585 | 4538699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 26136 | 37734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 3334 | 120114 | 680559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6 | 15 | 254 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  |  | 52047 | 178388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4868857 | $5469093 | $59741238 | $732660481 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $— | $— | $380196 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  |  | 3289323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 12356 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 474 | 1437 | 10615 | 49965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12830 | 1477 | 10615 | 3719484 |
|  **Net Assets, at value** | $4856027 | $5467616 | $59730623 | $728940997 |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $5000025 | $5000025 | $64462325 | $465165613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (143998) | 467591 | (4731702) | 263775384 |
|  **Net Assets, at value** | $4856027 | $5467616 | $59730623 | $728940997 |
|  Number of Common Shares outstanding | 200001 | 200001 | 1450001 | 5940001 |
|  **Net Asset Value** | $24.28 | $27.34 | $41.19 | $122.72 |
|  Investment in non-affiliated securities at cost | $4993555 | $4991299 | $41268414 | $446399882 |
|  Investment in affiliated securities at cost | $– | $– | $21880 | $203233 |
|  Value of securities loaned | $— | $— | $— | $372157 |
|  Investment in DWS Government Money Market Series at cost | $12454 | $12224 | $93155 | $1025332 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $— | $— | $380196 |
|  Foreign currency at cost | $1984 | $1574 | $93034 | $840086 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| 55

------

Statements of Assets and Liabilities (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Xtrackers**<br> **Russell 1000**<br> **US Quality at**<br> **a Reasonable<br>Price ETF** | **Xtrackers**<br> **Russell US**<br> **Multifactor ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $72804450 | $225504460 |
|  Investment in DWS Government Money Market Series | 161995 | 1847471 |
|  Deposit with broker for futures contracts | 18638 | 157487 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 60541 | 16395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 71277 | 234205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 419 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $73117320 | $227765709 |
|  **Liabilities** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | $11489 | $26822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11489 | 26822 |
|  **Net Assets, at value** | $73105831 | $227738887 |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $60028092 | $230599983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 13077739 | (2861096) |
|  **Net Assets, at value** | $73105831 | $227738887 |
|  Number of Common Shares outstanding | 1175001 | 3600001 |
|  **Net Asset Value** | $62.22 | $63.26 |
|  Investment in non-affiliated securities at cost | $60142413 | $196168832 |
|  Investment in DWS Government Money Market Series at cost | $161995 | $1847471 |

---

See Notes to Financial Statements.

56 \| DBX ETF Trust

------

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers**<br> **Europe Defense**<br> **Technologies**<br> **ETF <sup>(1)</sup>** | **Xtrackers**<br> **Europe Market**<br> **Leaders ETF<sup>(2)</sup>** | **Xtrackers FTSE**<br> **Developed ex**<br> **US Multifactor**<br> **ETF** | **Xtrackers MSCI**<br> **Kokusai Equity**<br> **ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $— | $3433 | $553729 | $4424014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 6 | 403 | 2024 | 18842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 1 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6 | 3836 | 555754 | 4442907 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 474 | 3393 | 63517 | 313633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 474 | 3393 | 63575 | 313691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver |  | (15) | (57) | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 474 | 3378 | 63518 | 313182 |
|  Net investment income (loss) | (468) | 458 | 492236 | 4129725 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (4038) | (98) | 1578231 | (2905991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | 3906 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 497960 | 2616930 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates |  |  | 388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (34) | 44039 | 196013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (350) | (1205) | (5169) | (7733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) |  | 12285 |  | 27 |
|  Net realized gain (loss) | (4388) | 10948 | 2119355 | (100085) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (139142) | 455734 | 7783251 | 55934009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | (820) | 10559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 440 | 17258 | (35531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 11 | (3104) | 11129 |
|  Net change in unrealized appreciation (depreciation) | (139142) | 456185 | 7796585 | 55920166 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (143530) | 467133 | 9915940 | 55820081 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(143998) | $467591 | $10408176 | $59949806 |
|  \* Unaffiliated foreign tax withheld | $— | $96 | $67654 | $128927 |

---

(1) For the period February 19, 2026 (commencement of operations) through February 28, 2026.

(2) For the period December 23, 2025 (commencement of operations) through February 28, 2026.

See Notes to Financial Statements.

DBX ETF Trust \| 57

------

Statements of Operations (Continued)

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Xtrackers<br>Russell 1000<br>US Quality at<br>a Reasonable<br>Price ETF | Xtrackers<br>Russell US<br>Multifactor ETF |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $499101 | $1729691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 4808 | 27901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 8 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 503917 | 1757845 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 71544 | 160372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 71602 | 160430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (133) | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 71469 | 159679 |
|  Net investment income (loss) | 432448 | 1598166 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (3978) | (4005631) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 5270115 | 15432611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 37930 | 122555 |
|  Net realized gain (loss) | 5304067 | 11549535 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2820891 | 6144268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (20337) | (43612) |
|  Net change in unrealized appreciation (depreciation) | 2800554 | 6100656 |
| Net realized and unrealized gain (loss) on investments and futures | 8104621 | 17650191 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8537069 | $19248357 |
|  \* Unaffiliated foreign tax withheld | $— | $5179 |

---

See Notes to Financial Statements.

58 \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Xtrackers<br>Europe Defense<br>Technologies<br>ETF | Xtrackers<br>Europe Market<br>Leaders ETF | Xtrackers FTSE Developed ex US<br>Multifactor ETF | Xtrackers FTSE Developed ex US<br>Multifactor ETF |
|  | For the Period<br>February 19,<br>2026<sup>(1)</sup> to<br>February 28,<br>2026 (Unaudited) | For the Period<br>December 23,<br>2025<sup>(1)</sup> to<br>February 28,<br>2026 (Unaudited) | For the Six<br>Months Ended<br>February 28,<br>2026<br>(Unaudited) | Year Ended<br>August 31, 2025 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $(468) | $458 | $492236 | $1492994 |
|  Net realized gain (loss) | (4388) | 10948 | 2119355 | 3748708 |
|  Net change in net unrealized appreciation (depreciation) | (139142) | 456185 | 7796585 | 2848312 |
|  Net increase (decrease) in net assets resulting from operations | (143998) | 467591 | 10408176 | 8090014 |
|  **Distributions to Shareholders** |  |  | (1127900) | (2084820) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 5000000 | 5000000 |  | 6198058 |
|  Value of shares redeemed |  |  | (1793633) | (15769912) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 5000000 | 5000000 | (1793633) | (9571854) |
|  Total net increase (decrease) in Net Assets | 4856002 | 5467591 | 7486643 | (3566660) |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 25 | 25 | 52243980 | 55810640 |
|  End of period | $4856027 | $5467616 | $59730623 | $52243980 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1 | 1 | 1500001 | 1800001 |
|  Shares sold | 200000 | 200000 |  | 200000 |
|  Shares redeemed |  |  | (50000) | (500000) |
|  Shares outstanding, end of period | 200001 | 200001 | 1450001 | 1500001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| 59

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Xtrackers MSCI Kokusai Equity<br>ETF | Xtrackers MSCI Kokusai Equity<br>ETF | Xtrackers Russell 1000 US<br>Quality at a Reasonable Price<br>ETF | Xtrackers Russell 1000 US<br>Quality at a Reasonable Price<br>ETF |
|  | For the Six<br>Months Ended<br>February 28,<br>2026<br>(Unaudited) | Year Ended<br>August 31, 2025 | For the Six<br>Months Ended<br>February 28,<br>2026<br>(Unaudited) | Year Ended<br>August 31, 2025 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $4129725 | $9925190 | $432448 | $832934 |
|  Net realized gain (loss) | (100085) | 11912724 | 5304067 | 3012216 |
|  Net change in net unrealized appreciation (depreciation) | 55920166 | 73592569 | 2800554 | 3003293 |
|  Net increase (decrease) in net assets resulting from operations | 59949806 | 95430483 | 8537069 | 6848443 |
|  **Distributions to Shareholders** | (5400068) | (10288678) | (454308) | (867649) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 11755279 | 14814721 | 12913039 | 13064175 |
|  Value of shares redeemed | (4667704) | (35745102) | (17963667) | (17257606) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 7087575 | (20930381) | (5050628) | (4193431) |
|  Total net increase (decrease) in Net Assets | 61637313 | 64211424 | 3032133 | 1787363 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 667303684 | 603092260 | 70073698 | 68286335 |
|  End of period | $728940997 | $667303684 | $73105831 | $70073698 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 5880001 | 6070001 | 1250001 | 1325001 |
|  Shares sold | 100000 | 140000 | 225000 | 250000 |
|  Shares redeemed | (40000) | (330000) | (300000) | (325000) |
|  Shares outstanding, end of period | 5940001 | 5880001 | 1175001 | 1250001 |

---

See Notes to Financial Statements.

60 \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | Xtrackers Russell US Multifactor<br>ETF | Xtrackers Russell US Multifactor<br>ETF |
|  | For the Six<br>Months Ended<br>February 28,<br>2026<br>(Unaudited) | Year Ended<br>August 31, 2025 |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income (loss) | $1598166 | $2745664 |
|  Net realized gain (loss) | 11549535 | 18063407 |
|  Net change in net unrealized appreciation (depreciation) | 6100656 | (7011330) |
|  Net increase (decrease) in net assets resulting from operations | 19248357 | 13797741 |
|  **Distributions to Shareholders** | (1733515) | (2658242) |
|  **Fund Shares Transactions** |  |  |
|  Proceeds from shares sold | 71903748 | 78029046 |
|  Value of shares redeemed | (47068664) | (71294775) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 24835084 | 6734271 |
|  Total net increase (decrease) in Net Assets | 42349926 | 17873770 |
|  **Net Assets** |  |  |
|  Beginning of period | 185388961 | 167515191 |
|  End of period | $227738887 | $185388961 |
|  **Changes in Shares Outstanding** |  |  |
|  Shares outstanding, beginning of period | 3200001 | 3100001 |
|  Shares sold | 1200000 | 1400000 |
|  Shares redeemed | (800000) | (1300000) |
|  Shares outstanding, end of period | 3600001 | 3200001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| 61

------

Financial Highlights

Xtrackers Europe Defense Technologies ETF

---

| | |
|:---|:---|
|  | Period Ended |
|  | 2/28/2026(a)<br>(Unaudited) |
|  **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) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.72) |
|  Net Asset Value, end of period | $24.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | (2.88) |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 3 |

---

(a) For the period February 19, 2026 (commencement of operations) through February 28, 2026.

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

(c) Amount represents less than $0.005.

(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 Europe Market Leaders ETF

---

| | | |
|:---|:---|:---|
|  | Period Ended |  |
|  | 2/28/2026(a)<br>(Unaudited) |  |
|  **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) | 0.00 | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.34 |  |
|  Net Asset Value, end of period | $27.34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)(e)** | 9.35 | \*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.05 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(f) | 0 | \*\*(g) |

---

(a) For the period December 23, 2025 (commencement of operations) through February 28, 2026.

(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) The Fund's total return includes a reimbursement for trade-related transaction costs incurred in connection with the Fund's initial capital investment. Excluding this reimbursement, total return would have been 0.22% lower.

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

(g) Amount is less than 0.5%.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 63

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Financial Highlights (Continued)

Xtrackers FTSE Developed ex US Multifactor ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $34.83 | $31.01 | $27.42 | $25.39 | $32.88 | $27.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.33 | 0.90 | 0.81 | 0.90 | 1.01 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.79 | 4.13 | 3.89 | 1.98 | (7.37) | 5.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.12 | 5.03 | 4.70 | 2.88 | (6.36) | 6.19 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.76) | (1.21) | (1.11) | (0.85) | (1.13) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.76) | (1.21) | (1.11) | (0.85) | (1.13) | (1.15) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.19 | $34.83 | $31.01 | $27.42 | $25.39 | $32.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 20.86 | 16.76 | 17.65 | 11.59 | (19.75) | 22.69 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 60 | 52 | 56 | 60 | 66 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.24 | 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 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.86 | 2.91 | 2.88 | 3.44 | 3.45 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 25 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

64 \| DBX ETF Trust

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Financial Highlights (Continued)

Xtrackers MSCI Kokusai Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $113.49 | $99.36 | $80.83 | $71.06 | $84.95 | $65.83 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.70 | 1.63 | 1.49 | 1.50 | 1.53 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.44 | 14.19 | 18.56 | 9.72 | (13.73) | 18.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.14 | 15.82 | 20.05 | 11.22 | (12.20) | 20.19 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.91) | (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 | (0.91) | (1.69) | (1.52) | (1.45) | (1.69) | (1.07) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.72 | $113.49 | $99.36 | $80.83 | $71.06 | $84.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 8.97 | 16.13 | 25.07 | 16.02 | (14.55) | 30.87 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 729 | 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 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.19 | 1.58 | 1.70 | 2.02 | 1.93 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 2 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 65

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Financial Highlights (Continued)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Six<br>Months<br>Ended<br>2/28/2026<br>(Unaudited) | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
| | For the Six<br>Months<br>Ended<br>2/28/2026<br>(Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $56.06 | $51.54 | $43.02 | $37.16 | $41.83 | $31.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.34 | 0.68 | 0.68 | 0.61 | 0.53 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.17 | 4.55 | 8.48 | 5.85 | (4.60) | 10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.51 | 5.23 | 9.16 | 6.46 | (4.07) | 10.96 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.71) | (0.64) | (0.60) | (0.60) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.35) | (0.71) | (0.64) | (0.60) | (0.60) | (0.56) |
|  Net Asset Value, end of period | $62.22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 11.66 | 10.27 | 21.45 | 17.63 | (9.84) | 35.25 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 73 | 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 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.15 | 1.29 | 1.47 | 1.55 | 1.29 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 1 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

66 \| DBX ETF Trust

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Financial Highlights (Continued)

Xtrackers Russell US Multifactor ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six<br>Months**<br> **Ended<br>2/28/2026**<br> (Unaudited) | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
| | **For the Six<br>Months**<br> **Ended<br>2/28/2026**<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $57.93 | $54.04 | $44.99 | $41.63 | $46.33 | $34.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.49 | 0.89 | 0.71 | 0.77 | 0.72 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.36 | 3.83 | 9.00 | 3.38 | (4.76) | 11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.85 | 4.72 | 9.71 | 4.15 | (4.04) | 12.03 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.52) | (0.83) | (0.66) | (0.79) | (0.66) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.52) | (0.83) | (0.66) | (0.79) | (0.66) | (0.54) |
|  Net Asset Value, end of period | $63.26 | $57.93 | $54.04 | $44.99 | $41.63 | $46.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 10.17 | 8.87 | 21.78 | 10.12 | (8.80) | 34.85 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 228 | 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 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.69 | 1.61 | 1.46 | 1.80 | 1.60 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 18 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| 67

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Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 28, 2026, the Trust consists of forty-four 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 Europe Defense Technologies ETF

Xtrackers Europe Market Leaders ETF

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").

Xtrackers Europe Defense Technologies ETF offers shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Xrackers Europe Market Leaders ETF offer shares that are listed and traded on the Cboe BZX Exchange, Inc. (Cboe). 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 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 Xrackers Europe Market Leaders ETF and Xtrackers MSCI Kokusai Equity ETF, which lots consist of 10,000 shares and Xtrackers Europe Defense Technologies ETF, Xtrackers and 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 Europe Defense Technologies ETF | STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index |
|  Xrackers Europe Market Leaders ETF | STOXX Europe Total Market Leaders 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 STOXX Europe Total Market Defence, Space and Cybersecurity Innovation 50-25 Index seeks to capture the performance of European listed equity securities with established revenue and/or patent exposures to the defense, space and cybersecurity sectors. The Underlying Index is based on the STOXX Europe Total Market Index, which includes large, medium and small-capitalization companies from 17 Western European countries. The Underlying Index is a free float-adjusted market capitalization weighted index and constituent weights are capped such that the sum of all constituent weights above 4.5% does not exceed 45% of the Underlying Index, and no single constituent weight exceeds 8% of the Underlying Index. The Underlying Index's list of eligible securities is reviewed annually in June and re-weighted, as necessary, in accordance with its capping requirements at least quarterly in March, June, September and December.

The STOXX Europe Total Market Leaders Index seeks to capture the performance of European companies that are considered to be global leaders in their respective market segments as determined by the Underlying Index's methodology. The starting universe of stocks for the Underlying Index is the STOXX Global Total Market Index, excluding real estate investment trusts. The STOXX Global Total Market Index represents at least 95% of worldwide free-float market capitalization and includes

68 \| DBX ETF Trust

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large, medium and small capitalization companies. The Underlying Index is reviewed annually in September with the annual review cut-off date being the last index dissemination day in August. Underlying Index rebalancings are usually conducted quarterly after the close every third Friday in March, June, September and December.

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.

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 of Xtrackers Europe Defense Technologies ETF and Xrackers Europe Market Leaders ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund's investment portfolio. This may adversely affect the Fund's performance or subject the Fund's shares to greater price volatility than that experienced by more diversified investment companies. 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 are diversified series of the Trust and may change their 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 the 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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a

DBX ETF Trust \| 69

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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 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 each Fund's Schedule of Investments.

70 \| DBX ETF Trust

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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 period ended February 28, 2026, the Funds did not incur any interest or penalties.

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 |

---

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) |

---

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

DBX ETF Trust \| 71

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**Foreign Taxes.**The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 28, 2026, 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.**The Funds may lend securities to certain financial institutions. Deutsche Bank AG serves as securities lending agent for 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 lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2026, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.13% annualized effective rate as of February 28, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2026, 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;380196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380196 |
| &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 |  |  |  | $380196 |

---

As of February 28, 2026, Xtrackers Europe Defense Technologies ETF, Xtrackers Europe Market Leaders ETF, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, and Xtrackers Russell US Multifactor ETF had no securities on loan.

#### Derivatives
72 \| DBX ETF Trust

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**Futures Contracts.** Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2026, Xtrackers Europe Market Leaders ETF, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of February 28, 2026 is included in a table following the Funds' Schedule of Investments.

The following tables summarize the value of the Funds' derivative instruments held as of February 28, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | | Liability Derivatives | |
|  **Xtrackers Europe Market Leaders ETF** | **Xtrackers Europe Market Leaders ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $440 | Total | $— |
|  **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> | $29918 | Unrealized depreciation on futures contracts<sup>\*</sup> | $— |
|  | Total | $29918 | Total | $— |
|  **Xtrackers MSCI Kokusai Equity ETF** | **Xtrackers MSCI Kokusai Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $42049 | Unrealized depreciation on futures contracts<sup>\*</sup> | $13644 |
|  | Total | $42049 | Total | $13644 |
|  **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> | $— | Unrealized depreciation on futures contracts<sup>\*</sup> | $98 |
|  | Total | $— | Total | $98 |
|  **Xtrackers Russell US Multifactor ETF** | **Xtrackers Russell US Multifactor ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $25861 | Unrealized depreciation on futures contracts<sup>\*</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12688 |
|  | Total | $25861 | Total | $12688 |

---

<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. 

DBX ETF Trust \| 73

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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the period ended February 28, 2026 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 Europe Market Leaders ETF | $(34) |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 44039 |
|  Xtrackers MSCI Kokusai Equity ETF | 196013 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 37930 |
|  Xtrackers Russell US Multifactor ETF | 122555 |
| Net Change in Unrealized Appreciation (Depreciation) on: | Futures Contracts<br>— Equity Contracts |
|  Xtrackers Europe Market Leaders ETF | $440 |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 17258 |
|  Xtrackers MSCI Kokusai Equity ETF | (35531) |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | (20337) |
|  Xtrackers Russell US Multifactor ETF | (43612) |

---

For the period ended February 28, 2026 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | Futures Contracts<br>(Contract Value) |
|  Xtrackers Europe Market Leaders ETF | $9490 |
|  Xtrackers FTSE Developed ex US Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366430 |
|  Xtrackers MSCI Kokusai Equity ETF | 2531410 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 290326 |
|  Xtrackers Russell US Multifactor ETF | 1600144 |

---

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

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

3. Investment Advisory and Other Agreements

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

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

---

| | |
|:---|:---|
|  | Unitary Advisory <br>Fee |
|  Xtrackers Europe Defense Technologies ETF | 0.35% |
|  Xtrackers Europe Market Leaders ETF | 0.35% |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 0.24% |
|  Xtrackers MSCI Kokusai Equity ETF | 0.09% |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 0.19% |
|  Xtrackers Russell US Multifactor ETF | 0.17% |

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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 period ended February 28, 2026, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers Europe Market Leaders ETF | $15 |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 57 |
|  Xtrackers MSCI Kokusai Equity ETF | 509 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 133 |
|  Xtrackers Russell 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;751 |

---

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

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

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

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

**Affiliated Securities Lending Agent Fees**. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 28, 2026, 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 | $0 |
|  Xtrackers MSCI Kokusai Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 1 |
|  Xtrackers Russell US Multifactor ETF | 19 |

---

4. Investment Portfolio Transactions

For the period ended February 28, 2026, 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 Europe Defense Technologies ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216799 |
|  Xtrackers Europe Market Leaders ETF | 4999189 | 7902 |
|  Xtrackers FTSE Developed ex US Multifactor ETF | 13251744 | 13896094 |
|  Xtrackers MSCI Kokusai Equity ETF | 11334945 | 14182870 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 507511 | 13022282 |
|  Xtrackers Russell US Multifactor ETF | 33565420 | 34158244 |
| For the period ended February 28, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows: | For the period ended February 28, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows: | For the period ended February 28, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows: |
|  | Purchases | Sales |
|  Xtrackers Europe Defense Technologies ETF | $5084957 | $— |
|  Xtrackers FTSE Developed ex US Multifactor ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679773 |
|  Xtrackers MSCI Kokusai Equity ETF | 11461643 | 4589229 |
|  Xtrackers Russell 1000 US Quality at a Reasonable Price ETF | 12912748 | 5270115 |
|  Xtrackers Russell US Multifactor ETF | 71909898 | 47204741 |

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DBX ETF Trust \| 75

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5. Fund Share Transactions

As of February 28, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund's Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the six-months ended February 28, 2026, the Advisor agreed to reimburse the Xtrackers Europe Market Leaders ETF $11,156 for trade-related transaction costs incurred in connection with the Fund's initial capital investment. The amount reimbursed was 0.22% of the Fund's average net assets. In addition, the Advisor agreed to reimburse the Fund $1,129 for losses incurred on trades executed incorrectly. The amount reimbursed was 0.02% of the Fund's average net assets.

During the six-months ended February 28, 2026, the Advisor agreed to reimburse Xtrackers MSCI Kokusai Equity ETF $27 loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund's average net assets, thus having no impact on the Fund's total return.

7. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2026, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

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| | |
|:---|:---|
|  | Approximate <br>Percent of <br>Outstanding <br>Shares Held |
|  Xtrackers Europe Defense Technologies ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |
|  Xtrackers Europe Market Leaders ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% |

---

76 \| DBX ETF Trust

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

#### Xtrackers Europe Defense Technologies ETF and Xtrackers Europe Market Leaders ETF

#### Board Approval of Investment Advisory Agreement with DBX Advisors LLC

#### Xtrackers Europe Defense Technologies ETF
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on November 11, 2025 (the "Meeting"), 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 Europe Defense Technologies ETF (the "Fund"). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

In reaching its decision, 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 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).

DBX ETF Trust \| 77

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

**Adviser'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, compliance 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.

#### Xtrackers Europe Market Leaders ETF
After discussions at the meeting of the Board of Trustees ("Board" or "Trustees") held on November 11, 2025 (the "Meeting"), 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 Europe Market Leaders ETF (the "Fund"). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP ("Independent Trustee Counsel").

In reaching its decision, 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.

78 \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

#### The Board considered the following in determining whether to approve the Investment Advisory Agreement:
**Nature, Extent and Quality of Services.** The Board reviewed in detail the nature, extent and quality of services to be provided by the 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 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).

**Adviser'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 median fee but above the average 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, compliance 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.

DBX ETF Trust \| 79

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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

80 \| DBX ETF Trust

------

![LOGO](g35714g77a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQUITY-NCSRS

------

![LOGO](g37635dsp001a.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](g37635dsp001b.jpg)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| **[Schedule of Investments](#fin37635_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers High Beta High Yield Bond ETF](#fin37635_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Low Beta High Yield Bond ETF](#fin37635_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Risk Managed USD High Yield Strategy ETF](#fin37635_4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Short Duration High Yield Bond ETF](#fin37635_5) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers USD High Yield BB-B ex Financials ETF](#fin37635_6) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers USD High Yield Corporate Bond ETF](#fin37635_7) | 70 |
| **[Statements of Assets and Liabilities](#fin37635_8)** | **91** |
| **[Statements of Operations](#fin37635_9)** | **93** |
| **[Statements of Changes in Net Assets](#fin37635_10)** | **95** |
| **[Financial Highlights](#fin37635_11)** | **98** |
| **[Notes to Financial Statements](#fin37635_12)** | **104** |

---

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 High Beta High Yield Bond ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **CORPORATE BONDS — 97.8%** |  |  |
| **Basic Materials — 7.3%** |  |  |
| **Chemicals — 4.1%** |  |  |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 7/15/29 | 46000 | 48658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 (a) | 34000 | 34862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 105000 | 112034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31 | 29000 | 29887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.379%, 7/15/32 | 67000 | 70693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 53000 | 54376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 (a) | 77000 | 82781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/34 | 54000 | 55511 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 55000 | 55365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 36000 | 34131 |
|  Chemours (The) Co.,144A,8.00%, 1/15/33 | 37000 | 37663 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 (a) | 46000 | 38698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 37000 | 32051 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/1/29 | 24000 | 21203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/18/33 (a) | 45000 | 39523 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 43000 | 41211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 | 36000 | 31089 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 35000 | 32439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 (a) | 40000 | 35747 |
|  Methanex US Operations, Inc.,144A,6.25%, 3/15/32 | 35000 | 36247 |
|  Olin Corp.,144A,6.625%, 4/1/33 | 38000 | 37153 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/1/28 | 53000 | 51571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/29 | 33000 | 32288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/31 | 54000 | 55293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 69000 | 67984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/33 | 112000 | 111590 |
|  Perimeter Holdings LLC,144A,6.25%, 1/15/34 | 39000 | 39207 |
|  SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29 | 59000 | 58900 |
|  Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/29 (a) | 75000 | 58055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 9/30/30 (a) | 27000 | 26534 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/29 | 79000 | 75746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 44000 | 44547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/33 | 34000 | 34639 |
|  (Cost $1,608,852) |  | **1617676** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Forest Products & Paper — 0.5%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 45000 | 34236 |
|  Eldorado Intl. Finance GmbH,144A,8.50%, 12/1/32 | 34000 | 35394 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 (a) | 45000 | 41846 |
|  Magnera Corp.,144A,7.25%, 11/15/31 | 43000 | 42133 |
|  Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.875%, 10/1/28 | 33000 | 23071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 52000 | 32226 |
|  (Cost $228,136) |  | **208906** |
| **Iron/Steel — 1.4%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 48000 | 49479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 41000 | 41659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 | 85000 | 88785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 | 91000 | 92536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 | 47000 | 48272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 1/15/34 | 89000 | 91398 |
|  Commercial Metals Co.,144A,6.00%, 12/15/35 | 72000 | 73788 |
|  Metinvest BV,144A,7.75%, 10/17/29 | 38000 | 34131 |
|  Mineral Resources Ltd.,144A,7.00%, 4/1/31 | 52000 | 54737 |
|  (Cost $566,426) |  | **574785** |
| **Mining — 1.3%** |  |  |
|  Arsenal AIC Parent LLC,144A,11.50%, 10/1/31 | 24000 | 26498 |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/31 | 103000 | 108081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/1/33 | 52000 | 55581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/34 | 67000 | 70204 |
|  Kaiser Aluminum Corp.,144A,5.875%, 3/1/34 | 24000 | 24297 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 89000 | 95198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 36000 | 37974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/3/31 | 29000 | 32101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 10/15/32 | 34000 | 35247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.85%, 4/24/33 | 31000 | 33133 |
|  (Cost $504,520) |  | **518314** |
| **Communications — 22.0%** |  |  |
| **Advertising — 1.9%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 | 52000 | 52443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 | 82000 | 82632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 69000 | 72754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 79000 | 83545 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 60000 | 64805 |
|  Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.29%, 4/15/29 | 176000 | 176498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.375%, 5/15/31 | 82000 | 82832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/15/33 | 101000 | 98984 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 67000 | 61821 |
|  (Cost $766,734) |  | **776314** |
| **Internet — 1.9%** |  |  |
|  Arches Buyer, Inc.,144A,6.125%, 12/1/28 | 26000 | 24560 |
|  Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 (a) | 32000 | 31439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 (a) | 38000 | 33713 |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/21/30 (a) | 31000 | 27459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 11/15/30 | 44000 | 38983 |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 45000 | 42208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/1/29 | 41000 | 38043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 54000 | 50780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 8/1/29 | 15000 | 13952 |
|  Newfold Digital Holdings Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 | 24000 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 7800 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 1950 | 1706 |
|  Rakuten Group, Inc.,144A,9.75%, 4/15/29 | 135000 | 149858 |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 113000 | 112620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 32000 | 31923 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 66000 | 68250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 40000 | 42092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 11/15/32 | 49000 | 49978 |
|  (Cost $793,839) |  | **773782** |
| **Media — 11.8%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 46000 | 49359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 29000 | 29732 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 42000 | 29111 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 158000 | 157756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 73000 | 72876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 68000 | 68949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 184000 | 178010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 148000 | 141260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 132000 | 123132 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 (a) | 66000 | 68138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 (a) | 75000 | 69799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 168000 | 153862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/33 | 70000 | 71624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 | 83000 | 74191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 | 113000 | 98510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/1/36 | 68000 | 69064 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 | 83000 | 70451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 | 73000 | 52578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 63000 | 35498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 (a) | 72000 | 57113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 142000 | 101273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 122000 | 77196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 145000 | 56168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/30 | 79000 | 48270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/30 | 156000 | 57885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/31 | 64000 | 38209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/31 | 101000 | 60703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 11/15/31 | 28000 | 10487 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 101000 | 101161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 56000 | 56117 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,10.00%, 2/15/31 | 139000 | 142270 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 50000 | 48563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 29000 | 23066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 27000 | 22116 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 7/1/28 | 79000 | 76298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 129000 | 125217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 118000 | 105489 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 53000 | 53268 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 (a) | 89000 | 95463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/30 | 49000 | 39820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/31 | 102000 | 80398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 7/15/32 (a) | 61000 | 63426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | 55000 | 56832 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 | 47000 | 41803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 | 46000 | 34168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 40000 | 31847 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 76000 | 53307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 53000 | 36012 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 41000 | 40739 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 | 41000 | 41929 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/1/30 | 37000 | 33011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/33 | 94000 | 97948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 2/15/33 | 39000 | 43388 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 96000 | 90553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 | 105000 | 96369 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 77000 | 79145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 67000 | 63613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 85000 | 85072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 80000 | 81944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 104000 | 110136 |
|  Versant Media Group, Inc.,144A,7.25%, 1/30/31 | 67000 | 68610 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 62000 | 52004 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 100000 | 97159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 69000 | 62954 |
|  VZ Secured Financing BV,144A,7.50%, 1/15/33 | 82000 | 80653 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 36000 | 31268 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 64000 | 60366 |
|  (Cost $4,822,593) |  | **4724706** |
| **Telecommunications — 6.4%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/28 | 80000 | 56449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 142000 | 98511 |
|  Altice France Lux 3 / Altice Holdings 1,144A,10.00%, 1/15/33 | 81000 | 76214 |
|  Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 11/1/29 | 106333 | 108060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 10/15/30 | 52641 | 51092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 104035 | 99734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/15/32 | 86282 | 82931 |
|  C&W Senior Finance Ltd.,144A,9.00%, 1/15/33 | 53000 | 54907 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 102000 | 108367 |
|  Connect Holding II LLC,144A,10.50%, 4/3/31 | 138000 | 133608 |
|  CT Trust,144A,5.125%, 2/3/32 | 58000 | 55897 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 36000 | 36618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 36000 | 35379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 28000 | 28458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 39000 | 40377 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Iliad Holding SAS,144A,7.00%, 4/15/32 | 51000 | 52418 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/29 | 8000 | 7710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 153000 | 158579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 167000 | 173731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/36 | 115000 | 119860 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 | 62000 | 57942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 24000 | 24849 |
|  Sable International Finance Ltd.,144A,7.125%, 10/15/32 | 66000 | 66883 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,Series Feb, 8.625%, 6/15/32 | 69000 | 70039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/15/32 (a) | 31000 | 31467 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,6.50%, 2/15/29 | 85000 | 82744 |
|  Uniti Services LLC,144A,7.50%, 10/15/33 | 95000 | 98910 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 72000 | 71140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/30/31 (a) | 43000 | 42475 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 93000 | 82074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 | 93000 | 82894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 58000 | 58071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/33 | 59000 | 55973 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 129000 | 135914 |
|  (Cost $2,538,758) |  | **2540275** |
| **Consumer, Cyclical — 16.4%** |  |  |
| **Airlines — 0.7%** |  |  |
|  Gol Finance, Inc.,144A,14.375%, 6/6/30 | 136000 | 140760 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31<br>| 138000 | 140367 |
|  (Cost $278,984) |  | **281127** |
| **Apparel — 0.2%** |  |  |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 | 26000 | 26919 |
|  VF Corp.,2.95%, 4/23/30 | 38000 | 34917 |
|  (Cost $59,777) |  | **61836** |
| **Auto Manufacturers — 1.4%** |  |  |
|  Allison Transmission, Inc.,144A,5.875%, 12/1/33 | 24000 | 24522 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 75000 | 61001 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Nissan Motor Acceptance Co. LLC,144A,6.125%, 9/30/30 | 96000 | 96279 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 63000 | 66508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 180000 | 171219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 46000 | 49232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 | 76000 | 83060 |
|  (Cost $552,149) |  | **551821** |
| **Auto Parts & Equipment — 2.4%** |  |  |
|  Adient Global Holdings Ltd.,144A,7.50%, 2/15/33 | 53000 | 55664 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 72000 | 70397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 10/15/32 | 53000 | 53974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/33 | 71000 | 72207 |
|  Clarios Global LP / Clarios US Finance Co.,144A,6.75%, 9/15/32 | 79000 | 82049 |
|  Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 | 45000 | 40690 |
|  Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/30 | 24000 | 25589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/15/33 | 47000 | 48441 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 | 24000 | 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 56000 | 53466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 30000 | 28575 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 126000 | 126094 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 49000 | 50679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 31000 | 31745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 54000 | 54585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/24/31 | 96000 | 98995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 55000 | 55209 |
|  (Cost $948,166) |  | **971386** |
| **Entertainment — 3.3%** |  |  |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp.,144A,5.75%, 1/15/33 | 54000 | 53697 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 82000 | 80279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 | 111000 | 112877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 61000 | 59680 |
|  Cinemark USA, Inc.,144A,7.00%, 8/1/32 | 29000 | 30229 |
|  Discovery Global Holdings, Inc.,4.279%, 3/15/32 (a) | 201000 | 184920 |
|  Great Canadian Gaming Corp./Raptor LLC,144A,8.75%, 11/15/29 | 36000 | 36618 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 44000 | 46039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 73000 | 73361 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 50000 | 52139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 45000 | 47737 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 26000 | 24645 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 | 34000 | 27140 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 35000 | 33856 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/1/29 | 49000 | 35219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/31 | 51000 | 32576 |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33 | 29000 | 29781 |
|  Six Flags Entertainment Corp.,144A,7.25%, 5/15/31 (a) | 56000 | 55016 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29 (a) | 41000 | 39464 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 50000 | 50864 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co/ Millennium Operations LLC,144A,8.625%, 1/15/32 | 71000 | 71939 |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 114000 | 121802 |
|  (Cost $1,293,582) |  | **1299878** |
| **Food Service — 0.3%** |  |  |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 8/15/30 | 74000 | 75786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 46000 | 48387 |
|  (Cost $124,274) |  | **124173** |
| **Home Builders — 0.4%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,6.875%, 8/1/33 | 23000 | 23235 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC,144A,4.875%, 2/15/30 | 43000 | 40452 |
|  Century Communities, Inc.,144A,6.625%, 9/15/33 | 29000 | 29491 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 23000 | 24012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 (a) | 43000 | 42205 |
|  (Cost $158,910) |  | **159395** |
| **Home Furnishings — 0.2%** |  |  |
|  FXI Holdings, Inc.,144A,11.00%, 11/15/30 | 53000 | 49325 |
|  Whirlpool Corp.,6.50%, 6/15/33 (a)<br>| 49000 | 48935 |
|  (Cost $97,063) |  | **98260** |
| **Housewares — 0.8%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 50000 | 41103 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 52000 | 52919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 66000 | 69507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 25000 | 25411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 (a) | 24000 | 24093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (a) | 60000 | 60034 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 35000 | 33174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 28000 | 26715 |
|  (Cost $331,479) |  | **332956** |
| **Leisure Time — 0.9%** |  |  |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/31 | 81000 | 81892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 120000 | 123662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/33 | 51000 | 51509 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 34000 | 24825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 3/15/30 | 27000 | 19595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 85000 | 61731 |
|  (Cost $386,998) |  | **363214** |
| **Lodging — 1.9%** |  |  |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 29000 | 27312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 68000 | 69425 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29 | 57000 | 55672 |
|  Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/15/29 | 32000 | 30905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 48000 | 46574 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/17/27 | 42000 | 42043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 57000 | 57004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 74000 | 72346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/17/32 (a) | 51000 | 53486 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 9/24/33  | 34000 | 33942 |
|  MGM Resorts International,6.50%, 4/15/32 (a) | 53000 | 54432 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 | 42000 | 40556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 35000 | 35856 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 24000 | 24020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 77000 | 74516 |
|  Travel + Leisure Co.,144A,6.125%, 9/1/33 | 31000 | 31532 |
|  (Cost $739,991) |  | **749621** |
| **Retail — 3.9%** |  |  |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 (a) | 51000 | 47680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 67000 | 68780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 50000 | 51275 |
|  Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32 | 46000 | 44762 |
|  Bath & Body Works, Inc.,144A,6.625%, 10/1/30 | 54000 | 55355 |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 64000 | 61914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 1/15/31 | 36000 | 37375 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 78000 | 76132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 (a) | 70000 | 66081 |
|  FirstCash, Inc.,144A,6.875%, 3/1/32 | 46000 | 47530 |
|  Gap, Inc.,144A,3.875%, 10/1/31 | 46000 | 42840 |
|  Global Auto Holdings Ltd. / AAG |  |  |
|  FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 32000 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 41000 | 37996 |
|  Kohl's Corp.,5.125%, 5/1/31 | 39000 | 33029 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/29 (a) | 45000 | 34354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/15/31 | 67000 | 62575 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 | 38000 | 38307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 32000 | 33564 |
|  Michaels Cos., Inc.,144A,7.875%, 5/1/29 | 63000 | 63326 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 | 23000 | 22164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 (a) | 35000 | 32636 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/31/30 (a) | 36000 | 34743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/31 | 54000 | 54390 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/32 | 117000 | 118478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 9/15/33 | 62000 | 62239 |
|  QVC, Inc.,144A,6.875%, 4/15/29 | 34000 | 14450 |
|  Sonic Automotive, Inc.,144A,4.875%, 11/15/31 | 40000 | 38667 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 153000 | 140517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 64146 | 45156 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31 | 35000 | 33729 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 | 23000 | 24189 |
|  (Cost $1,564,141) |  | **1554890** |
| **Consumer, Non-cyclical — 13.3%** |  |  |
| **Biotechnology — 0.2%** |  |  |
|  Genmab A/S/Genmab Finance LLC,144A,7.25%, 12/15/33 |  |  |
|  (Cost $76,064) | 72000 | **76443** |
| **Commercial Services — 4.5%** |  |  |
|  ADT Security (The) Corp.,144A,5.875%, 10/15/33 | 59000 | 59996 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 150000 | 158561 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 73000 | 72292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 79000 | 82275 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 20000 | 19556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 | 56000 | 53646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 33000 | 33316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 | 48000 | 47614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 | 39000 | 38375 |
|  Brink's Co.,144A,6.75%, 6/15/32 | 32000 | 33145 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 62000 | 58041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 63000 | 51749 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 44000 | 47119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 (a) | 35000 | 37222 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 47000 | 45974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/31 | 53000 | 54480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/32 | 33000 | 33763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/15/32 | 57000 | 58435 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 54000 | 56312 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 32000 | 34381 |
|  Herc Holdings, Inc.,144A,7.25%, 6/15/33 (a) | 72000 | 76156 |
|  Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 82000 | 75671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 | 67000 | 34846 |
|  ION Platform Finance US, Inc.,144A,7.875%, 9/30/32 | 106000 | 85125 |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 94000 | 90576 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 67000 | 69104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 30000 | 30744 |
|  Sabre Financial Borrower LLC,144A,11.125%, 6/15/29 | 73000 | 70413 |
|  Sotheby's,144A,7.375%, 10/15/27 | 39000 | 38787 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 69000 | 73914 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 85000 | 88741 |
|  (Cost $1,850,433) |  | **1810329** |
| **Cosmetics/Personal Care — 0.2%** |  |  |
|  Edgewell Personal Care Co.,144A,4.125%, 4/1/29 | 27000 | 26075 |
|  Perrigo Finance Unlimited Co.,6.125%, 9/30/32 | 50000 | 48973 |
|  (Cost $75,256) |  | **75048** |
| **Food — 1.7%** |  |  |
|  Albertsons Cos., Inc.,144A,5.625%, 3/31/32 | 81000 | 81368 |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,144A,5.75%, 3/31/34 | 115000 | 114572 |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 60000 | 58532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 41000 | 39825 |
|  Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 3/1/31 | 35000 | 36079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 9/15/32 (a) | 31000 | 31595 |
|  Performance Food Group, Inc.,144A,5.625%, 3/1/34 | 60000 | 60238 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 48000 | 45955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 87000 | 88624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 (a) | 29000 | 29639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/15/36 | 101000 | 102834 |
|  (Cost $688,331) |  | **689261** |
| **Healthcare-Services — 3.9%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 (a) | 38000 | 37251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/33 (a) | 26000 | 26874 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 35000 | 34895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 118000 | 114104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 122000 | 107987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 90000 | 86541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 89000 | 81727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 113000 | 122602 |
|  DaVita, Inc.,144A,6.875%, 9/1/32 | 71000 | 73819 |
|  Global Medical Response, Inc.,144A,7.375%, 10/1/32 | 64000 | 67042 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 | 27000 | 26409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 49000 | 53085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/32 | 54000 | 56390 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/31 | 53000 | 53236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 54000 | 53162 |
|  MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30 (a) | 56000 | 41107 |
|  National Mentor Holdings, Inc.,144A,10.50%, 12/15/30 | 92000 | 91742 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 90000 | 94078 |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 62000 | 63918 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 35000 | 34171 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 78000 | 79265 |
|  Surgery Center Holdings, Inc.,144A,7.25%, 4/15/32 | 76000 | 76003 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 23000 | 23169 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 67000 | 67105 |
|  (Cost $1,539,018) |  | **1565682** |
| **Household Products/Wares — 0.1%** |  |  |
|  Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/31 | 38000 | 25982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 6/30/32 | 28000 | 12270 |
|  (Cost $47,094) |  | **38252** |
| **Pharmaceuticals — 2.7%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 402000 | 416073 |
|  Accendra Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 28000 | 17776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 | 41000 | 19763 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 44000 | 42253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 38000 | 36646 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 35000 | 30479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 63000 | 58689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 44000 | 46048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 56000 | 42326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 | 47000 | 37189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 45000 | 31546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 2/15/31 | 28000 | 18294 |
|  Endo Finance Holdings LP,144A,8.50%, 4/15/31 (a) | 67000 | 71250 |
|  HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29 | 52000 | 49860 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 93000 | 82723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 42000 | 40792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 (a) | 40000 | 37328 |
|  (Cost $1,074,303) |  | **1079035** |
| **Diversified — 0.2%** |  |  |
| **Holding Companies-Diversified — 0.2%** |  |  |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 52000 | 53639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 37000 | 38577 |
|  (Cost $91,352) |  | **92216** |
| **Energy — 12.8%** |  |  |
| **Oil & Gas — 5.3%** |  |  |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,6.625%, 7/15/33 | 35000 | 36342 |
|  California Resources Corp.,144A,7.00%, 1/15/34 | 19000 | 19360 |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp.,144A,9.75%, 2/15/31 | 27000 | 28783 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 72000 | 71776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 41000 | 40952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 60000 | 57867 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 60000 | 60725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/32 | 77000 | 78489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 62000 | 61638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 40000 | 41373 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/31 | 40000 | 39888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 2/15/34 | 27000 | 26475 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 39000 | 39191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 55000 | 54342 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 42000 | 40939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 24000 | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 31000 | 32731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 68000 | 67393 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 53000 | 55827 |
|  Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/1/28 | 27000 | 23542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 10/1/31 | 40000 | 30223 |
|  Medco Cypress Tree Pte Ltd.,144A,8.625%, 5/19/30 | 27000 | 28463 |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 27000 | 28069 |
|  Nabors Industries, Inc.,144A,7.625%, 11/15/32 | 44000 | 45357 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 89000 | 92682 |
|  Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 6/15/31 | 24000 | 25058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 10/15/33 | 59000 | 60356 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 53000 | 52815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 46000 | 48851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 | 39000 | 39161 |
|  Puma International Financing SA,144A,7.75%, 4/25/29 | 37000 | 38418 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 64000 | 67776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 | 101000 | 106100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 (a) | 56000 | 57069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 49000 | 54216 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/1/32 | 48000 | 50739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 45000 | 46602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 56000 | 56252 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 53000 | 55231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 40000 | 42587 |
|  Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/29 | 89000 | 92731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/31 | 46000 | 48674 |
|  144A,7.875%, 10/15/32 | 31000 | 33301 |
|  (Cost $2,054,887) |  | 2101733 |
| Oil & Gas Services — 1.3% |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.625%, 9/1/32 | 42000 | 43737 |
|  Archrock Services LP / Archrock Partners Finance Corp.,144A,6.00%, 2/1/34 | 62000 | 62805 |
|  Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 50000 | 51587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/1/35 | 38000 | 39725 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 57000 | 58927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 51000 | 51894 |
|  WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/30 | 60000 | 61184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/33 | 52000 | 52875 |
|  Weatherford International Ltd.,144A,6.75%, 10/15/33 | 84000 | 87865 |
|  (Cost $504,221) |  | **510599** |
| **Pipelines — 6.2%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.,144A,5.75%, 10/15/33 | 41000 | 41640 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.25%, 7/15/32 | 40000 | 42334 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 102000 | 101799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 43000 | 46416 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 67000 | 69990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 | 49000 | 50711 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 36000 | 37708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 48000 | 50780 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 31000 | 32823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 24000 | 24878 |
|  Golar LNG Ltd.,144A,7.50%, 10/2/30 | 40000 | 40273 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 50000 | 50590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 42000 | 43622 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 78000 | 75835 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 79000 | 81983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 66000 | 69272 |
|  Rockies Express Pipeline LLC,144A,6.75%, 3/15/33 | 29000 | 30673 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 58000 | 60158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 46000 | 46648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 32000 | 32444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/34 | 43000 | 44217 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Venture Global Calcasieu Pass LLC,144A,3.875%, 11/1/33 | 80000 | 71253 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 136000 | 139620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 202000 | 216771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 | 90000 | 91348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 (a) | 167000 | 171128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 | 159000 | 168568 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/1/33 | 81000 | 89894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 126000 | 132672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/34 | 75000 | 78785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 83000 | 94186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 151000 | 160937 |
|  (Cost $2,443,639) |  | **2489956** |
| **Financial — 13.5%** |  |  |
| **Diversified Financial Services — 5.6%** |  |  |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 (a) | 29000 | 28786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 39000 | 41542 |
|  Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 32000 | 33423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/34 | 27000 | 26618 |
|  Bread Financial Holdings, Inc.,144A,6.75%, 5/15/31 | 34000 | 34683 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 7/1/31 | 39000 | 39670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/33 | 28000 | 26224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/34 | 47000 | 46114 |
|  Credit Acceptance Corp.,144A,6.625%, 3/15/30 | 45000 | 44850 |
|  CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/30 | 51000 | 50861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 12/1/32 | 47000 | 46553 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 25000 | 26759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/31 | 33000 | 33532 |
|  Enova International, Inc.,144A,9.125%, 8/1/29 | 29000 | 30485 |
|  Focus Financial Partners LLC,144A,6.75%, 9/15/31 | 55000 | 54754 |
|  Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/1/31 | 57000 | 55019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/15/31 | 45000 | 46637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 4/1/32 | 37000 | 37308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/33 | 40000 | 39465 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 35000 | 34657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 38000 | 35655 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 39000 | 34309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/30 | 22000 | 19520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/31 | 22000 | 18992 |
|  Jefferies Finance LLC / JFIN Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/28 | 95000 | 90400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/31 | 19000 | 18516 |
|  Jefferson Capital Holdings LLC,144A,8.25%, 5/15/30 | 32000 | 33551 |
|  LD Holdings Group LLC,144A,6.125%, 4/1/28 | 37000 | 32964 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 | 61000 | 57022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 34000 | 34465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31 | 34000 | 36055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/32 (a) | 32000 | 29807 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 62000 | 64889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31 | 35000 | 36162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 | 44000 | 45015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32 | 74000 | 74667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/15/32 | 42000 | 43004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 | 45000 | 44633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/33 | 63000 | 62607 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 69000 | 69681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/33 | 49000 | 48867 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/31 | 21000 | 20406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/32 | 50000 | 50353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/33 | 55000 | 55106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/34 | 60000 | 59376 |
|  PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29 | 39000 | 39191 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 40000 | 40750 |
|  Stonex Escrow Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LLC,144A,6.875%, 7/15/32 | 37000 | 38425 |
|  Synchrony Financial,7.25%, 2/2/33 | 53000 | 55919 |
|  UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/30 | 56000 | 55623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/31 | 69000 | 66714 |
|  Velocity Commercial Capital LLC,144A,9.375%, 2/15/31 | 34000 | 34495 |
|  (Cost $2,260,366) |  | **2225079** |
| **Insurance — 3.4%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 80000 | 80084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 39000 | 38941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 (a) | 29000 | 27090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 11/6/30 | 61000 | 62114 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/1/32 | 36000 | 35336 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 32000 | 31248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/32 | 53000 | 52471 |
|  Ardonagh Finco Ltd.,144A,7.75%, 2/15/31 | 101000 | 103483 |
|  Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32 | 102000 | 100763 |
|  Asurion LLC and Asurion Co.- Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 12/31/32 | 220000 | 231257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/1/34 | 223000 | 222060 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 55000 | 55788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/32 | 97000 | 92954 |
|  Jones Deslauriers Insurance Management, Inc.,144A,6.875%, 10/1/33 | 26000 | 23902 |
|  Panther Escrow Issuer LLC,144A,7.125%, 6/1/31 | 191000 | 194452 |
|  (Cost $1,366,955) |  | **1351943** |
| **Real Estate — 0.8%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 46200 | 46736 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 39000 | 38475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 29000 | 27453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 42000 | 45288 |
|  Howard Hughes (The) Corp.,144A,6.125%, 3/1/34 | 34000 | 33958 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 49000 | 46955 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 50000 | 48535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 34000 | 32982 |
|  (Cost $315,574) |  | **320382** |
| **Real Estate Investment Trusts — 3.0%** |  |  |
|  Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 12/15/28 (a) | 26000 | 25317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 7/15/30 | 35000 | 32284 |
|  Brandywine Operating Partnership LP,8.875%, 4/12/29 | 39000 | 41463 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 | 39000 | 38164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 38000 | 34399 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/ TRS / EF Cayman Non- MTM,144A,7.375%, 9/30/30 | 22000 | 22246 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 31000 | 29509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 10000 | 8908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 43000 | 35776 |
|  Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/30 | 75000 | 76988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/32 | 50000 | 50668 |
|  MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (a) | 99000 | 97067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 | 66000 | 57083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31 | 82000 | 62783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 2/15/32 | 90000 | 96390 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 57000 | 59018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/33 | 44000 | 45733 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 36000 | 36256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 47000 | 47255 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 26000 | 26076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 | 45000 | 42946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 48000 | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 21000 | 19092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 | 31000 | 27483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 49000 | 51579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 | 38000 | 38173 |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | 72000 | 68111 |
|  (Cost $1,207,313) |  | **1221179** |
| **Venture Capital — 0.7%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 103000 | 101531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 56000 | 55393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 52000 | 44361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 52000 | 51412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 43000 | 40938 |
|  (Cost $294,463) |  | **293635** |
| **Industrial — 4.8%** |  |  |
| **Aerospace/Defense — 0.4%** |  |  |
|  TransDigm, Inc.,144A,6.75%, 1/31/34 |  |  |
|  (Cost $141,930) | 137000 | **142293** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Building Materials — 0.9%** |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 91000 | 93845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 31000 | 32389 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a) | 56000 | 42338 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 (a) | 30000 | 21836 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 30000 | 28138 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 71000 | 71150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 75000 | 79726 |
|  (Cost $380,665) |  | **369422** |
| **Electrical Components & Equipment — 0.2%** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 79000 | 76806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/15/33 | 13000 | 12708 |
|  (Cost $89,590) |  | **89514** |
| **Engineering & Construction — 0.7%** |  |  |
|  Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 96000 | 89772 |
|  HTA Group Ltd./Mauritius,144A,7.50%, 6/4/29 | 60000 | 62107 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 39000 | 39160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 41000 | 42989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/29/31 | 38000 | 40510 |
|  (Cost $272,143) |  | **274538** |
| **Environmental Control — 0.3%** |  |  |
|  Madison IAQ LLC,144A,5.875%, 6/30/29 | 69000 | 68890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 64000 | 66768 |
|  (Cost $133,214) |  | **135658** |
| **Machinery-Construction & Mining — 0.1%** |  |  |
|  Terex Corp.,144A,6.25%, 10/15/32 |  |  |
|  (Cost $46,464) | 46000 | **47407** |
| **Packaging & Containers — 2.0%** |  |  |
|  Ardagh Group SA,144A,9.50%, 12/1/30 | 116000 | 125712 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,144A,4.00%, 9/1/29 | 68000 | 64960 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 34000 | 34564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 88000 | 88734 |
|  Graphic Packaging International LLC,144A,6.375%, 7/15/32 (a) | 42000 | 42598 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/30 | 175000 | 179248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/30 | 80000 | 78902 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 37000 | 35670 |
|  Owens-Brockway Glass Container, Inc.,144A,7.25%, 5/15/31 (a) | 44000 | 44541 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 7/15/30 | 51000 | 54666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 1/15/31 | 30000 | 33057 |
|  (Cost $774,016) |  | **782652** |
| **Transportation — 0.2%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 | 76000 | 20583 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 43000 | 41233 |
|  (Cost $79,577) |  | **61816** |
| **Technology — 3.9%** |  |  |
| **Computers — 0.4%** |  |  |
|  Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31 | 51000 | 49925 |
|  McAfee Corp.,144A,7.375%, 2/15/30 (a) | 118000 | 96688 |
|  (Cost $159,649) |  | **146613** |
| **Office/Business Equipment — 0.2%** |  |  |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 10/15/30 (a) | 24000 | 17400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,13.50%, 4/15/31 | 29000 | 15352 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 49000 | 18860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 | 42000 | 12192 |
|  (Cost $101,697) |  | **63804** |
| **Semiconductors — 0.1%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 |  |  |
|  (Cost $53,688) | 50000 | **53391** |
| **Software — 3.2%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 159000 | 149652 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 (a) | 52000 | 33254 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 48000 | 30374 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 266000 | 261092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 245000 | 240184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 (a) | 83000 | 78375 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 132000 | 129425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 124000 | 119798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/28/28 | 42000 | 40991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 49000 | 41073 |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 169000 | 164073 |
|  (Cost $1,333,025) |  | **1288291** |
| **Utilities — 3.6%** |  |  |
| **Electric — 3.2%** |  |  |
|  Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/32 | 58000 | 60379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/34 | 54000 | 54870 |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC,144A,6.375%, 2/15/32 | 69000 | 68842 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 29000 | 29906 |
|  EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30 | 49000 | 46279 |
|  Hawaiian Electric Co., Inc.,144A,6.00%, 10/1/33 | 43000 | 43849 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 98000 | 99455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 106000 | 109678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/36 | 117000 | 119139 |
|  Saavi Energia Sarl,144A,8.875%, 2/10/35 | 77000 | 85104 |
|  Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/34 | 111000 | 113019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/36 | 73000 | 75098 |
|  TransAlta Corp.,5.875%, 2/1/34 | 25000 | 25171 |
|  VoltaGrid LLC,144A,7.375%, 11/1/30 | 129000 | 134761 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 43000 | 44653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 | 55000 | 58265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 | 53000 | 56128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/34 | 58000 | 60172 |
|  (Cost $1,267,645) |  | **1284768** |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. 144A,9.375%, 6/1/28 | 39000 | 40332 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 29000 | 31058 |
|  (Cost $70,458) |  | **71390** |
| **Water — 0.2%** |  |  |
|  Nova Securitisation Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/3/31 | 57000 | 56364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/3/36 | 34000 | 33306 |
|  (Cost $89,746) |  | **89670** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,248,148) |  | **39125314** |
|  | **Number**<br> **of Shares** |  |
| **SECURITIES LENDING** |  |  |
| **COLLATERAL — 6.2%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,509,261) | 2509261 | **2509261** |
| **CASH EQUIVALENTS — 1.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $421,398) | 421398 | **421398** |
| **TOTAL INVESTMENTS — 105.1%** |  |  |
|  (Cost $42,178,807) |  | **42055973** |
| **Other assets and liabilities,net — (5.1%)** |  | **(2058204)** |
| **NET ASSETS — 100.0%** |  | **39997769** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost**<br> **($)** | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| 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", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |
| 970915 | 1538346 (e) |  |  |  | 6768 |  | 2509261 | 2509261 |
| CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% | CASH EQUIVALENTS **—** 1.1% |
| DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| 304525 | 2361578 | (2244705) |  |  | 5543 |  | 421398 | 421398 |
| 1275440 | 3899924 | (2244705) |  |  | 12311 |  | 2930659 | 2930659 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $2,453,421, which is 6.1% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

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.

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

The following is a summary of the inputs used as of February 28, 2026 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) | $— | $39119630 | $5684 | $39125314 |
|  Short-Term Investments (a) | 2930659 |  |  | 2930659 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39119630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42055973 |

---

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

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **CORPORATE BONDS — 98.0%** |  |  |
| **Basic Materials — 4.4%** |  |  |
| **Chemicals — 2.3%** |  |  |
|  Ashland, Inc.,144A,3.375%, 9/1/31 | 58000 | 53483 |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 62000 | 65256 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 87000 | 83983 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.165%, 7/15/27 (a) | 72000 | 74587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 93000 | 97947 |
|  Chemours Co.,5.375%, 5/15/27 | 64000 | 64714 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 91000 | 91420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 | 91000 | 91826 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 131000 | 131809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 50000 | 52406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 72000 | 70704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 89000 | 94661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 50000 | 53466 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 (a) | 87000 | 87010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 | 64000 | 62289 |
|  SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 137000 | 136578 |
|  SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 84000 | 82730 |
|  Solstice Advanced Materials, Inc.,144A,5.625%, 9/30/33 | 125000 | 126428 |
|  (Cost $1,522,637) |  | **1521297** |
| **Iron/Steel — 0.8%** |  |  |
|  Commercial Metals Co.,144A,5.75%, 11/15/33 | 125000 | 127611 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 81000 | 82864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 140000 | 146755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 | 78000 | 80770 |
|  United States Steel Corp.,6.875%, 3/1/29 | 59000 | 58941 |
|  (Cost $498,179) |  | **496941** |
| **Mining — 1.3%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 | 62000 | 61016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 93000 | 98388 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 62000 | 64308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 62000 | 64418 |
|  Arsenal AIC Parent LLC,144A,8.00%, 10/1/30 | 91000 | 96235 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 78000 | 78005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 61000 | 62879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 125000 | 121274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 (a) | 100000 | 104824 |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | 68000 | 68589 |
|  Kaiser Aluminum Corp.,144A,4.50%, 6/1/31 | 71000 | 68679 |
|  (Cost $877,887) |  | **888615** |
| **Communications — 7.7%** |  |  |
| **Advertising — 0.8%** |  |  |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 74000 | 72811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 71000 | 68821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 71000 | 67278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/1/33 | 50000 | 50158 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 81000 | 81174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 67000 | 65790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 (a) | 62000 | 60871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 56000 | 58911 |
|  (Cost $531,877) |  | **525814** |
| **Internet — 1.3%** |  |  |
|  Arches Buyer, Inc.,144A,4.25%, 6/1/28 | 118000 | 114381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 112000 | 112958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 118000 | 117502 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 78000 | 77646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 104000 | 97390 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 56000 | 56020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 68000 | 67227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 68000 | 64673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 63000 | 57210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 83000 | 82822 |
|  (Cost $870,328) |  | **847829** |
| **Media — 3.5%** |  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.,144A,5.125%, 5/1/27 | 139000 | 139191 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27 | 213000 | 213382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 156000 | 155159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 86000 | 84874 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 436000 | 451622 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  McGraw-Hill Education, Inc.,144A,5.75%, 8/1/28 | 103000 | 102929 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 214000 | 214160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 | 137000 | 136410 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 187000 | 187005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 259000 | 253011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 | 156000 | 156267 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 125000 | 124746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 137000 | 136963 |
|  (Cost $2,367,826) |  | **2355719** |
| **Telecommunications — 2.1%** |  |  |
|  EchoStar Corp.,10.75%, 11/30/29 | 697000 | 761489 |
|  Iliad Holding SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 10/15/28 | 106000 | 107473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 127000 | 136135 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 40500 | 40432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 80100 | 80734 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,4.75%, 4/15/28 | 71000 | 70883 |
|  Viasat, Inc.,144A,5.625%, 4/15/27 | 75000 | 74915 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 105000 | 111194 |
|  (Cost $1,389,594) |  | **1383255** |
| **Consumer, Cyclical — 18.9%** |  |  |
| **Airlines — 0.5%** |  |  |
|  American Airlines, Inc.,144A,7.25%, 2/15/28 | 97000 | 98916 |
|  United Airlines Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/1/29 | 128000 | 129243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/1/31 | 125000 | 127601 |
|  (Cost $356,174) |  | **355760** |
| **Apparel — 0.2%** |  |  |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 | 58000 | 54455 |
|  VF Corp.,2.80%, 4/23/27 | 62000 | 60512 |
|  (Cost $114,490) |  | **114967** |
| **Auto Manufacturers — 1.3%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 50000 | 50077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 62000 | 62752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 125000 | 118980 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 50000 | 50375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 75000 | 71563 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 89000 | 92541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/29/28 | 91000 | 91633 |
|  Nissan Motor Co. Ltd.,144A,4.345%, 9/17/27 | 327000 | 324909 |
|  (Cost $861,924) |  | **862830** |
| **Auto Parts & Equipment — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/28 | 62000 | 63258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 | 67000 | 70126 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 97000 | 99287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 125000 | 130995 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 85000 | 84829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 106000 | 103982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 (a) | 62000 | 63389 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 130000 | 133174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 93000 | 96678 |
|  (Cost $843,050) |  | **845718** |
| **Distribution/Wholesale — 0.5%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 86000 | 84820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 50000 | 48449 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 69000 | 70200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 100000 | 104091 |
|  (Cost $309,040) |  | **307560** |
| **Entertainment — 3.1%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 80000 | 83146 |
|  Brightstar Lottery PLC,144A,5.25%, 1/15/29 | 93000 | 92662 |
|  Caesars Entertainment, Inc.,144A,7.00%, 2/15/30 | 259000 | 265670 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 77000 | 77092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 88000 | 87776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 150000 | 151282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 78000 | 80446 |
|  Cinemark USA, Inc.,144A,5.25%, 7/15/28 | 94000 | 94094 |
|  Discovery Global Holdings, Inc.,4.054%, 3/15/29 | 169000 | 167330 |
|  Light & Wonder International, Inc.,144A,7.25%, 11/15/29 | 62000 | 63621 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 154000 | 154832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 118000 | 117999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 62000 | 61067 |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Rivers Enterprise Borrower LLC,144A,6.25%, 10/15/30 | 75000 | 76669 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 62000 | 63126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 78000 | 80827 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 96000 | 96623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 129000 | 139375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 99000 | 101158 |
|  (Cost $2,052,950) |  | **2054795** |
| **Food Service — 0.2%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 |  |  |
|  (Cost $141,494) | 142000 | **142127** |
| **Home Builders — 0.8%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30 | 50000 | 47801 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC,144A,6.25%, 9/15/27 | 75000 | 75174 |
|  Century Communities, Inc.,144A,3.875%, 8/15/29 | 62000 | 59162 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 74000 | 72307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/15/33 | 60000 | 59104 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 60000 | 61251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 63000 | 63600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/32 | 72000 | 74454 |
|  (Cost $510,525) |  | **512853** |
| **Home Furnishings — 0.5%** |  |  |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 99000 | 96291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 100000 | 93932 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 91000 | 89755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 73000 | 73383 |
|  (Cost $348,968) |  | **353361** |
| **Housewares — 0.2%** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 | 68000 | 65672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/31 | 54000 | 51575 |
|  Scotts Miracle-Gro Co.,4.50%, 10/15/29 (a) | 51000 | 50486 |
|  (Cost $164,557) |  | **167733** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Leisure Time — 2.3%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/29 | 156000 | 158312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 125000 | 129367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 125000 | 130713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 376000 | 390682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 | 266000 | 275540 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 62000 | 63931 |
|  NCL Corp. Ltd.,144A,7.75%, 2/15/29 | 79000 | 84466 |
|  Patrick Industries, Inc.,144A,6.375%, 11/1/32 | 63000 | 64753 |
|  Viking Cruises Ltd.,144A,5.875%, 10/15/33 | 213000 | 217419 |
|  (Cost $1,488,846) |  | **1515183** |
| **Lodging — 2.9%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 123000 | 122900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 118000 | 115517 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 70000 | 71705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 100000 | 97419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 125000 | 125163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 | 137000 | 131669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 197000 | 183695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 58000 | 60002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 125000 | 128752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 127000 | 130073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/34 | 125000 | 126402 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 82000 | 82791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 97000 | 97108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 106000 | 109002 |
|  Station Casinos LLC,144A,4.50%, 2/15/28 | 86000 | 85698 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 50000 | 50650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 81000 | 79401 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 112000 | 112398 |
|  (Cost $1,916,456) |  | **1910345** |
| **Retail — 5.1%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 193000 | 190681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 97000 | 96641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 93000 | 89878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 150000 | 154353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 63000 | 64192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 376000 | 361314 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 65000 | 64813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 95000 | 93574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 58000 | 57118 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 55000 | 55323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 62000 | 63373 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 142000 | 152752 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 62000 | 61290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 69000 | 68703 |
|  Gap, Inc.,144A,3.625%, 10/1/29 | 96000 | 91403 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 95000 | 93290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 62000 | 63588 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/29 | 125000 | 123489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/31 | 106000 | 111478 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 50000 | 50055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 104000 | 100589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/1/30 | 75000 | 75520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 66000 | 63515 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 63000 | 62451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 68000 | 64029 |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 290000 | 300616 |
|  Sonic Automotive, Inc.,144A,4.625%, 11/15/29 | 81000 | 79967 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 104000 | 104153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 131000 | 124413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 137000 | 134782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 125000 | 127151 |
|  (Cost $3,361,365) |  | **3344494** |
| **Consumer, Non-cyclical — 20.4%** |  |  |
| **Agriculture — 0.3%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 62000 | 62040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 125000 | 126682 |
|  (Cost $189,213) |  | **188722** |
| **Beverages — 0.3%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 89000 | 89208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 97000 | 95172 |
|  (Cost $183,692) |  | **184380** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Biotechnology — 0.5%** |  |  |
|  BioMarin Pharmaceutical, Inc.,144A,5.50%, 2/15/34 | 110000 | 111048 |
|  Genmab A/S/Genmab Finance LLC,144A,6.25%, 12/15/32 | 197000 | 204583 |
|  (Cost $313,706) |  | **315631** |
| **Commercial Services — 6.3%** |  |  |
|  ADT Security (The) Corp.,144A,4.125%, 8/1/29 | 140000 | 136710 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 179000 | 187567 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 153000 | 151955 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 139000 | 142165 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 150000 | 152047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/31 | 125000 | 117473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 | 259000 | 266608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/15/33 | 125000 | 127115 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 75000 | 75124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 50000 | 51529 |
|  EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 131000 | 137376 |
|  Garda World Security Corp.,144A,7.75%, 2/15/28 | 50000 | 51237 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 99000 | 102265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 216000 | 226485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/31 | 75000 | 76070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/15/34 | 75000 | 75471 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,3.375%, 8/31/27 | 122000 | 120143 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 71000 | 70994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 92000 | 92352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 106000 | 99691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 100000 | 95657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 105000 | 107180 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32 | 206000 | 201803 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 97000 | 96659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 208000 | 208013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 93000 | 94101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 93000 | 90551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 137000 | 132079 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 92000 | 86943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/33 | 187000 | 188657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 151000 | 158374 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 62000 | 61805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 62000 | 64090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 62000 | 64404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 62000 | 64950 |
|  (Cost $4,087,690) |  | **4175643** |
| **Cosmetics/Personal Care — 0.6%** |  |  |
|  Edgewell Personal Care Co.,144A,5.50%, 6/1/28 | 97000 | 97049 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 137000 | 141199 |
|  Perrigo Finance Unlimited Co.,5.15%, 6/15/30 | 95000 | 91998 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 28000 | 28001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 78000 | 72996 |
|  (Cost $435,112) |  | **431243** |
| **Food — 3.3%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 95000 | 96761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 168000 | 162101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 131000 | 130011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/31 | 92000 | 92734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 73000 | 75341 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 130000 | 136570 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 62000 | 62065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 124000 | 120312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 86000 | 82401 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 127000 | 124705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 125000 | 128468 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 118000 | 110799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 115000 | 124084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 63000 | 70573 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 173000 | 169475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/32 | 125000 | 128743 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 58000 | 59873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 115000 | 114627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 72000 | 71345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 62000 | 65010 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 62000 | 63302 |
|  (Cost $2,179,318) |  | **2189300** |
| **Healthcare-Products — 1.6%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 203000 | 201273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 100000 | 95549 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 175000 | 181563 |
|  Hologic, Inc.,144A,3.25%, 2/15/29 | 123000 | 122435 |
|  Medline Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LP,144A,5.25%, 10/1/29 | 312000 | 312178 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 62000 | 61695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 63000 | 62091 |
|  (Cost $1,045,114) |  | **1036784** |
| **Healthcare-Services — 6.1%** |  |  |
|  Acadia Healthcare Co., Inc.,144A,5.50%, 7/1/28 | 56000 | 55780 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 64000 | 63376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 62000 | 59718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 62000 | 58583 |
|  CHS/Community Health Systems, Inc.,144A,9.75%, 1/15/34 | 229000 | 241611 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 | 84000 | 87813 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 343000 | 335996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 194000 | 181410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | 130000 | 135069 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 100000 | 99615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 100000 | 99542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 50000 | 49128 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 137000 | 136782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 64000 | 65856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 255000 | 262631 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 100000 | 106822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 137000 | 148970 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 100000 | 98340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 81000 | 73842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 98000 | 86634 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 194000 | 194222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 75000 | 74939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 217000 | 217628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 177000 | 174660 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 181000 | 177811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 259000 | 264489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 175000 | 182179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 11/15/32 | 187000 | 189446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/15/33 (a) | 93000 | 96166 |
|  (Cost $4,038,895) |  | **4019058** |
| **Pharmaceuticals — 1.4%** |  |  |
|  Grifols SA,144A,4.75%, 10/15/28 | 88000 | 86959 |
|  HLF Financing Sarl LLC / Herbalife International, Inc.,144A,12.25%, 4/15/29 | 104000 | 111170 |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 187000 | 184474 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28 | 262000 | 257356 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 161000 | 167200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/32 | 62000 | 65838 |
|  Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30 | 89000 | 92410 |
|  (Cost $964,233) |  | **965407** |
| **Energy — 8.6%** |  |  |
| **Oil & Gas — 4.7%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 124000 | 130505 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 62000 | 62221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 78000 | 81089 |
|  California Resources Corp.,144A,8.25%, 6/15/29 | 112000 | 117647 |
|  Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/1/30 | 93000 | 95043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 96000 | 99773 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 62000 | 64340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 77000 | 80791 |
|  Crescent Energy Finance LLC,144A,9.25%, 2/15/28 | 62000 | 63840 |
|  Hilcorp Energy I LP / Hilcorp Finance Co.,144A,6.25%, 11/1/28 | 75000 | 75578 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 74939 | 75421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 68361 | 70514 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 53000 | 54112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 122000 | 124659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 | 93000 | 94716 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 | 78000 | 78181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/34 | 62000 | 62034 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 91000 | 91356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 125000 | 131262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 125000 | 129500 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 168000 | 173718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 50000 | 50315 |
|  144A,6.75%, 8/1/29 | 93000 | 95151 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 97000 | 100647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 98000 | 96331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 103000 | 100829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 3/15/31 | 125000 | 126133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 125000 | 128808 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 78000 | 78078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 62000 | 63735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 104000 | 102524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 104000 | 101850 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 87000 | 86129 |
|  (Cost $3,049,609) |  | **3086830** |
| **Oil & Gas Services — 0.3%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.25%, 4/1/28 | 100000 | 100129 |
|  Kodiak Gas Services LLC,144A,7.25%, 2/15/29 | 100000 | 103757 |
|  (Cost $204,207) |  | **203886** |
| **Pipelines — 3.6%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 84000 | 84020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 97000 | 97072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/32 | 85000 | 88408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/1/34 | 73000 | 74175 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29 | 62000 | 64758 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 50000 | 49837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 62000 | 62091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 75000 | 77863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 62000 | 64762 |
|  Genesis Energy LP / Genesis Energy Finance Corp. 7.75%, 2/1/28 | 88000 | 88185 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 29000 | 30288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 38000 | 39887 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 100000 | 101706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 71000 | 71103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 78000 | 80748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 92000 | 90245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 50000 | 50408 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 78000 | 82368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 93000 | 96167 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 69000 | 69705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 78000 | 82174 |
|  Rockies Express Pipeline LLC,144A,4.95%, 7/15/29 | 71000 | 71052 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,144A,5.50%, 1/15/28 | 93000 | 93187 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 156000 | 149557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 125000 | 129162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 156000 | 146419 |
|  Venture Global Plaquemines LNG LLC,144A,6.125%, 12/15/30 | 229000 | 237998 |
|  (Cost $2,385,814) |  | **2373345** |
| **Financial — 13.8%** |  |  |
|  **Banks — 0.2%** |  |  |
|  Banco Votorantim SA,144A,5.875%, 4/8/28 | 80000 | 81500 |
|  Freedom Mortgage Corp.,144A,12.25%, 10/1/30 | 62000 | 67476 |
|  (Cost $149,781) |  | **148976** |
| **Diversified Financial Services — 6.1%** |  |  |
|  Ally Financial, Inc.,6.70%, 2/14/33 | 62000 | 64684 |
|  Azorra Finance Ltd.,144A,7.75%, 4/15/30 | 69000 | 72524 |
|  Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 10/1/28 | 127000 | 121232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 92000 | 80499 |
|  Credit Acceptance Corp.,144A,9.25%, 12/15/28 | 78000 | 81596 |
|  Encore Capital Group, Inc.,144A,9.25%, 4/1/29 | 62000 | 64969 |
|  Enova International, Inc.,144A,11.25%, 12/15/28 | 50000 | 52848 |
|  Freedom Mortgage Holdings LLC,144A,9.25%, 2/1/29 | 140000 | 146329 |
|  GGAM Finance Ltd. 144A,8.00%, 6/15/28 | 75000 | 78908 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 50000 | 51629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 50000 | 50916 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/29 | 75000 | 73241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/30/31 | 177000 | 184259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 11/1/32 | 216000 | 217455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/33 | 249000 | 255710 |
|  Jefferson Capital Holdings LLC,144A,9.50%, 2/15/29 | 53000 | 55992 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 96000 | 94624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 62000 | 59276 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 97000 | 99065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 78000 | 75521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | 112000 | 114478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 96000 | 94976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 93000 | 93338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 | 104000 | 96093 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 84000 | 80817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 93000 | 97720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 11/15/30 | 79000 | 81270 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 96000 | 98747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/30 | 264000 | 271001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 119000 | 124519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/33 | 249000 | 257658 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 92000 | 88709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 3/1/31 | 156000 | 146738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/33 | 105000 | 96750 |
|  SLM Corp.,6.50%, 1/31/30 | 62000 | 63008 |
|  StoneX Group, Inc.,144A,7.875%, 3/1/31 | 70000 | 74360 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 58000 | 57790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 91000 | 89318 |
|  (Cost $4,018,925) |  | **4008567** |
| **Insurance — 3.0%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29 | 88000 | 83795 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 103000 | 101796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 167000 | 167094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 156000 | 157886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/31 | 181000 | 184411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/31 | 125000 | 125842 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
|  AmWINS Group, Inc.,144A,6.375%, 2/15/29 | 97000 | 98769 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 69000 | 67983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 418000 | 431388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/31/32 | 237000 | 241373 |
|  Jones Deslauriers Insurance Management, Inc.,144A,8.50%, 3/15/30 | 94000 | 97601 |
|  Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/30 | 55000 | 53569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/1/32 | 150000 | 151228 |
|  (Cost $1,979,453) |  | **1962735** |
| **Real Estate — 0.7%** |  |  |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 84000 | 84297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 50000 | 52954 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 79000 | 76549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 84000 | 79954 |
|  Howard Hughes (The) Corp.,144A,5.875%, 3/1/32 | 65000 | 65006 |
|  Kennedy-Wilson, Inc.,4.75%, 3/1/29 | 81000 | 79871 |
|  (Cost $441,636) |  | **438631** |
| **Real Estate Investment Trusts — 3.8%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 | 65000 | 64725 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 59000 | 62935 |
|  Brandywine Operating Partnership LP,3.95%, 11/15/27 | 56000 | 54936 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 64000 | 63199 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 125000 | 125028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 101000 | 101124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 62000 | 61988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 125000 | 128360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 125000 | 123969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 162000 | 161310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 141000 | 136102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 75000 | 74883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 160000 | 163596 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 94000 | 94054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 93000 | 91422 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 71000 | 73564 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 50000 | 51018 |
|  RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27 | 91000 | 91044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 50000 | 51379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 75000 | 74014 |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 62000 | 59361 |
|  SBA Communications Corp.,3.125%, 2/1/29 | 187000 | 179903 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/15/28 | 68000 | 68359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 75000 | 78683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 50000 | 51345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 62000 | 64518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 68000 | 70905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/31 | 65000 | 65761 |
|  Vornado Realty LP,5.75%, 2/1/33 | 62000 | 62930 |
|  (Cost $2,542,903) |  | **2550415** |
| **Industrial — 16.5%** |  |  |
| **Aerospace/Defense — 3.8%** |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 53000 | 55553 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 27000 | 26995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 97000 | 100924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 83000 | 89025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 (a) | 99000 | 105451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 | 95000 | 100191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 97000 | 102334 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 226000 | 230306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 126000 | 125703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 297000 | 305444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 88000 | 87901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 170000 | 177029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 117000 | 122773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 238000 | 246864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 161000 | 163968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 290000 | 296223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/31/34 | 59000 | 61073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 7/31/34 | 131000 | 133225 |
|  (Cost $2,506,523) |  | **2530982** |
| **Building Materials — 3.6%** |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 66000 | 65566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 165000 | 157525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 86000 | 88444 |
|  Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 354000 | 366831 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31 | 59000 | 61577 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 50000 | 50063 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32 | 87000 | 87776 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 504000 | 524134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33 | 187000 | 194508 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 125000 | 128852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 137000 | 139652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 89000 | 88844 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 125000 | 124694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 207000 | 199847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 137000 | 126577 |
|  (Cost $2,392,713) |  | **2404890** |
| **Electrical Components & Equipment — 0.9%** |  |  |
|  Energizer Holdings, Inc.,144A,4.75%, 6/15/28 | 73000 | 72359 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 165000 | 166310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 112000 | 115279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 118000 | 122899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 100000 | 104329 |
|  (Cost $585,811) |  | **581176** |
| **Electronics — 0.9%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 249000 | 244961 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 81000 | 79343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 62000 | 62831 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 58000 | 56949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 93000 | 87741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 | 62000 | 64960 |
|  (Cost $603,336) |  | **596785** |
| **Engineering & Construction — 0.8%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 150000 | 153368 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 50000 | 49288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 75000 | 78737 |
|  Fluor Corp.,4.25%, 9/15/28 | 63000 | 62578 |
|  TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/15/29 | 55000 | 53270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/32 | 58000 | 55185 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/31/34 | 97000 | 97893 |
|  (Cost $545,612) |  | **550319** |
| **Environmental Control — 1.2%** |  |  |
|  Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/31 | 62000 | 63707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 10/15/33 | 93000 | 95437 |
|  GFL Environmental Holdings US, Inc.,144A,5.50%, 2/1/34 | 125000 | 125606 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 97000 | 95560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 93000 | 92476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 69000 | 67831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 127000 | 133363 |
|  Madison IAQ LLC,144A,4.125%, 6/30/28 | 89000 | 87905 |
|  Wrangler Holdco Corp.,144A,6.625%, 4/1/32 | 68000 | 70985 |
|  (Cost $826,510) |  | **832870** |
| **Machinery-Construction & Mining — 0.3%** |  |  |
|  BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 50000 | 49560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 50000 | 48988 |
|  Terex Corp.,144A,5.00%, 5/15/29 | 75000 | 75116 |
|  (Cost $171,864) |  | **173664** |
| **Machinery-Diversified — 0.5%** |  |  |
|  Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 67000 | 70784 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 65000 | 66610 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 194000 | 194238 |
|  (Cost $331,359) |  | **331632** |
| **Metal Fabricate/Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems, Inc.,144A,6.375%, 6/15/30<br>(Cost $64,388) | 63000 | **64335** |
| **Miscellaneous Manufacturing — 1.4%** |  |  |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 90000 | 92810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 84000 | 86795 |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 125000 | 129141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 97000 | 100615 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 50000 | 49760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 199000 | 199300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 55000 | 52844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 116000 | 118400 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 78000 | 80298 |
|  (Cost $900,062) |  | **909963** |
| **Packaging & Containers — 2.1%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 83000 | 80353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/30/31 | 74000 | 75777 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 127000 | 131101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 162000 | 150772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 105000 | 97558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 103000 | 106076 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 | 53000 | 54276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 | 96000 | 98690 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 56000 | 54483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 50000 | 47339 |
|  Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27 | 89000 | 89136 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 53000 | 52881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 96000 | 97387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 53000 | 53460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 53000 | 55090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 50000 | 51537 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 71000 | 70616 |
|  (Cost $1,383,193) |  | **1366532** |
| **Transportation — 0.2%** |  |  |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/31 | 58000 | 60400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 73000 | 76570 |
|  (Cost $137,348) |  | **136970** |
| **Trucking & Leasing — 0.7%** |  |  |
|  FTAI Aviation Investors LLC |  |  |
|  144A,5.50%, 5/1/28 | 125000 | 125217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/1/30 | 62000 | 65645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/31 | 89000 | 93521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/32 | 100000 | 105061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/33 | 72000 | 73081 |
|  (Cost $457,075) |  | **462525** |
| **Technology — 4.2%** |  |  |
| **Computers — 1.4%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 127000 | 133156 |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 125000 | 128785 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 168000 | 180508 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 81000 | 79666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 50000 | 49104 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 59000 | 57915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 61000 | 64408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 50000 | 51503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 59000 | 62182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 95094 | 106722 |
|  (Cost $917,329) |  | **913949** |
| **Semiconductors — 0.5%** |  |  |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 | 137000 | 142371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 142000 | 149776 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 87000 | 85247 |
|  (Cost $379,671) |  | **377394** |
| **Software — 2.3%** |  |  |
|  Cloud Software Group, Inc.,144A,8.25%, 6/30/32 | 230000 | 230389 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 112000 | 109753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 197000 | 199286 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 112000 | 106860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 110000 | 99107 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 112000 | 101040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 (a) | 84000 | 73437 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 130000 | 124218 |
|  SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/30/27 | 259000 | 258808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/32 | 93000 | 94873 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 | 62000 | 59706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 | 62000 | 58519 |
|  (Cost $1,556,586) |  | **1515996** |
| **Utilities — 3.5%** |  |  |
| **Electric — 3.4%** |  |  |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 121000 | 120663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 115000 | 109016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 75000 | 76024 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 187000 | 198652 |
|  NRG Energy, Inc. 5.75%, 1/15/28 | 106000 | 106048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 62000 | 59790 |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
|  | **Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 91000 | 91378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 99000 | 99231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 133000 | 125605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 115000 | 117843 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 125000 | 124744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 128000 | 128181 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 150000 | 158303 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 162000 | 162089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 156000 | 154411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 181000 | 191359 |
|  144A,6.875%, 4/15/32 | 132000 | 138929 |
|  XPLR Infrastructure Operating Partners LP,144A,4.50%, 9/15/27 | 71000 | 70737 |
|  (Cost $2,228,792) |  | **2233003** |
| **Gas — 0.1%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp.,5.75%, 5/20/27 |  |  |
|  (Cost $64,454) | 64000 | **64566** |
| **TOTAL CORPORATE BONDS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,790,094) |  | **64834300** |
|  | **Number**<br> **of Shares** |  |
| **SECURITIES LENDING COLLATERAL — 0.9%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $561,864) | 561864 | **561864** |
| **CASH EQUIVALENTS — 2.5%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,638,445) | 1638445 | **1638445** |
| **TOTAL INVESTMENTS — 101.4%** |  |  |
|  (Cost $66,990,403) |  | **67034609** |
| **Other assets and liabilities,net — (1.4%)** |  | **(902264)** |
| **NET ASSETS — 100.0%** |  | **66132345** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value ($) at<br>8/31/2025 | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | Value ($) at<br>2/28/2026 |
| SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% | SECURITIES LENDING COLLATERAL **—** 0.9% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721426 |  | (159562) (d) |  |  | 1641 |  | 561864 | 561864 |
| CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% | CASH EQUIVALENTS **—** 2.5% |
| DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249259 | 10515533 | (12126347) |  |  | 34981 |  | 1638445 | 1638445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970685 | 10515533 | (12285909) |  |  | 36622 |  | 2200309 | 2200309 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $550,514, which is 0.8% 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 period ended February 28, 2026.

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 February 28, 2026 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) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64834300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64834300 |
|  Short-Term Investments (a) | 2200309 |  |  | 2200309 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64834300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67034609 |

---

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

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
| **EXCHANGE-TRADED FUNDS — 99.4%** |  |  |
|  Xtrackers High Beta High Yield Bond ETF(a)(b) | 31890 | 1346183 |
| **Xtrackers USD High Yield Corporate**<br> **Bond ETF(a)(b)** | 1286961 | 47514600 |
| **(Cost $47,849,927)** |  | **48860783** |
| **SECURITIES LENDING COLLATERAL — 26.9%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| **(Cost $13,216,825)** | 13216825 | **13216825** |

---

---

| | | |
|:---|:---|:---|
|  | Number<br>of Shares | Value $ |
| CASH EQUIVALENTS — 0.6% |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $289,705) | 289705 | 289705 |
| TOTAL INVESTMENTS — 126.9% |  |  |
|  (Cost $61,356,457) |  | 62367313 |
| Other assets and liabilities, net — (26.9%) |  | (13225131) |
| NET ASSETS — 100.0% |  | 49142182 |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost**<br> **($)** | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at<br>2/28/2026 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1310661 | 48124 |  |  | (12602) | 48818 |  | 31890 | 1346183 |
| 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) |
| 46088384 | 1695055 | (166275) | (810) | (101754) | 1504441 |  | 1286961 | 47514600 |
| SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% | SECURITIES LENDING COLLATERAL **—** 26.9% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |
| 74375 | 13142450 (e) |  |  |  | 1923 |  | 13216825 | 13216825 |
| 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", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| 310618 | 222574 | (243487) |  |  | 5922 |  | 289705 | 289705 |
| 47784038 | 15108203 | (409762) | (810) | (114356) | 1561104 |  | 14825381 | 62367313 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $12,926,221, which is 26.3% of net assets.

(b) Affiliated fund advised by DBX Advisors LLC.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Schedule of Investments

Xtrackers Risk Managed USD High Yield Strategy ETF (Continued)

February 28, 2026 (Unaudited)

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

The following is a summary of the inputs used as of February 28, 2026 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 | $48860783 | $— | $— | $48860783 |
|  Short-Term Investments (a) | 13506530 |  |  | 13506530 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62367313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62367313 |

---

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

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **CORPORATE BONDS — 98.0%** |  |  |
| **Basic Materials — 5.2%** |  |  |
| **Chemicals — 3.3%** |  |  |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 186000 | 195769 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 252000 | 243260 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 8/5/26 | 230000 | 227009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.165%, 7/15/27 (a) | 120000 | 124311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 309000 | 325438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 7/15/29 | 287000 | 303584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 (a) | 285000 | 292226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 365000 | 389451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31 | 190000 | 195810 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 176000 | 177963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 272000 | 273807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 227000 | 215215 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 (a) | 201000 | 169091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 225000 | 194906 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/1/26 | 210000 | 207088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/1/29 | 175000 | 154605 |
|  Huntsman International LLC,4.50%, 5/1/29 | 280000 | 268352 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 159000 | 147365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 (a) | 267000 | 238612 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 252000 | 253164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 | 259000 | 261351 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 372000 | 374298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 190000 | 199145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 210000 | 206220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 231000 | 245693 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 (a) | 245000 | 245029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 | 210000 | 204385 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/1/28 | 340000 | 330835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/29 (a) | 140000 | 136978 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/28 | 385000 | 383813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/1/29 | 247000 | 246583 |
|  SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 290000 | 285617 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/29 (a) | 400000 | 309625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 9/30/30 (a) | 149000 | 146427 |
|  WR Grace Holdings LLC,144A,5.625%, 8/15/29 | 428000 | 410369 |
|  (Cost $8,529,579) |  | **8583394** |
| **Forest Products & Paper — 0.3%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 244000 | 185636 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 (a) | 190000 | 176685 |
|  Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.875%, 10/1/28 | 154000 | 107663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 316000 | 195835 |
|  (Cost $822,671) |  | **665819** |
| **Iron/Steel — 0.8%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 329000 | 339135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 306000 | 310922 |
|  Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/23/26 | 182000 | 179999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/17/29 | 183000 | 164366 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 240000 | 245521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 305000 | 319717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 (a) | 305000 | 315831 |
|  United States Steel Corp.,6.875%, 3/1/29 | 192000 | 191808 |
|  (Cost $2,015,420) |  | **2067299** |
| **Mining — 0.8%** |  |  |
|  Alcoa Nederland Holding BV,144A,4.125%, 3/31/29 | 180000 | 177142 |
|  Alumina Pty Ltd.,144A,6.125%, 3/15/30 | 200000 | 207444 |
|  Arsenal AIC Parent LLC,144A,8.00%, 10/1/30 | 249000 | 263325 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 213000 | 213014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 161000 | 165960 |
|  Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/26 | 167000 | 167296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/29 | 202000 | 203750 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 447000 | 478131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 211000 | 222570 |
|  (Cost $2,041,088) |  | **2098632** |
| **Communications — 17.7%** |  |  |
| **Advertising — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 | 374000 | 377189 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **29**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 | 403000 | 406107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 340000 | 358496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 428000 | 452621 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 195000 | 191868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 240000 | 232633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 211000 | 199940 |
|  Neptune Bidco US, Inc.,144A,9.29%, 4/15/29 | 972000 | 974751 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 282000 | 282604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 182000 | 178713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 (a) | 186000 | 182613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 168000 | 176733 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 410000 | 378309 |
|  (Cost $4,258,701) |  | **4392577** |
| **Internet — 2.1%** |  |  |
|  Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 343000 | 332481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/1/28 | 179000 | 169088 |
|  Cogent Communications Group LLC / Cogent Finance, Inc.,144A,7.00%, 6/15/27 (a) | 185000 | 181754 |
|  Gen Digital, Inc.,144A,6.75%, 9/30/27 | 346000 | 348960 |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/21/30 (a) | 200000 | 177155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 11/15/30 | 237000 | 209978 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 172000 | 171219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 312000 | 292169 |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 168000 | 157576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/1/29 | 262000 | 243101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 288000 | 270827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 8/1/29 | 188000 | 174863 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 219000 | 219079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 189000 | 186850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 180000 | 171192 |
|  Newfold Digital Holdings Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 | 115000 | 58650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 45600 | 23256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 11400 | 9975 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/15/27 | 666000 | 701905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/29 | 759000 | 842537 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 298000 | 308159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 268000 | 282018 |
|  (Cost $5,622,229) |  | **5532792** |
| **Media — 10.9%** |  |  |
|  AMC Networks, Inc.,144A,10.25%, 1/15/29 | 359000 | 385212 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 218000 | 151100 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 396000 | 396543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 932000 | 930559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 549000 | 548064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 555000 | 562744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 1137000 | 1099983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 1054000 | 1006003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 1100000 | 1026097 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 (a) | 501000 | 425255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 (a) | 360000 | 259291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 410000 | 231017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 (a) | 361000 | 286358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 758000 | 540597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 660000 | 417618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 838000 | 324611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/30 | 410000 | 250516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/30 | 875000 | 324673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/31 | 350000 | 208955 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 596000 | 596950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 287000 | 287602 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 628000 | 629125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 773000 | 791187 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 455000 | 452548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 260000 | 256595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 325000 | 315656 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/26 | 775000 | 766148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/26 | 1024000 | 995616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 7/1/28 | 383000 | 369901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 928000 | 900782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 550000 | 491685 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 1265000 | 1310326 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 267000 | 268352 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 (a) | 438000 | 469806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/30 (a) | 291000 | 236481 |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 | 265000 | 235699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 (a) | 251000 | 186439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 250529 | 199468 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 433000 | 303710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 305000 | 207241 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 274000 | 273811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 238000 | 236487 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 572000 | 572428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 | 405000 | 403257 |
|  Sinclair Television Group, Inc.,144A,5.50%, 3/1/30 | 183000 | 163273 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 9/1/26 | 371000 | 369207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 616000 | 616016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 753000 | 735590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 | 451000 | 451771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 548000 | 516909 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 355000 | 354279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 427000 | 426884 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 527000 | 541681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 400000 | 379778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 320000 | 320270 |
|  Versant Media Group, Inc.,144A,7.25%, 1/30/31 | 383000 | 392203 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 (a) | 347000 | 291052 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 542000 | 526602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 315000 | 287399 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 176000 | 152864 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 394000 | 371630 |
|  (Cost $28,454,512) |  | **28029904** |
| **Telecommunications — 3.0%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/28 | 440000 | 310471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 769000 | 533484 |
|  Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 11/1/29 | 489083 | 497028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 10/15/30 | 317706 | 308355 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 710000 | 754320 |
|  EchoStar Corp.,10.75%, 11/30/29 | 2052000 | 2241859 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/26 (a) | 270000 | 258541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 8/1/26 | 276000 | 251751 |
|  Iliad Holding SAS,144A,7.00%, 10/15/28 | 314000 | 318364 |
|  Level 3 Financing, Inc.,144A,4.875%, 6/15/29 | 116000 | 111795 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 136800 | 136570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 256500 | 258529 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 225000 | 224629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 401000 | 390358 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 4/15/27 | 217000 | 216754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 165000 | 163028 |
|  Vmed O2 UK Financing I PLC,144A,4.25%, 1/31/31 | 503000 | 443908 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 299000 | 316639 |
|  (Cost $7,598,738) |  | 7736383 |
| **Consumer, Cyclical — 17.4%** |  |  |
| **Airlines — 0.8%** |  |  |
|  Air Canada,144A,3.875%, 8/15/26 | 462000 | 462429 |
|  American Airlines, Inc.,144A,7.25%, 2/15/28 | 304000 | 310004 |
|  Gol Finance, Inc.,144A,14.375%, 6/6/30 | 785000 | 812475 |
|  United Airlines Holdings, Inc.,4.875%, 3/1/29 | 373000 | 376623 |
|  (Cost $1,950,962) |  | **1961531** |
| **Apparel — 0.3%** |  |  |
|  Under Armour, Inc. 3.25%, 6/15/26 | 238000 | 237039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/30 | 168000 | 173937 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 185000 | 180560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 279000 | 256366 |
|  (Cost $827,383) |  | **847902** |
| **Auto Manufacturers — 2.1%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 191000 | 191293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 173000 | 175098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 383000 | 364553 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 391000 | 318016 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.00%, 3/9/26 | 319000 | 318589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,1.85%, 9/16/26 | 366000 | 360182 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **31**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 173000 | 174297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 230000 | 219461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 275000 | 285941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/29/28 | 288000 | 290003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/30/30 | 479000 | 480392 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 | 874000 | 868412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 355000 | 374764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 931000 | 885583 |
|  (Cost $5,328,247) |  | **5306584** |
| **Auto Parts & Equipment — 1.4%** |  |  |
|  Adient Global Holdings Ltd.,144A,7.00%, 4/15/28 | 173000 | 176511 |
|  American Axle & Manufacturing, Inc.,5.00%, 10/1/29 | 224000 | 219014 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 279000 | 285577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 343000 | 359450 |
|  Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 | 246000 | 222437 |
|  Forvia SE,144A,8.00%, 6/15/30 | 192000 | 204709 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 255000 | 254486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 312000 | 306060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 (a) | 175000 | 178921 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 728000 | 728542 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 195000 | 201682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 255000 | 261124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 282000 | 285054 |
|  (Cost $3,552,293) |  | **3683567** |
| **Distribution/Wholesale — 0.2%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 258000 | 254459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 142000 | 137595 |
|  RB Global Holdings, Inc.,144A,6.75%, 3/15/28 | 208000 | 211617 |
|  (Cost $596,395) |  | **603671** |
| **Entertainment — 2.8%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 237000 | 246319 |
|  Brightstar Lottery PLC,144A,5.25%, 1/15/29 | 268000 | 267025 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 464000 | 454262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 730000 | 748800 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 237000 | 237284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 259000 | 258342 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 442000 | 445778 |
|  Cinemark USA, Inc.,144A,5.25%, 7/15/28 | 313000 | 313311 |
|  Discovery Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 | 405000 | 404026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 520000 | 514862 |
|  Great Canadian Gaming Corp./Raptor LLC,144A,8.75%, 11/15/29 | 205000 | 208522 |
|  Light & Wonder International, Inc.,144A,7.25%, 11/15/29 | 213000 | 218570 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 409000 | 411209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 368000 | 367996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 192000 | 189112 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,144A,8.25%, 4/15/30 | 263000 | 274252 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 158000 | 149767 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 152000 | 147031 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.,144A,5.625%, 9/1/29 | 277000 | 199094 |
|  Rivers Enterprise Borrower LLC,144A,6.25%, 10/15/30 | 223000 | 227962 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29 (a) | 190000 | 182881 |
|  Vail Resorts, Inc.,144A,5.625%, 7/15/30 | 184000 | 187342 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A,5.125%, 10/1/29 | 266000 | 267725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 372000 | 401918 |
|  (Cost $7,239,197) |  | **7323390** |
| **Food Service — 0.4%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 442000 | 442395 |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 8/15/30 | 410000 | 419896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 251000 | 264027 |
|  (Cost $1,119,161) |  | **1126318** |
| **Home Builders — 0.6%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30 | 164000 | 156788 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A,6.25%, 9/15/27 | 232000 | 232539 |

---

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 174000 | 163691 |
|  Century Communities, Inc.,144A,3.875%, 8/15/29 | 190000 | 181301 |
|  LGI Homes, Inc.,144A,8.75%, 12/15/28 | 123000 | 128410 |
|  Mattamy Group Corp.,144A,4.625%, 3/1/30 | 215000 | 210082 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 145000 | 148022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 230000 | 232192 |
|  (Cost $1,426,274) |  | **1453025** |
| **Home Furnishings — 0.4%** |  |  |
|  FXI Holdings, Inc.,144A,11.00%, 11/15/30 | 310000 | 288502 |
|  Somnigroup International, Inc.,144A,4.00%, 4/15/29 | 288000 | 280118 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 249000 | 245594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 233000 | 234223 |
|  (Cost $1,029,752) |  | **1048437** |
| **Housewares — 0.7%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 289000 | 237578 |
|  Central Garden & Pet Co.,4.125%, 10/15/30 | 178000 | 171907 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 215000 | 218800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 418000 | 440213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 221000 | 224628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 (a) | 260000 | 261007 |
|  Scotts Miracle-Gro Co.,4.50%, 10/15/29 (a) | 140000 | 138589 |
|  (Cost $1,689,292) |  | **1692722** |
| **Leisure Time — 0.8%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/29 | 444000 | 450581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 364000 | 376717 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 212000 | 226667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/31 | 460000 | 465065 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 169000 | 123396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 3/15/30 | 170000 | 123374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 488000 | 354410 |
|  (Cost $2,299,225) |  | **2120210** |
| **Lodging — 2.2%** |  |  |
|  Boyd Gaming Corp.,4.75%, 12/1/27 | 375000 | 374694 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 208000 | 213067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 337000 | 328304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 355000 | 355464 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29 | 326000 | 318402 |
|  Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 | 185000 | 178671 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/17/27 | 242000 | 242247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 288000 | 288019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 431000 | 421367 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/1/26 | 153000 | 153275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 250000 | 252411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 287000 | 287319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 299000 | 307467 |
|  Station Casinos LLC,144A,4.50%, 2/15/28 | 244000 | 243142 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 187000 | 187153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 415000 | 401614 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/31/26 | 251000 | 251858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 132000 | 133717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 249000 | 244083 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 345000 | 346225 |
|  (Cost $5,402,580) |  | **5528499** |
| **Retail — 4.7%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 593000 | 585875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 295000 | 293908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 261000 | 252239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 427000 | 439391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 219000 | 223144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 1081000 | 1038778 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 (a) | 217000 | 202873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 320000 | 328502 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 149000 | 148571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 313000 | 308301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 150000 | 147719 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 149000 | 149875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 190000 | 194207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 330000 | 338280 |
|  EG Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PLC,144A,12.00%, 11/30/28 | 421000 | 452878 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 310000 | 299898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 1/15/31 | 240000 | 249169 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 365000 | 356257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 (a) | 428000 | 404038 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 184000 | 181893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 207000 | 206109 |
|  Gap, Inc.,144A,3.625%, 10/1/29 | 274000 | 260878 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd.,144A,8.375%, 1/15/29 | 201000 | 192564 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 276000 | 271034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 189000 | 193841 |
|  LBM Acquisition LLC,144A,6.25%, 1/15/29 (a) | 264000 | 201543 |
|  LCM Investments Holdings II LLC,144A,4.875%, 5/1/29 | 375000 | 370466 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 140000 | 140155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 307000 | 296930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/1/30 | 213000 | 214477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 211000 | 203055 |
|  Michaels Cos., Inc.,144A,7.875%, 5/1/29 | 361000 | 362867 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 184000 | 182396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 186000 | 175137 |
|  Nordstrom, Inc.,4.375%, 4/1/30 | 187000 | 180206 |
|  Park River Holdings, Inc.,144A,8.75%, 12/31/30 (a) | 195000 | 188192 |
|  QVC, Inc.,144A,6.875%, 4/15/29 | 225000 | 95625 |
|  Sonic Automotive, Inc.,144A,4.625%, 11/15/29 | 231000 | 228055 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 922000 | 846778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 308000 | 216818 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 | 154000 | 161964 |
|  Yum! Brands, Inc.,144A,4.75%, 1/15/30 | 279000 | 279411 |
|  (Cost $11,989,364) |  | **12064297** |
| **Consumer, Non-cyclical — 16.4%** |  |  |
| **Agriculture — 0.2%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 219000 | 219141 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 370000 | 374981 |
|  (Cost $592,431) |  | **594122** |
| **Beverages — 0.2%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. 144A,6.25%, 4/1/29 | 223000 | 223522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 303000 | 297289 |
|  (Cost $513,081) |  | **520811** |
| **Commercial Services — 5.5%** |  |  |
|  ADT Security (The) Corp.,144A,4.125%, 8/1/29 | 383000 | 374000 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 525000 | 550125 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 875000 | 924939 |
|  Allied Universal Holdco LLC / |  |  |
|  Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 (a) | 358000 | 354529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 385000 | 400961 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 399000 | 396274 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 156000 | 152533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 | 224000 | 214585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 245000 | 247343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 | 186000 | 184506 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 396000 | 405018 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/26 | 365000 | 363667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 437000 | 442963 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 270000 | 270447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 144000 | 148403 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 344000 | 322033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 333000 | 273529 |
|  EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 395000 | 414226 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 149000 | 152687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 210000 | 205414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/31 | 225000 | 231282 |
|  GEO Group, Inc.,8.625%, 4/15/29 | 228000 | 237761 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 284000 | 293366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 642000 | 673164 |
|  Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 466000 | 430034 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 | 373000 | 193992 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,3.375%, 8/31/27 | 370000 | 364367 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 391000 | 403277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 186000 | 190610 |
|  Sabre Financial Borrower LLC,144A,11.125%, 6/15/29 | 383000 | 369427 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 200000 | 199983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 284000 | 285085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 340000 | 319764 |
|  Sotheby's,144A,7.375%, 10/15/27 | 293000 | 291398 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 271000 | 270048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 682000 | 682043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 274000 | 277244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 270000 | 262890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 370000 | 356711 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 395000 | 423132 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 194000 | 193391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 176000 | 181933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 182000 | 189057 |
|  (Cost $14,145,439) |  | **14118141** |
| **Cosmetics/Personal Care — 0.3%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 278000 | 278141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 | 188000 | 181554 |
|  Perrigo Finance Unlimited Co.,5.15%, 6/15/30 | 279000 | 270184 |
|  Prestige Brands, Inc.,144A,5.125%, 1/15/28 | 178000 | 178006 |
|  (Cost $901,866) |  | **907885** |
| **Food — 1.6%** |  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 312000 | 317783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 513000 | 494987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 370000 | 367207 |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 168000 | 163888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 305000 | 296256 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 317000 | 333021 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 183000 | 183191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 370000 | 358997 |
|  Performance Food Group, Inc.,144A,4.25%, 8/1/29 | 383000 | 376078 |
|  Post Holdings, Inc.,144A,4.625%, 4/15/30 | 501000 | 490792 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 203000 | 209555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 332000 | 330922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 187000 | 185298 |
|  (Cost $4,038,685) |  | **4107975** |
| **Healthcare-Products — 1.2%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 586000 | 581016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 299000 | 285691 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 457000 | 474137 |
|  Hologic, Inc.,144A,3.25%, 2/15/29 | 323000 | 321515 |
|  Medline Borrower LP,144A,5.25%, 10/1/29 | 950000 | 950542 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 188000 | 187076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 188000 | 185288 |
|  (Cost $2,924,844) |  | **2985265** |
| **Healthcare-Services — 5.1%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 180000 | 179292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 (a) | 177000 | 173511 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 183000 | 181215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 183000 | 176265 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 228000 | 227315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 477000 | 461253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 466000 | 412476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 588000 | 565404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 360000 | 330583 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 1060000 | 1038356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 520000 | 486254 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 350000 | 348653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 272000 | 270754 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 415000 | 415368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 406000 | 405354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 186000 | 191393 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 | 189000 | 184860 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 300000 | 320465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 401000 | 436036 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 285000 | 280269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 261000 | 237935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/31 | 315000 | 316400 |
|  MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30 (a) | 283000 | 207738 |
|  National Mentor Holdings, Inc.,144A,10.50%, 12/15/30 | 475000 | 473669 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 555000 | 580148 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 373000 | 379048 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 171000 | 172260 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 522000 | 522596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 186000 | 185848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 671000 | 672941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 526000 | 519047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 540000 | 530487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 769000 | 785298 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 383000 | 383598 |
|  (Cost $12,831,953) |  | **13052089** |
| **Pharmaceuticals — 2.3%** |  |  |
|  Accendra Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 182000 | 115547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 | 202000 | 97370 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 192000 | 184379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 233000 | 224699 |
|  Bausch Health Americas, Inc.,144A,8.50%, 1/31/27 | 246000 | 244008 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 152000 | 132365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 308000 | 286922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 340000 | 355829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 180000 | 136048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 | 315000 | 249244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 297000 | 208201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 2/15/31 | 145000 | 94734 |
|  Grifols SA,144A,4.75%, 10/15/28 | 269000 | 265819 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 296000 | 316408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 218000 | 209027 |
|  Jazz Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DAC,144A,4.375%, 1/15/29 | 562000 | 554408 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28 | 805000 | 790732 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/26 | 675000 | 670453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 444000 | 461097 |
|  Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30 | 263000 | 273077 |
|  (Cost $5,653,787) |  | **5870367** |
| **Diversified — 0.2%** |  |  |
| **Holding Companies-Diversified — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 330000 | 340403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 149000 | 155350 |
|  (Cost $494,926) |  | **495753** |
| **Energy — 9.4%** |  |  |
| **Oil & Gas — 4.6%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 382000 | 402040 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,5.875%, 6/30/29 | 165000 | 165587 |
|  California Resources Corp.,144A,8.25%, 6/15/29 | 358000 | 376050 |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp.,144A,9.75%, 2/15/31 | 151000 | 160972 |
|  Chord Energy Corp.,144A,6.00%, 10/1/30 | 277000 | 283086 |
|  CNX Resources Corp.,144A,7.375%, 1/15/31 | 192000 | 199245 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 429000 | 427663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 192000 | 191775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 334000 | 322126 |
|  Crescent Energy Finance LLC,144A,9.25%, 2/15/28 | 154000 | 158569 |
|  CVR Energy, Inc.,144A,7.50%, 2/15/31 | 215000 | 214397 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 212000 | 213634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 219000 | 220074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 205000 | 202546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 200000 | 194946 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 263000 | 277028 |
|  Kosmos Energy Ltd.,144A,7.50%, 3/1/28 | 154000 | 134279 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 235000 | 236511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 205708 | 212187 |

---

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Matador Resources Co.,144A,6.875%, 4/15/28 | 173000 | 176630 |
|  Medco Cypress Tree Pte Ltd.,144A,8.625%, 5/19/30 | 140000 | 147586 |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 218000 | 226633 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 545000 | 567549 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 302000 | 300945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 297000 | 315405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 (a) | 192000 | 192794 |
|  Permian Resources Operating LLC,144A,5.875%, 7/1/29 | 247000 | 247967 |
|  Puma International Financing SA,144A,7.75%, 4/25/29 | 235000 | 244006 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/26 | 165000 | 165254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/15/26 | 141000 | 141028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27 | 174000 | 174476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 509000 | 526323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 113000 | 113712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 296000 | 302846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 383000 | 405600 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 192000 | 192527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 238000 | 246948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 295000 | 289977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 315000 | 308360 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 222000 | 222222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 136000 | 139806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 298000 | 293772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 292000 | 285963 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 245000 | 255314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 233000 | 248068 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 277000 | 274226 |
|  Transocean International Ltd.,144A,8.25%, 5/15/29 | 340000 | 354252 |
|  (Cost $11,721,844) |  | **11952904** |
| **Oil & Gas Services — 0.5%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp.,144A,6.25%, 4/1/28 | 282000 | 282364 |
|  Kodiak Gas Services LLC,144A,7.25%, 2/15/29 | 280000 | 290518 |
|  USA Compression Partners LP / USA Compression Finance Corp.,144A,7.125%, 3/15/29 | 386000 | 399047 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  WBI Operating LLC,144A,6.25%, 10/15/30 | 288000 | 293684 |
|  (Cost $1,250,120) |  | **1265613** |
| **Pipelines — 4.3%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 231000 | 231054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 274000 | 274204 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp.,144A,7.00%, 7/15/29 | 176000 | 183829 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/26 | 217000 | 215534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 146000 | 145523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 194000 | 194284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 232000 | 240857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 185000 | 193242 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp.,144A,8.625%, 3/15/29 | 376000 | 392779 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 237000 | 237500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 290000 | 302880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 180000 | 188937 |
|  Golar LNG Ltd.,144A,7.50%, 10/2/30 | 188000 | 189284 |
|  Harvest Midstream I LP,144A,7.50%, 9/1/28 | 307000 | 310622 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 330000 | 335630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 207000 | 207301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 224000 | 231892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 276000 | 270736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 142000 | 143158 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 467000 | 454037 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,8.125%, 2/15/29 | 324000 | 336235 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/26 | 247000 | 247297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 206000 | 208105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 223000 | 234933 |
|  Rockies Express Pipeline LLC,144A,4.95%, 7/15/29 | 204000 | 204149 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 263000 | 263528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 308000 | 319458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 260000 | 263661 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **37**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 460000 | 441002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 365000 | 377153 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 812000 | 833611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 1118000 | 1199752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 559000 | 567376 |
|  Venture Global Plaquemines LNG LLC,144A,6.125%, 12/15/30 | 675000 | 701523 |
|  (Cost $10,994,032) |  | **11141066** |
| **Financial — 13.9%** |  |  |
| **Banks — 0.2%** |  |  |
|  Banco Votorantim SA,144A,5.875%, 4/8/28 | 227000 | 231256 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/27 | 184000 | 183934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 10/1/30 | 178000 | 193721 |
|  (Cost $608,268) |  | **608911** |
| **Diversified Financial Services — 5.2%** |  |  |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 (a) | 149000 | 147900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 226000 | 240729 |
|  Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/30 | 169000 | 177630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 211000 | 220383 |
|  Coinbase Global, Inc.,144A,3.375%, 10/1/28 | 359000 | 342696 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/15/28 | 227000 | 237465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/30 | 194000 | 193352 |
|  CrossCountry Intermediate HoldCo LLC,144A,6.50%, 10/1/30 | 330000 | 329103 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/1/29 | 178000 | 186525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 173000 | 185174 |
|  Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/15/28 | 171000 | 180739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 8/1/29 | 174000 | 182913 |
|  Freedom Mortgage Holdings LLC,144A,9.25%, 2/1/29 | 442000 | 461981 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/27 | 280000 | 283360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/28 | 209000 | 219889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 180000 | 185863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 144000 | 146638 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 205000 | 202993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 225000 | 211113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 156000 | 137237 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/30 | 142000 | 125993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/31 | 168000 | 145027 |
|  Jane Street Group / JSG Finance, Inc.,144A,4.50%, 11/15/29 | 224000 | 218748 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28 | 381000 | 362551 |
|  Jefferson Capital Holdings LLC,144A,8.25%, 5/15/30 | 192000 | 201305 |
|  LD Holdings Group LLC,144A,6.125%, 4/1/28 | 191000 | 170167 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/26 | 194000 | 194885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 244000 | 240504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 201000 | 192169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 | 274000 | 256131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 192000 | 194626 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/27 | 279000 | 275916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 299000 | 305366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 209000 | 202358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | 369000 | 377164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 285000 | 281959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 262000 | 274210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 279000 | 280015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 | 296000 | 273497 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 245000 | 235716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 248000 | 260586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 11/15/30 | 275000 | 282903 |
|  PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29 | 261000 | 262277 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 200000 | 203750 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 265000 | 272584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/30 | 766000 | 786314 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.875%, 10/15/26 | 437000 | 431978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 244000 | 235271 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/2/26 | 159000 | 156901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/31/30 | 181000 | 183944 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 202000 | 201267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 255000 | 250287 |
|  UWM Holdings LLC,144A,6.625%, 2/1/30 | 280000 | 278115 |
|  Velocity Commercial Capital LLC,144A,9.375%, 2/15/31 | 186000 | 188709 |
|  (Cost $13,311,150) |  | **13276876** |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Insurance — 2.5%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 350000 | 350366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 267000 | 254242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 244000 | 243632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 (a) | 140000 | 130782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 11/6/30 | 370000 | 376755 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 281000 | 277715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 493000 | 493279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 475000 | 480742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 168000 | 164053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/31 | 526000 | 535912 |
|  AmWINS Group, Inc.,144A,6.375%, 2/15/29 | 289000 | 294271 |
|  Ardonagh Finco Ltd.,144A,7.75%, 2/15/31 | 545000 | 558396 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC,144A,7.25%, 2/15/31 | 365000 | 370228 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 200000 | 197052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 1269000 | 1309645 |
|  Jones Deslauriers Insurance Management, Inc.,144A,8.50%, 3/15/30 | 265000 | 275151 |
|  Ryan Specialty LLC,144A,4.375%, 2/1/30 | 158000 | 153889 |
|  (Cost $6,502,294) |  | **6466110** |
| **Real Estate — 0.8%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 245000 | 247844 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 208000 | 205200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 174000 | 164718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 165000 | 177915 |
|  Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28 | 240000 | 240848 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 | 250000 | 242244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 242000 | 230345 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 228000 | 218486 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 250000 | 246515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 216000 | 209671 |
|  (Cost $2,081,619) |  | **2183786** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Real Estate Investment Trusts — 4.6%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a) | 186000 | 185213 |
|  Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 12/15/28 (a) | 150000 | 146059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 7/15/30 | 186000 | 171564 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 190000 | 202673 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 162000 | 158922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 211000 | 224325 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/26 | 253000 | 252923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/1/27 | 195000 | 192559 |
|  Diversified Healthcare Trust,4.75%, 2/15/28 | 162000 | 158528 |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/ TRS / EF Cayman Non- MTM,144A,7.375%, 9/30/30 | 152000 | 153702 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 123000 | 117083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 192000 | 171042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 153000 | 127298 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 376000 | 376084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 295000 | 295363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 196000 | 195964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 352000 | 361463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 362000 | 359014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 510000 | 507827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 400000 | 386106 |
|  Millrose Properties, Inc.,144A,6.375%, 8/1/30 | 450000 | 461925 |
|  MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27 (a) | 515000 | 504944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 | 344000 | 297521 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 278000 | 278160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 287000 | 282129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 198000 | 205151 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 132000 | 134687 |
|  RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27 | 242000 | 242118 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 191000 | 196269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 210000 | 207239 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 290000 | 292060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 174000 | 174944 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 7/1/26 | 169000 | 168270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/15/29 | 191000 | 182869 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/27 | 539000 | 536035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/1/29 | 542000 | 521429 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 160000 | 160468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 | 172000 | 164148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 159000 | 144552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 | 146000 | 129436 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 7/15/26 | 126000 | 125497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/27 | 222000 | 220461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/15/28 | 178000 | 178940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 230000 | 241294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 142000 | 145820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 185000 | 192514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 178000 | 185604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/31 | 220000 | 222574 |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | 258000 | 244063 |
|  (Cost $11,588,622) |  | 11784833 |
| Venture Capital — 0.6% |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 480000 | 473153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 246000 | 243335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 243000 | 207304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 375000 | 370759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 269000 | 256098 |
|  (Cost $1,567,029) |  | 1550649 |
| Industrial — 9.9% |  |  |
| Aerospace/Defense — 1.5% |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 150000 | 157227 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 312000 | 324621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 276000 | 296035 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 746000 | 760215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 434000 | 432976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 1053000 | 1082938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 283000 | 282683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 535000 | 557121 |
|  (Cost $3,846,089) |  | 3893816 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Building Materials — 1.4%** |  |  |
|  Builders FirstSource, Inc.,144A,5.00%, 3/1/30 | 196000 | 194711 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a) | 268000 | 202616 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 (a) | 186000 | 135383 |
|  Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 1035000 | 1072514 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 161000 | 161202 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 185000 | 173520 |
|  Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28 | 434000 | 434915 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 380000 | 379070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 592000 | 571543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 422000 | 389895 |
|  (Cost $3,801,082) |  | **3715369** |
| **Electrical Components & Equipment — 0.5%** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 231000 | 228970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 289000 | 280974 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 455000 | 458613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 329000 | 338633 |
|  (Cost $1,290,918) |  | **1307190** |
| **Electronics — 0.6%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 774000 | 761446 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 239000 | 234110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 228000 | 231056 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 160000 | 157100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 279000 | 263223 |
|  (Cost $1,624,535) |  | **1646935** |
| **Engineering & Construction — 0.7%** |  |  |
|  Arcosa, Inc.,144A,4.375%, 4/15/29 | 160000 | 157721 |
|  Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 532000 | 497484 |
|  Fluor Corp.,4.25%, 9/15/28 | 179000 | 177802 |
|  HTA Group Ltd./Mauritius,144A,7.50%, 6/4/29 | 341000 | 352974 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 175000 | 175720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 211000 | 221234 |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  TopBuild Corp.,144A,3.625%, 3/15/29 | 160000 | 154967 |
|  (Cost $1,731,037) |  | **1737902** |
| **Environmental Control — 0.8%** |  |  |
|  Clean Harbors, Inc.,144A,6.375%, 2/1/31 | 186000 | 191120 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 276000 | 271903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 275000 | 273450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 216000 | 212340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 383000 | 402188 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 244000 | 240998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 405000 | 404354 |
|  (Cost $1,962,324) |  | **1996353** |
| **Machinery-Construction & Mining — 0.2%** |  |  |
|  BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 142000 | 140750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 162000 | 158719 |
|  Terex Corp.,144A,5.00%, 5/15/29 | 259000 | 259402 |
|  (Cost $552,669) |  | **558871** |
| **Machinery-Diversified — 0.4%** |  |  |
|  Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 169000 | 178544 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 190000 | 194707 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 576000 | 576708 |
|  (Cost $937,244) |  | **949959** |
| **Metal Fabricate/Hardware — 0.1%** |  |  |
|  Advanced Drainage Systems, Inc.,144A,6.375%, 6/15/30 |  |  |
|  (Cost $173,745) | 170000 | **173602** |
| **Miscellaneous Manufacturing — 0.9%** |  |  |
|  Avient Corp.,144A,7.125%, 8/1/30 | 288000 | 296993 |
|  Axon Enterprise, Inc.,144A,6.125%, 3/15/30 | 383000 | 395687 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 154000 | 153262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 625000 | 625941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 142000 | 136434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 322000 | 328662 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 245000 | 252217 |
|  (Cost $2,156,482) |  | **2189196** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Packaging & Containers — 2.4%** |  |  |
|  Ardagh Group SA,144A,9.50%, 12/1/30 | 578000 | 626394 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 241000 | 233314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 | 376000 | 359189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/30/31 | 238000 | 243715 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 356000 | 367495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 477000 | 443940 |
|  Clydesdale Acquisition Holdings, Inc.,144A,6.875%, 1/15/30 | 175000 | 177902 |
|  Crown Americas LLC,5.25%, 4/1/30 | 182000 | 186383 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 191000 | 185827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 | 138000 | 130657 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/30 | 983000 | 1006862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/30 | 484000 | 477354 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 163000 | 157142 |
|  Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27 | 232000 | 232354 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 200000 | 199549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 310000 | 314477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 155000 | 156347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 155000 | 161111 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 219000 | 217817 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 7/15/30 | 158000 | 169358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 1/15/31 | 230000 | 253435 |
|  (Cost $6,182,053) |  | **6300622** |
| **Transportation — 0.2%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 | 417000 | 112938 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 287000 | 275205 |
|  (Cost $608,171) |  | **388143** |
| **Trucking & Leasing — 0.2%** |  |  |
|  FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/1/28 | 417000 | 417726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/1/30 | 180000 | 190581 |
|  (Cost $601,143) |  | **608307** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **41**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Technology — 4.9%** |  |  |
| **Computers — 0.8%** |  |  |
|  McAfee Corp.,144A,7.375%, 2/15/30 (a) | 679000 | 556369 |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 483000 | 518960 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 225000 | 221295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 167000 | 164005 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 162000 | 159020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 188000 | 198502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 150000 | 154510 |
|  (Cost $2,044,204) |  | **1972661** |
| **Office/Business Equipment — 0.1%** |  |  |
|  Xerox Corp.,144A,10.25%, 10/15/30 (a) | 152000 | 110200 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 260000 | 100074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 | 181000 | 52544 |
|  (Cost $495,742) |  | **262818** |
| **Semiconductors — 0.4%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 241000 | 257345 |
|  Kioxia Holdings Corp.,144A,6.25%, 7/24/30 | 403000 | 418799 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 257000 | 251821 |
|  (Cost $899,655) |  | **927965** |
| **Software — 3.6%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 875000 | 823559 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 (a) | 283000 | 180976 |
|  Central Parent, Inc. / CDK Global, Inc.,144A,7.25%, 6/15/29 | 279000 | 176549 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 1438000 | 1411464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 1456000 | 1427381 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 745000 | 730465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 652000 | 629908 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/26 | 160000 | 160172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 333000 | 326318 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 301000 | 287188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 333000 | 300023 |
|  Open Text Holdings, Inc.,144A,4.125%, 2/15/30 | 345000 | 311240 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 366000 | 349721 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/28/28 | 280000 | 273273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 224000 | 187762 |
|  SS&C Technologies, Inc.,144A,5.50%, 9/30/27 | 784000 | 783421 |
|  Twilio, Inc.,3.625%, 3/15/29 | 179000 | 172376 |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 931000 | 903860 |
|  (Cost $9,770,707) |  | **9435656** |
| **Utilities — 3.0%** |  |  |
| **Electric — 2.7%** |  |  |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 386000 | 384925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 320000 | 303350 |
|  Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 166000 | 168560 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 189000 | 194906 |
|  EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30 | 265000 | 250284 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 330000 | 330150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 195000 | 188050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 280000 | 281165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 295000 | 295688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 384000 | 362648 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 362000 | 361259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 383000 | 383541 |
|  Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 422000 | 445359 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/27 | 443000 | 443061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 491000 | 491269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 464000 | 459274 |
|  VoltaGrid LLC,144A,7.375%, 11/1/30 | 746000 | 779317 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 167000 | 166382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 286000 | 296993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 310000 | 328405 |
|  (Cost $6,812,069) |  | **6914586** |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 163000 | 164441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 218000 | 225446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 195000 | 208841 |
|  (Cost $585,195) |  | **598728** |

---

See Notes to Financial Statements.

**42** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Water — 0.1%** |  |  |
|  Nova Securitisation Sarl,144A,5.75%, 2/3/31 |  |  |
|  (Cost $313,728) | 317000 | **313462** |
|  **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $251,903,845) |  | **252642250** |
|  | **Number of<br>Shares** |  |
| **SECURITIES LENDING COLLATERAL — 4.5%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,666,468) | 11666468 | **11666468** |
| **CASH EQUIVALENTS — 2.6%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,750,637) | 6750637 | **6750637** |
| **TOTAL INVESTMENTS — 105.1%** |  |  |
|  (Cost $270,320,950) |  | **271059355** |
| **Other assets and liabilities,net — (5.1%)** |  | **(13201144)** |
| **NET ASSETS — 100.0%** |  | **257858211** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% | SECURITIES LENDING COLLATERAL **—** 4.5% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751783 | 2914685 (e) |  |  |  | 36642 |  | 11666468 | 11666468 |
| CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | CASH EQUIVALENTS **—** 2.6% | 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", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5758661 | 30038593 | (29046617) |  |  | 66603 |  | 6750637 | 6750637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14510444 | 32953278 | (29046617) |  |  | 103245 |  | 18417105 | 18417105 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $11,404,270, which is 4.4% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

See Notes to Financial Statements.

DBX ETF Trust \| **43**

------

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2026 (Unaudited)

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 February 28, 2026 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) | $— | $252609019 | $33231 | $252642250 |
|  Short-Term Investments (a) | 18417105 |  |  | 18417105 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18417105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252609019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271059355 |

---

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

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield BB-B ex Financials ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **CORPORATE BONDS — 97.8%** |  |  |
| **Basic Materials — 6.5%** |  |  |
| **Chemicals — 3.5%** |  |  |
|  Ashland, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 9/1/31 (a) | 1234000 | 1136819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/43 | 378000 | 398289 |
|  Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 1082000 | 1137475 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 1260000 | 1215356 |
|  Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV,144A,4.75%, 6/15/27 (a) | 932000 | 931523 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.165%, 7/15/27 (a) | 1020000 | 1055924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 1451000 | 1527064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 7/15/29 | 1067000 | 1127936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 (a) | 1200000 | 1229717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 1843000 | 1964996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31 | 1060000 | 1091790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.379%, 7/15/32 | 1643000 | 1732079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 2407000 | 2467656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 | 1633000 | 1754407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/34 (a) | 1424000 | 1462897 |
|  Cerdia Finanz GMBH,144A,9.375%, 10/3/31 | 1659000 | 1692180 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 (a) | 859000 | 868045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 (a) | 1401000 | 1409145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 (a) | 1103000 | 1044773 |
|  Chemours (The) Co.,144A,8.00%, 1/15/33 (a) | 1065000 | 1083154 |
|  Consolidated Energy Finance SA,144A,5.625%, 10/15/28 (a) | 980000 | 823200 |
|  CVR Partners LP / CVR Nitrogen Finance Corp.,144A,6.125%, 6/15/28 | 1229000 | 1225729 |
|  Element Solutions, Inc.,144A,3.875%, 9/1/28 | 1424000 | 1399783 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/1/29 (a) | 852000 | 752177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/18/33 (a) | 822000 | 721493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/49 (a) | 1042000 | 639642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/18/53 (a) | 752000 | 562937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 11/1/55 | 1427000 | 938645 |
|  HB Fuller Co.,4.25%, 10/15/28 | 733000 | 720595 |
|  Herens Holdco SARL,144A,4.75%, 5/15/28 | 580000 | 510250 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 1097000 | 1050883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 (a) | 837000 | 722336 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/34 | 695000 | 664821 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 (a) | 721000 | 667672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 (a) | 1280000 | 1142847 |
|  Ingevity Corp.,144A,3.875%, 11/1/28 (a) | 1079000 | 1052091 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 1490000 | 1495848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (a) | 1250000 | 1260473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/1/44 | 613000 | 557990 |
|  Methanex US Operations, Inc.,144A,6.25%, 3/15/32 (a) | 806000 | 834212 |
|  Minerals Technologies, Inc.,144A,5.00%, 7/1/28 | 557000 | 554911 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 1480000 | 1487875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 587000 | 614519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 (a) | 1352000 | 1326640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 1463000 | 1554228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 537000 | 572755 |
|  Nufarm Australia Ltd. / Nufarm Americas, Inc.,144A,5.00%, 1/27/30 | 590000 | 541026 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 | 1199000 | 1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 (a) | 932000 | 906342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/33 | 1066000 | 1040919 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/1/28 | 1355000 | 1317453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/31 | 1674000 | 1712745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 1983000 | 1952086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/33 | 2662000 | 2649935 |
|  Perimeter Holdings LLC,144A,6.25%, 1/15/34 | 990000 | 994514 |
|  Rain Carbon, Inc.,144A,12.25%, 9/1/29 (a) | 704000 | 749680 |
|  SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 1887000 | 1879776 |
|  SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 1007000 | 990959 |
|  SNF Group SACA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.125%, 3/15/27 | 470000 | 462464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 3/15/30 | 820000 | 774867 |
|  Solstice Advanced Materials, Inc.,144A,5.625%, 9/30/33 | 1770000 | 1789153 |
|  Tronox, Inc.,144A,9.125%, 9/30/30 (a) | 757000 | 743304 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 | 266000 | 273069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 1211000 | 1225080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/33 | 900000 | 916335 |
|  (Cost $71,841,868) |  | **72303581** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **45**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Forest Products & Paper — 0.2%** |  |  |
|  Ahlstrom Holding 3 Oy,144A,4.875%, 2/4/28 | 610000 | 606554 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 (a) | 896000 | 832549 |
|  Magnera Corp.,144A,7.25%, 11/15/31 (a) | 1424000 | 1393778 |
|  (Cost $2,797,368) |  | **2832881** |
| **Iron/Steel — 1.3%** |  |  |
|  Algoma Steel, Inc.,144A,9.125%, 4/15/29 | 630000 | 577528 |
|  Big River Steel LLC / BRS Finance Corp.,144A,6.625%, 1/31/29 | 759000 | 763066 |
|  Carpenter Technology Corp.,144A,5.625%, 3/1/34 | 1300000 | 1325583 |
|  Champion Iron Canada, Inc.,144A,7.875%, 7/15/32 | 832000 | 884903 |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/29 | 705000 | 689979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 1429000 | 1471891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 (a) | 1465000 | 1486733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 3/1/31 | 747000 | 708708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 (a) | 1522000 | 1588583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 | 2484000 | 2522815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 (a) | 1599000 | 1640945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 1/15/34 | 1851000 | 1899628 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/30 | 663000 | 648076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 483000 | 459261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/32 | 553000 | 529720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/33 | 1693000 | 1727342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/15/35 | 1693000 | 1734052 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 1325000 | 1354104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 1348000 | 1411831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 (a) | 1178000 | 1217989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/1/31 (a) | 1345000 | 1414596 |
|  United States Steel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/1/29 | 728000 | 726715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 6/1/37 | 538000 | 565841 |
|  (Cost $27,112,976) |  | **27349889** |
| **Mining — 1.5%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 (a) | 802000 | 788693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 1297000 | 1371223 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 922000 | 955647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 902000 | 936492 |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 10/1/30 | 1280000 | 1352039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.50%, 10/1/31 | 822000 | 906523 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Century Aluminum Co.,144A,6.875%, 8/1/32 | 687000 | 710604 |
|  Coeur Mining, Inc.,144A,5.125%, 2/15/29 | 734000 | 731700 |
|  Compass Minerals International, Inc.,144A,8.00%, 7/1/30 | 1293000 | 1364180 |
|  Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 6/15/28 | 560000 | 558936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/15/29 | 822000 | 796480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/15/32 | 520000 | 541286 |
|  Eldorado Gold Corp.,144A,6.25%, 9/1/29 | 1252000 | 1256044 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 1026000 | 1025143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 894000 | 920737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 1933000 | 1873646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 (a) | 1273000 | 1333096 |
|  Hecla Mining Co.,7.25%, 2/15/28 | 499000 | 499492 |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 (a) | 998000 | 1005899 |
|  IAMGOLD Corp.,144A,5.75%, 10/15/28 | 1114000 | 1116635 |
|  Jw Aluminum Continuous Cast Co.,144A,10.25%, 4/1/30 | 580000 | 599865 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/31 (a) | 939000 | 907474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/34 | 891000 | 900924 |
|  New Gold, Inc.,144A,6.875%, 4/1/32 | 737000 | 783233 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/30/30 | 2799000 | 2712524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/30/30 | 1517000 | 1565966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/31 | 1257000 | 1148771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/15/33 | 1307000 | 1321225 |
|  Perenti Finance Pty Ltd.,144A,7.50%, 4/26/29 | 670000 | 695852 |
|  Taseko Mines Ltd.,144A,8.25%, 5/1/30 | 1052000 | 1113683 |
|  (Cost $31,309,048) |  | **31794012** |
| **Communications — 15.3%** |  |  |
| **Advertising — 1.2%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 1312000 | 1382591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 1963000 | 2074913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 1739000 | 1877287 |
|  Dotdash Meredith, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inc.,144A,7.625%, 6/15/32 | 708000 | 654964 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 1059000 | 1041332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/29 | 627000 | 626503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 (a) | 889000 | 861027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 1123000 | 1060868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/1/33 | 687000 | 688794 |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.29%, 4/15/29 | 4665000 | 4674143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.375%, 5/15/31 | 2162000 | 2182115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/15/33 | 2630000 | 2574220 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 1215000 | 1215382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 982000 | 963529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 (a) | 760000 | 745597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 1054000 | 1108062 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 1970000 | 1815829 |
|  (Cost $25,334,777) |  | **25547156** |
| **Internet — 1.9%** |  |  |
|  ANGI Group LLC,144A,3.875%, 8/15/28 (a) | 832000 | 746728 |
|  Arches Buyer, Inc.,144A,4.25%, 6/1/28 | 1698000 | 1644557 |
|  Cablevision Lightpath LLC,144A,3.875%, 9/15/27 | 1004000 | 1003208 |
|  Cars.com, Inc.,144A,6.375%, 11/1/28 (a) | 877000 | 858629 |
|  Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 (a) | 684000 | 671440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 | 683000 | 671305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 (a) | 1072000 | 949706 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 1459000 | 1470104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 9/30/30 | 1206000 | 1224843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 1696000 | 1687845 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 861000 | 856456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 1654000 | 1547358 |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/28 | 645000 | 596907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/1/28 | 666000 | 616925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 864000 | 809532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/1/29 | 1279000 | 1185470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 1378000 | 1294398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 8/1/29 | 851000 | 790683 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 (a) | 924000 | 923804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 712000 | 703371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 2/15/29 | 780000 | 778663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 952000 | 904705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 812000 | 736802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 1270000 | 1266522 |
|  Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, Perpetual (a) | 1773000 | 1694910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/29 | 3590000 | 3981890 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual6/15/74 | 969000 | 1002869 |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 2680000 | 2669333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 983000 | 980000 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 1434000 | 1481956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 1210000 | 1272448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 11/15/32 | 1214000 | 1237303 |
|  Ziff Davis, Inc.,144A,4.625%, 10/15/30 | 821000 | 737874 |
|  (Cost $39,128,227) |  | **38998544** |
| **Media — 6.1%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 1565000 | 1678467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 727000 | 744731 |
|  Block Communications, Inc.,144A,10.25%, 3/1/31 | 800000 | 735605 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 1036000 | 717200 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 994000 | 993778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 3934000 | 3925518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 (a) | 2367000 | 2361369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 2355000 | 2386364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 4794000 | 4634663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 4375000 | 4172995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 4700000 | 4380871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 (a) | 1875000 | 1934574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 (a) | 1908000 | 1774299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 4550000 | 4163953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/33 (a) | 2750000 | 2811726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 (a) | 2750000 | 2456073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 (a) | 3183000 | 2772714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/1/36 (a) | 1900000 | 1928578 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 2859000 | 2859981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 1337000 | 1338542 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 2965000 | 2968445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 3694000 | 3778121 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/28 | 2293000 | 2278898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 1179000 | 1162671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 1640000 | 1590800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 801000 | 636579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 784000 | 638254 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 3445000 | 3566526 |
|  Gray Media, Inc. 144A,10.50%, 7/15/29 (a) | 1780000 | 1908286 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **47**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | 1385000 | 1430154 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 1463000 | 1460695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 (a) | 1175000 | 1200665 |
|  Midcontinent Communications,144A,8.00%, 8/15/32 (a) | 1160000 | 1092654 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 3032000 | 3032285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 (a) | 1770000 | 1761329 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/28/57 | 1160000 | 899348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/30/62 | 1793000 | 1407505 |
|  Scripps Escrow II, Inc.,144A,3.875%, 1/15/29 (a) | 914000 | 862165 |
|  Sinclair Television Group, Inc.,144A,8.125%, 2/15/33 | 2556000 | 2661435 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 2671000 | 2669425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 3390000 | 3309466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 (a) | 2466000 | 2468491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 (a) | 2578000 | 2429972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 (a) | 2772000 | 2542424 |
|  Sunrise FinCo I BV,144A,4.875%, 7/15/31 (a) | 2091000 | 1993358 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 1523000 | 1518687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 2012000 | 2010095 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 2693000 | 2766258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 (a) | 1720000 | 1631677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 1634000 | 1634031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 2087000 | 2135848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 2839000 | 3004134 |
|  Versant Media Group, Inc.,144A,7.25%, 1/30/31 | 1690000 | 1729519 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 1656000 | 1387459 |
|  Virgin Media O2 Vendor Financing Notes VI DAC,144A,8.50%, 3/15/33 | 892000 | 818705 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 2320000 | 2252325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 1752000 | 1597049 |
|  VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/32 | 2699000 | 2398560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 1/15/33 | 2006000 | 1970951 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 944000 | 819086 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 1757000 | 1655574 |
|  (Cost $126,637,909) |  | **127851910** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Telecommunications — 6.1%** |  |  |
|  Africell Holding Ltd.,144A,10.50%, 10/23/29 | 609000 | 613267 |
|  APLD ComputeCo. LLC,144A,9.25%, 12/15/30 | 4119000 | 4323269 |
|  Bell Telephone Co. of Canada Or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/15/55 | 1703000 | 1778048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/15/55 | 2291000 | 2424895 |
|  Black Pearl Compute LLC,144A,6.125%, 2/15/31 | 3550000 | 3633254 |
|  British Telecommunications PLC,144A,4.875%, 11/23/81 | 860000 | 844626 |
|  Ciena Corp.,144A,4.00%, 1/31/30 (a) | 637000 | 615267 |
|  Cipher Compute LLC,144A,7.125%, 11/15/30 (a) | 3059000 | 3188530 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 3002000 | 3185641 |
|  Connect Holding II LLC,144A,10.50%, 4/3/31 (a) | 3971000 | 3840104 |
|  EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 | 9889000 | 10798234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% Cash or PIK, 11/30/30 | 4244968 | 4299108 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 760000 | 771142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 877000 | 859674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 892000 | 904375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 952000 | 982471 |
|  Flash Compute LLC,144A,7.25%, 12/31/30 | 2250000 | 2303142 |
|  GCI LLC,144A,4.75%, 10/15/28 | 1156000 | 1135845 |
|  Iliad Holding SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 10/15/28 | 1368000 | 1385240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 1696000 | 1817118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/32 | 1522000 | 1562427 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 1/15/29 | 540000 | 507600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 7/15/29 | 650000 | 602511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 3578000 | 3705645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 4305000 | 4475239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/36 | 3350000 | 3488018 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 1/15/29 | 540000 | 514034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 9/15/39 | 620000 | 591334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 3/15/42 | 500000 | 466615 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 637200 | 635635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 1215000 | 1222380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 (a) | 1552000 | 1449013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 714000 | 738667 |

---

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/55 | 1972000 | 2062473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 4/15/55 | 1765000 | 1869260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/82 | 1477000 | 1478892 |
|  SES Americom, Inc.,144A,5.30%, 3/25/44 | 930000 | 760489 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA,144A,5.30%, 4/4/43 | 420000 | 339121 |
|  SV RNO Property Owner 1 LLC,144A,5.875%, 3/1/31 | 6750000 | 6780238 |
|  Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/15/33 | 870000 | 923892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/34 (a) | 802000 | 834868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/36 | 1029000 | 1140102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | 841000 | 961003 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/55 | 1064000 | 1098706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/55 | 1516000 | 1599767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 6/9/56 | 1482000 | 1503883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 6/9/56 | 1230000 | 1239944 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,144A,4.75%, 4/15/28 | 1016000 | 1013544 |
|  Uniti Services LLC,144A,7.50%, 10/15/33 | 2453000 | 2552180 |
|  Viasat, Inc.,144A,5.625%, 4/15/27 | 1557000 | 1554129 |
|  Viavi Solutions, Inc.,144A,3.75%, 10/1/29 | 797000 | 757208 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 2331000 | 2055174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 (a) | 2359000 | 2100149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 1784000 | 1783953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/33 | 1595000 | 1511844 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/79 | 2966000 | 3140341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/4/81 | 2393000 | 2261889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/4/81 | 1560000 | 1261289 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 3837000 | 4039728 |
|  WULF Compute LLC,144A,7.75%, 10/15/30 (a) | 5731000 | 6069209 |
|  Zayo Group Holdings, Inc.,144A,5.75% - 9.25% Cash and 0.50% - 1.0% PIK, 3/9/30 (a)(b) | 2036000 | 1985064 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 1438000 | 1518463 |
|  (Cost $123,573,472) |  | **125859170** |
| **Consumer, Cyclical — 21.9%** |  |  |
| **Airlines — 0.9%** |  |  |
|  Allegiant Travel Co.,144A,7.25%, 8/15/27 | 784000 | 791274 |
|  American Airlines, Inc.,144A,7.25%, 2/15/28 (a) | 1338000 | 1363649 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  American Airlines, Inc. / AAdvantage Loyalty IP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ltd.,144A,5.75%, 4/20/29 | 5494000 | 5556119 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 (a) | 3509000 | 3566006 |
|  OneSky Flight LLC,144A,8.875%, 12/15/29 | 979000 | 1041924 |
|  United Airlines Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/1/29 | 1800000 | 1812984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/1/31 | 1780000 | 1814816 |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/1/27 (a) | 1002000 | 1004460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/28 | 912000 | 940644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/30 (a) | 1773000 | 1649397 |
|  (Cost $19,257,879) |  | **19541273** |
| **Apparel — 0.7%** |  |  |
|  Beach Acquisition Bidco LLC,144A,10.00% Cash or 10.75% PIK, 7/15/33 | 4143738 | 4578842 |
|  Champ Acquisition Corp.,144A,8.375%, 12/1/31 | 872000 | 927307 |
|  Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 3/15/29 | 620000 | 604095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 620000 | 578149 |
|  Kontoor Brands, Inc.,144A,4.125%, 11/15/29 | 757000 | 721313 |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 | 812000 | 761929 |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 (a) | 707000 | 730219 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 1005000 | 979967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 1340000 | 1229896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/33 | 502000 | 513033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/1/37 | 513000 | 506253 |
|  William Carter (The) Co.,144A,7.375%, 2/15/31 | 1022000 | 1052591 |
|  Wolverine World Wide, Inc.,144A,4.00%, 8/15/29 (a) | 889000 | 840056 |
|  (Cost $13,700,805) |  | **14023650** |
| **Auto Manufacturers — 1.5%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 757000 | 756121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 820000 | 828530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 (a) | 1721000 | 1637113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 12/1/33 | 927000 | 946670 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/27 (a) | 1002000 | 995425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/28 | 993000 | 993500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/15/29 (a) | 649000 | 649367 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **49**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
|  JB Poindexter & Co., Inc.,144A,8.75%, 12/15/31 | 1519000 | 1572712 |
|  New Flyer Holdings, Inc.,144A,9.25%, 7/1/30 | 980000 | 1057833 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 707000 | 711850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 (a) | 1189000 | 1133711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.45%, 9/15/28 | 620000 | 580053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 1210000 | 1257324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/29/28 | 1327000 | 1335548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.55%, 9/13/29 | 613000 | 611659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/30/30 | 2199000 | 2204091 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 | 4478000 | 4444716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 1773000 | 1870114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 (a) | 4437000 | 4216558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 1348000 | 1441503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 (a) | 2204000 | 2406760 |
|  Wabash National Corp.,144A,4.50%, 10/15/28 (a) | 687000 | 632843 |
|  (Cost $31,985,197) |  | 32284001 |
| Auto Parts & Equipment — 2.2% |  |  |
|  Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/28 | 976000 | 995172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 | 852000 | 891315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/33 (a) | 1408000 | 1477713 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 7/1/28 (a) | 385000 | 385352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 (a) | 1006000 | 982814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 10/15/32 | 1437000 | 1462473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/33 | 2309000 | 2346731 |
|  Aptiv Swiss Holdings Ltd.,6.875%, 12/15/54 | 920000 | 959161 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 1488000 | 1522013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 1503000 | 1574332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/15/32 | 2155000 | 2236944 |
|  Cooper-Standard Automotive, Inc.,144A,13.50%, 3/31/27 | 850000 | 868952 |
|  Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/30 (a) | 952000 | 1014524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/15/33 (a) | 950000 | 978444 |
|  Garrett Motion Holdings, Inc. / Garrett LX I SARL,144A,7.75%, 5/31/32 | 1430000 | 1511253 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 1424000 | 1420153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 (a) | 1244000 | 1219413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 (a) | 932000 | 952252 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 (a) | 919000 | 881207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 1071000 | 1021845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 864000 | 822353 |
|  IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.3750% Cash or 7.125% PIK, 5/15/29 | 543000 | 549983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.750% Cash or 8.5% PIK, 11/15/30 | 752000 | 790370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.000% Cash or 8.750% PIK, 11/15/32 | 1027000 | 1095518 |
|  Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/29 | 1160000 | 1198905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 804000 | 834685 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 1653000 | 1691294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 1307000 | 1357057 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 3393000 | 3393017 |
|  Titan International, Inc.,7.00%, 4/30/28 | 1276000 | 1280047 |
|  ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/14/28 | 967000 | 999500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 1179000 | 1206435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 1294000 | 1307058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/24/31 | 2815000 | 2901178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 1160000 | 1163685 |
|  (Cost $44,523,295) |  | **45293148** |
| **Distribution/Wholesale — 0.5%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 1440000 | 1419024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 (a) | 717000 | 692133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Corp.,144A,6.875%, 7/1/29 | 1199000 | 1244007 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 814000 | 827140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 1454000 | 1511673 |
|  Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 | 403000 | 392865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 1226000 | 1251649 |
|  S&s Holdings LLC,144A,8.375%, 10/1/31 | 1072000 | 1004694 |
|  Windsor Holdings III LLC,144A,8.50%, 6/15/30 (a) | 1187000 | 1244738 |
|  (Cost $9,570,531) |  | **9587923** |
| **Entertainment — 3.9%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 (a) | 1000000 | 1038755 |
|  Banijay Entertainment SAS,144A,8.125%, 5/1/29 (a) | 1067000 | 1104521 |
|  Boyne USA, Inc.,144A,4.75%, 5/15/29 | 1277000 | 1267901 |
|  Brightstar Lottery PLC,144A,5.25%, 1/15/29 (a) | 1277000 | 1271637 |

---

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp.,144A,5.75%, 1/15/33 | 1393000 | 1384132 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 2214000 | 2165972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 3436000 | 3522721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 (a) | 2845000 | 2891081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 1812000 | 1771260 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 1479000 | 1479728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 (a) | 1060000 | 1056560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 2142000 | 2159142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 1076000 | 1108394 |
|  Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/28 | 1567000 | 1567282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 (a) | 946000 | 985281 |
|  Discovery Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27 | 2105000 | 2098453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 2430000 | 2404169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 4716000 | 4332825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 | 493000 | 408717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/42 | 7332000 | 5150730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 3/15/52 | 1700000 | 1113500 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 945000 | 960492 |
|  Jacobs Entertainment, Inc.,144A,6.75%, 2/15/29 | 920000 | 904378 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 712000 | 729810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 1399000 | 1458458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 1593000 | 1599882 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 2062000 | 2071774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 (a) | 1726000 | 1724895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 762000 | 749959 |
|  Merlin Entertainments Group US Holdings, Inc.,144A,7.375%, 2/15/31 | 908000 | 749143 |
|  Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.,144A,4.875%, 5/1/29 | 1157000 | 1136715 |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 1407000 | 1466176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 1212000 | 1284856 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 (a) | 721000 | 574899 |
|  Odeon Finco PLC,144A,12.75%, 11/1/27 (a) | 638000 | 646299 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 767000 | 741387 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Penn Entertainment, Inc.,144A,4.125%, 7/1/29 (a) | 788000 | 743692 |
|  Resorts World Las Vegas LLC / RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/16/29 (a) | 1960000 | 1786491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.45%, 7/27/30 | 690000 | 703249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/6/31 | 590000 | 509727 |
|  Rivers Enterprise Borrower LLC,144A,6.25%, 10/15/30 | 1082000 | 1105561 |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33 | 1092000 | 1120674 |
|  SeaWorld Parks & Entertainment, Inc.,144A,5.25%, 8/15/29 (a) | 1299000 | 1260043 |
|  Six Flags Entertainment Corp.,144A,7.25%, 5/15/31 | 1428000 | 1401561 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/28 | 463000 | 463386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/29 | 870000 | 836789 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 1520000 | 1545367 |
|  Six Flags Entertainment Corp./ Canada's Wonderland Co/ Millennium Operations LLC,144A,8.625%, 1/15/32 | 1800000 | 1822489 |
|  Speedway Motorsports LLC / Speedway Funding II, Inc.,144A,4.875%, 11/1/27 | 450000 | 448232 |
|  Universal Entertainment Corp.,144A,9.875%, 8/1/29 (a) | 509000 | 499443 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 1002000 | 1019685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 1076000 | 1114402 |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 3306000 | 3530216 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 1357000 | 1364743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 (a) | 1807000 | 1951452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 (a) | 1374000 | 1403181 |
|  (Cost $80,988,685) |  | **81712267** |
| **Food Service — 0.2%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 1982000 | 1982533 |
|  TKC Holdings, Inc.,144A,8.50%, 8/15/30 | 1900000 | 1944251 |
|  (Cost $3,908,161) |  | **3926784** |
| **Home Builders — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams Homes, Inc.,144A,9.25%, 10/15/28 | 922000 | 956532 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **51**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 610000 | 594370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/1/30 | 707000 | 675333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/1/33 | 816000 | 823629 |
|  Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/27 | 480000 | 479237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/29 | 600000 | 612152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/31 | 500000 | 514437 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 1106000 | 1104779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/15/29 | 660000 | 639347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 879000 | 826182 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 890000 | 848497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/15/33 | 832000 | 845408 |
|  Dream Finders Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/15/28 | 590000 | 609458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/30 | 556000 | 568501 |
|  Empire Communities Corp.,144A,9.75%, 5/1/29 | 822000 | 848895 |
|  Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/28 | 551000 | 551520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/15/33 | 922000 | 943944 |
|  Installed Building Products, Inc.,144A,5.625%, 2/1/34 | 850000 | 861280 |
|  K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/31 | 824000 | 847469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 10/1/33 (a) | 803000 | 823456 |
|  KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/27 | 503000 | 511898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/29 | 527000 | 526238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/30 | 570000 | 583329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/31 | 744000 | 710749 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 714000 | 744960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/29 | 493000 | 458013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 (a) | 711000 | 697022 |
|  M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 2/1/28 | 626000 | 623852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 2/15/30 | 593000 | 571133 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 (a) | 1005000 | 981154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/15/33 | 856000 | 842550 |
|  New Home Co., Inc.,144A,9.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/1/29 | 515000 | 542379 |
|  New Home Co., (The), Inc.,144A,8.50%, 11/1/30 | 778000 | 810145 |
|  Shea Homes LP / Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 | 693000 | 689426 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/29 | 602000 | 594407 |
|  STL Holding Co. LLC,144A,8.75%, 2/15/29 | 281000 | 294602 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 808000 | 824153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 894000 | 901791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/32 | 935000 | 966128 |
|  Thor Industries, Inc.,144A,4.00%, 10/15/29 | 872000 | 837033 |
|  Tri Pointe Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/27 | 475000 | 477742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 6/15/28 | 750000 | 761579 |
|  (Cost $29,561,952) |  | **29924709** |
| **Home Furnishings — 0.5%** |  |  |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 (a) | 1565000 | 1520919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 1374000 | 1289776 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 1100000 | 1084056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 (a) | 1076000 | 1080829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 5/15/31 | 603000 | 504119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/14/32 | 603000 | 548885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/33 | 573000 | 547311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 (a) | 1076000 | 1073789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/34 | 493000 | 468428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 3/1/43 | 386000 | 314166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/46 | 912000 | 669245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 5/15/50 (a) | 912000 | 667837 |
|  (Cost $9,747,598) |  | **9769360** |
| **Housewares — 0.6%** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28 | 795000 | 794181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 (a) | 872000 | 841503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/31 | 637000 | 608051 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 872000 | 884688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 2249000 | 2367301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 (a) | 902000 | 916056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 (a) | 1332000 | 1336085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (a) | 892000 | 891958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 4/1/36 (a) | 764000 | 771062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/46 | 1150000 | 1023740 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (a) | 743000 | 734906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 948000 | 896295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 607000 | 576853 |
|  (Cost $12,293,613) |  | **12642679** |
| **Leisure Time — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co.,144A,5.625%, 12/1/33 | 922000 | 938380 |

---

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Amer Sports Co.,144A,6.75%, 2/16/31 | 1184000 | 1235381 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/29 | 2440000 | 2475016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 1787000 | 1848148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 1623000 | 1696071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 5379000 | 5582321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 (a) | 3529000 | 3653418 |
|  Kingpin Intermediate Holdings LLC,144A,7.25%, 10/15/32 (a) | 894000 | 829799 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 752000 | 774567 |
|  Lindblad Expeditions LLC,144A,7.00%, 9/15/30 | 1057000 | 1108831 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 1236000 | 1320645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/1/30 | 653000 | 668516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/31 | 1972000 | 1992765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 3116000 | 3208966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/33 | 1505000 | 1519063 |
|  NCL Finance Ltd.,144A,6.125%, 3/15/28 | 1055000 | 1082992 |
|  Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 5/1/29 | 570000 | 568484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/1/32 | 893000 | 917220 |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 771000 | 772159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 7/15/31 | 1157000 | 1230984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/33 | 2976000 | 3035996 |
|  Viking Ocean Cruises Ship VII Ltd.,144A,5.625%, 2/15/29 | 920000 | 919245 |
|  VOC Escrow Ltd.,144A,5.00%, 2/15/28 | 1177000 | 1175998 |
|  (Cost $38,073,507) |  | **38554965** |
| **Lodging — 2.0%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 1633000 | 1630817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 1737000 | 1699198 |
|  Genting New York LLC / Genny Capital, Inc.,144A,7.25%, 10/1/29 | 1020000 | 1057564 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 1216000 | 1244837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 1344000 | 1308565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 1803000 | 1804394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 (a) | 1907000 | 1831104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 2666000 | 2484011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 764000 | 789861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 1765000 | 1816596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 1780000 | 1822115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/34 | 1750000 | 1768678 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 894000 | 841205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 1640000 | 1673175 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.,144A,5.00%, 6/1/29 (a) | 1472000 | 1436618 |
|  Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.,4.875%, 4/1/27 | 1046000 | 1046190 |
|  Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/28 | 680000 | 673196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/15/29 (a) | 742000 | 716113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 1079000 | 1046234 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 1137000 | 1147357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 1333000 | 1333776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 1583000 | 1626981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 (a) | 1237000 | 1269704 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 1078000 | 1073643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 (a) | 949000 | 915652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 897000 | 918278 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 647000 | 654972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 1053000 | 1031539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 750000 | 732506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/1/33 | 902000 | 916852 |
|  Wyndham Hotels & Resorts, Inc.,144A,4.375%, 8/15/28 | 792000 | 786403 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 1579000 | 1583440 |
|  (Cost $40,097,837) |  | **40681574** |
| **Office Furnishings — 0.0%** |  |  |
|  HNI Corp.,144A,5.125%, 1/18/29 |  |  |
|  (Cost $585,897) | 603000 | **594058** |
| **Retail — 5.6%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 2572000 | 2539514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 1569000 | 1562186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 1337000 | 1290993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 1882000 | 1935567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 1157000 | 1177449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 5031000 | 4831304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd.,144A,6.00%, 11/15/27 | 535000 | 537032 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/1/27 | 700000 | 668497 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **53**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/9/28 | 403000 | 414305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 (a) | 991000 | 925772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 (a) | 1659000 | 1701927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/32 | 530000 | 470553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 (a) | 1862000 | 1908187 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 (a) | 644000 | 640189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 1164000 | 1145868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 (a) | 1158000 | 1139758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/32 | 1001000 | 973488 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 797000 | 801038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 738000 | 751868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 1464000 | 1499476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/1/33 | 582000 | 581753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/35 | 1396000 | 1422412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/36 | 972000 | 975380 |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc.,144A,9.50%, 7/1/32 (a) | 870000 | 801379 |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC,144A,5.125%, 4/15/29 | 536000 | 473155 |
|  BlueLinx Holdings, Inc.,144A,6.00%, 11/15/29 | 403000 | 397435 |
|  Brinker International, Inc.,144A,8.25%, 7/15/30 | 595000 | 626765 |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 6/1/30 | 2968000 | 3089866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 6/1/31 | 3932500 | 4312902 |
|  Cougar JV Subsidiary LLC,144A,8.00%, 5/15/32 | 1182000 | 1258884 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 2311000 | 2484727 |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 1472000 | 1422992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 1/15/31 | 1183000 | 1227409 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.,144A,4.625%, 1/15/29 | 1793000 | 1743460 |
|  Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/29 | 1497000 | 1424015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/1/31 | 1291000 | 1201475 |
|  Gee Automotive Holdings LLC,144A,7.25%, 3/1/31 | 530000 | 538721 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 960000 | 919018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 865000 | 801059 |
|  Global Auto Holdings Ltd./ Aag Fh UK Ltd.,144A,11.50%, 8/15/29 | 986000 | 1007401 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 1337000 | 1312234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 883000 | 905152 |
|  Ken Garff Automotive LLC,144A,4.875%, 9/15/28 | 767000 | 763135 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,144A,4.75%, 6/1/27 | 1498000 | 1495785 |
|  Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/30 | 724000 | 788162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/1/31 | 782000 | 661814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/17/45 | 759000 | 497200 |
|  LBM Acquisition LLC,144A,9.50%, 6/15/31 | 1736000 | 1619167 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/29 | 1680000 | 1655503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/31 | 1612000 | 1694397 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 647000 | 645494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 1304000 | 1260483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/1/30 | 1146000 | 1153197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 1115000 | 1072455 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 (a) | 701000 | 706088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 (a) | 799000 | 837058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/34 (a) | 792000 | 715706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/15/42 | 487000 | 404573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 2/15/43 | 366000 | 264304 |
|  Men's Wearhouse LLC (The),144A,9.00%, 2/1/31 | 803000 | 826692 |
|  Michaels Cos., Inc.,144A,5.25%, 5/1/28 | 1758000 | 1757215 |
|  Michaels (The) Cos., Inc.,144A,8.50%, 3/15/33 | 3550000 | 3453102 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/1/27 | 403000 | 402633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 672000 | 665697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1022000 | 961571 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/15/27 | 610000 | 605123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/28 | 612000 | 634994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 (a) | 762000 | 733683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 | 791000 | 737088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/44 | 1736000 | 1322272 |
|  Papa John's International, Inc.,144A,3.875%, 9/15/29 | 715000 | 676499 |
|  Park River Holdings, Inc.,144A,8.00%, 3/15/31 | 1454000 | 1463325 |
|  Penske Automotive Group, Inc.,3.75%, 6/15/29 | 902000 | 872347 |
|  Petco Health & Wellness Co., Inc.,144A,8.25%, 2/1/31 | 1072000 | 1046952 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  PetSmart LLC / PetSmart Finance Corp.,144A,7.50%, 9/15/32 (a) | 3494000 | 3535509 |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 3882000 | 4020650 |
|  Sally Holdings LLC / Sally Capital, Inc.,6.75%, 3/1/32 (a) | 906000 | 940576 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 1043000 | 1025570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/15/31 | 902000 | 871514 |
|  Specialty Building Products Holdings LLC / Sbp Finance Corp.,144A,7.75%, 10/15/29 | 825000 | 795637 |
|  Staples, Inc.,144A,10.75%, 9/1/29 (a) | 4404000 | 4040952 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/1/31 | 1163000 | 1120041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 12/15/35 | 652000 | 645372 |
|  Superior Plus LP / Superior General Partner, Inc.,144A,4.50%, 3/15/29 | 1106000 | 1074601 |
|  Victoria's Secret & Co.,144A,4.625%, 7/15/29 | 1016000 | 992351 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a) | 1044000 | 1097133 |
|  Vivo Energy Investments BV,144A,5.125%, 9/24/27 | 557000 | 554379 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 1430000 | 1431098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 1770000 | 1680121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 1948000 | 1915404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 1753000 | 1781995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/37 | 666000 | 743594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/1/43 | 491000 | 479327 |
|  (Cost $115,497,949) |  | **116982103** |
| **Consumer, Non-cyclical — 16.5%** |  |  |
| **Agriculture — 0.2%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 672000 | 671808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 (a) | 1783000 | 1805751 |
|  Turning Point Brands, Inc.,144A,7.625%, 3/15/32 | 535000 | 573712 |
|  (Cost $3,024,594) |  | **3051271** |
| **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 1287000 | 1286769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 (a) | 1373000 | 1346042 |
|  (Cost $2,610,064) |  | **2632811** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Biotechnology — 0.3%** |  |  |
|  BioMarin Pharmaceutical, Inc.,144A,5.50%, 2/15/34 | 1500000 | 1513188 |
|  Genmab A/S/Genmab Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 12/15/32 | 2585000 | 2682773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 12/15/33 | 1793000 | 1902617 |
|  (Cost $6,056,991) |  | **6098578** |
| **Commercial Services — 5.2%** |  |  |
|  ADT Security Corp.,144A,4.875%, 7/15/32 | 1408000 | 1365869 |
|  ADT Security (The) Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/29 | 1781000 | 1737598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/33 | 1753000 | 1781688 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 (a) | 2230000 | 2335374 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 3972000 | 4196452 |
|  Allied Universal Holdco LLC / Allied Universal Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp.,144A,6.875%, 6/15/30 | 2132000 | 2219097 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 2031000 | 2015834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 1498000 | 1483776 |
|  Alta Equipment Group, Inc.,144A,9.00%, 6/1/29 (a) | 890000 | 840345 |
|  AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 590000 | 561920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/31 | 707000 | 709880 |
|  APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/15/29 | 552000 | 534745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/29 | 573000 | 564384 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/27 | 591000 | 590211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/27 | 577000 | 576640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 697000 | 681055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 (a) | 1076000 | 1030090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 1140000 | 1149975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 (a) | 832000 | 824720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 (a) | 1206000 | 1185935 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 (a) | 1968000 | 2011605 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 1131000 | 1129665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 667000 | 686876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/32 (a) | 697000 | 721325 |
|  Carriage Services, Inc.,144A,4.25%, 5/15/29 | 753000 | 725051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC,144A,7.375%, 9/15/32 (a) | 938000 | 943657 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **55**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 1487000 | 1390811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 (a) | 1647000 | 1351147 |
|  CompoSecure Holdings LLC,144A,5.625%, 2/1/33 | 1600000 | 1592000 |
|  CoreCivic, Inc.,8.25%, 4/15/29 | 894000 | 929622 |
|  Covista, Inc.,144A,5.50%, 3/1/28 | 914000 | 914000 |
|  Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/1/29 | 858000 | 865937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 9/15/29 | 803000 | 842285 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 5/15/28 | 1754000 | 1837180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 1076000 | 1150936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 (a) | 891000 | 946786 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 607000 | 620117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/31 | 1162000 | 1193797 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 1163000 | 1210120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 1119000 | 1201500 |
|  Graham Holdings Co.,144A,5.625%, 12/1/33 (a) | 852000 | 851991 |
|  Grand Canyon University,5.125%, 10/1/28 | 819000 | 821524 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 (a) | 1364000 | 1408327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 2936000 | 3076684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/31 | 1060000 | 1074544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/33 (a) | 1967000 | 2079251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/15/34 | 1110000 | 1115920 |
|  ION Platform Finance US, Inc.,144A,7.875%, 9/30/32 (a) | 2655000 | 2128829 |
|  Korn Ferry,144A,4.625%, 12/15/27 | 595000 | 592357 |
| &nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inc.,144A,5.50%, 4/15/29 | 1636000 | 1627570 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,3.375%, 8/31/27 | 1613000 | 1587409 |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 2323000 | 2235991 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 1880000 | 1937207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 853000 | 873076 |
|  Sabre Financial Borrower LLC,144A,11.125%, 6/15/29 (a) | 1743000 | 1679434 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 (a) | 1050000 | 1049138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 1287000 | 1290896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 1457000 | 1369388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 1527000 | 1459522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 1423000 | 1450761 |
|  Sotheby's,144A,7.375%, 10/15/27 | 1217000 | 1209584 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Sotheby's/Bidfair Holdings, Inc.,144A,5.875%, 6/1/29 | 523000 | 503194 |
|  StoneMor, Inc.,144A,8.50%, 5/15/29 | 708000 | 686777 |
|  Synergy Infrastructure Holdings LLC,144A,7.875%, 12/1/30 | 1009000 | 1051052 |
|  TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 952000 | 854398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/15/31 | 687000 | 666495 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 1337000 | 1329207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 2342000 | 2340638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 1241000 | 1254748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 1229000 | 1195788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 2137000 | 2058879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 1213000 | 1144825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/33 | 2765000 | 2787545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 1967000 | 2060594 |
|  Upbound Group, Inc.,144A,6.375%, 2/15/29 | 804000 | 795910 |
|  Valvoline, Inc.,144A,3.625%, 6/15/31 | 1009000 | 937091 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 1810000 | 1936646 |
|  VM Consolidated, Inc.,144A,5.50%, 4/15/29 | 670000 | 657654 |
|  VT Topco, Inc.,144A,8.50%, 8/15/30 (a) | 810000 | 804672 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 2129000 | 2221528 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 907000 | 901879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 902000 | 931718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 (a) | 982000 | 1017398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 652000 | 682613 |
|  (Cost $108,190,201) |  | **108390657** |
| **Cosmetics/Personal Care — 0.4%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 1243000 | 1241845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 (a) | 892000 | 860740 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 1967000 | 2025994 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 6/15/30 (a) | 1337000 | 1293723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/30/32 (a) | 1280000 | 1252449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/44 | 528000 | 428220 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 667000 | 666516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 1106000 | 1034259 |
|  (Cost $8,708,732) |  | **8803746** |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Food — 2.6%** |  |  |
|  Albertsons Cos., Inc.,144A,5.625%, 3/31/32 | 2260000 | 2268897 |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 1357000 | 1381046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 (a) | 2412000 | 2325704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 1873000 | 1857543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/31 | 1310000 | 1318816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 1066000 | 1099237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/31/34 | 2834000 | 2819909 |
|  B&G Foods, Inc.,144A,8.00%, 9/15/28 (a) | 1424000 | 1381395 |
|  Chobani LLC / Chobani Finance Corp., Inc.,144A,4.625%, 11/15/28 | 761000 | 756838 |
|  Fiesta Purchaser, Inc.,144A,7.875%, 3/1/31 | 892000 | 918797 |
|  Froneri Lux FinCo SARL,144A,6.00%, 8/1/32 | 979000 | 984441 |
|  Ingles Markets, Inc.,144A,4.00%, 6/15/31 | 624000 | 591369 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 1543000 | 1619053 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 1042000 | 1042165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 1693000 | 1641070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 1260000 | 1202820 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 1893000 | 1857280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 1788000 | 1835377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 3/1/34 | 1880000 | 1886290 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/31 | 1396000 | 1368267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 1565000 | 1465984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 1709000 | 1841853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 792000 | 886208 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 2470000 | 2417757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 1837000 | 1757493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/32 | 1603000 | 1649001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 2152000 | 2190482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 (a) | 1076000 | 1098951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/15/36 | 2300000 | 2339758 |
|  Safeway, Inc.,7.25%, 2/1/31 | 501000 | 545493 |
|  Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed,144A,4.625%, 3/1/29 | 1592000 | 1536982 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 972000 | 1002173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 1609000 | 1602231 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 897000 | 888085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 782000 | 818990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 922000 | 940465 |
|  Viking Baked Goods Acquisition Corp.,144A,8.625%, 11/1/31 | 1569000 | 1588296 |
|  (Cost $53,993,825) |  | **54726516** |
| **Healthcare-Products — 0.9%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 2762000 | 2736822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 1524000 | 1454886 |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 2600000 | 2694250 |
|  DENTSPLY SIRONA, Inc.,8.375%, 9/12/55 | 929000 | 928151 |
|  Embecta Corp.,144A,5.00%, 2/15/30 (a) | 972000 | 913576 |
|  Garden Spinco Corp.,144A,8.625%, 7/20/30 | 735000 | 785506 |
|  Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 2/1/28 | 1034000 | 1033035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 2/15/29 | 975000 | 969942 |
|  Insulet Corp.,144A,6.50%, 4/1/33 | 824000 | 857021 |
|  Medline Borrower LP,144A,5.25%, 10/1/29 | 4368000 | 4367653 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 842000 | 837367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 1092000 | 1075445 |
|  Varex Imaging Corp.,144A,7.875%, 10/15/27 | 532000 | 542095 |
|  (Cost $18,950,079) |  | **19195749** |
| **Healthcare-Services — 4.8%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 (a) | 814000 | 810130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 (a) | 848000 | 830576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/33 (a) | 986000 | 1017895 |
|  AHP Health Partners, Inc.,144A,5.75%, 7/15/29 | 403000 | 394041 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 1062000 | 1047873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 792000 | 762266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 902000 | 851625 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 1155000 | 1150588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 2591000 | 2489516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 1891000 | 1734976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 3398000 | 3682501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 1/15/34 | 3170000 | 3340606 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 (a) | 1243000 | 1297870 |
|  DaVita, Inc. 144A,4.625%, 6/1/30 | 4703000 | 4603891 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **57**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 2675000 | 2499768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/1/32 | 1903000 | 1977381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | 1783000 | 1851259 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 1274000 | 1268082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 1544000 | 1535884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 712000 | 699005 |
|  Fortrea Holdings, Inc.,144A,7.50%, 7/1/30 | 854000 | 814857 |
|  Global Medical Response, Inc.,144A,7.375%, 10/1/32 | 1733000 | 1814243 |
|  Hah Group Holding Co. LLC,144A,9.75%, 10/1/31 (a) | 1197000 | 1072239 |
|  HealthEquity, Inc.,144A,4.50%, 10/1/29 (a) | 1056000 | 1028563 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 2127000 | 2122348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 1012000 | 1040552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 3516000 | 3616825 |
|  Kedrion SpA,144A,6.50%, 9/1/29 | 1351000 | 1309071 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 1427000 | 1522562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 1967000 | 2136402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 1250000 | 1353296 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 1364000 | 1340247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 1203000 | 1095846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/31 | 1532000 | 1536895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 1357000 | 1198489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 1307000 | 1285717 |
|  National Mentor Holdings, Inc.,144A,10.50%, 12/15/30 | 2300000 | 2291520 |
|  Option Care Health, Inc.,144A,4.375%, 10/31/29 | 812000 | 792800 |
|  Pediatrix Medical Group, Inc.,144A,5.375%, 2/15/30 | 927000 | 921004 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 (a) | 2735000 | 2856796 |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 1658000 | 1707209 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 1009000 | 984293 |
|  Sotera Health Holdings LLC,144A,7.375%, 6/1/31 | 1257000 | 1322638 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 1785000 | 1811713 |
|  Team Health Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/30/28 | 713000 | 717732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00% Cash or 4.50% PIK, 6/30/28 | 1874000 | 1972385 |
|  Team Services Holding, Inc.,144A,9.00%, 2/15/33 | 1200000 | 1173792 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 2565000 | 2566493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 (a) | 1041000 | 1039574 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 (a) | 2974000 | 2980864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 2510000 | 2471049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 2657000 | 2608585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 3486000 | 3555525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 2413000 | 2505357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/31 | 686000 | 750107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 11/15/32 | 2645000 | 2677883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/15/33 (a) | 1337000 | 1381696 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 | 1783000 | 1783556 |
| **(Cost $97,910,423)** |  | **99006456** |
| **Household Products/Wares — 0.0%** |  |  |
|  ACCO Brands Corp.,144A,4.25%, 3/15/29 (a) |  |  |
| (Cost $932,019) | 1012000 | **931004** |
| **Pharmaceuticals — 2.0%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 10633000 | 10995932 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/28 | 835000 | 837598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 912000 | 875051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 896000 | 863357 |
|  Amneal Pharmaceuticals LLC,144A,6.875%, 8/1/32 | 1036000 | 1089177 |
|  BellRing Brands, Inc.,144A,7.00%, 3/15/30 | 1488000 | 1517861 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 | 1407000 | 1463744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/10/55 | 3762000 | 3956981 |
|  Elanco Animal Health, Inc.,6.65%, 8/28/28 (a) | 1433000 | 1489750 |
|  Endo Finance Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LP,144A,8.50%, 4/15/31 | 1653000 | 1756797 |
|  Grifols SA,144A,4.75%, 10/15/28 | 1377000 | 1359601 |
|  Harrow, Inc.,144A,8.625%, 9/15/30 | 536000 | 563491 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 1794000 | 1916327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 (a) | 966000 | 925454 |
|  Jazz Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DAC,144A,4.375%, 1/15/29 (a) | 2865000 | 2824564 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/28 | 3490000 | 3426013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 2844000 | 2527194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 892000 | 865240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 (a) | 890000 | 829446 |
|  Paradigm Parent LLC And Paradigm Parent Co.-Issuer, Inc.,144A,8.75%, 4/17/32 (a) | 892000 | 771580 |
|  (Cost $40,165,551) |  | **40855158** |

---

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Diversified — 0.2%** |  |  |
| **Holding Companies-Diversified — 0.2%** |  |  |
|  Clue Opco LLC,144A,9.50%, 10/15/31 (a) | 1384000 | 1433201 |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 (a) | 1535000 | 1582172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 737000 | 767838 |
|  (Cost $3,735,258) |  | **3783211** |
| **Energy — 13.3%** |  |  |
| **Coal — 0.1%** |  |  |
|  Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.,144A,8.625%, 6/15/29 | 707000 | 744320 |
|  SunCoke Energy, Inc.,144A,4.875%, 6/30/29 (a) | 922000 | 842206 |
|  (Cost $1,590,466) |  | **1586526** |
| **Energy-Alternate Sources — 0.1%** |  |  |
|  TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/31/28 | 1260000 | 1261601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 1210000 | 1182934 |
|  (Cost $2,406,047) |  | **2444535** |
| **Oil & Gas — 6.0%** |  |  |
|  Aethon United BR LP / Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 1973000 | 2075580 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/1/27 | 213000 | 255334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 1171000 | 1174417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 1094000 | 1136553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/33 | 842000 | 873732 |
|  BKV Upstream Midstream LLC,144A,7.50%, 10/15/30 | 870000 | 886185 |
|  Borr IHC Ltd / Borr Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/28 (a) | 2126463 | 2214855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.375%, 11/15/30 (a) | 1360689 | 1416875 |
|  California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/15/29 | 1599000 | 1678645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/34 | 735000 | 748452 |
|  Caturus Energy LLC,144A,8.50%, 2/15/30 | 996000 | 1040737 |
|  Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/1/30 | 1340000 | 1368811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 (a) | 1297000 | 1347058 |
|  CITGO Petroleum Corp.,144A,8.375%, 1/15/29 | 2087000 | 2164154 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 882000 | 914758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 1015000 | 1064324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/34 | 880000 | 881609 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 2114000 | 2105827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 786000 | 781866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 1697000 | 1635473 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/15/28 | 669000 | 688449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/31/29 | 1089000 | 1094445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 1821000 | 1841781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/32 | 1867000 | 1901978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 1868000 | 1855792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 956000 | 988169 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/31 | 1060000 | 1056407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 2/15/34 | 700000 | 686006 |
|  DBR Land Holdings LLC,144A,6.25%, 12/1/30 | 822000 | 847811 |
|  Diamond Foreign Asset Co. / Diamond Finance LLC,144A,8.50%, 10/1/30 | 979000 | 1040655 |
|  EnQuest PLC,144A,11.625%, 11/1/27 | 985000 | 999344 |
|  Gulfport Energy Operating Corp.,144A,6.75%, 9/1/29 | 1088000 | 1126693 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 1176000 | 1184423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 1076000 | 1078610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 842000 | 829321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 (a) | 986000 | 960431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 832000 | 809620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 1096000 | 1156483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/34 | 972000 | 951622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 1740000 | 1723352 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 (a) | 1227000 | 1291649 |
|  Kraken Oil & Gas Partners LLC,144A,7.625%, 8/15/29 | 976000 | 989532 |
|  Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.,144A,6.875%, 12/1/32 | 687000 | 718092 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 792000 | 808145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 1606000 | 1640145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 (a) | 1495000 | 1521523 |
|  Moss Creek Resources Holdings, Inc.,144A,8.25%, 9/1/31 | 1340000 | 1320496 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 (a) | 996000 | 997648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/34 | 1044000 | 1043994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/1/42 | 546000 | 479321 |
|  Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 1/31/30 | 1213000 | 1275506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 8/15/31 (a) | 876000 | 907519 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **59**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 11/15/32 | 1282000 | 1320697 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 2500000 | 2602050 |
|  Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 6/15/31 | 762000 | 795066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 10/15/33 | 1296000 | 1324928 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 (a) | 1507000 | 1500709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 (a) | 1363000 | 1446660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 | 892000 | 895092 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/15/27 | 869000 | 874350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 1242000 | 1246213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 7/15/31 | 586000 | 626985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 1736000 | 1822014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 1782000 | 1845228 |
|  Precision Drilling Corp.,144A,6.875%, 1/15/29 | 736000 | 745542 |
|  Range Resources Corp.,144A,4.75%, 2/15/30 (a) | 902000 | 892987 |
|  Saturn Oil & Gas, Inc.,144A,9.625%, 6/15/29 (a) | 916000 | 941853 |
|  Seadrill Finance Ltd.,144A,8.375%, 8/1/30 | 944000 | 992006 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 2553000 | 2638689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 (a) | 637000 | 640603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 1338000 | 1368047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 1543000 | 1633031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 (a) | 2555000 | 2682441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 (a) | 1313000 | 1337053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 1387000 | 1533656 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/27 | 922000 | 924099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 1197000 | 1241434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 1642000 | 1613271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 1152000 | 1127173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 3/15/31 | 1783000 | 1798328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/1/32 | 1167000 | 1233034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 1042000 | 1078570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 1783000 | 1836358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 1652000 | 1658598 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 806000 | 806362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/28 | 1176000 | 1176446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 772000 | 793141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 (a) | 1424000 | 1403049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 1224000 | 1197961 |
|  Talos Production, Inc. 144A,9.00%, 2/1/29 | 1119000 | 1165385 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 1039000 | 1105510 |
|  Teine Energy Ltd.,144A,6.875%, 4/15/29 | 707000 | 708299 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 1214000 | 1200955 |
|  Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 2/15/30 | 1538600 | 1609761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 10/15/32 | 892000 | 957753 |
|  Transocean Titan Financing Ltd.,144A,8.375%, 2/1/28 | 684357 | 699592 |
|  Valaris Ltd.,144A,8.375%, 4/30/30 | 1967000 | 2062818 |
|  Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/1/30 | 653000 | 660223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/33 (a) | 684000 | 669022 |
|  W&T Offshore, Inc.,144A,10.75%, 2/1/29 | 600000 | 599411 |
|  Wildfire Intermediate Holdings LLC,144A,7.50%, 10/15/29 | 912000 | 936043 |
|  (Cost $121,213,201) |  | **123548703** |
| **Oil & Gas Services — 1.2%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/28 | 1274000 | 1274994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/1/32 | 1060000 | 1103081 |
|  Archrock Services LP / Archrock Partners Finance Corp.,144A,6.00%, 2/1/34 | 1500000 | 1518726 |
|  Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/28 | 637000 | 637000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/33 | 950000 | 963942 |
|  CHC Group LLC,144A,11.75%, 9/1/30 | 1000000 | 982266 |
|  Enerflex, Inc.,144A,6.875%, 1/15/31 | 808000 | 837394 |
|  Helix Energy Solutions Group, Inc.,144A,9.75%, 3/1/29 | 616000 | 646685 |
|  Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/29 | 1487000 | 1541916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 1364000 | 1406586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/1/35 | 1126000 | 1176549 |
|  Oceaneering International, Inc.,6.00%, 2/1/28 | 553000 | 562653 |
|  SESI LLC,144A,7.875%, 9/30/30 | 1402000 | 1431493 |
|  Star Holding LLC,144A,8.75%, 8/1/31 | 625000 | 629602 |
|  Tgs ASA,144A,8.50%, 1/15/30 (a) | 936000 | 988816 |
|  Tidewater, Inc.,144A,9.125%, 7/15/30 | 1054000 | 1140219 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 1783000 | 1842429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 1337000 | 1359666 |

---

See Notes to Financial Statements.

**60** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Viridien,144A,10.00%, 10/15/30 (a) | 618000 | 662692 |
|  WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/30 | 1485000 | 1513571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/33 | 1052000 | 1069095 |
|  Weatherford International Ltd.,144A,6.75%, 10/15/33 | 2143000 | 2240472 |
|  (Cost $25,143,298) |  | **25529847** |
| **Pipelines — 5.9%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 1163000 | 1162580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 1187000 | 1187236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/32 | 1081000 | 1123591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 10/15/33 | 1154000 | 1171484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/1/34 | 1090000 | 1107039 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/29 | 832000 | 866862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/32 | 752000 | 795399 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 702000 | 697736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 (a) | 832000 | 830185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 1016000 | 1054127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 692000 | 722388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 | 738000 | 695333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 | 535000 | 488928 |
|  CNX Midstream Partners LP,144A,4.75%, 4/15/30 | 786000 | 766558 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 2500000 | 2493186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 892000 | 962249 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/28 | 877000 | 881297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 1810000 | 1889922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 (a) | 1251000 | 1293912 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/54 | 1725000 | 1850604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 10/1/54 | 577000 | 597445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/56 | 2008000 | 2028955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/56 | 1453000 | 1485171 |
|  Excelerate Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LP,144A,8.00%, 5/15/30 | 1259000 | 1334579 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 1202000 | 1203891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 1048000 | 1094054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 912000 | 956827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 1250000 | 1308483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 1073000 | 1134456 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/34 | 1300000 | 1314995 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/15/29 | 880000 | 888654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 784000 | 828280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 809000 | 837042 |
|  Golar LNG Ltd.,144A,7.50%, 10/2/30 | 894000 | 899551 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 1324000 | 1338755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 912000 | 946641 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 1674000 | 1701770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 1189000 | 1189958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 966000 | 999576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 1187000 | 1163561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 622000 | 626691 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 1032000 | 1089085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 1340000 | 1384864 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 2184000 | 2121760 |
|  Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 12/15/28 | 1846000 | 1903078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/30 (a) | 1513000 | 1530036 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp.,144A,11.50%, 2/15/28 | 707000 | 735018 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 1942000 | 2012627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 2038000 | 2137662 |
|  Northriver Midstream Finance LP,144A,6.75%, 7/15/32 | 1079000 | 1109526 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 849000 | 857128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 1156000 | 1217085 |
|  Prairie Acquiror LP,144A,9.00%, 8/1/29 | 827000 | 862962 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.95%, 7/15/29 | 869000 | 869069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.80%, 5/15/30 | 630000 | 620068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 782000 | 823778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/38 | 416000 | 453202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/40 | 882000 | 908408 |
|  South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/1/55 | 1102000 | 1169705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/55 | 832000 | 866991 |
|  Summit Midstream Holdings LLC,144A,8.625%, 10/31/29 | 1604000 | 1678778 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **61**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 1337000 | 1335697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 (a) | 1424000 | 1476282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 1594000 | 1615361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 957000 | 967174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/34 | 1200000 | 1233245 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 2249000 | 2154610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 1633000 | 1686278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 2469000 | 2315726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/33 | 2184000 | 1943800 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 4002000 | 4106392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 (a) | 5206000 | 5583711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 2603000 | 2640363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 (a) | 3990000 | 4085909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 (a) | 3432000 | 3635995 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/15/30 | 3169000 | 3291983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/1/33 | 2289000 | 2539254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 3701000 | 3895003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/34 | 2200000 | 2309914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 2100000 | 2381877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 3553000 | 3784695 |
|  (Cost $120,704,413) |  | **123254050** |
| **Financial — 3.9%** |  |  |
| **Real Estate — 0.8%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 959000 | 969399 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,144A,9.75%, 4/15/30 | 1032000 | 1111991 |
|  CoreLogic, Inc.,144A,4.50%, 5/1/28 | 1282000 | 1198923 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 (a) | 1123000 | 1126040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 827000 | 875143 |
|  Five Point Operating Co. LP,144A,8.00%, 10/1/30 | 834000 | 863657 |
|  Greystar Real Estate Partners LLC,144A,7.75%, 9/1/30 | 817000 | 853704 |
|  Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/1/29 (a) | 1233000 | 1193847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 1073000 | 1020543 |
|  Howard Hughes (The) Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/32 | 900000 | 899549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/1/34 | 900000 | 898136 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 1133000 | 1080669 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 966000 | 951826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 1216000 | 1179417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 1006000 | 975186 |
|  Newmark Group, Inc.,7.50%, 1/12/29 | 742000 | 784665 |
|  (Cost $15,675,568) |  | **15982695** |
| **Real Estate Investment Trusts — 3.1%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a) | 882000 | 877571 |
|  Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 12/15/28 (a) | 714000 | 694902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 7/15/30 (a) | 902000 | 831492 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 744000 | 793054 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 844000 | 827299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 3/15/28 | 470000 | 495991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 1039000 | 1103754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/1/29 | 580000 | 547147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/15/31 | 623000 | 591179 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 929000 | 916694 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/15/30 | 884000 | 919259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 832000 | 752565 |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/ TRS / EF Cayman Non- MTM,144A,7.375%, 9/30/30 | 733000 | 740290 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 737000 | 700860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 2/15/28 | 700000 | 672526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 | 882000 | 784980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 (a) | 647000 | 537702 |
|  Iron Mountain Information Management Services, Inc.,144A,5.00%, 7/15/32 | 1317000 | 1274264 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 1583000 | 1582444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 1738000 | 1736148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 1092000 | 1089886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 1423000 | 1460458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 1863000 | 1846066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 2336000 | 2324306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 1968000 | 1898165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 1076000 | 1073409 |

---

See Notes to Financial Statements.

**62** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 2062000 | 2106968 |
|  Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/30 | 2169000 | 2225177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/32 | 1264000 | 1279854 |
|  MPT Operating Partnership LP / MPT Finance Corp.,144A,8.50%, 2/15/32 | 2479000 | 2653219 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 (a) | 924000 | 923913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 1337000 | 1313271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 889000 | 920446 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 712000 | 725956 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | 769000 | 768825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 887000 | 910806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 1336000 | 1317642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 1783000 | 1845007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/33 | 1089000 | 1131242 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 1391000 | 1399824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 932000 | 936297 |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 822000 | 786358 |
|  SBA Communications Corp.,3.125%, 2/1/29 | 2775000 | 2668084 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9/30/27, Zero Coupon | 1000000 | 912083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 754000 | 755609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 1250000 | 1311911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 1803000 | 1896520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 | 912000 | 915418 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/15/28 | 942000 | 946529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 936000 | 980793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 767000 | 784770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 932000 | 969303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 892000 | 929605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/31 | 1049000 | 1059963 |
|  Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 6/1/31 | 650000 | 594246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/33 | 900000 | 913152 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 | 922000 | 909474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/15/30 | 537000 | 556837 |
|  (Cost $64,680,133) |  | **65421513** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Industrial — 12.0%** |  |  |
| **Aerospace/Defense — 2.4%** |  |  |
|  AAR Escrow Issuer LLC,144A,6.75%, 3/15/29 (a) | 1223000 | 1260868 |
|  ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/1/27 | 264000 | 264101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/1/29 | 776000 | 774989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/30 | 1183000 | 1239159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/1/31 | 554000 | 556632 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 1038000 | 1079096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 1273000 | 1363818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 | 1257000 | 1337339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 | 1307000 | 1376783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 1337000 | 1408854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.45%, 5/1/34 | 980000 | 1104043 |
|  Efesto Bidco S.p.A Efesto US LLC,144A, Series XR, 7.50%, 2/15/32 | 1468000 | 1503184 |
|  Goat Holdco LLC,144A,6.75%, 2/1/32 | 1357000 | 1402314 |
|  Moog, Inc.,144A,4.25%, 12/15/27 | 839000 | 836670 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 3670000 | 3735344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 2022000 | 2015976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 4992000 | 5127688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 (a) | 1337000 | 1334652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 2417000 | 2515500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 1983000 | 2078365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 3745000 | 3879790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 2575000 | 2620549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 4789000 | 4887811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/31/34 | 952000 | 984842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/31/34 | 3556000 | 3690351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 7/31/34 | 2150000 | 2183832 |
|  (Cost $49,971,891) |  | **50562550** |
| **Building Materials — 2.4%** |  |  |
|  AmeriTex HoldCo Intermediate LLC,144A,7.625%, 8/15/33 | 1277000 | 1337048 |
|  Boise Cascade Co.,144A,4.875%, 7/1/30 (a) | 947000 | 944207 |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 979000 | 971754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 2296000 | 2189740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 1240000 | 1274088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 1783000 | 1836519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 1337000 | 1395246 |
|  CP Atlas Buyer, Inc.,144A,9.75%, 7/15/30 | 902000 | 902856 |
|  Emerald Debt Merger Sub LLC,144A,6.625%, 12/15/30 | 4682000 | 4845847 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **63**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc.,144A,6.75%, 7/15/31 | 1042000 | 1086506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp.,5.75%, 3/1/28 | 1539000 | 1538198 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 714000 | 713302 |
|  Knife River Corp.,144A,7.75%, 5/1/31 | 768000 | 800659 |
|  Masterbrand, Inc.,144A,7.00%, 7/15/32 (a) | 1240000 | 1247977 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32 | 1250000 | 1260376 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 (a) | 892000 | 835894 |
|  New Enterprise Stone & Lime Co., Inc.,144A,5.25%, 7/15/28 | 1186000 | 1186174 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 7025000 | 7301069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33 | 2608000 | 2710901 |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 2187000 | 2189950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 1777000 | 1887856 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 1663000 | 1711786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 1957000 | 1993502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 1310000 | 1306807 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 1672000 | 1666777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 2939000 | 2835371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 1877000 | 1732897 |
|  (Cost $49,236,976) |  | **49703307** |
| **Electrical Components & Equipment — 0.5%** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 1034000 | 1024110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 (a) | 1263000 | 1226871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/15/33 (a) | 798000 | 779075 |
|  EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 12/15/27 | 523000 | 520830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 553000 | 570409 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 2310000 | 2326852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 2069000 | 2126992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 1242000 | 1292014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 1424000 | 1484692 |
|  (Cost $11,250,452) |  | **11351845** |
| **Electronics — 0.6%** |  |  |
|  Atkore, Inc.,144A,4.25%, 6/1/31 (a) | 687000 | 658921 |
|  Coherent Corp.,144A,5.00%, 12/15/29 | 1760000 | 1760949 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 3466000 | 3407270 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 (a) | 1128000 | 1104098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 922000 | 932654 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 904000 | 886792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1317000 | 1241610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 (a) | 892000 | 933735 |
|  TTM Technologies, Inc.,144A,4.00%, 3/1/29 | 822000 | 797712 |
|  (Cost $11,511,962) |  | **11723741** |
| **Engineering & Construction — 0.8%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 2252000 | 2301008 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 787000 | 775153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 986000 | 1034444 |
|  ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C,144A,7.875%, 2/3/30 (a) | 883000 | 910210 |
|  Brundage-Bone Concrete Pumping Holdings, Inc.,144A,7.50%, 2/1/32 | 801000 | 815953 |
|  Dycom Industries, Inc.,144A,4.50%, 4/15/29 | 1122000 | 1104780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.,4.25%, 9/15/28 | 790000 | 784092 |
|  Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 6/1/29 (a) | 810000 | 809807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/32 | 463000 | 488867 |
|  Great Lakes Dredge & Dock Corp.,144A,5.25%, 6/1/29 | 536000 | 534496 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 1392000 | 1437122 |
|  Railworks Holdings LP / Railworks Rally, Inc.,144A,8.25%, 11/15/28 | 706000 | 713004 |
|  TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/15/29 | 687000 | 664843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/32 | 872000 | 828751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/31/34 | 1257000 | 1267750 |
|  Tutor Perini Corp.,144A,11.875%, 4/30/29 | 714000 | 783020 |
|  Weekley Homes LLC / Weekley Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/28 | 728000 | 718562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/34 | 886000 | 891140 |
|  (Cost $16,655,932) |  | **16863002** |
| **Environmental Control — 0.8%** |  |  |
|  Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 | 573000 | 572781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/31 | 902000 | 926105 |

---

See Notes to Financial Statements.

**64** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 10/15/33 (a) | 1381000 | 1413641 |
|  Enviri Corp.,144A,5.75%, 7/31/27 | 848000 | 848712 |
|  GFL Environmental Holdings US, Inc.,144A,5.50%, 2/1/34 | 1800000 | 1806475 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 1287000 | 1267083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 1277000 | 1268723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 1159000 | 1138398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 1733000 | 1817657 |
|  Luna 1.5 Sarl,144A,12.00% or 12.75% PIK, 7/1/32 (a) | 754000 | 809688 |
|  Madison IAQ LLC,144A,4.125%, 6/30/28 | 1235000 | 1218804 |
|  Reworld Holding Corp.,144A,4.875%, 12/1/29 | 1365000 | 1315482 |
|  Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 1512000 | 1573608 |
|  Wrangler Holdco Corp.,144A,6.625%, 4/1/32 | 812000 | 845869 |
|  (Cost $16,606,565) |  | **16823026** |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |  |
|  BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 707000 | 700217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 687000 | 672531 |
|  Manitowoc Co., (The), Inc.,144A,9.25%, 10/1/31 | 535000 | 581555 |
|  Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/29 | 1226000 | 1223973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/32 | 1307000 | 1346038 |
|  (Cost $4,432,307) |  | **4524314** |
| **Machinery-Diversified — 0.5%** |  |  |
|  ATS Corp.,144A,4.125%, 12/15/28 | 642000 | 627305 |
|  Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 1/1/30 | 2214000 | 2299930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 1/1/31 | 800000 | 841530 |
|  Columbus McKinnon Corp./ NY,144A,7.125%, 2/1/33 | 1500000 | 1542090 |
|  Esab Corp.,144A,6.25%, 4/15/29 | 1360000 | 1394079 |
|  Lsf12 Helix Parent LLC,144A,7.125%, 2/1/33 | 850000 | 853300 |
|  Mueller Water Products, Inc.,144A,4.00%, 6/15/29 | 779000 | 756748 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 2902000 | 2900822 |
|  (Cost $11,119,205) |  | **11215804** |
| **Metal Fabricate/Hardware — 0.2%** |  |  |
|  Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/30 | 906000 | 921835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/34 | 890000 | 896782 |
|  Park-Ohio Industries, Inc.,144A,8.50%, 8/1/30 | 700000 | 726759 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
|  Roller Bearing Co. of America, Inc.,144A,4.375%, 10/15/29 | 972000 | 957917 |
|  TMS International Corp.,144A,6.25%, 4/15/29 | 545000 | 534781 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,970,064) |  | 4038074 |
| Miscellaneous Manufacturing — 0.9% | Miscellaneous Manufacturing — 0.9% |  |
|  Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/15/30 | 647000 | 640173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 842000 | 875039 |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 1314000 | 1354038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 1123000 | 1159710 |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 1843000 | 1899444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 1163000 | 1205472 |
|  Calderys Financing LLC,144A,11.25%, 6/1/28 | 941000 | 977384 |
|  Enpro, Inc.,144A,6.125%, 6/1/33 (a) | 754000 | 778164 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 917000 | 909160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 2938000 | 2940441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 618000 | 593166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 1384000 | 1411313 |
|  LSB Industries, Inc.,144A,6.25%, 10/15/28 | 959000 | 964019 |
|  Maxam Prill Sarl,144A,7.75%, 7/15/30 | 832000 | 869507 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 1068000 | 1098793 |
|  (Cost $17,427,358) |  | 17675823 |
| Packaging & Containers — 2.1% | Packaging & Containers — 2.1% |  |
|  Ardagh Group SA,144A,9.50%, 12/1/30 | 2825000 | 3059241 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 (a) | 1086000 | 1050564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/30/31 | 1073000 | 1098230 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 1743000 | 1797099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 2246000 | 2088985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 1515000 | 1406452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 1357000 | 1396457 |
|  Cascades, Inc./Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/28 | 638000 | 636601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/30 (a) | 637000 | 652925 |
|  Clearwater Paper Corp.,144A,4.75%, 8/15/28 | 405000 | 362341 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/29 | 1002000 | 1012346 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **65**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 902000 | 915828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 4/15/30 | 2001000 | 1992180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 2500000 | 2518876 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 | 1022000 | 1045861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 | 1130000 | 1160994 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/27 | 583000 | 582250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 (a) | 944000 | 917750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 620000 | 592943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 (a) | 847000 | 801341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 7/15/32 (a) | 822000 | 832673 |
|  Mauser Packaging Solutions Holding Co.,144A,7.875%, 4/15/30 | 4690000 | 4801387 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 687000 | 661816 |
|  Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/13/27 | 602000 | 602430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 1267000 | 1281005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/1/32 | 503000 | 508387 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 611000 | 609292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 1311000 | 1329214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 691000 | 696648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 1101000 | 1143033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 677000 | 697262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/15/33 | 724000 | 748390 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 946000 | 937384 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC,144A,9.50%, 5/15/30 | 1759000 | 1668986 |
|  TriMas Corp.,144A,4.125%, 4/15/29 | 787000 | 759659 |
|  Trivium Packaging Finance BV,144A,8.25%, 7/15/30 | 870000 | 932035 |
|  (Cost $42,962,600) |  | **43298865** |
| **Transportation — 0.6%** | **Transportation — 0.6%** |  |
|  Beacon Mobility Corp.,144A,7.25%, 8/1/30 | 1089000 | 1140651 |
|  Danaos Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 3/1/28 | 493000 | 493000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 10/15/32 | 852000 | 878685 |
|  First Student Bidco, Inc. / First Transit Parent, Inc.,144A,4.00%, 7/31/29 | 942000 | 912764 |
|  Genesee & Wyoming, Inc.,144A,6.25%, 4/15/32 | 1180000 | 1216269 |
|  Rand Parent LLC,144A,8.50%, 2/15/30 (a) | 1367000 | 1425946 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.,144A,6.375%, 5/15/31 | 700000 | 681406 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Stonepeak Nile Parent LLC,144A,7.25%, 3/15/32 | 872000 | 925386 |
|  Watco Cos. LLC / Watco Finance Corp.,144A,7.125%, 8/1/32 | 1726000 | 1816102 |
|  XPO CNW, Inc.,6.70%, 5/1/34 | 572000 | 613658 |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/31 | 814000 | 845839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 936000 | 980912 |
|  (Cost $11,722,639) |  | **11930618** |
| **Technology — 3.8%** | **Technology — 3.8%** |  |
| **Computers — 0.9%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 1693000 | 1773983 |
|  ASGN, Inc.,144A,4.625%, 5/15/28 | 981000 | 951270 |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 1753000 | 1804700 |
|  Crane NXT Co.,4.20%, 3/15/48 | 660000 | 437808 |
|  Crowdstrike Holdings, Inc.,3.00%, 2/15/29 | 1517000 | 1440564 |
|  Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31 | 1247000 | 1219147 |
|  Insight Enterprises, Inc.,144A,6.625%, 5/15/32 | 822000 | 824058 |
|  KBR, Inc.,144A,4.75%, 9/30/28 | 526000 | 519134 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 1313000 | 1290160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 711000 | 697607 |
|  Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/27 | 616000 | 616120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/15/29 | 538000 | 536534 |
|  Science Applications |  |  |
|  International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 4/1/28 | 852000 | 848338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/33 | 942000 | 936192 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 769000 | 754228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 861000 | 908492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 847000 | 871693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 832000 | 875204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 1281000 | 1436784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/34 | 530000 | 542203 |
|  (Cost $19,301,125) |  | **19284219** |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |  |
|  Zebra Technologies Corp.,144A,6.50%, 6/1/32 |  |  |
|  (Cost $942,717) | 922000 | **945024** |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |  |
|  Amkor Technology, Inc.,144A,5.875%, 10/1/33 | 822000 | 838801 |

---

See Notes to Financial Statements.

**66** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 1237000 | 1317801 |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 (a) | 2077000 | 2156557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 1817000 | 1914864 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 1190000 | 1164901 |
|  Synaptics, Inc.,144A,4.00%, 6/15/29 | 612000 | 590424 |
|  (Cost $7,813,483) |  | 7983348 |
| Software — 2.4% |  |  |
|  Capstone Borrower, Inc.,144A,8.00%, 6/15/30 | 1508000 | 1311271 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 7107000 | 6969671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 6772000 | 6631475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/32 | 3217000 | 3219695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 (a) | 1823000 | 1720541 |
|  Consensus Cloud Solutions, Inc.,144A,6.50%, 10/15/28 | 718000 | 712680 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 3432000 | 3361472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 3244000 | 3130026 |
|  Elastic NV,144A,4.125%, 7/15/29 | 1132000 | 1069489 |
|  Ellucian Holdings, Inc.,144A,6.50%, 12/1/29 (a) | 1140000 | 1117906 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 1609000 | 1575220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 2675000 | 2703826 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 1609000 | 1533767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 1473000 | 1325769 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 1489000 | 1341908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 (a) | 1163000 | 1015876 |
|  PTC, Inc.,144A,4.00%, 2/15/28 | 842000 | 825900 |
|  RingCentral, Inc.,144A,8.50%, 8/15/30 | 780000 | 819028 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 1809000 | 1727444 |
|  Rocket Software, Inc.,144A,9.00%, 11/28/28 | 1454000 | 1417664 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 (a) | 922000 | 887204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 | 872000 | 821856 |
|  UKG, Inc.,144A,6.875%, 2/1/31 | 4378000 | 4247311 |
|  ZoomInfo Technologies LLC / ZoomInfo Finance Corp.,144A,3.875%, 2/1/29 | 1233000 | 1063486 |
|  (Cost $51,958,717) |  | 50550485 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value $ |
| Utilities — 4.4% |  |  |
| Electric — 4.2% |  |  |
|  AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 1/15/55 | 1706000 | 1714774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 7/15/55 | 922000 | 891120 |
|  Algonquin Power & Utilities Corp.,4.75%, 1/18/82 | 1413000 | 1401371 |
|  Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/32 | 1773000 | 1842179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/34 | 1367000 | 1388198 |
|  Atlantica Sustainable Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ltd.,144A,4.125%, 6/15/28 | 563000 | 549728 |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC,144A,6.375%, 2/15/32 | 1823000 | 1817635 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 1667000 | 1661558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1650000 | 1563117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/32 | 495000 | 460367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 1100000 | 1114495 |
|  ContourGlobal Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SA,144A,6.75%, 2/28/30 | 885000 | 911550 |
|  DPL LLC,4.35%, 4/15/29 | 697000 | 686503 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 6/15/53 | 872000 | 906431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/54 | 724000 | 753712 |
|  Electricite de France SA,144A,9.125%, Perpetual (a) | 2684000 | 3192307 |
|  EUSHI Finance Inc,6.25%, 4/1/56 | 1457000 | 1467802 |
|  EUSHI Finance, Inc.,7.625%, 12/15/54 (a) | 821000 | 866717 |
|  Hawaiian Electric Co., Inc.,144A,6.00%, 10/1/33 | 852000 | 868415 |
|  Leeward Renewable Energy Operations LLC,144A,4.25%, 7/1/29 | 704000 | 663693 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 2675000 | 2839946 |
|  Long Ridge Energy LLC,144A,8.75%, 2/15/32 | 1156000 | 1240654 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 798000 | 797944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 (a) | 942000 | 907892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 1582000 | 1587520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 1506000 | 1508602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 1843000 | 1739657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/32 (a) | 875000 | 819285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 1992000 | 2040233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 2369000 | 2401470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 1606000 | 1660875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/36 (a) | 3953000 | 4023213 |
|  Pacificorp,7.375%, 9/15/55 | 1502000 | 1521183 |
|  PacifiCorp.,7.125%, 8/15/56 | 1950000 | 1916529 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **67**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $**  | **Value $** |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc.,144A,4.50%, 8/15/28 | 1108000 | 1095163 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 1843000 | 1838128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 (a) | 1813000 | 1814501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 3/15/55 | 2615000 | 2705225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 9/15/56 | 1770000 | 1767135 |
|  Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/30 | 2157000 | 2269600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/34 | 2540000 | 2584690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/36 | 2203000 | 2265054 |
|  TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/1/34 | 715000 | 719469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/40 | 555000 | 560397 |
|  TXNM Energy, Inc.,144A,7.00%, 7/31/56 | 570000 | 579015 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 1570000 | 1567736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 2290000 | 2265598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 3197000 | 3378462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/32 | 1693000 | 1781070 |
|  VoltaGrid LLC,144A,7.375%, 11/1/30 | 3466000 | 3619167 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 (a) | 989000 | 984769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 1337000 | 1387741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 1458000 | 1543804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 (a) | 1612000 | 1706292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/34 (a) | 1370000 | 1420486 |
|  (Cost $86,406,811) |  | **87580177** |
| **Gas — 0.2%** |  |  |
|  Altagas Ltd.,144A,7.20%, 10/15/54 | 1622000 | 1694685 |
|  AmeriGas Partners LP / AmeriGas Finance Corp. 5.75%, 5/20/27 | 1108000 | 1117132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 969000 | 1001544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 (a) | 906000 | 969756 |
|  (Cost $4,704,596) |  | **4783117** |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,011,214,814) |  | **2034136002** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
| **SECURITIES LENDING COLLATERAL — 7.4%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $153,058,280) | 153058280 | **153058280** |
| **CASH EQUIVALENTS — 1.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $27,590,322) | 27590322 | **27590322** |
| **TOTAL INVESTMENTS — 106.5%** |  |  |
|  (Cost $2,191,863,416) |  | **2214784604** |
| **Other assets and liabilities,net — (6.5%)** | **Other assets and liabilities,net — (6.5%)** | **(134484137)** |
| **NET ASSETS — 100.0%** |  | **2080300467** |

---

See Notes to Financial Statements.

**68** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost**<br> **($)** | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at**<br> **2/28/2026** |
| SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% | SECURITIES LENDING COLLATERAL **—** 7.4% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29466868 | 123591412 (e) |  |  |  | 164785 |  | 153058280 | 153058280 |
| CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% | CASH EQUIVALENTS **—** 1.3% |  |  |
| DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105991 | 117099859 | (110615528) |  |  | 249906 |  | 27590322 | 27590322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50572859 | 240691271 | (110615528) |  |  | 414691 |  | 180648602 | 180648602 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $147,086,763, which is 7.1% of net assets.

(b) Security is a bond where the coupon increases 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 period ended February 28, 2026.

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 February 28, 2026 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) | $— | $2034136002 | $— | $2034136002 |
|  Short-Term Investments (a) | 180648602 |  |  | 180648602 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180648602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034136002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214784604 |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **69**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **CORPORATE BONDS — 98.0%** |  |  |
| **Basic Materials — 5.9%** |  |  |
| **Chemicals — 3.2%** |  |  |
|  Ashland, Inc.,144A,3.375%, 9/1/31 | 1464000 | 1349994 |
|  Axalta Coating Systems Dutch |  |  |
|  Holding B BV,144A,7.25%, 2/15/31 | 1527000 | 1607199 |
|  Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 2327000 | 2246296 |
|  Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.165%, 7/15/27 (a) | 1791000 | 1855342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/28 | 2478000 | 2609822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 7/15/29 | 2525000 | 2670905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/30 (a) | 2252000 | 2309097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/30 | 3258000 | 3476250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/31 | 2060000 | 2122987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.379%, 7/15/32 | 3253000 | 3432279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/33 (a) | 3647000 | 3741713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/33 (a) | 3353000 | 3604747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/34 | 2722000 | 2798148 |
|  Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/15/27 | 1630000 | 1648183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/28 | 2529000 | 2545803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 2164000 | 2051657 |
|  Chemours (The) Co.,144A,8.00%, 1/15/33 (a) | 2007000 | 2042967 |
|  Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 10/15/28 (a) | 1923000 | 1617724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 1897000 | 1643276 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/1/29 | 1727000 | 1525733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/18/33 (a) | 1635000 | 1435991 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/29 | 2340000 | 2242654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 6/15/31 | 1421000 | 1227136 |
|  INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 1478000 | 1369842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/15/29 (a) | 2310000 | 2064398 |
|  Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 2337000 | 2347797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 | 2182000 | 2201808 |
|  Methanex US Operations, Inc.,144A,6.25%, 3/15/32 (a) | 2032000 | 2104406 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/1/27 | 3496000 | 3517591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 11/15/28 | 1452000 | 1521885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/15/29 | 1826000 | 1793128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/15/30 | 1984000 | 2110196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 12/1/31 | 1331000 | 1423256 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 (a) | 2253000 | 2253263 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/30 | 1743000 | 1696392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/33 | 1907000 | 1864515 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/1/28 | 2568000 | 2498779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/29 (a) | 1611000 | 1576229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/31 | 2572000 | 2633561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 3708000 | 3653401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/33 | 5174000 | 5155052 |
|  Perimeter Holdings LLC,144A,6.25%, 1/15/34 | 1748000 | 1757299 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/28 | 3570000 | 3558992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/1/29 | 2442000 | 2437873 |
|  SK Invictus Intermediate II SARL,144A,5.00%, 10/30/29 | 2421000 | 2384407 |
|  Solstice Advanced Materials, Inc.,144A,5.625%, 9/30/33 | 3253000 | 3290169 |
|  Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/29 (a) | 3557000 | 2753341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 9/30/30 (a) | 1316000 | 1293276 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/29 | 3876000 | 3716334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 2415000 | 2445047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/33 | 1700000 | 1731969 |
|  (Cost $120,298,049) |  | **118960109** |
| **Forest Products & Paper — 0.3%** |  |  |
|  Domtar Corp.,144A,6.75%, 10/1/28 | 2141000 | 1628883 |
|  Eldorado Intl. Finance GmbH,144A,8.50%, 12/1/32 | 1727000 | 1797807 |
|  Glatfelter Corp.,144A,4.75%, 11/15/29 (a) | 1602000 | 1489731 |
|  Magnera Corp.,144A,7.25%, 11/15/31 | 2561000 | 2509349 |
|  Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.875%, 10/1/28 | 1321000 | 923524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/29 | 2829000 | 1753219 |
|  (Cost $11,941,202) |  | **10102513** |
| **Iron/Steel — 1.1%** |  |  |
|  Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 11/1/29 | 2773000 | 2858422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/30 | 2285000 | 2321754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/31 | 2950000 | 3081355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/15/32 | 4601000 | 4678646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 5/1/33 | 3048000 | 3130501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 1/15/34 | 3773000 | 3874649 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/33 | 3383000 | 3453671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/15/35 | 3178000 | 3256919 |
|  Metinvest BV,144A,7.75%, 10/17/29 | 1635000 | 1468514 |

---

See Notes to Financial Statements.

**70** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 11/1/27 | 2308000 | 2361094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 10/1/28 | 3105000 | 3254823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/1/30 (a) | 2075000 | 2148689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/1/31 (a) | 2287000 | 2407397 |
|  United States Steel Corp.,6.875%, 3/1/29 | 1317000 | 1315682 |
|  (Cost $39,182,105) |  | **39612116** |
| **Mining — 1.3%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 3/31/29 | 1807000 | 1778311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/31 | 2394000 | 2532689 |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/30 | 1647000 | 1708298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/15/32 | 1627000 | 1690451 |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 10/1/30 | 2297000 | 2429148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.50%, 10/1/31 | 1697000 | 1873617 |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/31 (a) | 4267000 | 4477468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/1/33 | 3452000 | 3689726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/34 | 3183000 | 3335230 |
|  Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 1932000 | 1932126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/30 | 1434000 | 1478178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/1/31 | 3473000 | 3369485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/15/32 (a) | 2592000 | 2717044 |
|  Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | 1856000 | 1872082 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/31 | 1821000 | 1761464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/34 | 1650000 | 1670440 |
|  Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 9/17/29 | 3864000 | 4133109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.475%, 7/24/30 | 1921000 | 2026339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/3/31 | 1627000 | 1801000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 10/15/32 | 1665000 | 1726046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.85%, 4/24/33 | 1821000 | 1946283 |
|  (Cost $48,893,943) |  | **49948534** |
| **Communications — 15.7%** |  |  |
| **Advertising — 1.4%** |  |  |
|  Clear Channel Outdoor |  |  |
|  Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/28 | 3053000 | 3079030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 6/1/29 | 3736000 | 3764805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/30 | 2666000 | 2811028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 3911000 | 4135984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/15/33 | 3048000 | 3292087 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/28 | 2012000 | 1979680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/30 | 1704000 | 1651694 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/31 | 1973000 | 1869582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/1/33 | 1391000 | 1395398 |
|  Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.29%, 4/15/29 | 8518000 | 8542106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.375%, 5/15/31 | 3974000 | 4014312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/15/33 | 5000000 | 4900204 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/27 | 1983000 | 1987252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/29 | 1535000 | 1507278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/15/30 (a) | 1727000 | 1695549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/31 | 1910000 | 2009287 |
|  Stagwell Global LLC,144A,5.625%, 8/15/29 | 3608000 | 3329122 |
|  (Cost $51,803,561) |  | **51964398** |
| **Internet — 1.6%** |  |  |
|  Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 3020000 | 2927380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/1/28 | 1567000 | 1480227 |
|  Cogent Communications Group LLC / Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/27 (a) | 1474000 | 1448134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/32 (a) | 1942000 | 1722884 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/30/27 | 3248000 | 3275790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/33 | 3125000 | 3111803 |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 2/21/30 (a) | 1740000 | 1541245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 11/15/30 | 2107000 | 1866767 |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 12/1/27 | 1768000 | 1759977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/1/29 | 2762000 | 2586447 |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 5/15/28 | 1433000 | 1344087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 5/1/29 | 2195000 | 2036669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 5/30/29 | 2610000 | 2454368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 8/1/29 | 1586000 | 1475173 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/15/27 | 1899000 | 1899688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/28 | 1557000 | 1539290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/30 | 1627000 | 1547384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 | 1585000 | 1439341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/33 | 2287000 | 2282097 |
|  Newfold Digital Holdings Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 | 1451000 | 740010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 29400 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 4/30/29 (b) | 7350 | 6431 |
|  Rakuten Group, Inc.,144A,9.75%, 4/15/29 | 6602000 | 7328627 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **71**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/33 | 4660000 | 4644341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/15/34 | 2011000 | 2006180 |
|  Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 10/31/29 | 2542000 | 2628662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 9/15/30 | 2537000 | 2669698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 11/15/32 | 2258000 | 2303081 |
|  (Cost $61,353,394) |  | **60080775** |
| **Media — 8.3%** |  |  |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 1/15/29 | 2671000 | 2866017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/32 | 1272000 | 1304086 |
|  Cable One, Inc.,144A,4.00%, 11/15/30 (a) | 1967000 | 1363363 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/27 | 3512000 | 3516816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/1/28 | 8133000 | 8120426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/1/29 | 5070000 | 5061361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 9/1/29 | 4980000 | 5049485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/1/30 | 9694000 | 9378394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 8744000 | 8345819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/31 | 9830000 | 9169575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/1/31 (a) | 3858000 | 3982991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/1/32 (a) | 3924000 | 3651895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/32 | 9586000 | 8779285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/33 | 5910000 | 6047118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/1/33 (a) | 5882000 | 5257759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/15/34 (a) | 6766000 | 5898368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/1/36 | 4193000 | 4258583 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/27 (a) | 4200000 | 3565011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 2/1/28 (a) | 3334000 | 2401323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/28 | 3344000 | 1884194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 5/15/28 (a) | 3222000 | 2555804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.75%, 1/31/29 | 6885000 | 4910301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/29 | 5931000 | 3752872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/30 | 7449000 | 2885472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/30 | 3508000 | 2143442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/30 | 7748000 | 2874936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/31 | 3273000 | 1954030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/31 | 5090000 | 3059198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 11/15/31 | 1536000 | 575287 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 5014000 | 5021989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 2/1/30 | 2830000 | 2835937 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/15/27 | 5524000 | 5533899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 2/15/31 | 6782000 | 6941563 |
|  Discovery Communications LLC 3.95%, 3/20/28 | 4169000 | 4146529 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 2442000 | 2410022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 2951000 | 2866159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/37 | 1535000 | 1220893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 6/1/40 | 1556000 | 1274520 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 7/1/28 | 3519000 | 3398646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 12/1/28 | 8053000 | 7816810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 5025000 | 4492215 |
|  DISH Network Corp.,144A,11.75%, 11/15/27 | 10652000 | 11033672 |
|  EW Scripps (The) Co.,144A,9.875%, 8/15/30 | 2450000 | 2462402 |
|  Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.50%, 7/15/29 (a) | 3520000 | 3775608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/30 (a) | 2601000 | 2113706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/31 (a) | 3973000 | 3131593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 7/15/32 (a) | 4008000 | 4167422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 8/15/33 | 2366000 | 2444816 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/1/29 | 2351439 | 2091440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 5/1/30 (a) | 2246399 | 1668591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 8/15/30 | 2159000 | 1718967 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 3725000 | 2612752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 7/15/29 (a) | 2676000 | 1818282 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/28 | 2529000 | 2527253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/29 | 2431000 | 2415547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 9/1/31 | 1985000 | 2029996 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/27 | 5758000 | 5762313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 11/1/28 (a) | 3263000 | 3248956 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/1/30 | 1689000 | 1506926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/33 | 4716000 | 4914072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 2/15/33 | 1409000 | 1567512 |
|  Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/1/27 | 5170000 | 5170131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 7/15/28 | 6291000 | 6145543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/29 | 4076000 | 4082971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 7/1/30 | 4960000 | 4678596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 9/1/31 (a) | 5094000 | 4675249 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/28 | 3393000 | 3386105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/29 | 3658000 | 3657006 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/15/28 | 4698000 | 4828877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 5/1/29 | 3206000 | 3043919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/30 | 2978000 | 2980514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/31/31 | 4116000 | 4216044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 8/1/32 | 5030000 | 5326777 |

---

See Notes to Financial Statements.

**72** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Versant Media Group, Inc.,144A,7.25%, 1/30/31 | 3243000 | 3320926 |
|  Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 3064000 | 2569983 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/15/29 | 4661000 | 4528580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 8/15/30 | 3094000 | 2822896 |
|  VZ Secured Financing BV,144A,7.50%, 1/15/33 | 3691000 | 3630385 |
|  Ziggo Bond Co. BV,144A,5.125%, 2/28/30 | 1787000 | 1552091 |
|  Ziggo BV,144A,4.875%, 1/15/30 | 3326000 | 3137160 |
|  (Cost $336,060,004) |  | **309337972** |
| **Telecommunications — 4.4%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/28 (a) | 3839000 | 2708860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/29 | 6823000 | 4733368 |
|  Altice France Lux 3 / Altice Holdings 1,144A,10.00%, 1/15/33 (a) | 3321000 | 3124756 |
|  Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 11/1/29 | 4265528 | 4334817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 10/15/30 | 2656695 | 2578503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 6248565 | 5990256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/15/32 | 5092544 | 4894789 |
|  C&W Senior Finance Ltd.,144A,9.00%, 1/15/33 | 2612000 | 2705976 |
|  Connect Finco SARL / Connect US Finco LLC,144A,9.00%, 9/15/29 | 6030000 | 6406411 |
|  Connect Holding II LLC,144A,10.50%, 4/3/31 | 7363000 | 7128651 |
|  CT Trust,144A,5.125%, 2/3/32 | 2523000 | 2431541 |
|  EchoStar Corp.,10.75%, 11/30/29 | 17651000 | 19284141 |
|  Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 11/15/33 | 1527000 | 1553203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/30/34 | 1552000 | 1525218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.20%, 7/18/36 | 1589000 | 1615018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.721%, 6/4/38 | 1837000 | 1901859 |
|  Iliad Holding SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 10/15/28 | 2803000 | 2841953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 4/15/31 | 3228000 | 3460187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/32 | 2835000 | 2913847 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/15/29 | 1095000 | 1055306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/30/33 | 6642000 | 6884201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 3/31/34 | 7914000 | 8232970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/36 | 6360000 | 6628770 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 1100700 | 1098849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/25/29 | 2266200 | 2284123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 4/27/31 | 2735000 | 2555974 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 4/2/32 | 1374000 | 1422587 |
|  Sable International Finance Ltd.,144A,7.125%, 10/15/32 | 3053000 | 3093825 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/28 | 1990000 | 1986721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 | 3514000 | 3420747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,Series Feb, 8.625%, 6/15/32 | 3500000 | 3552700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/15/32 (a) | 1832000 | 1859585 |
|  Uniti Services LLC,144A,7.50%, 10/15/33 | 4779000 | 4975713 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 4/15/27 | 2128000 | 2125588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/28 | 1607000 | 1587798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/30/31 (a) | 2340000 | 2311423 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 1/31/31 | 4534000 | 4001348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 7/15/31 | 4504000 | 4014554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/32 | 2920000 | 2923573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/33 | 2850000 | 2703793 |
|  Windstream Services LLC / Windstream Escrow Finance Corp.,144A,8.25%, 10/1/31 | 6992000 | 7366736 |
|  Zegona Finance PLC,144A,8.625%, 7/15/29 | 3013000 | 3190752 |
|  (Cost $162,227,349) |  | **161410990** |
| **Consumer, Cyclical — 17.4%** |  |  |
| **Airlines — 0.6%** |  |  |
|  American Airlines, Inc.,144A,7.25%, 2/15/28 | 2412000 | 2459635 |
|  Gol Finance, Inc.,144A,14.375%, 6/6/30 | 6948000 | 7191180 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP,144A,9.875%, 9/20/31 | 6602000 | 6715230 |
|  United Airlines Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/1/29 | 3300000 | 3332053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/1/31 | 3300000 | 3368672 |
|  (Cost $23,187,211) |  | **23066770** |
| **Apparel — 0.2%** |  |  |
|  Levi Strauss & Co.,144A,3.50%, 3/1/31 | 1567000 | 1471235 |
|  Under Armour, Inc.,144A,7.25%, 7/15/30 | 1261000 | 1305566 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/23/27 | 1677000 | 1636755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 4/23/30 | 2490000 | 2287994 |
|  (Cost $6,623,817) |  | **6701550** |
| **Auto Manufacturers — 1.3%** |  |  |
|  Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/1/27 | 1177000 | 1178806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/29 | 1965000 | 1988830 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **73**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/30/31 | 3103000 | 2953549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 12/1/33 | 1717000 | 1754369 |
|  Aston Martin Capital Holdings Ltd.,144A,10.00%, 3/31/29 | 3426000 | 2786503 |
|  Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.30%, 9/13/27 | 1301000 | 1310751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,2.75%, 3/9/28 | 2282000 | 2177438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.05%, 9/15/28 | 2778000 | 2888525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/29/28 | 2290000 | 2305930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/30/30 | 4206000 | 4218218 |
|  Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.345%, 9/17/27 (a) | 7848000 | 7797825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/17/30 | 3353000 | 3539674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.81%, 9/17/30 | 8269000 | 7865616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 7/17/32 | 2440000 | 2611445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 7/17/35 | 4080000 | 4459017 |
|  (Cost $50,294,465) |  | **49836496** |
| **Auto Parts & Equipment — 1.9%** |  |  |
|  Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 4/15/28 | 1420000 | 1448816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/31 | 1635000 | 1711287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/33 | 2617000 | 2748549 |
|  American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/29 | 1832000 | 1791224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 10/15/32 | 2863000 | 2915627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/33 | 4151000 | 4221591 |
|  Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 2697000 | 2760576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/30 | 3453000 | 3618606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/15/32 | 3964000 | 4117010 |
|  Dornoch Debt Merger Sub, Inc.,144A,6.625%, 10/15/29 | 2141000 | 1935923 |
|  Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/30 (a) | 1552000 | 1654730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 9/15/33 | 1657000 | 1707813 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/27 | 2137000 | 2132690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/29 | 2879000 | 2824185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/30 (a) | 1767000 | 1806590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/31 (a) | 1704000 | 1634930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/31 | 2111000 | 2015464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/30/33 (a) | 1443000 | 1374432 |
|  Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/15/32 | 3303000 | 3383648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/15/33 | 2480000 | 2578083 |
|  Tenneco, Inc.,144A,8.00%, 11/17/28 | 6396000 | 6400765 |
|  ZF North America Capital, Inc. 144A,6.875%, 4/14/28 | 1835000 | 1897884 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/14/30 | 1892000 | 1937436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/23/30 | 2612000 | 2640290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/24/31 | 5145000 | 5305519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/23/32 | 2287000 | 2295707 |
|  (Cost $68,256,156) |  | **68859375** |
| **Distribution/Wholesale — 0.2%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 1/15/28 | 2437000 | 2403549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/29 | 1321000 | 1280019 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/28 | 1849000 | 1881158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 3/15/31 | 2692000 | 2802143 |
|  (Cost $8,414,990) |  | **8366869** |
| **Entertainment — 3.1%** |  |  |
|  Allwyn Entertainment Financing UK PLC,144A,7.875%, 4/30/29 | 1923000 | 1998617 |
|  Brightstar Lottery PLC,144A,5.25%, 1/15/29 | 2450000 | 2441083 |
|  Brightstar Lottery PLC/ Brightstar Global Solutions Corp.,144A,5.75%, 1/15/33 | 2430000 | 2416341 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/29 (a) | 3934000 | 3851434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/30 | 6606000 | 6776131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/32 | 4765000 | 4845562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/15/32 (a) | 3781000 | 3699203 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/1/27 | 2723000 | 2726259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 2137000 | 2131572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/1/30 | 3874000 | 3907115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/31 | 2057000 | 2121499 |
|  Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/28 (a) | 2686000 | 2688673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 | 1527000 | 1591719 |
|  Discovery Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29 | 4356000 | 4312963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32 (a) | 8867000 | 8157640 |
|  Great Canadian Gaming Corp./ Raptor LLC,144A,8.75%, 11/15/29 | 1724000 | 1753617 |
|  Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 11/15/29 | 1927000 | 1977389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/31 | 1799000 | 1882366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 3253000 | 3269086 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/27 | 3950000 | 3971330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 10/15/27 | 3120000 | 3119968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 1/15/28 | 1627000 | 1602526 |

---

See Notes to Financial Statements.

**74** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 4/15/30 | 2415000 | 2518321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.875%, 4/15/31 | 2397000 | 2542790 |
|  Motion Bondco DAC,144A,6.625%, 11/15/27 | 1422000 | 1347901 |
|  Motion Finco Sarl,144A,8.375%, 2/15/32 | 1358000 | 1083995 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.,144A,8.00%, 8/1/30 | 1301000 | 1258473 |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/1/29 | 2442000 | 1755188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/31 | 2447000 | 1563021 |
|  Rivers Enterprise Borrower LLC,144A,6.25%, 10/15/30 | 2023000 | 2068012 |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.,144A,6.625%, 2/1/33 | 1958000 | 2010735 |
|  Six Flags Entertainment Corp.,144A,7.25%, 5/15/31 (a) | 2762000 | 2713486 |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.,5.25%, 7/15/29 (a) | 1627000 | 1566039 |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co.,144A,6.625%, 5/1/32 | 2805000 | 2853482 |
|  Six Flags Entertainment Corp./ Canada's Wonderland Co/ Millennium Operations LLC,144A,8.625%, 1/15/32 | 3289000 | 3332476 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/30 | 1726000 | 1757353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/32 | 1892000 | 1960585 |
|  Voyager Parent LLC,144A,9.25%, 7/1/32 | 6038000 | 6451247 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 10/1/29 | 2540000 | 2556474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/15/31 | 3382000 | 3653997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 2612000 | 2668936 |
|  (Cost $117,563,436) |  | **116904604** |
| **Food Service — 0.3%** |  |  |
|  Aramark Services, Inc.,144A,5.00%, 2/1/28 | 3611000 | 3614228 |
|  TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 8/15/30 | 3600000 | 3686886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.00%, 2/15/31 | 2270000 | 2387815 |
|  (Cost $9,735,232) |  | **9688929** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Home Builders — 0.6%** |  |  |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/1/30 | 1311000 | 1253348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/1/33 | 1578000 | 1594149 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/27 | 2028000 | 2032708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 1657000 | 1558826 |
|  Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 1605000 | 1531519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/15/33 | 1610000 | 1637233 |
|  LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/15/28 | 1221000 | 1274708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 11/15/32 (a) | 1322000 | 1297557 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 3/1/30 | 1957000 | 1912238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/15/33 | 1511000 | 1488437 |
|  Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 1804000 | 1841597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 8/1/30 | 1527000 | 1541551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 11/15/32 | 1763000 | 1823087 |
|  (Cost $21,056,507) |  | **20786958** |
| **Home Furnishings — 0.4%** |  |  |
|  FXI Holdings, Inc.,144A,11.00%, 11/15/30 | 2668000 | 2482976 |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 2468000 | 2400458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/15/31 | 2724000 | 2558698 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/26/29 | 2237000 | 2206400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 2102000 | 2113031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/33 (a) | 2032000 | 2029319 |
|  (Cost $13,868,439) |  | **13790882** |
| **Housewares — 0.6%** |  |  |
|  Cd&r Smokey Buyer, Inc. / Radio Systems Corp.,144A,9.50%, 10/15/29 | 2552000 | 2097917 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 | 1515000 | 1463144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/31 | 1352000 | 1291288 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/15/27 | 1515000 | 1541779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/1/28 | 4076000 | 4292604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29 | 1657000 | 1684205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/15/30 (a) | 2583000 | 2593001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (a) | 1727000 | 1727972 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (a) | 1338000 | 1324515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/31 | 1550000 | 1469126 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **75**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/32 | 1402000 | 1337668 |
|  (Cost $21,383,365) |  | **20823219** |
| **Leisure Time — 1.5%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 5/1/29 | 3956000 | 4014632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/30 | 3263000 | 3377003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/15/31 | 3295000 | 3445588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 8/1/32 | 10119000 | 10514137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/15/33 | 6656000 | 6894724 |
|  Life Time, Inc.,144A,6.00%, 11/15/31 | 1545000 | 1593110 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/29 | 1957000 | 2092391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/31 | 3839000 | 3881267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/32 | 5896000 | 6075946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/33 | 2846000 | 2874372 |
|  Patrick Industries, Inc.,144A,6.375%, 11/1/32 | 1652000 | 1697978 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 11/15/29 | 1761000 | 1285804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 3/15/30 | 1450000 | 1052309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.125%, 7/15/30 | 4245000 | 3082931 |
|  Viking Cruises Ltd.,144A,5.875%, 10/15/33 | 5548000 | 5663093 |
|  (Cost $58,479,493) |  | **57545285** |
| **Lodging — 2.3%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/1/27 | 3052000 | 3049507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/31 | 3121000 | 3055325 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 1709000 | 1750631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 5/1/29 | 2672000 | 2603049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/30 | 3233000 | 3237229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 5/1/31 | 3483000 | 3347463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/32 | 4980000 | 4643661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/32 | 1374000 | 1421437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/33 | 3263000 | 3360949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/33 | 3209000 | 3286658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/34 | 3603000 | 3643400 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 6/1/29 | 2660000 | 2598004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/31 | 1664000 | 1567147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/32 | 3065000 | 3129223 |
|  Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 6/15/29 | 1527000 | 1474765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 1934000 | 1876528 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/17/27 | 2032000 | 2034071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/21/28 | 2595000 | 2595170 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 12/4/29 | 3761000 | 3676938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/17/32 (a) | 2590000 | 2716273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 9/24/33 | 1677000 | 1674149 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/27 | 2106000 | 2126310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 | 2385000 | 2387652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/29 | 2805000 | 2884432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/32 (a) | 2590000 | 2659990 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/28 | 2109000 | 2101584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/1/31 | 1694000 | 1635778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 1637000 | 1677026 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/28 | 1456000 | 1457190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/15/29 | 3758000 | 3636785 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/1/27 | 1241000 | 1257141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 12/1/29 | 2331000 | 2284972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/1/33 | 1687000 | 1715959 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.,144A,5.25%, 5/15/27 | 2939000 | 2949439 |
|  (Cost $86,195,611) |  | **85515835** |
| **Retail — 4.4%** |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 1/15/28 | 4757000 | 4699842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/28 | 2610000 | 2600335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 2/15/29 | 2490000 | 2406422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 6/15/29 | 3914000 | 4027576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 9/15/29 | 2127000 | 2167251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/30 | 9504000 | 9132791 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/15/30 (a) | 1769000 | 1653837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/30 | 3332000 | 3420531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 3187000 | 3268269 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/28 | 1327000 | 1323175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 2617000 | 2577714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/30 | 1359000 | 1338339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/32 | 2099000 | 2042528 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/28 | 1462000 | 1470585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/29 | 1763000 | 1802035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/1/30 | 2627000 | 2692917 |
|  EG Global Finance PLC,144A,12.00%, 11/30/28 | 3658000 | 3934980 |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/1/29 | 2909000 | 2814200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 1/15/31 | 2071000 | 2150120 |

---

See Notes to Financial Statements.

**76** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 1/15/29 | 3463000 | 3380046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/30 (a) | 3771000 | 3559880 |
|  FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 9/1/28 | 1797000 | 1776423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/1/30 | 1799000 | 1791260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 3/1/32 | 1595000 | 1648036 |
|  Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/29 | 2395000 | 2280306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 10/1/31 | 2556000 | 2380402 |
|  Global Auto Holdings Ltd. / AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/29 | 1793000 | 1717748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 1/15/32 | 1733000 | 1606013 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/15/28 | 2374000 | 2331283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 1/15/30 | 1637000 | 1678927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp.,5.125%, 5/1/31 | 1448000 | 1226310 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/29 (a) | 2297000 | 1753581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/15/31 | 3260000 | 3044677 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/1/29 | 3303000 | 3263062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/31 | 2870000 | 3018322 |
|  Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 12/15/27 | 1351000 | 1352496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 6/1/29 | 2642000 | 2555338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/1/30 | 1832000 | 1844705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/15/31 | 1979000 | 1904486 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/32 | 1378000 | 1389131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 8/1/33 | 1826000 | 1915258 |
|  Michaels Cos., Inc.,144A,7.875%, 5/1/29 | 3074000 | 3089896 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/15/29 | 1552000 | 1538467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 1753000 | 1650619 |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/1/30 (a) | 1527000 | 1471522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/31 (a) | 1550000 | 1445294 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 12/31/30 (a) | 1744000 | 1683110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/31 | 2642000 | 2661070 |
|  PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/15/32 | 6386000 | 6466655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 9/15/33 | 2450000 | 2459437 |
|  QVC, Inc.,144A,6.875%, 4/15/29 | 1994000 | 847450 |
|  QXO Building Products, Inc.,144A,6.75%, 4/30/32 | 7357000 | 7626310 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 11/15/29 | 2140000 | 2112713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 11/15/31 | 1590000 | 1537025 |
|  Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 9/1/29 | 8176000 | 7508954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.75%, 1/15/30 | 2700624 | 1901121 |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp.,144A,5.00%, 6/1/31 | 2205000 | 2124952 |
|  Victra Holdings LLC / Victra Finance Corp.,144A,8.75%, 9/15/29 (a) | 1429000 | 1502899 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/30 | 2592000 | 2595818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/31 | 3566000 | 3386704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/31/32 | 3658000 | 3598784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 3078000 | 3130972 |
|  (Cost $166,824,739) |  | **163280909** |
| **Consumer, Non-cyclical — 16.5%** |  |  |
| **Agriculture — 0.1%** |  |  |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/27 | 1972000 | 1973271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/15/30 | 3113000 | 3154901 |
|  (Cost $5,105,037) |  | **5128172** |
| **Beverages — 0.1%** |  |  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/29 | 2201000 | 2206152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/30/29 | 2604000 | 2554917 |
|  (Cost $4,800,379) |  | **4761069** |
| **Biotechnology — 0.3%** |  |  |
|  BioMarin Pharmaceutical, Inc.,144A,5.50%, 2/15/34 | 2800000 | 2826662 |
|  Genmab A/S/Genmab Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 12/15/32 | 5064000 | 5258929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 12/15/33 | 3128000 | 3321032 |
|  (Cost $11,331,870) |  | **11406623** |
| **Commercial Services — 5.3%** |  |  |
|  ADT Security (The) Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/1/29 | 3523000 | 3440211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/15/33 | 3277000 | 3332332 |
|  Albion Financing 1 Sarl / Aggreko Holdings, Inc.,144A,7.00%, 5/21/30 | 4524000 | 4740510 |
|  Allied Universal Holdco LLC,144A,7.875%, 2/15/31 | 7425000 | 7848770 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 (a) | 2931000 | 2902582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 6/15/30 | 3956000 | 4120004 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **77**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 4002000 | 3974658 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/1/28 | 1527000 | 1493068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 3/1/29 (a) | 2052000 | 1965750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/30 (a) | 2290000 | 2311904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 2/15/31 | 1592000 | 1579216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/15/32 | 2027000 | 1994543 |
|  Belron UK Finance PLC,144A,5.75%, 10/15/29 | 3902000 | 3990856 |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 8/15/30 | 3834000 | 3886319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/31 | 3268000 | 3071226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/32 | 6746000 | 6944157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/15/33 | 3373000 | 3430075 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 10/15/27 | 1987000 | 1990288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/29 | 1241000 | 1278942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/32 | 1421000 | 1471851 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 7/1/28 | 3037000 | 2843068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 7/1/29 | 3053000 | 2507761 |
|  EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 5/15/28 | 3696000 | 3875895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 5/15/32 | 1967000 | 2106447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 3/15/33 (a) | 1527000 | 1623942 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 2/15/28 | 1327000 | 1359837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 6/1/29 | 1612000 | 1576796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/31 | 2120000 | 2179188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 8/1/32 | 1791000 | 1832394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/15/32 | 3383000 | 3468170 |
|  GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 4/15/29 | 2119000 | 2209717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/31 | 1907000 | 2048912 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 2442000 | 2522532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/30 | 5488000 | 5754399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/15/31 | 1857000 | 1883483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/33 (a) | 3703000 | 3916726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 3/15/34 | 2072000 | 2085018 |
|  Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.625%, 7/15/29 (a) | 4106000 | 3789096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 12/1/29 | 3313000 | 1723049 |
|  ION Platform Finance US, Inc.,144A,7.875%, 9/30/32 | 5025000 | 4035421 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,3.375%, 8/31/27 | 3053000 | 3006517 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Raven Acquisition Holdings LLC,144A,6.875%, 11/15/31 | 4394000 | 4233969 |
|  RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 8/1/29 | 3538000 | 3649090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 8/1/29 | 1506000 | 1543328 |
|  Sabre Financial Borrower LLC,144A,11.125%, 6/15/29 | 3253000 | 3137716 |
|  Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/27 | 1911000 | 1910835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 2451000 | 2460368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/30 | 2645000 | 2487578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/31 | 2742000 | 2622915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 | 2587000 | 2640704 |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,144A,6.75%, 8/15/32 | 5338000 | 5229251 |
|  Sotheby's,144A,7.375%, 10/15/27 | 2436000 | 2422677 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/15/27 | 2520000 | 2511145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/28 | 5366000 | 5366341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/30 | 2520000 | 2549832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/30 | 2415000 | 2351403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 3683000 | 3550720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/32 | 2490000 | 2353139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 11/15/33 | 4905000 | 4948452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/15/34 | 3623000 | 3799918 |
|  Veritiv Operating Co.,144A,10.50%, 11/30/30 | 3556000 | 3809258 |
|  Wand NewCo 3, Inc.,144A,7.625%, 1/30/32 | 4146000 | 4328489 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/15/28 | 1485000 | 1480336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 6/15/29 | 1465000 | 1514388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/30 | 1927000 | 2001723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/31 | 1408000 | 1474988 |
|  (Cost $200,680,827) |  | **196494193** |
| **Cosmetics/Personal Care —0.4%** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/1/28 | 2290000 | 2291159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/1/29 | 1527000 | 1474648 |
|  Opal Bidco SAS,144A,6.50%, 3/31/32 | 3708000 | 3821639 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 6/15/30 | 2490000 | 2411319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/30/32 | 2383000 | 2334067 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 1/15/28 | 1352000 | 1352046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 4/1/31 | 1857000 | 1737873 |
|  (Cost $15,704,449) |  | **15422751** |

---

See Notes to Financial Statements.

**78** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Food — 2.5%** |  |  |
|  Albertsons Cos., Inc.,144A,5.625%, 3/31/32 | 3950000 | 3967959 |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/28 | 2290000 | 2332445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/29 | 4361000 | 4207873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 2/15/30 | 3263000 | 3238373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 3/31/31 | 2477000 | 2496767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 1972000 | 2035241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 3/31/34 | 5602000 | 5581148 |
|  B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/27 (a) | 2103000 | 2051530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 9/15/28 | 2440000 | 2370047 |
|  Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 3/1/31 | 1637000 | 1687447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 9/15/32 (a) | 1574000 | 1604200 |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc.,144A,9.00%, 2/15/29 | 3129000 | 3287137 |
|  Lamb Weston Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/28 | 1637000 | 1638707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 1/31/30 | 3062000 | 2970941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 1/31/32 | 2337000 | 2239195 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 8/1/29 | 3263000 | 3204024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 9/15/32 | 3283000 | 3374093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 3/1/34 | 3500000 | 3513897 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/32 | 2967000 | 2785941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/33 | 2967000 | 3201355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/15/34 | 1687000 | 1889777 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 4/15/30 | 4509000 | 4417125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/31 | 3219000 | 3081835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/32 | 3053000 | 3144428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/33 | 3939000 | 4012549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/34 (a) | 1962000 | 2005262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/15/36 | 4514000 | 4595979 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/15/28 | 1615000 | 1667152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/29 | 3008000 | 2998233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 1577000 | 1562651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/32 | 1582000 | 1658809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 4/15/33 | 1705000 | 1740817 |
|  (Cost $90,743,768) |  | **90562937** |
| **Healthcare-Products — 0.7%** |  |  |
|  Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 7/15/28 | 4872000 | 4830559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/29 | 2797000 | 2672504 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Bausch + Lomb Corp.,144A,8.375%, 10/1/28 | 4294000 | 4455025 |
|  Hologic, Inc.,144A,3.25%, 2/15/29 | 2973000 | 2959330 |
|  Medline Borrower LP,144A,5.25%, 10/1/29 | 8293000 | 8297732 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 1632000 | 1623975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 6/1/28 | 1582000 | 1559180 |
|  (Cost $26,447,056) |  | **26398305** |
| **Healthcare-Services — 4.9%** |  |  |
|  Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 7/1/28 | 1374000 | 1368594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 (a) | 1919000 | 1881172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 3/15/33 (a) | 1671000 | 1727142 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 5/1/28 | 1644000 | 1627968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 3/15/29 | 1927000 | 1856080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 3/15/31 | 1515000 | 1431511 |
|  CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/29 | 1530000 | 1525403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 4756000 | 4598990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 4/1/30 | 4469000 | 3955693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 5/15/30 | 5574000 | 5359803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 2/15/31 | 5019000 | 4608879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.875%, 1/15/32 | 6169000 | 6693217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 1/15/34 | 6354000 | 6703908 |
|  Concentra Health Services, Inc.,144A,6.875%, 7/15/32 (a) | 2075000 | 2169191 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 6/1/30 | 8637000 | 8460645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 4930000 | 4610057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 9/1/32 | 3553000 | 3694093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/33 | 3403000 | 3535693 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/28 | 2434000 | 2424629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 2662000 | 2649804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/1/31 | 1421000 | 1396231 |
|  Global Medical Response, Inc.,144A,7.375%, 10/1/32 | 3264000 | 3419138 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/27 | 3628000 | 3622225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 5/15/30 | 1635000 | 1682404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 6/1/32 | 6526000 | 6721297 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 1/15/29 | 2008000 | 1964018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 8/15/30 | 2582000 | 2758136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 10/15/30 | 3608000 | 3923238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 2252000 | 2439742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 6/1/32 | 2562000 | 2675379 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **79**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 6/15/28 | 2442000 | 2401465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/15/30 | 2290000 | 2087627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/31 | 2755000 | 2767246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 5/15/32 | 2670000 | 2360321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 2315000 | 2279074 |
|  MPH Acquisition Holdings LLC,144A,5.75%, 12/31/30 (a) | 2538000 | 1863032 |
|  National Mentor Holdings, Inc.,144A,10.50%, 12/15/30 | 4293000 | 4280971 |
|  Prime Healthcare Services, Inc.,144A,9.375%, 9/1/29 | 5005000 | 5231789 |
|  Radiology Partners, Inc.,144A,8.50%, 7/15/32 | 2939000 | 3029903 |
|  Select Medical Corp.,144A,6.25%, 12/1/32 (a) | 1873000 | 1828625 |
|  Star Parent, Inc.,144A,9.00%, 10/1/30 | 3473000 | 3529315 |
|  Surgery Center Holdings, Inc.,144A,7.25%, 4/15/32 (a) | 4152000 | 4152153 |
|  Team Health Holdings, Inc.,144A,8.375%, 6/30/28 | 1313000 | 1322673 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27 | 4994000 | 4999704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 | 1728000 | 1726584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28 | 5768000 | 5784687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/29 | 4924000 | 4858913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/15/30 | 4652000 | 4570047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30 | 6288000 | 6421268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/31 | 4678000 | 4869913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 11/15/32 | 4930000 | 4994494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/15/33 (a) | 2490000 | 2574772 |
|  US Acute Care Solutions LLC,144A,9.75%, 5/15/29 (a) | 3483000 | 3488440 |
|  (Cost $184,196,465) |  | **182907296** |
| **Household Products/Wares — 0.1%** |  |  |
|  Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/31 | 1789000 | 1223229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.75%, 6/30/32 | 1474000 | 645907 |
|  (Cost $2,911,714) |  | **1869136** |
| **Pharmaceuticals — 2.1%** |  |  |
|  1261229 BC Ltd.,144A,10.00%, 4/15/32 | 19666000 | 20354460 |
|  Accendra Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/31/29 (a) | 1641000 | 1041830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/1/30 | 1838000 | 885968 |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 8/1/29 | 1877000 | 1802493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 3/1/30 | 1832000 | 1766731 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 1/30/28 | 1795000 | 1563122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/28 | 3587000 | 3341523 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.00%, 9/30/28 | 2850000 | 2982682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 2/15/29 | 1474000 | 1114079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/29 | 2569000 | 2032721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 1/30/30 | 2516000 | 1763754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 2/15/31 | 1468000 | 959103 |
|  Endo Finance Holdings LP,144A,8.50%, 4/15/31 (a) | 3553000 | 3778360 |
|  Grifols SA,144A,4.75%, 10/15/28 | 2302000 | 2274778 |
|  HLF Financing Sarl LLC / Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 4/15/29 | 2976000 | 3181186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 6/1/29 (a) | 1942000 | 1862071 |
|  Jazz Securities DAC,144A,4.375%, 1/15/29 | 4980000 | 4912726 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/30/28 | 6686000 | 6567494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/30/31 | 5201000 | 4626240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/34 | 1657000 | 1609361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/15/34 (a) | 1657000 | 1546333 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/28 | 3917000 | 4067836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/32 | 1655000 | 1757448 |
|  Teva Pharmaceutical Finance Netherlands IV BV,5.75%, 12/1/30 | 2312000 | 2400582 |
|  (Cost $73,421,305) |  | **78192881** |
| **Diversified — 0.1%** |  |  |
| **Holding Companies-Diversified — 0.1%** |  |  |
|  Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 2646000 | 2729418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 2/15/31 | 1551000 | 1617099 |
|  (Cost $4,344,117) |  | **4346517** |
| **Energy — 10.7%** |  |  |
| **Oil & Gas — 4.9%** |  |  |
|  Aethon United BR LP / |  |  |
|  Aethon United Finance Corp.,144A,7.50%, 10/1/29 | 3365000 | 3541535 |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 1965000 | 1971991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/32 | 1854000 | 1927413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/33 | 1805000 | 1874225 |
|  California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/15/29 | 2748000 | 2886551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/34 | 1366000 | 1391888 |
|  Calumet Specialty Products Partners LP / Calumet Finance Corp.,144A,9.75%, 2/15/31 | 1390000 | 1481796 |

---

See Notes to Financial Statements.

**80** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 10/1/30 | 2440000 | 2493608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 2480000 | 2577464 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/31 | 1887000 | 1958206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 3/1/32 | 1957000 | 2053363 |
|  Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 3737000 | 3725355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/29 | 1621000 | 1619096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 1/15/30 | 3246000 | 3130601 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/15/28 | 1544000 | 1589814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 4/1/32 | 3718000 | 3762958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/32 | 3213000 | 3275123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/15/33 | 3473000 | 3452716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/34 | 1807000 | 1869025 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/15/31 | 2000000 | 1994392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 2/15/34 | 1300000 | 1274733 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/28 | 1902000 | 1916659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/1/29 | 1902000 | 1911331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 1877000 | 1854535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/31 | 1832000 | 1785701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/32 | 1805000 | 1757567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 11/1/33 | 1832000 | 1934326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/35 | 3303000 | 3273527 |
|  Ithaca Energy North Sea PLC,144A,8.125%, 10/15/29 | 2290000 | 2412146 |
|  Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 3/1/28 | 1253000 | 1092542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 10/1/31 | 1651000 | 1247438 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.50%, 6/30/27 | 1976351 | 1989056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,REGS, 6.75%, 6/30/30 | 1856523 | 1914996 |
|  Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/28 | 1867000 | 1906170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/15/32 | 3058000 | 3124651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/15/33 | 2427000 | 2471781 |
|  Medco Cypress Tree Pte Ltd.,144A,8.625%, 5/19/30 | 1321000 | 1392577 |
|  Medco Maple Tree Pte Ltd.,144A,8.96%, 4/27/29 | 1472000 | 1530291 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/32 (a) | 1932000 | 1936492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/34 | 1755000 | 1755964 |
|  Nabors Industries, Inc.,144A,7.625%, 11/15/32 | 2307000 | 2378148 |
|  Noble Finance II LLC,144A,8.00%, 4/15/30 | 4444000 | 4627870 |
|  Northern Oil & Gas, Inc. 144A,8.75%, 6/15/31 | 1552000 | 1620387 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 10/15/33 | 2378000 | 2432649 |
|  PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/28 | 2617000 | 2607856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 3/15/30 | 2537000 | 2694215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 9/15/30 (a) | 1837000 | 1844598 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/1/29 | 2147000 | 2155410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/32 | 3353000 | 3520958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/33 | 3386000 | 3507901 |
|  Puma International Financing SA,144A,7.75%, 4/25/29 | 1795000 | 1863788 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 7/1/28 | 4622000 | 4779305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/28 | 1551000 | 1560773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/29 | 2490000 | 2547586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/1/30 | 3078000 | 3259627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 7/1/31 | 4472000 | 4697832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 8/1/32 (a) | 2380000 | 2425420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 6/15/33 | 2490000 | 2755038 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/29 | 2370000 | 2459103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 10/1/29 | 2767000 | 2719888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.625%, 5/1/30 | 2437000 | 2385626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 3/15/31 | 3283000 | 3312766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/1/32 | 2315000 | 2447115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/32 | 1714000 | 1775020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/1/33 | 3253000 | 3352106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 3108000 | 3121967 |
|  Sunoco LP / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/27 | 1737000 | 1738735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 9/15/28 | 1847000 | 1898688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/29 | 2577000 | 2540438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/30 | 2641000 | 2586402 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/29 | 2108000 | 2196740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 2/1/31 | 1988000 | 2116560 |
|  TGNR Intermediate Holdings LLC,144A,5.50%, 10/15/29 | 2312000 | 2288843 |
|  Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/29 | 3023000 | 3149721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/31 (a) | 3103000 | 3283348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 10/15/32 | 1667000 | 1790731 |
|  (Cost $181,336,537) |  | **183502761** |
| **Oil & Gas Services — 0.8%** |  |  |
|  Archrock Partners LP / Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 4/1/28 | 2722000 | 2725511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 9/1/32 | 2162000 | 2251414 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **81**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Archrock Services LP / Archrock Partners Finance Corp.,144A,6.00%, 2/1/34 | 2830000 | 2866759 |
|  Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/29 | 2350000 | 2438280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/33 | 2451000 | 2528785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/1/35 | 2073000 | 2167119 |
|  USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 3/15/29 | 3298000 | 3409476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/1/33 | 2420000 | 2462418 |
|  WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/30 | 2719000 | 2772659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/33 | 2027000 | 2061104 |
|  Weatherford International Ltd.,144A,6.75%, 10/15/33 | 3909000 | 4088869 |
|  (Cost $29,392,606) |  | **29772394** |
| **Pipelines — 5.0%** |  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/28 | 2238000 | 2238524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.375%, 6/15/29 | 2580000 | 2581920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/32 | 1912000 | 1988662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 10/15/33 | 2010000 | 2041398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/1/34 | 2032000 | 2064719 |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 7/15/29 | 1707000 | 1782931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/32 | 1652000 | 1748404 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/27 | 1221000 | 1217014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 3/1/28 | 1827000 | 1829673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 7/1/29 | 1852000 | 1922704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/1/30 | 1537000 | 1605478 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 6/15/31 | 4635000 | 4625866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 12/15/33 | 1637000 | 1767035 |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/29 | 3486000 | 3641566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 6/30/33 | 2387000 | 2470359 |
|  Genesis Energy LP / Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/28 | 1802000 | 1805799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/29 | 2032000 | 2122251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/15/30 | 2227000 | 2337575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 | 2393000 | 2506514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/33 | 1937000 | 2049181 |
|  Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 1/15/32 | 1624000 | 1719516 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 7/1/33 | 1424000 | 1476079 |
|  Golar LNG Ltd.,144A,7.50%, 10/2/30 | 1635000 | 1646165 |
|  Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 9/1/28 | 2562000 | 2592229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/15/32 | 1757000 | 1824869 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/28 | 2522000 | 2565023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 6/15/28 | 2229000 | 2232245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/29 | 2057000 | 2129474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/30 | 2395000 | 2349324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 10/15/30 | 1321000 | 1331769 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 7/15/32 | 1912000 | 2019072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 1/15/34 | 2470000 | 2554117 |
|  ITT Holdings LLC,144A,6.50%, 8/1/29 | 4100000 | 3986191 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/29 | 3308000 | 3432920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/15/32 | 4271000 | 4482743 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/28/27 | 1749000 | 1766873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 1957000 | 2061723 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.95%, 7/15/29 | 1749000 | 1750275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/33 | 1657000 | 1752607 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 1/15/28 | 2480000 | 2484973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 2/15/29 | 2502000 | 2595074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 12/31/30 | 2414000 | 2447992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/1/31 | 1612000 | 1634352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/15/34 | 2262000 | 2326035 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 8/15/29 | 3921000 | 3759063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/30 | 3603000 | 3722966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 8/15/31 | 4196000 | 3938283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 11/1/33 | 4016000 | 3576925 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 6/1/28 | 6870000 | 7052845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/1/29 | 10001000 | 10732303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/30 (a) | 5080000 | 5156119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 6/1/31 (a) | 7419000 | 7602378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.875%, 2/1/32 | 6539000 | 6932478 |
|  Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 12/15/30 | 5653000 | 5875123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 5/1/33 | 3991000 | 4429248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 1/15/34 | 6746000 | 7103194 |

---

See Notes to Financial Statements.

**82** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/34 | 4141000 | 4349980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 5/1/35 | 4041000 | 4585614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/36 | 6656000 | 7094005 |
|  (Cost $183,999,402) |  | **185419737** |
| **Financial — 13.6%** |  |  |
| **Banks — 0.1%** |  |  |
|  Banco Votorantim SA,144A,5.875%, 4/8/28 | 2043000 | 2081306 |
|  Freedom Mortgage Corp.,144A,12.25%, 10/1/30 | 1737000 | 1890410 |
|  (Cost $3,948,254) |  | **3971716** |
| **Diversified Financial Services — 5.8%** |  |  |
|  Ally Financial, Inc.,6.70%, 2/14/33 | 1575000 | 1643173 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 4/1/29 (a) | 1486000 | 1475029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 8/15/30 | 2013000 | 2144195 |
|  Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/30 | 1789000 | 1880357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/31 | 1879000 | 1962555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/15/34 | 1300000 | 1281609 |
|  Bread Financial Holdings, Inc.,144A,6.75%, 5/15/31 | 1727000 | 1761689 |
|  Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 7/1/31 | 2266000 | 2304905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 7/15/33 | 1705000 | 1596852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 1/15/34 | 1627000 | 1596347 |
|  Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 10/1/28 | 3093000 | 2952533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 10/1/31 (a) | 2452000 | 2145461 |
|  Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/15/28 | 1952000 | 2041993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/30 | 1682000 | 1676382 |
|  CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/30 | 2748000 | 2740531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 12/1/32 | 1982000 | 1963140 |
|  Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/1/29 | 2197000 | 2302222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 5/15/30 | 1527000 | 1634453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 4/15/31 | 1645000 | 1671501 |
|  Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,11.25%, 12/15/28 | 836000 | 883614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 8/1/29 | 1965000 | 2065655 |
|  Focus Financial Partners LLC,144A,6.75%, 9/15/31 | 3303000 | 3288214 |
|  Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 2/1/29 | 3745000 | 3914293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/1/31 | 2703000 | 2609063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.125%, 5/15/31 | 2403000 | 2490402 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 4/1/32 | 1985000 | 2001555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/1/33 | 1675000 | 1652585 |
|  GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 6/15/28 | 1910000 | 2009515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/29 | 1491000 | 1539569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/30 | 1336000 | 1360476 |
|  goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 12/1/28 | 1779000 | 1761586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.625%, 7/1/29 | 1992000 | 1869055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/30 | 1327000 | 1167393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/30 | 1321000 | 1172093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/31 | 1508000 | 1301787 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 11/15/29 | 1900000 | 1855451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 4/30/31 | 4607000 | 4795939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 11/1/32 | 5456000 | 5492752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/1/33 | 6604000 | 6781972 |
|  Jefferies Finance LLC / JFIN Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 8/15/28 | 3382000 | 3218231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 10/15/31 | 1610000 | 1568961 |
|  Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 2/15/29 | 1253000 | 1323731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 5/15/30 | 1567000 | 1642942 |
|  LD Holdings Group LLC,144A,6.125%, 4/1/28 | 1720000 | 1532393 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/27 | 2457000 | 2421794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/28 | 1677000 | 1603320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/15/29 | 2385000 | 2229462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 7/25/30 | 1717000 | 1740482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 3/15/31 | 1697000 | 1799571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 6/15/32 (a) | 1625000 | 1513615 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/28 | 2591000 | 2646162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/28 | 1831000 | 1772809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/29 | 2958000 | 3023449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/29 | 2461000 | 2434740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/30 | 2157000 | 2257527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 5/15/30 | 2565000 | 2574332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/30 | 2715000 | 2508594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/31 | 2340000 | 2417723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/31 | 2510000 | 2567888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/32 | 2062000 | 2080585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/15/32 | 2687000 | 2751240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/33 | 2682000 | 2660155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/33 | 3353000 | 3332087 |
|  Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/1/32 | 3385000 | 3418393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 8/1/33 | 2391000 | 2384497 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **83**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 2185000 | 2102201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/15/29 | 2310000 | 2427230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 11/15/30 | 2145000 | 2206645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 9/15/31 | 1647000 | 1600447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 5/15/32 | 2820000 | 2839898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 2/15/33 | 2795000 | 2800403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 2/15/34 | 2200000 | 2177129 |
|  PHH Escrow Issuer LLC/PHH Corp.,144A,9.875%, 11/1/29 | 2327000 | 2338388 |
|  PRA Group, Inc.,144A,8.875%, 1/31/30 | 1836000 | 1870425 |
|  Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/1/29 | 2483000 | 2554061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 8/1/30 | 6601000 | 6776052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 3187000 | 3334794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/33 | 6626000 | 6856385 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 3/1/29 | 2410000 | 2323784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 3/1/31 | 4056000 | 3815200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 10/15/33 | 2835000 | 2612250 |
|  SLM Corp.,6.50%, 1/31/30 | 1572000 | 1597565 |
|  Stonex Escrow Issuer LLC,144A,6.875%, 7/15/32 | 2128000 | 2209941 |
|  StoneX Group, Inc.,144A,7.875%, 3/1/31 | 1969000 | 2091651 |
|  Synchrony Financial,7.25%, 2/2/33 | 2560000 | 2701010 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 6/15/27 | 1637000 | 1631064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 4/15/29 | 2412000 | 2367421 |
|  UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 2/1/30 | 2602000 | 2584483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/31 | 3383000 | 3270912 |
|  Velocity Commercial Capital LLC,144A,9.375%, 2/15/31 | 1650000 | 1674029 |
|  (Cost $217,967,334) |  | **214975947** |
| **Insurance — 3.2%** |  |  |
|  Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 2/1/29 | 2904000 | 2907038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/15/29 | 2337000 | 2225327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 6/15/29 | 1827000 | 1824248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 8/1/29 (a) | 1587000 | 1482504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 11/6/30 | 3478000 | 3541494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/1/32 | 1986000 | 1949365 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 10/15/27 | 2365000 | 2337354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/27 | 3745000 | 3747119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/28 | 4316000 | 4368172 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 11/1/29 | 1654000 | 1615139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 1/15/31 | 4660000 | 4747818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/1/31 | 3308000 | 3330291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 10/1/32 | 2397000 | 2373093 |
|  AmWINS Group, Inc.,144A,6.375%, 2/15/29 | 2590000 | 2637236 |
|  Ardonagh Finco Ltd.,144A,7.75%, 2/15/31 | 4938000 | 5059377 |
|  Ardonagh Group Finance Ltd.,144A,8.875%, 2/15/32 | 5371000 | 5305854 |
|  Asurion LLC and Asurion Co.- Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 12/31/32 | 10875000 | 11431452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 2/1/34 | 10900000 | 10854075 |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 3203000 | 3248880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.125%, 2/15/32 | 3977000 | 3811111 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 12/1/29 | 1879000 | 1851306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/30 | 10811000 | 11157268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.375%, 1/31/32 | 6226000 | 6340868 |
|  Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 3/15/30 | 2343000 | 2432746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 10/1/33 | 1361000 | 1251195 |
|  Panther Escrow Issuer LLC,144A,7.125%, 6/1/31 | 9719000 | 9894632 |
|  Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/30 | 1276000 | 1242798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 8/1/32 | 3964000 | 3996464 |
|  (Cost $117,765,691) |  | **116964224** |
| **Investment Companies — 0.2%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/27 | 4592000 | 4526496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 | 2058000 | 1755687 |
|  (Cost $6,639,791) |  | **6282183** |
| **Real Estate — 0.7%** |  |  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 2147197 | 2172124 |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/29 | 2207000 | 2177296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 4/15/30 | 1400000 | 1325315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.75%, 4/15/30 | 1637000 | 1765130 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/28 | 2065000 | 2072294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 9/1/31 | 1551000 | 1642616 |
|  Howard Hughes Corp. 144A,4.125%, 2/1/29 | 2420000 | 2344921 |

---

See Notes to Financial Statements.

**84** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/1/31 | 2010000 | 1913193 |
|  Howard Hughes (The) Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/1/32 | 1650000 | 1650155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 3/1/34 | 1650000 | 1647977 |
|  Hunt Cos., Inc.,144A,5.25%, 4/15/29 | 2039000 | 1953916 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/29 | 1968000 | 1940570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/30 | 2002000 | 1943341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/31 (a) | 1972000 | 1912939 |
|  (Cost $26,668,165) |  | **26461787** |
| **Real Estate Investment Trusts — 3.4%** |  |  |
|  Apollo Commercial Real Estate Finance, Inc.,144A,4.625%, 6/15/29 (a) | 1707000 | 1699777 |
|  Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 12/15/28 (a) | 1442000 | 1404110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 7/15/30 | 1590000 | 1466595 |
|  Blackstone Mortgage Trust, Inc.,144A,7.75%, 12/1/29 | 1424000 | 1518978 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 | 1374000 | 1347896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 4/12/29 | 1779000 | 1891349 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL,144A,4.50%, 4/1/27 | 1790000 | 1767595 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/28 (a) | 1897000 | 1856349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 1527000 | 1382309 |
|  EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/ TRS / EF Cayman Non- MTM,144A,7.375%, 9/30/30 | 1221000 | 1234669 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/1/27 | 1871000 | 1781002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 4/1/29 (a) | 1535000 | 1367447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/30 | 1277000 | 1062477 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/27 | 3303000 | 3303740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 3/15/28 | 2628000 | 2631231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/15/28 | 1707000 | 1706683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/15/29 | 3193000 | 3278837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 9/15/29 | 3278000 | 3250958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 7/15/30 | 4469000 | 4449959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/31 | 3608000 | 3482676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 7/15/32 | 2062000 | 2058778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/33 | 3954000 | 4042858 |
|  Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 8/1/30 | 4041000 | 4148086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 9/15/32 | 2625000 | 2660078 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (a) | 4644000 | 4553317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/29 | 3088000 | 2670768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/31 | 4304000 | 3295358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 2/15/32 | 4770000 | 5108684 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 10/1/28 | 2095000 | 2096206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.875%, 5/15/29 | 2490000 | 2447737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 2/1/30 | 1829000 | 1895058 |
|  Pebblebrook Hotel LP / PEB Finance Corp.,144A,6.375%, 10/15/29 | 1271000 | 1296872 |
|  RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | 2223500 | 2224584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/15/28 | 1178000 | 1210494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 2/15/29 | 1977000 | 1951010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 4/1/32 | 3153000 | 3264622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/15/33 (a) | 2134000 | 2218037 |
|  Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 4/1/29 | 2746000 | 2765508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.00%, 7/15/30 | 1627000 | 1635826 |
|  RLJ Lodging Trust LP,144A,4.00%, 9/15/29 | 1577000 | 1509867 |
|  SBA Communications Corp.,3.125%, 2/1/29 | 4930000 | 4742890 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 | 1384000 | 1388047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/15/28 | 1431000 | 1365675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/29 | 2437000 | 2559457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/1/29 (a) | 1360000 | 1236424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/30 (a) | 1262000 | 1118820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 11/15/31 | 3279000 | 3451603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 6/15/32 (a) | 1715000 | 1722826 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 10/15/28 | 1557000 | 1565226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 4/1/29 | 1877000 | 1969172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 4/15/30 | 1321000 | 1356539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/1/30 | 1527000 | 1589019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 10/15/30 | 1807000 | 1884191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/31 | 2021000 | 2044648 |
|  Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | 2482000 | 2347924 |
|  Vornado Realty LP,5.75%, 2/1/33 | 1617000 | 1641253 |
|  (Cost $128,840,020) |  | **126922099** |
| **Venture Capital — 0.2%** |  |  |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 1/15/29 | 2297000 | 2272121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.00%, 11/15/29 | 3223000 | 3186547 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **85**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 6/15/30 | 2459000 | 2341061 |
|  (Cost $8,031,540) |  | **7799729** |
| **Industrial — 10.4%** |  |  |
| **Aerospace/Defense — 2.2%** |  |  |
|  ATI, Inc.,7.25%, 8/15/30 | 1548000 | 1622578 |
|  Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/15/28 | 892000 | 891833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.50%, 2/1/29 | 1890000 | 1966452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.75%, 11/15/30 | 2730000 | 2928176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 7/1/31 (a) | 2315000 | 2465852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/1/32 | 2371000 | 2500556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 6/15/33 | 2601000 | 2744037 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 8/15/28 | 6760000 | 6888812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 | 3874000 | 3864861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/29 | 9063000 | 9320670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29 | 2439000 | 2436266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 12/15/30 | 4937000 | 5141135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 12/1/31 | 3433000 | 3602388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/1/32 | 7326000 | 7598835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/33 | 4900000 | 4990327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 5/31/33 | 8806000 | 8994959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/31/34 | 1577000 | 1632397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/31/34 | 6576000 | 6830073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 7/31/34 | 3950000 | 4017094 |
|  (Cost $79,414,356) |  | **80437301** |
| **Building Materials — 2.2%** |  |  |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 3/1/30 | 1754000 | 1742465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.25%, 2/1/32 | 4269000 | 4075591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 6/15/32 | 2567000 | 2639943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/34 | 3248000 | 3349552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 5/15/35 | 2420000 | 2528451 |
|  Camelot Return Merger Sub, Inc.,144A,8.75%, 8/1/28 (a) | 2272000 | 1717703 |
|  Cornerstone Building Brands, Inc.,144A,9.50%, 8/15/29 (a) | 1695000 | 1233732 |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 12/15/30 | 8812000 | 9131391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 7/15/31 | 1852000 | 1932908 |
|  James Hardie International Finance DAC,144A,5.00%, 1/15/28 | 1221000 | 1222530 |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,144A,6.75%, 4/1/32 | 2417000 | 2438574 |
|  MIWD Holdco II LLC / MIWD Finance Corp.,144A,5.50%, 2/1/30 | 1602000 | 1502589 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/1/32 | 13045000 | 13566122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 3/1/33  | 5080000 | 5283967 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 11/1/28 | 3698000 | 3705798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/15/31 | 3658000 | 3888487 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 8/15/32 | 3078000 | 3172852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 8/1/33 | 3758000 | 3830744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 3/15/34 | 2361000 | 2356874 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 1/15/28 | 3403000 | 3394667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 7/15/30 | 5090000 | 4914114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 1/15/31 | 3608000 | 3333510 |
|  (Cost $81,640,523) |  | **80962564** |
| **Electrical Components & Equipment — 0.5%** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/28 | 1812000 | 1796081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 3/31/29 | 2501000 | 2431546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 9/15/33 (a) | 1321000 | 1291323 |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 6/15/28 | 4856000 | 4894557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/29 | 3008000 | 3096071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 3/15/32 | 2795000 | 2911046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 3/15/33 | 2642000 | 2756375 |
|  (Cost $19,273,467) |  | **19176999** |
| **Electronics — 0.4%** |  |  |
|  Imola Merger Corp.,144A,4.75%, 5/15/29 | 6631000 | 6523447 |
|  Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 4/15/29 | 2137000 | 2093278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 9/1/30 | 1677000 | 1699482 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 2/15/30 | 1484000 | 1457102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 2540000 | 2396366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/15/32 | 1587000 | 1662776 |
|  (Cost $15,857,076) |  | **15832451** |
| **Engineering & Construction — 0.8%** |  |  |
|  AECOM,144A,6.00%, 8/1/33 | 3964000 | 4053000 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/29 | 1331000 | 1312042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 8/15/32 | 1972000 | 2070249 |
|  Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 (a) | 4741000 | 4433406 |
|  Fluor Corp.,4.25%, 9/15/28 | 1690000 | 1678689 |
|  HTA Group Ltd./ Mauritius,144A,7.50%, 6/4/29 | 2995000 | 3100169 |
|  IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/29/28 | 1584000 | 1590520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 5/29/30 | 1679000 | 1760435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 11/29/31 | 2185000 | 2329355 |
|  TopBuild Corp. 144A,3.625%, 3/15/29 | 1322000 | 1280414 |

---

See Notes to Financial Statements.

**86** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/32 | 1677000 | 1595619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.625%, 1/31/34 | 2497000 | 2519977 |
|  (Cost $27,683,239) |  | **27723875** |
| **Environmental Control — 0.8%** |  |  |
|  Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 2/1/31 | 1667000 | 1712891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 10/15/33 | 2441000 | 2504981 |
|  GFL Environmental Holdings US, Inc.,144A,5.50%, 2/1/34 | 3210000 | 3225559 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 8/1/28 | 2430000 | 2393925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 6/15/29 | 2690000 | 2674838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 8/15/29 | 1829000 | 1798007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 1/15/31 | 3123000 | 3279462 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 2191000 | 2164041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/30/29 | 3407000 | 3401566 |
|  Waste Pro USA, Inc.,144A,7.00%, 2/1/33 | 2945000 | 3072359 |
|  Wrangler Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp.,144A,6.625%, 4/1/32 | 1597000 | 1667110 |
|  (Cost $27,641,310) |  | **27894739** |
| **Machinery-Construction & Mining — 0.2%** |  |  |
|  BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 6/30/28 | 1359000 | 1347035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 4/15/29 | 1331000 | 1304046 |
|  Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 5/15/29 | 1937000 | 1940005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 10/15/32 | 2590000 | 2669236 |
|  (Cost $7,137,177) |  | **7260322** |
| **Machinery-Diversified — 0.2%** |  |  |
|  Maxim Crane Works Holdings |  |  |
|  Capital LLC,144A,11.50%, 9/1/28 | 1697000 | 1792833 |
|  SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 1637000 | 1677553 |
|  TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 (a) | 5141000 | 5147319 |
|  (Cost $8,654,164) |  | **8617705** |
| **Metal Fabricate/Hardware — 0.0%** |  |  |
|  Advanced Drainage Systems, Inc.,144A,6.375%, 6/15/30 |  |  |
|  (Cost $1,635,245) | 1600000 | **1633901** |
| **Miscellaneous Manufacturing — 0.6%** |  |  |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 8/1/30 | 2593000 | 2673966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/31 | 2065000 | 2133711 |
|  Axon Enterprise, Inc. 144A,6.125%, 3/15/30  | 3273000 | 3381421 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 3/15/33 | 2535000 | 2629490 |
|  Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 4/15/28 | 1351000 | 1344523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 4/15/29 | 5259000 | 5266920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 5/1/29 | 1241000 | 1192354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.95%, 6/15/30 | 2983000 | 3044718 |
|  Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 2032000 | 2091857 |
|  (Cost $23,359,561) |  | **23758960** |
| **Packaging & Containers — 2.0%** |  |  |
|  Ardagh Group SA,144A,9.50%, 12/1/30 | 5163000 | 5595283 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.25%, 9/1/28 | 1852000 | 1792939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 9/1/29 | 3406000 | 3253722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/30/31 | 2193000 | 2245663 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/29 | 3323000 | 3430293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/30 | 4093000 | 3809319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/31 | 2785000 | 2587602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/15/33 | 2510000 | 2584966 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 1/15/30 | 1737000 | 1765800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 4/15/32 | 4660000 | 4698844 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/30 (a) | 1827000 | 1870998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 6/1/33 (a) | 2137000 | 2196875 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.50%, 3/15/28 | 1424000 | 1385435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/1/30 (a) | 1281000 | 1212836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.375%, 7/15/32 (a) | 1715000 | 1739411 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 4/15/30 | 8596000 | 8804668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 4/15/30 | 4376000 | 4315911 |
|  OI European Group BV,144A,4.75%, 2/15/30 | 1421000 | 1369933 |
|  Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 5/13/27 | 1315000 | 1317004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 5/15/31 (a) | 2172000 | 2198724 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 12/1/27 | 1398000 | 1394847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.125%, 2/1/28 | 2555000 | 2591902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 4/15/29 | 1440000 | 1452511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 2/15/31 | 1324000 | 1376201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 7/15/32 | 1452000 | 1496640 |
|  Silgan Holdings, Inc.,4.125%, 2/1/28 | 1880000 | 1869844 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **87**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 7/15/30 | 1780000 | 1907955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,12.25%, 1/15/31 | 2022000 | 2228022 |
|  (Cost $72,252,276) |  | **72494148** |
| **Transportation — 0.2%** |  |  |
|  Brightline East LLC,144A,11.00%, 1/31/30 | 3686000 | 998295 |
|  Seaspan Corp.,144A,5.50%, 8/1/29 | 2460000 | 2358901 |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 6/1/31 | 1368000 | 1424593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.125%, 2/1/32 | 2146000 | 2250957 |
|  (Cost $9,316,442) |  | **7032746** |
| **Trucking & Leasing — 0.3%** |  |  |
|  FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 5/1/28 | 3053000 | 3058314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.875%, 12/1/30 | 1747000 | 1849696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 5/1/31 | 2227000 | 2340120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.00%, 6/15/32 | 2547000 | 2675899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 4/15/33 | 1777000 | 1803674 |
|  (Cost $11,534,142) |  | **11727703** |
| **Technology — 4.0%** |  |  |
| **Computers — 0.8%** |  |  |
|  Amentum Holdings, Inc.,144A,7.25%, 8/1/32 | 3448000 | 3615138 |
|  CACI International, Inc.,144A,6.375%, 6/15/33 | 3253000 | 3351508 |
|  Fortress Intermediate 3, Inc.,144A,7.50%, 6/1/31 | 2490000 | 2437495 |
|  McAfee Corp.,144A,7.375%, 2/15/30 (a) | 6017000 | 4930297 |
|  NCR Atleos Corp.,144A,9.50%, 4/1/29 | 4153000 | 4462199 |
|  NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 10/1/28 | 2485000 | 2444084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.125%, 4/15/29 | 1255000 | 1232495 |
|  Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.091%, 6/1/29 | 1386000 | 1360506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 12/15/29 | 1602000 | 1691486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.875%, 7/15/30 | 1311000 | 1350414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.50%, 7/15/31 | 1895000 | 1997213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.625%, 12/1/32 | 2411017 | 2705839 |
|  (Cost $32,686,138) |  | **31578674** |
| **Office/Business Equipment — 0.1%** |  |  |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,10.25%, 10/15/30 (a) | 1224000 | 887400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,13.50%, 4/15/31 | 1585000 | 839060 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 8/15/28 | 2430000 | 935307 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.875%, 11/30/29 | 1724000 | 500472 |
|  (Cost $6,688,226) |  | **3162239** |
| **Semiconductors — 0.3%** |  |  |
|  ams-OSRAM AG,144A,12.25%, 3/30/29 | 2351000 | 2510445 |
|  Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 7/24/30 | 3568000 | 3707879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 7/24/33 | 3708000 | 3911051 |
|  ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 2137000 | 2093936 |
|  (Cost $11,984,374) |  | **12223311** |
| **Software — 2.8%** |  |  |
|  AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 7725000 | 7270847 |
|  Central Parent LLC / CDK Global |  |  |
|  II LLC / CDK Financing Co., Inc.,144A,8.00%, 6/15/29 (a) | 2523000 | 1613436 |
|  Central Parent, Inc. / CDK |  |  |
|  Global, Inc.,144A,7.25%, 6/15/29 | 2480000 | 1569321 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 3/31/29 | 13017000 | 12776797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 9/30/29 | 12727000 | 12476840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.25%, 6/30/32 | 5981000 | 5991125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.625%, 8/15/33 (a) | 3348000 | 3161420 |
|  CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.25%, 6/1/30 | 6587000 | 6458486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 2/1/31 | 5724000 | 5530050 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.00%, 6/15/28 | 2748000 | 2692863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 5/15/33 | 5065000 | 5123785 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 2/15/28 | 3088000 | 2946299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.875%, 12/1/29 | 2870000 | 2585789 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 2/15/30 | 2908000 | 2623437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.125%, 12/1/31 (a) | 2285000 | 1997653 |
|  ROBLOX Corp.,144A,3.875%, 5/1/30 | 3303000 | 3156088 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.00%, 11/28/28 | 2393000 | 2335507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/15/29 (a) | 1998000 | 1674771 |
|  SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.50%, 9/30/27 | 6565000 | 6560149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 6/1/32 | 2365000 | 2412624 |
|  Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/29 | 1737000 | 1672723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31 | 1627000 | 1535644 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc.,144A,6.875%, 2/1/31 | 8269000 | 8027948 |
|  (Cost $107,200,136) |  | **102193602** |

---

See Notes to Financial Statements.

**88** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| **Utilities — 3.7%** |  |  |
| **Electric — 3.4%** |  |  |
|  Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.75%, 10/15/32 | 3308000 | 3443687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 1/15/34 | 2490000 | 2530119 |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC,144A,6.375%, 2/15/32 | 3482000 | 3474016 |
|  Calpine LLC,144A,5.125%, 3/15/28 | 4646000 | 4647182 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.75%, 3/15/28 | 2995000 | 2986660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.75%, 2/15/31 | 3064000 | 2904576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 1980000 | 2007021 |
|  ContourGlobal Power Holdings SA,144A,6.75%, 2/28/30 | 1867000 | 1925344 |
|  EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA,144A,5.375%, 12/30/30 | 2263000 | 2137330 |
|  Hawaiian Electric Co., Inc.,144A,6.00%, 10/1/33 | 1627000 | 1659112 |
|  Lightning Power LLC,144A,7.25%, 8/15/32 | 4849000 | 5151151 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/28 | 2694000 | 2695226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.375%, 2/15/29 | 1621000 | 1563223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.25%, 6/15/29 | 2388000 | 2397932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 7/15/29 | 2607000 | 2613082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,3.625%, 2/15/31 | 3334000 | 3148618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 2/1/33 | 2946000 | 3018835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 1/15/34 | 4116000 | 4177086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 11/1/34 | 3295000 | 3409315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.00%, 1/15/36 | 7952000 | 8097378 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/28 | 3153000 | 3146541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/30 | 3203000 | 3207526 |
|  Saavi Energia Sarl,144A,8.875%, 2/10/35 | 3608000 | 3987742 |
|  Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 6/1/30 | 3858000 | 4071548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.25%, 2/1/34 | 4705000 | 4790582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/1/36 | 4163000 | 4282657 |
|  TransAlta Corp.,5.875%, 2/1/34 | 1321000 | 1330029 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.00%, 7/31/27 | 4169000 | 4171285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.375%, 5/1/29 | 4116000 | 4074076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 10/15/31 | 5077000 | 5367557 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount $**  | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.875%, 4/15/32 | 3283000 | 3455325 |
|  VoltaGrid LLC,144A,7.375%, 11/1/30 | 6601000 | 6895809 |
|  XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,4.50%, 9/15/27 | 1749000 | 1742532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.25%, 1/15/29 (a) | 2445000 | 2538976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.375%, 1/15/31 (a) | 2924000 | 3097599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,8.625%, 3/15/33 | 2949000 | 3123062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,7.75%, 4/15/34 | 2565000 | 2661049 |
|  (Cost $125,190,398) |  | **125930788** |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/27 | 1733000 | 1748323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.375%, 6/1/28 | 2205000 | 2280312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,9.50%, 6/1/30 | 1704000 | 1824952 |
|  (Cost $5,808,071) |  | **5853587** |
| **Water — 0.1%** |  |  |
|  Nova Securitisation Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,5.75%, 2/3/31 | 2800000 | 2768747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A,6.50%, 2/3/36 | 1650000 | 1616335 |
|  (Cost $4,388,820) |  | **4385082** |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,687,264,536) |  | **3636028242** |
|  | **Number of<br>Shares** |  |
| **SECURITIES LENDING** |  |  |
| **COLLATERAL — 5.8%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $215,537,717) | 215537717 | **215537717** |
| **CASH EQUIVALENTS — 1.8%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $68,323,949) | 68323949 | **68323949** |
| **TOTAL INVESTMENTS — 105.6%** |  |  |
|  (Cost $3,971,126,202) |  | **3919889908** |
| **Other assets and liabilities,net — (5.6%)** | **Other assets and liabilities,net — (5.6%)** | **(208029211)** |
| **NET ASSETS — 100.0%** |  | **3711860697** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **89**

------

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost**<br> **($)** | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% | SECURITIES LENDING COLLATERAL **—** 5.8% |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |
| 244717699 |  | (29179982) (e) |  |  | 802110 |  | 215537717 | 215537717 |
| CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% | CASH EQUIVALENTS **—** 1.8% |
| DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| 68804966 | 331341674 | (331822691) |  |  | 780140 |  | 68323949 | 68323949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313522665 | 331341674 | (361002673) |  |  | 1582250 |  | 283861666 | 283861666 |

---

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $210,821,964, which is 5.7% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

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 February 28, 2026 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) | $— | $3636006817 | $21425 | $3636028242 |
|  Short-Term Investments (a) | 283861666 |  |  | 283861666 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283861666 | $3636006817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21425 | $3919889908 |

---

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

See Notes to Financial Statements.

**90** \| DBX ETF Trust

------

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $39125314 | $64834300 | $— | $252642250 |
|  Investment in affiliated securities at value |  |  | 48860783 |  |
|  Investment in DWS Government Money Market Series | 421398 | 1638445 | 289705 | 6750637 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 2509261 | 561864 | 13216825 | 11666468 |
|  Cash | 471 |  |  |  |
|  Foreign currency at value |  | 3 |  | 16 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1380073 | 1565971 |  | 8968098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 729449 | 968591 | 801 | 4023806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 1284 | 71 | 137 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $44167250 | $69569245 | $62368251 | $284057270 |
| **Liabilities** |  |  |  |  |
|  Due to custodian | $6 | $— | $— | $506 |
|  Payable upon return of securities loaned | 2509261 | 561864 | 13216825 | 11666468 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 1655243 | 2864542 |  | 14492777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 4971 | 10494 | 9244 | 39308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4169481 | 3436900 | 13226069 | 26199059 |
| **Net Assets, at value** | $**39997769** | $**66132345** | $**49142182** | $**257858211** |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $52323184 | $133897726 | $51290196 | $261292517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (12325415) | (67765381) | (2148014) | (3434306) |
| **Net Assets, at value** | $**39997769** | $**66132345** | $**49142182** | $**257858211** |
|  Number of Common Shares outstanding | 950001 | 1400001 | 2100001 | 5750001 |
| **Net Asset Value** | $42.10 | $47.24 | $23.40 | $44.84 |
|  Investment in non-affiliated securities at cost | $39248148 | $64790094 | $– | $251903845 |
|  Investment in affiliated securities at cost | $– | $– | $47849927 | $– |
|  Value of securities loaned | $2453421 | $550514 | $12926221 | $11404270 |
|  Investment in DWS Government Money Market Series at cost | $421398 | $1638445 | $289705 | $6750637 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $2509261 | $561864 | $13216825 | $11666468 |
|  Foreign currency at cost | $— | $3 | $— | $16 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **91**

------

Statements of Assets and Liabilities (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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 | $2034136002 | $3636028242 |
|  Investment in DWS Government Money Market Series | 27590322 | 68323949 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 153058280 | 215537717 |
|  Cash |  | 219466 |
|  Foreign currency at value | 65 | 37 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 43960219 | 43685650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  | 11072478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 34076966 | 61707912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 35623 | 108764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $2292857477 | $4036684215 |
| Liabilities |  |  |
|  Payable upon return of securities loaned | $153058280 | $215537717 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 59188529 | 109151646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 310201 | 134146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 212557010 | 324823518 |
| Net Assets, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080300467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711860697 |
| Net Assets Consist of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2052526434 | $4098332876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 27774033 | (386472179) |
| Net Assets, at value | $2080300467 | $3711860697 |
|  Number of Common Shares outstanding | 38050001 | 100587501 |
| Net Asset Value | $54.67 | $36.90 |
|  Investment in non-affiliated securities at cost | $2011214814 | $3687264536 |
|  Value of securities loaned | $147086763 | $210821964 |
|  Investment in DWS Government Money Market Series at cost | $27590322 | $68323949 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $153058280 | $215537717 |
|  Foreign currency at cost | $57 | $37 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**92** \| DBX ETF Trust

------

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $1040794 | $2941047 | $— | $8367219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  |  | 1553259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 5543 | 34981 | 5922 | 66603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 6768 | 1641 | 1923 | 36642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1053105 | 2977669 | 1561104 | 8470464 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 26820 | 113466 | 71762 | 242311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 2325 | 58 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 26878 | 115791 | 71820 | 243461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (151) | (1000) | (13031) | (1832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26727 | 114791 | 58789 | 241629 |
|  Net investment income (loss) | 1026378 | 2862878 | 1502315 | 8228835 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (116544) | 102501 |  | (972124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | (810) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 332761 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) | 232 | 1420 |  | 1441 |
|  Net realized gain (loss) | (116312) | 436682 | (810) | (970683) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (213831) | 176130 |  | (1652020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  | (114356) |  |
|  Net change in unrealized appreciation (depreciation) | (213831) | 176130 | (114356) | (1652020) |
|  Net realized and unrealized gain (loss) on investments | (330143) | 612812 | (115166) | (2622703) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475690 | $1387149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606132 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **93**

------

Statements of Operations (Continued)

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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 | $47572003 | $120355292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 249906 | 780140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 164785 | 802110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 47986694 | 121937542 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1448145 | 957831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2150 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1450295 | 961981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (6754) | (21207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1443541 | 940774 |
|  Net investment income (loss) | 46543153 | 120996768 |
| Realized and Unrealized Gain (Loss) |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1265625) | (23037540) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 369218 | 14162851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) | 10499 | 10308 |
|  Net realized gain (loss) | (885908) | (8864381) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 968303 | 392596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1 |  |
|  Net change in unrealized appreciation (depreciation) | 968304 | 392596 |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 82396 | (8471785) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46625549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112524983 |

---

See Notes to Financial Statements.

**94** \| DBX ETF Trust

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **For the Six<br>Months Ended<br>February 28,<br>2026**<br> (Unaudited) | **Year Ended<br>August 31, 2025** | **For the Six<br>Months Ended<br>February 28,<br>2026**<br> (Unaudited) | **Year Ended<br>August 31, 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $1026378 | $935649 | $2862878 | $14213904 |
|  Net realized gain (loss) | (116312) | (161112) | 436682 | 1912423 |
|  Net change in net unrealized appreciation (depreciation) | (213831) | 476878 | 176130 | (575176) |
|  Net increase (decrease) in net assets resulting from operations | 696235 | 1251415 | 3475690 | 15551151 |
|  **Distributions to Shareholders** | (959611) | (902850) | (3738034) | (14265605) |
| **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 23250636 | 6209615 | 11805632 | 338493864 |
|  Value of shares redeemed |  | (2129415) | (92085388) | (414228636) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 23250636 | 4080200 | (80279756) | (75734772) |
|  Total net increase (decrease) in Net Assets | 22987260 | 4428765 | (80542100) | (74449226) |
| **Net Assets** |  |  |  |  |
|  Beginning of period | 17010509 | 12581744 | 146674445 | 221123671 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39997769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17010509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66132345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146674445 |
| **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 400001 | 300001 | 3100001 | 4700001 |
|  Shares sold | 550000 | 150000 | 250000 | 7250000 |
|  Shares redeemed |  | (50000) | (1950000) | (8850000) |
|  Shares outstanding, end of period | 950001 | 400001 | 1400001 | 3100001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **95**

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Risk Managed USD**<br> **High Yield Strategy ETF** | **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 |
|  | **For the Six<br>Months Ended<br>February 28,<br>2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 | **For the Six<br>Months Ended<br>February 28,<br>2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 |
| Increase (Decrease) in Net Assets from Operations |  |  |  |  |
|  Net investment income (loss) | $1502315 | $2823088 | $8228835 | $10869510 |
|  Net realized gain (loss) | (810) | (3148557) | (970683) | (260648) |
|  Net change in net unrealized appreciation (depreciation) | (114356) | 2689707 | (1652020) | 1091539 |
|  Net increase (decrease) in net assets resulting from operations | 1387149 | 2364238 | 5606132 | 11700401 |
|  **Distributions to Shareholders** | (1707315) | (2666124) | (8311062) | (10297636) |
| Fund Shares Transactions |  |  |  |  |
|  Proceeds from shares sold | 1761048 | 5280937 | 36099056 | 128248262 |
|  Value of shares redeemed |  |  |  | (8760300) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 1761048 | 5280937 | 36099056 | 119487962 |
|  Total net increase (decrease) in Net Assets | 1440882 | 4979051 | 33394126 | 120890727 |
| Net Assets |  |  |  |  |
|  Beginning of period | 47701300 | 42722249 | 224464085 | 103573358 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49142182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47701300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257858211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224464085 |
| Changes in Shares Outstanding |  |  |  |  |
|  Shares outstanding, beginning of period | 2025001 | 1800001 | 4950001 | 2300001 |
|  Shares sold | 75000 | 225000 | 800000 | 2850000 |
|  Shares redeemed |  |  |  | (200000) |
|  Shares outstanding, end of period | 2100001 | 2025001 | 5750001 | 4950001 |

---

---

| |
|:---|
| See Notes to Financial Statements. |
| **96** \| DBX ETF Trust |

---

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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** |
|  | **For the Six<br>Months Ended<br>February 28,**<br> **2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 | **For the Six<br>Months Ended<br>February 28,**<br> **2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 |
| Increase (Decrease) in Net Assets from Operations |  |  |  |  |
|  Net investment income (loss) | $46543153 | $54988046 | $120996768 | $231248837 |
|  Net realized gain (loss) | (885908) | (644647) | (8864381) | (25083882) |
|  Net change in net unrealized appreciation (depreciation) | 968304 | 3182834 | 392596 | 72986837 |
|  Net increase (decrease) in net assets resulting from operations | 46625549 | 57526233 | 112524983 | 279151792 |
|  **Distributions to Shareholders** | (42886543) | (54379903) | (126290961) | (230660536) |
| Fund Shares Transactions |  |  |  |  |
|  Proceeds from shares sold | 946424449 | 485467515 | 576795794 | 2256072540 |
|  Value of shares redeemed | (8187180) | (5371108) | (790901767) | (1967807703) |
|  Net increase (decrease) in net assets resulting from fund share transactions | 938237269 | 480096407 | (214105973) | 288264837 |
|  Total net increase (decrease) in Net Assets | 941976275 | 483242737 | (227871951) | 336756093 |
| Net Assets |  |  |  |  |
|  Beginning of period | 1138324192 | 655081455 | 3939732648 | 3602976555 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080300467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138324192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711860697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939732648 |
| Changes in Shares Outstanding |  |  |  |  |
|  Shares outstanding, beginning of period | 20850001 | 12000001 | 106387501 | 98787501 |
|  Shares sold | 17350000 | 8950000 | 15600000 | 62100000 |
|  Shares redeemed | (150000) | (100000) | (21400000) | (54500000) |
|  Shares outstanding, end of period | 38050001 | 20850001 | 100587501 | 106387501 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements. | See Notes to Financial Statements. |
|  | DBX ETF Trust \| **97** |

---

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers High Beta High Yield Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $42.53 | $41.94 | $39.93 | $39.84 | $48.35 | $46.55 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.58 | 3.27 | 3.14 | 2.90 | 2.51 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.44) | 0.53 | 2.01 | 0.15 | (8.37) | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.14 | 3.80 | 5.15 | 3.05 | (5.86) | 5.25 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.57) | (3.21) | (3.14) | (2.96) | (2.65) | (3.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.57) | (3.21) | (3.14) | (2.96) | (2.65) | (3.45) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 2.76 | 9.45 | 13.58 | 8.11 | (12.56) | 11.67 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 40 | 17 | 13 | 12 | 12 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 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 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 7.65 | 7.82 | 7.77 | 7.40 | 5.61 | 5.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 33 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**98** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers Low Beta High Yield Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $47.31 | $47.05 | $45.05 | $45.09 | $51.05 | $50.50 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.20 | 2.52 | 2.40 | 2.24 | 1.69 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.16 | 0.27 | 2.23 | 0.14 | (5.87) | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.36 | 2.79 | 4.63 | 2.38 | (4.18) | 2.52 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.43) | (2.53) | (2.63) | (2.42) | (1.78) | (1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.43) | (2.53) | (2.63) | (2.42) | (1.78) | (1.97) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.05 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.05 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 2.92 | 6.15 | 10.68 | 5.44 | (8.36) | 5.12 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 66 | 147 | 221 | 223 | 1441 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 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 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 5.05 | 5.39 | 5.27 | 4.97 | 3.53 | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 26 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **99**

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers Risk Managed USD High Yield Strategy ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | Period Ended<br>8/31/2022(a) |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $23.56 | $23.73 | $22.53 | $22.29 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.73 | 1.47 | 1.38 | 1.28 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (0.24) | 1.20 | 0.29 | (2.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 1.23 | 2.58 | 1.57 | (2.26) |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.83) | (1.40) | (1.38) | (1.33) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.83) | (1.40) | (1.38) | (1.33) | (0.45) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 2.93 | 5.34 | 11.92 | 7.27 | (9.12) |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 49 | 48 | 43 | 44 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%)(d) | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%)(d) | 0.25 | 0.24 | 0.23 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.28 | 6.28 | 6.04 | 5.74 | 4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 0 | 100 | 0 (f) | 0 (f) | 0 |

---

(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.

**100** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers Short Duration High Yield Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $45.35 | $45.03 | $43.53 | $43.04 | $47.89 | $46.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.52 | 3.29 | 3.23 | 2.71 | 2.04 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.48) | 0.28 | 1.44 | 0.45 | (4.76) | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.04 | 3.57 | 4.67 | 3.16 | (2.72) | 4.01 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.55) | (3.25) | (3.17) | (2.67) | (2.13) | (2.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.55) | (3.25) | (3.17) | (2.67) | (2.13) | (2.69) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 2.35 | 8.24 | 11.25 | 7.65 | (5.84) | 8.86 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 258 | 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 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.79 | 7.35 | 7.36 | 6.30 | 4.48 | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 24 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **101**

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers USD High Yield BB-B ex Financials ETF

---

| | | | |
|:---|:---|:---|:---|
|  | For the Six | | |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | Year<br>Ended<br>8/31/2025 | Period<br>Ended<br>8/31/2024(a) |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $54.60 | $54.59 | $50.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 1.73 | 3.67 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | 0.06 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.80 | 3.73 | 7.17 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.73) | (3.72) | (2.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.73) | (3.72) | (2.58) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 3.37 | 7.13 | 14.62 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |
|  Net Assets, end of period ($ millions) | 2080 | 1138 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.43 | 6.82 | 6.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 20 | 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.

**102** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers USD High Yield Corporate Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $37.03 | $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) | 1.16 | 2.33 | 2.16 | 1.94 | 1.61 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.10) | 0.54 | 1.91 | 0.25 | (5.80) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.06 | 2.87 | 4.07 | 2.19 | (4.19) | 3.49 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.19) | (2.31) | (2.18) | (1.98) | (1.75) | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.19) | (2.31) | (2.18) | (1.98) | (1.75) | (2.24) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 2.93 | 8.17 | 12.26 | 6.63 | (10.67) | 8.31 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 3712 | 3940 | 3603 | 3859 | 3615 | 6666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.05 | 0.05 | 0.19 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.05 | 0.05 | 0.07 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 6.32 | 6.41 | 6.15 | 5.69 | 4.24 | 4.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 16 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **103**

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Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 28, 2026, the Trust consists of forty-four 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 |

---

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.

**104** \| DBX ETF Trust

------

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

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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does 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 \| **105**

------

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 each 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

**106** \| DBX ETF Trust

------

by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2026, the Funds did not incur any interest or penalties.

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 High Beta High Yield Bond ETF | $2963916 | $9213070 | $12176986 |
|  Xtrackers Low Beta High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35317430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32771790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 280775496 | 322496685 |

---

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 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) | 49558909 | (122009551) |

---

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

**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 2026, 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

DBX ETF Trust \| **107**

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Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2026, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of February 28, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2026, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 |
| Securities Lending Transactions | Overnight<br>and<br>Continuous | <30 Days | Between 30<br>& 90 Days | >90 Days | Total |
| Xtrackers High Beta High Yield Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $2509261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2509261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $2509261 |
| Xtrackers Low Beta High Yield Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $561864 | $— | $— | $— | $561864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $561864 |
| Xtrackers Risk Managed USD High Yield Strategy ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $13216825 | $— | $— | $— | $13216825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $13216825 |
| Xtrackers Short Duration High Yield Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $11666468 | $— | $— | $— | $11666468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $11666468 |
| Xtrackers USD High Yield BB-B ex Financials ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $153058280 | $— | $— | $— | $153058280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $153058280 |
| Xtrackers USD High Yield Corporate Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $215537717 | $— | $— | $— | $215537717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  |  |  | $215537717 |

---

**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.

**108** \| DBX ETF Trust

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3. Investment Advisory and Other Agreements

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

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

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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% |

---

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund's fees and expenses attributable to the Fund's investments in affiliated funds. For the period ended February 28, 2026, the Advisor waived $12,870 of the expenses of the Fund which were attributable to the Fund's investments in affiliated funds.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated cash management vehicles. For the period ended February 28, 2026, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers High Beta High Yield Bond ETF | $151 |
|  Xtrackers Low Beta High Yield Bond ETF | 1000 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 161 |
|  Xtrackers Short Duration High Yield Bond ETF | 1832 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 6754 |
|  Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21207 |

---

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 February 28, 2026, 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 | $504 |
|  Xtrackers Low Beta High Yield Bond ETF | 123 |
|  Xtrackers Short Duration High Yield Bond ETF | 2706 |
|  Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59246 |

---

DBX ETF Trust \| **109**

------

4. Investment Portfolio Transactions

For the period ended February 28, 2026, 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 | $9071689 | $9063587 |
|  Xtrackers Low Beta High Yield Bond ETF | 30120505 | 29742931 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF |  | 166275 |
|  Xtrackers Short Duration High Yield Bond ETF | 55899227 | 56470544 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 306504571 | 287203529 |
|  Xtrackers USD High Yield Corporate Bond ETF | 623035902 | 617814204 |

---

For the period ended February 28, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
|  Xtrackers High Beta High Yield Bond ETF | $22791836 | $— |
|  Xtrackers Low Beta High Yield Bond ETF | 12019301 | 89856266 |
|  Xtrackers Risk Managed USD High Yield Strategy ETF | 1743179 |  |
|  Xtrackers Short Duration High Yield Bond ETF | 35548208 |  |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 907318454 | 7897815 |
|  Xtrackers USD High Yield Corporate Bond ETF | 562764662 | 773602113 |

---

**Transactions with Affiliates.** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 28, 2026, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212322 | $4575786 | $92823 |
|  Xtrackers Low Beta High Yield Bond ETF | 4575786 | 1212322 | 40850 |

---

5. Fund Share Transactions

As of February 28, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund's Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 28, 2026, the Advisor agreed to reimburse the Funds and amounts below for losses due to trades executed incorrectly. The amounts compensated were less than 0.01% of the Funds' average net assets, thus having no impact on the Funds' total return.

---

| | |
|:---|:---|
| DBX Advisors LLC | Amount |
|  Xtrackers High Beta High Yield Bond ETF | $232 |
|  Xtrackers Low Beta High Yield Bond ETF | 1420 |
|  Xtrackers Short Duration High Yield Bond ETF | 1441 |
|  Xtrackers USD High Yield BB-B ex Financials ETF | 10499 |
|  Xtrackers USD High Yield Corporate Bond ETF | 10308 |

---

**110** \| DBX ETF Trust

------

7. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer's continuing ability to meet principal and interest payments. A Fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities' total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds' status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2026.

9. Fund Liquidation

On April 17, 2026, the Board of Trustees of the Trust unanimously voted to close and liquidate Xtrackers Risk Managed USD High Yield Strategy ETF on or about May 20, 2026. The Fund's final day of trading on NYSE ARCA will be May 7, 2026. Proceeds of the liquidation are scheduled to be sent to shareholders on or about May 20, 2026.

DBX ETF Trust \| **111**

------

![LOGO](g37635dsp112.jpg)

------

![LOGO](g105258dsp001a.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](g105258dsp001b.jpg)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| **[Schedule of Investments](#fin105258_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF](#fin105258_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE Selection Equity ETF](#fin105258_3) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Emerging Markets Climate Selection ETF](#fin105258_4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI USA Climate Action Equity ETF](#fin105258_5) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI USA Selection Equity ETF](#fin105258_6) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Net Zero Pathway Paris Aligned US Equity ETF](#fin105258_7) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers RREEF Global Natural Resources ETF](#fin105258_8) | 48 |
| **[Statements of Assets and Liabilities](#fin105258_9)** | **50** |
| **[Statements of Operations](#fin105258_10)** | **52** |
| **[Statements of Changes in Net Assets](#fin105258_11)** | **54** |
| **[Financial Highlights](#fin105258_12)** | **58** |
| **[Notes to Financial Statements](#fin105258_13)** | **65** |

---

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 97.1%** |  |  |
| **Australia — 0.1%** |  |  |
|  MMG Ltd. \* |  |  |
|  (Cost $7,925) | 20111 | **27793** |
| **Brazil — 2.9%** |  |  |
|  Ambev SA | 33260 | 105519 |
|  Axia Energia | 8509 | 101660 |
|  B3 SA — Brasil Bolsa Balcao | 39005 | 136143 |
|  Banco Bradesco SA | 7937 | 28431 |
|  Banco BTG Pactual S.A | 8687 | 103769 |
|  Banco do Brasil SA | 8410 | 44195 |
|  Banco Santander Brasil SA | 1501 | 9805 |
|  BB Seguridade Participacoes SA | 5902 | 39912 |
|  Caixa Seguridade Participacoes S/A | 4662 | 16172 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 1813 | 54392 |
|  Companhia Paranaense de Energia | 11928 | 34098 |
|  Embraer SA | 1259 | 22689 |
|  Energisa SA | 1772 | 18603 |
|  Engie Brasil Energia SA | 3163 | 20773 |
|  Equatorial SA | 5402 | 44357 |
|  Itau Unibanco Holding SA | 3352 | 28485 |
|  Klabin SA | 7331 | 29391 |
|  Localiza Rent a Car SA | 4252 | 42086 |
|  Motiva Infraestrutura de Mobilidade SA | 9366 | 30408 |
|  NU Holdings Ltd., Class A \* | 24498 | 366980 |
|  Pagseguro Digital Ltd., Class A | 2220 | 23554 |
|  Raia Drogasil SA | 10697 | 52312 |
|  Rede D'Or Sao Luiz SA, 144A | 5574 | 43802 |
|  Rumo SA | 10307 | 32097 |
|  StoneCo Ltd., Class A \* | 1917 | 32206 |
|  Suzano SA | 2471 | 27946 |
|  Telefonica Brasil SA | 6505 | 54771 |
|  TIM SA | 7259 | 39491 |
|  TOTVS SA | 4523 | 33373 |
|  WEG SA | 9997 | 96883 |
|  XP, Inc., Series BDR | 747 | 16202 |
|  XP, Inc., Class A | 2495 | 53717 |
|  (Cost $1,364,299) |  | **1784222** |
| **Canada — 0.1%** |  |  |
|  China Gold International Resources Corp. Ltd. |  |  |
|  (Cost $13,727) | 1477 | **38709** |
| **Chile — 0.5%** |  |  |
|  Banco de Chile | 185287 | 38154 |
|  Banco de Credito e Inversiones SA | 718 | 49112 |
|  Banco Itau Chile SA | 386 | 9229 |
|  Banco Santander Chile | 308562 | 26474 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cencosud SA | 10023 | 31273 |
|  Cencosud Shopping SA | 6587 | 19065 |
|  Empresas CMPC SA | 3150 | 4659 |
|  Enel Americas SA | 114850 | 10314 |
|  Enel Chile SA | 142572 | 11914 |
|  Falabella SA | 8574 | 63559 |
|  Latam Airlines Group SA | 1557458 | 43759 |
|  Plaza SA | 4858 | 22674 |
|  (Cost $239,414) |  | **330186** |
| **China — 23.3%** |  |  |
|  360 Security Technology, Inc., Class A | 9405 | 16998 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1938 | 6921 |
|  3SBio, Inc., 144A \* | 14554 | 40822 |
|  AAC Technologies Holdings, Inc. | 3508 | 16746 |
|  Accelink Technologies Co. Ltd., Class A | 923 | 10214 |
|  ACM Research Shanghai, Inc., Class A | 290 | 7280 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A | 308 | 15832 |
|  Agricultural Bank of China Ltd., Class A | 25767 | 24036 |
|  Agricultural Bank of China Ltd., Class H | 136238 | 92484 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 10588 | 16358 |
|  AIMA Technology Group Co. Ltd., Class A | 900 | 3844 |
|  Aisino Corp., Class A | 7561 | 11153 |
|  Akeso, Inc., 144A \* | 4329 | 59161 |
|  All Winner Technology Co. Ltd., Class A | 1200 | 7458 |
|  Amlogic Shanghai Co. Ltd., Class A \* | 557 | 7713 |
|  Andon Health Co. Ltd., Class A | 1400 | 9058 |
|  Angel Yeast Co. Ltd., Class A | 659 | 4225 |
|  Anhui Expressway Co. Ltd., Class A | 2880 | 5957 |
|  Anhui Expressway Co. Ltd., Class H | 7701 | 13635 |
|  Anjoy Foods Group Co. Ltd., Class H | 604 | 6235 |
|  Anker Innovations Technology Co. Ltd., Class A | 229 | 3230 |
|  ANTA Sports Products Ltd. | 9381 | 101999 |
|  Apeloa Pharmaceutical Co. Ltd., Class A | 2404 | 6332 |
|  APT Medical, Inc., Class A | 129 | 4630 |
|  Ascentage Pharma Group International, 144A \* | 2889 | 17322 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Asia - Potash International Investment Guangzhou Co. Ltd., Class A \* | 1148 | 9454 |
|  ASR Microelectronics Co. Ltd., Class A \* | 678 | 9660 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 612 | 8697 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A | 494 | 4958 |
|  Atour Lifestyle Holdings Ltd., ADR | 408 | 16022 |
|  Autobio Diagnostics Co. Ltd., Class A | 2033 | 10759 |
|  Autohome, Inc., ADR | 876 | 16802 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 1444 | 12416 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 5236 | 6098 |
|  Baidu, Inc., Class A \* | 15177 | 240010 |
|  Baimtec Material Co. Ltd., Class A | 619 | 6628 |
|  Bank of Beijing Co. Ltd., Class A | 10297 | 8089 |
|  Bank of Changsha Co. Ltd., Class A | 7271 | 10386 |
|  Bank of Chengdu Co. Ltd., Class A | 4893 | 11532 |
|  Bank of China Ltd., Class A | 15922 | 12253 |
|  Bank of China Ltd., Class H | 286332 | 169848 |
|  Bank of Chongqing Co. Ltd., Class A | 5855 | 8355 |
|  Bank of Chongqing Co. Ltd., Class H | 9642 | 9442 |
|  Bank of Communications Co. Ltd., Class A | 18770 | 17919 |
|  Bank of Communications Co. Ltd., Class H | 33644 | 29506 |
|  Bank of Guiyang Co. Ltd., Class A | 7289 | 6173 |
|  Bank of Hangzhou Co. Ltd., Class A | 2889 | 6843 |
|  Bank of Jiangsu Co. Ltd., Class A | 8193 | 12360 |
|  Bank of Nanjing Co. Ltd., Class A | 4556 | 7471 |
|  Bank of Ningbo Co. Ltd., Class A | 3043 | 13878 |
|  Bank of Shanghai Co. Ltd., Class A | 8680 | 12247 |
|  Bank of Suzhou Co. Ltd., Class A | 7430 | 8804 |
|  Bank of Zhengzhou Co. Ltd., Class A | 17908 | 5038 |
|  Beijing BDStar Navigation Co. Ltd., Class A \* | 1100 | 7022 |
|  Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 7420 | 3439 |
|  Beijing Compass Technology Development Co. Ltd., Class A \* | 796 | 13462 |
|  Beijing Easpring Material Technology Co. Ltd., Class A | 800 | 6649 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Beijing E-Hualu Information Technology Co. Ltd., Class A \* | 2528 | 4665 |
|  Beijing Enlight Media Co. Ltd., Class A | 3807 | 10815 |
|  Beijing Huafeng Test & Control Technology Co. Ltd., Class A | 400 | 17216 |
|  Beijing Kingsoft Office Software, Inc., Class A | 352 | 15451 |
|  Beijing Originwater Technology Co. Ltd., Class A | 5098 | 3136 |
|  Beijing Roborock Technology Co. Ltd., Class A | 219 | 4567 |
|  Beijing Shiji Information Technology Co. Ltd., Class A | 5021 | 8672 |
|  Beijing Sinnet Technology Co. Ltd., Class A | 2976 | 7569 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 2156 | 5125 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 1017 | 4561 |
|  Beijing Ultrapower Software Co. Ltd., Class A | 4474 | 7590 |
|  Beijing United Information Technology Co. Ltd., Class A | 943 | 3756 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A \* | 770 | 4600 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 27987 | 20192 |
|  Bestechnic Shanghai Co. Ltd., Class A | 285 | 8593 |
|  Bethel Automotive Safety Systems Co. Ltd., Class A | 932 | 7496 |
|  Betta Pharmaceuticals Co. Ltd., Class A | 1754 | 11760 |
|  BGI Genomics Co. Ltd., Class A \* | 1419 | 10050 |
|  Bilibili, Inc., Class Z \* | 2206 | 62383 |
|  Bloks Group Ltd. \* | 1047 | 8459 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 1347 | 9298 |
|  BOC International China Co. Ltd., Class A | 5005 | 10439 |
|  BOE Technology Group Co. Ltd., Class A | 9374 | 6121 |
|  BTG Hotels Group Co. Ltd., Class A | 2458 | 6255 |
|  BYD Co. Ltd., Class H | 13589 | 164952 |
|  By-health Co. Ltd., Class A | 1472 | 2587 |
|  Caida Securities Co. Ltd., Class A | 13785 | 13763 |
|  Caitong Securities Co. Ltd., Class A | 7015 | 8885 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 103 | 17685 |
|  Capital Securities Co. Ltd., Class A | 4111 | 10965 |
|  Cathay Biotech, Inc., Class A | 465 | 3706 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  CCOOP Group Co. Ltd., Class A \* | 21600 | 7273 |
|  CECEP Solar Energy Co. Ltd., Class A | 13614 | 11568 |
|  CECEP Wind-Power Corp., Class A | 26465 | 12768 |
|  CETC Cyberspace Security Technology Co. Ltd., Class A | 1352 | 3965 |
|  CGN Power Co. Ltd., Class A | 17767 | 10229 |
|  CGN Power Co. Ltd., Class H, 144A | 86568 | 34750 |
|  Chagee Holdings Ltd., ADR | 545 | 5957 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A | 493 | 6882 |
|  Changjiang Securities Co. Ltd., Class A | 8246 | 9555 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 1688 | 15525 |
|  Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 1500 | 6393 |
|  Chengdu Xingrong Environment Co. Ltd., Class A | 7098 | 7635 |
|  Chengxin Lithium Group Co. Ltd., Class A \* | 1400 | 8695 |
|  Chifeng Jilong Gold Mining Co. Ltd., Class A | 1731 | 10072 |
|  China Baoan Group Co. Ltd., Class A | 3718 | 5175 |
|  China Cinda Asset Management Co. Ltd., Class H | 109188 | 17588 |
|  China CITIC Bank Corp. Ltd., Class A | 10687 | 11215 |
|  China CITIC Bank Corp. Ltd., Class H | 36182 | 33350 |
|  China CITIC Financial Asset Management Co. Ltd., Class H, 144A \* | 177031 | 19237 |
|  China Communications Services Corp. Ltd., Class H | 14944 | 8502 |
|  China Construction Bank Corp., Class A | 8758 | 10965 |
|  China Construction Bank Corp., Class H | 393986 | 402440 |
|  China Enterprise Co. Ltd., Class A \* | 14038 | 5913 |
|  China Everbright Bank Co. Ltd., Class A | 18097 | 8546 |
|  China Everbright Bank Co. Ltd., Class H | 51062 | 21477 |
|  China Feihe Ltd., 144A | 15167 | 7368 |
|  China Film Group Co. Ltd., Class A | 3604 | 7806 |
|  China Galaxy Securities Co. Ltd., Class A | 5086 | 10830 |
|  China Galaxy Securities Co. Ltd., Class H | 26962 | 34159 |
|  China Great Wall Securities Co. Ltd., Class A | 6487 | 9370 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 3945 | 9539 |
|  China International Capital Corp. Ltd., Class A | 2645 | 13358 |
|  China Life Insurance Co. Ltd., Class A | 1265 | 8201 |
|  China Life Insurance Co. Ltd., Class H | 28451 | 114864 |
|  China Literature Ltd., 144A \* | 4337 | 17521 |
|  China Merchants Bank Co. Ltd., Class A | 6048 | 34159 |
|  China Merchants Bank Co. Ltd., Class H | 15593 | 97360 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 8838 | 12482 |
|  China Merchants Securities Co. Ltd., Class A | 6109 | 14781 |
|  China Merchants Securities Co. Ltd., Class H, 144A | 6252 | 11262 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 9312 | 13450 |
|  China Minsheng Banking Corp. Ltd., Class A | 23056 | 13039 |
|  China Minsheng Banking Corp. Ltd., Class H | 38700 | 20037 |
|  China National Nuclear Power Co. Ltd., Class A | 4936 | 6130 |
|  China National Software & Service Co. Ltd., Class A \* | 1111 | 7224 |
|  China Pacific Insurance Group Co. Ltd., Class A | 2273 | 13520 |
|  China Pacific Insurance Group Co. Ltd., Class H | 10660 | 48979 |
|  China Railway Signal & Communication Corp. Ltd., Class H, 144A | 3397 | 1598 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A \* | 1503 | 14235 |
|  China Reinsurance Group Corp., Class H | 42909 | 9051 |
|  China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 820 | 2199 |
|  China Resources Microelectronics Ltd., Class A | 864 | 7191 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 4618 | 28102 |
|  China Resources Pharmaceutical Group Ltd., 144A | 13528 | 7869 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 1765 | 7430 |
|  China Science Publishing & Media Ltd., Class A | 3522 | 11442 |
|  China South Publishing & Media Group Co. Ltd., Class A | 6033 | 9769 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Southern Power Grid Energy Storage Co. Ltd., Class A | 4100 | 8922 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 27250 | 16523 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 777 | 9126 |
|  China Tourism Group Duty Free Corp. Ltd., Class H, 144A | 1120 | 11297 |
|  China Tower Corp. Ltd., Class H, 144A | 18275 | 26050 |
|  China United Network Communications Ltd., Class A | 12006 | 8610 |
|  China Vanke Co. Ltd., Class A \* | 7317 | 5162 |
|  China Vanke Co. Ltd., Class H \* | 26763 | 12865 |
|  China World Trade Center Co. Ltd., Class A | 2140 | 6363 |
|  China Yangtze Power Co. Ltd., Class A | 14740 | 55945 |
|  China Zhenhua Group Science & Technology Co. Ltd., Class A | 844 | 7103 |
|  China Zheshang Bank Co. Ltd., Class A | 16367 | 7109 |
|  China Zheshang Bank Co. Ltd., Class H | 19301 | 6638 |
|  Chinalin Securities Co. Ltd., Class A | 2375 | 6269 |
|  Chongqing Afari Technology Co. Ltd., Class A \* | 4000 | 6792 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 5283 | 4997 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class H | 16648 | 12536 |
|  Chongqing Water Group Co. Ltd., Class A | 13610 | 9125 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A \* | 3692 | 9304 |
|  CITIC Securities Co. Ltd., Class A | 5593 | 22312 |
|  CITIC Securities Co. Ltd., Class H | 9308 | 33390 |
|  CMOC Group Ltd., Class A | 4500 | 15735 |
|  CMOC Group Ltd., Class H | 10890 | 33636 |
|  CNPC Capital Co. Ltd., Class A | 9905 | 13123 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1698 | 84644 |
|  Contemporary Amperex Technology Co. Ltd., Class H | 929 | 58908 |
|  COSCO SHIPPING Development Co. Ltd., Class H | 17036 | 2592 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 1808 | 3509 |
|  Country Garden Services Holdings Co. Ltd. | 20627 | 16666 |
|  CSC Financial Co. Ltd., Class A | 2881 | 10015 |
|  CSC Financial Co. Ltd., Class H, 144A | 10554 | 16177 |
|  CSPC Innovation Pharmaceutical Co. Ltd., Class A | 2256 | 10861 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 602 | 1718 |
|  DHC Software Co. Ltd., Class A | 6073 | 8560 |
|  Do-Fluoride New Materials Co. Ltd., Class A | 1500 | 6699 |
|  Dong-E-E-Jiao Co. Ltd., Class A | 1767 | 14003 |
|  Dongxing Securities Co. Ltd., Class A | 5773 | 11746 |
|  Duality Biotherapeutics, Inc. \* | 304 | 12242 |
|  East Money Information Co. Ltd., Class A | 8366 | 27460 |
|  Eastern Air Logistics Co. Ltd., Class A | 2300 | 6379 |
|  Eastroc Beverage Group Co. Ltd., Class A | 187 | 6584 |
|  Easyhome New Retail Group Co. Ltd., Class A \* | 22465 | 9692 |
|  Ecovacs Robotics Co. Ltd., Class A | 473 | 4780 |
|  Empyrean Technology Co. Ltd., Class A | 830 | 12216 |
|  Eoptolink Technology, Inc. Ltd., Class A | 351 | 18410 |
|  Espressif Systems Shanghai Co. Ltd., Class A | 369 | 9084 |
|  Everbright Securities Co. Ltd., Class A | 3984 | 9663 |
|  Everbright Securities Co. Ltd., Class H, 144A | 6368 | 6969 |
|  Everdisplay Optronics Shanghai Co. Ltd., Class A \* | 14289 | 5436 |
|  Fangda Carbon New Material Co. Ltd., Class A | 3230 | 2971 |
|  First Capital Securities Co. Ltd., Class A | 10583 | 11615 |
|  Focus Media Information Technology Co. Ltd., Class A | 9063 | 9339 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3180 | 16667 |
|  Founder Securities Co. Ltd., Class A | 6745 | 7550 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 4764 | 38676 |
|  Full Truck Alliance Co. Ltd., ADR | 3693 | 34640 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 937 | 8249 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2984 | 24796 |
|  GalaxyCore, Inc., Class A | 2998 | 7376 |
|  Gan & Lee Pharmaceuticals Co. Ltd., Class A | 976 | 9385 |
|  Ganfeng Lithium Group Co. Ltd., Class H, 144A | 2324 | 20441 |
|  G-bits Network Technology Xiamen Co. Ltd., Class A | 108 | 6605 |
|  GDS Holdings Ltd., Class A \* | 7855 | 41996 |
|  Gemdale Corp., Class A \* | 6828 | 3274 |
|  Genscript Biotech Corp. \* | 9771 | 14915 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Geovis Technology Co. Ltd., Class A | 1175 | 11606 |
|  GF Securities Co. Ltd., Class A | 4409 | 13392 |
|  GF Securities Co. Ltd., Class H | 9125 | 20111 |
|  Giant Biogene Holding Co. Ltd., 144A | 2596 | 10594 |
|  Giant Network Group Co. Ltd., Class A | 1183 | 6397 |
|  GigaDevice Semiconductor, Inc., Class A | 345 | 15085 |
|  Ginlong Technologies Co. Ltd., Class A | 562 | 6896 |
|  Glarun Technology Co. Ltd., Class A | 1700 | 7243 |
|  Glodon Co. Ltd., Class A | 5815 | 11840 |
|  GoerTek, Inc., Class A | 1580 | 6259 |
|  Goldwind Science & Technology Co. Ltd., Class A | 1400 | 5805 |
|  Goldwind Science & Technology Co. Ltd., Class H | 6499 | 12861 |
|  Green Development Electricity Group of Tianjin Co. Ltd., Class A | 9207 | 12078 |
|  Greenland Holdings Corp. Ltd., Class A \* | 35299 | 8746 |
|  Greentown China Holdings Ltd. | 13067 | 17474 |
|  GRG Banking Equipment Co. Ltd., Class A | 2345 | 4700 |
|  Guangdong Provincial Expressway Development Co. Ltd., Class A | 3813 | 6797 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A | 5379 | 7370 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 1641 | 4026 |
|  Guangzhou Haige Communications Group, Inc. Co., Class A | 4656 | 11985 |
|  Guangzhou Port Co. Ltd., Class A | 21957 | 11489 |
|  Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 502 | 2829 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1504 | 9268 |
|  Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 8026 | 11277 |
|  Guocheng Mining Co. Ltd., Class A \* | 1600 | 8720 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 5202 | 7468 |
|  Guolian Minsheng Securities Co. Ltd., Class H | 8707 | 5588 |
|  Guosen Securities Co. Ltd., Class A | 5902 | 10805 |
|  Guotai Haitong Securities Co. Ltd. | 8952 | 24700 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 17290 | 35234 |
|  Guoyuan Securities Co. Ltd., Class A | 6796 | 8241 |
|  H World Group Ltd., ADR | 863 | 47292 |
|  Haidilao International Holding Ltd., 144A | 9882 | 22260 |
|  Haier Smart Home Co. Ltd., Class H | 7123 | 24295 |
|  Hainan Airport Infrastructure Co. Ltd., Class A | 15198 | 9414 |
|  Haisco Pharmaceutical Group Co. Ltd., Class A | 944 | 6419 |
|  Haitian International Holdings Ltd. | 2710 | 8772 |
|  Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 4216 | 6913 |
|  Hangzhou Chang Chuan Technology Co. Ltd., Class A | 596 | 12553 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 3232 | 8526 |
|  Hangzhou GreatStar Industrial Co. Ltd. | 1263 | 6574 |
|  Hangzhou Lion Microelectronics Co. Ltd., Class A \* | 1408 | 8580 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1920 | 9008 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 987 | 8580 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A | 1686 | 10143 |
|  Han's Laser Technology Industry Group Co. Ltd., Class A | 500 | 5269 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 10568 | 47232 |
|  Haohua Chemical Science & Technology Co. Ltd., Class A | 647 | 3558 |
|  Hebei Sinopack Electronic Technology Co. Ltd., Class A | 700 | 8229 |
|  Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 1749 | 7732 |
|  Hefei Meiya Optoelectronic Technology, Inc., Class A | 896 | 2615 |
|  Heilongjiang Agriculture Co. Ltd., Class A | 231 | 541 |
|  Hengan International Group Co. Ltd. | 1592 | 5939 |
|  Hengtong Optic-electric Co. Ltd., Class A | 700 | 4846 |
|  Hgtech Co. Ltd., Class A | 1033 | 13530 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 419 | 20297 |
|  HLA Group Corp. Ltd., Class A | 3060 | 2890 |
|  Holitech Technology Co. Ltd., Class A \* | 13500 | 6080 |
|  Hongta Securities Co. Ltd., Class A | 5928 | 7050 |
|  Horizon Robotics \* | 56102 | 58884 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hua Hong Semiconductor Ltd., Class A \* | 236 | 4361 |
|  Hua Hong Semiconductor Ltd., Class H, 144A \* | 3206 | 39654 |
|  Huaan Securities Co. Ltd., Class A | 10156 | 9474 |
|  Huadong Medicine Co. Ltd., Class A | 1245 | 6522 |
|  Hualan Biological Engineering, Inc., Class A | 2384 | 5375 |
|  Huali Industrial Group Co. Ltd., Class A | 1147 | 7966 |
|  Huaneng Lancang River Hydropower, Inc., Class A | 10594 | 14468 |
|  Huaqin Technology Co. Ltd., Class A | 400 | 5374 |
|  Huatai Securities Co. Ltd., Class A | 4456 | 13886 |
|  Huatai Securities Co. Ltd., Class H, 144A | 10908 | 23400 |
|  Huaxi Securities Co. Ltd., Class A | 5952 | 7756 |
|  Huaxia Bank Co. Ltd., Class A | 10570 | 10307 |
|  Huaxia Eye Hospital Group Co. Ltd., Class A | 2484 | 6767 |
|  Hubei Dinglong Co. Ltd., Class A | 1500 | 10053 |
|  Hubei Feilihua Quartz Glass Co. Ltd., Class A | 724 | 14174 |
|  Huishang Bank Corp. Ltd., Class H | 16675 | 8314 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 342 | 6183 |
|  Hunan Yuneng New Energy Battery Material Co. Ltd., Class A | 400 | 3907 |
|  Hundsun Technologies, Inc., Class A | 2131 | 9324 |
|  Hwatsing Technology Co. Ltd., Class A | 433 | 12232 |
|  Hygon Information Technology Co. Ltd., Class A | 1224 | 46581 |
|  Hytera Communications Corp. Ltd., Class A \* | 2309 | 3732 |
|  IEIT Systems Co. Ltd., Class A | 864 | 8044 |
|  Iflytek Co. Ltd., Class A | 1688 | 13733 |
|  IKD Co. Ltd., Class A | 1800 | 4838 |
|  Imeik Technology Development Co. Ltd., Class A | 701 | 14588 |
|  Industrial & Commercial Bank of China Ltd., Class A | 21129 | 21311 |
|  Industrial & Commercial Bank of China Ltd., Class H | 285556 | 235464 |
|  Industrial Bank Co. Ltd., Class A | 6044 | 16130 |
|  Industrial Securities Co. Ltd., Class A | 9365 | 9214 |
|  INESA Intelligent Tech, Inc., Class A | 3800 | 12224 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ingenic Semiconductor Co. Ltd., Class A | 467 | 9067 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 941 | 3577 |
|  InnoScience Suzhou Technology Holding Co. Ltd., Class H \* | 2555 | 22309 |
|  Innovation New Material Technology Co. Ltd., Class A | 9740 | 6814 |
|  Innovent Biologics, Inc., 144A \* | 10963 | 119270 |
|  iQIYI, Inc., ADR \* | 4223 | 6757 |
|  iRay Group, Class A | 607 | 10733 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 1023 | 7381 |
|  J&T Global Express Ltd. \* | 26489 | 34778 |
|  Jafron Biomedical Co. Ltd., Class A | 2155 | 6235 |
|  JD Health International, Inc., 144A \* | 7910 | 57387 |
|  JD Logistics, Inc., 144A \* | 5715 | 8161 |
|  JD.com, Inc., Class A | 12091 | 161375 |
|  Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 4365 | 4574 |
|  Jiangsu Financial Leasing Co. Ltd., Class A | 11870 | 11142 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 400 | 6578 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 3532 | 29117 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H \* | 1661 | 14121 |
|  Jiangsu Hoperun Software Co. Ltd., Class A | 1100 | 8295 |
|  Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 3381 | 11733 |
|  Jiangsu Pacific Quartz Co. Ltd., Class A | 1590 | 11367 |
|  Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 6399 | 9355 |
|  Jiangsu Xinquan Automotive Trim Co. Ltd., Class A | 500 | 6162 |
|  Jiangsu Yoke Technology Co. Ltd., Class A | 404 | 5651 |
|  Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 1192 | 6724 |
|  Jinduicheng Molybdenum Co. Ltd., Class A | 2100 | 7508 |
|  Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 781 | 1305 |
|  Joinn Laboratories China Co. Ltd., Class H, 144A | 2275 | 6224 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 545 | 1488 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  J-Yuan Trust Co. Ltd., Class A \* | 13722 | 5820 |
|  Kangmei Pharmaceutical Co. Ltd., Class A \* | 33300 | 9367 |
|  Kanzhun Ltd., ADR | 2517 | 40473 |
|  KE Holdings, Inc., ADR | 1061 | 17453 |
|  KE Holdings, Inc., Class A | 6511 | 36258 |
|  Kingdee International Software Group Co. Ltd. \* | 23560 | 30330 |
|  Kingnet Network Co. Ltd., Class A | 3481 | 11507 |
|  Kingsoft Cloud Holdings Ltd. \* | 29084 | 26548 |
|  Kingsoft Corp. Ltd. | 9340 | 31045 |
|  Kuaishou Technology, 144A | 20607 | 165575 |
|  Kuang-Chi Technologies Co. Ltd., Class A \* | 1193 | 8331 |
|  Kunlun Tech Co. Ltd., Class A \* | 1442 | 12842 |
|  Laopu Gold Co. Ltd., Class H | 319 | 29506 |
|  LB Group Co. Ltd., Class A | 1900 | 6466 |
|  Lenovo Group Ltd. | 32202 | 40056 |
|  Lens Technology Co. Ltd., Class H | 1693 | 5948 |
|  Lepu Medical Technology Beijing Co. Ltd., Class A | 2586 | 6924 |
|  Li Auto, Inc., Class A \* | 8479 | 74523 |
|  Li Ning Co. Ltd. | 11754 | 33840 |
|  Liaoning Port Co. Ltd., Class A | 12657 | 3192 |
|  Livzon Pharmaceutical Group, Inc., Class A | 530 | 2738 |
|  Livzon Pharmaceutical Group, Inc., Class H | 1943 | 7213 |
|  Longfor Group Holdings Ltd., 144A | 12317 | 15668 |
|  Loongson Technology Corp. Ltd., Class A \* | 527 | 12192 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2380 | 17421 |
|  Mango Excellent Media Co. Ltd., Class A | 3599 | 12789 |
|  Mao Geping Cosmetics Co. Ltd., Class H | 1124 | 11280 |
|  Maxscend Microelectronics Co. Ltd., Class A | 726 | 8485 |
|  Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 4645 | 4739 |
|  Meitu, Inc., 144A \* | 29465 | 21320 |
|  Meituan, Class B, 144A \* | 22919 | 237771 |
|  MGI Tech Co. Ltd., Class A \* | 1028 | 9544 |
|  Ming Yang Smart Energy Group Ltd., Class A | 2980 | 9955 |
|  MINISO Group Holding Ltd. | 4803 | 22129 |
|  Minmetals Capital Co. Ltd., Class A | 6434 | 5383 |
|  Mixue Group, Class H \* | 294 | 13418 |
|  Montage Technology Co. Ltd., Class A | 722 | 17211 |
|  Muyuan Foods Co. Ltd., Class A | 841 | 5749 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 6960 | 10043 |
|  Nanjing Securities Co. Ltd., Class A | 5889 | 6772 |
|  NARI Technology Co. Ltd., Class A | 3125 | 12435 |
|  National Silicon Industry Group Co. Ltd., Class A \* | 3393 | 10741 |
|  NAURA Technology Group Co. Ltd., Class A | 278 | 19120 |
|  NavInfo Co. Ltd., Class A \* | 5649 | 8991 |
|  NetEase, Inc. | 12321 | 282266 |
|  New China Life Insurance Co. Ltd., Class A | 1036 | 11416 |
|  New China Life Insurance Co. Ltd., Class H | 4529 | 31990 |
|  New Oriental Education & Technology Group, Inc. | 7623 | 42626 |
|  Newland Digital Technology Co. Ltd., Class A | 3100 | 11373 |
|  Nexchip Semiconductor Corp., Class A | 1126 | 5839 |
|  Ninestar Corp., Class A \* | 523 | 1645 |
|  Ningbo Deye Technology Co. Ltd., Class A | 491 | 7479 |
|  Ningbo Joyson Electronic Corp., Class A | 1580 | 6446 |
|  Ningbo Joyson Electronic Corp., Class H \* | 2746 | 5947 |
|  Ningbo Shanshan Co. Ltd., Class A \* | 1502 | 3304 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 937 | 9262 |
|  Ningbo Zhoushan Port Co. Ltd., Class A | 14298 | 8899 |
|  NIO, Inc., ADR \* | 263 | 1281 |
|  NIO, Inc., Class A \* | 13502 | 68355 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 13554 | 82133 |
|  OFILM Group Co. Ltd., Class A \* | 3310 | 4742 |
|  OmniVision Integrated Circuits Group, Inc. | 814 | 14593 |
|  Onewo, Inc., Class H | 2232 | 5436 |
|  Oppein Home Group, Inc., Class A | 987 | 8216 |
|  Orient Securities Co. Ltd., Class A | 6265 | 9232 |
|  Orient Securities Co. Ltd., Class H, 144A | 17359 | 13693 |
|  Oriental Pearl Group Co. Ltd., Class A | 7700 | 12895 |
|  Ovctek China, Inc., Class A | 4292 | 9972 |
|  Pacific Securities Co. Ltd., Class A \* | 13766 | 8387 |
|  People.cn Co. Ltd., Class A | 3633 | 12359 |
|  People's Insurance Co. Group of China Ltd., Class H | 30788 | 25230 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Phancy Group Co. Ltd., Class H \* | 2878 | 14636 |
|  Pharmaron Beijing Co. Ltd., Class A | 1255 | 5414 |
|  Pharmaron Beijing Co. Ltd., Class H, 144A | 4796 | 12146 |
|  PICC Property & Casualty Co. Ltd., Class H | 24809 | 51349 |
|  Ping An Bank Co. Ltd., Class A | 6151 | 9772 |
|  Ping An Healthcare and Technology Co. Ltd., 144A \* | 5493 | 9248 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 5315 | 48875 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 45038 | 391527 |
|  Piotech, Inc., Class A | 205 | 11037 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 12572 | 12460 |
|  Pony Ai, Inc., ADR \* | 1771 | 25396 |
|  Pop Mart International Group Ltd., 144A | 2917 | 85696 |
|  Postal Savings Bank of China Co. Ltd., Class A | 3272 | 2370 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 35972 | 22672 |
|  Proya Cosmetics Co. Ltd., Class A | 400 | 4136 |
|  Qfin Holdings, Inc., ADR | 781 | 11371 |
|  Qi An Xin Technology Group, Inc., Class A \* | 1607 | 8374 |
|  Qingdao Sentury Tire Co. Ltd., Class A | 2100 | 6327 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 2360 | 13140 |
|  QuantumCTek Co. Ltd., Class A \* | 200 | 19767 |
|  Quzhou Xin'an Development Co. Ltd., Class A \* | 15665 | 8516 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 1552 | 23388 |
|  Raytron Technology Co. Ltd., Class A | 543 | 9245 |
|  Remegen Co. Ltd., Class A \* | 587 | 8442 |
|  Remegen Co. Ltd., Class H, 144A \* | 1350 | 13902 |
|  Rockchip Electronics Co. Ltd., Class A | 370 | 9706 |
|  Ruijie Networks Co. Ltd., Class A | 758 | 10027 |
|  Sanan Optoelectronics Co. Ltd., Class A | 1092 | 2658 |
|  Sangfor Technologies, Inc., Class A | 570 | 10892 |
|  SDIC Capital Co. Ltd., Class A | 7852 | 8538 |
|  Sealand Securities Co. Ltd., Class A | 15624 | 9587 |
|  SenseTime Group, Inc., Class B, 144A \* | 235970 | 77227 |
|  Seres Group Co. Ltd., Class A | 582 | 9104 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Seres Group Co. Ltd., Class H \* | 569 | 6929 |
|  SG Micro Corp., Class A | 820 | 8220 |
|  Shandong Gold Mining Co. Ltd., Class A | 1166 | 8040 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 3958 | 20857 |
|  Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 700 | 9846 |
|  Shandong Hi-speed Co. Ltd., Class A | 4249 | 6032 |
|  Shandong Publishing & Media Co. Ltd., Class A | 7448 | 10009 |
|  Shandong Sinocera Functional Material Co. Ltd., Class A | 1317 | 7344 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 19783 | 12873 |
|  Shanghai Aiko Solar Energy Co. Ltd., Class A \* | 4742 | 10036 |
|  Shanghai Allist Pharmaceuticals Co. Ltd., Class A | 742 | 10026 |
|  Shanghai Baosight Software Co. Ltd., Class A | 2316 | 8162 |
|  Shanghai Baosight Software Co. Ltd., Class B | 5345 | 5778 |
|  Shanghai Belling Co. Ltd., Class A | 2300 | 10567 |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 412 | 9107 |
|  Shanghai Chicmax Cosmetic Co. Ltd., Class H | 477 | 3677 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 3356 | 12953 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4857 | 12431 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 940 | 11740 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 1789 | 11266 |
|  Shanghai Henlius Biotech, Inc., Class H, 144A \* | 936 | 8023 |
|  Shanghai International Airport Co. Ltd., Class A | 3242 | 14417 |
|  Shanghai International Port Group Co. Ltd., Class A | 8169 | 6060 |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1223 | 5041 |
|  Shanghai Junshi Biosciences Co. Ltd., Class A \* | 2347 | 11631 |
|  Shanghai Junshi Biosciences Co. Ltd., Class H, 144A \* | 3067 | 8030 |
|  Shanghai Lingang Holdings Corp. Ltd., Class A | 4188 | 6910 |
|  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 9481 | 11566 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shanghai M&G Stationery, Inc., Class A | 1031 | 4096 |
|  Shanghai MicroPort MedBot Group Co. Ltd., Class H \* | 5395 | 19270 |
|  Shanghai Moons' Electric Co. Ltd., Class A | 453 | 4564 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 872 | 1299 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 12633 | 17897 |
|  Shanghai Putailai New Energy Technology Group Co. Ltd. | 1068 | 4424 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 7263 | 6659 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 2542 | 3116 |
|  Shanghai Stonehill Technology Co. Ltd., Class A \* | 9600 | 15490 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 599 | 11411 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 6397 | 4783 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 2147 | 12924 |
|  Shanghai Zhonggu Logistics Co. Ltd., Class A | 5200 | 8231 |
|  Shanjin International Gold Co. Ltd., Class A | 1366 | 6168 |
|  Shanxi Securities Co. Ltd., Class A | 8403 | 7373 |
|  Sharetronic Data Technology Co. Ltd., Class A | 500 | 19443 |
|  Shengyi Electronics Co. Ltd., Class A | 260 | 3268 |
|  Shengyi Technology Co. Ltd., Class A | 1170 | 11785 |
|  Shennan Circuits Co. Ltd., Class A | 343 | 14271 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 20561 | 15014 |
|  Shenwan Hongyuan Group Co. Ltd., Class H, 144A | 19891 | 7883 |
|  Shenyang Xingqi Pharmaceutical Co. Ltd., Class A | 900 | 9551 |
|  Shenzhen Dobot Corp Ltd., Class H \* | 2462 | 12193 |
|  Shenzhen Expressway Corp. Ltd., Class A | 3610 | 4741 |
|  Shenzhen Expressway Corp. Ltd., Class H | 9507 | 8727 |
|  Shenzhen Fastprint Circuit Tech Co. Ltd., Class A | 3569 | 13509 |
|  Shenzhen Goodix Technology Co. Ltd., Class A | 732 | 8353 |
|  Shenzhen Han's CNC Technology Co. Ltd., Class A | 300 | 6839 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 1751 | 3068 |
|  Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class H, 144A | 14331 | 9637 |
|  Shenzhen Huaqiang Industry Co. Ltd., Class A | 1600 | 5900 |
|  Shenzhen Infogem Technologies Co. Ltd., Class A \* | 1100 | 6270 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 981 | 10426 |
|  Shenzhen Kaifa Technology Co. Ltd., Class A | 1522 | 7631 |
|  Shenzhen Kangtai Biological Products Co. Ltd., Class A | 3523 | 7728 |
|  Shenzhen Longsys Electronics Co. Ltd., Class A \* | 210 | 8928 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 745 | 20188 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 1092 | 8329 |
|  Shenzhen Overseas Chinese Town Co. Ltd., Class A \* | 25656 | 9760 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 1870 | 13385 |
|  Shenzhen SC New Energy Technology Corp., Class A | 255 | 4598 |
|  Shenzhen Sunlord Electronics Co. Ltd., Class A | 1214 | 7396 |
|  Shenzhen Sunway Communication Co. Ltd., Class A | 900 | 10047 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 432 | 3640 |
|  Shenzhou International Group Holdings Ltd. | 6202 | 50229 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 2275 | 5796 |
|  Siasun Robot & Automation Co. Ltd., Class A \* | 1500 | 3826 |
|  SICC Co. Ltd., Class A \* | 547 | 7439 |
|  Sichuan Biokin Pharmaceutical Co. Ltd., Class A \* | 280 | 10799 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 7004 | 14741 |
|  Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H \* | 423 | 20950 |
|  Sichuan Swellfun Co. Ltd., Class A | 1000 | 5579 |
|  Silergy Corp. | 1778 | 16008 |
|  Sinocelltech Group Ltd., Class A \* | 1410 | 8099 |
|  Sinolink Securities Co. Ltd., Class A | 6258 | 8328 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sinomine Resource Group Co. Ltd., Class A | 800 | 10611 |
|  Sinopharm Group Co. Ltd., Class H | 5049 | 13645 |
|  Skshu Paint Co. Ltd., Class A | 160 | 1220 |
|  Skyverse Technology Co. Ltd., Class A \* | 426 | 12232 |
|  Smartsens Technology Shanghai Co. Ltd., Class A | 541 | 7681 |
|  Smoore International Holdings Ltd., 144A | 18869 | 28585 |
|  Songcheng Performance Development Co. Ltd., Class A | 3718 | 4503 |
|  SooChow Securities Co. Ltd., Class A | 7411 | 10035 |
|  Southwest Securities Co. Ltd., Class A | 12688 | 8433 |
|  Spring Airlines Co. Ltd., Class A | 359 | 2878 |
|  StarPower Semiconductor Ltd., Class A | 507 | 8041 |
|  State Grid Information & Communication Co. Ltd., Class A | 1900 | 5483 |
|  Sungrow Power Supply Co. Ltd., Class A | 1226 | 25821 |
|  Sunny Optical Technology Group Co. Ltd. | 3428 | 25528 |
|  Sunresin New Materials Co. Ltd., Class A | 527 | 5739 |
|  Sunshine Insurance Group Co. Ltd., Class H | 9748 | 4885 |
|  Sunwoda Electronic Co. Ltd., Class A | 1600 | 6098 |
|  SUPCON Technology Co. Ltd., Class A | 1220 | 14261 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 393 | 16715 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 447 | 24021 |
|  TAL Education Group, ADR \* | 2155 | 22692 |
|  Talkweb Information System Co. Ltd., Class A \* | 1484 | 7899 |
|  TangShan Port Group Co. Ltd., Class A | 19684 | 12423 |
|  Tasly Pharmaceutical Group Co. Ltd., Class A | 2422 | 5115 |
|  Tencent Holdings Ltd. | 42926 | 2842654 |
|  Tencent Music Entertainment Group, ADR | 4359 | 63641 |
|  Thunder Software Technology Co. Ltd., Class A | 1047 | 11140 |
|  Tianfeng Securities Co. Ltd., Class A \* | 12962 | 7746 |
|  Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | 1110 | 6958 |
|  Tianqi Lithium Corp., Class A \* | 1000 | 8250 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Tianqi Lithium Corp., Class H \* | 1058 | 6511 |
|  Tianshui Huatian Technology Co. Ltd., Class A | 2327 | 5149 |
|  Tongcheng Travel Holdings Ltd. | 11635 | 30731 |
|  Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 4284 | 5607 |
|  Topchoice Medical Corp., Class A | 919 | 6774 |
|  Topsports International Holdings Ltd., 144A | 29380 | 11831 |
|  TravelSky Technology Ltd., Class H | 14200 | 19479 |
|  Tsinghua Tongfang Co. Ltd., Class A \* | 6103 | 8468 |
|  UBTech Robotics Corp. Ltd., Class H \* | 1856 | 28829 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 940 | 10920 |
|  Unisplendour Corp. Ltd., Class A | 3313 | 12531 |
|  United Nova Technology Co. Ltd., Class A \* | 6576 | 7457 |
|  Vanchip Tianjin Technology Co. Ltd., Class A \* | 1258 | 7213 |
|  Venustech Group, Inc., Class A \* | 4942 | 10445 |
|  Verisilicon Microelectronics Shanghai Co. Ltd., Class A \* | 542 | 21935 |
|  Victory Giant Technology Huizhou Co. Ltd., Class A | 522 | 23134 |
|  Vipshop Holdings Ltd., ADR | 1730 | 30137 |
|  Walvax Biotechnology Co. Ltd., Class A | 3968 | 7148 |
|  Wanda Film Holding Co. Ltd., Class A \* | 5696 | 9083 |
|  Wangfujing Group Co. Ltd., Class A | 2144 | 4331 |
|  Wangsu Science & Technology Co. Ltd., Class A | 6560 | 19314 |
|  Wanxiang Qianchao Co. Ltd., Class A | 4500 | 13164 |
|  Weibo Corp., ADR (a) | 1183 | 11747 |
|  Weihai Guangwei Composites Co. Ltd., Class A | 1480 | 8758 |
|  Weilong Delicious Global Holdings Ltd. | 3229 | 4834 |
|  Western Securities Co. Ltd., Class A | 7942 | 9261 |
|  Western Superconducting Technologies Co. Ltd., Class A | 644 | 8472 |
|  Wingtech Technology Co. Ltd., Class A \* | 575 | 2808 |
|  Winner Medical Co. Ltd., Class A | 667 | 3472 |
|  Winning Health Technology Group Co. Ltd., Class A | 5742 | 9005 |
|  Wuhan Jingce Electronic Group Co. Ltd., Class A \* | 500 | 11130 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 1134 | 13818 |
|  WuXi AppTec Co. Ltd., Class A | 1432 | 20457 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 3585 | 54539 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 31760 | 163304 |
|  WuXi XDC Cayman, Inc. \* | 2881 | 23259 |
|  XD, Inc. | 2327 | 21984 |
|  Xiamen C & D, Inc., Class A | 2477 | 3506 |
|  Xiamen Faratronic Co. Ltd., Class A | 291 | 4941 |
|  Xiaomi Corp., Class B, 144A \* | 72826 | 324927 |
|  XPeng, Inc., Class A \* | 10471 | 91496 |
|  XtalPi Holdings Ltd. \* | 18626 | 24669 |
|  Yadea Group Holdings Ltd., 144A | 8575 | 12508 |
|  Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H, 144A | 2133 | 40576 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 875 | 11146 |
|  Yealink Network Technology Corp. Ltd., Class A | 1476 | 8085 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 2873 | 10176 |
|  Yongan Futures Co. Ltd., Class A | 4060 | 9243 |
|  Yonghui Superstores Co. Ltd., Class A \* | 12277 | 7605 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 5933 | 12297 |
|  Youngor Fashion Co. Ltd., Class A | 9547 | 10186 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 1719 | 14043 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 835 | 5736 |
|  Yunnan Energy New Material Group Co. Ltd., Class A \* | 382 | 3448 |
|  Zai Lab Ltd. \* | 9279 | 17865 |
|  Zai Lab Ltd., ADR \* | 171 | 3287 |
|  Zangge Mining Co. Ltd., Class A | 925 | 11616 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 460 | 10945 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 8291 | 36568 |
|  Zhejiang Century Huatong Group Co. Ltd., Class A \* | 4900 | 13148 |
|  Zhejiang Cfmoto Power Co. Ltd., Class A | 100 | 3604 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 5126 | 11102 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 1547 | 7450 |
|  Zhejiang Crystal-Optech Co. Ltd., Class A | 1711 | 7033 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 3210 | 9011 |
|  Zhejiang Dingli Machinery Co. Ltd., Class A | 756 | 6532 |
|  Zhejiang Expressway Co. Ltd., Class H | 15003 | 13138 |
|  Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 3914 | 9122 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 865 | 7028 |
|  Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A \* | 7975 | 5719 |
|  Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A \* | 3143 | 16474 |
|  Zhejiang NHU Co. Ltd., Class A | 3946 | 18117 |
|  Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A | 9208 | 11139 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H | 2581 | 11166 |
|  Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 1158 | 6991 |
|  Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 2090 | 4978 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 1643 | 6744 |
|  Zhejiang Weixing New Building Materials Co. Ltd., Class A | 1124 | 2010 |
|  Zheshang Securities Co. Ltd., Class A | 5156 | 8019 |
|  ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A \* | 3940 | 7722 |
|  Zhongfu Shenying Carbon Fiber Co. Ltd., Class A \* | 1656 | 7755 |
|  Zhongji Innolight Co. Ltd., Class A | 297 | 23116 |
|  Zhongsheng Group Holdings Ltd. | 1001 | 1326 |
|  Zhongtai Securities Co. Ltd., Class A | 15146 | 14151 |
|  Zijin Mining Group Co. Ltd., Class A | 4872 | 28085 |
|  Zijin Mining Group Co. Ltd., Class H | 22955 | 132058 |
|  ZTO Express Cayman, Inc. | 1889 | 46246 |
|  (Cost $12,505,009) |  | **14533539** |
| **Colombia — 0.1%** |  |  |
|  Ecopetrol SA | 9343 | 5573 |
|  Grupo Cibest SA | 973 | 21252 |
|  Grupo de Inversiones Suramericana SA | 462 | 6668 |
|  Interconexion Electrica SA ESP | 2298 | 16828 |
|  (Cost $28,523) |  | **50321** |
| **Cyprus — 0.0%** |  |  |
|  Bank of Cyprus Holdings PLC |  |  |
|  (Cost $9,186) | 1081 | **11819** |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Czech Republic — 0.1%** |  |  |
|  CEZ AS | 618 | 35090 |
|  Komercni Banka AS | 394 | 22564 |
|  (Cost $56,953) |  | **57654** |
| **Egypt — 0.1%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 5954 | 16577 |
|  EFG Holding S.A.E. \* | 14559 | 8216 |
|  Fawry for Banking & Payment Technology Services SAE \* | 41492 | 15965 |
|  Talaat Moustafa Group | 7336 | 13326 |
|  (Cost $39,656) |  | **54084** |
| **Greece — 0.2%** |  |  |
|  Alpha Bank SA | 3453 | 15166 |
|  Eurobank SA | 5893 | 27275 |
|  Hellenic Telecommunications Organization SA | 1632 | 33721 |
|  JUMBO SA | 496 | 14535 |
|  National Bank of Greece SA | 1854 | 30176 |
|  Piraeus Bank SA \* | 2775 | 26605 |
|  (Cost $121,709) |  | **147478** |
| **Hong Kong — 4.4%** |  |  |
|  Alibaba Group Holding Ltd. | 124919 | 2282100 |
|  Beijing Enterprises Water Group Ltd. | 20777 | 7517 |
|  BOC Hong Kong Holdings Ltd. | 16036 | 92048 |
|  Brilliance China Automotive Holdings Ltd. | 15700 | 8370 |
|  C&D International Investment Group Ltd. | 4600 | 8892 |
|  China Medical System Holdings Ltd. | 10451 | 19507 |
|  China Merchants Port Holdings Co. Ltd. | 9511 | 21254 |
|  China Overseas Land & Investment Ltd. | 31380 | 57568 |
|  China Resources Land Ltd. | 14231 | 57818 |
|  China Ruyi Holdings Ltd. \* | 109566 | 28435 |
|  China State Construction International Holdings Ltd. | 9284 | 11026 |
|  China Taiping Insurance Holdings Co. Ltd. | 6327 | 18490 |
|  Cowell e Holdings, Inc. \* | 2385 | 8549 |
|  Far East Horizon Ltd. | 27796 | 27504 |
|  Guming Holdings Ltd. | 4586 | 16697 |
|  Guotai Junan International Holdings Ltd. | 41063 | 14699 |
|  NetEase Cloud Music, Inc., 144A \* | 891 | 17610 |
|  Want Want China Holdings Ltd. | 18925 | 11855 |
|  Yuexiu Property Co. Ltd. | 18912 | 11122 |
|  (Cost $1,947,809) |  | **2721061** |
| **Hungary — 0.2%** |  |  |
|  OTP Bank Nyrt | 708 | 87204 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Richter Gedeon Nyrt | 1248 | 46689 |
|  (Cost $77,205) |  | **133893** |
| **India — 11.8%** |  |  |
|  360 ONE WAM Ltd. | 1810 | 21956 |
|  ABB India Ltd. | 104 | 6942 |
|  Abbott India Ltd. | 73 | 21288 |
|  Adani Energy Solutions Ltd. \* | 2563 | 28498 |
|  Adani Green Energy Ltd. \* | 3288 | 34238 |
|  Adani Ports & Special Economic Zone Ltd. | 4442 | 74264 |
|  Aditya Birla Capital Ltd. \* | 5187 | 19639 |
|  Alkem Laboratories Ltd. | 234 | 14505 |
|  Ambuja Cements Ltd. | 949 | 5220 |
|  APL Apollo Tubes Ltd. | 562 | 13804 |
|  Apollo Hospitals Enterprise Ltd. | 721 | 61987 |
|  Ashok Leyland Ltd. | 9155 | 21243 |
|  Asian Paints Ltd. | 2546 | 66499 |
|  Astral Ltd. | 576 | 10560 |
|  AU Small Finance Bank Ltd., 144A | 2302 | 24249 |
|  Aurobindo Pharma Ltd. | 2202 | 29539 |
|  Avenue Supermarts Ltd., 144A \* | 1164 | 49228 |
|  Axis Bank Ltd. | 8561 | 130227 |
|  Axis Bank Ltd., GDR | 227 | 17138 |
|  Bajaj Auto Ltd. | 306 | 33543 |
|  Bajaj Finance Ltd. | 18880 | 206676 |
|  Bajaj Finserv Ltd. | 2867 | 62819 |
|  Bajaj Holdings & Investment Ltd. | 182 | 21614 |
|  Bandhan Bank Ltd., 144A | 2874 | 5749 |
|  Bank of Baroda | 4170 | 14757 |
|  Bank of India | 5700 | 11030 |
|  Berger Paints India Ltd. | 1465 | 7345 |
|  Bharat Forge Ltd. | 1561 | 32793 |
|  Bharti Airtel Ltd. | 17559 | 362717 |
|  Biocon Ltd. | 5252 | 22503 |
|  Bosch Ltd. | 51 | 20419 |
|  Britannia Industries Ltd. | 475 | 31340 |
|  BSE Ltd. | 1631 | 48532 |
|  Canara Bank | 6293 | 10886 |
|  CG Power & Industrial Solutions Ltd. | 3107 | 24767 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3400 | 64684 |
|  Cipla Ltd. | 3779 | 56002 |
|  Coforge Ltd. | 1900 | 24765 |
|  Colgate-Palmolive India Ltd. | 1098 | 27210 |
|  Container Corp. Of India Ltd. | 2075 | 11305 |
|  Coromandel International Ltd. | 839 | 20473 |
|  Cummins India Ltd. | 737 | 39681 |
|  Dabur India Ltd. | 4238 | 24154 |
|  Delhivery Ltd. \* | 3100 | 14768 |
|  Divi's Laboratories Ltd. | 876 | 61707 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Dixon Technologies India Ltd. | 161 | 18631 |
|  DLF Ltd. | 4938 | 32776 |
|  Dr Reddy's Laboratories Ltd. | 5159 | 72942 |
|  Eicher Motors Ltd. | 525 | 46226 |
|  Embassy Office Parks REIT | 6331 | 29578 |
|  Eternal Ltd. \* | 35517 | 96155 |
|  Exide Industries Ltd. | 2403 | 8830 |
|  Federal Bank Ltd. | 8505 | 28032 |
|  Fortis Healthcare Ltd. | 3382 | 35043 |
|  FSN E-Commerce Ventures Ltd.\* | 6149 | 17944 |
|  GE Vernova T&D India Ltd. | 770 | 32587 |
|  General Insurance Corp. of India, 144A | 2247 | 9461 |
|  Gland Pharma Ltd., 144A | 843 | 16885 |
|  GlaxoSmithKline Pharmaceuticals Ltd. | 637 | 18006 |
|  Glenmark Pharmaceuticals Ltd. | 1514 | 35558 |
|  GMR Airports Ltd. \* | 9152 | 10123 |
|  Godrej Consumer Products Ltd. | 3020 | 40415 |
|  Godrej Properties Ltd. \* | 1259 | 23955 |
|  Grasim Industries Ltd. | 517 | 15911 |
|  Gujarat Fluorochemicals Ltd. | 165 | 6318 |
|  HCL Technologies Ltd. | 8136 | 124227 |
|  HDFC Asset Management Co. Ltd., 144A | 1677 | 49744 |
|  HDFC Bank Ltd. | 47495 | 463458 |
|  HDFC Life Insurance Co. Ltd., 144A | 4526 | 35586 |
|  Hero MotoCorp Ltd. | 75 | 4707 |
|  Hexaware Technologies Ltd. | 984 | 5121 |
|  Hindalco Industries Ltd. | 3781 | 38431 |
|  Hindustan Unilever Ltd. | 5239 | 134643 |
|  Hindustan Zinc Ltd. | 2675 | 17754 |
|  Hitachi Energy India Ltd. | 123 | 34560 |
|  Honeywell Automation India Ltd. | 19 | 6469 |
|  Housing & Urban Development Corp. Ltd. | 3997 | 8205 |
|  Hyundai Motor India Ltd. | 387 | 9211 |
|  ICICI Bank Ltd. | 22098 | 334933 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 1876 | 39210 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 1577 | 11345 |
|  IDFC First Bank Ltd. | 24392 | 19701 |
|  Indian Bank | 750 | 8166 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1565 | 9798 |
|  Indian Railway Finance Corp. Ltd., 144A | 15843 | 18033 |
|  Indian Renewable Energy Development Agency Ltd. \* | 7867 | 10571 |
|  Indus Towers Ltd. \* | 4565 | 22828 |
|  IndusInd Bank Ltd. \* | 1999 | 21022 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Info Edge India Ltd. | 2850 | 32254 |
|  Infosys Ltd. | 26982 | 385587 |
|  Infosys Ltd., ADR | 56 | 809 |
|  InterGlobe Aviation Ltd., 144A | 947 | 50248 |
|  Jio Financial Services Ltd. | 22580 | 63389 |
|  JSW Steel Ltd. | 2120 | 29471 |
|  Jubilant Foodworks Ltd. | 2854 | 16310 |
|  Kalyan Jewellers India Ltd. | 3174 | 14308 |
|  Kaynes Technology India Ltd. \* | 345 | 14625 |
|  Kotak Mahindra Bank Ltd. | 23755 | 108414 |
|  KPIT Technologies Ltd. | 1592 | 13494 |
|  Kwality Wall's India Ltd. \* | 5179 | 1487 |
|  L&T Finance Ltd. | 7819 | 24404 |
|  L&T Technology Services Ltd., 144A | 250 | 9652 |
|  Laurus Labs Ltd., 144A | 2580 | 30509 |
|  Life Insurance Corp. of India | 561 | 5238 |
|  Linde India Ltd. | 165 | 12206 |
|  Lloyds Metals & Energy Ltd. | 639 | 8660 |
|  Lodha Developers Ltd., 144A | 2268 | 24637 |
|  LTIMindtree Ltd., 144A | 384 | 18834 |
|  Lupin Ltd. | 2266 | 57335 |
|  Mahindra & Mahindra Financial Services Ltd. | 5350 | 22011 |
|  Mahindra & Mahindra Ltd. | 3167 | 118268 |
|  MakeMyTrip Ltd. \* | 468 | 26428 |
|  Mankind Pharma Ltd. | 1031 | 25471 |
|  Marico Ltd. | 2833 | 24559 |
|  Maruti Suzuki India Ltd. | 445 | 72671 |
|  Max Financial Services Ltd. \* | 1122 | 22364 |
|  Max Healthcare Institute Ltd. | 5754 | 69063 |
|  Motilal Oswal Financial Services Ltd. | 1269 | 10115 |
|  Mphasis Ltd. | 889 | 22441 |
|  Multi Commodity Exchange of India Ltd. | 1010 | 27125 |
|  Muthoot Finance Ltd. | 946 | 34871 |
|  Nestle India Ltd. | 3107 | 44114 |
|  NHPC Ltd. | 27937 | 23132 |
|  Nippon Life India Asset Management Ltd., 144A | 1623 | 16612 |
|  Oberoi Realty Ltd. | 1217 | 20371 |
|  One 97 Communications Ltd. \* | 2750 | 33199 |
|  Oracle Financial Services Software Ltd. | 215 | 16382 |
|  Page Industries Ltd. | 49 | 17295 |
|  Patanjali Foods Ltd. | 825 | 4607 |
|  PB Fintech Ltd. \* | 2696 | 43906 |
|  Persistent Systems Ltd. | 803 | 41776 |
|  Phoenix Mills Ltd. | 1343 | 24484 |
|  PI Industries Ltd. | 406 | 13912 |
|  Pidilite Industries Ltd. | 2266 | 37162 |
|  Power Finance Corp. Ltd. | 11344 | 51597 |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Power Grid Corp. of India Ltd. | 20591 | 67595 |
|  Premier Energies Ltd., 144A | 1095 | 8798 |
|  Prestige Estates Projects Ltd. | 973 | 14898 |
|  Procter & Gamble Hygiene & Health Care Ltd. | 92 | 11479 |
|  Rail Vikas Nigam Ltd. | 3875 | 13474 |
|  REC Ltd. | 10403 | 39999 |
|  Samvardhana Motherson International Ltd. | 11816 | 17318 |
|  SBI Cards & Payment Services Ltd. \* | 2453 | 20880 |
|  SBI Life Insurance Co. Ltd., 144A | 2004 | 44875 |
|  Schaeffler India Ltd. | 410 | 19636 |
|  Shriram Finance Ltd. | 10338 | 122657 |
|  SJVN Ltd. | 10516 | 8442 |
|  Sona Blw Precision Forgings Ltd., 144A | 3035 | 17831 |
|  SRF Ltd. | 631 | 17771 |
|  State Bank of India | 7438 | 98248 |
|  Sun Pharmaceutical Industries Ltd. | 7253 | 138481 |
|  Sundaram Finance Ltd. | 458 | 27736 |
|  Supreme Industries Ltd. | 272 | 11885 |
|  Suzlon Energy Ltd. \* | 94623 | 44380 |
|  Tata Communications Ltd. | 1237 | 21721 |
|  Tata Consultancy Services Ltd. | 7311 | 211946 |
|  Tata Consumer Products Ltd. | 2845 | 35681 |
|  Tata Elxsi Ltd. | 319 | 15824 |
|  Tata Investment Corp. Ltd. | 1784 | 12917 |
|  Tata Steel Ltd. | 8236 | 19222 |
|  Tech Mahindra Ltd. | 4158 | 62057 |
|  Thermax Ltd. | 231 | 7916 |
|  Titan Co. Ltd. | 2546 | 121106 |
|  Torrent Pharmaceuticals Ltd. | 803 | 38248 |
|  Trent Ltd. | 861 | 36905 |
|  Tube Investments of India Ltd. | 395 | 11955 |
|  TVS Motor Co. Ltd. | 645 | 27435 |
|  UltraTech Cement Ltd. | 270 | 37623 |
|  United Spirits Ltd. | 1592 | 24163 |
|  UNO Minda Ltd. | 562 | 7342 |
|  UPL Ltd. | 4038 | 28291 |
|  Varun Beverages Ltd. | 10708 | 53130 |
|  Vishal Mega Mart Ltd. \* | 17543 | 22712 |
|  Vodafone Idea Ltd. \* | 239948 | 27931 |
|  Wipro Ltd. | 20725 | 45780 |
|  Yes Bank Ltd. \* | 72321 | 16471 |
|  Zydus Lifesciences Ltd. | 1747 | 17699 |
|  (Cost $6,157,920) |  | **7372627** |
| **Indonesia — 0.8%** |  |  |
|  Amman Mineral Internasional PT \* | 63204 | 28841 |
|  Barito Renewables Energy Tbk PT \* | 56695 | 27815 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Bumi Resources Minerals Tbk PT \* | 399550 | 23118 |
|  Elang Mahkota Teknologi Tbk PT | 156140 | 8289 |
|  GoTo Gojek Tokopedia Tbk PT \* | 7720982 | 28093 |
|  Pantai Indah Kapuk Dua Tbk PT | 23233 | 13200 |
|  PT Bank Central Asia Tbk | 229306 | 98137 |
|  PT Bank Mandiri Persero Tbk | 167295 | 52638 |
|  PT Bank Rakyat Indonesia Persero Tbk | 309434 | 72168 |
|  PT Barito Pacific Tbk \* | 118150 | 14024 |
|  PT Chandra Asri Pacific Tbk | 58971 | 23567 |
|  PT Indofood CBP Sukses Makmur Tbk | 12864 | 6023 |
|  PT Indosat Tbk | 56080 | 7727 |
|  PT Kalbe Farma Tbk | 200477 | 13154 |
|  PT Sumber Alfaria Trijaya Tbk | 62224 | 6198 |
|  PT Telkom Indonesia Persero Tbk | 346781 | 73224 |
|  PT Unilever Indonesia Tbk | 30358 | 4310 |
|  Trimegah Bangun Persada Tbk PT | 72355 | 6646 |
|  XLSMART Telecom Sejahtera Tbk PT | 43574 | 8239 |
|  (Cost $628,811) |  | **515411** |
| **Ireland — 0.9%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $661,849) | 5303 | **550080** |
| **Kazakhstan — 0.0%** |  |  |
|  Solidcore Resources PLC \* (b) |  |  |
|  (Cost $548,412) | 28889 | **0** |
| **Kuwait — 0.6%** |  |  |
|  Al Ahli Bank of Kuwait KSCP | 10440 | 10413 |
|  Boubyan Bank KSCP | 8311 | 18394 |
|  Burgan Bank SAK | 10486 | 7041 |
|  Gulf Bank KSCP | 9731 | 10752 |
|  Kuwait Finance House KSCP | 55540 | 145548 |
|  Mabanee Co KPSC | 4241 | 13547 |
|  Mobile Telecommunications Co. KSCP | 15749 | 27822 |
|  National Bank of Kuwait SAKP | 36068 | 110861 |
|  Warba Bank KSCP \* | 20094 | 18863 |
|  (Cost $313,238) |  | **363241** |
| **Malaysia — 1.1%** |  |  |
|  99 Speed Mart Retail Holdings BHD | 13500 | 11935 |
|  AMMB Holdings Bhd | 4400 | 7271 |
|  Axiata Group Bhd | 27352 | 16027 |
|  Celcomdigi Bhd | 26300 | 21562 |
|  CIMB Group Holdings Bhd | 56004 | 115721 |
|  Fraser & Neave Holdings Bhd | 900 | 8082 |
|  Gamuda Bhd | 35104 | 37802 |
|  Hong Leong Bank Bhd | 3700 | 22137 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  IHH Healthcare Bhd | 17100 | 40080 |
|  IJM Corp. Bhd | 14700 | 9483 |
|  IOI Properties Group Bhd | 12900 | 11438 |
|  KPJ Healthcare Bhd | 18600 | 14006 |
|  Kuala Lumpur Kepong Bhd | 1500 | 7325 |
|  Malayan Banking Bhd | 25956 | 79782 |
|  Maxis Bhd | 22700 | 22636 |
|  MR DIY Group M Bhd, 144A | 26250 | 12076 |
|  Nestle Malaysia Bhd | 219 | 6186 |
|  PPB Group Bhd | 4000 | 11185 |
|  Press Metal Aluminium Holdings Bhd | 8200 | 15026 |
|  Public Bank Bhd | 66600 | 84384 |
|  QL Resources Bhd | 5750 | 6029 |
|  RHB Bank Bhd | 10836 | 23393 |
|  Sime Darby Bhd | 7500 | 4703 |
|  Sime Darby Property Bhd | 37600 | 14012 |
|  Sunway Bhd | 11800 | 17771 |
|  Telekom Malaysia Bhd | 18800 | 35996 |
|  TIME dotCom Bhd | 9500 | 14844 |
|  United Plantations BHD | 2500 | 18967 |
|  Westports Holdings Bhd | 8226 | 13002 |
|  YTL Corp. Bhd | 12200 | 5769 |
|  (Cost $531,761) |  | **708630** |
| **Mexico — 1.7%** |  |  |
|  America Movil SAB de CV, Series B | 116445 | 151529 |
|  Arca Continental SAB de CV | 3554 | 42815 |
|  Cemex SAB de CV, Series CPO | 33925 | 42510 |
|  Coca-Cola Femsa SAB de CV | 4086 | 45462 |
|  El Puerto de Liverpool SAB de CV, Class C1 | 1382 | 8624 |
|  Fibra Uno Administracion SA de CV REIT | 16464 | 28630 |
|  Gruma SAB de CV, Class B | 408 | 7321 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 1943 | 29710 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1791 | 46779 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 965 | 34721 |
|  Grupo Bimbo SAB de CV, Series A | 10224 | 37126 |
|  Grupo Carso SAB de CV, Series A1 | 1245 | 9765 |
|  Grupo Comercial Chedraui SA de CV | 2291 | 14705 |
|  Grupo Financiero Banorte SAB de CV, Class O | 11620 | 132631 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 2521 | 6417 |
|  Grupo Mexico SAB de CV, Series B | 13047 | 166086 |
|  Industrias Penoles SAB de CV \* | 685 | 43540 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 8206 | 20618 |
|  Prologis Property Mexico SA de CV REIT | 9660 | 47486 |
|  Promotora y Operadora de Infraestructura SAB de CV | 1244 | 20515 |
|  Wal-Mart de Mexico SAB de CV | 37006 | 119883 |
|  (Cost $803,723) |  | **1056873** |
| **Netherlands — 0.0%** |  |  |
|  Nebius Group N.V., Class A \* (b) |  |  |
|  (Cost $1,831,427) | 28401 | **0** |
| **Philippines — 0.4%** |  |  |
|  Ayala Corp. | 1170 | 12174 |
|  Ayala Land, Inc. | 52900 | 19173 |
|  Bank of the Philippine Islands | 9584 | 19279 |
|  BDO Unibank, Inc. | 9319 | 22189 |
|  Globe Telecom, Inc. | 605 | 18255 |
|  International Container Terminal Services, Inc. | 6330 | 78816 |
|  Jollibee Foods Corp. | 1620 | 6012 |
|  Metropolitan Bank & Trust Co. | 7480 | 9988 |
|  PLDT, Inc. | 855 | 20758 |
|  SM Investments Corp. | 2570 | 31420 |
|  SM Prime Holdings, Inc. | 45900 | 17114 |
|  (Cost $254,531) |  | **255178** |
| **Qatar — 0.4%** |  |  |
|  Al Rayan Bank | 25682 | 16449 |
|  Commercial Bank PSQC | 18754 | 24981 |
|  Dukhan Bank | 9871 | 9730 |
|  Estithmar Holding QPSC \* | 10927 | 11362 |
|  Industries Qatar QSC | 7818 | 25960 |
|  Ooredoo QPSC | 10231 | 38075 |
|  Qatar International Islamic Bank QSC | 4586 | 14271 |
|  Qatar Islamic Bank QPSC | 7149 | 46534 |
|  Qatar National Bank QPSC | 16656 | 88289 |
|  (Cost $242,452) |  | **275651** |
| **Russia — 0.0%** |  |  |
|  Alrosa PJSC \* (b) | 246725 | 0 |
|  GMK Norilskiy Nickel PAO \* (b) | 559300 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (b) | 25457 | 0 |
|  Mobile TeleSystems PJSC \* (b) | 32151 | 0 |
|  Novolipetsk Steel PJSC \* (b) | 121611 | 0 |
|  PIK-Spetsializirovannyy Zastroyshchik PAO \* (b) | 21692 | 0 |
|  Polyus PJSC \* (b) | 27930 | 0 |
|  Sberbank of Russia PJSC \* (b) | 989954 | 0 |
|  United Co. RUSAL International PJSC \* (b) | 255320 | 0 |
|  (Cost $7,879,354) |  | **0** |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Saudi Arabia — 1.9%** |  |  |
|  ACWA Power Co. \* | 1020 | 45114 |
|  Al Rajhi Bank | 5629 | 151571 |
|  Alinma Bank | 5664 | 42251 |
|  Almarai Co. JSC | 2064 | 21934 |
|  Arab National Bank | 2887 | 15855 |
|  Arabian Internet & Communications Services Co. | 330 | 16452 |
|  Bank AlBilad | 2546 | 17377 |
|  Bank Al-Jazira | 2429 | 7499 |
|  Banque Saudi Fransi | 4331 | 22943 |
|  Bupa Arabia for Cooperative Insurance Co. | 475 | 22516 |
|  Co. for Cooperative Insurance | 325 | 11758 |
|  Dar Al Arkan Real Estate Development Co. \* | 4382 | 23283 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 753 | 46374 |
|  Elm Co. | 209 | 35716 |
|  Etihad Etisalat Co. | 3014 | 51668 |
|  Jarir Marketing Co. | 1995 | 7441 |
|  Mouwasat Medical Services Co. | 868 | 14729 |
|  Nahdi Medical Co. | 458 | 12149 |
|  Riyad Bank | 4377 | 32417 |
|  SABIC Agri-Nutrients Co. | 1082 | 35712 |
|  SAL Saudi Logistics Services | 150 | 6478 |
|  Saudi Arabian Mining Co. \* | 6163 | 115344 |
|  Saudi Awwal Bank | 3361 | 30663 |
|  Saudi Basic Industries Corp. | 2277 | 32902 |
|  Saudi Industrial Investment Group | 3782 | 13007 |
|  Saudi Investment Bank | 4287 | 15429 |
|  Saudi National Bank | 12722 | 141367 |
|  Saudi Research & Media Group \* | 331 | 7223 |
|  Saudi Tadawul Group Holding Co. | 445 | 16230 |
|  Saudi Telecom Co. | 13588 | 151497 |
|  Yanbu National Petrochemical Co. | 1225 | 8230 |
|  (Cost $1,123,356) |  | **1173129** |
| **Singapore — 0.4%** |  |  |
|  BOC Aviation Ltd., 144A | 2242 | 24965 |
|  Trip.com Group Ltd. | 4377 | 230205 |
|  Trip.com Group Ltd., ADR | 49 | 2578 |
|  (Cost $245,624) |  | **257748** |
| **South Africa — 3.5%** |  |  |
|  Absa Group Ltd. | 5928 | 101038 |
|  Bid Corp. Ltd. | 2576 | 67993 |
|  Bidvest Group Ltd. | 1700 | 26966 |
|  Capitec Bank Holdings Ltd. | 369 | 109965 |
|  Clicks Group Ltd. | 2018 | 40342 |
|  Discovery Ltd. | 3978 | 65317 |
|  FirstRand Ltd. | 20517 | 127852 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Gold Fields Ltd. | 6199 | 361589 |
|  Harmony Gold Mining Co. Ltd. | 3597 | 81088 |
|  Impala Platinum Holdings Ltd. | 3279 | 72856 |
|  Investec Ltd. | 2326 | 20002 |
|  Mr Price Group Ltd. | 1831 | 21072 |
|  MTN Group Ltd. | 11784 | 153668 |
|  Naspers Ltd., Class N | 6340 | 352610 |
|  Nedbank Group Ltd. | 1114 | 22046 |
|  Northam Platinum Holdings Ltd. | 775 | 21099 |
|  Old Mutual Ltd. | 17805 | 18501 |
|  OUTsurance Group Ltd. | 7857 | 36265 |
|  Pepkor Holdings Ltd., 144A | 17729 | 29627 |
|  Sanlam Ltd. | 11396 | 76019 |
|  Shoprite Holdings Ltd. | 2217 | 36843 |
|  Sibanye Stillwater Ltd. \* | 14489 | 63718 |
|  Standard Bank Group Ltd. | 4662 | 94113 |
|  Valterra Platinum Ltd. | 999 | 117011 |
|  Vodacom Group Ltd. | 4858 | 49668 |
|  Woolworths Holdings Ltd. | 7599 | 25994 |
|  (Cost $1,420,166) |  | **2193262** |
| **South Korea — 15.0%** |  |  |
|  ABLBio, Inc. \* | 282 | 38031 |
|  Alteogen, Inc. | 175 | 49574 |
|  Amorepacific Corp. | 275 | 28943 |
|  APR Corp. \* | 152 | 33021 |
|  BNK Financial Group, Inc. | 807 | 11181 |
|  Celltrion Pharm, Inc. | 6 | 302 |
|  Celltrion, Inc. \* | 1114 | 184699 |
|  CJ Corp. | 13 | 1975 |
|  Coway Co. Ltd. \* | 211 | 12013 |
|  DB Insurance Co. Ltd. | 290 | 36913 |
|  Doosan Co. Ltd. | 36 | 31983 |
|  Doosan Enerbility Co. Ltd. \* | 1564 | 115574 |
|  Doosan Robotics, Inc. \* | 188 | 13919 |
|  Ecopro BM Co. Ltd. \* | 242 | 37263 |
|  Ecopro Co. Ltd. \* | 472 | 60702 |
|  Ecopro Materials Co. Ltd. \* | 281 | 14045 |
|  Hana Financial Group, Inc. | 1849 | 156558 |
|  Hanmi Pharm. Co. Ltd. \* | 60 | 24734 |
|  Hanmi Semiconductor Co. Ltd. | 236 | 53073 |
|  Hanwha Solutions Corp. \* | 605 | 22291 |
|  HLB, Inc. \* | 717 | 25819 |
|  HMM Co. Ltd. | 987 | 14649 |
|  HYBE Co. Ltd. \* | 169 | 45525 |
|  Hyosung Heavy Industries Corp. | 13 | 25512 |
|  Hyundai Autoever Corp. | 68 | 23683 |
|  Hyundai Elevator Co. Ltd. | 70 | 4803 |
|  Hyundai Engineering & Construction Co. Ltd. | 211 | 24158 |
|  Hyundai Glovis Co. Ltd. | 80 | 16100 |
|  Hyundai Mobis Co. Ltd. | 432 | 155262 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hyundai Motor Co. | 561 | 262853 |
|  Hyundai Rotem Co. Ltd. | 334 | 53519 |
|  Industrial Bank of Korea | 1257 | 22501 |
|  Kakao Corp. | 2307 | 99914 |
|  KakaoBank Corp. | 1306 | 24649 |
|  Kakaopay Corp. \* | 488 | 22695 |
|  KB Financial Group, Inc. | 2576 | 284730 |
|  KCC Corp. | 29 | 13124 |
|  KEPCO Engineering & Construction Co., Inc. \* | 228 | 27753 |
|  Kia Corp. | 478 | 68286 |
|  KIWOOM Securities Co. Ltd. | 91 | 29479 |
|  Korea Investment Holdings Co. Ltd. | 347 | 62356 |
|  Korea Zinc Co. Ltd. | 33 | 46569 |
|  Korean Air Lines Co. Ltd. \* | 251 | 4903 |
|  Krafton, Inc. \* | 230 | 39732 |
|  KT Corp. | 412 | 18273 |
|  KT&G Corp. | 664 | 75286 |
|  L&F Co. Ltd. \* | 149 | 13020 |
|  LG Chem Ltd. | 167 | 48469 |
|  LG Corp. | 304 | 22760 |
|  LG Display Co. Ltd. \* | 972 | 9690 |
|  LG Electronics, Inc. | 90 | 9116 |
|  LG Energy Solution Ltd. \* | 190 | 56399 |
|  LG Innotek Co. Ltd. | 116 | 25724 |
|  LG Uplus Corp. | 1237 | 14223 |
|  LigaChem Biosciences, Inc. \* | 208 | 27719 |
|  Meritz Financial Group, Inc. \* | 649 | 57343 |
|  Mirae Asset Securities Co. Ltd. | 1742 | 87191 |
|  NAVER Corp. | 1150 | 203458 |
|  NCSoft Corp. | 130 | 20876 |
|  Netmarble Corp., 144A | 337 | 12323 |
|  NH Investment & Securities Co. Ltd. | 1564 | 38597 |
|  Peptron, Inc. | 168 | 33285 |
|  Pharmaresearch Co. Ltd. | 69 | 16764 |
|  Posco DX Co. Ltd. | 716 | 19561 |
|  POSCO Future M Co. Ltd. \* | 145 | 24897 |
|  POSCO Holdings, Inc. | 154 | 44214 |
|  Rainbow Robotics \* | 80 | 47828 |
|  Sam Chun Dang Pharm Co. Ltd. | 120 | 68822 |
|  Samsung Biologics Co. Ltd., 144A \* | 85 | 105061 |
|  Samsung C&T Corp. | 354 | 86254 |
|  Samsung Card Co. Ltd. | 250 | 10949 |
|  Samsung Electro-Mechanics Co. Ltd. | 248 | 77322 |
|  Samsung Electronics Co. Ltd. | 19401 | 2919928 |
|  Samsung Episholdings Co. Ltd. \* | 43 | 20177 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 188 | 69267 |
|  Samsung Life Insurance Co. Ltd. | 444 | 70991 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Samsung SDI Co. Ltd. \* | 461 | 149340 |
|  Samsung SDS Co. Ltd. | 279 | 37821 |
|  Samsung Securities Co. Ltd. | 484 | 35934 |
|  Samyang Foods Co. Ltd. | 23 | 19522 |
|  Shinhan Financial Group Co. Ltd. | 3211 | 216299 |
|  SK Biopharmaceuticals Co. Ltd. \* | 325 | 27066 |
|  SK Bioscience Co. Ltd. \* | 488 | 16606 |
|  SK hynix, Inc. | 2236 | 1649215 |
|  SK Innovation Co. Ltd. | 317 | 28141 |
|  SK Square Co. Ltd. \* | 619 | 277550 |
|  SK Telecom Co. Ltd. | 816 | 45267 |
|  SK, Inc. | 173 | 48226 |
|  SKC Co. Ltd. \* | 154 | 12119 |
|  Woori Financial Group, Inc. | 2166 | 54206 |
|  Yuhan Corp. | 491 | 37614 |
|  (Cost $3,794,333) |  | **9336081** |
| **Taiwan — 22.1%** |  |  |
|  Accton Technology Corp. | 3657 | 164038 |
|  Acer, Inc. | 7070 | 6207 |
|  Advantech Co. Ltd. | 3561 | 38393 |
|  Airtac International Group | 518 | 19999 |
|  Alchip Technologies Ltd. | 383 | 42827 |
|  ASE Technology Holding Co. Ltd. | 25170 | 312498 |
|  Asia Vital Components Co. Ltd. | 2433 | 137588 |
|  ASMedia Technology, Inc. | 349 | 14704 |
|  ASPEED Technology, Inc. | 206 | 64220 |
|  Asustek Computer, Inc. | 6169 | 105152 |
|  AUO Corp. \* | 24387 | 12971 |
|  Bizlink Holding, Inc. | 539 | 24350 |
|  Caliway Biopharmaceuticals Co. Ltd .\* | 7000 | 36894 |
|  Catcher Technology Co. Ltd. | 1419 | 8707 |
|  Cathay Financial Holding Co. Ltd. | 62398 | 159339 |
|  Chailease Holding Co. Ltd. | 12301 | 40989 |
|  Chang Hwa Commercial Bank Ltd. | 33949 | 23495 |
|  China Steel Corp. | 5416 | 3601 |
|  Chroma ATE, Inc. | 1915 | 84672 |
|  Chunghwa Telecom Co. Ltd. | 28539 | 122528 |
|  CTBC Financial Holding Co. Ltd. | 108350 | 194059 |
|  Delta Electronics, Inc. | 13259 | 607490 |
|  E Ink Holdings, Inc. | 5822 | 34882 |
|  E.Sun Financial Holding Co. Ltd. | 102321 | 115071 |
|  Eclat Textile Co. Ltd. | 1898 | 25723 |
|  Elite Material Co. Ltd. | 2190 | 171209 |
|  eMemory Technology, Inc. | 447 | 36234 |
|  Eva Airways Corp. | 3226 | 3928 |
|  Evergreen Marine Corp. Taiwan Ltd. | 2173 | 13716 |
|  Far Eastern New Century Corp. | 7226 | 6668 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Far EasTone Telecommunications Co. Ltd. | 14710 | 43360 |
|  Feng TAY Enterprise Co. Ltd. | 2665 | 8009 |
|  First Financial Holding Co. Ltd. | 78744 | 75436 |
|  Fortune Electric Co. Ltd. | 179 | 6137 |
|  Foxconn Technology Co. Ltd. | 8921 | 17007 |
|  Fubon Financial Holding Co. Ltd. | 64074 | 193386 |
|  Gigabyte Technology Co. Ltd. | 2172 | 16667 |
|  Global Unichip Corp. | 465 | 41269 |
|  Globalwafers Co. Ltd. | 1772 | 25833 |
|  Gold Circuit Electronics Ltd. | 2617 | 69259 |
|  Highwealth Construction Corp. | 9941 | 12056 |
|  Hon Hai Precision Industry Co. Ltd. | 83768 | 652194 |
|  HON Precision, Inc. | 542 | 84397 |
|  Hotai Motor Co. Ltd. | 2617 | 49051 |
|  Hua Nan Financial Holdings Co. Ltd. | 63080 | 77003 |
|  Innolux Corp. | 18631 | 15998 |
|  International Games System Co. Ltd. | 1996 | 44447 |
|  Inventec Corp. | 11683 | 17312 |
|  Jentech Precision Industrial Co. Ltd. | 788 | 78772 |
|  KGI Financial Holding Co. Ltd. | 118167 | 83104 |
|  King Slide Works Co. Ltd. | 406 | 44813 |
|  King Yuan Electronics Co. Ltd. | 4932 | 51673 |
|  Largan Precision Co. Ltd. | 468 | 37787 |
|  Lite-On Technology Corp. | 13029 | 72219 |
|  Lotes Co. Ltd. | 499 | 28379 |
|  MediaTek, Inc. | 6207 | 386806 |
|  Mega Financial Holding Co. Ltd. | 86452 | 112320 |
|  Micro-Star International Co. Ltd. | 5467 | 16518 |
|  Minth Group Ltd. | 1661 | 9318 |
|  Nan Ya Plastics Corp. | 18623 | 54775 |
|  Nan Ya Printed Circuit Board Corp. | 1157 | 20574 |
|  Nanya Technology Corp. \* | 5408 | 49469 |
|  Nien Made Enterprise Co. Ltd. | 1464 | 18927 |
|  Novatek Microelectronics Corp. | 2884 | 36315 |
|  Pegatron Corp. | 12263 | 28879 |
|  PharmaEssentia Corp. | 2269 | 52634 |
|  Phison Electronics Corp. | 704 | 42631 |
|  Pou Chen Corp. | 16305 | 16221 |
|  Powerchip Semiconductor Manufacturing Corp. \* | 24675 | 60638 |
|  Powertech Technology, Inc. | 3411 | 28196 |
|  Quanta Computer, Inc. | 17839 | 166610 |
|  Realtek Semiconductor Corp. | 2159 | 33307 |
|  Shanghai Commercial & Savings Bank Ltd. | 17093 | 21989 |
|  Sino-American Silicon Products, Inc. | 1998 | 7554 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SinoPac Financial Holdings Co. Ltd. | 111677 | 118794 |
|  Synnex Technology International Corp. | 3342 | 7699 |
|  Taichung Commercial Bank Co. Ltd. | 28568 | 19313 |
|  Taiwan Business Bank | 38746 | 20359 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 65122 | 50076 |
|  Taiwan High Speed Rail Corp. | 22816 | 19774 |
|  Taiwan Mobile Co. Ltd. | 14351 | 49429 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 107727 | 6885885 |
|  Tripod Technology Corp. | 2375 | 29639 |
|  TS Financial Holding Co. Ltd. | 156199 | 128118 |
|  Unimicron Technology Corp. | 5749 | 88691 |
|  Uni-President Enterprises Corp. | 19360 | 44971 |
|  United Microelectronics Corp. | 51038 | 106946 |
|  Vanguard International Semiconductor Corp. | 8388 | 35878 |
|  VisEra Technologies Co. Ltd. | 1131 | 12393 |
|  Wan Hai Lines Ltd. | 5502 | 13468 |
|  Winbond Electronics Corp. \* | 11509 | 45172 |
|  Wistron Corp. | 21193 | 92347 |
|  Wiwynn Corp. | 750 | 96120 |
|  WT Microelectronics Co. Ltd. | 4065 | 23965 |
|  Yageo Corp. | 7087 | 67666 |
|  Yang Ming Marine Transport Corp. | 4192 | 7709 |
|  Yuanta Financial Holding Co. Ltd. | 86565 | 136320 |
|  Zhen Ding Technology Holding Ltd. | 5187 | 34734 |
|  (Cost $5,566,028) |  | **13776867** |
| **Thailand — 1.5%** |  |  |
|  Advanced Info Service PCL, NVDR | 8500 | 103909 |
|  Airports of Thailand PCL, NVDR | 22800 | 39974 |
|  Asset World Corp. PCL, NVDR | 86100 | 6925 |
|  Bangkok Dusit Medical Services PCL, NVDR | 89000 | 62130 |
|  Bangkok Expressway & Metro PCL, NVDR | 98800 | 20024 |
|  Bumrungrad Hospital PCL, NVDR | 5700 | 39057 |
|  Central Pattana PCL, NVDR | 23300 | 52469 |
|  Central Retail Corp. PCL, NVDR | 35700 | 23658 |
|  Charoen Pokphand Foods PCL, NVDR | 5400 | 3648 |
|  Com7 PCL, NVDR | 13900 | 10777 |
|  CP ALL PCL, NVDR | 37700 | 62763 |
|  Delta Electronics Thailand PCL, NVDR | 32800 | 294393 |
|  Energy Absolute PCL \* | 5767 | 126 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Home Product Center PCL, NVDR | 32200 | 7665 |
|  Krung Thai Bank PCL, NVDR | 12400 | 13662 |
|  Krungthai Card PCL, NVDR | 16000 | 17114 |
|  Land & Houses PCL, NVDR | 89500 | 12553 |
|  Minor International PCL, NVDR | 29083 | 24325 |
|  Muangthai Capital PCL, NVDR | 9500 | 11308 |
|  Osotspa PCL, NVDR | 9500 | 5257 |
|  SCB X PCL, NVDR | 4100 | 19587 |
|  Thai Beverage PCL | 71300 | 25930 |
|  Thai Life Insurance PCL, NVDR | 30400 | 10758 |
|  TIDLOR Holdings PCL | 17014 | 10892 |
|  Tisco Financial Group PCL, NVDR | 2600 | 9577 |
|  TMBThanachart Bank PCL, NVDR | 197677 | 15008 |
|  True Corp. PCL, NVDR | 93569 | 43646 |
|  (Cost $712,207) |  | **947135** |
| **Turkey — 0.9%** |  |  |
|  Akbank TAS | 8402 | 17233 |
|  Akfen Yenilenebilir Enerji AS \* | 24449 | 9929 |
|  Alarko Holding As | 3930 | 9156 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 2990 | 21905 |
|  Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 1867 | 7986 |
|  Avrupakent Gayrimenkul Yatirim Ortakligi AS REIT | 8825 | 10481 |
|  Aydem Yenilenebilir Enerji AS \* | 14419 | 8307 |
|  BIM Birlesik Magazalar AS | 2880 | 43738 |
|  Borusan Yatirim ve Pazarlama AS | 220 | 11462 |
|  Bosch Fren Sistemleri Sanayi ve Ticaret AS \* | 0 | 1 |
|  Celebi Hava Servisi AS | 230 | 9116 |
|  Coca-Cola Icecek AS | 5218 | 8453 |
|  DAP Gayrimenkul Gelistirme AS \* | 33079 | 8617 |
|  Dogan Sirketler Grubu Holding As | 16681 | 7636 |
|  Dogus Otomotiv Servis Ve Ticaret AS | 1053 | 5247 |
|  Eczacibasi Yatirim Holding Ortakligi AS | 595 | 3926 |
|  Efor Yatirim Sanayi Ticaret AS | 4084 | 1994 |
|  Ege Endustri Ve Ticaret AS | 57 | 8524 |
|  Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS | 4596 | 12025 |
|  Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 24746 | 13344 |
|  Enka Insaat ve Sanayi AS | 3601 | 8332 |
|  Grainturk Tarim AS \* | 1163 | 6038 |
|  Haci Omer Sabanci Holding AS | 7089 | 16258 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hektas Ticaret TAS \* | 88429 | 6116 |
|  Investco Holding AS \* | 1332 | 7016 |
|  Is Gayrimenkul Yatirim Ortakligi AS REIT \* | 9908 | 4914 |
|  Is Yatirim Menkul Degerler AS | 6125 | 6712 |
|  Jantsa Jant Sanayi Ve Ticaret AS | 13897 | 5853 |
|  Katilimevim Tasarruf Finansman AS | 13785 | 12608 |
|  Kiler Holding AS \* | 1659 | 11701 |
|  Kizilbuk Gayrimenkul Yatirim Ortakligi AS REIT \* | 90253 | 7023 |
|  Kontrolmatik Enerji Ve Muhendislik AS | 28969 | 6196 |
|  Ldr Turizm As | 6710 | 12908 |
|  LYDIA HOLDING AS \* | 2531 | 11517 |
|  Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A | 5095 | 5263 |
|  MIA Teknoloji AS \* | 10239 | 8736 |
|  MLP Saglik Hizmetleri AS, 144A \* | 816 | 8113 |
|  Pegasus Hava Tasimaciligi AS \* | 1 | 4 |
|  Peker Gayrimenkul Yatirim Ortakligi AS REIT \* | 54873 | 16105 |
|  Ral Yatirim Holding AS \* | 1937 | 6897 |
|  Reysas Gayrimenkul Yatirim Ortakligi AS REIT \* | 15279 | 11249 |
|  Ronesans Gayrimenkul Yatirim AS | 2401 | 9156 |
|  Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS \* | 10806 | 1814 |
|  TAB Gida Sanayi Ve Ticaret AS | 1894 | 11215 |
|  TAV Havalimanlari Holding AS \* | 1449 | 10187 |
|  Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | 6004 | 11625 |
|  Turk Altin Isletmeleri AS \* | 6228 | 8644 |
|  Turk Hava Yollari AO | 904 | 6325 |
|  Turk Telekomunikasyon AS \* | 5433 | 8399 |
|  Turkcell Iletisim Hizmetleri AS | 8296 | 21857 |
|  Turkiye Is Bankasi AS, Class C | 40675 | 15649 |
|  Turkiye Sigorta AS | 26554 | 7371 |
|  Turkiye Sinai Kalkinma Bankasi AS \* | 30812 | 9099 |
|  Yapi ve Kredi Bankasi AS \* | 14453 | 14239 |
|  (Cost $495,101) |  | **534219** |
| **United Arab Emirates — 1.8%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 14404 | 59459 |
|  Abu Dhabi Islamic Bank PJSC | 6758 | 46923 |
|  Aldar Properties PJSC | 17676 | 51980 |
|  Alpha Dhabi Holding PJSC \* | 8543 | 21215 |
|  Borouge PLC | 11029 | 7778 |
|  Dubai Islamic Bank PJSC | 13373 | 30223 |
|  Emaar Development PJSC | 4743 | 24990 |
|  Emaar Properties PJSC | 26132 | 115271 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Emirates NBD Bank PJSC | 9984 | 89712 |
|  Emirates Telecommunications Group Co. PJSC | 25149 | 138874 |
|  First Abu Dhabi Bank PJSC | 18561 | 99159 |
|  International Holding Co. PJSC \* | 3583 | 389856 |
|  Modon Holding PSC \* | 30837 | 28213 |
|  Two Point Zero Group PJSC \* | 31026 | 16812 |
|  (Cost $664,872) |  | **1120465** |
| **United States — 0.3%** |  |  |
|  BeOne Medicines Ltd., Class A \* | 176 | 6611 |
|  BeOne Medicines Ltd., Class H \* | 7044 | 173170 |
|  (Cost $150,012) |  | **179781** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $50,436,592) |  | **60507137** |
| **PREFERRED STOCKS — 1.6%** |  |  |
| **Brazil — 0.7%** |  |  |
|  Axia Energia \* | 0 | 2 |
|  Axia Energia, Class B | 2213 | 28852 |
|  Banco Bradesco SA | 23640 | 97494 |
|  Cia Energetica de Minas Gerais | 9014 | 21215 |
|  Itau Unibanco Holding SA | 23155 | 211215 |
|  Itausa SA | 46152 | 128422 |
|  Klabin SA | 5 | 4 |
|  Localiza Rent a Car SA \* | 1 | 5 |
|  (Cost $280,492) |  | **487209** |
| **Chile — 0.1%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, Class B \* |  |  |
|  (Cost $27,732) | 680 | **51886** |
| **Colombia — 0.1%** |  |  |
|  Grupo Cibest SA | 2493 | 42235 |
|  Grupo de Inversiones Suramericana SA | 955 | 11698 |
|  (Cost $30,192) |  | **53933** |
| **India — 0.0%** |  |  |
|  TVS Motor Co. Ltd. \* (b) |  |  |
|  (Cost $0) | 2052 | **226** |
| **Russia — 0.0%** |  |  |
|  Sberbank of Russia PJSC \* (b) |  |  |
|  (Cost $275,893) | 71636 | **0** |
| **South Korea — 0.7%** |  |  |
|  Doosan Co. Ltd. | 19 | 8097 |
|  Hyundai Motor Co. | 28 | 6258 |
|  Hyundai Motor Co. - 2nd Preferred | 92 | 20690 |
|  Korea Investment Holdings Co. Ltd. | 117 | 14599 |
|  Mirae Asset Securities Co. Ltd. | 1723 | 27609 |
|  Mirae Asset Securities Co. Ltd., Class P | 933 | 16312 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Samsung Electronics Co. Ltd. | 3386 | 338482 |
|  (Cost $178,902) |  | **432047** |
|  **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $793,211) |  | **1025301** |
| **WARRANTS — 0.0%** |  |  |
| **Thailand — 0.0%** |  |  |
|  BTS Group Holdings PCL\* , expires 11/20/26 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | 800 | **0** |
| **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF (c) |  |  |
|  (Cost $59,022) | 1750 | **71945** |
| **SECURITIES LENDING COLLATERAL — 0.0%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,400) | 8400 | **8400** |
| **CASH EQUIVALENTS — 1.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $604,557) | 604557 | **604557** |
| **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $51,901,782) |  | **62217340** |
| **Other assets and liabilities, net — 0.2%** |  | **108460** |
| **NET ASSETS — 100.0%** |  | **62325800** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | Purchases Cost<br>($) | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at <br>2/28/2026 |
| 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 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) | Xtrackers MSCI Emerging Markets Climate Selection ETF (c) |
| 23639 | 35540 |  |  | 12766 | 321 |  | 1750 | 71945 |
| 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", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (d)(e) |
| 525 | 7875 (f) |  |  |  | 90 |  | 8400 | 8400 |
| 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", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) | DWS Government Money Market Series "Institutional Shares", 3.62% (d) |
| 179718 | 5968517 | (5543678) |  |  | 6123 |  | 604557 | 604557 |
| 203882 | 6011932 | (5543678) |  | 12766 | 6534 |  | 614707 | 684902 |

---

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $8,168, which is 0.0% of net assets.

(b) Investment was valued using significant unobservable inputs.

(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 period ended February 28, 2026.

---

| | |
|:---|:---|
| ADR: | American Depositary Receipt |
| BDR: | Brazilian Depositary Receipt |
| CPO: | Ordinary Participation Certificates |
| GDR: | Global Depositary Receipt |
| JSC: | Joint Stock 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 February 28, 2026, 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 | 9 | 656806 | 721665 | 3/20/2026 | 64859 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of February 28, 2026 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) | $60507137 | $— | $0 | $60507137 |
|  Preferred Stocks (a) | 1025075 |  | 226 | 1025301 |
|  Warrants | 0 |  |  | 0 |
|  Exchange-Traded Funds | 71945 |  |  | 71945 |
|  Short-Term Investments (a) | 612957 |  |  | 612957 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 64859 |  |  | 64859 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62281973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62282199 |

---

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

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

During the period ended February 28, 2026, the amount of transfers from Level 3 to Level 1 was $11,642. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.2%** |  |  |
| **Australia — 5.0%** |  |  |
|  ANZ Group Holdings Ltd. | 18250 | 520755 |
|  APA Group (a) | 7645 | 50124 |
|  Aristocrat Leisure Ltd. | 3213 | 110091 |
|  ASX Ltd. | 1164 | 43932 |
|  Brambles Ltd. | 8073 | 144291 |
|  CAR Group Ltd. | 2299 | 43450 |
|  Cochlear Ltd. | 409 | 58006 |
|  Coles Group Ltd. | 8356 | 122433 |
|  Computershare Ltd. | 2914 | 64356 |
|  CSL Ltd. | 2934 | 306863 |
|  Evolution Mining Ltd. | 12389 | 146385 |
|  Fortescue Ltd. | 10600 | 159693 |
|  Goodman Group REIT | 12574 | 259327 |
|  Lynas Rare Earths Ltd. \* | 5541 | 74948 |
|  Macquarie Group Ltd. | 2204 | 335309 |
|  Northern Star Resources Ltd. | 8467 | 182710 |
|  QBE Insurance Group Ltd. | 9423 | 145924 |
|  REA Group Ltd. | 329 | 39012 |
|  South32 Ltd. | 28237 | 92566 |
|  Suncorp Group Ltd. | 6767 | 70553 |
|  Transurban Group (a) | 19385 | 198103 |
|  WiseTech Global Ltd. | 1227 | 41570 |
|  Woodside Energy Group Ltd. | 11389 | 229774 |
|  (Cost $2,884,120) |  | **3440175** |
| **Austria — 0.1%** |  |  |
|  OMV AG | 894 | 57844 |
|  Verbund AG | 398 | 28336 |
|  (Cost $77,893) |  | **86180** |
| **Belgium — 0.5%** |  |  |
|  Ageas SA/NV | 947 | 70330 |
|  Elia Group SA/NV | 241 | 38357 |
|  KBC Group NV | 1430 | 193828 |
|  Lotus Bakeries NV | 2 | 24842 |
|  Syensqo SA | 459 | 26214 |
|  (Cost $232,797) |  | **353571** |
| **Chile — 0.2%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $46,222) | 2320 | **133124** |
| **Denmark — 2.6%** |  |  |
|  A.P. Moller — Maersk A/S, Class A | 18 | 44090 |
|  A.P. Moller — Maersk A/S, Class B (b) | 25 | 61927 |
|  Coloplast A/S, Class B | 795 | 61308 |
|  DSV A/S | 1236 | 319450 |
|  Genmab A/S \* | 367 | 107206 |
|  Novo Nordisk A/S, Class B | 19552 | 735054 |
|  Novonesis (Novozymes) B, Class B | 2184 | 129597 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Orsted AS, 144A \* | 3120 | 73957 |
|  Pandora A/S | 506 | 39981 |
|  ROCKWOOL A/S, Class B | 549 | 18180 |
|  Tryg A/S | 2155 | 53330 |
|  Vestas Wind Systems A/S | 6316 | 162142 |
|  (Cost $1,976,789) |  | **1806222** |
| **Finland — 1.4%** |  |  |
|  Elisa OYJ | 846 | 43391 |
|  Kesko OYJ, Class B | 1643 | 40466 |
|  Kone OYJ, Class B | 2125 | 160626 |
|  Metso Corp. | 4118 | 86084 |
|  Neste OYJ | 2483 | 62093 |
|  Nokia OYJ | 31821 | 243611 |
|  Sampo OYJ, Class A | 14256 | 158019 |
|  Stora Enso OYJ, Class R | 3841 | 52176 |
|  UPM-Kymmene OYJ | 3030 | 96522 |
|  (Cost $736,558) |  | **942988** |
| **France — 12.6%** |  |  |
|  Aeroports de Paris SA | 196 | 27400 |
|  Air Liquide SA | 3505 | 737621 |
|  AXA SA | 10137 | 496225 |
|  BNP Paribas SA | 6102 | 688043 |
|  Bouygues SA | 1127 | 70099 |
|  Bureau Veritas SA | 1906 | 66207 |
|  Carrefour SA | 3605 | 68294 |
|  Cie Generale des Etablissements Michelin SCA | 3979 | 161612 |
|  Covivio SA REIT | 291 | 21354 |
|  Credit Agricole SA | 6605 | 146495 |
|  Danone SA | 3976 | 341006 |
|  Dassault Systemes SE | 4203 | 92054 |
|  Eiffage SA | 436 | 75262 |
|  EssilorLuxottica SA | 1818 | 483395 |
|  Gecina SA REIT | 307 | 28436 |
|  Getlink SE | 2044 | 44454 |
|  Hermes International SCA | 194 | 469336 |
|  Kering SA | 445 | 150215 |
|  Legrand SA | 1581 | 287190 |
|  L'Oreal SA | 1459 | 684578 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1514 | 972623 |
|  Publicis Groupe SA | 1432 | 127517 |
|  Rexel SA | 1420 | 61816 |
|  Schneider Electric SE | 3335 | 1089544 |
|  Societe Generale SA | 4188 | 365221 |
|  TotalEnergies SE | 12061 | 958097 |
|  (Cost $6,853,530) |  | **8714094** |
| **Germany — 4.0%** |  |  |
|  adidas AG | 1025 | 191457 |
|  Beiersdorf AG | 621 | 78931 |
|  Commerzbank AG | 4436 | 181482 |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Deutsche Boerse AG | 1135 | 311438 |
|  Deutsche Lufthansa AG | 4070 | 43672 |
|  Evonik Industries AG | 1679 | 29320 |
|  GEA Group AG | 909 | 70728 |
|  Heidelberg Materials AG | 834 | 186651 |
|  Henkel AG & Co. KGaA | 701 | 63524 |
|  Infineon Technologies AG | 7961 | 430735 |
|  Knorr-Bremse AG | 405 | 53317 |
|  LEG Immobilien SE | 444 | 37116 |
|  Merck KGaA | 805 | 121945 |
|  MTU Aero Engines AG | 334 | 144097 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 789 | 517582 |
|  Scout24 SE, 144A | 450 | 38387 |
|  Symrise AG | 824 | 75477 |
|  Vonovia SE | 4650 | 157515 |
|  Zalando SE, 144A \* | 1357 | 33246 |
|  (Cost $1,927,656) |  | **2766620** |
| **Hong Kong — 2.4%** |  |  |
|  AIA Group Ltd. | 63662 | 706438 |
|  CK Infrastructure Holdings Ltd. | 4299 | 36521 |
|  HKT Trust & HKT Ltd. (a) | 23516 | 37098 |
|  Hong Kong & China Gas Co. Ltd. | 69480 | 67596 |
|  Hong Kong Exchanges & Clearing Ltd. | 7305 | 391298 |
|  MTR Corp. Ltd. | 9028 | 43096 |
|  Prudential PLC | 15652 | 239368 |
|  Sino Land Co. Ltd. | 22112 | 36127 |
|  Swire Pacific Ltd., Class A | 2415 | 25980 |
|  WH Group Ltd., 144A | 51893 | 65280 |
|  (Cost $1,342,961) |  | **1648802** |
| **Ireland — 0.5%** |  |  |
|  AerCap Holdings NV | 1018 | 152130 |
|  Kerry Group PLC, Class A | 1037 | 92196 |
|  Kingspan Group PLC | 925 | 92123 |
|  (Cost $268,391) |  | **336449** |
| **Israel — 0.1%** |  |  |
|  Nice Ltd. \* |  |  |
|  (Cost $70,920) | 393 | **44497** |
| **Italy — 2.7%** |  |  |
|  Enel SpA | 49146 | 591525 |
|  FinecoBank Banca Fineco SpA | 3831 | 90420 |
|  Generali | 5117 | 218466 |
|  Intesa Sanpaolo SpA | 84184 | 579976 |
|  Moncler SpA | 1465 | 101085 |
|  Poste Italiane SpA, 144A | 2791 | 74969 |
|  Prysmian SpA | 1735 | 209973 |
|  (Cost $1,067,063) |  | **1866414** |
| **Japan — 25.5%** |  |  |
|  Aeon Co. Ltd. | 13500 | 192524 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ajinomoto Co., Inc. | 5500 | 175014 |
|  ANA Holdings, Inc. | 855 | 18636 |
|  Asahi Kasei Corp. | 7500 | 88607 |
|  Asics Corp. | 4310 | 132344 |
|  Astellas Pharma, Inc. | 11300 | 188291 |
|  Bandai Namco Holdings, Inc. | 3700 | 100578 |
|  Bridgestone Corp. | 6980 | 169711 |
|  Capcom Co. Ltd. | 2200 | 50630 |
|  Dai Nippon Printing Co. Ltd. | 2330 | 48503 |
|  Daifuku Co. Ltd. | 2048 | 84898 |
|  Dai-ichi Life Holdings, Inc. | 21100 | 217724 |
|  Daiichi Sankyo Co. Ltd. | 10700 | 209991 |
|  Daikin Industries Ltd. | 1571 | 200394 |
|  Daiwa House Industry Co. Ltd. | 3500 | 126504 |
|  Daiwa Securities Group, Inc. | 8400 | 88560 |
|  Denso Corp. | 10800 | 155645 |
|  Disco Corp. | 561 | 271292 |
|  East Japan Railway Co. | 5800 | 143398 |
|  Ebara Corp. | 2800 | 99392 |
|  Eisai Co. Ltd. | 1608 | 53979 |
|  ENEOS Holdings, Inc. | 17000 | 162024 |
|  FANUC Corp. | 5525 | 251717 |
|  Fast Retailing Co. Ltd. | 1178 | 520848 |
|  Fuji Electric Co. Ltd. | 850 | 75731 |
|  FUJIFILM Holdings Corp. | 6650 | 138175 |
|  Fujitsu Ltd. | 10910 | 250729 |
|  Hankyu Hanshin Holdings, Inc. | 1500 | 43763 |
|  Hitachi Ltd. | 27800 | 930554 |
|  Hoya Corp. | 2060 | 372944 |
|  Ibiden Co. Ltd. | 1400 | 85520 |
|  Isuzu Motors Ltd. | 3300 | 61688 |
|  ITOCHU Corp. | 36500 | 530696 |
|  JFE Holdings, Inc. | 3400 | 47921 |
|  Kao Corp. | 2586 | 110546 |
|  KDDI Corp. | 17604 | 301171 |
|  Kikkoman Corp. | 4500 | 43235 |
|  Komatsu Ltd. | 5800 | 279849 |
|  Konami Group Corp. | 600 | 80051 |
|  Kubota Corp. | 5900 | 120022 |
|  LY Corp. | 18300 | 45596 |
|  Marubeni Corp. | 8500 | 327097 |
|  MatsukiyoCocokara & Co. | 2100 | 34824 |
|  Mitsubishi Chemical Group Corp. | 8000 | 59465 |
|  Mitsubishi Estate Co. Ltd. | 6451 | 218084 |
|  Mitsui Fudosan Co. Ltd. | 15800 | 213180 |
|  Mitsui OSK Lines Ltd. | 2000 | 74274 |
|  Mizuho Financial Group, Inc. | 15032 | 688511 |
|  MonotaRO Co. Ltd. | 1500 | 19989 |
|  MS&AD Insurance Group Holdings, Inc. | 7800 | 218625 |
|  NEC Corp. | 7900 | 219302 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Nexon Co. Ltd. | 2100 | 44670 |
|  Nippon Paint Holdings Co. Ltd. | 5750 | 42612 |
|  Nippon Steel Corp. | 29100 | 118543 |
|  Nippon Yusen KK | 2500 | 85973 |
|  Nitori Holdings Co. Ltd. | 2400 | 48085 |
|  Nitto Denko Corp. | 4050 | 94346 |
|  Nomura Holdings, Inc. | 18300 | 170253 |
|  Nomura Research Institute Ltd. | 2300 | 64334 |
|  Obayashi Corp. | 3700 | 104655 |
|  Oriental Land Co. Ltd. | 6725 | 121298 |
|  ORIX Corp. | 7000 | 248525 |
|  Osaka Gas Co. Ltd. | 2100 | 87645 |
|  Pan Pacific International Holdings Corp. | 12000 | 79936 |
|  Panasonic Holdings Corp. | 13900 | 225872 |
|  Rakuten Group, Inc. \* | 9200 | 48798 |
|  Recruit Holdings Co. Ltd. | 8650 | 380406 |
|  Renesas Electronics Corp. | 10600 | 201578 |
|  Ryohin Keikaku Co. Ltd. | 3000 | 69118 |
|  Sanrio Co. Ltd. | 1100 | 40343 |
|  Secom Co. Ltd. | 2400 | 92818 |
|  Seibu Holdings, Inc. | 1300 | 38636 |
|  Sekisui Chemical Co. Ltd. | 2300 | 44917 |
|  Sekisui House Ltd. | 3700 | 90672 |
|  Shimadzu Corp. | 1440 | 40205 |
|  Shimano, Inc. | 400 | 42940 |
|  Shimizu Corp. | 3100 | 69357 |
|  Shin-Etsu Chemical Co. Ltd. | 10233 | 404273 |
|  Shiseido Co. Ltd. | 2400 | 50729 |
|  SoftBank Corp. | 178500 | 244441 |
|  SoftBank Group Corp. | 22580 | 591383 |
|  Sompo Holdings, Inc. | 5465 | 218600 |
|  Sony Group Corp. | 37288 | 870073 |
|  Subaru Corp. | 3600 | 68403 |
|  Sumitomo Metal Mining Co. Ltd. | 1453 | 117496 |
|  Sumitomo Mitsui Financial Group, Inc. | 22259 | 855002 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 3800 | 133453 |
|  Suntory Beverage & Food Ltd. | 700 | 22046 |
|  Sysmex Corp. | 3200 | 30171 |
|  T&D Holdings, Inc. | 2900 | 78274 |
|  TDK Corp. | 12125 | 188292 |
|  TIS, Inc. | 1300 | 26845 |
|  Toho Co. Ltd. | 3500 | 35084 |
|  Tokio Marine Holdings, Inc. | 11100 | 464049 |
|  Tokyo Electron Ltd. | 2725 | 768149 |
|  Tokyo Gas Co. Ltd. | 1900 | 93171 |
|  Tokyu Corp. | 2900 | 37103 |
|  Toray Industries, Inc. | 8400 | 72096 |
|  Unicharm Corp. | 6800 | 46582 |
|  West Japan Railway Co. | 2700 | 58003 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yamaha Motor Co. Ltd. | 6000 | 47769 |
|  Yokogawa Electric Corp. | 1279 | 51160 |
|  Yokohama Financial Group, Inc. | 6600 | 71443 |
|  ZOZO, Inc. | 2300 | 16779 |
|  (Cost $11,466,033) |  | **17700150** |
| **Luxembourg — 0.1%** |  |  |
|  Eurofins Scientific SE |  |  |
|  (Cost $44,182) | 738 | **59392** |
| **Netherlands — 8.1%** |  |  |
|  Akzo Nobel NV | 968 | 68141 |
|  ASML Holding NV | 2360 | 3436813 |
|  ASR Nederland NV | 979 | 71019 |
|  Ferrovial SE | 3117 | 232444 |
|  ING Groep NV | 17708 | 514960 |
|  Koninklijke Ahold Delhaize NV | 5529 | 272679 |
|  Koninklijke KPN NV | 22398 | 126964 |
|  NN Group NV | 1578 | 129116 |
|  Prosus NV \* | 7892 | 405430 |
|  QIAGEN NV | 1222 | 60541 |
|  Randstad NV | 688 | 22607 |
|  Universal Music Group NV | 6493 | 146503 |
|  Wolters Kluwer NV | 1455 | 116990 |
|  (Cost $2,670,945) |  | **5604207** |
| **New Zealand — 0.2%** |  |  |
|  Auckland International Airport Ltd. | 9840 | 54085 |
|  Contact Energy Ltd. | 5372 | 29946 |
|  Meridian Energy Ltd. | 8406 | 28549 |
|  Xero Ltd. \* | 1016 | 60198 |
|  (Cost $197,055) |  | **172778** |
| **Norway — 1.0%** |  |  |
|  Aker BP ASA | 1805 | 54301 |
|  DNB Bank ASA | 5551 | 175923 |
|  Equinor ASA | 4732 | 140069 |
|  Gjensidige Forsikring ASA | 1323 | 37326 |
|  Mowi ASA | 2837 | 66859 |
|  Norsk Hydro ASA | 8276 | 76676 |
|  Orkla ASA | 4368 | 59734 |
|  Telenor ASA | 3815 | 70699 |
|  Yara International ASA | 1011 | 51084 |
|  (Cost $543,706) |  | **732671** |
| **Poland — 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $18,584) | 1245 | **22344** |
| **Portugal — 0.3%** |  |  |
|  EDP SA | 19301 | 102914 |
|  Galp Energia SGPS SA | 2445 | 52598 |
|  Jeronimo Martins SGPS SA | 1832 | 48149 |
|  (Cost $142,345) |  | **203661** |

---

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Singapore — 0.8%** |  |  |
|  CapitaLand Ascendas REIT | 23700 | 50404 |
|  CapitaLand Investment Ltd. | 14100 | 34111 |
|  Grab Holdings Ltd., Class A \* | 15321 | 64655 |
|  Keppel Ltd. | 9100 | 94104 |
|  Sembcorp Industries Ltd. | 6000 | 29031 |
|  Singapore Exchange Ltd. | 5300 | 76262 |
|  United Overseas Bank Ltd. | 7500 | 219216 |
|  (Cost $399,683) |  | **567783** |
| **Spain — 2.7%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 1046 | 135358 |
|  Aena Sme SA, 144A | 4463 | 140537 |
|  Amadeus IT Group SA | 2691 | 167569 |
|  Banco de Sabadell SA | 31236 | 118312 |
|  Cellnex Telecom SA, 144A \* | 2806 | 106481 |
|  Endesa SA | 1958 | 79919 |
|  Iberdrola SA | 39250 | 929167 |
|  Redeia Corp. SA | 2424 | 45020 |
|  Repsol SA | 7090 | 159178 |
|  (Cost $1,186,793) |  | **1881541** |
| **Sweden — 4.8%** |  |  |
|  AddTech AB, Class B | 1619 | 60040 |
|  Alfa Laval AB | 1814 | 107562 |
|  Assa Abloy AB, Class B | 5984 | 255739 |
|  Atlas Copco AB, Class A | 16307 | 352524 |
|  Atlas Copco AB, Class B | 9182 | 172851 |
|  Boliden AB \* | 1700 | 135169 |
|  Epiroc AB, Class A | 3934 | 118553 |
|  Epiroc AB, Class B | 2335 | 60817 |
|  EQT AB | 3110 | 96548 |
|  Essity AB, Class B | 3759 | 119695 |
|  Evolution AB, 144A | 791 | 48077 |
|  H & M Hennes & Mauritz AB, Class B | 2905 | 62043 |
|  Holmen AB, Class B | 515 | 20354 |
|  Indutrade AB | 1725 | 44891 |
|  Nibe Industrier AB, Class B | 8916 | 36632 |
|  Sandvik AB | 6455 | 285741 |
|  Skanska AB, Class B | 2140 | 65937 |
|  SKF AB, Class B | 2043 | 58782 |
|  Spotify Technology SA \* | 945 | 486618 |
|  Svenska Cellulosa AB SCA, Class B | 3700 | 50378 |
|  Svenska Handelsbanken AB, Class A | 9105 | 145921 |
|  Tele2 AB, Class B | 3260 | 68939 |
|  Telia Co. AB | 14334 | 73651 |
|  Volvo AB, Class B | 9652 | 376341 |
|  (Cost $2,442,667) |  | **3303803** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Switzerland — 9.4%** |  |  |
|  ABB Ltd. | 9536 | 890548 |
|  Alcon, Inc. | 2995 | 260381 |
|  Banque Cantonale Vaudoise | 204 | 31274 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 12 | 197542 |
|  Coca-Cola HBC AG \* | 1377 | 89048 |
|  DSM-Firmenich AG | 1046 | 74644 |
|  Geberit AG | 211 | 177788 |
|  Givaudan SA | 55 | 221130 |
|  Julius Baer Group Ltd. | 1277 | 108928 |
|  Kuehne + Nagel International AG | 298 | 69497 |
|  Logitech International SA | 925 | 85205 |
|  Lonza Group AG | 431 | 300504 |
|  Novartis AG | 11538 | 1957882 |
|  SGS SA | 1004 | 126634 |
|  Sika AG | 908 | 188318 |
|  Sonova Holding AG | 314 | 82435 |
|  STMicroelectronics NV | 3334 | 111835 |
|  STMicroelectronics NV, Class Y | 804 | 27022 |
|  Swiss Life Holding AG | 171 | 195981 |
|  Swiss Prime Site AG | 518 | 98811 |
|  Swiss Re AG | 1824 | 322440 |
|  Swisscom AG | 153 | 143540 |
|  VAT Group AG, 144A | 167 | 118174 |
|  Zurich Insurance Group AG | 888 | 670402 |
|  (Cost $4,112,419) |  | **6549963** |
| **United Kingdom — 14.2%** |  |  |
|  3i Group PLC | 6069 | 271058 |
|  Admiral Group PLC | 1588 | 63281 |
|  Anglo American PLC | 6779 | 337310 |
|  Ashtead Group PLC | 2570 | 184026 |
|  Associated British Foods PLC | 1999 | 53133 |
|  AstraZeneca PLC | 9420 | 1968352 |
|  Autotrader Group PLC, 144A | 5601 | 37117 |
|  Aviva PLC | 17968 | 165718 |
|  Barratt Redrow PLC | 8250 | 40496 |
|  BT Group PLC | 37300 | 108721 |
|  Bunzl PLC | 1972 | 58169 |
|  Coca-Cola Europacific Partners PLC | 1237 | 136602 |
|  HSBC Holdings PLC | 104329 | 1954736 |
|  Informa PLC | 7423 | 83651 |
|  Intertek Group PLC | 998 | 63358 |
|  J Sainsbury PLC | 11234 | 52711 |
|  Kingfisher PLC | 11206 | 55819 |
|  Land Securities Group PLC REIT | 4484 | 38974 |
|  Legal & General Group PLC | 35500 | 129486 |
|  Lloyds Banking Group PLC | 357388 | 492263 |
|  M&G PLC | 14211 | 60700 |
|  Melrose Industries PLC | 7283 | 55401 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  National Grid PLC | 29944 | 559992 |
|  Pearson PLC | 3059 | 39473 |
|  Phoenix Group Holdings PLC | 4637 | 47816 |
|  Reckitt Benckiser Group PLC | 3915 | 342761 |
|  RELX PLC | 11224 | 389929 |
|  Rentokil Initial PLC | 15793 | 96865 |
|  Sage Group PLC | 6145 | 67894 |
|  Schroders PLC | 3786 | 29828 |
|  Segro PLC REIT | 7901 | 89357 |
|  Smiths Group PLC | 1848 | 68226 |
|  Spirax Group PLC | 422 | 44850 |
|  SSE PLC | 7286 | 263406 |
|  Tesco PLC | 38520 | 248894 |
|  Unilever PLC | 13224 | 971979 |
|  Vodafone Group PLC | 113446 | 174638 |
|  Whitbread PLC | 1031 | 36039 |
|  (Cost $6,222,468) |  | **9883029** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $46,931,780) |  | **68820458** |
| **PREFERRED STOCKS — 0.2%** |  |  |
| **Germany — 0.2%** |  |  |
|  Henkel AG & Co. KGaA | 901 | 88488 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sartorius AG (b) | 150 | 42558 |
|  (Cost $110,539) |  | **131046** |
| **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  iShares ESG Aware MSCI EAFE ETF (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,806) | 350 | **36477** |
| **SECURITIES LENDING COLLATERAL — 0.2%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $119,922) | 119922 | **119922** |
| **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $100,183) | 100183 | **100183** |
| **TOTAL INVESTMENTS — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,293,230) |  | **69208086** |
| **Other assets and liabilities, net — 0.2%** |  | **158114** |
| **NET ASSETS — 100.0%** |  | **69366200** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | Purchases Cost<br>($) | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at <br>2/28/2026 |
| 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% | 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", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |
| 313277 |  | (193355) (e) |  |  | 337 |  | 119922 | 119922 |
| 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", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| 11991 | 2060037 | (1971845) |  |  | 2287 |  | 100183 | 100183 |
| 325268 | 2060037 | (2165200) |  |  | 2624 |  | 220105 | 220105 |

---

\* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $116,480, which is 0.2% of net assets.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

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 February 28, 2026, 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 | 2 | 136515 | 145297 | 3/20/2026 | 8782 |
|  Micro EURO STOXX 50 Index | EUR | 15 | 104060 | 108973 | 3/20/2026 | 4913 |
|  MINI TOPIX Index | JPY | 5 | 110834 | 126645 | 3/12/2026 | 15811 |
| Total unrealized appreciation |  |  |  |  |  | 29506 |

---

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 February 28, 2026 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) | $68820458 | $— | $— | $68820458 |
|  Preferred Stocks | 131046 |  |  | 131046 |
|  Exchange-Traded Funds | 36477 |  |  | 36477 |
|  Short-Term Investments (a) | 220105 |  |  | 220105 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 29506 |  |  | 29506 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69237592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69237592 |

---

(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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 96.9%** |  |  |
| **Brazil — 1.5%** |  |  |
|  Motiva Infraestrutura de Mobilidade SA | 2102135 | 6824914 |
|  NU Holdings Ltd., Class A \* | 486564 | 7288729 |
|  (Cost $13,842,242) |  | **14113643** |
| **China — 17.4%** |  |  |
|  Bank of China Ltd., Class H | 21403121 | 12696059 |
|  BYD Co. Ltd., Class H | 746476 | 9061178 |
|  China Construction Bank Corp., Class H | 16264409 | 16613415 |
|  China Life Insurance Co. Ltd., Class H | 2465414 | 9953501 |
|  Industrial & Commercial Bank of China Ltd., Class H | 14340798 | 11825156 |
|  Meituan, Class B, 144A \* | 883693 | 9167772 |
|  NetEase, Inc. | 333923 | 7649943 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 2234283 | 19423208 |
|  Tencent Holdings Ltd. | 795692 | 52692477 |
|  Xiaomi Corp., Class B, 144A \* | 2454663 | 10951943 |
|  (Cost $174,375,102) |  | **160034652** |
| **Greece — 1.3%** |  |  |
|  Piraeus Bank SA \* |  |  |
|  (Cost $10,450,682) | 1222678 | **11722171** |
| **Hong Kong — 4.1%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
|  (Cost $37,755,220) | 2039943 | **37266973** |
| **India — 8.8%** |  |  |
|  Bharti Airtel Ltd. | 563929 | 11649104 |
|  HDFC Bank Ltd. | 1653533 | 16135243 |
|  ICICI Bank Ltd. | 926631 | 14044671 |
|  Infosys Ltd. | 669421 | 9566389 |
|  Infosys Ltd., ADR | 6651 | 96040 |
|  Mahindra & Mahindra Ltd. | 218119 | 8145395 |
|  Reliance Industries Ltd. | 945365 | 14484487 |
|  Tata Consultancy Services Ltd. | 240622 | 6975628 |
|  (Cost $85,611,236) |  | **81096957** |
| **Ireland — 1.1%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $12,121,268) | 96691 | **10029758** |
| **Kazakhstan — 0.0%** |  |  |
|  Solidcore Resources PLC \* (a) |  |  |
|  (Cost $30,722) | 1583 | **0** |
| **Mexico — 2.1%** |  |  |
|  America Movil SAB de CV, Series B | 7269322 | 9459498 |
|  Grupo Financiero Banorte SAB de CV, Class O | 897865 | 10248268 |
|  (Cost $17,257,737) |  | **19707766** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Netherlands — 1.1%** |  |  |
|  NEPI Rockcastle NV \* |  |  |
|  (Cost $8,809,507) | 1061075 | **9868481** |
| **Russia — 0.0%** |  |  |
|  Gazprom PJSC \* (a) | 68905 | 0 |
|  LUKOIL PJSC \* (a) | 2409 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (a) | 2662 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (a) | 8602 | 0 |
|  Novatek PJSC \* (a) | 5300 | 0 |
|  Novolipetsk Steel PJSC \* (a) | 8462 | 0 |
|  PhosAgro PJSC \* (a) | 168 | 0 |
|  PhosAgro PJSC \* (a) | 4 | 0 |
|  PhosAgro PJSC, GDR \* (a) | 300 | 0 |
|  Polyus PJSC \* (a) | 1930 | 0 |
|  (Cost $634,818) |  | **0** |
| **Singapore — 0.7%** |  |  |
|  Trip.com Group Ltd. |  |  |
|  (Cost $8,849,060) | 128939 | **6781448** |
| **South Africa — 0.8%** |  |  |
|  Naspers Ltd., Class N |  |  |
|  (Cost $8,696,741) | 127723 | **7103541** |
| **South Korea — 19.1%** |  |  |
|  Industrial Bank of Korea | 580892 | 10398310 |
|  KB Financial Group, Inc. | 76466 | 8451925 |
|  Samsung Electronics Co. Ltd. | 597280 | 89893027 |
|  Shinhan Financial Group Co. Ltd. | 121259 | 8168229 |
|  SK hynix, Inc. | 65766 | 48507283 |
|  Woori Financial Group, Inc. | 397969 | 9959599 |
|  (Cost $73,797,990) |  | **175378373** |
| **Taiwan — 34.6%** |  |  |
|  Cathay Financial Holding Co. Ltd. | 3845723 | 9820388 |
|  Chang Hwa Commercial Bank Ltd. | 14215797 | 9838237 |
|  CTBC Financial Holding Co. Ltd. | 6093338 | 10913383 |
|  Delta Electronics, Inc. | 326832 | 14974520 |
|  E.Sun Financial Holding Co. Ltd. | 8150564 | 9166153 |
|  First Financial Holding Co. Ltd. | 10363077 | 9927782 |
|  Fubon Financial Holding Co. Ltd. | 3066858 | 9256289 |
|  Hon Hai Precision Industry Co. Ltd. | 1826537 | 14220899 |
|  MediaTek, Inc. | 228843 | 14260986 |
|  Mega Financial Holding Co. Ltd. | 7432063 | 9655895 |
|  SinoPac Financial Holdings Co. Ltd. | 9953830 | 10588163 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 14229131 | 10941628 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 2659420 | 169989520 |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Climate Selection ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yuanta Financial Holding Co. Ltd. | 8823226 | 13894510 |
|  (Cost $218,201,660) |  | **317448353** |
| **Thailand — 0.9%** |  |  |
|  SCB X PCL |  |  |
|  (Cost $7,041,902) | 1748648 | **8353683** |
| **United Kingdom — 1.5%** |  |  |
|  Anglogold Ashanti PLC |  |  |
|  (Cost $9,141,913) | 110130 | **13892190** |
| **United States — 1.9%** |  |  |
|  Southern Copper Corp. |  |  |
|  (Cost $9,229,043) | 77705 | **16962985** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $695,846,843) |  | **889760974** |
| **PREFERRED STOCKS — 2.5%** |  |  |
| **Brazil — 2.5%** |  |  |
|  Axia Energia \* | 129382 | 1489511 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Axia Energia, Class B | 492030 | 6414758 |
|  Itausa SA | 5552399 | 15449947 |
|  Klabin SA | 1 | 1 |
|  (Cost $17,934,563) |  | 23354217 |
| **WARRANTS — 0.0%** |  |  |
| **Thailand — 0.0%** |  |  |
|  BTS Group Holdings PCL\* , expires 11/20/26 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | 6100 | **2** |
| **CASH EQUIVALENTS — 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,725,878) | 3725878 | **3725878** |
| **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $717,507,284) |  | **916841071** |
| **Other assets and liabilities, net — 0.2%** |  | **1707440** |
| **NET ASSETS — 100.0%** |  | **918548511** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | Purchases Cost<br>($) | 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>($) | Number of<br>Shares at<br>2/28/2026 | Value ($) at <br>2/28/2026 |
| 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", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |
| 104738 |  | (104738) (d) |  |  | 3592 |  |  |  |
| 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", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) |
| 4591293 | 314410610 | (315276025) |  |  | 169585 |  | 3725878 | 3725878 |
| 4696031 | 314410610 | (315380763) |  |  | 173177 |  | 3725878 | 3725878 |

---

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

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)

February 28, 2026 (Unaudited)

At February 28, 2026, 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 | 53 | 3742399 | 4249805 | 3/20/2026 | 507406 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of February 28, 2026 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) | $889760974 | $— | $0 | $889760974 |
|  Preferred Stocks | 23354217 |  |  | 23354217 |
|  Warrants | 2 |  |  | 2 |
|  Short-Term Investments (a) | 3725878 |  |  | 3725878 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 507406 |  |  | 507406 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917348477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917348477 |

---

(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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Communication Services — 12.4%** |  |  |
|  Alphabet, Inc., Class A | 255410 | 79626621 |
|  Alphabet, Inc., Class C | 213884 | 66609894 |
|  AT&T, Inc. | 521219 | 14599344 |
|  Comcast Corp., Class A | 266447 | 8249199 |
|  Liberty Media Corp.-Liberty Formula One, Class C \* | 16064 | 1471302 |
|  Meta Platforms, Inc., Class A | 159432 | 103340634 |
|  Netflix, Inc. \* | 309770 | 29812265 |
|  Omnicom Group, Inc. | 23109 | 1970967 |
|  Pinterest, Inc., Class A \* | 47461 | 813007 |
|  Snap, Inc., Class A \* | 85765 | 446836 |
|  T-Mobile US, Inc. | 36753 | 7978709 |
|  Verizon Communications, Inc. | 307297 | 15407871 |
|  Walt Disney Co. | 130934 | 13884241 |
|  (Cost $247,297,575) |  | **344210890** |
| **Consumer Discretionary — 11.6%** |  |  |
|  Airbnb, Inc., Class A \* | 31167 | 4210973 |
|  Amazon.com, Inc. \* | 553522 | 116239620 |
|  Booking Holdings, Inc. | 2358 | 9996387 |
|  Chipotle Mexican Grill, Inc. \* | 96798 | 3602822 |
|  Deckers Outdoor Corp. \* | 10672 | 1251506 |
|  Domino's Pizza, Inc. | 2187 | 880289 |
|  eBay, Inc. | 33257 | 3021731 |
|  Expedia Group, Inc. | 8622 | 1859679 |
|  Flutter Entertainment PLC \* | 12286 | 1304036 |
|  General Motors Co. | 69200 | 5446732 |
|  Hilton Worldwide Holdings, Inc. | 17045 | 5314290 |
|  Home Depot, Inc. | 72599 | 27639891 |
|  Hyatt Hotels Corp., Class A (a) | 3935 | 635503 |
|  Las Vegas Sands Corp. | 22483 | 1275236 |
|  Lululemon Athletica, Inc. \* | 7665 | 1419328 |
|  Marriott International, Inc., Class A | 16772 | 5731496 |
|  McDonald's Corp. | 52022 | 17742623 |
|  MercadoLibre, Inc. \* | 3406 | 5986318 |
|  NIKE, Inc., Class B | 86068 | 5351708 |
|  Royal Caribbean Cruises Ltd. | 18730 | 5824281 |
|  Starbucks Corp. | 82467 | 8083415 |
|  Tesla, Inc. \* | 206894 | 83276904 |
|  Ulta Beauty, Inc. \* | 3242 | 2220089 |
|  Williams-Sonoma, Inc. | 9443 | 1941953 |
|  Yum! Brands, Inc. | 20199 | 3396664 |
|  (Cost $267,262,516) |  | **323653474** |
| **Consumer Staples — 5.2%** |  |  |
|  Church & Dwight Co., Inc. | 18283 | 1917155 |
|  Clorox Co. | 10055 | 1278594 |
|  Coca-Cola Co. | 297784 | 24287263 |
|  Colgate-Palmolive Co. | 55143 | 5466877 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Estee Lauder Cos., Inc., Class A | 16993 | 1860224 |
|  General Mills, Inc. | 40119 | 1814582 |
|  Hershey Co. | 11038 | 2608059 |
|  Kenvue, Inc. | 138731 | 2652537 |
|  Keurig Dr Pepper, Inc. | 93349 | 2826608 |
|  Kimberly-Clark Corp. | 25331 | 2822887 |
|  McCormick & Co., Inc. | 17582 | 1249025 |
|  Mondelez International, Inc., Class A | 93506 | 5758099 |
|  PepsiCo, Inc. | 99394 | 16871137 |
|  Procter & Gamble Co. | 171112 | 28609926 |
|  Target Corp. | 34111 | 3881491 |
|  Walmart, Inc. | 321005 | 41072590 |
|  (Cost $125,218,051) |  | **144977054** |
| **Energy — 3.4%** |  |  |
|  Baker Hughes Co. | 71869 | 4690171 |
|  ConocoPhillips | 90995 | 10324293 |
|  Diamondback Energy, Inc. | 13638 | 2374103 |
|  EOG Resources, Inc. | 39759 | 4933297 |
|  EQT Corp. | 46012 | 2826057 |
|  Exxon Mobil Corp. | 308660 | 47070650 |
|  Kinder Morgan, Inc. | 145762 | 4849502 |
|  Occidental Petroleum Corp. | 56208 | 2983520 |
|  ONEOK, Inc. | 45378 | 3755937 |
|  SLB Ltd. | 108786 | 5585073 |
|  Williams Cos., Inc. | 88928 | 6644700 |
|  (Cost $73,852,919) |  | **96037303** |
| **Financials — 14.2%** |  |  |
|  American Express Co. | 40464 | 12499330 |
|  American International Group, Inc. | 40225 | 3237710 |
|  Ameriprise Financial, Inc. | 6953 | 3268744 |
|  Aon PLC, Class A | 14771 | 4955227 |
|  Apollo Global Management, Inc. | 31575 | 3302745 |
|  Arch Capital Group Ltd. \* | 27248 | 2728887 |
|  Arthur J Gallagher & Co. | 18549 | 4232882 |
|  Bank of America Corp. | 501782 | 25003797 |
|  Bank of New York Mellon Corp. | 51577 | 6142821 |
|  Blackrock, Inc. | 10676 | 11351044 |
|  Blackstone, Inc. | 53509 | 6066315 |
|  Block, Inc. \* | 39493 | 2515704 |
|  Carlyle Group, Inc. | 18444 | 958904 |
|  Cboe Global Markets, Inc. | 7576 | 2270679 |
|  Charles Schwab Corp. | 123639 | 11770433 |
|  Chubb Ltd. | 27371 | 9329679 |
|  Cincinnati Financial Corp. | 11857 | 1944311 |
|  Citigroup, Inc. | 130947 | 14429050 |
|  CME Group, Inc. | 26195 | 8369303 |
|  Fidelity National Information Services, Inc. | 37545 | 1913293 |
|  Fiserv, Inc. \* | 39230 | 2443637 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Global Payments, Inc. | 18277 | 1397459 |
|  Goldman Sachs Group, Inc. | 21962 | 18877876 |
|  Hartford Insurance Group, Inc. | 20368 | 2868425 |
|  Intercontinental Exchange, Inc. | 41775 | 6856531 |
|  JPMorgan Chase & Co. | 199373 | 59871712 |
|  Markel Group, Inc. \* | 913 | 1892165 |
|  Marsh & McLennan Cos., Inc. | 35731 | 6672407 |
|  Mastercard, Inc., Class A | 62041 | 32088226 |
|  Moody's Corp. | 11817 | 5643681 |
|  Morgan Stanley | 87176 | 14515676 |
|  Nasdaq, Inc. | 33461 | 2930514 |
|  PayPal Holdings, Inc. | 65127 | 3009519 |
|  Progressive Corp. | 42681 | 9119222 |
|  Robinhood Markets, Inc., Class A \* | 53428 | 4052514 |
|  S&P Global, Inc. | 22903 | 10120378 |
|  State Street Corp. | 20467 | 2632466 |
| T. Rowe Price Group, Inc. | 16010 | 1515026 |
|  Travelers Cos., Inc. | 16538 | 5104288 |
|  US Bancorp | 112426 | 6145205 |
|  Visa, Inc., Class A | 123646 | 39584030 |
|  Wells Fargo & Co. | 229894 | 18724866 |
|  Willis Towers Watson PLC | 6942 | 2118490 |
|  (Cost $318,693,646) |  | **394475171** |
| **Health Care — 12.1%** |  |  |
|  Abbott Laboratories | 126853 | 14759347 |
|  AbbVie, Inc. | 129399 | 30030920 |
|  Agilent Technologies, Inc. | 20440 | 2481007 |
|  Amgen, Inc. | 39455 | 15314853 |
|  Becton Dickinson & Co. | 20691 | 3651548 |
|  Biogen, Inc. \* | 10608 | 2034827 |
|  Boston Scientific Corp. \* | 108042 | 8303028 |
|  Bristol-Myers Squibb Co. | 148074 | 9235375 |
|  Danaher Corp. | 47046 | 9909769 |
|  Edwards Lifesciences Corp. \* | 42770 | 3698322 |
|  Elevance Health, Inc. | 16389 | 5244480 |
|  Eli Lilly & Co. | 58830 | 61888572 |
|  Gilead Sciences, Inc. | 90731 | 13514382 |
|  IDEXX Laboratories, Inc. \* | 5875 | 3858289 |
|  Illumina, Inc. \* | 11199 | 1505817 |
|  IQVIA Holdings, Inc. \* | 12168 | 2175760 |
|  Johnson & Johnson | 176369 | 43815351 |
|  Labcorp Holdings, Inc. | 6097 | 1762765 |
|  McKesson Corp. | 9212 | 9095652 |
|  Merck & Co., Inc. | 182192 | 22559013 |
|  Mettler-Toledo International, Inc. \* | 1465 | 2002201 |
|  Pfizer, Inc. | 413777 | 11440934 |
|  Regeneron Pharmaceuticals, Inc. | 7521 | 5878940 |
|  Thermo Fisher Scientific, Inc. | 27570 | 14367003 |
|  UnitedHealth Group, Inc. | 66122 | 19391599 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Veeva Systems, Inc., Class A \* | 11377 | 2070728 |
|  Vertex Pharmaceuticals, Inc. \* | 18639 | 9260414 |
|  Waters Corp. \* | 7193 | 2297300 |
|  West Pharmaceutical Services, Inc. | 5152 | 1310360 |
|  Zoetis, Inc. | 32023 | 4198215 |
|  (Cost $298,834,391) |  | **337056771** |
| **Industrials — 7.8%** |  |  |
|  3M Co. | 38900 | 6430948 |
|  AECOM | 9571 | 937767 |
|  AMETEK, Inc. | 16875 | 4036837 |
|  Automatic Data Processing, Inc. | 29319 | 6284821 |
|  Broadridge Financial Solutions, Inc. | 8464 | 1573204 |
|  Carlisle Cos., Inc. | 3430 | 1354061 |
|  Carrier Global Corp. | 54965 | 3539746 |
|  Caterpillar, Inc. | 34155 | 25371359 |
|  Cintas Corp. | 25942 | 5217714 |
|  CSX Corp. | 135245 | 5773609 |
|  Cummins, Inc. | 10117 | 5907013 |
|  Deere & Co. | 18664 | 11752907 |
|  Dover Corp. | 9672 | 2181036 |
|  Eaton Corp. PLC | 28483 | 10707329 |
|  Emerson Electric Co. | 40989 | 6179092 |
|  Equifax, Inc. | 9030 | 1886909 |
|  FedEx Corp. | 16299 | 6307713 |
|  Fortive Corp. | 25040 | 1482368 |
|  Graco, Inc. | 11657 | 1094825 |
|  IDEX Corp. | 6197 | 1298086 |
|  Ingersoll Rand, Inc. | 30687 | 2888874 |
|  Jacobs Solutions, Inc. | 9143 | 1260454 |
|  Johnson Controls International PLC | 44812 | 6466372 |
|  Lennox International, Inc. | 2329 | 1327390 |
|  Norfolk Southern Corp. | 16282 | 5124597 |
|  Old Dominion Freight Line, Inc. | 13436 | 2728180 |
|  PACCAR, Inc. | 38440 | 4846900 |
|  Parker-Hannifin Corp. | 9352 | 9437851 |
|  Paychex, Inc. | 24857 | 2327858 |
|  Quanta Services, Inc. | 10856 | 6112796 |
|  Republic Services, Inc. | 15765 | 3610185 |
|  Rocket Lab Corp. \* | 35186 | 2431353 |
|  Trane Technologies PLC | 16079 | 7433643 |
|  TransUnion | 15509 | 1218232 |
|  Uber Technologies, Inc. \* | 144414 | 10891704 |
|  Union Pacific Corp. | 43098 | 11420108 |
|  United Parcel Service, Inc., Class B | 53289 | 6179392 |
|  Veralto Corp. | 19310 | 1881373 |
|  Verisk Analytics, Inc. | 10656 | 2211866 |
|  Vertiv Holdings Co., Class A | 26328 | 6710744 |
|  Waste Connections, Inc. | 18724 | 3222962 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Waste Management, Inc. | 29203 | 7033251 |
|  Xylem, Inc. | 17596 | 2279738 |
|  (Cost $169,778,692) |  | **218363167** |
| **Information Technology — 25.7%** |  |  |
|  Accenture PLC, Class A | 55411 | 11565384 |
|  Adobe, Inc. \* | 37458 | 9829354 |
|  Advanced Micro Devices, Inc. \* | 146053 | 29241271 |
|  Analog Devices, Inc. | 44001 | 15655116 |
|  Atlassian Corp., Class A \* | 14941 | 1122517 |
|  Autodesk, Inc. \* | 18918 | 4651369 |
|  Broadcom, Inc. | 403931 | 129076151 |
|  Cadence Design Systems, Inc. \* | 24275 | 7316485 |
|  Cisco Systems, Inc. | 353501 | 28089189 |
|  Cloudflare, Inc., Class A \* | 27986 | 4818909 |
|  Cognizant Technology Solutions Corp., Class A | 43527 | 2804445 |
|  Crowdstrike Holdings, Inc., Class A \* | 22499 | 8369178 |
|  Datadog, Inc., Class A \* | 27438 | 3071958 |
|  Dell Technologies, Inc., Class C | 28775 | 4261002 |
|  F5, Inc. \* | 5043 | 1368468 |
|  Fortinet, Inc. \* | 58223 | 4601364 |
|  Gartner, Inc. \* | 6775 | 1065030 |
|  Gen Digital, Inc. | 51737 | 1167704 |
|  GoDaddy, Inc., Class A \* | 12300 | 1072068 |
|  Hewlett Packard Enterprise Co. | 117016 | 2512334 |
|  HubSpot, Inc. \* | 4456 | 1178657 |
|  International Business Machines Corp. | 83862 | 20144491 |
|  Intuit, Inc. | 24947 | 10204071 |
|  IonQ, Inc. \* (a) | 26095 | 1001265 |
|  Marvell Technology, Inc. | 77068 | 6295685 |
|  Microchip Technology, Inc. | 47685 | 3559208 |
|  Microsoft Corp. | 323200 | 126933568 |
|  NVIDIA Corp. | 852552 | 151063689 |
|  Okta, Inc. \* | 16613 | 1204443 |
|  Oracle Corp. | 154594 | 22477968 |
|  Palantir Technologies, Inc., Class A \* | 204921 | 28113112 |
|  Palo Alto Networks, Inc. \* | 72214 | 10754109 |
|  PTC, Inc. \* | 10528 | 1648580 |
|  QUALCOMM, Inc. | 95967 | 13661862 |
|  Salesforce, Inc. | 85037 | 16564357 |
|  Samsara, Inc., Class A \* | 30709 | 887490 |
|  ServiceNow, Inc. \* | 92835 | 10027108 |
|  Snowflake, Inc. \* | 28583 | 4813663 |
|  Synopsys, Inc. \* | 17147 | 7098858 |
|  Trimble, Inc. \* | 20634 | 1379796 |
|  Twilio, Inc., Class A \* | 13686 | 1655459 |
|  Workday, Inc., Class A \* | 19278 | 2578625 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zscaler, Inc. \* | 9271 | 1362744 |
|  (Cost $708,929,536) |  | **716268104** |
| **Materials — 2.3%** |  |  |
|  Amcor PLC | 33023 | 1599304 |
|  Avery Dennison Corp. | 6603 | 1296499 |
|  Ball Corp. | 19755 | 1326153 |
|  Corteva, Inc. | 49333 | 3952560 |
|  CRH PLC | 49066 | 5886939 |
|  DuPont de Nemours, Inc. | 33636 | 1683145 |
|  Ecolab, Inc. | 18434 | 5684124 |
|  International Flavors & Fragrances, Inc. | 18003 | 1480387 |
|  Linde PLC | 33952 | 17250332 |
|  Martin Marietta Materials, Inc. | 4372 | 2957964 |
|  Newmont Corp. | 79959 | 10394670 |
|  PPG Industries, Inc. | 16327 | 2012629 |
|  Sherwin-Williams Co. | 17287 | 6268093 |
|  Vulcan Materials Co. | 9763 | 3026530 |
|  (Cost $47,964,472) |  | **64819329** |
| **Real Estate — 2.4%** |  |  |
|  American Tower Corp. REIT | 33767 | 6478537 |
|  AvalonBay Communities, Inc. REIT | 10374 | 1838584 |
|  CBRE Group, Inc., Class A \* | 21438 | 3165535 |
|  Crown Castle, Inc. REIT | 33160 | 2969146 |
|  Digital Realty Trust, Inc. REIT | 24648 | 4367626 |
|  Equinix, Inc. REIT | 7114 | 6930886 |
|  Equity Residential REIT | 27370 | 1730058 |
|  Healthpeak Properties, Inc. REIT | 49728 | 879191 |
|  Iron Mountain, Inc. REIT | 23050 | 2497006 |
|  Kimco Realty Corp. REIT | 52657 | 1240072 |
|  Prologis, Inc. REIT | 67205 | 9581417 |
|  Public Storage REIT | 11307 | 3471927 |
|  Realty Income Corp. REIT | 68384 | 4581728 |
|  Regency Centers Corp. REIT | 13964 | 1103156 |
|  Simon Property Group, Inc. REIT | 23805 | 4852649 |
|  Welltower, Inc. REIT | 50247 | 10407159 |
|  Zillow Group, Inc., Class C \* | 12158 | 542490 |
|  (Cost $58,755,168) |  | **66637167** |
| **Utilities — 2.5%** |  |  |
|  Ameren Corp. | 19643 | 2225159 |
|  American Water Works Co., Inc. | 13944 | 1896803 |
|  Atmos Energy Corp. | 11767 | 2197958 |
|  CenterPoint Energy, Inc. | 47484 | 2065554 |
|  Consolidated Edison, Inc. | 26135 | 2940710 |
|  Constellation Energy Corp. | 22906 | 7556231 |
|  Dominion Energy, Inc. | 61777 | 3900600 |
|  Duke Energy Corp. | 56658 | 7413700 |
|  Eversource Energy | 28468 | 2169546 |
|  Exelon Corp. | 73492 | 3635649 |
|  NextEra Energy, Inc. | 150295 | 14093162 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35**

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  PG&E Corp. | 159579 | 3032001 |
|  Sempra | 47282 | 4551838 |
|  Southern Co. | 79950 | 7785531 |
|  Xcel Energy, Inc. | 43064 | 3589815 |
|  (Cost $57,466,010) |  | **69054257** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,374,052,976) |  | **2775552687** |
| **SECURITIES LENDING<br>COLLATERAL — 0.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,754,500) | 1754500 | **1754500** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,892,251) | 4892251 | **4892251** |
| **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $2,380,699,727) |  | **2782199438** |
| **Other assets and liabilities, net — 0.1%** |  | **3519452** |
| **NET ASSETS — 100.0%** |  | **2785718890** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| 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", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (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;— | 1754500 (d) |  |  |  | 1168 |  | 1754500 | 1754500 |
| CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | 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", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17078016 | 21628792 | (33814557) |  |  | 206021 |  | 4892251 | 4892251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17078016 | 23383292 | (33814557) |  |  | 207189 |  | 6646751 | 6646751 |

---

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $1,615,959, which is 0.1% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

February 28, 2026 (Unaudited)

At February 28, 2026, 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) ($) |
|  E-Mini S&P 500 ESG Index | USD | 1 | 303635 | 305370 | 3/20/2026 | 1735 |
|  E-Mini S&P 500 Index | USD | 24 | 8311869 | 8266800 | 3/20/2026 | (45069) |
|  E-Mini S&P Mid 400 Index | USD | 2 | 674220 | 715580 | 3/20/2026 | 41360 |
|  **Total net unrealized depreciation** |  |  |  |  |  | (1974) |

---

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.

<u>Currency Abbreviations</u> <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 February 28, 2026 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) | $2775552687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2775552687 |
|  Short-Term Investments (a) | 6646751 |  |  | 6646751 |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | 43095 |  |  | 43095 |
|  **TOTAL** | $2782242533 | $— | $— | $2782242533 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
|  Futures Contracts | $(45069) | $— | $— | $(45069) |
|  **TOTAL** | $(45069) | $— | $— | $(45069) |

---

(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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.5%** |  |  |
| **Communication Services — 12.8%** |  |  |
|  Alphabet, Inc., Class A | 101924 | 31775826 |
|  Alphabet, Inc., Class C | 85147 | 26517330 |
|  Charter Communications, Inc., Class A \* | 1465 | 343733 |
|  Comcast Corp., Class A | 64146 | 1985960 |
|  Electronic Arts, Inc. | 4144 | 831162 |
|  Fox Corp., Class A | 3641 | 205134 |
|  Fox Corp., Class B | 2626 | 135843 |
|  Omnicom Group, Inc. | 5567 | 474809 |
|  Take-Two Interactive Software, Inc. \* | 3279 | 693443 |
|  Verizon Communications, Inc. | 73629 | 3691758 |
|  Walt Disney Co. | 31139 | 3301980 |
|  (Cost $46,855,343) |  | **69956978** |
| **Consumer Discretionary — 9.5%** |  |  |
|  Aptiv PLC \* | 3701 | 272172 |
|  AutoZone, Inc. \* | 289 | 1085363 |
|  Best Buy Co., Inc. | 3482 | 215780 |
|  Booking Holdings, Inc. | 563 | 2386754 |
|  Burlington Stores, Inc. \* | 1050 | 322213 |
|  D.R. Horton, Inc. | 4576 | 733945 |
|  Darden Restaurants, Inc. | 1992 | 425989 |
|  Deckers Outdoor Corp. \* | 2597 | 304550 |
|  Dick's Sporting Goods, Inc. | 1223 | 249039 |
|  eBay, Inc. | 8000 | 726880 |
|  Garmin Ltd. | 2853 | 721324 |
|  Genuine Parts Co. | 2363 | 281811 |
|  Hilton Worldwide Holdings, Inc. | 4046 | 1261462 |
|  Home Depot, Inc. | 17387 | 6619579 |
|  Lowe's Cos., Inc. | 9850 | 2606015 |
|  Lululemon Athletica, Inc. \* | 1836 | 339972 |
|  McDonald's Corp. | 12491 | 4260180 |
|  MercadoLibre, Inc. \* | 800 | 1406064 |
|  NVR, Inc. \* | 44 | 330783 |
|  O'Reilly Automotive, Inc. \* | 14893 | 1398155 |
|  PulteGroup, Inc. | 3509 | 481435 |
|  Rivian Automotive, Inc., Class A \* | 13537 | 207522 |
|  Tesla, Inc. \* | 49465 | 19910157 |
|  TJX Cos., Inc. | 19488 | 3150430 |
|  Tractor Supply Co. | 9080 | 470707 |
|  Ulta Beauty, Inc. \* | 780 | 534136 |
|  Williams-Sonoma, Inc. | 2115 | 434950 |
|  Yum! Brands, Inc. | 4899 | 823816 |
|  (Cost $46,299,420) |  | **51961183** |
| **Consumer Staples — 4.9%** |  |  |
|  Bunge Global SA | 2450 | 295593 |
|  Church & Dwight Co., Inc. | 4265 | 447228 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Clorox Co. | 2248 | 285856 |
|  Coca-Cola Co. | 71753 | 5852175 |
|  Colgate-Palmolive Co. | 13447 | 1333136 |
|  Dollar General Corp. | 3851 | 601680 |
|  Estee Lauder Cos., Inc., Class A | 4278 | 468313 |
|  General Mills, Inc. | 9714 | 439364 |
|  Hormel Foods Corp. | 5072 | 129843 |
|  Kenvue, Inc. | 33134 | 633522 |
|  Keurig Dr Pepper, Inc. | 22305 | 675395 |
|  Kimberly-Clark Corp. | 5773 | 643343 |
|  Kroger Co. | 10767 | 734740 |
|  McCormick & Co., Inc. | 4617 | 327992 |
|  Monster Beverage Corp. \* | 12613 | 1075889 |
|  PepsiCo, Inc. | 23952 | 4065612 |
|  Procter & Gamble Co. | 40954 | 6847509 |
|  Sysco Corp. | 8490 | 773948 |
|  Target Corp. | 8042 | 915099 |
|  (Cost $25,449,758) |  | **26546237** |
| **Energy — 1.9%** |  |  |
|  Baker Hughes Co. | 17250 | 1125735 |
|  Cheniere Energy, Inc. | 3800 | 895774 |
|  Halliburton Co. | 14765 | 531540 |
|  Marathon Petroleum Corp. | 5288 | 1048134 |
|  ONEOK, Inc. | 10869 | 899627 |
|  Phillips 66 | 7001 | 1080464 |
|  SLB Ltd. | 25882 | 1328782 |
|  Targa Resources Corp. | 3800 | 896040 |
|  Valero Energy Corp. | 5376 | 1100145 |
|  Williams Cos., Inc. | 21500 | 1606480 |
|  (Cost $7,662,788) |  | **10512721** |
| **Financials — 11.2%** |  |  |
|  Aflac, Inc. | 8740 | 987008 |
|  Allstate Corp. | 4601 | 987006 |
|  American Express Co. | 9703 | 2997257 |
|  Ameriprise Financial, Inc. | 1668 | 784160 |
|  Annaly Capital Management, Inc. REIT | 11224 | 260846 |
|  Arch Capital Group Ltd. \* | 6398 | 640760 |
|  Bank of New York Mellon Corp. | 11945 | 1422649 |
|  Blackrock, Inc. | 2598 | 2762271 |
|  Capital One Financial Corp. | 11076 | 2166909 |
|  Cboe Global Markets, Inc. | 1819 | 545191 |
|  Charles Schwab Corp. | 29448 | 2803450 |
|  Citizens Financial Group, Inc. | 7435 | 447513 |
|  Equitable Holdings, Inc. | 4637 | 186500 |
|  Fidelity National Information Services, Inc. | 8953 | 456245 |
|  Fiserv, Inc. \* | 9624 | 599479 |
|  Hartford Insurance Group, Inc. | 4747 | 668520 |
|  Huntington Bancshares, Inc. | 35281 | 592721 |
|  Intercontinental Exchange, Inc. | 10055 | 1650327 |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  KeyCorp | 15545 | 322403 |
|  LPL Financial Holdings, Inc. | 1383 | 415426 |
|  Marsh & McLennan Cos., Inc. | 8548 | 1596253 |
|  Mastercard, Inc., Class A | 14806 | 7657811 |
|  Moody's Corp. | 2813 | 1343461 |
|  Morgan Stanley | 20673 | 3442261 |
|  Nasdaq, Inc. | 8009 | 701428 |
|  Northern Trust Corp. | 3392 | 485361 |
|  PayPal Holdings, Inc. | 15716 | 726236 |
|  PNC Financial Services Group, Inc. | 6850 | 1454597 |
|  Principal Financial Group, Inc. | 3922 | 374237 |
|  Progressive Corp. | 10152 | 2169076 |
|  Prudential Financial, Inc. | 6194 | 609366 |
|  Raymond James Financial, Inc. | 3285 | 502868 |
|  Regions Financial Corp. | 15885 | 442080 |
|  S&P Global, Inc. | 5438 | 2402943 |
|  State Street Corp. | 4885 | 628309 |
|  Synchrony Financial | 6634 | 458476 |
| T. Rowe Price Group, Inc. | 3854 | 364704 |
|  Travelers Cos., Inc. | 3967 | 1224375 |
|  Truist Financial Corp. | 23100 | 1139061 |
|  US Bancorp | 26916 | 1471229 |
|  Visa, Inc., Class A | 29479 | 9437407 |
|  Willis Towers Watson PLC | 1659 | 506277 |
|  (Cost $53,226,984) |  | **60834457** |
| **Health Care — 11.2%** |  |  |
|  Agilent Technologies, Inc. | 4998 | 606657 |
|  Alnylam Pharmaceuticals, Inc. \* | 2325 | 774039 |
|  Amgen, Inc. | 9388 | 3644046 |
|  Biogen, Inc. \* | 2575 | 493937 |
|  Bristol-Myers Squibb Co. | 35520 | 2215382 |
|  Cencora, Inc. | 3196 | 1189360 |
|  Cigna Group | 4618 | 1338389 |
|  Cooper Cos., Inc. \* | 3281 | 274521 |
|  Danaher Corp. | 11146 | 2347793 |
|  Dexcom, Inc. \* | 6712 | 492862 |
|  Edwards Lifesciences Corp. \* | 10017 | 866170 |
|  Elevance Health, Inc. | 3900 | 1248000 |
|  Eli Lilly & Co. | 14059 | 14789927 |
|  Gilead Sciences, Inc. | 21750 | 3239663 |
|  HCA Healthcare, Inc. | 2791 | 1478393 |
|  Hologic, Inc. \* | 3973 | 299405 |
|  Humana, Inc. | 2146 | 408899 |
|  IDEXX Laboratories, Inc. \* | 1399 | 918765 |
|  Incyte Corp. \* | 2810 | 284569 |
|  Insulet Corp. \* | 1213 | 299138 |
|  IQVIA Holdings, Inc. \* | 2969 | 530887 |
|  Johnson & Johnson | 42200 | 10483746 |
|  Labcorp Holdings, Inc. | 1477 | 427030 |
|  Merck & Co., Inc. | 43440 | 5378741 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mettler-Toledo International, Inc. \* | 365 | 498842 |
|  Neurocrine Biosciences, Inc. \* | 1795 | 237389 |
|  Quest Diagnostics, Inc. | 1911 | 404960 |
|  Royalty Pharma PLC, Class A | 7114 | 328738 |
|  Solventum Corp. \* | 2506 | 185945 |
|  STERIS PLC | 1799 | 453978 |
|  Veeva Systems, Inc., Class A \* | 2761 | 502530 |
|  Vertex Pharmaceuticals, Inc. \* | 4440 | 2205925 |
|  Waters Corp. \* | 1714 | 547417 |
|  West Pharmaceutical Services, Inc. | 1321 | 335983 |
|  Zimmer Biomet Holdings, Inc. | 3501 | 344638 |
|  Zoetis, Inc. | 7747 | 1015632 |
|  (Cost $53,459,945) |  | **61092296** |
| **Industrials — 8.9%** |  |  |
|  3M Co. | 9262 | 1531194 |
|  Allegion PLC | 1635 | 263480 |
|  Automatic Data Processing, Inc. | 7019 | 1504593 |
|  Axon Enterprise, Inc. \* | 1301 | 705662 |
|  Broadridge Financial Solutions, Inc. | 1976 | 367279 |
|  C.H. Robinson Worldwide, Inc. | 2075 | 384394 |
|  Carrier Global Corp. | 13189 | 849372 |
|  Caterpillar, Inc. | 8198 | 6089720 |
|  Cintas Corp. | 6317 | 1270538 |
|  CNH Industrial NV | 14468 | 177956 |
|  CSX Corp. | 32579 | 1390798 |
|  Cummins, Inc. | 2398 | 1400120 |
|  Deere & Co. | 4500 | 2833695 |
|  Delta Air Lines, Inc. | 2773 | 182186 |
|  Dover Corp. | 2338 | 527219 |
|  Eaton Corp. PLC | 6792 | 2553249 |
|  EMCOR Group, Inc. | 777 | 563030 |
|  Expeditors International of Washington, Inc. | 2338 | 339080 |
|  Ferguson Enterprises, Inc. | 3506 | 914225 |
|  Fortive Corp. | 5988 | 354490 |
|  GE Aerospace. | 18514 | 6336602 |
|  Graco, Inc. | 2954 | 277440 |
|  Hubbell, Inc. | 896 | 458420 |
|  IDEX Corp. | 1277 | 267493 |
|  Illinois Tool Works, Inc. | 4825 | 1402290 |
|  Ingersoll Rand, Inc. | 7150 | 673101 |
|  JB Hunt Transport Services, Inc. | 1320 | 308101 |
|  Johnson Controls International PLC | 10729 | 1548195 |
|  Lennox International, Inc. | 527 | 300358 |
|  Old Dominion Freight Line, Inc. | 3270 | 663973 |
|  Paychex, Inc. | 5652 | 529310 |
|  Pentair PLC | 2891 | 286758 |
|  Quanta Services, Inc. | 2598 | 1462882 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39**

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Rockwell Automation, Inc. | 1985 | 808788 |
|  Trane Technologies PLC | 3895 | 1800736 |
|  TransUnion | 3675 | 288671 |
|  Union Pacific Corp. | 10390 | 2753142 |
|  United Parcel Service, Inc., |  |  |
|  Class B | 12950 | 1501682 |
|  United Rentals, Inc. | 1129 | 948360 |
|  Veralto Corp. | 4196 | 408816 |
|  W.W. Grainger, Inc. | 783 | 896324 |
|  Xylem, Inc. | 4176 | 541043 |
|  (Cost $35,773,118) |  | **48664765** |
| **Information Technology — 33.3%** |  |  |
|  Accenture PLC, Class A | 10793 | 2252715 |
|  Adobe, Inc. \* | 7362 | 1931862 |
|  Advanced Micro Devices, Inc. \* | 28550 | 5715995 |
|  Analog Devices, Inc. | 8572 | 3049832 |
|  Applied Materials, Inc. | 13883 | 5168641 |
|  Atlassian Corp., Class A \* | 2839 | 213294 |
|  Autodesk, Inc. \* | 3715 | 913407 |
|  Cadence Design Systems, Inc. \* | 4762 | 1435267 |
|  Fair Isaac Corp. \* | 412 | 580656 |
|  First Solar, Inc. \* | 1733 | 341748 |
|  Gartner, Inc. \* | 1223 | 192256 |
|  Hewlett Packard Enterprise Co. | 22434 | 481658 |
|  HP, Inc. | 16523 | 313772 |
|  HubSpot, Inc. \* | 832 | 220072 |
|  Intel Corp. \* | 79221 | 3613270 |
|  International Business Machines Corp. | 16331 | 3922870 |
|  Intuit, Inc. | 4870 | 1991976 |
|  Keysight Technologies, Inc. \* | 3052 | 937971 |
|  Lam Research Corp. | 21990 | 5143241 |
|  Marvell Technology, Inc. | 14915 | 1218406 |
|  Microsoft Corp. | 123565 | 48528918 |
|  NetApp, Inc. | 3588 | 355320 |
|  NVIDIA Corp. | 425315 | 75361565 |
|  NXP Semiconductors NV | 4398 | 998390 |
|  Palo Alto Networks, Inc. \* | 14075 | 2096049 |
|  PTC, Inc. \* | 1997 | 312710 |
|  Salesforce, Inc. | 16425 | 3199426 |
|  Seagate Technology Holdings PLC | 3811 | 1554278 |
|  ServiceNow, Inc. \* | 17971 | 1941048 |
|  Synopsys, Inc. \* | 3350 | 1386900 |
|  Texas Instruments, Inc. | 15922 | 3377215 |
|  Trimble, Inc. \* | 4153 | 277711 |
|  Twilio, Inc., Class A \* | 2675 | 323568 |
|  Western Digital Corp. | 5981 | 1672886 |
|  Workday, Inc., Class A \* | 3657 | 489160 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zscaler, Inc. \* | 1950 | 286631 |
|  (Cost $145,226,787) |  | **181800684** |
| **Materials — 2.5%** |  |  |
|  Avery Dennison Corp. | 1279 | 251132 |
|  Ball Corp. | 4931 | 331018 |
|  CRH PLC | 11777 | 1413005 |
|  Ecolab, Inc. | 4407 | 1358899 |
|  International Flavors & Fragrances, Inc. | 4384 | 360496 |
|  International Paper Co. | 8621 | 375445 |
|  Linde PLC | 8118 | 4124593 |
|  LyondellBasell Industries NV, Class A | 4597 | 264419 |
|  Martin Marietta Materials, Inc. | 1039 | 702956 |
|  Newmont Corp. | 19044 | 2475720 |
|  Nucor Corp. | 3994 | 706459 |
|  PPG Industries, Inc. | 4070 | 501709 |
|  Smurfit Westrock PLC | 9231 | 433949 |
|  Steel Dynamics, Inc. | 2540 | 490550 |
|  (Cost $11,236,140) |  | **13790350** |
| **Real Estate — 2.2%** |  |  |
|  American Tower Corp. REIT | 8201 | 1573444 |
|  CBRE Group, Inc., Class A \* | 5287 | 780678 |
|  Crown Castle, Inc. REIT | 7643 | 684354 |
|  Digital Realty Trust, Inc. REIT | 6080 | 1077376 |
|  Equinix, Inc. REIT | 1709 | 1665010 |
|  Healthpeak Properties, Inc. REIT | 11614 | 205335 |
|  Iron Mountain, Inc. REIT | 5192 | 562449 |
|  Prologis, Inc. REIT | 16229 | 2313769 |
|  SBA Communications Corp. REIT | 1841 | 370336 |
|  Welltower, Inc. REIT | 12006 | 2486683 |
|  Weyerhaeuser Co. REIT | 12145 | 297917 |
|  (Cost $11,816,870) |  | **12017351** |
| **Utilities — 1.1%** |  |  |
|  American Water Works Co., Inc. | 3396 | 461958 |
|  Atmos Energy Corp. | 2798 | 522638 |
|  CMS Energy Corp. | 5141 | 401358 |
|  Consolidated Edison, Inc. | 6232 | 701225 |
|  Edison International | 6752 | 504644 |
|  Eversource Energy | 6575 | 501081 |
|  Exelon Corp. | 17439 | 862707 |
|  NiSource, Inc. | 7813 | 369555 |
|  NRG Energy, Inc. | 3410 | 610254 |
|  Oklo, Inc. \* (a) | 1982 | 124767 |
|  Sempra | 11650 | 1121545 |
|  (Cost $5,314,338) |  | **6181732** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $442,321,491) |  | **543358754** |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Value $ |
| EXCHANGE-TRADED FUNDS — 0.1% |  |  |
|  Xtrackers S&P 500 Scored & Screened ETF (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $114,884) | 2500 | 157450 |
| SECURITIES LENDING COLLATERAL — 0.0% |  |  |
|  DWS Government & Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $124,503) | 124503 | 124503 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Value $ |
| CASH EQUIVALENTS — 0.3% |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (c) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,721,572) | 1721572 | 1721572 |
| TOTAL INVESTMENTS — 99.9% |  |  |
|  (Cost $444,282,450) |  | 545362279 |
| Other assets and liabilities, net — 0.1% |  | 604796 |
| NET ASSETS — 100.0% |  | 545967075 |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| 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 (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929760 |  | (829063) | 157123 | (100370) | 3896 |  | 2500 | 157450 |
| 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", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (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;— | 124503 (e) |  |  |  | 202 |  | 124503 | 124503 |
| 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", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) | DWS Government Money Market Series "Institutional Shares", 3.62% (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035890 | 3885745 | (4200063) |  |  | 37778 |  | 1721572 | 1721572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965650 | 4010248 | (5029126) | 157123 | (100370) | 41876 |  | 1848575 | 2003525 |

---

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $121,978, which is 0.0% of net assets.

(b) Affiliated fund advised by DBX Advisors LLC.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

DBX ETF Trust \| **41**

------

Schedule of Investments

Xtrackers MSCI USA Selection Equity ETF (Continued)

February 28, 2026 (Unaudited)

At February 28, 2026, 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) ($) |
|  E-Mini S&P 500 Index | USD | 1 | 348335 | 344450 | 3/20/2026 | (3885) |
|  E-Mini S&P Mid 400 Index | USD | 1 | 337110 | 357790 | 3/20/2026 | 20680 |
|  Micro E-Mini S&P 500 Index | USD | 44 | 1518416 | 1515580 | 3/20/2026 | (2836) |
|  **Total net unrealized appreciation** |  |  |  |  |  | 13959 |

---

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.

<u>Currency Abbreviations</u> <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 February 28, 2026 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;543358754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543358754 |
|  Exchange-Traded Funds | 157450 |  |  | 157450 |
|  Short-Term Investments (a) | 1846075 |  |  | 1846075 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 20680 |  |  | 20680 |
|  **TOTAL** | $545382959 | $— | $— | $545382959 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(6721) | $— | $— | $(6721) |
|  **TOTAL** | $(6721) | $— | $— | $(6721) |

---

(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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Communication Services — 12.6%** |  |  |
|  Alphabet, Inc., Class A | 33043 | 10301486 |
|  Alphabet, Inc., Class C | 28008 | 8722531 |
|  AT&T, Inc. | 35752 | 1001414 |
|  Charter Communications, Inc., Class A \* | 491 | 115203 |
|  Comcast Corp., Class A | 18447 | 571119 |
|  Electronic Arts, Inc. | 1317 | 264151 |
|  Fox Corp., Class A | 1233 | 69467 |
|  Fox Corp., Class B | 885 | 45781 |
|  Live Nation Entertainment, Inc. \* | 918 | 148845 |
|  Meta Platforms, Inc., Class A | 11777 | 7633616 |
|  Netflix, Inc. \* | 22776 | 2191962 |
|  Pinterest, Inc., Class A \* | 4078 | 69856 |
|  Reddit, Inc., Class A \* | 740 | 107899 |
|  ROBLOX Corp., Class A \* | 3508 | 240859 |
|  Spotify Technology SA \* | 820 | 422251 |
|  Take-Two Interactive Software, Inc. \* | 980 | 207250 |
|  T-Mobile US, Inc. | 2406 | 522319 |
|  Trade Desk, Inc., Class A \* | 2441 | 58145 |
|  Verizon Communications, Inc. | 21255 | 1065726 |
|  Walt Disney Co. | 8961 | 950224 |
|  Warner Bros Discovery, Inc. \* | 11172 | 314715 |
|  (Cost $20,667,387) |  | **35024819** |
| **Consumer Discretionary — 10.5%** |  |  |
|  Airbnb, Inc., Class A \* | 2339 | 316022 |
|  Amazon.com, Inc. \* | 47869 | 10052490 |
|  AutoZone, Inc. \* | 147 | 552070 |
|  Booking Holdings, Inc. | 162 | 686775 |
|  Chipotle Mexican Grill, Inc. \* | 7272 | 270664 |
|  D.R. Horton, Inc. | 2511 | 402739 |
|  DoorDash, Inc., Class A \* | 2611 | 460763 |
|  eBay, Inc. | 4595 | 417502 |
|  Expedia Group, Inc. | 664 | 143218 |
|  Ford Motor Co. | 18176 | 256100 |
|  Garmin Ltd. | 1816 | 459139 |
|  General Motors Co. | 3968 | 312321 |
|  Genuine Parts Co. | 2227 | 265592 |
|  Home Depot, Inc. | 5362 | 2041421 |
|  Lennar Corp., Class A | 2530 | 289331 |
|  Lennar Corp., Class B | 818 | 87305 |
|  Lowe's Cos., Inc. | 3331 | 881283 |
|  Lululemon Athletica, Inc. \* | 1480 | 274052 |
|  Marriott International, Inc., Class A | 1150 | 392990 |
|  McDonald's Corp. | 3471 | 1183819 |
|  MercadoLibre, Inc. \* | 336 | 590547 |
|  NIKE, Inc., Class B | 9168 | 570066 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NVR, Inc. \* | 41 | 308229 |
|  O'Reilly Automotive, Inc. \* | 6508 | 610971 |
|  PulteGroup, Inc. | 2570 | 352604 |
|  Starbucks Corp. | 5583 | 547246 |
|  Tesla, Inc. \* | 14757 | 5939840 |
|  Ulta Beauty, Inc. \* | 536 | 367047 |
|  Yum! Brands, Inc. | 1035 | 174046 |
|  (Cost $26,235,267) |  | **29206192** |
| **Consumer Staples — 3.9%** |  |  |
|  Archer-Daniels-Midland Co. | 12 | 829 |
|  Church & Dwight Co., Inc. | 3719 | 389974 |
|  Coca-Cola Co. | 21909 | 1786898 |
|  Colgate-Palmolive Co. | 5996 | 594443 |
|  Dollar Tree, Inc. \* | 1955 | 247268 |
|  Estee Lauder Cos., Inc., Class A | 3266 | 357529 |
|  General Mills, Inc. | 6583 | 297749 |
|  Hershey Co. | 1838 | 434283 |
|  Kenvue, Inc. | 22261 | 425630 |
|  Keurig Dr Pepper, Inc. | 13540 | 409991 |
|  Kimberly-Clark Corp. | 3563 | 397061 |
|  Kraft Heinz Co. | 11354 | 279422 |
|  McCormick & Co., Inc. | 4287 | 304548 |
|  Mondelez International, Inc., Class A | 9796 | 603238 |
|  PepsiCo, Inc. | 8186 | 1389492 |
|  Procter & Gamble Co. | 12704 | 2124109 |
|  Sysco Corp. | 4989 | 454797 |
|  Target Corp. | 3490 | 397127 |
|  Tyson Foods, Inc., Class A | 419 | 27231 |
|  (Cost $10,374,506) |  | **10921619** |
| **Financials — 11.0%** |  |  |
|  Aflac, Inc. | 2294 | 259061 |
|  Allstate Corp. | 1139 | 244338 |
|  American Express Co. | 2722 | 840826 |
|  American International Group, Inc. | 2933 | 236077 |
|  Ameriprise Financial, Inc. | 425 | 199801 |
|  Aon PLC, Class A | 977 | 327754 |
|  Apollo Global Management, Inc. | 2199 | 230015 |
|  Arch Capital Group Ltd. \* | 1633 | 163545 |
|  Ares Management Corp., Class A | 350 | 39204 |
|  Arthur J Gallagher & Co. | 1357 | 309667 |
|  Bank of America Corp. | 31480 | 1568648 |
|  Bank of New York Mellon Corp. | 3523 | 419589 |
|  Blackrock, Inc. | 777 | 826130 |
|  Block, Inc. \* | 3082 | 196323 |
|  Capital One Financial Corp. | 2924 | 572051 |
|  Cboe Global Markets, Inc. | 584 | 175037 |
|  Charles Schwab Corp. | 8452 | 804630 |
|  Chubb Ltd. | 1781 | 607072 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **43**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Cincinnati Financial Corp. | 801 | 131348 |
|  Citigroup, Inc. | 8939 | 984988 |
|  Citizens Financial Group, Inc. | 1004 | 60431 |
|  CME Group, Inc. | 1848 | 590436 |
|  Coinbase Global, Inc., Class A \* | 1212 | 213130 |
|  Corpay, Inc. \* | 400 | 130040 |
|  Everest Group Ltd. | 150 | 50324 |
|  Fidelity National Information Services, Inc. | 3111 | 158537 |
|  Fifth Third Bancorp | 2571 | 127187 |
|  Fiserv, Inc. \* | 2943 | 183319 |
|  Global Payments, Inc. | 1693 | 129447 |
|  Goldman Sachs Group, Inc. | 1492 | 1282478 |
|  Hartford Insurance Group, Inc. | 1316 | 185332 |
|  Huntington Bancshares, Inc. | 9430 | 158424 |
|  Interactive Brokers Group, Inc., Class A | 2616 | 186233 |
|  Intercontinental Exchange, Inc. | 3045 | 499776 |
|  JPMorgan Chase & Co. | 13384 | 4019215 |
|  KeyCorp | 3659 | 75888 |
|  KKR & Co., Inc. | 3638 | 318980 |
|  M&T Bank Corp. | 566 | 122811 |
|  Markel Group, Inc. \* | 56 | 116058 |
|  Marsh & McLennan Cos., Inc. | 2435 | 454712 |
|  Mastercard, Inc., Class A | 3956 | 2046083 |
|  MetLife, Inc. | 2465 | 177653 |
|  Moody's Corp. | 794 | 379206 |
|  Morgan Stanley | 6098 | 1015378 |
|  MSCI, Inc. | 403 | 230448 |
|  Nasdaq, Inc. | 2471 | 216410 |
|  Northern Trust Corp. | 1026 | 146810 |
|  PayPal Holdings, Inc. | 5180 | 239368 |
|  PNC Financial Services Group, Inc. | 1965 | 417268 |
|  Principal Financial Group, Inc. | 852 | 81298 |
|  Progressive Corp. | 2827 | 604017 |
|  Prudential Financial, Inc. | 1315 | 129370 |
|  Raymond James Financial, Inc. | 1018 | 155835 |
|  Regions Financial Corp. | 3560 | 99075 |
|  Robinhood Markets, Inc., Class A \* | 4081 | 309544 |
|  Rocket Cos., Inc., Class A | 5629 | 102392 |
|  S&P Global, Inc. | 1534 | 677844 |
|  State Street Corp. | 1494 | 192158 |
|  Synchrony Financial | 1853 | 128061 |
|  Travelers Cos., Inc. | 1122 | 346294 |
|  Truist Financial Corp. | 6212 | 306314 |
|  US Bancorp | 7264 | 397050 |
|  Visa, Inc., Class A | 8344 | 2671248 |
|  W.R. Berkley Corp. | 1531 | 109773 |
|  Wells Fargo & Co. | 15380 | 1252701 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Willis Towers Watson PLC | 504 | 153806 |
|  (Cost $21,296,773) |  | **30784266** |
| **Health Care — 13.0%** |  |  |
|  Abbott Laboratories | 10187 | 1185257 |
|  AbbVie, Inc. | 9623 | 2233306 |
|  Agilent Technologies, Inc. | 2818 | 342049 |
|  Alnylam Pharmaceuticals, Inc. \* | 1173 | 390515 |
|  Amgen, Inc. | 3286 | 1275494 |
|  Becton Dickinson & Co. | 2435 | 429729 |
|  Biogen, Inc. \* | 1893 | 363115 |
|  Boston Scientific Corp. \* | 9649 | 741526 |
|  Bristol-Myers Squibb Co. | 13909 | 867504 |
|  Cardinal Health, Inc. | 1914 | 438746 |
|  Cencora, Inc. | 1279 | 475967 |
|  Centene Corp. \* | 3260 | 146309 |
|  Cigna Group | 1329 | 385171 |
|  CVS Health Corp. | 8854 | 707435 |
|  Danaher Corp. | 4011 | 844877 |
|  Dexcom, Inc. \* | 5062 | 371703 |
|  Edwards Lifesciences Corp. \* | 5388 | 465900 |
|  Elevance Health, Inc. | 1174 | 375680 |
|  Eli Lilly & Co. | 4358 | 4584572 |
|  GE HealthCare Technologies, Inc. | 4618 | 389159 |
|  Gilead Sciences, Inc. | 7877 | 1173279 |
|  HCA Healthcare, Inc. | 793 | 420052 |
|  Humana, Inc. | 13 | 2477 |
|  IDEXX Laboratories, Inc. \* | 692 | 454457 |
|  Intuitive Surgical, Inc. \* | 2109 | 1061903 |
|  IQVIA Holdings, Inc. \* | 1645 | 294142 |
|  Johnson & Johnson | 12910 | 3207231 |
|  Labcorp Holdings, Inc. | 482 | 139356 |
|  McKesson Corp. | 816 | 805694 |
|  Medtronic PLC | 8460 | 826204 |
|  Merck & Co., Inc. | 14228 | 1761711 |
|  Mettler-Toledo International, Inc. \* | 248 | 338939 |
|  Pfizer, Inc. | 36744 | 1015972 |
|  Quest Diagnostics, Inc. | 599 | 126934 |
|  Regeneron Pharmaceuticals, Inc. | 760 | 594069 |
|  ResMed, Inc. | 1587 | 406685 |
|  Royalty Pharma PLC, Class A | 7267 | 335808 |
|  STERIS PLC | 1280 | 323008 |
|  Stryker Corp. | 2307 | 893870 |
|  Thermo Fisher Scientific, Inc. | 2196 | 1144358 |
|  UnitedHealth Group, Inc. | 4520 | 1325580 |
|  Veeva Systems, Inc., Class A \* | 823 | 149794 |
|  Vertex Pharmaceuticals, Inc. \* | 1706 | 847592 |
|  Waters Corp. \* | 1169 | 373355 |
|  West Pharmaceutical Services, Inc. | 1117 | 284098 |
|  Zimmer Biomet Holdings, Inc. | 3420 | 336665 |

---

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zoetis, Inc. | 3904 | 511814 |
|  (Cost $29,081,784) |  | **36169061** |
| **Industrials — 4.3%** |  |  |
|  Automatic Data Processing, Inc. | 2087 | 447369 |
|  Broadridge Financial Solutions, Inc. | 743 | 138102 |
|  Carrier Global Corp. | 4018 | 258759 |
|  Cintas Corp. | 1879 | 377923 |
|  Copart, Inc. \* | 9978 | 380062 |
|  Deere & Co. | 1544 | 972272 |
|  Delta Air Lines, Inc. | 4623 | 303731 |
|  Dover Corp. | 1376 | 310288 |
|  Equifax, Inc. | 776 | 162153 |
|  Fastenal Co. | 11079 | 510077 |
|  FedEx Corp. | 1606 | 621522 |
|  Ferguson Enterprises, Inc. | 1922 | 501181 |
|  Johnson Controls International PLC | 3144 | 453679 |
|  Old Dominion Freight Line, Inc. | 2177 | 442040 |
|  Otis Worldwide Corp. | 4116 | 380977 |
|  PACCAR, Inc. | 2652 | 334391 |
|  Paychex, Inc. | 1812 | 169694 |
|  Rollins, Inc. | 2106 | 128234 |
|  Snap-on, Inc. | 770 | 296619 |
|  Southwest Airlines Co. | 4681 | 230586 |
|  SS&C Technologies Holdings, Inc. | 1459 | 109848 |
|  Trane Technologies PLC | 1084 | 501155 |
|  Uber Technologies, Inc. \* | 12182 | 918767 |
|  United Airlines Holdings, Inc. \* | 2495 | 265219 |
|  United Parcel Service, Inc., Class B | 5570 | 645897 |
|  Verisk Analytics, Inc. | 809 | 167924 |
|  Vertiv Holdings Co., Class A | 2958 | 753965 |
|  W.W. Grainger, Inc. | 330 | 377761 |
|  Waste Management, Inc. | 2945 | 709274 |
|  Westinghouse Air Brake Technologies Corp. | 974 | 257087 |
|  (Cost $9,481,636) |  | **12126556** |
| **Information Technology — 38.1%** |  |  |
|  Accenture PLC, Class A | 3132 | 653711 |
|  Adobe, Inc. \* | 2134 | 559983 |
|  Advanced Micro Devices, Inc. \* | 8963 | 1794482 |
|  Amdocs Ltd. | 923 | 64425 |
|  Analog Devices, Inc. | 3166 | 1126431 |
|  Apple, Inc. | 87261 | 23052611 |
|  Applied Materials, Inc. | 4620 | 1720026 |
|  AppLovin Corp., Class A \* | 1292 | 561723 |
|  Arista Networks, Inc. \* | 6779 | 904997 |
|  ARM Holdings PLC, ADR \* | 2421 | 308556 |
|  Atlassian Corp., Class A \* | 1041 | 78210 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Autodesk, Inc. \* | 1117 | 274637 |
|  Broadcom, Inc. | 23511 | 7512940 |
|  Cadence Design Systems, Inc. \* | 1421 | 428289 |
|  CDW Corp. | 750 | 91980 |
|  Cisco Systems, Inc. | 22332 | 1774501 |
|  Cloudflare, Inc., Class A \* | 1668 | 287213 |
|  Cognizant Technology Solutions Corp., Class A | 2756 | 177569 |
|  Corning, Inc. | 6087 | 915363 |
|  Crowdstrike Holdings, Inc., Class A \* | 1270 | 472415 |
|  Datadog, Inc., Class A \* | 1724 | 193019 |
|  Fair Isaac Corp. \* | 130 | 183217 |
|  Fortinet, Inc. \* | 3398 | 268544 |
|  Gartner, Inc. \* | 431 | 67753 |
|  GLOBALFOUNDRIES, Inc. \* | 4431 | 210694 |
|  HP, Inc. | 2105 | 39974 |
|  HubSpot, Inc. \* | 327 | 86495 |
|  Intel Corp. \* | 26361 | 1202325 |
|  Intuit, Inc. | 1404 | 574278 |
|  Keysight Technologies, Inc. \* | 1843 | 566409 |
|  KLA Corp. | 809 | 1233361 |
|  Lam Research Corp. | 7222 | 1689154 |
|  Marvell Technology, Inc. | 6507 | 531557 |
|  Microchip Technology, Inc. | 5652 | 421865 |
|  Micron Technology, Inc. | 6155 | 2538137 |
|  Microsoft Corp. | 44342 | 17414877 |
|  MongoDB, Inc. \* | 454 | 149125 |
|  Monolithic Power Systems, Inc. | 459 | 524518 |
|  Motorola Solutions, Inc. | 1387 | 668895 |
|  NetApp, Inc. | 3126 | 309568 |
|  NVIDIA Corp. | 142934 | 25326475 |
|  ON Semiconductor Corp. \* | 4908 | 326284 |
|  Oracle Corp. | 8395 | 1220633 |
|  Palo Alto Networks, Inc. \* | 3531 | 525837 |
|  QUALCOMM, Inc. | 6493 | 924344 |
|  Salesforce, Inc. | 4579 | 891943 |
|  Seagate Technology Holdings PLC | 1617 | 659477 |
|  ServiceNow, Inc. \* | 5310 | 573533 |
|  Snowflake, Inc. \* | 1686 | 283939 |
|  Strategy, Inc. \* | 1394 | 180523 |
|  Super Micro Computer, Inc. \* | 9521 | 308385 |
|  Synopsys, Inc. \* | 992 | 410688 |
|  TE Connectivity PLC | 2381 | 547987 |
|  Texas Instruments, Inc. | 5585 | 1184634 |
|  VeriSign, Inc. | 504 | 114882 |
|  Western Digital Corp. | 2655 | 742604 |
|  Workday, Inc., Class A \* | 1236 | 165327 |
|  Zoom Communications, Inc. \* | 1690 | 124959 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **45**

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zscaler, Inc. \* | 638 | 93780 |
|  (Cost $67,451,853) |  | **106240061** |
| **Materials — 1.6%** |  |  |
|  Corteva, Inc. | 6180 | 495142 |
|  CRH PLC | 4446 | 533431 |
|  Ecolab, Inc. | 1994 | 614850 |
|  International Paper Co. | 4224 | 183955 |
|  Martin Marietta Materials, Inc. | 602 | 407295 |
|  Nucor Corp. | 1102 | 194922 |
|  Packaging Corp. of America | 1396 | 324067 |
|  PPG Industries, Inc. | 2607 | 321365 |
|  Sherwin-Williams Co. | 1751 | 634895 |
|  Southern Copper Corp. | 1786 | 389884 |
|  Vulcan Materials Co. | 1263 | 391530 |
|  (Cost $3,120,900) |  | **4491336** |
| **Real Estate — 3.3%** |  |  |
|  American Tower Corp. REIT | 3616 | 693766 |
|  AvalonBay Communities, Inc. REIT | 1882 | 333547 |
|  CBRE Group, Inc., Class A \* | 2504 | 369741 |
|  CoStar Group, Inc. \* | 2283 | 101890 |
|  Crown Castle, Inc. REIT | 4747 | 425046 |
|  Digital Realty Trust, Inc. REIT | 3134 | 555345 |
|  Equinix, Inc. REIT | 765 | 745309 |
|  Equity Residential REIT | 5272 | 333243 |
|  Essex Property Trust, Inc. REIT | 1215 | 309959 |
|  Extra Space Storage, Inc. REIT | 2591 | 391319 |
|  Iron Mountain, Inc. REIT | 3978 | 430937 |
|  Prologis, Inc. REIT | 6314 | 900187 |
|  Public Storage REIT | 1599 | 490989 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Realty Income Corp. REIT | 8167 | 547189 |
|  SBA Communications Corp. REIT | 1750 | 352030 |
|  Simon Property Group, Inc. REIT | 2811 | 573022 |
|  Ventas, Inc. REIT | 5213 | 449152 |
|  VICI Properties, Inc. REIT | 13335 | 402850 |
|  Welltower, Inc. REIT | 4570 | 946538 |
|  (Cost $7,858,831) |  | **9352059** |
| **Utilities — 1.3%** |  |  |
|  American Water Works Co., Inc. | 11914 | 1620662 |
|  Edison International | 25596 | 1913045 |
|  (Cost $3,177,581) |  | **3533707** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $198,746,518) |  | **277849676** |
| **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
|  iShares Paris-Aligned Climate MSCI USA ETF | 300 | 20808 |
|  Vanguard Mid-Cap ETF | 100 | 30620 |
|  Xtrackers MSCI USA Climate Action Equity ETF (a) | 7500 | 307457 |
|  (Cost $271,807) |  | **358885** |
| **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $507,192) | 507192 | **507192** |
| **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $199,525,517) |  | **278715753** |
| **Other assets and liabilities, net — 0.1%** |  | **291585** |
| **NET ASSETS — 100.0%** |  | **279007338** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| 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 (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) | Xtrackers MSCI USA Climate Action Equity ETF (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300332 |  |  |  | 7125 | 1991 |  | 7500 | 307457 |
| 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", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62050 |  | (62050) (d) |  |  | 638 |  |  |  |
| CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | CASH EQUIVALENTS **—** 0.2% | 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", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360132 | 2355174 | (2208114) |  |  | 11287 |  | 507192 | 507192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722514 | 2355174 | (2270164) |  | 7125 | 13916 |  | 514692 | 814649 |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

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

February 28, 2026 (Unaudited)

\* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

ADR: American Depositary Receipt

REIT: Real Estate Investment Trust

At February 28, 2026, 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 | 19 | 655521 | 654455 | 3/20/2026 | (1066) |

---

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.

<u>Currency Abbreviations</u> <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 February 28, 2026 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;277849676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277849676 |
|  Exchange-Traded Funds | 358885 |  |  | 358885 |
|  Short-Term Investments (a) | 507192 |  |  | 507192 |
|  **TOTAL** | $278715753 | $— | $— | $278715753 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(1066) | $— | $— | $(1066) |
|  **TOTAL** | $(1066) | $— | $— | $(1066) |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **47**

------

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **COMMON STOCKS — 99.6%** |  |  |
| **Brazil — 7.0%** |  |  |
|  Petroleo Brasileiro SA - Petrobras, ADR | 34859 | 579705 |
|  Suzano SA, ADR | 95000 | 1076350 |
|  Vale SA | 61583 | 1062378 |
|  Vale SA, ADR | 970 | 16665 |
|  (Cost $2,053,534) |  | **2735098** |
| **Canada — 19.9%** |  |  |
|  Capstone Copper Corp. \* | 65725 | 679972 |
|  Cenovus Energy, Inc. | 25093 | 559135 |
|  Franco-Nevada Corp. | 3893 | 1088219 |
|  Ivanhoe Mines Ltd., Class A \* | 54050 | 618235 |
|  Kinross Gold Corp. | 33894 | 1253023 |
|  Nexgen Energy Ltd. \* | 33314 | 425020 |
|  Nutrien Ltd. | 30643 | 2304994 |
|  Suncor Energy, Inc. | 14587 | 824085 |
|  (Cost $5,540,528) |  | **7752683** |
| **China — 2.4%** |  |  |
|  Zijin Mining Group Co. Ltd., Class H |  |  |
|  (Cost $732,735) | 163384 | **939931** |
| **Finland — 3.1%** |  |  |
|  Stora Enso OYJ, Class R | 59008 | 801563 |
|  UPM-Kymmene OYJ | 13060 | 416030 |
|  (Cost $1,094,734) |  | **1217593** |
| **France — 3.8%** |  |  |
|  TotalEnergies SE |  |  |
|  (Cost $1,232,547) | 18456 | **1466100** |
| **India — 2.1%** |  |  |
|  Reliance Industries Ltd., GDR, 144A |  |  |
|  (Cost $925,781) | 13297 | **815106** |
| **Ireland — 2.6%** |  |  |
|  Smurfit Westrock PLC |  |  |
|  (Cost $928,800) | 21270 | **999903** |
| **Netherlands — 2.1%** |  |  |
|  JBS NV, Class A \* |  |  |
|  (Cost $667,635) | 49125 | **829721** |
| **Norway — 2.4%** |  |  |
|  Norsk Hydro ASA |  |  |
|  (Cost $687,579) | 99498 | **921832** |
| **South Africa — 4.1%** |  |  |
|  Gold Fields Ltd., ADR | 19393 | 1141084 |
|  Gold Fields Ltd. | 7914 | 461625 |
|  (Cost $563,072) |  | **1602709** |
| **Spain — 0.0%** |  |  |
|  Repsol SA |  |  |
|  (Cost $206) | 12 | **269** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **Sweden — 0.7%** |  |  |
|  Svenska Cellulosa AB SCA, Class B |  |  |
|  (Cost $278,568) | 20800 | **283209** |
| **Switzerland — 3.2%** |  |  |
|  Amcor PLC | 7737 | 374703 |
|  Glencore PLC \* | 121300 | 870857 |
|  (Cost $918,286) |  | **1245560** |
| **United Kingdom — 10.4%** |  |  |
|  Anglo American PLC | 15671 | 779759 |
|  Anglogold Ashanti PLC | 9518 | 1216115 |
|  Rio Tinto PLC | 7461 | 735770 |
|  Shell PLC | 31376 | 1296510 |
|  (Cost $2,614,336) |  | **4028154** |
| **United States — 35.8%** |  |  |
|  Archer-Daniels-Midland Co. | 8168 | 563919 |
|  Avery Dennison Corp. | 3606 | 708038 |
|  Baker Hughes Co. | 4295 | 280292 |
|  Ball Corp. | 6200 | 416206 |
|  Bunge Global SA | 3403 | 410572 |
|  CF Industries Holdings, Inc. | 3360 | 334454 |
|  Chevron Corp. | 8907 | 1663471 |
|  Commercial Metals Co. | 4379 | 320981 |
|  ConocoPhillips | 4400 | 499224 |
|  Corteva, Inc. | 11500 | 921380 |
|  Coterra Energy, Inc. | 4875 | 149126 |
|  Darling Ingredients, Inc. \* | 4384 | 233053 |
|  Devon Energy Corp. | 5575 | 242680 |
|  Diamondback Energy, Inc. | 1594 | 277484 |
|  Expand Energy Corp. | 1705 | 184004 |
|  Exxon Mobil Corp. | 10991 | 1676127 |
|  International Paper Co. | 8900 | 387595 |
|  Mosaic Co. | 10210 | 284246 |
|  Newmont Corp. | 12185 | 1584050 |
|  Ovintiv, Inc. | 9576 | 484450 |
|  Silgan Holdings, Inc. | 7900 | 379595 |
|  SLB Ltd. | 2407 | 123575 |
|  Solaris Energy Infrastructure, Inc. | 4452 | 220953 |
|  Steel Dynamics, Inc. | 4460 | 861360 |
|  Valero Energy Corp. | 1660 | 339702 |
|  Weyerhaeuser Co. REIT | 16024 | 393069 |
|  (Cost $10,745,166) |  | **13939606** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $28,983,507) |  | **38777474** |
| **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,037) | 29037 | **29037** |

---

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers RREEF Global Natural Resources ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
| **TOTAL INVESTMENTS — 99.7%** |  |  |
|  (Cost $29,012,544) |  | **38806511** |
| **Other assets and liabilities, net — 0.3%** |  | **112180** |
| **NET ASSETS — 100.0%** |  | **38918691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value ($) at**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8/31/2025** | Purchases Cost<br>($) | 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> **($)** | Number of<br>Shares at<br>2/28/2026 | **Value ($) at** <br> **2/28/2026**  |
| 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", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 1151 |  |  |  |
| 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", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |
| 19357 | 4113358 | (4103678) |  |  | 2230 |  | 29037 | 29037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19357 | 4113358 | (4103678) |  |  | 3381 |  | 29037 | 29037 |

---

\* 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 February 28, 2026 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) | $38777474 | $— | $— | $38777474 |
|  Short-Term Investments (a) | 29037 |  |  | 29037 |
|  **TOTAL** | $38806511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $38806511 |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **49**

------

Statements of Assets and Liabilities

February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Emerging<br>Markets Carbon<br>Reduction**<br> **and**<br> **Climate<br>Improvers ETF** | **Xtrackers MSCI<br>EAFE Selection<br>Equity ETF** | **Xtrackers MSCI<br>Emerging<br>Markets**<br> **Climate<br>Selection ETF** | **Xtrackers MSCI<br>USA Climate<br>Action Equity<br>ETF** |
| **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $61532438 | $68987981 | $913115193 | $2775552687 |
|  Investment in affiliated securities at value | 71945 |  |  |  |
|  Investment in DWS Government Money Market Series | 604557 | 100183 | 3725878 | 4892251 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 8400 | 119922 |  | 1754500 |
|  Foreign currency at value | 57908 | 93114 | 211706 |  |
|  Deposit with broker for futures contracts | 73950 | 23618 | 138581 | 701727 |
|  Foreign tax receivable |  |  | 340361 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  | 1499976 |  | 19515776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 45129388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 44265 | 522032 | 1080037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 71289 | 48202 | 574787 | 2616076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1410 | 257 | 20127 | 13340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 9 | 14 | 291 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 2557 | 97598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62424463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71015130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918648956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851255878 |
| **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $8400 | $119922 | $— | $1754500 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 1521739 |  | 51326428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 12308015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 6930 | 7269 | 100445 | 148045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1890 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax | 81443 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 98663 | 1648930 | 100445 | 65536988 |
| **Net Assets, at value** | $**62325800** | $**69366200** | $**918548511** | $**2785718890** |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $130528338 | $52420303 | $709717182 | $2099612208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (68202538) | 16945897 | 208831329 | 686106682 |
| **Net Assets, at value** | $**62325800** | $**69366200** | $**918548511** | $**2785718890** |
|  Number of Common Shares outstanding | 1500001 | 1800001 | 22250001 | 67900001 |
| **Net Asset Value** | $41.55 | $38.54 | $41.28 | $41.03 |
|  Investment in non-affiliated securities at cost | $51229803 | $47073125 | $713781406 | $2374052976 |
|  Investment in affiliated securities at cost | $59022 | $– | $– | $– |
|  Value of securities loaned | $8168 | $116480 | $— | $1615959 |
|  Investment in DWS Government Money Market Series at cost | $604557 | $100183 | $3725878 | $4892251 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $8400 | $119922 | $— | $1754500 |
|  Foreign currency at cost | $73751 | $88544 | $202687 | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Statements of Assets and Liabilities (Continued)

February 28, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Xtrackers MSCI<br>USA Selection<br>Equity ETF | Xtrackers Net<br>Zero Pathway<br>Paris Aligned<br>US Equity ETF | Xtrackers<br>RREEF Global<br>Natural<br>Resources ETF |
| Assets |  |  |  |
|  Investment in non-affiliated securities at value | $543358754 | $277901104 | $38777474 |
|  Investment in affiliated securities at value | 157450 | 307457 |  |
|  Investment in DWS Government Money Market Series | 1721572 | 507192 | 29037 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 124503 |  |  |
|  Foreign currency at value |  |  | 7237 |
|  Deposit with broker for futures contracts | 165788 | 50588 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 2021074 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 81502 | 70284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 487799 | 190879 | 105955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5088 | 1288 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 11 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 343 |  | 11958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $548123884 | $279028793 | $38931810 |
| Liabilities |  |  |  |
|  Payable upon return of securities loaned | $124503 | $— | $— |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 1994535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 37771 | 21455 | 13119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2156809 | 21455 | 13119 |
| Net Assets, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545967075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279007338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38918691 |
| Net Assets Consist of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $483140336 | $203233342 | $28364427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 62826739 | 75773996 | 10554264 |
| Net Assets, at value | $545967075 | $279007338 | $38918691 |
|  Number of Common Shares outstanding | 8625001 | 6525001 | 1095001 |
| Net Asset Value | $63.30 | $42.76 | $35.54 |
|  Investment in non-affiliated securities at cost | $442321491 | $198781853 | $28983507 |
|  Investment in affiliated securities at cost | $114884 | $236472 | $– |
|  Value of securities loaned | $121978 | $— | $— |
|  Investment in DWS Government Money Market Series at cost | $1721572 | $507192 | $29037 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $124503 | $— | $— |
|  Foreign currency at cost | $— | $— | $7250 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **51**

------

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Emerging<br>Markets<br>Carbon<br>Reduction<br>and Climate<br>Improvers ETF** | **Xtrackers MSCI<br>EAFE Selection<br>Equity ETF** | **Xtrackers MSCI<br>Emerging<br>Markets<br>Climate<br>Selection ETF** | **Xtrackers MSCI<br>USA Climate<br>Action Equity<br>ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $317264 | $448202 | $4490525 | $19440888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 321 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 6123 | 2287 | 169585 | 206021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 90 | 337 | 3592 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated non-cash dividend income | 26746 | 52669 | 980914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 350544 | 503495 | 5644616 | 19648077 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 38205 | 44470 | 547269 | 1069393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense (see note 2): |  |  | 18215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 38263 | 44528 | 565542 | 1069451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (223) | (56) | (3353) | (5817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 38040 | 44472 | 562189 | 1063634 |
|  Net investment income (loss) | 312504 | 459023 | 5082427 | 18584443 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | 314796 | 133110 | 2260584 | (29226166) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 16718070 | 332932871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 43502 | 37084 | 707449 | 1722134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2455 | (5180) | 9540 |  |
|  Net realized gain (loss) | 360753 | 165014 | 19695643 | 305428839 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 10419668 | 9237974 | 173450859 | (212147641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 12766 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 56019 | 25178 | 383222 | (908761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (17308) | 863 | 15448 |  |
|  Net change in unrealized appreciation (depreciation) | 10471145 | 9264015 | 173849529 | (213056402) |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 10831898 | 9429029 | 193545172 | 92372437 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198627599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110956880 |
|  \*\*\*\* Unaffiliated foreign tax withheld | $43192 | $52074 | $752428 | $2075 |
|  \*\*\*\* Including foreign taxes | $3372 | $— | $— | $— |
|  \*\*\*\* Including change in deferred foreign taxes | $2402 | $— | $182525 | $— |

---

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Statements of Operations (Continued)

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Xtrackers MSCI<br>USA Selection<br>Equity ETF | Xtrackers Net<br>Zero Pathway<br>Paris Aligned<br>US Equity ETF | Xtrackers<br>RREEF Global<br>Natural<br>Resources ETF |
| Investment Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $3049237 | $1556147 | $418757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 3896 | 1991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 37778 | 11287 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 202 | 638 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3091113 | 1570063 | 422138 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 238432 | 138393 | 75690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 238490 | 138451 | 75748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (1445) | (413) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 237045 | 138038 | 75695 |
|  Net investment income (loss) | 2854068 | 1432025 | 346443 |
| Realized and Unrealized Gain (Loss) |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1507923) | (1009680) | 793881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 157123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 39838305 | 4160981 | 1177854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 194359 | 44556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) |  |  | 11946 |
|  Net realized gain (loss) | 38681864 | 3195857 | 1988917 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1161794) | 9593299 | 8004610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (100370) | 7125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (71985) | (16557) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (611) |
|  Net change in unrealized appreciation (depreciation) | (1334149) | 9583867 | 8003999 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 37347715 | 12779724 | 9992916 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40201783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14211749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10339359 |
|  \* Unaffiliated foreign tax withheld | $275 | $— | $21371 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **53**

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Emerging Markets<br>Carbon Reduction and Climate<br>Improvers ETF** | **Xtrackers Emerging Markets<br>Carbon Reduction and Climate<br>Improvers ETF** | **Xtrackers MSCI EAFE Selection<br>Equity ETF** | **Xtrackers MSCI EAFE Selection<br>Equity ETF** |
|  | **For the Six<br>Months Ended<br>February 28,<br>2026 (Unaudited)** | **Year Ended<br>August 31, 2025** | **For the Six<br>Months Ended<br>February 28,<br>2026 (Unaudited)** | **Year Ended<br>August 31, 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $312504 | $988818 | $459023 | $1465048 |
|  Net realized gain (loss) | 360753 | 2233113 | 165014 | (381382) |
|  Net change in net unrealized appreciation (depreciation) | 10471145 | 5530718 | 9264015 | 2909895 |
|  Net increase (decrease) in net assets resulting from operations | 11144402 | 8752649 | 9888052 | 3993561 |
| **Distributions to Shareholders from:** |  |  |  |  |
|  Distributions | (458220) | (3345746) | (1646263) | (1570538) |
|  Return of capital |  | (169020) |  |  |
|  Total distributions | (458220) | (3514766) | (1646263) | (1570538) |
| **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 11129320 | 1675956 |  | 6452560 |
|  Value of shares redeemed |  | (60666445) |  | (1658296) |
| Net increase (decrease) in net assets resulting from fund share transactions | 11129320 | (58990489) |  | 4794264 |
|  Total net increase (decrease) in Net Assets | 21815502 | (53752606) | 8241789 | 7217287 |
| **Net Assets** |  |  |  |  |
|  Beginning of period | 40510298 | 94262904 | 61124411 | 53907124 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62325800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40510298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69366200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61124411 |
| **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1200001 | 3100001 | 1800001 | 1650001 |
|  Shares sold | 300000 | 50000 |  | 200000 |
|  Shares redeemed |  | (1950000) |  | (50000) |
|  Shares outstanding, end of period | 1500001 | 1200001 | 1800001 | 1800001 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Emerging**<br> **Markets Climate Selection ETF** | **Xtrackers MSCI Emerging**<br> **Markets Climate Selection ETF** | **Xtrackers MSCI USA Climate**<br> **Action Equity ETF** | **Xtrackers MSCI USA Climate**<br> **Action Equity ETF** |
|  | For the Six<br>Months Ended<br>February 28, 2026<br>(Unaudited) | Year Ended<br>August 31, 2025 | For the Six<br>Months Ended<br>February 28, 2026<br>(Unaudited) | Year Ended<br>August 31, 2025 |
| Increase (Decrease) in Net Assets from Operations |  |  |  |  |
|  Net investment income (loss) | $5082427 | $8906210 | $18584443 | $33936253 |
|  Net realized gain (loss) | 19695643 | 6012036 | 305428839 | 219885744 |
|  Net change in net unrealized appreciation (depreciation) | 173849529 | 24148708 | (213056402) | 137272327 |
| Net increase (decrease) in net assets resulting from operations | 198627599 | 39066954 | 110956880 | 391094324 |
|  **Distributions to Shareholders** | (8268700) | (3140042) | (20452989) | (32457861) |
| Fund Shares Transactions |  |  |  |  |
|  Proceeds from shares sold | 601097172 | 987754402 | 372053928 | 1325311114 |
|  Value of shares redeemed | (353648280) | (570956735) | (763524390) | (809711469) |
| Net increase (decrease) in net assets resulting from fund share transactions | 247448892 | 416797667 | (391470462) | 515599645 |
|  Total net increase (decrease) in Net Assets | 437807791 | 452724579 | (300966571) | 874236108 |
| Net Assets |  |  |  |  |
|  Beginning of period | 480740720 | 28016141 | 3086685461 | 2212449353 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918548511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2785718890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086685461 |
| Changes in Shares Outstanding |  |  |  |  |
|  Shares outstanding, beginning of period | 15300001 | 1050001 | 77050001 | 62600001 |
|  Shares sold | 17000000 | 34050000 | 9125000 | 35950000 |
|  Shares redeemed | (10050000) | (19800000) | (18275000) | (21500000) |
|  Shares outstanding, end of period | 22250001 | 15300001 | 67900001 | 77050001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **55**

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI USA Selection**<br> **Equity ETF** | **Xtrackers MSCI USA Selection**<br> **Equity ETF** | **Xtrackers Net Zero Pathway Paris**<br> **Aligned US Equity ETF** | **Xtrackers Net Zero Pathway Paris**<br> **Aligned US Equity ETF** |
|  | **For the Six<br>Months Ended<br>February 28,**<br> **2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 | **For the Six<br>Months Ended<br>February 28,**<br> **2026**<br> (Unaudited) | Year Ended<br>August 31, 2025 |
| Increase (Decrease) in Net Assets from Operations |  |  |  |  |
|  Net investment income (loss) | $2854068 | $8043020 | $1432025 | $2770196 |
|  Net realized gain (loss) | 38681864 | 192234417 | 3195857 | 8881235 |
|  Net change in net unrealized appreciation (depreciation) | (1334149) | (100332345) | 9583867 | 15843029 |
| Net increase (decrease) in net assets resulting from operations | 40201783 | 99945092 | 14211749 | 27494460 |
|  **Distributions to Shareholders** | (3174202) | (9435139) | (1639240) | (2730593) |
| Fund Shares Transactions |  |  |  |  |
|  Proceeds from shares sold | 53844597 | 113633134 | 8681992 | 48566788 |
|  Value of shares redeemed | (122093233) | (671622989) | (7522408) | (29732770) |
| Net increase (decrease) in net assets resulting from fund share transactions | (68248636) | (557989855) | 1159584 | 18834018 |
|  Total net increase (decrease) in Net Assets | (31221055) | (467479902) | 13732093 | 43597885 |
| Net Assets |  |  |  |  |
|  Beginning of period | 577188130 | 1044668032 | 265275245 | 221677360 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545967075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577188130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279007338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265275245 |
| Changes in Shares Outstanding |  |  |  |  |
|  Shares outstanding, beginning of period | 9750001 | 20000001 | 6500001 | 6050001 |
|  Shares sold | 850000 | 2125000 | 200000 | 1250000 |
|  Shares redeemed | (1975000) | (12375000) | (175000) | (800000) |
|  Shares outstanding, end of period | 8625001 | 9750001 | 6525001 | 6500001 |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Xtrackers RREEF Global Natural**<br> **Resources ETF** | **Xtrackers RREEF Global Natural**<br> **Resources ETF** |
|  | For the Six<br>Months Ended<br>February 28, 2026<br>(Unaudited) | Year Ended<br>August 31, 2025 |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income (loss) | $346443 | $763966 |
|  Net realized gain (loss) | 1988917 | (1169110) |
|  Net change in net unrealized appreciation (depreciation) | 8003999 | 1341956 |
| Net increase (decrease) in net assets resulting from operations | 10339359 | 936812 |
|  **Distributions to Shareholders** | (537866) | (936245) |
| Fund Shares Transactions |  |  |
|  Proceeds from shares sold | 1469973 | 676313 |
|  Value of shares redeemed | (3969246) |  |
| Net increase (decrease) in net assets resulting from fund share transactions | (2499273) | 676313 |
|  Total net increase (decrease) in Net Assets | 7302220 | 676880 |
| Net Assets |  |  |
|  Beginning of period | 31616471 | 30939591 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38918691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31616471 |
| Changes in Shares Outstanding |  |  |
|  Shares outstanding, beginning of period | 1175001 | 1150001 |
|  Shares sold | 50000 | 25000 |
|  Shares redeemed | (130000) |  |
|  Shares outstanding, end of period | 1095001 | 1175001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **57**

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $33.76 | $30.41 | $26.75 | $26.93 | $34.69 | $27.90 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.23 | 0.58 | 0.47 | 0.60 | 0.70 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.89 | 5.23 | 3.48 | (0.08) | (7.88) | 6.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 8.12 | 5.81 | 3.95 | 0.52 | (7.18) | 7.43 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (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 | (0.33) | (2.46) | (0.29) | (0.70) | (0.58) | (0.64) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 24.18 | 20.43 | 14.88 | 2.01 | (20.81) | 26.80 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 62 | 41 | 94 | 492 | 493 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 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 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.17 | 1.85 | 1.70 | 2.30 | 2.30 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 9 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers MSCI EAFE Selection Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $33.96 | $32.67 | $27.86 | $24.26 | $31.79 | $25.96 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.26 | 0.85 | 0.77 | 0.78 | 0.85 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.23 | 1.34 | 4.82 | 3.51 | (7.57) | 5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.49 | 2.19 | 5.59 | 4.29 | (6.72) | 6.52 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.91) | (0.90) | (0.78) | (0.69) | (0.81) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.91) | (0.90) | (0.78) | (0.69) | (0.81) | (0.69) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 16.46 | 6.97 | 20.32 | 17.79 | (21.40) | 25.28 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 69 | 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 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.36 | 2.68 | 2.59 | 2.92 | 3.04 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 4 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **59**

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers MSCI Emerging Markets Climate Selection ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $31.42 | $26.68 | $23.80 | $24.39 | $33.60 | $28.57 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.25 | 0.87 | 0.57 | 0.53 | 0.64 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.04 | 4.12 | 2.87 | (0.65) | (9.14) | 4.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 10.29 | 4.99 | 3.44 | (0.12) | (8.50) | 5.26 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.25) | (0.56) | (0.47) | (0.71) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.43) | (0.25) | (0.56) | (0.47) | (0.71) | (0.23) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 33.00 | 18.80 | 14.74 | (0.51) | (25.55) | 18.43 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 919 | 481 | 28 | 25 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.16 | 0.15 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.26 | 3.01 | 2.33 | 2.21 | 2.22 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 50 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**60** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers MSCI USA Climate Action Equity ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | Period Ended<br>8/31/2023(a) |
|  **Selected Per Share Data** |  |  |  |  |
|  Net Asset Value, beginning of period | $40.06 | $35.34 | $28.05 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.25 | 0.47 | 0.42 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.99 | 4.72 | 7.32 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.24 | 5.19 | 7.74 | 3.13 |
|  Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (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 | (0.27) | (0.47) | (0.45) | (0.08) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 3.07 | 14.82 | 27.85 | 12.55 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |
|  Net Assets, end of period ($ millions) | 2786 | 3087 | 2212 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.07 | 0.07 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.07 | 0.07 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.22 | 1.25 | 1.36 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 9 | 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.

DBX ETF Trust \| **61**

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers MSCI USA Selection Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $59.20 | $52.23 | $41.86 | $35.87 | $41.89 | $31.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.33 | 0.61 | 0.58 | 0.57 | 0.53 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.13 | 7.00 | 10.41 | 6.04 | (6.04) | 10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.46 | 7.61 | 10.99 | 6.61 | (5.51) | 10.55 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.64) | (0.62) | (0.62) | (0.51) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.36) | (0.64) | (0.62) | (0.62) | (0.51) | (0.50) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 7.55 | 14.70 | 26.52 | 18.68 | (13.29) | 33.48 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 546 | 577 | 1045 | 1283 | 3060 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 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 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.08 | 1.12 | 1.26 | 1.56 | 1.32 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 1 | 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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**62** \| DBX ETF Trust

------

Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the Six | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, | Years Ended August 31, |  |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | 2025 | 2024 | 2023 | Period Ended<br>8/31/2022(a) |  |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $40.81 | $36.64 | $29.00 | $25.21 | $25.00 |  |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.22 | 0.44 | 0.41 | 0.39 | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.98 | 4.17 | 7.62 | 3.74 | 0.14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.20 | 4.61 | 8.03 | 4.13 | 0.21 |  |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (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 | (0.25) | (0.44) | (0.39) | (0.34) |  |  |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 5.39 | 12.71 | 27.94 | 16.60 | 0.84 | \*\* |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 279 | 265 | 222 | 148 | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 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 | 0.10 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.03 | 1.18 | 1.28 | 1.49 | 1.50 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 3 | 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.

DBX ETF Trust \| **63**

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Financial Highlights (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Xtrackers RREEF Global Natural Resources ETF

---

| | | | |
|:---|:---|:---|:---|
|  | For the Six | | |
|  | Months<br>Ended<br>2/28/2026<br>(Unaudited) | Year<br>Ended<br>8/31/2025 | Period<br>Ended<br>8/31/2024(a) |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $26.91 | $26.90 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.30 | 0.65 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 8.79 | 0.16 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 9.09 | 0.81 | 2.18 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (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 | (0.46) | (0.80) | (0.28) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 34.28 | 3.23 | 8.75 |
| Ratios to Average Net Assets and Supplemental Data |  |  |  |
|  Net Assets, end of period ($ millions) | 39 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.06 | 2.57 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 69 | 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.

**64** \| DBX ETF Trust

------

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 28, 2026, the Trust consists of forty-four 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 | MSCI EAFE Selection Index |
| Xtrackers MSCI Emerging Markets Climate Selection ETF | MSCI Global Climate 500 Emerging Markets Selection Index |
| Xtrackers MSCI USA Climate Action Equity ETF | MSCI USA Climate Action Index |
| Xtrackers MSCI USA Selection Equity ETF | MSCI USA Selection Index |
| Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | Solactive ISS ESG United States Net Zero Pathway Enhanced Index |

---

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the "EMCR Index") is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance ("ESG") criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies' greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE 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.

DBX ETF Trust \| **65**

------

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 Natural 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 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 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.

**66** \| DBX ETF Trust

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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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does 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.

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 \| **67**

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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 each 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 period ended February 28, 2026, the Funds did not incur any interest or penalties.

**68** \| DBX ETF Trust

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18532261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59107241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

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 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) |

---

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

**Foreign Taxes.** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 28, 2026, 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

DBX ETF Trust \| **69**

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a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2026, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of February 28, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2026, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 | Remaining Contractual Maturity of the Agreements, as of February 28, 2026 |
| Securities Lending Transactions | Overnight<br>and<br>Continuous | <30 Days | **Between**<br> **30 & 90<br>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 | $8400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8400 |
| &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 |  |  | $8400 |
| Xtrackers MSCI EAFE Selection Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $83445 | $— | $— | $— | $83445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $36477 | $— | $— | $— | $36477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowing** | $119922 | $— | $— | $— | $119922 |
| &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 |  |  | $119922 |
| Xtrackers MSCI USA Climate Action Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754500 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754500 |
| &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 |  |  | $1754500 |
| Xtrackers MSCI USA Selection Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $124503 | $— | $— | $— | $124503 |
| &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 |  |  | $124503 |

---

As of February 28, 2026, Xtrackers MSCI Emerging Markets Climate Selection ETF, Xtrackers Net Zero Pathway Paris Aligned US 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 period ended February 28, 2026, 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).

**70** \| 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 February 28, 2026 is included in a table following the Funds' Schedule of Investments.

The following tables summarize the value of the Funds' derivative instruments held as of February 28, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| 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\* | $64859 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $64859 | Total | $— |
| Xtrackers MSCI EAFE Selection Equity ETF | Xtrackers MSCI EAFE Selection Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $29506 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $29506 | Total | $— |
| 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\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507406 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $507406 | Total | $— |
| 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\* | $43095 | Unrealized depreciation on futures contracts\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45069 |
|  | Total | $43095 | Total | $45069 |
| Xtrackers MSCI USA Selection Equity ETF | Xtrackers MSCI USA Selection Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $20680 | Unrealized depreciation on futures contracts\* | $6721 |
|  | Total | $20680 | Total | $6721 |
| 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\* | $— | Unrealized depreciation on futures contracts\* | $1066 |
|  | Total | $— | Total | $1066 |

---

\* 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 February 28, 2026 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 | $43502 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 37084 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 707449 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 1722134 |
|  Xtrackers MSCI USA Selection Equity ETF | 194359 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 44556 |

---

---

| | |
|:---|:---|
|  | Futures Contracts |
| Net Change in Unrealized Appreciation (Depreciation) on: | — Equity Contracts |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $56019 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 25178 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 383222 |
|  Xtrackers MSCI USA Climate Action Equity ETF | (908761) |
|  Xtrackers MSCI USA Selection Equity ETF | (71985) |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | (16557) |

---

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For the period ended February 28, 2026 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | Futures Contracts |
|  | (Contract Value) |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $432434 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 385870 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 5564136 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 12425868 |
|  Xtrackers MSCI USA Selection Equity ETF | 2171775 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 629467 |

---

**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, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
|  | Unitary Advisory <br>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 | 0.15% |
|  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% |

---

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated Funds. For the period ended February 28, 2026, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | Expenses Waived |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $223 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 56 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 5817 |
|  Xtrackers MSCI USA Selection Equity ETF | 1445 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 413 |
|  Xtrackers RREEF Global Natural Resources ETF | 53 |

---

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.

**72** \| DBX ETF Trust

------

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

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

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

**Affiliated Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 28, 2026, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | Securities Lending<br>Agent Fees |
|  Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | $7 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
|  Xtrackers MSCI USA Selection Equity ETF | 16 |

---

4. Investment Portfolio Transactions

For the period ended February 28, 2026, 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 | $13817041 | $4515879 |
|  Xtrackers MSCI EAFE Selection Equity ETF | 2398855 | 3634797 |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 651905232 | 360746636 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 278142916 | 266105392 |
|  Xtrackers MSCI USA Selection Equity ETF | 5330663 | 5339603 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 8748812 | 9151043 |
|  Xtrackers RREEF Global Natural Resources ETF | 23521327 | 23452335 |

---

For the period ended February 28, 2026, 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 | $1321778 | $— |
|  Xtrackers MSCI EAFE Selection Equity ETF |  |  |
|  Xtrackers MSCI Emerging Markets Climate Selection ETF | 62288098 | 106414619 |
|  Xtrackers MSCI USA Climate Action Equity ETF | 372028453 | 765652259 |
|  Xtrackers MSCI USA Selection Equity ETF | 53844348 | 121990970 |
|  Xtrackers Net Zero Pathway Paris Aligned US Equity ETF | 8682246 | 7480236 |
|  Xtrackers RREEF Global Natural Resources ETF | 1183838 | 3878241 |

---

5. Fund Share Transactions

As of February 28, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund's Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the period ended February 28, 2026, the Advisor agreed to reimburse Xtrackers RREEF Global Natural Resources ETF $11,946 for a loss due to a trade executed incorrectly. The amount compensated was 0.04% of the Fund's average net assets.

DBX ETF Trust \| **73**

------

7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments 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.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets 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, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds' status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 28, 2026.

9. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of February 28, 2026, there was one affiliated shareholder account for Xtrackers Global Natural Resources ETF, owning 36% of the shares outstanding.

**74** \| DBX ETF Trust

------

![LOGO](g105258dsp76.jpg)

------

![LOGO](g111841g36h62.jpg)

Xtrackers S&P 100 Ex Top 20 ETF (XOEX)

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 Dividend Aristocrats Screened ETF (SNPD)

Xtrackers S&P MidCap 400 Scored & Screened ETF (MIDE)

![LOGO](g111841g05m93.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#fin111841_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 100 Ex Top 20 ETF](#fin111841_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Diversified Sector Weight ETF](#fin111841_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Growth Scored & Screened ETF](#fin111841_4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P 500 Scored & Screened ETF](#fin111841_5) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P Dividend Aristocrats Screened ETF](#fin111841_6) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers S&P MidCap 400 Scored & Screened ETF](#fin111841_7) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#fin111841_8)** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Operations](#fin111841_9)** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin111841_10)** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin111841_11)** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin111841_12)** | **40** |

---

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 100 Ex Top 20 ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.9%** |  |  |
|  **Communication Services — 6.0%** |  |  |
|  AT&T, Inc. | 60531 | 1695473 |
|  Comcast Corp., Class A | 31106 | 963042 |
|  T-Mobile US, Inc. | 4081 | 885944 |
|  Verizon Communications, Inc. | 36266 | 1818377 |
|  Walt Disney Co. | 15311 | 1623579 |
|  (Cost $6,468,963) |  | **6986415** |
|  **Consumer Discretionary — 5.8%** |  |  |
|  Booking Holdings, Inc. | 276 | 1170060 |
|  General Motors Co. | 8002 | 629837 |
|  Lowe's Cos., Inc. | 4773 | 1262793 |
|  McDonald's Corp. | 6072 | 2070916 |
|  NIKE, Inc., Class B | 10326 | 642071 |
|  Starbucks Corp. | 9730 | 953735 |
|  (Cost $6,796,744) |  | **6729412** |
|  **Consumer Staples — 8.5%** |  |  |
|  Altria Group, Inc. | 14441 | 997007 |
|  Coca-Cola Co. | 33184 | 2706487 |
|  Colgate-Palmolive Co. | 6907 | 684760 |
|  Mondelez International, Inc., Class A | 10990 | 676764 |
|  PepsiCo, Inc. | 11639 | 1975604 |
|  Philip Morris International, Inc. | 13274 | 2479981 |
|  Target Corp. | 3834 | 436271 |
|  (Cost $9,173,321) |  | **9956874** |
|  **Energy — 3.6%** |  |  |
|  Chevron Corp. | 16216 | 3028500 |
|  ConocoPhillips | 10600 | 1202676 |
|  (Cost $3,865,432) |  | **4231176** |
|  **Financials — 15.7%** |  |  |
|  American Express Co. | 4621 | 1427427 |
|  American International Group, Inc. | 4707 | 378866 |
|  Bank of America Corp. | 57464 | 2863431 |
|  Bank of New York Mellon Corp. | 5964 | 710312 |
|  Blackrock, Inc. | 1235 | 1313089 |
|  Capital One Financial Corp. | 5389 | 1054304 |
|  Charles Schwab Corp. | 14334 | 1364597 |
|  Citigroup, Inc. | 15375 | 1694171 |
|  Goldman Sachs Group, Inc. | 2565 | 2204797 |
|  MetLife, Inc. | 4706 | 339161 |
|  Morgan Stanley | 10358 | 1724711 |
|  PayPal Holdings, Inc. | 7851 | 362795 |
|  US Bancorp | 13188 | 720856 |
|  Wells Fargo & Co. | 26915 | 2192227 |
|  (Cost $19,728,322) |  | **18350744** |
|  **Health Care — 19.1%** |  |  |
|  Abbott Laboratories | 14873 | 1730474 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  AbbVie, Inc. | 15070 | 3497446 |
|  Amgen, Inc. | 4635 | 1799122 |
|  Bristol-Myers Squibb Co. | 17516 | 1092473 |
|  CVS Health Corp. | 10875 | 868912 |
|  Danaher Corp. | 5344 | 1125660 |
|  Gilead Sciences, Inc. | 10649 | 1586169 |
|  Intuitive Surgical, Inc. \* | 3040 | 1530670 |
|  Medtronic PLC | 10985 | 1072795 |
|  Merck & Co., Inc. | 21225 | 2628079 |
|  Pfizer, Inc. | 48737 | 1347578 |
|  Thermo Fisher Scientific, Inc. | 3214 | 1674847 |
|  UnitedHealth Group, Inc. | 7770 | 2278708 |
|  (Cost $21,805,635) |  | **22232933** |
|  **Industrials — 16.1%** |  |  |
|  3M Co. | 4498 | 743609 |
|  Boeing Co. \* | 6678 | 1519445 |
|  Caterpillar, Inc. | 4009 | 2978006 |
|  Deere & Co. | 2152 | 1355136 |
|  Emerson Electric Co. | 4795 | 722846 |
|  FedEx Corp. | 1884 | 729108 |
|  GE Aerospace | 9025 | 3088897 |
|  General Dynamics Corp. | 2197 | 784439 |
|  Honeywell International, Inc. | 5394 | 1313925 |
|  Lockheed Martin Corp. | 1742 | 1146375 |
|  RTX Corp. | 11447 | 2319391 |
|  Union Pacific Corp. | 5047 | 1337354 |
|  United Parcel Service, Inc., Class B | 6278 | 727997 |
|  (Cost $17,517,836) |  | **18766528** |
|  **Information Technology — 19.2%** |  |  |
|  Accenture PLC, Class A | 5335 | 1113521 |
|  Adobe, Inc. \* | 3560 | 934180 |
|  Advanced Micro Devices, Inc. \* | 13895 | 2781918 |
|  Cisco Systems, Inc. | 33651 | 2673908 |
|  Intel Corp. \* | 38302 | 1746954 |
|  International Business Machines Corp. | 7995 | 1920479 |
|  Intuit, Inc. | 2366 | 967765 |
|  Oracle Corp. | 14438 | 2099285 |
|  Palantir Technologies, Inc., Class A\* | 19525 | 2678635 |
|  QUALCOMM, Inc. | 9147 | 1302167 |
|  Salesforce, Inc. | 8162 | 1589876 |
|  ServiceNow, Inc. \* | 8793 | 949732 |
|  Texas Instruments, Inc. | 7805 | 1655519 |
|  (Cost $24,946,288) |  | **22413939** |
|  **Materials — 1.7%** |  |  |
|  Linde PLC |  |  |
|  (Cost $1,826,807) | 3997 | **2030796** |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 100 Ex Top 20 ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Real Estate — 1.2%** |  |  |
|  American Tower Corp. REIT | 4015 | 770318 |
|  Simon Property Group, Inc. REIT | 2809 | 572615 |
|  (Cost $1,247,910) |  | **1342933** |
|  **Utilities — 3.0%** |  |  |
|  Duke Energy Corp. | 6596 | 863086 |
|  NextEra Energy, Inc. | 17883 | 1676889 |
|  Southern Co. | 9415 | 916833 |
|  (Cost $3,192,086) |  | **3456808** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $116,569,344) |  | **116498558** |
|  **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
|  Defiance Large Cap ex-Mag 7 ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,213) | 625 | **14603** |
|  **CASH EQUIVALENTS — 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $19,429) | 19429 | **19429** |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
|  (Cost $116,602,986) |  | **116532590** |
|  **Other assets and liabilities, net — 0.1%** |  | **135315** |
|  **NET ASSETS — 100.0%** |  | **116667905** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>8/31/2025** | **Purchases Cost<br>($)** | **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>($)** | **Number of <br>Shares at<br>2/28/2026** | **Value ($) at <br>2/28/2026** |
|  CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 1497 | 154501 | (136569) |  |  | 152 |  | 19429 | 19429 |

---

\* 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 \| **3**

------

Schedule of Investments

Xtrackers S&P 100 Ex Top 20 ETF (Continued)

February 28, 2026 (Unaudited)

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

The following is a summary of the inputs used as of February 28, 2026 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) | $116498558 | $— | $— | $116498558 |
|  Exchange-Traded Funds | 14603 |  |  | 14603 |
|  Short-Term Investments (a) | 19429 |  |  | 19429 |
|  **TOTAL** | $**116532590** | $**—** | $**—** | $**116532590** |

---

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

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 98.9%** |  |  |
|  **Communication Services — 6.4%** |  |  |
|  Alphabet, Inc., Class A | 99 | 30864 |
|  Alphabet, Inc., Class C | 79 | 24603 |
|  AT&T, Inc. | 1368 | 38318 |
|  Charter Communications, Inc., Class A \* | 93 | 21821 |
|  Comcast Corp., Class A | 1549 | 47957 |
|  Electronic Arts, Inc. | 41 | 8223 |
|  Fox Corp., Class A | 35 | 1972 |
|  Fox Corp., Class B | 27 | 1397 |
|  Live Nation Entertainment, Inc. \* | 32 | 5189 |
|  Match Group, Inc. | 28 | 885 |
|  Meta Platforms, Inc., Class A | 66 | 42780 |
|  Netflix, Inc. \* | 39 | 3753 |
|  News Corp., Class A | 642 | 15594 |
|  News Corp., Class B | 211 | 5651 |
|  Omnicom Group, Inc. | 143 | 12196 |
|  Paramount Skydance Corp., Class B | 617 | 8336 |
|  Take-Two Interactive Software, Inc.\* | 26 | 5498 |
|  TKO Group Holdings, Inc. | 7 | 1567 |
|  T-Mobile US, Inc. | 103 | 22360 |
|  Trade Desk, Inc., Class A \* | 17 | 405 |
|  Verizon Communications, Inc. | 930 | 46630 |
|  Walt Disney Co. | 687 | 72850 |
|  Warner Bros Discovery, Inc. \* | 385 | 10845 |
|  (Cost $424,188) |  | **429694** |
|  **Consumer Discretionary — 9.6%** |  |  |
|  Airbnb, Inc., Class A \* | 18 | 2432 |
|  Amazon.com, Inc. \* | 167 | 35070 |
|  Aptiv PLC \* | 80 | 5883 |
|  AutoZone, Inc. \* | 2 | 7511 |
|  Best Buy Co., Inc. | 49 | 3037 |
|  Booking Holdings, Inc. | 1 | 4239 |
|  Carnival Corp. | 170 | 5364 |
|  Carvana Co. \* | 24 | 8020 |
|  Chipotle Mexican Grill, Inc. \* | 355 | 13213 |
|  D.R. Horton, Inc. | 107 | 17162 |
|  Darden Restaurants, Inc. | 176 | 37638 |
|  Deckers Outdoor Corp. \* | 24 | 2814 |
|  Domino's Pizza, Inc. | 12 | 4830 |
|  DoorDash, Inc., Class A \* | 28 | 4941 |
|  eBay, Inc. | 6 | 545 |
|  Expedia Group, Inc. | 9 | 1941 |
|  Ford Motor Co. | 1803 | 25404 |
|  Garmin Ltd. | 22 | 5562 |
|  General Motors Co. | 328 | 25817 |
|  Genuine Parts Co. | 53 | 6321 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Hasbro, Inc. | 113 | 11254 |
|  Hilton Worldwide Holdings, Inc. | 12 | 3741 |
|  Home Depot, Inc. | 26 | 9899 |
|  Las Vegas Sands Corp. | 123 | 6977 |
|  Lennar Corp., Class A | 195 | 22300 |
|  Lowe's Cos., Inc. | 22 | 5821 |
|  Lululemon Athletica, Inc. \* | 29 | 5370 |
|  Marriott International, Inc., Class A | 25 | 8543 |
|  McDonald's Corp. | 108 | 36834 |
|  MGM Resorts International \* | 389 | 14339 |
|  NIKE, Inc., Class B | 583 | 36251 |
|  Norwegian Cruise Line Holdings Ltd.\* | 84 | 2082 |
|  NVR, Inc. \* | 1 | 7518 |
|  O'Reilly Automotive, Inc. \* | 66 | 6196 |
|  Pool Corp. | 27 | 6134 |
|  PulteGroup, Inc. | 82 | 11250 |
|  Ralph Lauren Corp. | 77 | 27920 |
|  Ross Stores, Inc. | 127 | 26116 |
|  Royal Caribbean Cruises Ltd. | 11 | 3421 |
|  Starbucks Corp. | 434 | 42541 |
|  Tapestry, Inc. | 207 | 32182 |
|  Tesla, Inc. \* | 39 | 15698 |
|  TJX Cos., Inc. | 143 | 23117 |
|  Tractor Supply Co. | 632 | 32763 |
|  Ulta Beauty, Inc. \* | 13 | 8902 |
|  Williams-Sonoma, Inc. | 4 | 823 |
|  Wynn Resorts Ltd. | 47 | 5085 |
|  Yum! Brands, Inc. | 71 | 11939 |
|  (Cost $608,125) |  | **642760** |
|  **Consumer Staples — 13.8%** |  |  |
|  Altria Group, Inc. | 283 | 19538 |
|  Archer-Daniels-Midland Co. | 465 | 32104 |
|  Brown-Forman Corp., Class B | 792 | 22857 |
|  Bunge Global SA | 172 | 20752 |
|  Campbell's Company | 125 | 3369 |
|  Church & Dwight Co., Inc. | 171 | 17931 |
|  Clorox Co. | 190 | 24160 |
|  Coca-Cola Co. | 93 | 7585 |
|  Colgate-Palmolive Co. | 417 | 41341 |
|  Conagra Brands, Inc. | 298 | 5736 |
|  Constellation Brands, Inc., Class A | 74 | 11682 |
|  Costco Wholesale Corp. | 100 | 101079 |
|  Dollar General Corp. | 47 | 7343 |
|  Dollar Tree, Inc. \* | 22 | 2783 |
|  Estee Lauder Cos., Inc., Class A | 119 | 13027 |
|  General Mills, Inc. | 319 | 14428 |
|  Hershey Co. | 10 | 2363 |
|  Hormel Foods Corp. | 208 | 5325 |
|  J M Smucker Co. | 70 | 8116 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Kenvue, Inc. | 1004 | 19196 |
|  Keurig Dr Pepper, Inc. | 363 | 10992 |
|  Kimberly-Clark Corp. | 302 | 33655 |
|  Kraft Heinz Co. | 675 | 16612 |
|  Kroger Co. | 379 | 25863 |
|  Lamb Weston Holdings, Inc. | 129 | 6217 |
|  McCormick & Co., Inc. | 68 | 4831 |
|  Molson Coors Beverage Co., Class B | 275 | 13472 |
|  Mondelez International, Inc., Class A | 164 | 10099 |
|  Monster Beverage Corp. \* | 20 | 1706 |
|  PepsiCo, Inc. | 89 | 15107 |
|  Philip Morris International, Inc. | 318 | 59412 |
|  Procter & Gamble Co. | 660 | 110352 |
|  Sysco Corp. | 945 | 86146 |
|  Target Corp. | 229 | 26058 |
|  Tyson Foods, Inc., Class A | 422 | 27426 |
|  Walmart, Inc. | 700 | 89565 |
|  (Cost $835,207) |  | **918228** |
|  **Energy — 5.7%** |  |  |
|  APA Corp. | 45 | 1367 |
|  Baker Hughes Co. | 265 | 17294 |
|  Chevron Corp. | 136 | 25399 |
|  ConocoPhillips | 70 | 7942 |
|  Coterra Energy, Inc. | 29 | 887 |
|  Devon Energy Corp. | 52 | 2263 |
|  Diamondback Energy, Inc. | 10 | 1741 |
|  EOG Resources, Inc. | 24 | 2978 |
|  EQT Corp. | 15 | 921 |
|  Expand Energy Corp. | 9 | 971 |
|  Exxon Mobil Corp. | 336 | 51240 |
|  Halliburton Co. | 244 | 8784 |
|  Kinder Morgan, Inc. | 2006 | 66740 |
|  Marathon Petroleum Corp. | 165 | 32705 |
|  Occidental Petroleum Corp. | 78 | 4140 |
|  ONEOK, Inc. | 288 | 23838 |
|  Phillips 66 | 380 | 58645 |
|  SLB Ltd. | 279 | 14324 |
|  Targa Resources Corp. | 42 | 9903 |
|  Texas Pacific Land Corp. | 6 | 3146 |
|  Valero Energy Corp. | 148 | 30287 |
|  Williams Cos., Inc. | 244 | 18232 |
|  (Cost $303,910) |  | **383747** |
|  **Financials — 12.1%** |  |  |
|  Aflac, Inc. | 49 | 5534 |
|  Allstate Corp. | 70 | 15016 |
|  American Express Co. | 25 | 7723 |
|  American International Group, Inc. | 72 | 5795 |
|  Ameriprise Financial, Inc. | 4 | 1880 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Aon PLC, Class A | 7 | 2348 |
|  Apollo Global Management, Inc. | 29 | 3033 |
|  Arch Capital Group Ltd. \* | 118 | 11818 |
|  Ares Management Corp., Class A | 34 | 3808 |
|  Arthur J Gallagher & Co. | 8 | 1826 |
|  Assurant, Inc. | 8 | 1837 |
|  Bank of America Corp. | 294 | 14650 |
|  Bank of New York Mellon Corp. | 91 | 10838 |
|  Berkshire Hathaway, Inc., Class B\* | 481 | 242881 |
|  Blackrock, Inc. | 10 | 10632 |
|  Blackstone, Inc. | 103 | 11677 |
|  Block, Inc. \* | 515 | 32806 |
|  Brown & Brown, Inc. | 14 | 1005 |
|  Capital One Financial Corp. | 53 | 10369 |
|  Cboe Global Markets, Inc. | 10 | 2997 |
|  Charles Schwab Corp. | 98 | 9330 |
|  Chubb Ltd. | 64 | 21815 |
|  Cincinnati Financial Corp. | 18 | 2952 |
|  Citigroup, Inc. | 158 | 17410 |
|  Citizens Financial Group, Inc. | 42 | 2528 |
|  CME Group, Inc. | 14 | 4473 |
|  Coinbase Global, Inc., Class A \* | 11 | 1934 |
|  Corpay, Inc. \* | 2 | 650 |
|  Erie Indemnity Co., Class A | 14 | 3772 |
|  Everest Group Ltd. | 19 | 6374 |
|  FactSet Research Systems, Inc. | 4 | 867 |
|  Fidelity National Information Services, Inc. | 18 | 917 |
|  Fifth Third Bancorp | 76 | 3760 |
|  Fiserv, Inc. \* | 270 | 16818 |
|  Franklin Resources, Inc. | 24 | 637 |
|  Global Payments, Inc. | 15 | 1147 |
|  Globe Life, Inc. | 15 | 2179 |
|  Goldman Sachs Group, Inc. | 29 | 24928 |
|  Hartford Insurance Group, Inc. | 53 | 7464 |
|  Huntington Bancshares, Inc. | 157 | 2638 |
|  Interactive Brokers Group, Inc., Class A | 70 | 4983 |
|  Intercontinental Exchange, Inc. | 37 | 6073 |
|  Invesco Ltd. | 108 | 2836 |
|  Jack Henry & Associates, Inc. | 16 | 2599 |
|  JPMorgan Chase & Co. | 123 | 36937 |
|  KeyCorp | 164 | 3401 |
|  KKR & Co., Inc. | 34 | 2981 |
|  Loews Corp. | 50 | 5501 |
|  M&T Bank Corp. | 11 | 2387 |
|  Marsh & McLennan Cos., Inc. | 18 | 3361 |
|  Mastercard, Inc., Class A | 7 | 3620 |
|  MetLife, Inc. | 241 | 17369 |
|  Moody's Corp. | 12 | 5731 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Morgan Stanley | 79 | 13154 |
|  MSCI, Inc. | 5 | 2859 |
|  Nasdaq, Inc. | 77 | 6744 |
|  Northern Trust Corp. | 42 | 6010 |
|  PayPal Holdings, Inc. | 65 | 3004 |
|  PNC Financial Services Group, Inc. | 32 | 6795 |
|  Principal Financial Group, Inc. | 42 | 4008 |
|  Progressive Corp. | 56 | 11965 |
|  Prudential Financial, Inc. | 305 | 30006 |
|  Raymond James Financial, Inc. | 41 | 6276 |
|  Regions Financial Corp. | 73 | 2032 |
|  Robinhood Markets, Inc., Class A\* | 10 | 759 |
|  S&P Global, Inc. | 13 | 5744 |
|  State Street Corp. | 44 | 5659 |
|  Synchrony Financial | 22 | 1520 |
| T. Rowe Price Group, Inc. | 23 | 2176 |
|  Travelers Cos., Inc. | 70 | 21605 |
|  Truist Financial Corp. | 205 | 10109 |
|  US Bancorp | 167 | 9128 |
|  Visa, Inc., Class A | 11 | 3522 |
|  W.R. Berkley Corp. | 48 | 3442 |
|  Wells Fargo & Co. | 224 | 18245 |
|  Willis Towers Watson PLC | 4 | 1221 |
|  (Cost $812,213) |  | **804828** |
|  **Health Care — 12.6%** |  |  |
|  Abbott Laboratories | 946 | 110067 |
|  AbbVie, Inc. | 18 | 4177 |
|  Agilent Technologies, Inc. | 25 | 3034 |
|  Align Technology, Inc. \* | 15 | 2851 |
|  Amgen, Inc. | 9 | 3493 |
|  Baxter International, Inc. | 478 | 9737 |
|  Becton Dickinson & Co. | 35 | 6177 |
|  Biogen, Inc. \* | 23 | 4412 |
|  Bio-Techne Corp. | 24 | 1416 |
|  Boston Scientific Corp. \* | 66 | 5072 |
|  Bristol-Myers Squibb Co. | 694 | 43285 |
|  Cardinal Health, Inc. | 81 | 18568 |
|  Cencora, Inc. | 22 | 8187 |
|  Centene Corp. \* | 750 | 33660 |
|  Charles River Laboratories International, Inc. \* | 18 | 3213 |
|  Cigna Group | 39 | 11303 |
|  Cooper Cos., Inc. \* | 32 | 2677 |
|  CVS Health Corp. | 710 | 56729 |
|  Danaher Corp. | 45 | 9479 |
|  DaVita, Inc. \* | 17 | 2657 |
|  Dexcom, Inc. \* | 55 | 4039 |
|  Edwards Lifesciences Corp. \* | 27 | 2335 |
|  Elevance Health, Inc. | 44 | 14080 |
|  Eli Lilly & Co. | 4 | 4208 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  GE HealthCare Technologies, Inc. | 90 | 7584 |
|  Gilead Sciences, Inc. | 16 | 2383 |
|  HCA Healthcare, Inc. | 59 | 31252 |
|  Henry Schein, Inc. \* | 174 | 14336 |
|  Hologic, Inc. \* | 24 | 1809 |
|  Humana, Inc. | 54 | 10289 |
|  IDEXX Laboratories, Inc. \* | 5 | 3284 |
|  Incyte Corp. \* | 1 | 101 |
|  Insulet Corp. \* | 15 | 3699 |
|  Intuitive Surgical, Inc. \* | 6 | 3021 |
|  IQVIA Holdings, Inc. \* | 67 | 11980 |
|  Johnson & Johnson | 72 | 17887 |
|  Labcorp Holdings, Inc. | 30 | 8674 |
|  McKesson Corp. | 32 | 31596 |
|  Medtronic PLC | 159 | 15528 |
|  Merck & Co., Inc. | 106 | 13125 |
|  Mettler-Toledo International, Inc.\* | 1 | 1367 |
|  Moderna, Inc. \* | 1325 | 70980 |
|  Molina Healthcare, Inc. \* | 28 | 4313 |
|  Pfizer, Inc. | 1381 | 38185 |
|  Quest Diagnostics, Inc. | 27 | 5722 |
|  Regeneron Pharmaceuticals, Inc. | 90 | 70350 |
|  ResMed, Inc. | 44 | 11275 |
|  Revvity, Inc. | 10 | 983 |
|  Solventum Corp. \* | 34 | 2523 |
|  STERIS PLC | 6 | 1514 |
|  Stryker Corp. | 21 | 8137 |
|  Thermo Fisher Scientific, Inc. | 42 | 21887 |
|  UnitedHealth Group, Inc. | 108 | 31673 |
|  Universal Health Services, Inc., Class B | 29 | 5977 |
|  Vertex Pharmaceuticals, Inc. \* | 2 | 994 |
|  Viatris, Inc. | 687 | 10257 |
|  Waters Corp. \* | 7 | 2236 |
|  West Pharmaceutical Services, Inc. | 3 | 763 |
|  Zimmer Biomet Holdings, Inc. | 24 | 2362 |
|  Zoetis, Inc. | 87 | 11406 |
|  (Cost $726,581) |  | **844308** |
|  **Industrials — 12.3%** |  |  |
|  3M Co. | 114 | 18846 |
|  A O Smith Corp. | 37 | 2886 |
|  Allegion PLC | 38 | 6124 |
|  AMETEK, Inc. | 18 | 4306 |
|  Automatic Data Processing, Inc. | 86 | 18435 |
|  Axon Enterprise, Inc. \* | 7 | 3797 |
|  Boeing Co. \* | 32 | 7281 |
|  Broadridge Financial Solutions, Inc. | 26 | 4833 |
|  Builders FirstSource, Inc. \* | 49 | 5110 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  C.H. Robinson Worldwide, Inc. | 32 | 5928 |
|  Carrier Global Corp. | 129 | 8308 |
|  Caterpillar, Inc. | 28 | 20799 |
|  Cintas Corp. | 63 | 12671 |
|  Comfort Systems USA, Inc. | 2 | 2859 |
|  Copart, Inc. \* | 374 | 14246 |
|  CSX Corp. | 178 | 7599 |
|  Cummins, Inc. | 25 | 14597 |
|  Deere & Co. | 36 | 22670 |
|  Delta Air Lines, Inc. | 290 | 19053 |
|  Dover Corp. | 29 | 6539 |
|  Eaton Corp. PLC | 65 | 24435 |
|  EMCOR Group, Inc. | 40 | 28985 |
|  Emerson Electric Co. | 30 | 4522 |
|  Equifax, Inc. | 77 | 16090 |
|  Expeditors International of Washington, Inc. | 18 | 2611 |
|  Fastenal Co. | 30 | 1381 |
|  FedEx Corp. | 43 | 16641 |
|  Fortive Corp. | 20 | 1184 |
|  GE Aerospace | 9 | 3080 |
|  GE Vernova, Inc. | 14 | 12230 |
|  Generac Holdings, Inc. \* | 8 | 1803 |
|  General Dynamics Corp. | 36 | 12854 |
|  Honeywell International, Inc. | 75 | 18269 |
|  Howmet Aerospace, Inc. | 37 | 9714 |
|  Hubbell, Inc. | 6 | 3070 |
|  Huntington Ingalls Industries, Inc. | 2 | 889 |
|  IDEX Corp. | 23 | 4818 |
|  Illinois Tool Works, Inc. | 51 | 14822 |
|  Ingersoll Rand, Inc. | 30 | 2824 |
|  Jacobs Solutions, Inc. | 90 | 12407 |
|  JB Hunt Transport Services, Inc. | 34 | 7936 |
|  Johnson Controls International PLC | 103 | 14863 |
|  L3Harris Technologies, Inc. | 50 | 18227 |
|  Leidos Holdings, Inc. | 59 | 10331 |
|  Lennox International, Inc. | 7 | 3990 |
|  Lockheed Martin Corp. | 7 | 4607 |
|  Masco Corp. | 50 | 3581 |
|  Nordson Corp. | 19 | 5575 |
|  Norfolk Southern Corp. | 20 | 6295 |
|  Northrop Grumman Corp. | 25 | 18109 |
|  Old Dominion Freight Line, Inc. | 4 | 812 |
|  Otis Worldwide Corp. | 155 | 14347 |
|  PACCAR, Inc. | 58 | 7313 |
|  Parker-Hannifin Corp. | 10 | 10092 |
|  Paychex, Inc. | 57 | 5338 |
|  Paycom Software, Inc. | 2 | 252 |
|  Pentair PLC | 106 | 10514 |
|  Quanta Services, Inc. | 13 | 7320 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Republic Services, Inc. | 23 | 5267 |
|  Rockwell Automation, Inc. | 2 | 815 |
|  Rollins, Inc. | 79 | 4810 |
|  RTX Corp. | 196 | 39713 |
|  Snap-on, Inc. | 14 | 5393 |
|  Southwest Airlines Co. | 248 | 12216 |
|  Stanley Black & Decker, Inc. | 106 | 9168 |
|  Textron, Inc. | 407 | 40151 |
|  Trane Technologies PLC | 11 | 5085 |
|  TransDigm Group, Inc. | 11 | 14331 |
|  Uber Technologies, Inc. \* | 213 | 16064 |
|  Union Pacific Corp. | 52 | 13779 |
|  United Airlines Holdings, Inc. \* | 196 | 20835 |
|  United Parcel Service, Inc., Class B | 95 | 11016 |
|  United Rentals, Inc. | 22 | 18480 |
|  Veralto Corp. | 27 | 2631 |
|  Verisk Analytics, Inc. | 7 | 1453 |
|  W.W. Grainger, Inc. | 4 | 4579 |
|  Waste Management, Inc. | 77 | 18545 |
|  Westinghouse Air Brake Technologies Corp. | 82 | 21644 |
|  Xylem, Inc. | 47 | 6089 |
|  (Cost $736,395) |  | **821082** |
|  **Information Technology — 12.0%** |  |  |
|  Accenture PLC, Class A | 31 | 6470 |
|  Adobe, Inc. \* | 5 | 1312 |
|  Advanced Micro Devices, Inc. \* | 12 | 2402 |
|  Akamai Technologies, Inc. \* | 8 | 787 |
|  Amphenol Corp., Class A | 75 | 10954 |
|  Analog Devices, Inc. | 37 | 13164 |
|  Apple, Inc. | 218 | 57591 |
|  Applied Materials, Inc. | 63 | 23455 |
|  AppLovin Corp., Class A \* | 3 | 1304 |
|  Arista Networks, Inc. \* | 33 | 4405 |
|  Autodesk, Inc. \* | 2 | 492 |
|  Broadcom, Inc. | 54 | 17256 |
|  Cadence Design Systems, Inc. \* | 19 | 5727 |
|  CDW Corp. | 42 | 5151 |
|  Cisco Systems, Inc. | 360 | 28606 |
|  Cognizant Technology Solutions Corp., Class A | 70 | 4510 |
|  Corning, Inc. | 82 | 12331 |
|  Crowdstrike Holdings, Inc., Class A\* | 2 | 744 |
|  Datadog, Inc., Class A \* | 4 | 448 |
|  Dell Technologies, Inc., Class C | 172 | 25470 |
|  EPAM Systems, Inc. \* | 26 | 3666 |
|  F5, Inc. \* | 4 | 1085 |
|  First Solar, Inc. \* | 9 | 1775 |
|  Fortinet, Inc. \* | 30 | 2371 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Gartner, Inc. \* | 8 | 1258 |
|  Gen Digital, Inc. | 47 | 1061 |
|  GoDaddy, Inc., Class A \* | 219 | 19088 |
|  Hewlett Packard Enterprise Co. | 570 | 12238 |
|  HP, Inc. | 499 | 9476 |
|  Intel Corp. \* | 610 | 27822 |
|  International Business Machines Corp. | 129 | 30987 |
|  Intuit, Inc. | 5 | 2045 |
|  Jabil, Inc. | 372 | 98576 |
|  Keysight Technologies, Inc. \* | 21 | 6454 |
|  KLA Corp. | 18 | 27442 |
|  Lam Research Corp. | 67 | 15671 |
|  Microchip Technology, Inc. | 7 | 522 |
|  Micron Technology, Inc. | 53 | 21856 |
|  Microsoft Corp. | 115 | 45165 |
|  Monolithic Power Systems, Inc. | 3 | 3428 |
|  Motorola Solutions, Inc. | 16 | 7716 |
|  NetApp, Inc. | 80 | 7922 |
|  NVIDIA Corp. | 85 | 15061 |
|  NXP Semiconductors NV | 85 | 19296 |
|  ON Semiconductor Corp. \* | 122 | 8111 |
|  Oracle Corp. | 37 | 5380 |
|  Palantir Technologies, Inc., Class A\* | 43 | 5899 |
|  Palo Alto Networks, Inc. \* | 16 | 2383 |
|  PTC, Inc. \* | 2 | 313 |
|  Qnity Electronics, Inc. | 17 | 2155 |
|  QUALCOMM, Inc. | 375 | 53385 |
|  Roper Technologies, Inc. | 16 | 5596 |
|  Salesforce, Inc. | 41 | 7986 |
|  Sandisk Corp. \* | 10 | 6354 |
|  Seagate Technology Holdings PLC | 10 | 4078 |
|  ServiceNow, Inc. \* | 10 | 1080 |
|  Skyworks Solutions, Inc. | 57 | 3396 |
|  Super Micro Computer, Inc. \* | 195 | 6316 |
|  Synopsys, Inc. \* | 18 | 7452 |
|  TE Connectivity PLC | 29 | 6674 |
|  Teledyne Technologies, Inc. \* | 8 | 5449 |
|  Teradyne, Inc. | 20 | 6401 |
|  Texas Instruments, Inc. | 147 | 31180 |
|  Trimble, Inc. \* | 17 | 1137 |
|  Tyler Technologies, Inc. \* | 14 | 4966 |
|  VeriSign, Inc. | 61 | 13904 |
|  Western Digital Corp. | 23 | 6433 |
|  Workday, Inc., Class A \* | 9 | 1204 |
|  Zebra Technologies Corp., Class A\* | 12 | 2688 |
|  (Cost $747,221) |  | **804480** |
|  **Materials — 4.1%** |  |  |
|  Air Products and Chemicals, Inc. | 7 | 1930 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Albemarle Corp. | 6 | 1072 |
|  Amcor PLC | 139 | 6732 |
|  Avery Dennison Corp. | 281 | 55174 |
|  Ball Corp. | 105 | 7049 |
|  CF Industries Holdings, Inc. | 36 | 3583 |
|  Corteva, Inc. | 114 | 9134 |
|  CRH PLC | 145 | 17397 |
|  Dow, Inc. | 306 | 9403 |
|  DuPont de Nemours, Inc. | 113 | 5654 |
|  Ecolab, Inc. | 29 | 8942 |
|  Freeport-McMoRan, Inc. | 360 | 24509 |
|  International Flavors & Fragrances, Inc. | 57 | 4687 |
|  International Paper Co. | 260 | 11323 |
|  Linde PLC | 23 | 11686 |
|  LyondellBasell Industries NV, Class A | 77 | 4429 |
|  Martin Marietta Materials, Inc. | 5 | 3383 |
|  Mosaic Co. | 195 | 5429 |
|  Newmont Corp. | 150 | 19500 |
|  Nucor Corp. | 148 | 26178 |
|  Packaging Corp. of America | 6 | 1393 |
|  PPG Industries, Inc. | 17 | 2096 |
|  Sherwin-Williams Co. | 14 | 5076 |
|  Smurfit Westrock PLC | 140 | 6581 |
|  Steel Dynamics, Inc. | 82 | 15837 |
|  Vulcan Materials Co. | 11 | 3410 |
|  (Cost $231,287) |  | **271587** |
|  **Real Estate — 3.7%** |  |  |
|  Alexandria Real Estate Equities, |  |  |
|  Inc. REIT | 70 | 3783 |
|  American Tower Corp. REIT | 42 | 8058 |
|  AvalonBay Communities, Inc. REIT | 34 | 6026 |
|  BXP, Inc. REIT | 95 | 5470 |
|  Camden Property Trust REIT | 33 | 3575 |
|  CBRE Group, Inc., Class A \* | 225 | 33223 |
|  CoStar Group, Inc. \* | 175 | 7810 |
|  Crown Castle, Inc. REIT | 53 | 4746 |
|  Digital Realty Trust, Inc. REIT | 4 | 709 |
|  Equinix, Inc. REIT | 2 | 1949 |
|  Equity Residential REIT | 113 | 7143 |
|  Essex Property Trust, Inc. REIT | 14 | 3572 |
|  Extra Space Storage, Inc. REIT | 98 | 14801 |
|  Federal Realty Investment Trust REIT | 10 | 1088 |
|  Healthpeak Properties, Inc. REIT | 411 | 7266 |
|  Host Hotels & Resorts, Inc. REIT | 622 | 12185 |
|  Invitation Homes, Inc. REIT | 206 | 5426 |
|  Iron Mountain, Inc. REIT | 67 | 7258 |
|  Kimco Realty Corp. REIT | 110 | 2591 |
|  Mid-America Apartment Communities, Inc. REIT | 34 | 4551 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Prologis, Inc. REIT | 132 | 18819 |
|  Public Storage REIT | 74 | 22722 |
|  Realty Income Corp. REIT | 84 | 5628 |
|  Regency Centers Corp. REIT | 22 | 1738 |
|  SBA Communications Corp. REIT | 17 | 3420 |
|  Simon Property Group, Inc. REIT | 25 | 5096 |
|  UDR, Inc. REIT | 97 | 3638 |
|  Ventas, Inc. REIT | 114 | 9822 |
|  VICI Properties, Inc. REIT | 90 | 2719 |
|  Welltower, Inc. REIT | 78 | 16155 |
|  Weyerhaeuser Co. REIT | 740 | 18152 |
|  (Cost $248,653) |  | **249139** |
|  **Utilities — 6.6%** |  |  |
|  AES Corp. | 660 | 11405 |
|  Alliant Energy Corp. | 30 | 2170 |
|  Ameren Corp. | 46 | 5211 |
|  American Electric Power Co., Inc. | 113 | 15122 |
|  American Water Works Co., Inc. | 472 | 64206 |
|  Atmos Energy Corp. | 33 | 6164 |
|  CenterPoint Energy, Inc. | 264 | 11484 |
|  CMS Energy Corp. | 74 | 5777 |
|  Consolidated Edison, Inc. | 184 | 20704 |
|  Constellation Energy Corp. | 20 | 6598 |
|  Dominion Energy, Inc. | 117 | 7387 |
|  DTE Energy Co. | 79 | 11711 |
|  Duke Energy Corp. | 113 | 14786 |
|  Edison International | 321 | 23992 |
|  Entergy Corp. | 47 | 5034 |
|  Evergy, Inc. | 33 | 2761 |
|  Eversource Energy | 114 | 8688 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Exelon Corp. | 533 | 26368 |
|  FirstEnergy Corp. | 134 | 6855 |
|  NextEra Energy, Inc. | 227 | 21286 |
|  NiSource, Inc. | 166 | 7852 |
|  NRG Energy, Inc. | 243 | 43487 |
|  PG&E Corp. | 929 | 17651 |
|  Pinnacle West Capital Corp. | 23 | 2307 |
|  PPL Corp. | 279 | 10875 |
|  Public Service Enterprise Group, Inc. | 117 | 10070 |
|  Sempra | 160 | 15403 |
|  Southern Co. | 161 | 15678 |
|  Vistra Corp. | 134 | 23301 |
|  WEC Energy Group, Inc. | 64 | 7485 |
|  Xcel Energy, Inc. | 93 | 7753 |
|  (Cost $394,566) |  | **439571** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,068,346) |  | **6609424** |
|  **EXCHANGE-TRADED FUNDS — 0.5%** |  |  |
|  Invesco S&P 500 Equal Weight ETF<br>(Cost $31,828) | 165 | **33820** |
|  **CASH EQUIVALENTS — 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $24,457) | 24457 | **24457** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $6,124,631) |  | **6667701** |
|  **Other assets and liabilities, net — 0.2%** |  | **12330** |
|  **NET ASSETS — 100.0%** |  | **6680031** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>8/31/2025** | **Purchases Cost <br>($)** | **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>($)** | **Number of<br> Shares at<br> 2/28/2026** | **Value ($) at <br>2/28/2026** |
|  CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% | CASH EQUIVALENTS **—** 0.4% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
| 28350 | 112136 | (116029) |  |  | 548 |  | 24457 | 24457 |

---

\* 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.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Diversified Sector Weight ETF (Continued)

February 28, 2026 (Unaudited)

At February 28, 2026, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional Amount<br>($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  Micro E-Mini S&P 500 Index | USD | 1 | 34403 | 34445 | 3/20/2026 | 42 |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of February 28, 2026 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) | $6609424 | $— | $— | $6609424 |
|  Exchange-Traded Funds | 33820 |  |  | 33820 |
|  Short-Term Investments (a) | 24457 |  |  | 24457 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 42 |  |  | 42 |
|  **TOTAL** | $**6667743** | $**—** | $**—** | $**6667743** |

---

(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 Growth Scored & Screened ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS — 99.4%** |  |  |
|  **Communication Services — 18.4%** |  |  |
|  Alphabet, Inc., Class A | 1896 | 591097 |
|  Alphabet, Inc., Class C | 1515 | 471816 |
|  Electronic Arts, Inc. | 165 | 33094 |
|  Meta Platforms, Inc., Class A | 1827 | 1184225 |
|  (Cost $1,769,661) |  | **2280232** |
|  **Consumer Discretionary — 9.7%** |  |  |
|  AutoZone, Inc. \* | 17 | 63845 |
|  Booking Holdings, Inc. | 51 | 216207 |
|  Carnival Corp. | 1703 | 53730 |
|  eBay, Inc. | 524 | 47611 |
|  Expedia Group, Inc. | 183 | 39471 |
|  Hilton Worldwide Holdings, Inc. | 364 | 113488 |
|  Las Vegas Sands Corp. | 477 | 27055 |
|  Marriott International, Inc., Class A | 349 | 119264 |
|  Norwegian Cruise Line Holdings Ltd.\* | 399 | 9891 |
|  O'Reilly Automotive, Inc. \* | 1323 | 124203 |
|  Ralph Lauren Corp. | 61 | 22118 |
|  Royal Caribbean Cruises Ltd. | 398 | 123762 |
|  Tapestry, Inc. | 321 | 49906 |
|  TJX Cos., Inc. | 960 | 155194 |
|  Yum! Brands, Inc. | 213 | 35818 |
|  (Cost $1,120,759) |  | **1201563** |
|  **Financials — 12.8%** |  |  |
|  American Express Co. | 573 | 177000 |
|  Apollo Global Management, Inc. | 386 | 40375 |
|  Bank of New York Mellon Corp. | 689 | 82060 |
|  Mastercard, Inc., Class A | 861 | 445318 |
|  Moody's Corp. | 115 | 54923 |
|  Morgan Stanley | 1155 | 192319 |
|  MSCI, Inc. | 61 | 34882 |
|  S&P Global, Inc. | 214 | 94562 |
|  Visa, Inc., Class A | 1455 | 465804 |
|  (Cost $1,634,808) |  | **1587243** |
|  **Health Care — 11.3%** |  |  |
|  AbbVie, Inc. | 1275 | 295902 |
|  Amgen, Inc. | 574 | 222804 |
|  Boston Scientific Corp. \* | 1564 | 120193 |
|  Dexcom, Inc. \* | 312 | 22910 |
|  Eli Lilly & Co. | 519 | 545983 |
|  Incyte Corp. \* | 258 | 26128 |
|  Insulet Corp. \* | 110 | 27127 |
|  Mettler-Toledo International, Inc.\* | 15 | 20500 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  ResMed, Inc. | 126 | 32289 |
|  Stryker Corp. | 226 | 87566 |
|  (Cost $1,212,616) |  | **1401402** |
|  **Industrials — 11.9%** |  |  |
|  Allegion PLC | 73 | 11764 |
|  Caterpillar, Inc. | 734 | 545237 |
|  Cummins, Inc. | 145 | 84661 |
|  GE Aerospace | 860 | 294344 |
|  Quanta Services, Inc. | 234 | 131761 |
|  Trane Technologies PLC | 184 | 85067 |
|  Uber Technologies, Inc. \* | 3258 | 245718 |
|  United Rentals, Inc. | 56 | 47040 |
|  Verisk Analytics, Inc. | 116 | 24078 |
|  (Cost $1,128,891) |  | **1469670** |
|  **Information Technology — 33.1%** |  |  |
|  Apple, Inc. | 4523 | 1194886 |
|  Autodesk, Inc. \* | 194 | 47699 |
|  Cadence Design Systems, Inc. \* | 269 | 81077 |
|  Fortinet, Inc. \* | 624 | 49315 |
|  Intuit, Inc. | 245 | 100212 |
|  KLA Corp. | 206 | 314057 |
|  Microsoft Corp. | 2522 | 990490 |
|  NVIDIA Corp. | 6110 | 1082631 |
|  Palo Alto Networks, Inc. \* | 697 | 103797 |
|  ServiceNow, Inc. \* | 992 | 107146 |
|  Workday, Inc., Class A \* | 150 | 20064 |
|  (Cost $3,779,779) |  | **4091374** |
|  **Real Estate — 2.2%** |  |  |
|  Simon Property Group, Inc. REIT | 210 | 42809 |
|  Welltower, Inc. REIT | 1076 | 222861 |
|  (Cost $226,832) |  | **265670** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,873,346) |  | **12297154** |
|  **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
|  State Street SPDR Portfolio S&P<br>500 Growth ETF<br>(Cost $25,706) | 250 | **25892** |
|  **CASH EQUIVALENTS — 0.2%** |  |  |
|  DWS Government Money Market<br>Series "Institutional Shares", 3.62% (a)<br>(Cost $22,728) | 22728 | **22728** |
|  **TOTAL INVESTMENTS — 99.8%** |  |  |
|  (Cost $10,921,780) |  | **12345774** |
|  **Other assets and liabilities, net — 0.2%** |  | **27037** |
|  **NET ASSETS — 100.0%** |  | **12372811** |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Growth Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>8/31/2025** | **Purchases Cost<br>($)** | **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>($)** | **Number of<br>Shares at<br>2/28/2026** | **Value ($) at<br>2/28/2026** |
|  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", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 44197 | 212314 | (233783) |  |  | 712 |  | 22728 | 22728 |

---

\* 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

At February 28, 2026, 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 | 34403 | 34445 | 3/20/2026 | 42 |

---

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 |

---

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

The following is a summary of the inputs used as of February 28, 2026 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) | $12297154 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297154 |
|  Exchange-Traded Funds | 25892 |  |  | 25892 |
|  Short-Term Investments (a) | 22728 |  |  | 22728 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 42 |  |  | 42 |
|  **TOTAL** | $**12345816** | $**—** | $**—** | $**12345816** |

---

(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 \| **13**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.8%** |  |  |
|  **Communication Services — 13.4%** |  |  |
|  Alphabet, Inc., Class A | 343800 | 107183088 |
|  Alphabet, Inc., Class C | 274726 | 85557918 |
|  AT&T, Inc. | 422448 | 11832768 |
|  Electronic Arts, Inc. | 13257 | 2658957 |
|  Fox Corp., Class A | 13329 | 750956 |
|  Fox Corp., Class B | 8545 | 442033 |
|  Match Group, Inc. | 13890 | 438924 |
|  Meta Platforms, Inc., Class A | 128755 | 83456416 |
|  News Corp., Class A | 20863 | 506762 |
|  News Corp., Class B | 7477 | 200234 |
|  Omnicom Group, Inc. | 18726 | 1597141 |
|  Paramount Skydance Corp., Class B | 18181 | 245625 |
|  Take-Two Interactive Software, Inc.\* | 9916 | 2097036 |
|  T-Mobile US, Inc. | 28496 | 6186197 |
|  Walt Disney Co. | 105436 | 11180433 |
|  Warner Bros Discovery, Inc. \* | 146278 | 4120651 |
|  (Cost $223,852,239) |  | **318455139** |
|  **Consumer Discretionary — 5.0%** |  |  |
|  Aptiv PLC \* | 12700 | 933958 |
|  AutoZone, Inc. \* | 964 | 3620379 |
|  Best Buy Co., Inc. | 11843 | 733911 |
|  Booking Holdings, Inc. | 1932 | 8190424 |
|  Carnival Corp. | 63625 | 2007369 |
|  D.R. Horton, Inc. | 16425 | 2634406 |
|  Darden Restaurants, Inc. | 6771 | 1447978 |
|  Deckers Outdoor Corp. \* | 8909 | 1044758 |
|  eBay, Inc. | 27842 | 2529724 |
|  Expedia Group, Inc. | 7098 | 1530968 |
|  Ford Motor Co. | 225201 | 3173082 |
|  General Motors Co. | 55996 | 4407445 |
|  Hasbro, Inc. | 7950 | 791741 |
|  Hilton Worldwide Holdings, Inc. | 13820 | 4308800 |
|  Home Depot, Inc. | 58480 | 22264506 |
|  Las Vegas Sands Corp. | 19702 | 1117497 |
|  Lowe's Cos., Inc. | 32967 | 8722079 |
|  Marriott International, Inc., Class A | 13140 | 4490332 |
|  MGM Resorts International \* | 13810 | 509037 |
|  NIKE, Inc., Class B | 69996 | 4352351 |
|  Norwegian Cruise Line Holdings Ltd.\* | 25571 | 633905 |
|  O'Reilly Automotive, Inc. \* | 50263 | 4718690 |
|  PulteGroup, Inc. | 11498 | 1577526 |
|  Ralph Lauren Corp. | 2469 | 895259 |
|  Royal Caribbean Cruises Ltd. | 14783 | 4596922 |
|  Starbucks Corp. | 66299 | 6498628 |
|  Tapestry, Inc. | 11946 | 1857245 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  TJX Cos., Inc. | 65700 | 10621062 |
|  Tractor Supply Co. | 30641 | 1588429 |
|  Ulta Beauty, Inc. \* | 2725 | 1866053 |
|  Williams-Sonoma, Inc. | 7098 | 1459704 |
|  Yum! Brands, Inc. | 16284 | 2738317 |
|  (Cost $103,534,629) |  | **117862485** |
|  **Consumer Staples — 5.4%** |  |  |
|  Archer-Daniels-Midland Co. | 28337 | 1956386 |
|  Bunge Global SA | 7425 | 895826 |
|  Campbell's Company | 12145 | 327308 |
|  Church & Dwight Co., Inc. | 14138 | 1482511 |
|  Clorox Co. | 6928 | 880964 |
|  Coca-Cola Co. | 229102 | 18685559 |
|  Colgate-Palmolive Co. | 47244 | 4683770 |
|  Conagra Brands, Inc. | 28043 | 539828 |
|  Constellation Brands, Inc., Class A | 8937 | 1410795 |
|  Costco Wholesale Corp. | 26094 | 26375554 |
|  Estee Lauder Cos., Inc., Class A | 13906 | 1522290 |
|  General Mills, Inc. | 31597 | 1429132 |
|  Hershey Co. | 9025 | 2132427 |
|  Hormel Foods Corp. | 17586 | 450202 |
|  J M Smucker Co. | 6726 | 779880 |
|  Keurig Dr Pepper, Inc. | 79506 | 2407442 |
|  Kimberly-Clark Corp. | 19211 | 2140874 |
|  Kraft Heinz Co. | 50321 | 1238400 |
|  Kroger Co. | 36024 | 2458278 |
|  Lamb Weston Holdings, Inc. | 8620 | 415398 |
|  McCormick & Co., Inc. | 14344 | 1018998 |
|  Molson Coors Beverage Co., Class B | 10687 | 523556 |
|  Mondelez International, Inc., Class A | 75225 | 4632355 |
|  PepsiCo, Inc. | 80549 | 13672387 |
|  Target Corp. | 27527 | 3132297 |
|  Walmart, Inc. | 258220 | 33039249 |
|  (Cost $111,523,836) |  | **128231666** |
|  **Energy — 4.1%** |  |  |
|  APA Corp. | 21361 | 648734 |
|  Baker Hughes Co. | 57185 | 3731893 |
|  ConocoPhillips | 74042 | 8400805 |
|  Devon Energy Corp. | 38527 | 1677080 |
|  Diamondback Energy, Inc. | 11409 | 1986079 |
|  EOG Resources, Inc. | 31819 | 3948102 |
|  EQT Corp. | 36331 | 2231450 |
|  Expand Energy Corp. | 13897 | 1499764 |
|  Exxon Mobil Corp. | 248559 | 37905247 |
|  Halliburton Co. | 53785 | 1936260 |
|  Kinder Morgan, Inc. | 113464 | 3774947 |
|  Marathon Petroleum Corp. | 17966 | 3561041 |
|  Occidental Petroleum Corp. | 41429 | 2199051 |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ONEOK, Inc. | 36160 | 2992963 |
|  Phillips 66 | 23891 | 3687098 |
|  SLB Ltd. | 88081 | 4522079 |
|  Targa Resources Corp. | 12774 | 3012109 |
|  Valero Energy Corp. | 18239 | 3732429 |
|  Williams Cos., Inc. | 71537 | 5345245 |
|  (Cost $75,211,370) |  | **96792376** |
|  **Financials — 12.5%** |  |  |
|  Aflac, Inc. | 28894 | 3262999 |
|  Allstate Corp. | 15457 | 3315836 |
|  American Express Co. | 31916 | 9858852 |
|  American International Group, Inc. | 32662 | 2628964 |
|  Ameriprise Financial, Inc. | 5545 | 2606815 |
|  Aon PLC, Class A | 12670 | 4250405 |
|  Apollo Global Management, Inc. | 27132 | 2838007 |
|  Arch Capital Group Ltd. \* | 20896 | 2092734 |
|  Arthur J Gallagher & Co. | 15145 | 3456089 |
|  Assurant, Inc. | 3156 | 724586 |
|  Bank of America Corp. | 394966 | 19681156 |
|  Bank of New York Mellon Corp. | 41479 | 4940149 |
|  Blackrock, Inc. | 8451 | 8985357 |
|  Capital One Financial Corp. | 37562 | 7348630 |
|  Cboe Global Markets, Inc. | 6369 | 1908917 |
|  Charles Schwab Corp. | 99442 | 9466878 |
|  Chubb Ltd. | 21830 | 7440974 |
|  Citigroup, Inc. | 104743 | 11541631 |
|  Citizens Financial Group, Inc. | 27194 | 1636807 |
|  CME Group, Inc. | 21077 | 6734101 |
|  Everest Group Ltd. | 2605 | 873951 |
|  FactSet Research Systems, Inc. | 2342 | 507769 |
|  Fidelity National Information Services, Inc. | 30810 | 1570078 |
|  Fifth Third Bancorp | 53123 | 2627995 |
|  Fiserv, Inc. \* | 32527 | 2026107 |
|  Franklin Resources, Inc. | 18625 | 494308 |
|  Global Payments, Inc. | 14224 | 1087567 |
|  Goldman Sachs Group, Inc. | 17839 | 15333869 |
|  Hartford Insurance Group, Inc. | 16644 | 2343975 |
|  Huntington Bancshares, Inc. | 120118 | 2017982 |
|  Intercontinental Exchange, Inc. | 33549 | 5506397 |
|  Invesco Ltd. | 26822 | 704346 |
|  Jack Henry & Associates, Inc. | 4306 | 699553 |
|  KeyCorp | 58404 | 1211299 |
|  M&T Bank Corp. | 9217 | 1999905 |
|  Marsh & McLennan Cos., Inc. | 28771 | 5372697 |
|  Mastercard, Inc., Class A | 48568 | 25119855 |
|  MetLife, Inc. | 33302 | 2400075 |
|  Moody's Corp. | 9009 | 4302608 |
|  Morgan Stanley | 71509 | 11906964 |
|  MSCI, Inc. | 4505 | 2576094 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nasdaq, Inc. | 26693 | 2337773 |
|  Northern Trust Corp. | 11284 | 1614628 |
|  PayPal Holdings, Inc. | 54512 | 2519000 |
|  PNC Financial Services Group, Inc. | 23058 | 4896366 |
|  Principal Financial Group, Inc. | 11773 | 1123380 |
|  Prudential Financial, Inc. | 20092 | 1976651 |
|  Raymond James Financial, Inc. | 9923 | 1519013 |
|  Regions Financial Corp. | 55769 | 1552051 |
|  S&P Global, Inc. | 18347 | 8107172 |
|  State Street Corp. | 16060 | 2065637 |
|  Synchrony Financial | 22119 | 1528644 |
| T. Rowe Price Group, Inc. | 13553 | 1282520 |
|  Travelers Cos., Inc. | 13164 | 4062937 |
|  Truist Financial Corp. | 75661 | 3730844 |
|  US Bancorp | 90341 | 4938039 |
|  Visa, Inc., Class A | 99906 | 31983907 |
|  Wells Fargo & Co. | 184771 | 15049598 |
|  Willis Towers Watson PLC | 5835 | 1780667 |
|  (Cost $260,601,869) |  | **297472108** |
|  **Health Care — 10.6%** |  |  |
|  Abbott Laboratories | 102411 | 11915520 |
|  AbbVie, Inc. | 104504 | 24253288 |
|  Agilent Technologies, Inc. | 16930 | 2054963 |
|  Amgen, Inc. | 31842 | 12359791 |
|  Baxter International, Inc. | 29848 | 608004 |
|  Becton Dickinson & Co. | 16642 | 2936980 |
|  Biogen, Inc. \* | 9029 | 1731943 |
|  Boston Scientific Corp. \* | 86386 | 6638764 |
|  Bristol-Myers Squibb Co. | 118568 | 7395086 |
|  Cardinal Health, Inc. | 14182 | 3250940 |
|  Cencora, Inc. | 11359 | 4227138 |
|  Centene Corp. \* | 28648 | 1285722 |
|  Charles River Laboratories International, Inc. \* | 3124 | 557603 |
|  Cigna Group | 15737 | 4560897 |
|  CVS Health Corp. | 74501 | 5952630 |
|  Danaher Corp. | 37321 | 7861295 |
|  DaVita, Inc. \* | 2293 | 358396 |
|  Edwards Lifesciences Corp. \* | 34326 | 2968169 |
|  Elevance Health, Inc. | 13314 | 4260480 |
|  Eli Lilly & Co. | 46934 | 49374099 |
|  GE HealthCare Technologies, Inc. | 25293 | 2131441 |
|  Gilead Sciences, Inc. | 72950 | 10865903 |
|  Humana, Inc. | 7053 | 1343879 |
|  Incyte Corp. \* | 9690 | 981306 |
|  IQVIA Holdings, Inc. \* | 10010 | 1789888 |
|  Medtronic PLC | 74824 | 7307312 |
|  Merck & Co., Inc. | 147783 | 18298491 |
|  Mettler-Toledo International, Inc.\* | 1236 | 1689229 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Moderna, Inc. \* | 21179 | 1134559 |
|  Quest Diagnostics, Inc. | 6664 | 1412168 |
|  Regeneron Pharmaceuticals, Inc. | 6088 | 4758807 |
|  ResMed, Inc. | 8893 | 2278920 |
|  Revvity, Inc. | 7308 | 718449 |
|  Stryker Corp. | 20026 | 7759274 |
|  Thermo Fisher Scientific, Inc. | 22293 | 11617105 |
|  UnitedHealth Group, Inc. | 53254 | 15617801 |
|  Viatris, Inc. | 72800 | 1086904 |
|  Waters Corp. \* | 5794 | 1850488 |
|  Zoetis, Inc. | 25997 | 3408207 |
|  (Cost $231,125,738) |  | **250601839** |
|  **Industrials — 7.5%** |  |  |
|  Allegion PLC | 5061 | 815580 |
|  AMETEK, Inc. | 13355 | 3194783 |
|  Broadridge Financial Solutions, Inc. | 7132 | 1325625 |
|  C.H. Robinson Worldwide, Inc. | 7192 | 1332318 |
|  Carrier Global Corp. | 46692 | 3006965 |
|  Caterpillar, Inc. | 27567 | 20477595 |
|  CSX Corp. | 110790 | 4729625 |
|  Cummins, Inc. | 8090 | 4723508 |
|  Deere & Co. | 14767 | 9298927 |
|  Delta Air Lines, Inc. | 38188 | 2508952 |
|  Dover Corp. | 8373 | 1888111 |
|  Eaton Corp. PLC | 23050 | 8664956 |
|  Emerson Electric Co. | 32805 | 4945354 |
|  Fastenal Co. | 66846 | 3077590 |
|  Fortive Corp. | 19180 | 1135456 |
|  GE Aerospace | 62410 | 21360447 |
|  Hubbell, Inc. | 3026 | 1548192 |
|  Illinois Tool Works, Inc. | 15369 | 4466692 |
|  Ingersoll Rand, Inc. | 21526 | 2026458 |
|  JB Hunt Transport Services, Inc. | 4782 | 1116167 |
|  Johnson Controls International PLC | 36179 | 5220630 |
|  Lennox International, Inc. | 1964 | 1119362 |
|  Masco Corp. | 13035 | 933567 |
|  Norfolk Southern Corp. | 13021 | 4098229 |
|  Otis Worldwide Corp. | 23131 | 2141005 |
|  PACCAR, Inc. | 30152 | 3801866 |
|  Pentair PLC | 10238 | 1015507 |
|  Quanta Services, Inc. | 8853 | 4984947 |
|  Republic Services, Inc. | 11955 | 2737695 |
|  Rockwell Automation, Inc. | 6702 | 2730730 |
|  Southwest Airlines Co. | 31046 | 1529326 |
|  Stanley Black & Decker, Inc. | 8614 | 745025 |
|  Trane Technologies PLC | 13001 | 6010622 |
|  Uber Technologies, Inc. \* | 122161 | 9213383 |
|  Union Pacific Corp. | 34761 | 9210970 |
|  United Airlines Holdings, Inc. \* | 19034 | 2023314 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  United Rentals, Inc. | 3783 | 3177720 |
|  Veralto Corp. | 14268 | 1390131 |
|  Verisk Analytics, Inc. | 8258 | 1714113 |
|  W.W. Grainger, Inc. | 2695 | 3085047 |
|  Waste Management, Inc. | 22232 | 5354355 |
|  Westinghouse Air Brake Technologies Corp. | 10464 | 2761973 |
|  Xylem, Inc. | 13712 | 1776527 |
|  (Cost $127,590,656) |  | **178419345** |
|  **Information Technology — 36.0%** |  |  |
|  Accenture PLC, Class A | 36543 | 7627255 |
|  Adobe, Inc. \* | 25026 | 6567073 |
|  Akamai Technologies, Inc. \* | 8509 | 837201 |
|  Apple, Inc. | 873272 | 230700997 |
|  Applied Materials, Inc. | 47439 | 17661540 |
|  Autodesk, Inc. \* | 12466 | 3065015 |
|  Cadence Design Systems, Inc. \* | 15976 | 4815166 |
|  Cisco Systems, Inc. | 233146 | 18525781 |
|  Corning, Inc. | 45099 | 6781988 |
|  Dell Technologies, Inc., Class C | 17549 | 2598656 |
|  Fortinet, Inc. \* | 37183 | 2938573 |
|  Gen Digital, Inc. | 30953 | 698609 |
|  HP, Inc. | 53157 | 1009451 |
|  Intel Corp. \* | 264893 | 12081770 |
|  Jabil, Inc. | 6288 | 1666257 |
|  Keysight Technologies, Inc. \* | 9837 | 3023205 |
|  KLA Corp. | 7747 | 11810689 |
|  Lam Research Corp. | 74193 | 17353001 |
|  Micron Technology, Inc. | 66297 | 27338894 |
|  Microsoft Corp. | 439282 | 172523613 |
|  NetApp, Inc. | 11641 | 1152808 |
|  NVIDIA Corp. | 1435767 | 254403555 |
|  ON Semiconductor Corp. \* | 24403 | 1622311 |
|  Palo Alto Networks, Inc. \* | 46943 | 6990752 |
|  QUALCOMM, Inc. | 63634 | 9058936 |
|  Salesforce, Inc. | 56251 | 10957132 |
|  Seagate Technology Holdings PLC | 12873 | 5250124 |
|  ServiceNow, Inc. \* | 61310 | 6622093 |
|  TE Connectivity PLC | 17315 | 3985047 |
|  Western Digital Corp. | 20150 | 5635955 |
|  (Cost $663,233,750) |  | **855303447** |
|  **Materials — 2.3%** |  |  |
|  Air Products and Chemicals, Inc. | 12938 | 3566619 |
|  Albemarle Corp. | 7316 | 1307150 |
|  Amcor PLC | 26265 | 1272014 |
|  Avery Dennison Corp. | 4824 | 947192 |
|  Ball Corp. | 15933 | 1069582 |
|  CF Industries Holdings, Inc. | 9330 | 928708 |
|  Dow, Inc. | 39248 | 1206091 |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value $** |
|  Ecolab, Inc. | 15038 | 4636967 |
|  Freeport-McMoRan, Inc. | 84945 | 5783056 |
|  International Flavors & Fragrances, Inc. | 15352 | 1262395 |
|  Linde PLC | 27586 | 14015895 |
|  LyondellBasell Industries NV, Class A | 14433 | 830186 |
|  Mosaic Co. | 18695 | 520469 |
|  Newmont Corp. | 65023 | 8452990 |
|  PPG Industries, Inc. | 13309 | 1640600 |
|  Sherwin-Williams Co. | 13505 | 4896778 |
|  Smurfit Westrock PLC | 30124 | 1416129 |
|  (Cost $44,713,731) |  | **53752821** |
|  **Real Estate — 2.2%** |  |  |
|  Alexandria Real Estate Equities, Inc. REIT | 9452 | 510786 |
|  American Tower Corp. REIT | 27277 | 5233365 |
|  AvalonBay Communities, Inc. REIT | 8520 | 1510000 |
|  BXP, Inc. REIT | 8825 | 508144 |
|  CBRE Group, Inc., Class A \* | 16994 | 2509334 |
|  CoStar Group, Inc. \* | 24898 | 1111198 |
|  Digital Realty Trust, Inc. REIT | 18347 | 3251088 |
|  Equinix, Inc. REIT | 5675 | 5528926 |
|  Equity Residential REIT | 19064 | 1205035 |
|  Extra Space Storage, Inc. REIT | 12946 | 1955234 |
|  Federal Realty Investment Trust REIT | 4712 | 512524 |
|  Healthpeak Properties, Inc. REIT | 42629 | 753681 |
|  Host Hotels & Resorts, Inc. REIT | 37673 | 738014 |
|  Iron Mountain, Inc. REIT | 18088 | 1959473 |
|  Kimco Realty Corp. REIT | 40416 | 951797 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Prologis, Inc. REIT | 55240 | 7875567 |
|  Public Storage REIT | 9103 | 2795167 |
|  Regency Centers Corp. REIT | 9599 | 758321 |
|  SBA Communications Corp. REIT | 6125 | 1232105 |
|  Ventas, Inc. REIT | 26640 | 2295302 |
|  Welltower, Inc. REIT | 40721 | 8434134 |
|  Weyerhaeuser Co. REIT | 44415 | 1089500 |
|  (Cost $49,364,434) |  | **52718695** |
|  **Utilities — 0.8%** |  |  |
|  American Water Works Co., Inc. | 11169 | 1519319 |
|  CenterPoint Energy, Inc. | 37795 | 1644082 |
|  Consolidated Edison, Inc. | 21001 | 2363033 |
|  Entergy Corp. | 26026 | 2787645 |
|  Eversource Energy | 21981 | 1675172 |
|  Exelon Corp. | 59932 | 2964836 |
|  Public Service Enterprise Group, Inc. | 29546 | 2543024 |
|  Sempra | 38469 | 3703411 |
|  (Cost $16,463,263) |  | **19200522** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,907,215,515) |  | **2368810443** |
|  **CASH EQUIVALENTS — 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,863,950) | 2863950 | 2863950 |
|  **TOTAL INVESTMENTS — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,910,079,465) |  | **2371674393** |
|  **Other assets and liabilities, net — 0.1%** |  | **2619240** |
|  **NET ASSETS — 100.0%** |  | **2374293633** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost <br>($)** | **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>($)** | **Number of<br> Shares at<br> 2/28/2026** | **Value ($) at <br>2/28/2026** |
|  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", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (a)(b) |  |  |
| 504326  |  | (504326)(c) |  |  | 260 |  |  |  |
|  CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% | CASH EQUIVALENTS **—** 0.1% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 6679056  | 14528925 | (18344031) |  |  | 90369 |  | 2863950 | 2863950 |
| **7183382** | **14528925** | **(18848357)** |  |  | **90629** |  | **2863950** | **2863950** |

---

\* 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.

DBX ETF Trust \| **17**

------

Schedule of Investments

Xtrackers S&P 500 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

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

(c) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

REIT: Real Estate Investment Trust

At February 28, 2026, 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) ($)** |
|  E-Mini S&P 500 ESG Index | USD | 4 | 1214540 | 1221480 | 3/20/2026 | 6940 |
|  E-Mini S&P 500 Index | USD | 10 | 3459425 | 3444500 | 3/20/2026 | (14925) |
|  **Total net unrealized depreciation** |  |  |  |  |  | **(7985)** |

---

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

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of February 28, 2026 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;2368810443 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368810443 |
|  Short-Term Investments (a) | 2863950 |  |  | 2863950 |
|  Derivatives (b)<br>Futures Contracts | 6940 |  |  | 6940 |
|  **TOTAL** | $**2371681333** | $**—** | $**—** | $**2371681333** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b)<br>Futures Contracts | $(14925) | $— | $— | $(14925) |
|  **TOTAL** | $(14925) | $— | $— | $(14925) |

---

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

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

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 99.2%** |  |  |
|  **Communication Services — 3.1%** |  |  |
|  Verizon Communications, Inc. |  |  |
|  (Cost $133,534) | 3342 | **167568** |
|  **Consumer Discretionary — 4.8%** |  |  |
|  Best Buy Co., Inc. | 1651 | 102313 |
|  Lowe's Cos., Inc. | 141 | 37304 |
|  NIKE, Inc., Class B | 762 | 47381 |
|  Polaris, Inc. | 1173 | 71248 |
|  (Cost $285,324) |  | **258246** |
|  **Consumer Staples — 19.4%** |  |  |
|  Archer-Daniels-Midland Co. | 1015 | 70076 |
|  Church & Dwight Co., Inc. | 297 | 31143 |
|  Clorox Co. | 861 | 109485 |
|  Coca-Cola Co. | 785 | 64025 |
|  Colgate-Palmolive Co. | 602 | 59682 |
|  Costco Wholesale Corp. | 12 | 12130 |
|  Hormel Foods Corp. | 3911 | 100122 |
|  J M Smucker Co. | 852 | 98789 |
|  Kimberly-Clark Corp. | 967 | 107762 |
|  McCormick & Co., Inc. | 837 | 59460 |
|  PepsiCo, Inc. | 523 | 88774 |
|  Procter & Gamble Co. | 391 | 65375 |
|  Sysco Corp. | 737 | 67185 |
|  Target Corp. | 852 | 96949 |
|  Walmart, Inc. | 139 | 17785 |
|  (Cost $1,031,907) |  | **1048742** |
|  **Energy — 1.8%** |  |  |
|  Exxon Mobil Corp. | 498 | 75945 |
|  Texas Pacific Land Corp. | 41 | 21496 |
|  (Cost $76,624) |  | **97441** |
|  **Financials — 7.9%** |  |  |
|  Aflac, Inc. | 394 | 44494 |
|  Ameriprise Financial, Inc. | 50 | 23506 |
|  Assurant, Inc. | 119 | 27321 |
|  Chubb Ltd. | 80 | 27269 |
|  FactSet Research Systems, Inc. | 103 | 22332 |
|  Franklin Resources, Inc. | 4199 | 111442 |
|  Hanover Insurance Group, Inc. | 234 | 42267 |
|  Jack Henry & Associates, Inc. | 131 | 21282 |
|  RenaissanceRe Holdings Ltd. | 40 | 12098 |
|  S&P Global, Inc. | 26 | 11489 |
| T. Rowe Price Group, Inc. | 905 | 85640 |
|  (Cost $414,482) |  | **429140** |
|  **Health Care — 4.7%** |  |  |
|  Abbott Laboratories | 322 | 37465 |
|  AbbVie, Inc. | 271 | 62894 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Becton Dickinson & Co. | 203 | 35825 |
|  Cardinal Health, Inc. | 93 | 21318 |
|  Cencora, Inc. | 39 | 14514 |
|  Medtronic PLC | 573 | 55959 |
|  STERIS PLC | 74 | 18674 |
|  West Pharmaceutical Services, Inc. | 24 | 6104 |
|  (Cost $232,514) |  | **252753** |
|  **Industrials — 18.0%** |  |  |
|  ABM Industries, Inc. | 1158 | 51531 |
|  Automatic Data Processing, Inc. | 199 | 42658 |
|  C.H. Robinson Worldwide, Inc. | 171 | 31678 |
|  Carlisle Cos., Inc. | 74 | 29213 |
|  Caterpillar, Inc. | 32 | 23771 |
|  Cintas Corp. | 94 | 18906 |
|  CSX Corp. | 759 | 32402 |
|  Cummins, Inc. | 52 | 30361 |
|  Donaldson Co., Inc. | 255 | 23654 |
|  Dover Corp. | 101 | 22775 |
|  Emerson Electric Co. | 216 | 32562 |
|  Fastenal Co. | 951 | 43784 |
|  Franklin Electric Co., Inc. | 213 | 21219 |
|  Illinois Tool Works, Inc. | 194 | 56382 |
|  JB Hunt Transport Services, Inc. | 84 | 19606 |
|  Lincoln Electric Holdings, Inc. | 101 | 28992 |
|  MSA Safety, Inc. | 139 | 27162 |
|  Nordson Corp. | 96 | 28170 |
|  Pentair PLC | 187 | 18549 |
|  Republic Services, Inc. | 107 | 24503 |
|  Robert Half, Inc. | 5655 | 138095 |
|  Ryder System, Inc. | 190 | 42096 |
|  Stanley Black & Decker, Inc. | 1036 | 89604 |
|  Toro Co. | 428 | 42312 |
|  W.W. Grainger, Inc. | 17 | 19460 |
|  Waste Management, Inc. | 128 | 30828 |
|  (Cost $953,574) |  | **970273** |
|  **Information Technology — 5.0%** |  |  |
|  Accenture PLC, Class A | 167 | 34856 |
|  Analog Devices, Inc. | 94 | 33444 |
|  Badger Meter, Inc. | 105 | 16005 |
|  Microchip Technology, Inc. | 726 | 54189 |
|  Microsoft Corp. | 33 | 12960 |
|  QUALCOMM, Inc. | 257 | 36587 |
|  Roper Technologies, Inc. | 39 | 13640 |
|  Texas Instruments, Inc. | 328 | 69572 |
|  (Cost $257,714) |  | **271253** |
|  **Materials — 12.7%** |  |  |
|  Air Products and Chemicals, Inc. | 213 | 58718 |
|  Albemarle Corp. | 123 | 21976 |
|  Amcor PLC | 2846 | 137832 |
|  AptarGroup, Inc. | 244 | 35065 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ecolab, Inc. | 77 | 23743 |
|  HB Fuller Co. | 512 | 33649 |
|  Linde PLC | 62 | 31501 |
|  Nucor Corp. | 147 | 26001 |
|  PPG Industries, Inc. | 479 | 59046 |
|  Royal Gold, Inc. | 61 | 18287 |
|  RPM International, Inc. | 358 | 40855 |
|  Sherwin-Williams Co. | 53 | 19217 |
|  Sonoco Products Co. | 1950 | 110117 |
|  Westlake Corp. | 640 | 67443 |
|  (Cost $622,306) |  | **683450** |
|  **Real Estate — 6.6%** |  |  |
|  Equity LifeStyle Properties, Inc. REIT | 1044 | 70115 |
|  Essex Property Trust, Inc. REIT | 296 | 75513 |
|  Federal Realty Investment Trust REIT | 847 | 92128 |
|  Realty Income Corp. REIT | 1801 | 120667 |
|  (Cost $325,738) |  | **358423** |
|  **Utilities — 15.2%** |  |  |
|  American States Water Co. | 718 | 53513 |
|  Avista Corp. | 1678 | 68160 |
|  California Water Service Group | 1091 | 49182 |
|  Consolidated Edison, Inc. | 638 | 71788 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Edison International | 1874 | 140063 |
|  Essential Utilities, Inc. | 1763 | 70467 |
|  Eversource Energy | 1212 | 92367 |
|  National Fuel Gas Co. | 624 | 56803 |
|  NextEra Energy, Inc. | 651 | 61044 |
|  ONE Gas, Inc. | 853 | 74586 |
|  Spire, Inc. | 915 | 83823 |
|  (Cost $713,123) |  | **821796** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,046,840) |  | **5359085** |
|  **EXCHANGE-TRADED FUNDS — 0.5%** |  |  |
|  ProShares S&P 500 Dividend Aristocrats ETF<br>(Cost $26,376) | 240 | **27502** |
|  **CASH EQUIVALENTS — 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a)<br>(Cost $348) | 348 | 348 |
|  **TOTAL INVESTMENTS — 99.7%** |  |  |
|  (Cost $5,073,564) |  | **5386935** |
|  **Other assets and liabilities, net — 0.3%** |  | **17420** |
|  **NET ASSETS — 100.0%** |  | **5404355** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost<br>($)** | **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>($)** | **Number of <br>Shares at<br>2/28/2026** | **Value ($) at <br>2/28/2026** |
|  EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% | EXCHANGE-TRADED FUNDS **—** 0.0% |  |  |  |  |  |  |
|  Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) | Xtrackers S&P 500 Scored & Screened ETF (b) |  |  |  |
| 5521 | 15083 | (20789) | 1189 | (1004) | 53 |  |  |  |
|  CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) | DWS Government Money Market Series "Institutional Shares", 3.62% (a) |  |  |  |
| 21666 | 106568 | (127886) |  |  | 130 |  | 348 | 348 |
| **27187** | **121651** | **(148675)** | **1189** | **(1004)** | **183** |  | **348** | **348** |

---

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

(b) Affiliated fund advised by DBX Advisors LLC.

REIT: Real Estate Investment Trust

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P Dividend Aristocrats Screened ETF (Continued)

February 28, 2026 (Unaudited)

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

The following is a summary of the inputs used as of February 28, 2026 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) | $5359085 | $— | $— | $5359085 |
|  Exchange-Traded Funds | 27502 |  |  | 27502 |
|  Short-Term Investments (a) | 348 |  |  | 348 |
|  **TOTAL** | $**5386935** | $**—** | $**—** | $**5386935** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS — 98.7%** |  |  |
|  **Communication Services — 1.0%** |  |  |
|  New York Times Co., Class A | 286 | 22820 |
|  Nexstar Media Group, Inc. | 49 | 12300 |
|  ZoomInfo Technologies, Inc. \* | 474 | 2943 |
|  (Cost $31,298) |  | **38063** |
|  **Consumer Discretionary — 12.3%** |  |  |
|  Abercrombie & Fitch Co., Class A\* | 81 | 7922 |
|  Aramark | 468 | 19586 |
|  Autoliv, Inc. | 125 | 14815 |
|  AutoNation, Inc. \* | 48 | 9368 |
|  Bath & Body Works, Inc. | 361 | 8216 |
|  Boyd Gaming Corp. | 105 | 8739 |
|  Brunswick Corp. | 117 | 9315 |
|  Burlington Stores, Inc. \* | 109 | 33449 |
|  Capri Holdings Ltd. \* | 208 | 4266 |
|  Choice Hotels International, Inc. | 38 | 4003 |
|  Churchill Downs, Inc. | 114 | 10480 |
|  Crocs, Inc. \* | 91 | 8255 |
|  Dick's Sporting Goods, Inc. | 118 | 24028 |
|  Floor & Decor Holdings, Inc., Class A \* | 189 | 13058 |
|  Gap, Inc. | 399 | 11188 |
|  Goodyear Tire & Rubber Co. \* | 511 | 4216 |
|  Grand Canyon Education, Inc. \* | 48 | 7635 |
|  H&R Block, Inc. | 222 | 6798 |
|  Harley-Davidson, Inc. | 200 | 3600 |
|  Hilton Grand Vacations, Inc. \* | 110 | 4946 |
|  Hyatt Hotels Corp., Class A | 73 | 11789 |
|  KB Home | 113 | 7185 |
|  Lear Corp. | 89 | 11681 |
|  Lithia Motors, Inc. | 43 | 12022 |
|  Macy's, Inc. | 478 | 9455 |
|  Mattel, Inc. \* | 535 | 9068 |
|  Penske Automotive Group, Inc. | 31 | 4883 |
|  Planet Fitness, Inc., Class A \* | 149 | 12240 |
|  Polaris, Inc. | 92 | 5588 |
|  PVH Corp. | 89 | 6105 |
|  Service Corp. International | 246 | 20708 |
|  Somnigroup International, Inc. | 373 | 33387 |
|  Taylor Morrison Home Corp. \* | 175 | 11531 |
|  Texas Roadhouse, Inc. | 117 | 21396 |
|  Thor Industries, Inc. | 94 | 9036 |
|  TopBuild Corp. \* | 49 | 21967 |
|  Travel + Leisure Co. | 117 | 8623 |
|  Valvoline, Inc. \* | 231 | 8732 |
|  VF Corp. | 584 | 11341 |
|  Visteon Corp. | 49 | 4688 |
|  Whirlpool Corp. | 111 | 7596 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Wyndham Hotels & Resorts, Inc. | 131 | 10716 |
|  YETI Holdings, Inc. \* | 134 | 5857 |
|  (Cost $488,409) |  | **479477** |
|  **Consumer Staples — 2.9%** |  |  |
|  Albertsons Cos., Inc., Class A | 700 | 12530 |
|  BellRing Brands, Inc. \* | 216 | 3972 |
|  Boston Beer Co., Inc., Class A \* | 13 | 2948 |
|  Coty, Inc., Class A \* | 646 | 1621 |
|  Darling Ingredients, Inc. \* | 280 | 14885 |
|  Flowers Foods, Inc. | 351 | 3468 |
|  Ingredion, Inc. | 111 | 13038 |
|  Post Holdings, Inc. \* | 86 | 9142 |
|  Sprouts Farmers Market, Inc. \* | 173 | 12779 |
|  US Foods Holding Corp. \* | 391 | 37775 |
|  (Cost $134,616) |  | **112158** |
|  **Energy — 4.6%** |  |  |
|  Antero Midstream Corp. | 589 | 13241 |
|  Antero Resources Corp. \* | 522 | 19215 |
|  Chord Energy Corp. | 102 | 11054 |
|  CNX Resources Corp. \* | 234 | 9776 |
|  DT Midstream, Inc. | 180 | 24991 |
|  HF Sinclair Corp. | 275 | 13753 |
|  Murphy Oil Corp. | 235 | 7790 |
|  NOV, Inc. | 629 | 12744 |
|  Ovintiv, Inc. | 499 | 25244 |
|  Range Resources Corp. | 410 | 16925 |
|  Valaris Ltd. \* | 113 | 10831 |
|  Weatherford International PLC | 130 | 13710 |
|  (Cost $154,204) |  | **179274** |
|  **Financials — 16.8%** |  |  |
|  Affiliated Managers Group, Inc. | 49 | 15003 |
|  Ally Financial, Inc. | 492 | 19405 |
|  Annaly Capital Management, Inc. REIT | 1192 | 27702 |
|  Associated Banc-Corp. | 288 | 7606 |
|  Bank OZK | 188 | 8753 |
|  Brighthouse Financial, Inc. \* | 97 | 5818 |
|  CNO Financial Group, Inc. | 173 | 7233 |
|  Columbia Banking System, Inc. | 525 | 14936 |
|  East West Bancorp, Inc. | 241 | 26377 |
|  Equitable Holdings, Inc. | 502 | 20190 |
|  Essent Group Ltd. | 166 | 10099 |
|  Euronet Worldwide, Inc. \* | 66 | 4590 |
|  Evercore, Inc., Class A | 68 | 21001 |
|  Fidelity National Financial, Inc. | 454 | 24008 |
|  First American Financial Corp. | 180 | 12620 |
|  First Horizon Corp. | 869 | 20674 |
|  Flagstar Bank NA | 517 | 6561 |
|  FNB Corp. | 629 | 10687 |
|  Hanover Insurance Group, Inc. | 63 | 11380 |
|  Janus Henderson Group PLC | 223 | 11618 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Jefferies Financial Group, Inc. | 295 | 13098 |
|  Kemper Corp. | 103 | 3329 |
|  MGIC Investment Corp. | 398 | 10559 |
|  Old National Bancorp. | 620 | 14322 |
|  Pinnacle Financial Partners, Inc. | 264 | 23961 |
|  Primerica, Inc. | 56 | 14205 |
|  Reinsurance Group of America, Inc. | 116 | 25025 |
|  RenaissanceRe Holdings Ltd. | 81 | 24499 |
|  RLI Corp. | 161 | 10034 |
|  SEI Investments Co. | 164 | 13337 |
|  Selective Insurance Group, Inc. | 109 | 9160 |
|  Shift4 Payments, Inc., Class A \* (a) | 118 | 5200 |
|  SLM Corp. | 367 | 6878 |
|  SouthState Bank Corp. | 175 | 17267 |
|  Starwood Property Trust, Inc. REIT | 608 | 10828 |
|  Stifel Financial Corp. | 267 | 19771 |
|  Texas Capital Bancshares, Inc. \* | 78 | 7433 |
|  UMB Financial Corp. | 126 | 14601 |
|  United Bankshares, Inc. | 253 | 10449 |
|  Unum Group | 270 | 19367 |
|  Valley National Bancorp | 847 | 10681 |
|  Voya Financial, Inc. | 168 | 11236 |
|  Webster Financial Corp. | 287 | 20701 |
|  Western Alliance Bancorp | 179 | 14377 |
|  WEX, Inc. \* | 61 | 9101 |
|  Wintrust Financial Corp. | 120 | 17287 |
|  Zions Bancorp NA | 260 | 14893 |
|  (Cost $615,405) |  | **657860** |
|  **Health Care — 9.6%** |  |  |
|  Avantor, Inc. \* | 1174 | 10625 |
|  BioMarin Pharmaceutical, Inc. \* | 341 | 21050 |
|  Bio-Rad Laboratories, Inc., Class A\* | 32 | 8910 |
|  Bruker Corp. | 192 | 7701 |
|  DENTSPLY SIRONA, Inc. | 361 | 5300 |
|  Doximity, Inc., Class A \* | 246 | 6034 |
|  Encompass Health Corp. | 180 | 19418 |
|  Ensign Group, Inc. | 100 | 21417 |
|  Envista Holdings Corp. \* | 292 | 8529 |
|  Exelixis, Inc. \* | 475 | 20929 |
|  Haemonetics Corp. \* | 81 | 5129 |
|  Halozyme Therapeutics, Inc. \* | 207 | 14393 |
|  HealthEquity, Inc. \* | 152 | 11626 |
|  Illumina, Inc. \* | 270 | 36304 |
|  Jazz Pharmaceuticals PLC \* | 108 | 20522 |
|  Lantheus Holdings, Inc. \* | 121 | 9064 |
|  LivaNova PLC \* | 95 | 6707 |
|  Neurocrine Biosciences, Inc. \* | 175 | 23144 |
|  Option Care Health, Inc. \* | 269 | 8732 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Penumbra, Inc. \* | 69 | 23763 |
|  Repligen Corp. \* | 94 | 12101 |
|  Tenet Healthcare Corp. \* | 156 | 37345 |
|  United Therapeutics Corp. \* | 76 | 38296 |
|  (Cost $321,851) |  | **377039** |
|  **Industrials — 22.3%** |  |  |
|  AAON, Inc. | 119 | 12043 |
|  Acuity, Inc. | 54 | 16286 |
|  Advanced Drainage Systems, Inc. | 125 | 21418 |
|  AECOM | 233 | 22829 |
|  AGCO Corp. | 109 | 14878 |
|  Alaska Air Group, Inc. \* | 207 | 10681 |
|  American Airlines Group, Inc. \* | 1170 | 15292 |
|  Avis Budget Group, Inc. \* | 30 | 2922 |
|  Brink's Co. | 75 | 8758 |
|  Carlisle Cos., Inc. | 74 | 29213 |
|  Carpenter Technology Corp. | 88 | 35030 |
|  Chart Industries, Inc. \* | 79 | 16377 |
|  Clean Harbors, Inc. \* | 88 | 25802 |
|  CNH Industrial NV | 1581 | 19446 |
|  Concentrix Corp. | 71 | 2329 |
|  Crane Co. | 85 | 17045 |
|  Donaldson Co., Inc. | 203 | 18830 |
|  EnerSys | 65 | 10800 |
|  Esab Corp. | 99 | 12491 |
|  ExlService Holdings, Inc. \* | 274 | 8563 |
|  Flowserve Corp. | 225 | 19917 |
|  Fortune Brands Innovations, Inc. | 216 | 11737 |
|  FTI Consulting, Inc. \* | 52 | 8550 |
|  GATX Corp. | 62 | 11419 |
|  Genpact Ltd. | 283 | 11241 |
|  GXO Logistics, Inc. \* | 203 | 12754 |
|  ITT, Inc. | 149 | 30159 |
|  Kirby Corp. \* | 94 | 12201 |
|  Knight-Swift Transportation Holdings, Inc. | 286 | 17995 |
|  Landstar System, Inc. | 62 | 10103 |
|  Lincoln Electric Holdings, Inc. | 97 | 27844 |
|  Maximus, Inc. | 96 | 7259 |
|  MSA Safety, Inc. | 66 | 12897 |
|  MSC Industrial Direct Co., Inc., Class A | 81 | 7601 |
|  Mueller Industries, Inc. | 195 | 23002 |
|  Nextpower, Inc., Class A \* | 262 | 27536 |
|  nVent Electric PLC | 287 | 33969 |
|  Owens Corning | 145 | 17700 |
|  RB Global, Inc. | 329 | 33216 |
|  Regal Rexnord Corp. | 117 | 25855 |
|  Ryder System, Inc. | 72 | 15952 |
|  Sensata Technologies Holding PLC | 252 | 9410 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Simpson Manufacturing Co., Inc. | 72 | 13937 |
|  Terex Corp. | 197 | 13552 |
|  Tetra Tech, Inc. | 454 | 16271 |
|  Timken Co. | 114 | 12355 |
|  Toro Co. | 172 | 17004 |
|  Trex Co., Inc. \* | 184 | 7621 |
|  Valmont Industries, Inc. | 34 | 15638 |
|  Watsco, Inc. | 62 | 25874 |
|  Watts Water Technologies, Inc., Class A | 49 | 16108 |
|  WESCO International, Inc. | 86 | 24897 |
|  (Cost $747,948) |  | **872607** |
|  **Information Technology — 14.1%** |  |  |
|  Allegro MicroSystems, Inc. \* | 223 | 8133 |
|  Amkor Technology, Inc. | 200 | 9564 |
|  Arrow Electronics, Inc. \* | 89 | 13542 |
|  ASGN, Inc. \* | 70 | 3003 |
|  Avnet, Inc. | 142 | 9349 |
|  Belden, Inc. | 67 | 9601 |
|  Blackbaud, Inc. \* | 60 | 2912 |
|  Cirrus Logic, Inc. \* | 90 | 12701 |
|  Coherent Corp. \* | 277 | 71724 |
|  Commvault Systems, Inc. \* | 76 | 6466 |
|  Docusign, Inc. \* | 359 | 16180 |
|  Dolby Laboratories, Inc., Class A | 112 | 7456 |
|  Dropbox, Inc., Class A \* | 313 | 7822 |
|  Dynatrace, Inc. \* | 537 | 19289 |
|  Entegris, Inc. | 265 | 35099 |
|  Flex Ltd. \* | 651 | 41026 |
|  Guidewire Software, Inc. \* | 151 | 21943 |
|  Kyndryl Holdings, Inc. \* | 406 | 5006 |
|  Littelfuse, Inc. | 44 | 15508 |
|  Lumentum Holdings, Inc. \* | 125 | 87614 |
|  MKS, Inc. | 119 | 29091 |
|  Novanta, Inc. \* | 64 | 8604 |
|  Onto Innovation, Inc. \* | 87 | 18782 |
|  Pure Storage, Inc., Class A \* | 552 | 35450 |
|  Rambus, Inc. \* | 187 | 18636 |
|  Silicon Laboratories, Inc. \* | 58 | 11863 |
|  Synaptics, Inc. \* | 69 | 5621 |
|  Universal Display Corp. | 77 | 8215 |
|  Vontier Corp. | 252 | 10312 |
|  (Cost $397,726) |  | **550512** |
|  **Materials — 5.7%** |  |  |
|  Alcoa Corp. | 460 | 28557 |
|  AptarGroup, Inc. | 114 | 16383 |
|  Avient Corp. | 156 | 6407 |
|  Axalta Coating Systems Ltd. \* | 381 | 12729 |
|  Cabot Corp. | 96 | 7310 |
|  Cleveland-Cliffs, Inc. \* | 994 | 10596 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Commercial Metals Co. | 195 | 14294 |
|  Crown Holdings, Inc. | 202 | 23149 |
|  Graphic Packaging Holding Co. | 536 | 6555 |
|  Greif, Inc., Class A | 46 | 3343 |
|  Louisiana-Pacific Corp. | 111 | 9406 |
|  Royal Gold, Inc. | 143 | 42870 |
|  RPM International, Inc. | 224 | 25563 |
|  Scotts Miracle-Gro Co. | 78 | 5469 |
|  Sonoco Products Co. | 177 | 9995 |
|  (Cost $221,496) |  | **222626** |
|  **Real Estate — 7.4%** |  |  |
|  Agree Realty Corp. REIT | 200 | 16096 |
|  American Homes 4 Rent, Class A REIT | 581 | 17430 |
|  Brixmor Property Group, Inc. REIT | 542 | 16406 |
|  COPT Defense Properties REIT | 191 | 6070 |
|  Cousins Properties, Inc. REIT | 304 | 7041 |
|  CubeSmart REIT | 396 | 16292 |
|  EastGroup Properties, Inc. REIT | 94 | 18453 |
|  EPR Properties REIT | 130 | 7723 |
|  Equity LifeStyle Properties, Inc. REIT | 339 | 22767 |
|  Healthcare Realty Trust, Inc. REIT | 620 | 11439 |
|  Jones Lang LaSalle, Inc. \* | 84 | 26506 |
|  Kilroy Realty Corp. REIT | 190 | 5666 |
|  Kite Realty Group Trust REIT | 372 | 9691 |
|  NNN REIT, Inc. REIT | 332 | 15046 |
|  Omega Healthcare Investors, Inc. REIT | 522 | 25197 |
|  Park Hotels & Resorts, Inc. REIT | 375 | 4241 |
|  Rayonier, Inc. REIT | 500 | 10745 |
|  Rexford Industrial Realty, Inc. REIT | 403 | 15101 |
|  Vornado Realty Trust REIT | 291 | 8026 |
|  WP Carey, Inc. REIT | 385 | 28740 |
|  (Cost $288,001) |  | **288676** |
|  **Utilities — 2.0%** |  |  |
|  Essential Utilities, Inc. | 503 | 20105 |
|  National Fuel Gas Co. | 158 | 14383 |
|  ONE Gas, Inc. | 109 | 9531 |
|  Ormat Technologies, Inc. | 108 | 11200 |
|  Spire, Inc. | 102 | 9344 |
|  UGI Corp. | 384 | 14365 |
|  (Cost $68,586) |  | **78928** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,469,540) |  | **3857220** |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **EXCHANGE-TRADED FUNDS — 0.4%** |  |  |
|  iShares ESG Select Screened S&P Mid-Cap ETF (Cost $11,120) | 275 | **13283** |
|  **SECURITIES LENDING** |  |  |
|  **COLLATERAL — 0.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c)<br>(Cost $4,950) | 4950 | **4950** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **CASH EQUIVALENTS — 0.4%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) (Cost $17,344) | 17344 | **17344** |
|  **TOTAL INVESTMENTS — 99.6%** |  |  |
|  (Cost $3,502,954) |  | **3892797** |
|  **Other assets and liabilities, net — 0.4%** |  | **17408** |
|  **NET ASSETS — 100.0%** |  | **3910205** |

---

A summary of the Fund's transactions with affiliated investments during the period ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/31/2025** | **Purchases Cost<br>($)** | **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>($)** | **Number of<br>Shares at<br>2/28/2026** | **Value ($) at<br>2/28/2026** |
|  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", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 3.57% (b)(c) |  |  |  |
| 19000  |  | (14050) (d) |  |  | 58 |  | 4950 | 4950 |
|  CASH EQUIVALENTS **—** 0.4% |  |  |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) | DWS Government Money Market Series "Institutional Shares", 3.62% (b) |  |  |  |
| 45222  | 78383 | (106261) |  |  | 360 |  | 17344 | 17344 |
| **64222** | **78383** | **(120311)** |  |  | **418** |  | **22294** | **22294** |

---

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other assets and liabilities, net" may include pending sales that are also on loan. The value of securities loaned at February 28, 2026 amounted to $4,407, which is 0.1% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2026.

REIT: Real Estate Investment Trust

At February 28, 2026, 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 MidCap 400 Index | USD | 1 | 33710 | 35779 | 3/20/2026 | 2069 |

---

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 \| **25**

------

Schedule of Investments

Xtrackers S&P MidCap 400 Scored & Screened ETF (Continued)

February 28, 2026 (Unaudited)

#### Currency Abbreviations
USD U.S. Dollar

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

The following is a summary of the inputs used as of February 28, 2026 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) | $3857220 | $— | $— | $3857220 |
|  Exchange-Traded Funds | 13283 |  |  | 13283 |
|  Short-Term Investments (a) | 22294 |  |  | 22294 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 2069 |  |  | 2069 |
|  **TOTAL** | $**3894866** | $**—** | $**—** | $**3894866** |

---

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

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

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Xtrackers S&P** | **Xtrackers S&P** | |
|  | **Xtrackers S&P** | **500 Diversified** | **500 Growth** | **Xtrackers S&P** |
|  | **100 Ex Top 20** | **Sector Weight** | **Scored &** | **500 Scored &** |
|  | **ETF** | **ETF** | **Screened ETF** | **Screened ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116513161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12323046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368810443 |
|  Investment in DWS Government Money Market Series | 19429 | 24457 | 22728 | 2863950 |
|  Deposit with broker for futures contracts |  | 2662 | 2662 | 341041 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 6297844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 1287 | 17480 | 512878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 146465 | 8733 | 8263 | 1937792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 43 | 75 | 69 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  | 24 |  | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $116679098 | $6680482 | $12374248 | $2380772039 |
|  **Liabilities** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | $— | $— | $— | $6297733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 11193 | 451 | 1437 | 180673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11193 | 451 | 1437 | 6478406 |
|  **Net Assets, at value** | $**116667905** | $**6680031** | $**12372811** | $**2374293633** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $115749254 | $6009638 | $9532674 | $1885445213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 918651 | 670393 | 2840137 | 488848420 |
|  **Net Assets, at value** | $**116667905** | $**6680031** | $**12372811** | $**2374293633** |
|  Number of Common Shares outstanding | 3140001 | 240001 | 240001 | 37700001 |
|  **Net Asset Value** | $37.16 | $27.83 | $51.55 | $62.98 |
|  Investment in non-affiliated securities at cost | $116583557 | $6100174 | $10899052 | $1907215515 |
|  Investment in DWS Government Money Market Series at cost | $19429 | $24457 | $22728 | $2863950 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Statements of Assets and Liabilities (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Xtrackers** | **Xtrackers** |
|  | **S&P Dividend** | **S&P MidCap** |
|  | **Aristocrats** | **400 Scored &** |
|  | **Screened ETF** | **Screened ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870503 |
|  Investment in DWS Government Money Market Series | 348 | 17344 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 4950 |
|  Deposit with broker for futures contracts | 3027 | 2668 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 17619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 14987 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $5404954 | $3915603 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $— | $4950 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 599 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 599 | 5398 |
|  **Net Assets, at value** | $**5404355** | $**3910205** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $5038908 | $4008779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 365447 | (98574) |
|  **Net Assets, at value** | $**5404355** | $**3910205** |
|  Number of Common Shares outstanding | 180001 | 110001 |
|  **Net Asset Value** | $30.02 | $35.55 |
|  Investment in non-affiliated securities at cost | $5073216 | $3480660 |
|  Value of securities loaned | $— | $4407 |
|  Investment in DWS Government Money Market Series at cost | $348 | $17344 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $4950 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P<br>100 Ex Top 20<br>ETF** | **Xtrackers S&P<br>500 Diversified<br>Sector Weight<br>ETF** | **Xtrackers S&P<br>500 Growth<br>Scored &<br>Screened ETF** | **Xtrackers S&P<br>500 Scored &<br>Screened ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $226022 | $59917 | $44967 | $12498407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 152 | 548 | 712 | 90369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  |  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 226174 | 60465 | 45679 | 12589036 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 16138 | 2789 | 10264 | 1112789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 30 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16196 | 2819 | 10322 | 1112847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (3) | (15) | (19) | (2517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16193 | 2804 | 10303 | 1110330 |
|  Net investment income (loss) | 209981 | 57661 | 35376 | 11478706 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (63235) | (4626) | 30335 | (888558) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1136493 | 111118 | 1949414 | 79815133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1403 | 3469 | 656338 |
|  Net realized gain (loss) | 1073258 | 107895 | 1983218 | 79582913 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (825551) | 510747 | (1446525) | 97866732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 152 | (911) | (245505) |
|  Net change in unrealized appreciation (depreciation) | (825551) | 510899 | (1447436) | 97621227 |
|  Net realized and unrealized gain (loss) on investments and futures | 247707 | 618794 | 535782 | 177204140 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571158 | $188682846 |
|  \* Unaffiliated foreign tax withheld | $— | $20 | $25 | $— |

---

See Notes to Financial Statements.

DBX ETF Trust \| **29**

------

Statements of Operations (Continued)

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>S&P Dividend<br>Aristocrats<br>Screened ETF** | **Xtrackers<br>S&P MidCap<br>400 Scored &<br>Screened ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $89812 | $31005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 130 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 89995 | 31423 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3779 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3837 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (5) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3832 | 3062 |
|  Net investment income (loss) | 86163 | 28361 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1146 | 91825 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 566131 | 177614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1301 | 5088 |
|  Net realized gain (loss) | 568578 | 274527 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (99257) | 89626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (1004) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (300) | (1815) |
|  Net change in unrealized appreciation (depreciation) | (100561) | 87811 |
|  Net realized and unrealized gain (loss) on investments and futures | 468017 | 362338 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $554180 | $390699 |
|  \* Unaffiliated foreign tax withheld | $— | $52 |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P 100 Ex Top 20 ETF** | **Xtrackers S&P 100 Ex Top 20 ETF** | **Xtrackers S&P 500 Diversified<br>Sector Weight ETF** | **Xtrackers S&P 500 Diversified<br>Sector Weight ETF** |
|  | **For the Six**<br> **Months Ended** | | **For the Six**<br> **Months Ended** | |
|  | **February 28,** | | **February 28,** | **For the Period** |
|  | **2026** | **Year Ended** | **2026** | **July 24, 2025<sup>(1)</sup> to** |
|  | **(Unaudited)** | **August 31, 2025** | **(Unaudited)** | **August 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $209981 | $149496 | $57661 | $9914 |
|  Net realized gain (loss) | 1073258 | 594975 | 107895 | 1274 |
|  Net change in net unrealized appreciation (depreciation) | (825551) | (80028) | 510899 | 32213 |
|  Net increase (decrease) in net assets resulting from operations | 457688 | 664443 | 676455 | 43401 |
|  **Distributions to Shareholders** | (54384) | (151763) | (49463) |  |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 116165101 | 3534211 | 513014 | 6009605 |
|  Value of shares redeemed | (7103373) | (3235678) | (513006) |  |
| Net increase (decrease) in net assets resulting from fund share transactions | 109061728 | 298533 | 8 | 6009605 |
|  Total net increase (decrease) in Net Assets | 109465032 | 811213 | 627000 | 6053006 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 7202873 | 6391660 | 6053031 | 25 |
|  End of period | $116667905 | $7202873 | $6680031 | $6053031 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 210001 | 200001 | 240001 | 1 |
|  Shares sold | 3130000 | 110000 | 20000 | 240000 |
|  Shares redeemed | (200000) | (100000) | (20000) |  |
|  Shares outstanding, end of period | 3140001 | 210001 | 240001 | 240001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| **31**

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers S&P 500 Growth**<br> **Scored & Screened ETF** | **Xtrackers S&P 500 Growth**<br> **Scored & Screened ETF** | **Xtrackers S&P 500 Scored &**<br> **Screened ETF** | **Xtrackers S&P 500 Scored &**<br> **Screened ETF** |
|  | **For the Six** | | **For the Six** | |
|  | **Months Ended** | | **Months Ended** | |
|  | **February 28,** | | **February 28,** | |
|  | **2026** | **Year Ended** | **2026** | **Year Ended** |
|  | **(Unaudited)** | **August 31, 2025** | **(Unaudited)** | **August 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $35376 | $92798 | $11478706 | $20310180 |
|  Net realized gain (loss) | 1983218 | 2148751 | 79582913 | 90564663 |
|  Net change in net unrealized appreciation (depreciation) | (1447436) | 273908 | 97621227 | 120561025 |
|  Net increase (decrease) in net assets resulting from operations | 571158 | 2515457 | 188682846 | 231435868 |
|  **Distributions to Shareholders** | (44441) | (87756) | (12512302) | (19342028) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 1055422 | 8838095 | 325083821 | 839257119 |
|  Value of shares redeemed | (6703265) | (6589051) | (188825014) | (402603158) |
| Net increase (decrease) in net assets resulting from fund share transactions | (5647843) | 2249044 | 136258807 | 436653961 |
|  Total net increase (decrease) in Net Assets | (5121126) | 4676745 | 312429351 | 648747801 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 17493937 | 12817192 | 2061864282 | 1413116481 |
|  End of period | $12372811 | $17493937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374293633 | $2061864282 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 350001 | 300001 | 35500001 | 27300001 |
|  Shares sold | 20000 | 200000 | 5250000 | 16000000 |
|  Shares redeemed | (130000) | (150000) | (3050000) | (7800000) |
|  Shares outstanding, end of period | 240001 | 350001 | 37700001 | 35500001 |

---

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **For the Six** | | **For the Six** | |
|  | **Months Ended** | | **Months Ended** | |
|  | **February 28,** | | **February 28,** | |
|  | **2026** | **Year Ended** | **2026** | **Year Ended** |
|  | **(Unaudited)** | **August 31, 2025** | **(Unaudited)** | **August 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $86163 | $161912 | $28361 | $93898 |
|  Net realized gain (loss) | 568578 | 68625 | 274527 | 254881 |
|  Net change in net unrealized appreciation (depreciation) | (100561) | (136893) | 87811 | (210719) |
|  Net increase (decrease) in net assets resulting from operations | 554180 | 93644 | 390699 | 138060 |
|  **Distributions to Shareholders** | (97976) | (153336) | (38373) | (99707) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 1675843 | 1817677 |  | 2197471 |
|  Value of shares redeemed | (2995806) | (1059557) | (1284217) | (3506794) |
| Net increase (decrease) in net assets resulting from fund share transactions | (1319963) | 758120 | (1284217) | (1309323) |
|  Total net increase (decrease) in Net Assets | (863759) | 698428 | (931891) | (1270970) |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 6268114 | 5569686 | 4842096 | 6113066 |
|  End of period | $5404355 | $6268114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910205 | $4842096 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 230001 | 200001 | 150001 | 200001 |
|  Shares sold | 60000 | 70000 |  | 70000 |
|  Shares redeemed | (110000) | (40000) | (40000) | (120000) |
|  Shares outstanding, end of period | 180001 | 230001 | 110001 | 150001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33**

------

Financial Highlights

Xtrackers S&P 100 Ex Top 20 ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **Months** <br> **Ended <br>2/28/2026 <br>(Unaudited)**  | **2025** | **2024** | **Period Ended <br>8/31/2023(a)** |
|  **Selected Per Share Data** |  |  |  |  |
|  Net Asset Value, beginning of period | $34.30 | $31.96 | $26.59 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.34 | 0.66 | 0.60 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.90 | 2.37 | 5.30 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.24 | 3.03 | 5.90 | 1.95 |
|  Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.69) | (0.53) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.38) | (0.69) | (0.53) | (0.36) |
|  Net Asset Value, end of period | $37.16 | $34.30 | $31.96 | $26.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 9.47 | 9.69 | 22.45 | 7.91 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) | 117 | 7 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.95 | 2.04 | 2.08 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 7 | 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.

**34** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers S&P 500 Diversified Sector Weight ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>2/28/2026<br>(Unaudited)** | **Period Ended**<br> **8/31/2025(a)** | **Period Ended**<br> **8/31/2025(a)** |
|  **Selected Per Share Data** |  |  |  |
|  Net Asset Value, beginning of period | $25.22 | $25.00 |  |
|  Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.24 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | 0.17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.81 | 0.22 |  |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.20) |  |  |
|  Net Asset Value, end of period | $27.83 | $25.22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 11.21 | 0.88 | \*\* |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
|  Net Assets, end of period ($ millions) | 7 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 0.09 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.09 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.86 | 1.87 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 12 | 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 \| **35**

------

Financial Highlights (Continued)

Xtrackers S&P 500 Growth Scored & Screened ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>2/28/2026**<br> (Unaudited) | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** <br> **8/31/2023(a)** |
|  | **For the Six<br>Months<br>Ended<br>2/28/2026**<br> (Unaudited) | **2025** | **2024** | **Period Ended** <br> **8/31/2023(a)** |
|  **Selected Per Share Data** |  |  |  |  |
|  Net Asset Value, beginning of period | $49.98 | $42.72 | $32.84 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.13 | 0.27 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.59 | 7.24 | 9.90 | 7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.72 | 7.51 | 10.18 | 8.03 |
|  Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.25) | (0.30) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.15) | (0.25) | (0.30) | (0.19) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 3.44 | 17.65 | 31.22 | 32.23 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) | 12 | 17 | 13 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.52 | 0.59 | 0.75 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 32 | 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.

**36** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers S&P 500 Scored & Screened ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** | | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | |
|  | **Months**<br> **Ended**<br> **2/28/2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $58.08 | $51.76 | $41.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | $39.93 | $31.08 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.31 | 0.64 | 0.61 | 0.60 | 0.53 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.94 | 6.31 | 10.38 | 5.72 | (4.32) | 8.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.25 | 6.95 | 10.99 | 6.32 | (3.79) | 9.28 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.63) | (0.59) | (0.57) | (0.53) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.35) | (0.63) | (0.59) | (0.57) | (0.53) | (0.43) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.76 | $41.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 9.05 | 13.56 | 26.79 | 17.99 | (9.59) | 30.16 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 2374 | 2062 | 1413 | 885 | 748 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 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 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.03 | 1.21 | 1.34 | 1.63 | 1.37 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 0 | 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.

(d) Amount is less than 0.5%.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **37**

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Financial Highlights (Continued)

Xtrackers S&P Dividend Aristocrats Screened ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>2/28/2026** | **Years Ended August 31,** | **Years Ended August 31,** | **Period Ended** |
|  | **(Unaudited)** | **2025** | **2024** | **8/31/2023(a)** |
|  **Selected Per Share Data** |  |  |  |  |
|  Net Asset Value, beginning of period | $27.25 | $27.85 | $25.05 | $25.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.46 | 0.78 | 0.69 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.82 | (0.63) | 2.79 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.28 | 0.15 | 3.48 | 0.49 |
|  Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.51) | (0.75) | (0.68) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.51) | (0.75) | (0.68) | (0.44) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 12.27 | 0.67 | 14.15 | 1.99 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
|  Net Assets, end of period ($ millions) | 5 | 6 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.42 | 2.92 | 2.74 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 20 | 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.

**38** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers S&P MidCap 400 Scored & Screened ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six<br>Months<br>Ended<br>2/28/2026**<br> (Unaudited) | | **Years Ended August 31,** | **Years Ended August 31,** | | |
|  | **For the Six<br>Months<br>Ended<br>2/28/2026**<br> (Unaudited) | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br> **8/31/2021(a)** |
|  **Selected Per Share Data** |  |  |  |  |  |  |
|  Net Asset Value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.23 | 0.44 | 0.38 | 0.37 | 0.32 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.35 | 1.73 | 4.02 | 2.09 | (2.94) | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.58 | 2.17 | 4.40 | 2.46 | (2.62) | 2.47 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.46) | (0.39) | (0.36) | (0.31) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.31) | (0.46) | (0.39) | (0.36) | (0.31) | (0.08) |
|  Net Asset Value, end of period | $35.55 | $32.28 | $30.57 | $26.56 | $24.46 | $27.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 11.17 | 7.25 | 16.70 | 10.18 | (9.64) | 9.92 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, end of period ($ millions) | 4 | 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 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.41 | 1.45 | 1.38 | 1.45 | 1.24 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 8 | 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.

DBX ETF Trust \| **39**

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Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 28, 2026, the Trust consists of forty-four 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 100 Ex Top 20 ETF

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 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 100 Ex Top 20 ETF, Xtrackers S&P 500 Growth 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 100 Ex Top 20 ETF (formerly Xtrackers S&P 500 Value Scored & Screened ETF)\* | S&P 100 Ex-Top 20 Select Index (formerly S&P 500 Value Scored & Screened<br> Index)\* |
| Xtrackers S&P 500 Diversified Sector Weight ETF | S&P 500 Diversified Sector Weight Index |
| Xtrackers S&P 500 Growth Scored & Screened ETF | S&P 500 Growth Scored & Screened Index |
| Xtrackers S&P 500 Scored & Screened ETF | S&P 500 Scored & Screened Index |
| Xtrackers S&P Dividend Aristocrats Screened ETF | S&P High Yield Dividend Aristocrats Screened Index |
| Xtrackers S&P MidCap 400 Scored & Screened ETF | S&P MidCap 400 Scored & Screened Index |

---

\* Effective December 19, 2025, the Fund changed it's name to Xtrackers S&P 100 Ex Top 20 ETF, and the Fund's ticker symbol changed from SNPV to XOEX. At that time, the Fund also changed its investment objective from 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.

S&P 100 Ex-Top 20 Select Index designed to measure the capped market capitalization weighted performance of the companies in the S&P 100 Index excluding the 20 largest companies as measured by float-adjusted market capitalization. The Underlying Index is reconstituted annually, after the close of the third Friday in June, using a reference date of the last business day of May. In addition, the Underlying Index reweights quarterly after the close of the third Friday of March, June, September, and December using a reference date of the Wednesday prior to the second Friday of March, June, September, and December.

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

**40** \| DBX ETF Trust

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represented by the S&P 500's largest constituent companies. Under normal circumstances, the Underlying Index rebalanced 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, companies that do not meet specified ESG criteria will be removed from the Underlying Index 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 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 100 Ex Top 20 ETF, Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P Dividend Aristocrats Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF are diversified series of the Trust. Xtrackers S&P 500 Growth Scored & Screened ETF and Xtrackers S&P 500 Scored & 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.

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.

DBX ETF Trust \| **41**

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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.

Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does 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 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

**42** \| DBX ETF Trust

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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 each 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 period ended February 28, 2026, the Funds did not incur any interest or penalties.

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 100 Ex Top 20 ETF | $116887 | $13133 | $130020 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471045 |
|  Xtrackers S&P 500 Scored & Screened ETF | 9380641 | 22332232 | 31712873 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 133903 | 313417 | 447320 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 206035 | 515763 | 721798 |

---

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:

DBX ETF Trust \| **43**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Net Unrealized** | **Aggregate Gross** | **Aggregate Gross** |
|  | | **Appreciation** | **Unrealized** | **Unrealized** |
|  | **Aggregate Tax Cost** | **(Depreciation)** | **Appreciation** | **(Depreciation)** |
|  Xtrackers S&P 100 Ex Top 20 ETF | $6573188 | $619916 | $1070085 | $(450169) |
|  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 Dividend Aristocrats Screened ETF | 5934200 | 319696 | 693996 | (374300) |
| Xtrackers S&P MidCap 400 Scored & Screened ETF | 4583956 | 254471 | 665619 | (411148) |

---

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

**Securities Lending.** The Funds may lend securities to certain financial institutions. 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 Xtrackers S&P 100 Ex Top 20 ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2026, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of February 28, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2026, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements, as of February 28, 2026** | **Remaining Contractual Maturity of the Agreements, as of February 28, 2026** | | | | |
|  | **Overnight** | | **Between** | | |
|  | **and** | | **30 & 90** | | |
| **Securities Lending Transactions** | **Continuous** | **<30 Days** | **Days** | **>90 Days** | **Total** |
|  **Xtrackers S&P MidCap 400 Scored & Screened ETF** | **Xtrackers S&P MidCap 400 Scored & Screened ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $4950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 |
| &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 |  | $4950 |

---

As of February 28, 2026, Xtrackers S&P 100 Ex Top 20 ETF, Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF and Xtrackers S&P Dividend Aristocrats Screened ETF had no securities on loan.

#### Derivatives
**Futures Contracts.** Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2026, Xtrackers S&P 500 Diversified Sector Weight ETF, Xtrackers S&P 500 Growth Scored & Screened ETF, Xtrackers S&P 500 Scored & Screened ETF and Xtrackers S&P MidCap 400 Scored & Screened ETF utilized futures in order to simulate investment in the Funds' Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

**44** \| DBX ETF Trust

------

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

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

A summary of the open futures contracts as of February 28, 2026 is included in a table following the Funds' Schedule of Investments.

The following tables summarize the value of the Funds' derivative instruments held as of February 28, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers S&P 500 Diversified Sector Weight ETF** | **Xtrackers S&P 500 Diversified Sector Weight ETF** | **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\* | $42 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $42 | Total | $— |
|  **Xtrackers S&P 500 Growth Scored & Screened ETF** | **Xtrackers S&P 500 Growth Scored & Screened ETF** | **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\* | $42 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $42 | Total | $— |
|  **Xtrackers S&P 500 Scored & Screened ETF** | **Xtrackers S&P 500 Scored & Screened ETF** | **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\* | $6940 | Unrealized depreciation on futures contracts\* | $14925 |
|  | Total | $6940 | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925 |
|  **Xtrackers S&P MidCap 400 Scored & Screened ETF** | **Xtrackers S&P MidCap 400 Scored & Screened ETF** | **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\* | $2069 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | 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 February 28, 2026 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 S&P 500 Diversified Sector Weight ETF | $1403 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 3469 |
|  Xtrackers S&P 500 Scored & Screened ETF | 656338 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 1301 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 5088 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>— Equity Contracts** |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $152 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | (911) |
|  Xtrackers S&P 500 Scored & Screened ETF | (245505) |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | (300) |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | (1815) |

---

DBX ETF Trust \| **45**

------

For the period ended February 28, 2026 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | $34066 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 58288 |
|  Xtrackers S&P 500 Scored & Screened ETF | 5178954 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 4623 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 38180 |

---

**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 100 Ex Top 20 ETF | 0.15% |
|  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 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 to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated Funds. For the period ended February 28, 2026, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers S&P 100 Ex Top 20 ETF | $3 |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | 15 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 19 |
|  Xtrackers S&P 500 Scored & Screened ETF | 2517 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 5 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 10 |

---

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.

**46** \| DBX ETF Trust

------

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 February 28, 2026, the Fund incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending <br>Agent Fees** |
|  Xtrackers S&P 500 Scored & Screened ETF | $25 |

---

4. Investment Portfolio Transactions

For the period ended February 28, 2026, 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 100 Ex Top 20 ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236915 |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | 749392 | 754357 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 4527831 | 4508284 |
|  Xtrackers S&P 500 Scored & Screened ETF | 13495395 | 10268233 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 1027123 | 3448791 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF | 338821 | 316489 |

---

For the period ended February 28, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers S&P 100 Ex Top 20 ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116162828 | $7103292 |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | 512985 | 498908 |
|  Xtrackers S&P 500 Growth Scored & Screened ETF | 1055456 | 6708671 |
|  Xtrackers S&P 500 Scored & Screened ETF | 325077903 | 189055096 |
|  Xtrackers S&P Dividend Aristocrats Screened ETF | 1675831 | 566131 |
|  Xtrackers S&P MidCap 400 Scored & Screened ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;1284146 |

---

5. Fund Share Transactions

As of February 28, 2026, 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. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2026, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **Approximate**<br> **Percent of**<br> **Outstanding**<br> **Shares Held** |
|  Xtrackers S&P 500 Diversified Sector Weight ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

DBX ETF Trust \| **47**

------

![LOGO](g111841g55e60.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) Not Applicable.

---

| | |
|:---|:---|
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d28618dex99cert.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.](d28618dex99906cert.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) <u>DBX ETF Trust</u>  | (Registrant) <u>DBX ETF Trust</u>  |
|  By (Signature and Title) <u>/s/ Freddi Klassen</u>  | By (Signature and Title) <u>/s/ Freddi Klassen</u>  |
|  | Freddi Klassen |
|  | Principal Executive Officer |
|  Date <u>May 1, 2026</u>  | Date <u>May 1, 2026</u>  |

---

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) <u>/s/ Freddi Klassen</u>  | By (Signature and Title) <u>/s/ Freddi Klassen</u>  |
|  | Freddi Klassen |
|  | Principal Executive Officer |
|  Date <u>May 1, 2026</u>  | Date <u>May 1, 2026</u>  |
|  By (Signature and Title) <u>/s/ Diane Kenneally</u>  | By (Signature and Title) <u>/s/ Diane Kenneally</u>  |
|  | Diane Kenneally |
|  | Principal Financial Officer |
|  Date <u>May 1, 2026</u>  | Date <u>May 1, 2026</u>  |

---

## 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

------

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: <u>May 1, 2026</u>  | <u>/s/ Freddi Klassen</u>  |
|  | 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: <u>May 1, 2026</u>  | <u>/s/ Diane Kenneally</u>  |
|  | 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: <u>May 1, 2026</u>  | <u>/s/ Freddi Klassen</u>  |
|  | 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: <u>May 1, 2026</u>  | <u>/s/ Diane Kenneally</u>  |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---